INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Convertible Securities Fund

		Par ($)	Value ($)*
Convertible Bonds — 76.4%
COMMUNICATIONS — 4.2%
Advertising — 1.0%
Omnicom Group, Inc.
	(a) 07/01/38	4,100,000	4,264,000
Advertising Total			4,264,000
Internet — 1.0%
Digital River, Inc.
	2.000% 11/01/30 (b)	4,100,000	4,084,625
Internet Total			4,084,625
Media — 0.6%
Liberty Global, Inc.
	4.500% 11/15/16	1,750,000	2,590,000
Media Total			2,590,000
Telecommunication Services — 1.6%
Ciena Corp.
	3.750% 10/15/18 (b)	4,300,000	4,359,125
Comtech Telecommunications Corp.
	3.000% 05/01/29	1,910,000	2,058,025
Telecommunication Services Total			6,417,150
COMMUNICATIONS TOTAL			17,355,775
CONSUMER CYCLICAL — 1.9%
Apparel — 0.9%
Iconix Brand Group, Inc.
	1.875% 06/30/12	4,030,000	3,949,400
Apparel Total			3,949,400
Home Builders — 1.0%
Lennar Corp.
	2.750% 12/15/20 (b)	4,170,000	4,008,413
Home Builders Total			4,008,413
CONSUMER CYCLICAL TOTAL			7,957,813
CONSUMER DISCRETIONARY — 6.5%
Auto Components — 1.9%
BorgWarner, Inc.
	3.500% 04/15/12	1,830,000	3,426,675
TRW Automotive, Inc.
	3.500% 12/01/15 (b)	2,500,000	4,421,875
Auto Components Total			7,848,550
Diversified Consumer Services — 0.5%
Coinstar, Inc.
	4.000% 09/01/14	1,230,000	2,132,512
Diversified Consumer Services Total			2,132,512

		Par ($)	Value ($)
Convertible Bonds — (continued)
CONSUMER DISCRETIONARY — (continued)
Hotels, Restaurants & Leisure — 1.5%
MGM Mirage
	4.250% 04/15/15 (b)	6,530,000	6,464,700
Hotels, Restaurants & Leisure Total			6,464,700
Internet & Catalog Retail — 0.8%
priceline.com, Inc.
	1.250% 03/15/15 (b)	2,250,000	3,296,250
Internet & Catalog Retail Total			3,296,250
Media — 1.0%
Interpublic Group of Companies, Inc.
	4.250% 03/15/23	3,690,000	4,105,125
Media Total			4,105,125
Specialty Retail — 0.8%
Charming Shoppes, Inc.
	1.125% 05/01/14	4,000,000	3,340,000
Specialty Retail Total			3,340,000
CONSUMER DISCRETIONARY TOTAL			27,187,137
CONSUMER NON-CYCLICAL — 2.2%
Biotechnology — 0.9%
Cubist Pharmaceuticals, Inc.
	2.500% 11/01/17	3,000,000	2,887,500
Human Genome Sciences, Inc.
	2.250% 08/15/12	690,000	1,071,225
Biotechnology Total			3,958,725
Healthcare Products — 0.5%
Volcano Corp.
	2.875% 09/01/15	1,920,000	2,179,200
Healthcare Products Total			2,179,200
Pharmaceuticals — 0.8%
Mylan, Inc.
	3.750% 09/15/15	1,920,000	3,139,200
Pharmaceuticals Total			3,139,200
CONSUMER NON-CYCLICAL TOTAL			9,277,125
CONSUMER STAPLES — 1.6%
Food Products — 0.8%
Smithfield Foods, Inc.
	4.000% 06/30/13	3,000,000	3,258,750
Food Products Total			3,258,750

		Par ($)	Value ($)
Convertible Bonds — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 0.8%
Vector Group Ltd.
	3.875% 06/15/26 (c)	2,900,000	3,494,500
Tobacco Total			3,494,500
CONSUMER STAPLES TOTAL			6,753,250
ENERGY — 6.7%
Energy Equipment & Services — 2.9%
Cameron International Corp.
	2.500% 06/15/26	1,600,000	2,226,000
Hornbeck Offshore Services, Inc.
	1.625% 11/15/26 (b)(d) (1.375% 11/15/13)	5,000,000	4,506,500
	1.625% 11/15/26 (d) (1.375% 11/15/13)	2,030,000	1,829,639
Transocean, Inc.
	1.625% 12/15/37	3,700,000	3,653,750
Energy Equipment & Services Total			12,215,889
Oil & Gas Services — 0.5%
Newpark Resources, Inc.
	4.000% 10/01/17	2,250,000	1,996,875
Oil & Gas Services Total			1,996,875
Oil, Gas & Consumable Fuels — 3.3%
Alpha Natural Resources, Inc.
	2.375% 04/15/15	1,800,000	2,191,500
Chesapeake Energy Corp.
	2.750% 11/15/35	4,360,000	4,022,100
International Coal Group, Inc.
	4.000% 04/01/17	2,200,000	3,231,250
SM Energy Co.
	3.500% 04/01/27	3,750,000	4,209,375
Oil, Gas & Consumable Fuels Total			13,654,225
ENERGY TOTAL			27,866,989
FINANCIALS — 8.6%
Capital Markets — 1.0%
Knight Capital Group, Inc.
	3.500% 03/15/15 (b)	4,250,000	4,002,969
Capital Markets Total			4,002,969
Consumer Finance — 1.4%
Dollar Financial Corp.
	3.000% 04/01/28	5,477,000	6,086,316
Consumer Finance Total			6,086,316

		Par ($)	Value ($)
Convertible Bonds — (continued)
FINANCIALS — (continued)
Diversified Financial Services — 0.7%
Affiliated Managers Group, Inc.
	3.950% 08/15/38	2,900,000	3,081,250
Diversified Financial Services Total			3,081,250
Insurance — 2.1%
National Financial Partners Corp.
	4.000% 06/15/17 (b)	2,000,000	2,295,000
Radian Group, Inc.
	3.000% 11/15/17	3,650,000	3,330,625
Tower Group, Inc.
	5.000% 09/15/14 (b)	2,860,000	3,224,650
Insurance Total			8,850,275
Real Estate Investment Trusts (REITs) — 1.4%
Boston Properties LP
	3.750% 05/15/36	2,700,000	2,973,375
Digital Realty Trust LP
	5.500% 04/15/29 (b)	2,000,000	2,728,750
Real Estate Investment Trusts (REITs) Total			5,702,125
Real Estate Management & Development — 0.8%
Forest City Enterprises, Inc.
	3.625% 10/15/14	2,750,000	3,277,656
Real Estate Management & Development Total			3,277,656
Thrifts & Mortgage Finance — 1.2%
MGIC Investment Corp.
	5.000% 05/01/17	4,700,000	5,040,750
Thrifts & Mortgage Finance Total			5,040,750
FINANCIALS TOTAL			36,041,341
HEALTH CARE — 11.2%
Biotechnology — 4.9%
Gilead Sciences, Inc.
	1.625% 05/01/16 (b)	9,700,000	10,185,000
Invitrogen Corp.
	3.250% 06/15/25	8,936,000	10,064,170
Biotechnology Total			20,249,170
Health Care Equipment & Supplies — 3.0%
Alere, Inc.
	3.000% 05/15/16	6,600,000	6,509,250
Fisher Scientific International, Inc.
	3.250% 03/01/24	4,727,000	6,109,647
Health Care Equipment & Supplies Total			12,618,897

		Par ($)	Value ($)
Convertible Bonds — (continued)
HEALTH CARE — (continued)
Health Care Providers & Services — 1.3%
Lincare Holdings, Inc.
	2.750% 11/01/37	2,900,000	3,110,250
Omnicare, Inc.
	3.250% 12/15/35	2,500,000	2,325,000
Health Care Providers & Services Total			5,435,250
Pharmaceuticals — 2.0%
Allergan, Inc.
	1.500% 04/01/26 (b)	1,030,000	1,145,875
	1.500% 04/01/26	1,535,000	1,707,688
Mylan, Inc.
	1.250% 03/15/12	2,840,000	2,939,400
Salix Pharmaceuticals Ltd.
	2.750% 05/15/15	2,000,000	2,465,000
Pharmaceuticals Total			8,257,963
HEALTH CARE TOTAL			46,561,280
INDUSTRIALS — 11.8%
Aerospace & Defense — 0.9%
Alliant Techsystems, Inc.
	3.000% 08/15/24	3,450,000	3,864,000
Aerospace & Defense Total			3,864,000
Airlines — 1.6%
UAL Corp.
	4.500% 06/30/21	6,200,000	6,634,000
Airlines Total			6,634,000
Commercial Services & Supplies — 0.7%
Covanta Holding Corp.
	3.250% 06/01/14	2,700,000	3,054,375
Commercial Services & Supplies Total			3,054,375
Conglomerates — 0.6%
Textron, Inc.
	4.500% 05/01/13	1,250,000	2,262,500
Conglomerates Total			2,262,500
Construction Materials — 1.0%
Cemex SAB de CV
	4.875% 03/15/15 (b)	4,200,000	4,142,250
Construction Materials Total			4,142,250
Containers & Packaging — 1.1%
Owens-Brockway Glass Container, Inc.
	3.000% 06/01/15 (b)	4,500,000	4,398,750
Containers & Packaging Total			4,398,750

		Par ($)	Value ($)
Convertible Bonds — (continued)
INDUSTRIALS — (continued)
Electrical Equipment — 1.0%
General Cable Corp.
	0.875% 11/15/13	3,300,000	3,130,875
	4.500% 11/15/29 (d) (2.250% 11/15/19)	1,000,000	1,141,250
Electrical Equipment Total			4,272,125
Machinery — 3.7%
Barnes Group, Inc.
	3.750% 08/01/25	3,700,000	3,838,750
Ingersoll-Rand Global Holding Co. Ltd.
	4.500% 04/15/12	1,050,000	2,441,250
Navistar International Corp.
	3.000% 10/15/14	5,000,000	6,168,750
Trinity Industries, Inc.
	3.875% 06/01/36	3,250,000	3,071,250
Machinery Total			15,520,000
Marine — 1.2%
DryShips, Inc.
	5.000% 12/01/14	5,000,000	4,968,750
Marine Total			4,968,750
INDUSTRIALS TOTAL			49,116,750
INFORMATION TECHNOLOGY — 15.7%
Communications Equipment — 0.9%
Arris Group, Inc.
	2.000% 11/15/26	3,585,000	3,582,759
Communications Equipment Total			3,582,759
Computers & Peripherals — 3.3%
EMC Corp.
	1.750% 12/01/11	3,000,000	4,110,000
	1.750% 12/01/13	5,000,000	7,175,000
SanDisk Corp.
	1.500% 08/15/17	2,200,000	2,351,250
Computers & Peripherals Total			13,636,250
Internet Software & Services — 2.1%
Digital River, Inc.
	1.250% 01/01/24	1,900,000	1,890,500
Equinix, Inc.
	3.000% 10/15/14	4,000,000	3,910,000
Telvent GIT SA
	5.500% 04/15/15 (b)	3,010,000	3,156,738
Internet Software & Services Total			8,957,238

		Par ($)	Value ($)
Convertible Bonds — (continued)
INFORMATION TECHNOLOGY — (continued)
IT Services — 2.3%
CACI International, Inc.
	2.125% 05/01/14	3,000,000	3,322,500
DST Systems, Inc.
	4.125% 08/15/23 (08/15/13) (c)	5,600,000	6,244,000
IT Services Total			9,566,500
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices, Inc.
	6.000% 05/01/15	4,023,000	4,028,029
Micron Technology, Inc.
	1.875% 06/01/14	6,560,000	6,010,600
ON Semiconductor Corp.
	2.625% 12/15/26	4,145,000	4,435,150
Semiconductors & Semiconductor Equipment Total			14,473,779
Software — 3.6%
Cadence Design Systems, Inc.
	2.625% 06/01/15 (b)	2,500,000	3,059,375
Informatica Corp.
	3.000% 03/15/26	1,100,000	2,270,125
Nuance Communications, Inc.
	2.750% 08/15/27	2,590,000	2,994,687
Rovi Corp.
	2.625% 02/15/40 (b)	3,500,000	4,641,875
Take-Two Interactive Software, Inc.
	4.375% 06/01/14	1,700,000	2,127,125
Software Total			15,093,187
INFORMATION TECHNOLOGY TOTAL			65,309,713
MATERIALS — 3.6%
Metals & Mining — 3.6%
Newmont Mining Corp.
	3.000% 02/15/12	3,000,000	4,027,500
Steel Dynamics, Inc.
	5.125% 06/15/14	3,400,000	4,012,000
Sterlite Industries India Ltd.
	4.000% 10/30/14	4,500,000	4,291,875

		Par ($)	Value ($)
Convertible Bonds — (continued)
MATERIALS — (continued)
United States Steel Corp.
	4.000% 05/15/14	1,500,000	2,501,250
Metals & Mining Total			14,832,625
MATERIALS TOTAL			14,832,625
TECHNOLOGY — 0.7%
Software — 0.7%
RightNow Technologies, Inc.
	2.500% 11/15/30 (b)	2,985,000	3,059,625
Software Total			3,059,625
TECHNOLOGY TOTAL			3,059,625
TELECOMMUNICATION SERVICES — 0.5%
Wireless Telecommunication Services — 0.5%
Leap Wireless International, Inc.
	4.500% 07/15/14	2,400,000	2,166,000
Wireless Telecommunication Services Total			2,166,000
TELECOMMUNICATION SERVICES TOTAL			2,166,000
UTILITIES — 1.2%
Multi-Utilities — 1.2%
CMS Energy Corp.
	5.500% 06/15/29	3,650,000	5,000,500
Multi-Utilities Total			5,000,500
UTILITIES TOTAL			5,000,500

	Total Convertible Bonds (cost of $290,010,469)		318,485,923

		Shares
Convertible Preferred Stocks — 20.0%
CONSUMER DISCRETIONARY — 5.1%
Automobiles — 4.1%
	Ford Motor Co. Capital Trust II, 6.500%	165,000	8,479,350
	General Motors Co., 4.750%	168,000	8,517,600
Automobiles Total			16,996,950
Household Durables — 1.0%
	Stanley Black & Decker, Inc., 4.750%	41,000	4,176,670
Household Durables Total			4,176,670
CONSUMER DISCRETIONARY TOTAL			21,173,620
CONSUMER STAPLES — 1.8%
Food Products — 1.8%
	Deutsche Bank AG, 7.250% (b)	90,000	3,347,100

		Shares	Value ($)
Convertible Preferred Stocks — (continued)
CONSUMER STAPLES — (continued)
	Dole Food Automatic Common Exchange Security Trust, 7.000% (b)	428,000	4,179,677
Food Products Total			7,526,777
CONSUMER STAPLES TOTAL			7,526,777
ENERGY — 2.1%
Oil, Gas & Consumable Fuels — 2.1%
	Apache Corp., 6.000%	80,000	4,852,000
	El Paso Corp., 4.990% (b)	3,500	4,099,375
Oil, Gas & Consumable Fuels Total			8,951,375
ENERGY TOTAL			8,951,375
FINANCIALS — 8.5%
Commercial Banks — 1.4%
	Fifth Third Bancorp., 8.500%	30,000	3,922,500
	UBS AG, 6.750%	68,200	1,694,770
Commercial Banks Total			5,617,270
Diversified Financial Services — 5.7%
	Bank of America Corp., 7.250%	6,000	5,580,000
	Citigroup, Inc., 7.500%	90,000	11,250,000
	Goldman Sachs Group, Inc. (b)	183,921	3,902,068
	Omnicare Capital Trust II, 4.000%	80,000	3,020,000
Diversified Financial Services Total			23,752,068
Real Estate Investment Trusts (REITs) — 1.4%
	Alexandria Real Estate Equities, Inc., Series D, 7.000%	250,000	5,870,000
Real Estate Investment Trusts (REITs) Total			5,870,000
FINANCIALS TOTAL			35,239,338
INDUSTRIALS — 0.3%
Electrical Equipment — 0.3%
	Energy XXI Bermuda Ltd., 5.625%	3,660	1,062,544
Electrical Equipment Total			1,062,544
INDUSTRIALS TOTAL			1,062,544
MATERIALS — 0.5%
Metals & Mining — 0.5%
	AngloGold Ashanti Ltd., 6.000%	40,000	2,135,200
Metals & Mining Total			2,135,200
MATERIALS TOTAL			2,135,200
UTILITIES — 1.7%
Electric Utilities — 1.7%
	Great Plains Energy, Inc., 12.000%	51,500	3,180,125

		Shares	Value ($)
Convertible Preferred Stocks — (continued)
UTILITIES — (continued)
	PPL Corp., CPN	75,000	4,057,500
Electric Utilities Total			7,237,625
UTILITIES TOTAL			7,237,625

	Total Convertible Preferred Stocks (cost of $81,914,045)		83,326,479
Common Stocks — 1.0%
FINANCIALS — 0.0%
Insurance — 0.0%
	MetLife, Inc.	2	76
Insurance Total			76
FINANCIALS TOTAL			76
HEALTH CARE — 0.5%
Biotechnology — 0.5%
	Amgen, Inc.	36,000	1,896,840
Biotechnology Total			1,896,840
HEALTH CARE TOTAL			1,896,840
INFORMATION TECHNOLOGY — 0.5%
Semiconductors & Semiconductor Equipment — 0.5%
	Intel Corp.	100,000	2,112,000
Semiconductors & Semiconductor Equipment Total			2,112,000
INFORMATION TECHNOLOGY TOTAL			2,112,000

	Total Common Stocks (cost of $3,996,366)		4,008,916

		Par ($)
Short-Term Obligation — 1.9%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by U.S. Government Agency obligations and a U.S. Treasury obligation with various maturities to 10/15/15, market value $8,340,488 (repurchase proceeds $8,175,036)	8,175,000	8,175,000

	Total Short-Term Obligation (cost of $8,175,000)		8,175,000

	Total Investments — 99.3% (cost of $384,095,880)(e)(f)		413,996,318

	Other Assets & Liabilities, Net — 0.7%		2,766,783

	Net Assets — 100.0%		416,763,101

Notes to Investment Portfolio:
	*	Security Valuation: Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Equity securities and 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. 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. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security. 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.

	Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	4,008,916	$	—	$	—	$	4,008,916
Total Convertible Bonds	—		318,485,923		—		318,485,923
Convertible Preferred Stocks
Consumer Discretionary	21,173,620		—		—		21,173,620
Consumer Staples	—		7,526,777		—		7,526,777
Energy	4,852,000		4,099,375		—		8,951,375
Financials	25,720,000		9,519,338		—		35,239,338
Industrials	—		1,062,544		—		1,062,544
Materials	2,135,200		—		—		2,135,200
Utilities	3,180,125		4,057,500		—		7,237,625
Total Convertible Preferred Stocks	57,060,945		26,265,534		—		83,326,479
Total Short-Term Obligation	—		8,175,000		—		8,175,000
Total Investments	$	61,069,861	$	352,926,457	$	—	$	413,996,318

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 nine month period ending November 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 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 November 30, 2010
Convertible Bonds	$	4,789,500	$	—	$	(184,995	)	$	210,500	$	—	$	(4,815,005	)	$	—	$	—	$	—
Convertible Preferred Stocks	4,440,770		—		(1,045,198		)	559,278		—		(3,954,850		)	—		—		$	—
Total	$	9,230,270	$	—	$	(1,230,193	)	$	769,778	$	—	$	(8,769,855	)	$	—	$	—	$	—

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.

(a)

Zero coupon bond.

(b)

Securitiy 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 institutuional buyers. At November 30, 2010, these securities, which are not illiquid, amounted to $92,710,565, which represents 22.2% of net assets.

(c)

The interest rate shown on floating rate or variable rate securities reflects the rate at November 30, 2010.

(d)

Step bond. Shown parenthetically is the next interest rate to be paid and the date the fund will begin accruing at this rate.

(e)

Cost for federal income tax purposes is $384,095,880.

(f)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

37,111,717

(7,211,279

)

29,900,438

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Global Value Fund

		Shares	Value ($)*
Common Stocks — 98.5%
CONSUMER DISCRETIONARY — 2.9%
Automobiles — 1.0%
	Toyota Motor Corp.	9,600	372,119
Automobiles Total			372,119
Multiline Retail — 1.9%
	Marks & Spencer Group PLC	129,619	751,029
Multiline Retail Total			751,029
CONSUMER DISCRETIONARY TOTAL			1,123,148
CONSUMER STAPLES — 12.6%
Food & Staples Retailing — 10.6%
	Carrefour SA	18,500	836,695
	Koninklijke Ahold NV	76,660	926,109
	Safeway, Inc.	44,700	1,027,653
	Seven & I Holdings Co., Ltd.	12,800	312,795
	SUPERVALU, Inc.	23,186	209,601
	Wm. Morrison Supermarkets PLC	177,232	749,591
Food & Staples Retailing Total			4,062,444
Food Products — 2.0%
	Unilever NV	26,700	752,746
Food Products Total			752,746
CONSUMER STAPLES TOTAL			4,815,190
ENERGY — 5.3%
Oil, Gas & Consumable Fuels — 5.3%
	Chesapeake Energy Corp.	18,400	388,608
	ENI SpA	28,800	579,067
	Total SA	9,600	464,603
	Valero Energy Corp.	30,200	588,296
Oil, Gas & Consumable Fuels Total			2,020,574
ENERGY TOTAL			2,020,574
FINANCIALS — 24.0%
Commercial Banks — 11.0%
	Fifth Third Bancorp.	16,225	193,889
	Intesa Sanpaolo SpA	142,178	369,616
	Mitsubishi UFJ Financial Group, Inc.	197,500	934,584
	Mizuho Financial Group, Inc.	506,900	798,834
	PNC Financial Services Group, Inc.	8,303	447,116
	Sumitomo Mitsui Financial Group, Inc.	25,300	776,672
	Wells Fargo & Co.	25,159	684,576
Commercial Banks Total			4,205,287

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Diversified Financial Services — 4.2%
	Bank of America Corp. (a)	71,524	783,188
	Citigroup, Inc. (b)	198,769	834,830
Diversified Financial Services Total			1,618,018
Insurance — 8.8%
	Aegon NV (b)	178,682	980,817
	MS & AD Insurance Group Holdings	40,700	933,319
	Swiss Reinsurance Co., Ltd., Registered Shares	8,100	373,846
	Tokio Marine Holdings, Inc.	37,300	1,052,876
Insurance Total			3,340,858
FINANCIALS TOTAL			9,164,163
HEALTH CARE — 14.9%
Health Care Equipment & Supplies — 1.9%
	Boston Scientific Corp. (b)	112,473	722,077
Health Care Equipment & Supplies Total			722,077
Health Care Providers & Services — 0.7%
	Tenet Healthcare Corp. (b)	59,100	241,128
Health Care Providers & Services Total			241,128
Pharmaceuticals — 12.3%
	AstraZeneca PLC	16,900	787,125
	Daiichi Sankyo Co., Ltd.	28,100	606,174
	GlaxoSmithKline PLC	49,620	939,661
	Pfizer, Inc.	89,100	1,451,439
	Sanofi-Aventis SA	15,149	915,320
Pharmaceuticals Total			4,699,719
HEALTH CARE TOTAL			5,662,924
INDUSTRIALS — 1.3%
Industrial Conglomerates — 1.3%
	General Electric Co.	30,040	475,533
Industrial Conglomerates Total			475,533
INDUSTRIALS TOTAL			475,533
INFORMATION TECHNOLOGY — 15.8%
Communications Equipment — 3.2%
	Alcatel-Lucent (b)	110,200	299,863
	Motorola, Inc. (b)	50,000	383,000
	Telefonaktiebolaget LM Ericsson, Class B	49,889	514,312
Communications Equipment Total			1,197,175

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Computers & Peripherals — 2.1%
	Dell, Inc. (b)	59,200	782,624
Computers & Peripherals Total			782,624
Electronic Equipment, Instruments & Components — 1.7%
	FUJIFILM Holdings Corp.	19,400	649,927
Electronic Equipment, Instruments & Components Total			649,927
Office Electronics — 1.7%
	Xerox Corp.	57,600	660,096
Office Electronics Total			660,096
Semiconductors & Semiconductor Equipment — 3.8%
	Intel Corp.	38,759	818,590
	STMicroelectronics NV	71,800	643,169
Semiconductors & Semiconductor Equipment Total			1,461,759
Software — 3.3%
	Microsoft Corp.	50,400	1,270,584
Software Total			1,270,584
INFORMATION TECHNOLOGY TOTAL			6,022,165
MATERIALS — 2.2%
Chemicals — 2.2%
	Dow Chemical Co.	26,400	823,152
Chemicals Total			823,152
MATERIALS TOTAL			823,152
TELECOMMUNICATION SERVICES — 19.5%
Diversified Telecommunication Services — 19.5%
	AT&T, Inc.	30,627	851,124
	Brasil Telecom SA, ADR (Ordinary) (b)	11,568	95,205
	Brasil Telecom SA, ADR (Preference) (b)	15,672	321,903
	Deutsche Telekom AG, Registered Shares	99,103	1,269,551
	France Telecom SA	22,200	449,250
	Nippon Telegraph & Telephone Corp.	27,200	1,230,691
	Tele Norte Leste Participacoes SA, ADR	14,700	207,123
	Telecom Italia SpA	832,893	1,025,078
	Telecom Italia SpA, Savings Shares	565,300	591,238
	Telefonica SA	11,774	250,567
	Telefonos de Mexico SA de CV, ADR, Class L	23,700	379,200

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Verizon Communications, Inc.	24,300	777,843
Diversified Telecommunication Services Total			7,448,773
TELECOMMUNICATION SERVICES TOTAL			7,448,773

	Total Common Stocks (cost of $52,999,501)		37,555,622

	Total Investments — 98.5% (cost of $52,999,501)(c)(d)		37,555,622

	Other Assets & Liabilities, Net — 1.5%		553,832

	Net Assets — 100.0%		38,109,454

Notes to Investment Portfolio:

Security Valuation:

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

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.

The Fund 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.

			Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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
Common Stocks
Consumer Discretionary	$	—	$	1,123,148	$	—	$	1,123,148
Consumer Staples	1,237,254		3,577,936		—		4,815,190
Energy	976,904		1,043,670		—		2,020,574
Financials	2,943,599		6,220,564		—		9,164,163
Health Care	2,414,644		3,248,280		—		5,662,924
Industrials	475,533		—		—		475,533
Information Technology	3,914,894		2,107,271		—		6,022,165
Materials	823,152		—		—		823,152
Telecommunication Services	2,632,398		4,816,375		—		7,448,773
Total Common Stocks	15,418,378		22,137,244		—		37,555,622
Total Investments	$	15,418,378	$	22,137,244	$	—	$	37,555,622

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

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

(a)

Investments in affiliates during the nine months ended November 30, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
Bank of America Corp.	$	1,191,590	$	—	$	—	$	715	$	—

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

(b)	Non-income producing security.
(c)	Cost for federal income tax purposes is $52,999,501.
(d)	Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

		Unrealized		Unrealized			Net Unrealized
		Appreciation		Depreciation			Depreciation
		$	5,697,492	$	(21,141,371	)	$	(15,443,879	)

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia International Value Master Portfolio

		Shares	Value ($)*
Common Stocks — 98.1%
CONSUMER DISCRETIONARY — 9.4%
Automobiles — 2.8%
	Nissan Motor Co., Ltd.	1,330,900	12,485,096
	Renault SA (a)	125,200	6,560,319
	Toyota Motor Corp.	773,400	29,978,803
Automobiles Total			49,024,218
Household Durables — 1.8%
	Sony Corp.	897,900	31,859,757
Household Durables Total			31,859,757
Media — 1.6%
	ITV PLC (a)	27,185,276	28,157,289
Media Total			28,157,289
Multiline Retail — 1.6%
	Marks & Spencer Group PLC, ADR	2,485,740	28,847,759
Multiline Retail Total			28,847,759
Specialty Retail — 1.6%
	Kingfisher PLC	7,819,700	28,558,524
Specialty Retail Total			28,558,524
CONSUMER DISCRETIONARY TOTAL			166,447,547
CONSUMER STAPLES — 11.6%
Food & Staples Retailing — 8.5%
	Carrefour SA	891,160	40,304,286
	J Sainsbury PLC	4,965,329	27,456,566
	Koninklijke Ahold NV	2,496,732	30,162,344
	Seven & I Holdings Co., Ltd.	1,041,300	25,446,330
	Wm. Morrison Supermarkets PLC	6,214,365	26,283,243
Food & Staples Retailing Total			149,652,769
Food Products — 1.5%
	Unilever NV	904,049	25,487,612
Food Products Total			25,487,612
Tobacco — 1.6%
	Japan Tobacco, Inc.	8,359	28,315,108
Tobacco Total			28,315,108
CONSUMER STAPLES TOTAL			203,455,489
ENERGY — 5.8%
Oil, Gas & Consumable Fuels — 5.8%
	BP PLC	3,064,170	20,371,890
	ENI SpA	2,114,387	42,512,889
	Petroleo Brasileiro SA, ADR	170,243	4,984,715

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Total SA	702,481	33,997,353
Oil, Gas & Consumable Fuels Total			101,866,847
ENERGY TOTAL			101,866,847
FINANCIALS — 18.3%
Capital Markets — 1.4%
	Deutsche Bank AG, Registered Shares	198,375	9,426,464
	UBS AG, Registered Shares (a)	975,930	14,600,034
Capital Markets Total			24,026,498
Commercial Banks — 8.8%
	Barclays PLC	4,818,407	19,361,654
	Chuo Mitsui Trust Holdings, Inc.	1,436,000	5,062,054
	Credit Agricole SA	683,932	8,370,015
	HSBC Holdings PLC	983,039	9,903,269
	Intesa Sanpaolo SpA	8,435,186	21,928,707
	Mitsubishi UFJ Financial Group, Inc.	4,958,431	23,463,642
	Mizuho Financial Group, Inc.	11,539,600	18,185,492
	Natixis (a)	2,968,546	13,061,928
	San-In Godo Bank Ltd.	233,000	1,539,672
	Sumitomo Mitsui Financial Group, Inc.	781,042	23,976,811
	UniCredit SpA	3,651,500	7,059,539
	Yamaguchi Financial Group, Inc.	425,000	3,788,613
Commercial Banks Total			155,701,396
Insurance — 8.1%
	Aegon NV (a)	5,311,757	29,157,160
	MS & AD Insurance Group Holdings	1,373,000	31,485,185
	NKSJ Holdings, Inc. (a)	2,857,000	19,118,958
	Swiss Reinsurance Co., Ltd., Registered Shares	740,500	34,176,958
	Tokio Marine Holdings, Inc.	1,021,900	28,845,408
Insurance Total			142,783,669
FINANCIALS TOTAL			322,511,563
HEALTH CARE — 12.1%
Pharmaceuticals — 12.1%
	Astellas Pharma, Inc.	635,900	22,796,228
	AstraZeneca PLC	611,885	28,498,794
	Daiichi Sankyo Co., Ltd.	852,600	18,392,323
	GlaxoSmithKline PLC	1,878,148	35,566,760
	Ono Pharmaceutical Co., Ltd.	730,800	32,280,513
	Sanofi-Aventis SA	697,686	42,155,007
	Taisho Pharmaceutical Co., Ltd.	382,000	7,939,238

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Takeda Pharmaceutical Co., Ltd.	565,400	26,281,496
Pharmaceuticals Total			213,910,359
HEALTH CARE TOTAL			213,910,359
INDUSTRIALS — 1.1%
Commercial Services & Supplies — 1.1%
	Dai Nippon Printing Co., Ltd.	1,555,000	19,585,525
Commercial Services & Supplies Total			19,585,525
INDUSTRIALS TOTAL			19,585,525
INFORMATION TECHNOLOGY — 14.3%
Communications Equipment — 4.1%
	Alcatel-Lucent (a)	9,071,300	24,683,733
	Nokia Oyj	2,463,665	22,790,700
	Telefonaktiebolaget LM Ericsson, Class B	2,383,768	24,574,570
Communications Equipment Total			72,049,003
Computers & Peripherals — 0.6%
	NEC Corp.	3,879,000	10,707,652
Computers & Peripherals Total			10,707,652
Electronic Equipment, Instruments & Components — 3.8%
	FUJIFILM Holdings Corp.	890,505	29,833,170
	TDK Corp.	185,000	11,916,282
	Tyco Electronics Ltd.	861,543	26,208,138
Electronic Equipment, Instruments & Components Total			67,957,590
Office Electronics — 2.3%
	Canon, Inc.	855,200	40,231,158
Office Electronics Total			40,231,158
Semiconductors & Semiconductor Equipment — 3.5%
	Rohm Co., Ltd.	551,500	33,231,646
	STMicroelectronics NV	3,166,900	28,368,396
Semiconductors & Semiconductor Equipment Total			61,600,042
INFORMATION TECHNOLOGY TOTAL			252,545,445
MATERIALS — 2.2%
Chemicals — 0.7%
	Akzo Nobel NV	227,600	12,217,662
Chemicals Total			12,217,662
Construction Materials — 1.5%
	Cemex SAB de CV, ADR (a)	2,572,781	23,257,940

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Italcementi SpA, Savings Shares	890,500	3,488,542
Construction Materials Total			26,746,482
MATERIALS TOTAL			38,964,144
TELECOMMUNICATION SERVICES — 20.5%
Diversified Telecommunication Services — 17.3%
	Brasil Telecom SA, ADR (Ordinary) (a)	199,977	1,645,811
	Brasil Telecom SA, ADR (Preference) (a)	352,511	7,240,576
	Deutsche Telekom AG, Registered Shares	3,845,600	49,263,755
	France Telecom SA	1,838,170	37,198,141
	Nippon Telegraph & Telephone Corp.	942,500	42,644,361
	Portugal Telecom SGPS SA, ADR	2,177,276	27,803,815
	Swisscom AG, ADR	688,200	28,240,562
	Tele Norte Leste Participacoes SA, ADR	691,100	9,737,599
	Telecom Corp. of New Zealand Ltd., ADR	1,486,604	11,996,894
	Telecom Italia SpA	16,491,810	20,297,197
	Telecom Italia SpA, Savings Shares	32,972,210	34,485,090
	Telefonica SA, ADR	232,481	14,878,784
	Telefonos de Mexico SA de CV, ADR, Class L	1,158,962	18,543,392
Diversified Telecommunication Services Total			303,975,977
Wireless Telecommunication Services — 3.2%
	SK Telecom Co., Ltd.	160,077	23,584,224
	SK Telecom Co., Ltd., ADR	617,639	11,105,149
	Tim Participacoes SA, ADR	127,738	4,108,054
	Vivo Participacoes SA, ADR	228,230	6,589,000
	Vodafone Group PLC	4,677,390	11,688,430
Wireless Telecommunication Services Total			57,074,857
TELECOMMUNICATION SERVICES TOTAL			361,050,834
UTILITIES — 2.8%
Electric Utilities — 2.8%
	Centrais Electricas Brasileiras SA, ADR	2,512,340	33,615,109
	Korea Electric Power Corp., ADR (a)	1,294,050	15,412,136
Electric Utilities Total			49,027,245
UTILITIES TOTAL			49,027,245

	Total Common Stocks (cost of $2,119,304,000)		1,729,364,998

		Par ($)	Value ($)
Short-Term Obligation — 0.7%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.150%, collateralized by a U.S. Government Agency obligation maturing 11/17/14, market value $12,065,088 (repurchase proceeds $11,827,049)	11,827,000	11,827,000

	Total Short-Term Obligation (cost of $11,827,000)		11,827,000

	Total Investments — 98.8% (cost of $2,131,131,000)(b)(c)		1,741,191,998

	Other Assets & Liabilities, Net — 1.2%		21,050,517

	Net Assets — 100.0%		1,762,242,515

Notes to Investment Portfolio:
	*	Security Valuation:

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

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

		Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

		Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Master Portfolio’s 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 Master Portfolio’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

		The Master Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

		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.

		Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 30, 2010, in valuing the Master Portfolio’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—	$	166,447,547	$	—	$	166,447,547
Consumer Staples	—		203,455,489		—		203,455,489
Energy	4,984,715		96,882,132		—		101,866,847
Financials	—		322,511,563		—		322,511,563
Health Care	—		213,910,359		—		213,910,359
Industrials	—		19,585,525		—		19,585,525
Information Technology	26,208,138		226,337,307		—		252,545,445
Materials	23,257,940		15,706,204		—		38,964,144
Telecommunication Services	113,649,074		247,401,760		—		361,050,834
Utilities	49,027,245		—		—		49,027,245
Total Common Stocks	217,127,112		1,512,237,886		—		1,729,364,998
Total Short-Term Obligation	—		11,827,000		—		11,827,000
Total Investments	$	217,127,112	$	1,524,064,886	$	—	$	1,741,191,998

The Master 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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

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.

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $2,131,131,000.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

164,920,113

(554,859,115

)

(389,939,002

)

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Large Cap Core Fund

		Shares	Value ($)*
Common Stocks — 99.3%
CONSUMER DISCRETIONARY — 10.0%
Auto Components — 1.0%
	Autoliv, Inc.	79,950	5,869,929
	BorgWarner, Inc. (a)	87,053	5,252,778
Auto Components Total			11,122,707
Automobiles — 0.7%
	Ford Motor Co. (a)	463,230	7,383,886
Automobiles Total			7,383,886
Hotels, Restaurants & Leisure — 0.4%
	Las Vegas Sands Corp. (a)	82,180	4,115,574
Hotels, Restaurants & Leisure Total			4,115,574
Internet & Catalog Retail — 0.3%
	priceline.com, Inc. (a)	7,280	2,868,684
Internet & Catalog Retail Total			2,868,684
Media — 3.0%
	CBS Corp., Class B	337,610	5,685,352
	Comcast Corp., Class A	734,360	14,687,200
	DISH Network Corp., Class A (a)	255,410	4,696,990
	Viacom, Inc., Class B	221,927	8,395,499
Media Total			33,465,041
Multiline Retail — 1.6%
	Nordstrom, Inc.	158,820	6,797,496
	Target Corp.	190,421	10,842,572
Multiline Retail Total			17,640,068
Specialty Retail — 3.0%
	Limited Brands, Inc.	343,363	11,561,032
	Lowe’s Companies, Inc.	569,140	12,919,478
	TJX Companies, Inc.	189,372	8,637,257
Specialty Retail Total			33,117,767
CONSUMER DISCRETIONARY TOTAL			109,713,727
CONSUMER STAPLES — 10.5%
Beverages — 3.2%
	Coca-Cola Co.	298,760	18,872,669
	PepsiCo, Inc.	254,400	16,441,872
Beverages Total			35,314,541
Food & Staples Retailing — 2.8%
	Costco Wholesale Corp.	155,820	10,534,990
	CVS Caremark Corp.	457,160	14,171,960
	Wal-Mart Stores, Inc.	109,241	5,908,846
Food & Staples Retailing Total			30,615,796

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food Products — 0.7%
	Mead Johnson Nutrition Co., Class A	120,141	7,156,799
Food Products Total			7,156,799
Household Products — 1.6%
	Colgate-Palmolive Co.	70,690	5,411,320
	Procter & Gamble Co.	196,990	12,030,179
Household Products Total			17,441,499
Personal Products — 0.6%
	Avon Products, Inc.	234,703	6,703,118
Personal Products Total			6,703,118
Tobacco — 1.6%
	Philip Morris International, Inc.	313,287	17,822,897
Tobacco Total			17,822,897
CONSUMER STAPLES TOTAL			115,054,650
ENERGY — 12.6%
Energy Equipment & Services — 3.7%
	Baker Hughes, Inc.	129,710	6,765,674
	Noble Corp.	162,560	5,514,035
	Oil States International, Inc. (a)	71,540	4,244,468
	Schlumberger Ltd.	223,320	17,271,569
	Weatherford International Ltd. (a)	347,730	7,097,169
Energy Equipment & Services Total			40,892,915
Oil, Gas & Consumable Fuels — 8.9%
	Apache Corp.	145,061	15,614,366
	Chevron Corp.	396,654	32,117,075
	Devon Energy Corp.	136,970	9,665,973
	Forest Oil Corp. (a)	193,210	6,611,646
	Occidental Petroleum Corp.	291,201	25,675,192
	Southwestern Energy Co. (a)	224,756	8,136,167
Oil, Gas & Consumable Fuels Total			97,820,419
ENERGY TOTAL			138,713,334
FINANCIALS — 15.0%
Capital Markets — 4.7%
	Franklin Resources, Inc.	65,779	7,504,726
	Goldman Sachs Group, Inc.	126,348	19,727,977
	Morgan Stanley	266,170	6,510,518
	Northern Trust Corp.	149,210	7,505,263
	T. Rowe Price Group, Inc.	181,230	10,571,146
Capital Markets Total			51,819,630

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Commercial Banks — 4.2%
	Fifth Third Bancorp.	309,685	3,700,736
	Huntington Bancshares, Inc.	737,500	4,303,313
	PNC Financial Services Group, Inc.	267,072	14,381,827
	Wells Fargo & Co.	872,569	23,742,602
Commercial Banks Total			46,128,478
Consumer Finance — 0.7%
	Discover Financial Services	397,004	7,257,233
Consumer Finance Total			7,257,233
Diversified Financial Services — 3.6%
	Citigroup, Inc. (a)	3,887,490	16,327,458
	IntercontinentalExchange, Inc. (a)	73,350	8,266,545
	JPMorgan Chase & Co.	414,280	15,485,786
Diversified Financial Services Total			40,079,789
Insurance — 1.8%
	Lincoln National Corp.	158,393	3,782,425
	MetLife, Inc.	417,064	15,910,992
Insurance Total			19,693,417
FINANCIALS TOTAL			164,978,547
HEALTH CARE — 11.4%
Biotechnology — 3.3%
	Amgen, Inc. (a)	245,380	12,929,072
	Celgene Corp. (a)	192,670	11,440,745
	Dendreon Corp. (a)	83,950	3,000,373
	Gilead Sciences, Inc. (a)	246,380	8,992,870
Biotechnology Total			36,363,060
Health Care Equipment & Supplies — 0.6%
	Zimmer Holdings, Inc. (a)	126,725	6,242,473
Health Care Equipment & Supplies Total			6,242,473
Health Care Providers & Services — 3.1%
	Cardinal Health, Inc.	332,071	11,815,086
	CIGNA Corp.	231,170	8,509,368
	Express Scripts, Inc. (a)	115,750	6,029,417
	Medco Health Solutions, Inc. (a)	124,337	7,624,345
Health Care Providers & Services Total			33,978,216
Life Sciences Tools & Services — 0.5%
	Thermo Fisher Scientific, Inc. (a)	103,267	5,252,160
Life Sciences Tools & Services Total			5,252,160
Pharmaceuticals — 3.9%
	Abbott Laboratories	364,249	16,941,221
	Allergan, Inc.	164,650	10,911,356

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Merck & Co., Inc.	448,850	15,471,859
Pharmaceuticals Total			43,324,436
HEALTH CARE TOTAL			125,160,345
INDUSTRIALS — 10.6%
Aerospace & Defense — 2.5%
	Goodrich Corp.	96,180	8,249,359
	TransDigm Group, Inc. (a)	86,545	5,928,332
	United Technologies Corp.	178,765	13,455,642
Aerospace & Defense Total			27,633,333
Air Freight & Logistics — 2.4%
	FedEx Corp.	61,790	5,630,305
	United Parcel Service, Inc., Class B	302,764	21,232,839
Air Freight & Logistics Total			26,863,144
Building Products — 0.4%
	Owens Corning (a)	178,250	4,689,757
Building Products Total			4,689,757
Industrial Conglomerates — 1.6%
	3M Co.	137,900	11,580,842
	Tyco International Ltd.	155,068	5,875,527
Industrial Conglomerates Total			17,456,369
Machinery — 2.7%
	Cummins, Inc.	93,210	9,052,555
	Dover Corp.	120,720	6,616,663
	Flowserve Corp.	57,060	6,017,548
	Ingersoll-Rand PLC	183,920	7,540,720
Machinery Total			29,227,486
Road & Rail — 1.0%
	Union Pacific Corp.	115,048	10,366,975
Road & Rail Total			10,366,975
INDUSTRIALS TOTAL			116,237,064
INFORMATION TECHNOLOGY — 19.0%
Communications Equipment — 0.5%
	Cisco Systems, Inc. (a)	282,344	5,409,711
Communications Equipment Total			5,409,711
Computers & Peripherals — 5.5%
	Apple, Inc. (a)	115,974	36,085,310
	EMC Corp. (a)	620,606	13,336,823
	Hewlett-Packard Co.	255,490	10,712,696
Computers & Peripherals Total			60,134,829

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Electronic Equipment, Instruments & Components — 1.1%
	Corning, Inc.	424,706	7,500,308
	Tyco Electronics Ltd.	141,740	4,311,731
Electronic Equipment, Instruments & Components Total			11,812,039
Internet Software & Services — 2.8%
	Akamai Technologies, Inc. (a)	165,770	8,651,536
	Google, Inc., Class A (a)	40,732	22,635,180
Internet Software & Services Total			31,286,716
IT Services — 4.5%
	Accenture PLC, Class A	151,300	6,554,316
	International Business Machines Corp.	176,804	25,010,694
	Teradata Corp. (a)	186,666	7,670,106
	Visa, Inc., Class A	147,890	10,921,676
IT Services Total			50,156,792
Semiconductors & Semiconductor Equipment — 1.4%
	Advanced Micro Devices, Inc. (a)	1,308,970	9,542,391
	Broadcom Corp., Class A	135,370	6,022,611
Semiconductors & Semiconductor Equipment Total			15,565,002
Software — 3.2%
	Autodesk, Inc. (a)	235,293	8,303,490
	Intuit, Inc. (a)	99,000	4,444,110
	Microsoft Corp.	421,930	10,636,855
	Nintendo Co., Ltd., ADR	185,250	6,317,025
	TIBCO Software, Inc. (a)	272,710	5,356,025
Software Total			35,057,505
INFORMATION TECHNOLOGY TOTAL			209,422,594
MATERIALS — 3.9%
Chemicals — 2.2%
	Celanese Corp., Series A	140,634	5,203,458
	CF Industries Holdings, Inc.	32,110	3,877,925
	LyondellBasell Industries NV, Class A (a)	103,840	3,033,166
	Monsanto Co.	141,010	8,449,319
	Potash Corp. of Saskatchewan, Inc.	24,210	3,480,188
Chemicals Total			24,044,056
Containers & Packaging — 0.5%
	Packaging Corp. of America	212,421	5,448,599
Containers & Packaging Total			5,448,599
Metals & Mining — 1.2%
	Freeport-McMoRan Copper & Gold, Inc.	70,133	7,105,875

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Rio Tinto PLC, ADR	59,960	3,845,235
	United States Steel Corp.	59,570	2,895,698
Metals & Mining Total			13,846,808
MATERIALS TOTAL			43,339,463
TELECOMMUNICATION SERVICES — 3.2%
Diversified Telecommunication Services — 1.8%
	AT&T, Inc.	709,527	19,717,756
Diversified Telecommunication Services Total			19,717,756
Wireless Telecommunication Services — 1.4%
	American Tower Corp., Class A (a)	165,730	8,380,966
	Millicom International Cellular SA	45,135	3,916,815
	NII Holdings, Inc. (a)	95,201	3,689,991
Wireless Telecommunication Services Total			15,987,772
TELECOMMUNICATION SERVICES TOTAL			35,705,528
UTILITIES — 3.1%
Electric Utilities — 1.9%
	American Electric Power Co., Inc.	213,450	7,598,820
	DPL, Inc.	126,480	3,203,739
	Entergy Corp.	76,200	5,428,488
	PPL Corp.	198,630	5,047,188
Electric Utilities Total			21,278,235
Multi-Utilities — 1.2%
	PG&E Corp.	151,858	7,126,696
	Public Service Enterprise Group, Inc.	199,509	6,150,862
Multi-Utilities Total			13,277,558
UTILITIES TOTAL			34,555,793

	Total Common Stocks (cost of $946,127,567)		1,092,881,045

Notes to Investment Portfolio:

Security Valuation:

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

Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	1,092,881,045	$	—	$	—	$	1,092,881,045
Total Short-Term Obligation	—		7,750,000		—		7,750,000
Total Investments	$	1,092,881,045	$	7,750,000	$	—	$	1,100,631,045

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.

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $953,877,567.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

162,342,417

(15,588,939

)

146,753,478

For the nine months ended November 30, 2010, transactions in written call option contracts were as follows:

	Number of contracts		Premium received
Options outstanding at February 28, 2010	—		$	—
Options written	2,530		134,571
Options terminated in closing purchase transactions	—		—
Options exercised	(310	)	(50,703		)
Options expired	(2,220	)	(83,868		)
Options outstanding at November 30, 2010	—		$	—

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Large Cap Enhanced Core Fund

		Shares	Value ($)*
Common Stocks — 98.5%
CONSUMER DISCRETIONARY — 10.6%
Automobiles — 0.6%
	Ford Motor Co. (a)	152,200	2,426,068
Automobiles Total			2,426,068
Hotels, Restaurants & Leisure — 0.6%
	McDonald’s Corp.	34,100	2,670,030
Hotels, Restaurants & Leisure Total			2,670,030
Internet & Catalog Retail — 0.7%
	priceline.com, Inc. (a)	7,300	2,876,565
Internet & Catalog Retail Total			2,876,565
Media — 2.2%
	Comcast Corp., Class A	187,000	3,740,000
	DIRECTV, Class A (a)	115,000	4,775,950
	McGraw-Hill Companies, Inc.	5,700	196,593
	Time Warner Cable, Inc.	12,100	744,634
Media Total			9,457,177
Multiline Retail — 1.0%
	Big Lots, Inc. (a)	14,550	445,958
	Family Dollar Stores, Inc.	36,500	1,832,300
	Macy’s, Inc.	11,100	285,048
	Target Corp.	33,750	1,921,725
Multiline Retail Total			4,485,031
Specialty Retail — 4.8%
	Autozone, Inc. (a)	15,400	3,994,914
	Best Buy Co., Inc.	93,600	3,998,592
	GameStop Corp., Class A (a)	65,700	1,308,744
	Gap, Inc.	70,600	1,508,016
	Limited Brands, Inc.	109,700	3,693,599
	Ross Stores, Inc.	58,600	3,801,968
	TJX Companies, Inc.	49,500	2,257,695
Specialty Retail Total			20,563,528
Textiles, Apparel & Luxury Goods — 0.7%
	Coach, Inc.	39,200	2,216,368
	NIKE, Inc., Class B	7,000	602,910
Textiles, Apparel & Luxury Goods Total			2,819,278
CONSUMER DISCRETIONARY TOTAL			45,297,677
CONSUMER STAPLES — 10.7%
Beverages — 0.9%
	Coca-Cola Co.	40,400	2,552,068
	PepsiCo, Inc.	20,900	1,350,767
Beverages Total			3,902,835

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food & Staples Retailing — 3.1%
	Kroger Co.	17,400	409,770
	Wal-Mart Stores, Inc.	150,900	8,162,181
	Walgreen Co.	136,800	4,767,480
Food & Staples Retailing Total			13,339,431
Food Products — 0.6%
	Hershey Co.	52,500	2,457,000
Food Products Total			2,457,000
Household Products — 2.5%
	Kimberly-Clark Corp.	66,800	4,134,252
	Procter & Gamble Co.	107,250	6,549,757
Household Products Total			10,684,009
Tobacco — 3.6%
	Altria Group, Inc.	227,800	5,467,200
	Lorillard, Inc.	29,500	2,347,610
	Philip Morris International, Inc.	131,500	7,481,035
Tobacco Total			15,295,845
CONSUMER STAPLES TOTAL			45,679,120
ENERGY — 11.6%
Energy Equipment & Services — 1.6%
	National Oilwell Varco, Inc.	82,700	5,068,683
	Rowan Companies, Inc. (a)	54,500	1,643,175
Energy Equipment & Services Total			6,711,858
Oil, Gas & Consumable Fuels — 10.0%
	Apache Corp.	50,200	5,403,528
	Chevron Corp.	126,550	10,246,753
	ConocoPhillips	125,250	7,536,293
	Devon Energy Corp.	64,100	4,523,537
	Exxon Mobil Corp.	153,594	10,683,999
	Marathon Oil Corp.	69,700	2,332,859
	Peabody Energy Corp.	15,500	911,555
	Valero Energy Corp.	58,200	1,133,736
Oil, Gas & Consumable Fuels Total			42,772,260
ENERGY TOTAL			49,484,118
FINANCIALS — 14.7%
Capital Markets — 1.7%
	Franklin Resources, Inc.	31,500	3,593,835
	Goldman Sachs Group, Inc.	3,100	484,034
	T. Rowe Price Group, Inc.	52,200	3,044,826
Capital Markets Total			7,122,695

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Commercial Banks — 1.2%
	Fifth Third Bancorp.	114,300	1,365,885
	KeyCorp	177,700	1,338,081
	SunTrust Banks, Inc.	14,100	329,376
	Wells Fargo & Co.	78,400	2,133,264
Commercial Banks Total			5,166,606
Consumer Finance — 2.0%
	Capital One Financial Corp.	110,300	4,106,469
	Discover Financial Services	249,400	4,559,032
Consumer Finance Total			8,665,501
Diversified Financial Services — 4.7%
	Bank of America Corp.	161,000	1,762,950
	Citigroup, Inc. (a)	1,601,050	6,724,410
	JPMorgan Chase & Co.	255,900	9,565,542
	NYSE Euronext	68,650	1,875,518
Diversified Financial Services Total			19,928,420
Insurance — 3.2%
	AFLAC, Inc.	55,200	2,842,800
	AON Corp.	21,250	852,550
	Assurant, Inc.	14,700	518,469
	Berkshire Hathaway, Inc., Class B (a)	30,400	2,422,272
	Hartford Financial Services Group, Inc.	104,450	2,325,057
	Prudential Financial, Inc.	29,500	1,495,060
	Torchmark Corp.	55,600	3,195,332
	Travelers Companies, Inc.	3,900	210,561
Insurance Total			13,862,101
Real Estate Investment Trusts (REITs) — 1.9%
	Apartment Investment & Management Co., Class A	157,900	3,808,548
	Simon Property Group, Inc.	43,200	4,255,200
Real Estate Investment Trusts (REITs) Total			8,063,748
FINANCIALS TOTAL			62,809,071
HEALTH CARE — 10.9%
Biotechnology — 1.7%
	Amgen, Inc. (a)	66,400	3,498,616
	Biogen Idec, Inc. (a)	52,500	3,358,425
	Cephalon, Inc. (a)	8,500	539,665
Biotechnology Total			7,396,706
Health Care Equipment & Supplies — 0.5%
	C.R. Bard, Inc.	24,800	2,104,280
Health Care Equipment & Supplies Total			2,104,280

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Providers & Services — 3.2%
	AmerisourceBergen Corp.	56,250	1,735,312
	Cardinal Health, Inc.	27,900	992,682
	Humana, Inc. (a)	31,600	1,770,864
	Laboratory Corp. of America Holdings (a)	41,200	3,379,636
	UnitedHealth Group, Inc.	162,700	5,941,804
Health Care Providers & Services Total			13,820,298
Life Sciences Tools & Services — 0.4%
	Waters Corp. (a)	20,500	1,575,835
Life Sciences Tools & Services Total			1,575,835
Pharmaceuticals — 5.1%
	Abbott Laboratories	98,100	4,562,631
	Eli Lilly & Co.	135,300	4,554,198
	Forest Laboratories, Inc. (a)	19,600	625,044
	Johnson & Johnson	119,000	7,324,450
	Merck & Co., Inc.	71,700	2,471,499
	Pfizer, Inc.	126,300	2,057,427
Pharmaceuticals Total			21,595,249
HEALTH CARE TOTAL			46,492,368
INDUSTRIALS — 10.7%
Aerospace & Defense — 2.9%
	Lockheed Martin Corp.	19,200	1,306,368
	Northrop Grumman Corp.	36,300	2,238,984
	Raytheon Co.	70,800	3,274,500
	United Technologies Corp.	72,500	5,457,075
Aerospace & Defense Total			12,276,927
Air Freight & Logistics — 1.2%
	United Parcel Service, Inc., Class B	73,700	5,168,581
Air Freight & Logistics Total			5,168,581
Commercial Services & Supplies — 0.8%
	R.R. Donnelley & Sons Co.	210,000	3,309,600
Commercial Services & Supplies Total			3,309,600
Electrical Equipment — 1.3%
	Emerson Electric Co.	102,200	5,628,154
Electrical Equipment Total			5,628,154
Industrial Conglomerates — 2.2%
	3M Co.	10,200	856,596
	General Electric Co. (b)	536,050	8,485,671
Industrial Conglomerates Total			9,342,267

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Machinery — 0.7%
	Eaton Corp.	10,900	1,050,760
	Parker Hannifin Corp.	24,300	1,949,589
Machinery Total			3,000,349
Professional Services — 0.7%
	Dun & Bradstreet Corp.	42,100	3,171,814
Professional Services Total			3,171,814
Trading Companies & Distributors — 0.9%
	W.W. Grainger, Inc.	29,700	3,710,421
Trading Companies & Distributors Total			3,710,421
INDUSTRIALS TOTAL			45,608,113
INFORMATION TECHNOLOGY — 19.1%
Communications Equipment — 0.7%
	Cisco Systems, Inc. (a)	90,950	1,742,602
	QUALCOMM, Inc.	23,400	1,093,716
Communications Equipment Total			2,836,318
Computers & Peripherals — 6.4%
	Apple, Inc. (a)	50,200	15,619,730
	Hewlett-Packard Co.	130,600	5,476,058
	Lexmark International, Inc., Class A (a)	90,000	3,261,600
	SanDisk Corp. (a)	51,000	2,274,600
	Western Digital Corp. (a)	25,500	854,250
Computers & Peripherals Total			27,486,238
Internet Software & Services — 1.3%
	eBay, Inc. (a)	8,400	244,692
	Google, Inc., Class A (a)	9,500	5,279,245
Internet Software & Services Total			5,523,937
IT Services — 2.6%
	International Business Machines Corp.	76,700	10,849,982
	Total System Services, Inc.	25,200	380,268
IT Services Total			11,230,250
Semiconductors & Semiconductor Equipment — 3.8%
	Advanced Micro Devices, Inc. (a)	158,500	1,155,465
	Intel Corp.	412,000	8,701,440
	Teradyne, Inc. (a)	18,800	222,968
	Texas Instruments, Inc.	185,400	5,895,720
Semiconductors & Semiconductor Equipment Total			15,975,593
Software — 4.3%
	Intuit, Inc. (a)	79,500	3,568,755
	Microsoft Corp. (b)	464,400	11,707,524
	Oracle Corp.	101,750	2,751,320

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Symantec Corp. (a)	24,900	418,320
Software Total			18,445,919
INFORMATION TECHNOLOGY TOTAL			81,498,255
MATERIALS — 3.8%
Chemicals — 2.2%
	E.I. du Pont de Nemours & Co.	22,100	1,038,479
	Eastman Chemical Co.	55,000	4,279,550
	PPG Industries, Inc.	53,600	4,178,656
Chemicals Total			9,496,685
Metals & Mining — 1.6%
	Cliffs Natural Resources, Inc.	18,700	1,277,958
	Freeport-McMoRan Copper & Gold, Inc.	37,350	3,784,302
	Newmont Mining Corp.	29,000	1,706,070
Metals & Mining Total			6,768,330
MATERIALS TOTAL			16,265,015
TELECOMMUNICATION SERVICES — 3.3%
Diversified Telecommunication Services — 3.3%
	AT&T, Inc.	200,950	5,584,401
	Qwest Communications International, Inc.	190,600	1,334,200
	Verizon Communications, Inc.	216,400	6,926,964
Diversified Telecommunication Services Total			13,845,565
TELECOMMUNICATION SERVICES TOTAL			13,845,565
UTILITIES — 3.1%
Electric Utilities — 2.2%
	Entergy Corp.	50,700	3,611,868
	Exelon Corp.	106,200	4,181,094
	FirstEnergy Corp.	43,700	1,534,307
Electric Utilities Total			9,327,269
Multi-Utilities — 0.9%
	CMS Energy Corp.	12,200	219,234
	Public Service Enterprise Group, Inc.	123,500	3,807,505
Multi-Utilities Total			4,026,739
UTILITIES TOTAL			13,354,008

	Total Common Stocks (cost of $319,029,809)		420,333,310

		Par ($)	Value ($)
Short-Term Obligation — 1.3%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 07/14/14, market value $5,936,494 (repurchase proceeds $5,817,026)	5,817,000	5,817,000

	Total Short-Term Obligation (cost of $5,817,000)		5,817,000

	Total Investments — 99.8% (cost of $324,846,809)(c)(d)		426,150,310

	Other Assets & Liabilities, Net — 0.2%		738,647

	Net Assets — 100.0%		426,888,957

Notes to Investment Portfolio:

Security Valuation:

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

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

Accounting principles generally accepted in the United States of America (“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)

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

The following table summarizes the inputs used, as of November 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	$	420,333,310		$	—	$	—	$	420,333,310
Total Short-Term Obligation	—			5,817,000		—		5,817,000
Total Investments	420,333,310			5,817,000		—		426,150,310
Unrealized Depreciation on Futures Contracts	(35,860		)	—		—		(35,860		)
Total	$	420,297,450		$	5,817,000	$	—	$	426,114,450

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

(a)

Non-income producing security.

(b)

A portion of these securities with a market value of $5,601,950 are pledged as collateral for open futures contracts.

(c)

Cost for federal income tax purposes is $324,846,809.

(d)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

108,553,372

(7,249,871

)

101,303,501

At November 30, 2010, the Fund held the following open long futures contracts:

Risk Exposure/ Type	Number of Contracts	Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
Equity Risk
S&P 500 Index	24	$	7,077,600	$	7,113,460	Dec-2010	$	(35,860	)

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)	Columbia Large Cap Index Fund

		Shares	Value ($)*
Common Stocks — 97.7%
CONSUMER DISCRETIONARY — 10.6%
Auto Components — 0.2%
	Goodyear Tire & Rubber Co. (a)	66,535	636,075
	Johnson Controls, Inc.	184,290	6,715,527
Auto Components Total			7,351,602
Automobiles — 0.6%
	Ford Motor Co. (a)	941,226	15,003,143
	Harley-Davidson, Inc.	64,487	2,017,153
Automobiles Total			17,020,296
Distributors — 0.1%
	Genuine Parts Co.	43,127	2,076,134
Distributors Total			2,076,134
Diversified Consumer Services — 0.1%
	Apollo Group, Inc., Class A (a)	34,712	1,180,208
	DeVry, Inc.	17,214	739,169
	H&R Block, Inc.	84,470	1,063,477
Diversified Consumer Services Total			2,982,854
Hotels, Restaurants & Leisure — 1.8%
	Carnival Corp.	118,984	4,915,229
	Darden Restaurants, Inc.	37,854	1,852,953
	International Game Technology	81,614	1,263,385
	Marriott International, Inc., Class A	78,469	3,076,769
	McDonald’s Corp.	291,329	22,811,061
	Starbucks Corp.	202,511	6,196,837
	Starwood Hotels & Resorts Worldwide, Inc.	52,010	2,956,248
	Wyndham Worldwide Corp.	48,862	1,404,782
	Wynn Resorts Ltd.	20,598	2,082,458
	Yum! Brands, Inc.	127,812	6,400,825
Hotels, Restaurants & Leisure Total			52,960,547
Household Durables — 0.4%
	D.R. Horton, Inc.	76,671	769,777
	Fortune Brands, Inc.	41,739	2,466,357
	Harman International Industries, Inc. (a)	19,054	830,564
	Leggett & Platt, Inc.	40,062	829,283
	Lennar Corp., Class A	43,508	660,887
	Newell Rubbermaid, Inc.	79,487	1,332,997
	Pulte Homes, Inc. (a)	92,130	576,734
	Stanley Black & Decker, Inc.	45,332	2,698,614
	Whirlpool Corp.	20,767	1,515,991
Household Durables Total			11,681,204

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Internet & Catalog Retail — 0.8%
	Amazon.com, Inc. (a)	96,807	16,979,948
	Expedia, Inc.	56,836	1,496,492
	priceline.com, Inc. (a)	13,275	5,231,013
Internet & Catalog Retail Total			23,707,453
Leisure Equipment & Products — 0.1%
	Eastman Kodak Co. (a)	73,534	346,345
	Hasbro, Inc.	38,219	1,821,518
	Mattel, Inc.	98,488	2,544,930
Leisure Equipment & Products Total			4,712,793
Media — 3.0%
	CBS Corp., Class B	186,352	3,138,168
	Comcast Corp., Class A	768,143	15,362,860
	DIRECTV, Class A (a)	237,266	9,853,657
	Discovery Communications, Inc., Class A (a)	77,850	3,174,723
	Gannett Co., Inc.	65,287	855,912
	Interpublic Group of Companies, Inc. (a)	133,769	1,424,640
	McGraw-Hill Companies, Inc.	84,618	2,918,475
	Meredith Corp.	9,907	333,073
	New York Times Co., Class A (a)	32,304	290,413
	News Corp., Class A	624,140	8,513,270
	Omnicom Group, Inc.	82,463	3,747,119
	Scripps Networks Interactive Inc., Class A	24,611	1,253,930
	Time Warner Cable, Inc.	97,204	5,981,934
	Time Warner, Inc.	307,717	9,074,574
	Viacom, Inc., Class B	166,478	6,297,863
	Walt Disney Co.	523,421	19,110,101
	Washington Post Co., Class B	1,564	589,659
Media Total			91,920,371
Multiline Retail — 0.9%
	Big Lots, Inc. (a)	20,656	633,106
	Family Dollar Stores, Inc.	36,324	1,823,465
	J.C. Penney Co., Inc.	64,724	2,153,368
	Kohl’s Corp. (a)	84,313	4,756,939
	Macy’s, Inc.	115,712	2,971,484
	Nordstrom, Inc.	46,166	1,975,905
	Sears Holdings Corp. (a)	12,080	791,240

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Target Corp.	197,489	11,245,024
Multiline Retail Total			26,350,531
Specialty Retail — 2.0%
	Abercrombie & Fitch Co., Class A	24,119	1,211,980
	AutoNation, Inc. (a)	17,231	450,246
	Autozone, Inc. (a)	7,882	2,044,670
	Bed Bath & Beyond, Inc. (a)	72,174	3,156,891
	Best Buy Co., Inc.	94,661	4,043,918
	CarMax, Inc. (a)	61,275	2,015,947
	GameStop Corp., Class A (a)	41,108	818,871
	Gap, Inc.	120,219	2,567,878
	Home Depot, Inc.	455,715	13,767,150
	Limited Brands, Inc.	72,485	2,440,570
	Lowe’s Companies., Inc.	384,016	8,717,163
	O’Reilly Automotive, Inc. (a)	37,941	2,283,289
	Office Depot, Inc. (a)	75,570	328,730
	RadioShack Corp.	34,311	633,038
	Ross Stores, Inc.	33,000	2,141,040
	Staples, Inc.	199,772	4,396,982
	Tiffany & Co.	34,550	2,145,555
	TJX Companies, Inc.	109,697	5,003,280
	Urban Outfitters, Inc. (a)	35,200	1,330,208
Specialty Retail Total			59,497,406
Textiles, Apparel & Luxury Goods — 0.6%
	Coach, Inc.	81,431	4,604,109
	NIKE, Inc., Class B	105,725	9,106,094
	Polo Ralph Lauren Corp.	17,813	1,945,892
	V.F. Corp.	23,620	1,957,626
Textiles, Apparel & Luxury Goods Total			17,613,721
CONSUMER DISCRETIONARY TOTAL			317,874,912
CONSUMER STAPLES — 10.8%
Beverages — 2.6%
	Brown-Forman Corp., Class B	28,408	1,858,452
	Coca-Cola Co.	632,089	39,929,062
	Coca-Cola Enterprises, Inc.	90,789	2,192,554
	Constellation Brands, Inc., Class A (a)	48,492	999,420
	Dr Pepper Snapple Group, Inc.	65,364	2,394,283
	Molson Coors Brewing Co., Class B	43,237	2,060,243
	PepsiCo, Inc.	435,365	28,137,640
Beverages Total			77,571,654

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food & Staples Retailing — 2.4%
	Costco Wholesale Corp.	120,143	8,122,868
	CVS Caremark Corp.	371,733	11,523,723
	Kroger Co.	175,735	4,138,559
	Safeway, Inc.	104,457	2,401,467
	SUPERVALU, Inc.	58,106	525,278
	Sysco Corp.	161,059	4,673,932
	Wal-Mart Stores, Inc.	547,401	29,608,920
	Walgreen Co.	266,356	9,282,507
	Whole Foods Market, Inc. (a)	39,974	1,887,573
Food & Staples Retailing Total			72,164,827
Food Products — 1.8%
	Archer-Daniels-Midland Co.	175,002	5,073,308
	Campbell Soup Co.	53,008	1,796,971
	ConAgra Foods, Inc.	120,285	2,583,722
	Dean Foods Co. (a)	49,875	362,591
	General Mills, Inc.	175,775	6,210,131
	H.J. Heinz Co.	87,150	4,206,730
	Hershey Co.	42,282	1,978,798
	Hormel Foods Corp.	18,975	931,293
	J.M. Smucker Co.	32,753	2,071,627
	Kellogg Co.	71,320	3,511,084
	Kraft Foods, Inc., Class A	477,305	14,438,476
	McCormick & Co., Inc., Non-Voting Shares	36,491	1,605,969
	Mead Johnson Nutrition Co., Class A	56,000	3,335,920
	Sara Lee Corp.	181,247	2,718,705
	Tyson Foods, Inc., Class A	81,641	1,292,377
Food Products Total			52,117,702
Household Products — 2.2%
	Clorox Co.	37,983	2,347,729
	Colgate-Palmolive Co.	133,034	10,183,753
	Kimberly-Clark Corp.	111,988	6,930,937
	Procter & Gamble Co.	776,868	47,443,329
Household Products Total			66,905,748
Personal Products — 0.2%
	Avon Products, Inc.	117,356	3,351,687
	Estée Lauder Companies, Inc., Class A	31,239	2,340,426
Personal Products Total			5,692,113

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 1.6%
	Altria Group, Inc.	570,354	13,688,496
	Lorillard, Inc.	41,561	3,307,424
	Philip Morris International, Inc.	501,659	28,539,381
	Reynolds American, Inc.	92,468	2,860,960
Tobacco Total			48,396,261
CONSUMER STAPLES TOTAL			322,848,305
ENERGY — 11.5%
Energy Equipment & Services — 2.1%
	Baker Hughes, Inc.	118,014	6,155,610
	Cameron International Corp. (a)	66,262	3,187,865
	Diamond Offshore Drilling, Inc.	19,047	1,233,484
	FMC Technologies, Inc. (a)	32,879	2,769,727
	Halliburton Co.	249,300	9,433,512
	Helmerich & Payne, Inc.	28,950	1,313,172
	Nabors Industries Ltd. (a)	78,034	1,723,771
	National-Oilwell Varco, Inc.	114,664	7,027,756
	Rowan Companies, Inc. (a)	34,579	1,042,557
	Schlumberger Ltd.	373,976	28,923,304
Energy Equipment & Services Total			62,810,758
Oil, Gas & Consumable Fuels — 9.4%
	Anadarko Petroleum Corp.	135,491	8,693,103
	Apache Corp.	104,486	11,246,873
	Cabot Oil & Gas Corp.	28,493	996,400
	Chesapeake Energy Corp.	179,067	3,781,895
	Chevron Corp.	550,272	44,555,524
	ConocoPhillips	405,960	24,426,613
	Consol Energy, Inc.	61,821	2,594,009
	Denbury Resources, Inc. (a)	109,225	1,985,710
	Devon Energy Corp.	119,060	8,402,064
	El Paso Corp.	192,677	2,599,213
	EOG Resources, Inc.	69,327	6,166,637
	EQT Corp.	40,788	1,650,690
	Exxon Mobil Corp. (b)	1,393,543	96,934,851
	Hess Corp.	79,975	5,602,249
	Marathon Oil Corp.	194,177	6,499,104
	Massey Energy Co.	27,951	1,372,674
	Murphy Oil Corp.	52,532	3,546,961
	Noble Energy, Inc.	47,867	3,889,194
	Occidental Petroleum Corp.	222,263	19,596,929
	Peabody Energy Corp.	73,678	4,333,003

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Pioneer Natural Resources Co.	31,728	2,541,730
	QEP Resources, Inc.	47,950	1,684,484
	Range Resources Corp.	43,760	1,837,482
	Southwestern Energy Co. (a)	94,677	3,427,307
	Spectra Energy Corp.	177,313	4,214,730
	Sunoco, Inc.	33,024	1,325,583
	Tesoro Corp. (a)	39,084	637,851
	Valero Energy Corp.	155,024	3,019,868
	Williams Companies, Inc.	159,985	3,649,258
Oil, Gas & Consumable Fuels Total			281,211,989
ENERGY TOTAL			344,022,747
FINANCIALS — 15.0%
Capital Markets — 2.4%
	Ameriprise Financial, Inc. (c)	68,676	3,560,164
	Bank of New York Mellon Corp.	332,269	8,967,940
	Charles Schwab Corp.	271,154	4,075,445
	E*Trade Financial Corp. (a)	54,360	801,810
	Federated Investors, Inc., Class B	25,119	595,572
	Franklin Resources, Inc.	40,077	4,572,385
	Goldman Sachs Group, Inc.	141,138	22,037,287
	Invesco Ltd.	128,099	2,784,872
	Janus Capital Group, Inc.	50,300	525,132
	Legg Mason, Inc.	42,286	1,379,369
	Morgan Stanley	413,851	10,122,796
	Northern Trust Corp.	66,220	3,330,866
	State Street Corp.	137,319	5,932,181
	T. Rowe Price Group, Inc.	70,189	4,094,124
Capital Markets Total			72,779,943
Commercial Banks — 2.7%
	BB&T Corp.	189,662	4,400,158
	Comerica, Inc.	48,267	1,761,263
	Fifth Third Bancorp.	217,962	2,604,646
	First Horizon National Corp. (a)	63,618	608,824
	Huntington Bancshares, Inc.	196,179	1,144,705
	KeyCorp	240,936	1,814,248
	M&T Bank Corp.	32,541	2,504,355
	Marshall & Ilsley Corp.	144,402	691,686
	PNC Financial Services Group, Inc.	143,838	7,745,676
	Regions Financial Corp.	343,717	1,849,197
	SunTrust Banks, Inc.	136,793	3,195,485

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	U.S. Bancorp	524,719	12,477,818
	Wells Fargo & Co.	1,432,250	38,971,523
	Zions Bancorporation	47,478	923,447
Commercial Banks Total			80,693,031
Consumer Finance — 0.7%
	American Express Co.	286,508	12,382,875
	Capital One Financial Corp.	125,004	4,653,899
	Discover Financial Services	148,939	2,722,605
	SLM Corp. (a)	132,947	1,535,538
Consumer Finance Total			21,294,917
Diversified Financial Services — 3.8%
	Bank of America Corp. (c)	2,746,067	30,069,434
	Citigroup, Inc. (a)	6,977,898	29,307,172
	CME Group, Inc.	18,445	5,313,267
	IntercontinentalExchange, Inc. (a)	20,245	2,281,611
	JPMorgan Chase & Co.	1,085,175	40,563,841
	Leucadia National Corp. (a)	53,950	1,400,542
	Moody’s Corp.	55,814	1,497,490
	NASDAQ OMX Group, Inc. (a)	39,409	845,717
	NYSE Euronext	71,308	1,948,134
Diversified Financial Services Total			113,227,208
Insurance — 3.8%
	ACE Ltd.	92,775	5,429,193
	AFLAC, Inc.	128,811	6,633,767
	Allstate Corp.	147,264	4,286,855
	American International Group, Inc. (a)	36,990	1,527,317
	AON Corp.	89,815	3,603,378
	Assurant, Inc.	29,136	1,027,627
	Berkshire Hathaway, Inc., Class B (a)	473,450	37,724,496
	Chubb Corp.	86,049	4,905,653
	Cincinnati Financial Corp.	44,548	1,342,899
	Genworth Financial, Inc., Class A (a)	133,913	1,561,426
	Hartford Financial Services Group, Inc.	121,622	2,707,306
	Lincoln National Corp.	86,637	2,068,892
	Loews Corp.	87,024	3,255,568
	Marsh & McLennan Companies, Inc.	148,443	3,722,950
	MetLife, Inc.	248,101	9,465,053
	Principal Financial Group, Inc.	87,671	2,388,158
	Progressive Corp.	182,680	3,715,711
	Prudential Financial, Inc.	127,802	6,477,005
	Torchmark Corp.	22,146	1,272,731

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Travelers Companies, Inc.	128,605	6,943,384
	Unum Group	89,393	1,921,056
	XL Group PLC	88,446	1,738,848
Insurance Total			113,719,273
Real Estate Investment Trusts (REITs) — 1.4%
	Apartment Investment & Management Co., Class A	32,000	771,840
	AvalonBay Communities, Inc.	23,295	2,570,137
	Boston Properties, Inc.	38,098	3,192,612
	Equity Residential Property Trust	77,533	3,875,099
	HCP, Inc.	84,869	2,794,736
	Health Care REIT, Inc.	36,297	1,679,825
	Host Hotels & Resorts, Inc.	180,137	2,968,658
	Kimco Realty Corp.	111,060	1,850,260
	Plum Creek Timber Co., Inc.	44,259	1,595,094
	ProLogis	152,392	1,982,620
	Public Storage	38,134	3,683,744
	Simon Property Group, Inc.	80,116	7,891,426
	Ventas, Inc.	42,976	2,203,380
	Vornado Realty Trust	44,443	3,625,660
	Weyerhaeuser Co.	146,634	2,447,322
Real Estate Investment Trusts (REITs) Total			43,132,413
Real Estate Management & Development — 0.1%
	CB Richard Ellis Group, Inc., Class A (a)	79,271	1,521,210
Real Estate Management & Development Total			1,521,210
Thrifts & Mortgage Finance — 0.1%
	Hudson City Bancorp, Inc.	144,159	1,636,205
	People’s United Financial, Inc.	101,528	1,257,932
Thrifts & Mortgage Finance Total			2,894,137
FINANCIALS TOTAL			449,262,132
HEALTH CARE — 11.0%
Biotechnology — 1.3%
	Amgen, Inc. (a)	262,269	13,818,954
	Biogen Idec, Inc. (a)	66,174	4,233,151
	Celgene Corp. (a)	128,616	7,637,218
	Cephalon, Inc. (a)	20,543	1,304,275
	Genzyme Corp. (a)	69,698	4,963,891
	Gilead Sciences, Inc. (a)	229,522	8,377,553
Biotechnology Total			40,335,042

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Equipment & Supplies — 1.5%
	Baxter International, Inc.	159,903	7,763,291
	Becton Dickinson & Co.	63,494	4,948,087
	Boston Scientific Corp. (a)	415,135	2,665,167
	C.R. Bard, Inc.	25,621	2,173,942
	CareFusion Corp. (a)	60,895	1,392,669
	DENTSPLY International, Inc.	39,101	1,209,003
	Intuitive Surgical, Inc. (a)	10,791	2,808,789
	Medtronic, Inc.	295,536	9,909,322
	St. Jude Medical, Inc. (a)	93,350	3,611,711
	Stryker Corp.	93,436	4,680,209
	Varian Medical Systems, Inc. (a)	33,318	2,193,324
	Zimmer Holdings, Inc. (a)	54,972	2,707,921
Health Care Equipment & Supplies Total			46,063,435
Health Care Providers & Services — 2.0%
	Aetna, Inc.	114,203	3,382,693
	AmerisourceBergen Corp.	76,321	2,354,503
	Cardinal Health, Inc.	96,116	3,419,807
	CIGNA Corp.	74,469	2,741,204
	Coventry Health Care, Inc. (a)	40,577	1,027,410
	DaVita, Inc. (a)	26,587	1,932,875
	Express Scripts, Inc. (a)	148,417	7,731,042
	Humana, Inc. (a)	46,294	2,594,316
	Laboratory Corp. of America Holdings (a)	28,147	2,308,898
	McKesson Corp.	71,533	4,570,959
	Medco Health Solutions, Inc. (a)	118,704	7,278,929
	Patterson Companies, Inc.	26,433	785,853
	Quest Diagnostics, Inc.	40,228	1,984,045
	Tenet Healthcare Corp. (a)	132,813	541,877
	UnitedHealth Group, Inc.	307,649	11,235,341
	WellPoint, Inc. (a)	109,441	6,100,241
Health Care Providers & Services Total			59,989,993
Health Care Technology — 0.1%
	Cerner Corp. (a)	19,425	1,706,681
Health Care Technology Total			1,706,681
Life Sciences Tools & Services — 0.5%
	Agilent Technologies, Inc. (a)	94,757	3,318,390
	Life Technologies Corp. (a)	50,195	2,499,962
	PerkinElmer, Inc.	32,245	751,309
	Thermo Fisher Scientific, Inc. (a)	111,479	5,669,822

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Waters Corp. (a)	25,204	1,937,431
Life Sciences Tools & Services Total			14,176,914
Pharmaceuticals — 5.6%
	Abbott Laboratories	422,597	19,654,987
	Allergan, Inc.	84,189	5,579,205
	Bristol-Myers Squibb Co.	469,286	11,844,779
	Eli Lilly & Co.	277,738	9,348,661
	Forest Laboratories, Inc. (a)	78,105	2,490,768
	Hospira, Inc. (a)	45,782	2,575,695
	Johnson & Johnson	753,793	46,395,959
	King Pharmaceuticals, Inc. (a)	68,330	966,870
	Merck & Co., Inc.	842,315	29,034,598
	Mylan, Inc. (a)	119,078	2,329,761
	Pfizer, Inc.	2,199,951	35,837,202
	Watson Pharmaceuticals, Inc. (a)	34,157	1,664,812
Pharmaceuticals Total			167,723,297
HEALTH CARE TOTAL			329,995,362
INDUSTRIALS — 10.6%
Aerospace & Defense — 2.7%
	Boeing Co.	200,285	12,772,174
	General Dynamics Corp.	104,141	6,882,679
	Goodrich Corp.	34,271	2,939,424
	Honeywell International, Inc.	211,303	10,503,872
	ITT Corp.	50,233	2,310,718
	L-3 Communications Holdings, Inc.	31,314	2,202,314
	Lockheed Martin Corp.	81,377	5,536,891
	Northrop Grumman Corp.	80,487	4,964,438
	Precision Castparts Corp.	38,955	5,378,517
	Raytheon Co.	102,381	4,735,121
	Rockwell Collins, Inc.	43,014	2,411,365
	United Technologies Corp.	254,316	19,142,365
Aerospace & Defense Total			79,779,878
Air Freight & Logistics — 1.1%
	C.H. Robinson Worldwide, Inc.	45,403	3,346,655
	Expeditors International of Washington, Inc.	58,116	3,074,336
	FedEx Corp.	86,040	7,839,965
	United Parcel Service, Inc., Class B	271,180	19,017,854
Air Freight & Logistics Total			33,278,810

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Airlines — 0.1%
	Southwest Airlines Co.	204,152	2,719,304
Airlines Total			2,719,304
Building Products — 0.0%
	Masco Corp.	98,153	1,070,849
Building Products Total			1,070,849
Commercial Services & Supplies — 0.5%
	Avery Dennison Corp.	30,120	1,130,705
	Cintas Corp.	36,413	973,866
	Iron Mountain, Inc.	55,115	1,224,104
	Pitney Bowes, Inc.	56,567	1,241,080
	R.R. Donnelley & Sons Co.	56,480	890,125
	Republic Services, Inc.	83,894	2,360,777
	Stericycle, Inc. (a)	23,312	1,722,757
	Waste Management, Inc.	130,662	4,475,173
Commercial Services & Supplies Total			14,018,587
Construction & Engineering — 0.2%
	Fluor Corp.	48,898	2,827,771
	Jacobs Engineering Group, Inc. (a)	34,396	1,324,246
	Quanta Services, Inc. (a)	57,718	1,016,414
Construction & Engineering Total			5,168,431
Electrical Equipment — 0.5%
	Emerson Electric Co.	205,956	11,341,997
	Rockwell Automation, Inc.	38,868	2,569,952
	Roper Industries, Inc.	25,775	1,866,368
Electrical Equipment Total			15,778,317
Industrial Conglomerates — 2.3%
	3M Co.	195,188	16,391,888
	General Electric Co. (b)	2,925,934	46,317,535
	Textron, Inc.	75,008	1,677,179
	Tyco International Ltd.	136,200	5,160,618
Industrial Conglomerates Total			69,547,220
Machinery — 2.2%
	Caterpillar, Inc.	172,583	14,600,522
	Cummins, Inc.	54,386	5,281,968
	Danaher Corp.	146,413	6,332,362
	Deere & Co.	116,028	8,667,292
	Dover Corp.	51,076	2,799,476
	Eaton Corp.	45,900	4,424,760
	Flowserve Corp.	15,263	1,609,636
	Illinois Tool Works, Inc.	137,757	6,561,366

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Ingersoll-Rand PLC	88,000	3,608,000
	PACCAR, Inc.	99,763	5,373,235
	Pall Corp.	31,905	1,444,339
	Parker Hannifin Corp.	44,065	3,535,335
	Snap-On, Inc.	15,929	843,122
Machinery Total			65,081,413
Professional Services — 0.1%
	Dun & Bradstreet Corp.	13,707	1,032,686
	Equifax, Inc.	34,210	1,184,008
	Robert Half International, Inc.	40,360	1,118,779
Professional Services Total			3,335,473
Road & Rail — 0.8%
	CSX Corp.	103,935	6,320,288
	Norfolk Southern Corp.	100,842	6,067,663
	Ryder System, Inc.	14,329	617,723
	Union Pacific Corp.	136,182	12,271,360
Road & Rail Total			25,277,034
Trading Companies & Distributors — 0.1%
	Fastenal Co.	40,324	2,158,140
	W.W. Grainger, Inc.	16,348	2,042,356
Trading Companies & Distributors Total			4,200,496
INDUSTRIALS TOTAL			319,255,812
INFORMATION TECHNOLOGY — 18.4%
Communications Equipment — 2.1%
	Cisco Systems, Inc. (a)	1,562,988	29,946,850
	Harris Corp.	35,283	1,560,920
	JDS Uniphase Corp. (a)	60,598	719,298
	Juniper Networks, Inc. (a)	142,272	4,840,093
	Motorola, Inc. (a)	638,742	4,892,764
	QUALCOMM, Inc.	439,332	20,534,378
	Tellabs, Inc.	104,401	658,770
Communications Equipment Total			63,153,073
Computers & Peripherals — 4.4%
	Apple, Inc. (a)	250,012	77,791,234
	Dell, Inc. (a)	463,020	6,121,124
	EMC Corp. (a)	562,008	12,077,552
	Hewlett-Packard Co.	620,590	26,021,339
	Lexmark International, Inc., Class A (a)	21,445	777,167
	NetApp, Inc. (a)	97,687	4,975,199
	QLogic Corp. (a)	29,853	534,070

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	SanDisk Corp. (a)	63,832	2,846,907
	Western Digital Corp. (a)	62,756	2,102,326
Computers & Peripherals Total			133,246,918
Electronic Equipment, Instruments & Components — 0.4%
	Amphenol Corp., Class A	47,558	2,379,327
	Corning, Inc.	427,429	7,548,396
	FLIR Systems, Inc. (a)	43,251	1,159,343
	Jabil Circuit, Inc.	53,568	809,413
	Molex, Inc.	37,649	783,099
Electronic Equipment, Instruments & Components Total			12,679,578
Internet Software & Services — 1.9%
	Akamai Technologies, Inc. (a)	49,662	2,591,860
	eBay, Inc. (a)	315,985	9,204,643
	Google, Inc., Class A (a)	68,037	37,808,841
	Monster Worldwide, Inc. (a)	35,488	801,319
	VeriSign, Inc. (a)	47,688	1,636,175
	Yahoo!, Inc. (a)	368,995	5,819,051
Internet Software & Services Total			57,861,889
IT Services — 3.1%
	Automatic Data Processing, Inc.	134,623	6,000,147
	Cognizant Technology Solutions Corp., Class A (a)	82,355	5,351,428
	Computer Sciences Corp.	42,261	1,886,108
	Fidelity National Information Services, Inc.	72,123	1,940,109
	Fiserv, Inc. (a)	41,125	2,274,213
	International Business Machines Corp.	345,232	48,836,519
	MasterCard, Inc., Class A	26,475	6,275,369
	Paychex, Inc.	88,034	2,512,490
	SAIC, Inc. (a)	80,325	1,230,579
	Teradata Corp. (a)	45,782	1,881,182
	Total System Services, Inc.	45,384	684,845
	Visa, Inc., Class A	136,025	10,045,446
	Western Union Co.	180,697	3,187,495
IT Services Total			92,105,930
Office Electronics — 0.1%
	Xerox Corp.	378,482	4,337,404
Office Electronics Total			4,337,404
Semiconductors & Semiconductor Equipment — 2.6%
	Advanced Micro Devices, Inc. (a)	155,122	1,130,839
	Altera Corp.	84,128	2,952,052

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Analog Devices, Inc.	81,615	2,902,229
	Applied Materials, Inc.	365,687	4,545,489
	Broadcom Corp., Class A	122,610	5,454,919
	First Solar, Inc. (a)	14,725	1,808,966
	Intel Corp.	1,523,887	32,184,493
	KLA-Tencor Corp.	45,910	1,683,520
	Linear Technology Corp.	61,471	2,003,955
	LSI Corp. (a)	175,679	1,008,397
	MEMC Electronic Materials, Inc. (a)	62,249	720,221
	Microchip Technology, Inc.	50,897	1,710,648
	Micron Technology, Inc. (a)	233,957	1,698,528
	National Semiconductor Corp.	65,542	874,986
	Novellus Systems, Inc. (a)	25,164	758,695
	NVIDIA Corp. (a)	157,048	2,135,853
	Teradyne, Inc. (a)	49,582	588,043
	Texas Instruments, Inc.	327,094	10,401,589
	Xilinx, Inc.	70,850	1,921,452
Semiconductors & Semiconductor Equipment Total			76,484,874
Software — 3.8%
	Adobe Systems, Inc. (a)	143,790	3,987,297
	Autodesk, Inc. (a)	62,216	2,195,603
	BMC Software, Inc. (a)	48,856	2,169,206
	CA, Inc.	105,892	2,423,868
	Citrix Systems, Inc. (a)	51,152	3,397,516
	Compuware Corp. (a)	61,146	629,804
	Electronic Arts, Inc. (a)	90,410	1,348,013
	Intuit, Inc. (a)	77,337	3,471,658
	McAfee, Inc. (a)	41,644	1,951,021
	Microsoft Corp.	2,084,116	52,540,564
	Novell, Inc. (a)	96,161	573,120
	Oracle Corp.	1,059,201	28,640,795
	Red Hat, Inc. (a)	51,675	2,247,862
	Salesforce.com, Inc. (a)	31,980	4,452,256
	Symantec Corp. (a)	216,008	3,628,934
Software Total			113,657,517
INFORMATION TECHNOLOGY TOTAL			553,527,183
MATERIALS — 3.5%
Chemicals — 2.0%
	Air Products & Chemicals, Inc.	58,119	5,011,020
	Airgas, Inc.	20,350	1,243,385

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	CF Industries Holdings, Inc.	19,476	2,352,117
	Dow Chemical Co.	317,442	9,897,842
	E.I. Du Pont de Nemours & Co.	248,051	11,655,916
	Eastman Chemical Co.	19,775	1,538,693
	Ecolab, Inc.	63,895	3,054,820
	FMC Corp.	19,850	1,544,727
	International Flavors & Fragrances, Inc.	21,896	1,149,978
	Monsanto Co.	147,911	8,862,827
	PPG Industries, Inc.	45,203	3,524,026
	Praxair, Inc.	83,802	7,713,974
	Sherwin-Williams Co.	24,737	1,834,743
	Sigma-Aldrich Corp.	33,234	2,101,053
Chemicals Total			61,485,121
Construction Materials — 0.0%
	Vulcan Materials Co.	35,078	1,407,329
Construction Materials Total			1,407,329
Containers & Packaging — 0.2%
	Ball Corp.	25,080	1,652,271
	Bemis Co., Inc.	29,824	937,070
	Owens-Illinois, Inc. (a)	44,789	1,203,928
	Sealed Air Corp.	43,645	1,014,746
Containers & Packaging Total			4,808,015
Metals & Mining — 1.2%
	AK Steel Holding Corp.	30,138	400,233
	Alcoa, Inc.	279,443	3,666,292
	Allegheny Technologies, Inc.	26,928	1,392,178
	Cliffs Natural Resources, Inc.	37,050	2,531,997
	Freeport-McMoRan Copper & Gold, Inc.	128,707	13,040,593
	Newmont Mining Corp.	134,800	7,930,284
	Nucor Corp.	86,333	3,258,207
	Titanium Metals Corp. (a)	24,687	426,345
	United States Steel Corp.	39,317	1,911,199
Metals & Mining Total			34,557,328
Paper & Forest Products — 0.1%
	International Paper Co.	119,592	2,986,212

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	MeadWestvaco Corp.	46,710	1,160,277
Paper & Forest Products Total			4,146,489
MATERIALS TOTAL			106,404,282
TELECOMMUNICATION SERVICES — 3.0%
Diversified Telecommunication Services — 2.7%
	AT&T, Inc.	1,617,129	44,940,015
	CenturyTel, Inc.	82,493	3,546,374
	Frontier Communications Corp.	271,525	2,470,877
	Qwest Communications International, Inc.	476,044	3,332,308
	Verizon Communications, Inc.	773,576	24,762,168
	Windstream Corp.	132,267	1,724,762
Diversified Telecommunication Services Total			80,776,504
Wireless Telecommunication Services — 0.3%
	American Tower Corp., Class A (a)	109,828	5,554,002
	MetroPCS Communications, Inc. (a)	71,648	870,523
	Sprint Nextel Corp. (a)	816,850	3,087,693
Wireless Telecommunication Services Total			9,512,218
TELECOMMUNICATION SERVICES TOTAL			90,288,722
UTILITIES — 3.3%
Electric Utilities — 1.8%
	Allegheny Energy, Inc.	46,390	1,058,620
	American Electric Power Co., Inc.	131,191	4,670,400
	Duke Energy Corp.	360,900	6,333,795
	Edison International	89,216	3,295,639
	Entergy Corp.	51,122	3,641,931
	Exelon Corp.	180,923	7,122,938
	FirstEnergy Corp.	83,401	2,928,209
	NextEra Energy, Inc.	113,794	5,760,252
	Northeast Utilities	48,208	1,499,269
	Pepco Holdings, Inc.	61,308	1,125,002
	Pinnacle West Capital Corp.	29,686	1,199,908
	PPL Corp.	132,147	3,357,855
	Progress Energy, Inc.	80,043	3,497,079
	Southern Co.	227,350	8,575,642
Electric Utilities Total			54,066,539
Gas Utilities — 0.1%
	Nicor, Inc.	12,413	536,862
	ONEOK, Inc.	29,100	1,487,301
Gas Utilities Total			2,024,163

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
Independent Power Producers & Energy Traders — 0.1%
	AES Corp. (a)	182,505	1,972,879
	Constellation Energy Group, Inc.	55,237	1,566,522
	NRG Energy, Inc. (a)	69,250	1,342,065
Independent Power Producers & Energy Traders Total			4,881,466
Multi-Utilities — 1.3%
	Ameren Corp.	65,467	1,880,212
	CenterPoint Energy, Inc.	115,439	1,804,312
	CMS Energy Corp.	66,875	1,201,744
	Consolidated Edison, Inc.	77,321	3,740,017
	Dominion Resources, Inc.	161,250	6,696,712
	DTE Energy Co.	46,174	2,057,052
	Integrys Energy Group, Inc.	21,185	1,031,710
	NiSource, Inc.	76,093	1,273,036
	PG&E Corp.	106,970	5,020,102
	Public Service Enterprise Group, Inc.	138,498	4,269,893
	SCANA Corp.	30,868	1,253,858
	Sempra Energy	67,846	3,398,406
	TECO Energy, Inc.	58,773	984,448
	Wisconsin Energy Corp.	31,978	1,925,715
	Xcel Energy, Inc.	125,771	2,955,618
	Multi-Utilities Total		39,492,835
	UTILITIES TOTAL		100,465,003

	Total Common Stocks (cost of $2,458,222,613)		2,933,944,460

		Par ($)
Short-Term Obligation — 2.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 09/08/14, market value $63,289,875 (repurchase proceeds $62,046,276)	62,046,000	62,046,000

	Total Short-Term Obligation (cost of $62,046,000)		62,046,000

	Total Investments — 99.8% (cost of $2,520,268,613)(d)(e)		2,995,990,460

	Other Assets & Liabilities, Net — 0.2%		6,726,079

	Net Assets — 100.0%		3,002,716,539

Notes to Investment Portfolio:
	*	Security Valuation:

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

		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.

		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.

	Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	2,933,944,460	$	—	$	—	$	2,933,944,460
Total Short-Term Obligation	—		62,046,000		—		62,046,000
Total Investments	2,933,944,460		62,046,000		—		2,995,990,460
Unrealized Appreciation on Futures Contracts	468,323		—		—		468,323
Total	$	2,934,412,783	$	62,046,000	$	—	$	2,996,458,783

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

		(a)	Non-income producing security.
		(b)	A portion of these securities with a market value of $24,999,900 are pledged as collateral for open futures contracts.

(c)

Investments in affiliates during the nine months ended November 30, 2010:

	Value,
	beginning of				Sales		Dividend		Value, end of
Affiliate	period		Purchases		Proceeds		Income		period
Ameriprise Financial, Inc.	$	—	$	126,500	$	55,961	$	36,608	$	3,560,164

As of May 1, 2010, this company became an affiliate of the fund. The above table reflects activity for the period from May 1, 2010 through November 30, 2010.

Bank of America Corp.

43,612,831

393,237

—

26,178

—

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

(d)	Cost for federal income tax purposes is $2,520,268,613.
(e)	Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

	Unrealized		Unrealized			Net Unrealized
	Appreciation		Depreciation			Appreciation
	$	914,463,743	$	(438,741,896	)	$	475,721,847

At November 30, 2010, the Fund held the following open long futures contracts:

Number of

Aggregate

Expiration

Unrealized

Risk Exposure/Type

Contracts

Value

Face Value

Date

Appreciation

Equity Risk

S&P 500 Index

232

68,416,800

67,948,477

Dec-2010

468,323

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Large Cap Value Fund

		Shares	Value ($)*
Common Stocks — 95.3%
CONSUMER DISCRETIONARY — 9.8%
Auto Components — 0.6%
	Dana Holding Corp. (a)	820,100	12,391,711
Auto Components Total			12,391,711
Automobiles — 1.4%
	Ford Motor Co. (a)	898,465	14,321,532
	General Motors Co. (a)	385,403	13,180,783
Automobiles Total			27,502,315
Distributors — 1.1%
	Genuine Parts Co.	446,800	21,508,952
Distributors Total			21,508,952
Hotels, Restaurants & Leisure — 2.4%
	Carnival Corp.	456,800	18,870,408
	McDonald’s Corp.	235,947	18,474,650
	Starwood Hotels & Resorts Worldwide, Inc.	186,993	10,628,682
Hotels, Restaurants & Leisure Total			47,973,740
Media — 1.0%
	Omnicom Group, Inc.	453,700	20,616,128
Media Total			20,616,128
Multiline Retail — 2.8%
	Nordstrom, Inc.	527,600	22,581,280
	Target Corp.	566,100	32,233,734
Multiline Retail Total			54,815,014
Specialty Retail — 0.5%
	Limited Brands, Inc.	317,800	10,700,326
Specialty Retail Total			10,700,326
CONSUMER DISCRETIONARY TOTAL			195,508,186
CONSUMER STAPLES — 7.2%
Beverages — 2.1%
	Diageo PLC, ADR	294,783	21,124,150
	Molson Coors Brewing Co., Class B	415,000	19,774,750
Beverages Total			40,898,900
Food & Staples Retailing — 1.2%
	CVS Caremark Corp.	312,500	9,687,500
	Wal-Mart Stores, Inc.	268,600	14,528,574
Food & Staples Retailing Total			24,216,074
Food Products — 1.8%
	General Mills, Inc.	461,600	16,308,328
	H.J. Heinz Co.	418,500	20,200,995
Food Products Total			36,509,323

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Household Products — 0.8%
	Procter & Gamble Co.	270,700	16,531,649
Household Products Total			16,531,649
Tobacco — 1.3%
	Philip Morris International, Inc.	445,096	25,321,511
Tobacco Total			25,321,511
CONSUMER STAPLES TOTAL			143,477,457
ENERGY — 12.7%
Energy Equipment & Services — 3.0%
	Cameron International Corp. (a)	466,000	22,419,260
	Halliburton Co.	626,286	23,698,662
	Nabors Industries Ltd. (a)	595,100	13,145,759
Energy Equipment & Services Total			59,263,681
Oil, Gas & Consumable Fuels — 9.7%
	Alpha Natural Resources, Inc. (a)	97,500	4,832,100
	Anadarko Petroleum Corp.	183,600	11,779,776
	Apache Corp.	233,000	25,080,120
	Chevron Corp.	816,300	66,095,811
	Murphy Oil Corp.	180,500	12,187,360
	Occidental Petroleum Corp.	462,400	40,769,808
	Petroleo Brasileiro SA, ADR	278,306	9,028,247
	Williams Companies, Inc.	1,092,300	24,915,363
Oil, Gas & Consumable Fuels Total			194,688,585
ENERGY TOTAL			253,952,266
FINANCIALS — 24.7%
Capital Markets — 1.9%
	Affiliated Managers Group, Inc. (a)	28,900	2,526,149
	Goldman Sachs Group, Inc.	227,200	35,475,008
Total Capital Markets			38,001,157
Commercial Banks — 8.3%
	BB&T Corp.	246,900	5,728,080
	CIT Group, Inc. (a)	362,700	14,312,142
	Fifth Third Bancorp.	996,300	11,905,785
	Huntington Bancshares, Inc.	711,100	4,149,269
	PNC Financial Services Group, Inc.	493,919	26,597,538
	SVB Financial Group (a)	49,400	2,219,542
	U.S. Bancorp	1,499,327	35,653,996
	Wells Fargo & Co.	2,270,150	61,770,781
	Zions Bancorporation	197,100	3,833,595
Commercial Banks Total			166,170,728

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Consumer Finance — 1.8%
	American Express Co.	807,000	34,878,540
Consumer Finance Total			34,878,540
Diversified Financial Services — 4.4%
	Citigroup, Inc. (a)	4,943,900	20,764,380
	JPMorgan Chase & Co.	1,793,047	67,024,097
Diversified Financial Services Total			87,788,477
Insurance — 6.5%
	ACE Ltd.	583,030	34,118,916
	Assured Guaranty Ltd.	501,900	8,537,319
	Axis Capital Holdings Ltd.	625,400	22,101,636
	MetLife, Inc.	600,523	22,909,952
	Prudential Financial, Inc.	596,748	30,243,189
	XL Group PLC	636,800	12,519,488
Insurance Total			130,430,500
Real Estate Investment Trusts (REITs) — 1.8%
	Equity Residential Property Trust	285,300	14,259,294
	ProLogis	410,000	5,334,100
	Rayonier, Inc.	318,200	16,215,472
Real Estate Investment Trusts (REITs) Total			35,808,866
FINANCIALS TOTAL			493,078,268
HEALTH CARE — 10.9%
Biotechnology — 1.0%
	Amgen, Inc. (a)	357,200	18,820,868
Biotechnology Total			18,820,868
Health Care Equipment & Supplies — 0.7%
	Zimmer Holdings, Inc. (a)	287,600	14,167,176
Health Care Equipment & Supplies Total			14,167,176
Health Care Providers & Services — 2.3%
	CIGNA Corp.	87,900	3,235,599
	Humana, Inc. (a)	59,700	3,345,588
	Medco Health Solutions, Inc. (a)	407,000	24,957,240
	UnitedHealth Group, Inc.	391,800	14,308,536
Health Care Providers & Services Total			45,846,963
Life Sciences Tools & Services — 3.0%
	Life Technologies Corp. (a)	562,200	28,000,371
	Thermo Fisher Scientific, Inc. (a)	618,825	31,473,440
Life Sciences Tools & Services Total			59,473,811
Pharmaceuticals — 3.9%
	GlaxoSmithKline PLC, ADR	367,100	14,052,588
	Merck & Co., Inc.	579,192	19,964,748

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Pfizer, Inc.	1,688,900	27,512,181
	Watson Pharmaceuticals, Inc. (a)	336,900	16,420,506
Pharmaceuticals Total			77,950,023
HEALTH CARE TOTAL			216,258,841
INDUSTRIALS — 13.3%
Aerospace & Defense — 3.2%
	General Dynamics Corp.	223,800	14,790,942
	Honeywell International, Inc.	316,900	15,753,099
	United Technologies Corp.	437,138	32,903,377
Aerospace & Defense Total			63,447,418
Air Freight & Logistics — 1.0%
	United Parcel Service, Inc., Class B	285,300	20,008,089
Air Freight & Logistics Total			20,008,089
Construction & Engineering — 1.8%
	Fluor Corp.	348,000	20,124,840
	Foster Wheeler AG (a)	554,900	15,537,200
Construction & Engineering Total			35,662,040
Industrial Conglomerates — 1.8%
	3M Co.	236,800	19,886,464
	General Electric Co.	994,016	15,735,273
Industrial Conglomerates Total			35,621,737
Machinery — 3.6%
	ArvinMeritor, Inc. (a)	502,000	8,960,700
	Eaton Corp.	61,300	5,909,320
	Illinois Tool Works, Inc.	442,200	21,061,986
	Ingersoll-Rand PLC	480,700	19,708,700
	Kennametal, Inc.	208,800	7,061,616
	Navistar International Corp. (a)	188,886	9,667,186
Machinery Total			72,369,508
Professional Services — 1.1%
	Manpower, Inc.	386,000	21,739,520
Professional Services Total			21,739,520
Road & Rail — 0.8%
	Hertz Global Holdings, Inc. (a)	1,269,800	15,567,748
Road & Rail Total			15,567,748
INDUSTRIALS TOTAL			264,416,060
INFORMATION TECHNOLOGY — 4.6%
Computers & Peripherals — 1.5%
	EMC Corp. (a)	473,500	10,175,515

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Hewlett-Packard Co.	466,300	19,551,959
Computers & Peripherals Total			29,727,474
Electronic Equipment, Instruments & Components — 0.6%
	Tyco Electronics Ltd.	391,000	11,894,220
Electronic Equipment, Instruments & Components Total			11,894,220
IT Services — 1.1%
	International Business Machines Corp.	161,100	22,789,206
IT Services Total			22,789,206
Semiconductors & Semiconductor Equipment — 0.5%
	Advanced Micro Devices, Inc. (a)	1,322,000	9,637,380
Semiconductors & Semiconductor Equipment Total			9,637,380
Software — 0.9%
	Nuance Communications, Inc. (a)	1,027,800	18,166,365
Software Total			18,166,365
INFORMATION TECHNOLOGY TOTAL			92,214,645
MATERIALS — 3.8%
Chemicals — 1.6%
	Celanese Corp., Series A	276,500	10,230,500
	LyondellBasell Industries NV, Class A (a)	449,700	13,135,737
	Potash Corp. of Saskatchewan, Inc.	55,675	8,003,281
Chemicals Total			31,369,518
Metals & Mining — 1.5%
	Allegheny Technologies, Inc.	246,550	12,746,635
	Freeport-McMoRan Copper & Gold, Inc.	66,431	6,730,789
	United States Steel Corp.	233,200	11,335,852
Metals & Mining Total			30,813,276
Paper & Forest Products — 0.7%
	International Paper Co.	528,100	13,186,657
Paper & Forest Products Total			13,186,657
MATERIALS TOTAL			75,369,451
TELECOMMUNICATION SERVICES — 2.0%
Diversified Telecommunication Services — 2.0%
	AT&T, Inc.	1,433,972	39,850,082
Diversified Telecommunication Services Total			39,850,082
TELECOMMUNICATION SERVICES TOTAL			39,850,082
UTILITIES — 6.3%
Electric Utilities — 3.1%
	American Electric Power Co., Inc.	704,500	25,080,200
	NextEra Energy, Inc.	512,500	25,942,750

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	Northeast Utilities	324,669	10,097,206
Electric Utilities Total			61,120,156
Multi-Utilities — 3.2%
	PG&E Corp.	564,860	26,508,879
	Sempra Energy	369,400	18,503,246
	Xcel Energy, Inc.	832,400	19,561,400
Multi-Utilities Total			64,573,525
UTILITIES TOTAL			125,693,681

	Total Common Stocks (cost of $1,596,727,758)		1,899,818,937
Convertible Preferred Stocks — 2.5%
CONSUMER DISCRETIONARY — 0.9%
Automobiles — 0.9%
	Ford Motor Co. Capital Trust II, 6.500%	333,100	17,118,009
	General Motors Co., 4.750%	22,793	1,155,605
Automobiles Total			18,273,614
CONSUMER DISCRETIONARY TOTAL			18,273,614
ENERGY — 0.7%
Oil, Gas & Consumable Fuels — 0.7%
	Apache Corp., 6.000%	212,607	12,894,615
Oil, Gas & Consumable Fuels Total			12,894,615
ENERGY TOTAL			12,894,615
FINANCIALS — 0.9%
Commercial Banks — 0.2%
	Fifth Third Bancorp., 8.500%	40,300	5,269,225
Commercial Banks Total			5,269,225
Diversified Financial Services — 0.7%
	Citigroup, Inc., 7.500%	107,336	13,417,000
Diversified Financial Services Total			13,417,000
FINANCIALS TOTAL			18,686,225

	Total Convertible Preferred Stocks (cost of $44,429,819)		49,854,454

		Par ($)	Value ($)
Convertible Bonds — 1.7%
CONSUMER CYCLICAL — 0.9%
Auto Manufacturers — 0.9%
	Ford Motor Co., 4.250%	9,120,000	17,510,400
Auto Manufacturers Total			17,510,400
CONSUMER CYCLICAL TOTAL			17,510,400
INDUSTRIALS — 0.3%
Machinery — 0.3%

	Navistar International Corp., 3.000%	4,210,000	5,194,087
Machinery Total			5,194,087
INDUSTRIALS TOTAL			5,194,087
TECHNOLOGY — 0.5%
Computers & Peripherals — 0.5%

	EMC Corp., 1.750%	7,430,000	10,662,050
Computers & Peripherals Total			10,662,050
TECHNOLOGY TOTAL			10,662,050

	Total Convertible Bonds (cost of $28,985,187)		33,366,537
Short-Term Obligation — 0.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 07/14/14 market value $8,882,044 (repurchase proceeds $8,707,039)	8,707,000	8,707,000

	Total Short-Term Obligation (cost of $8,707,000)		8,707,000

	Total Investments — 99.9% (cost of $1,678,849,764)(b)(c)		1,991,746,928

	Other Assets & Liabilities, Net — 0.1%		1,599,271

	Net Assets — 100.0%		1,993,346,199

	Notes to Investment Portfolio:
	* Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. 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. 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.

	Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	1,899,818,937	$	—	$	—	$	1,899,818,937
Convertible Preferred Stocks
Consumer Discretionary	18,273,614		—		—		18,273,614
Energy	12,894,615		—		—		12,894,615
Financials	13,417,000		5,269,225		—		18,686,225
Total Convertible Preferred Stocks	44,585,229		5,269,225		—		49,854,454
Total Convertible Bonds	—		33,366,537		—		33,366,537
Total Short-Term Obligation	—		8,707,000		—		8,707,000
Total Investments	$	1,944,404,166	$	47,342,762	$	—	$	1,991,746,928

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.

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $1,678,849,764.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

345,065,440

(32,168,276

)

312,897,164

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Marsico Global Fund

		Shares	Value ($)*
Common Stocks — 94.8%
CONSUMER DISCRETIONARY — 31.0%
Automobiles — 4.1%
	Bayerische Motoren Werke AG	936	70,397
	General Motors Co. (a)	6,136	209,851
Automobiles Total			280,248
Distributors — 3.6%
	Li & Fung Ltd.	40,000	249,097
Distributors Total			249,097
Diversified Consumer Services — 1.2%
	Anhanguera Educacional Participacoes SA	3,500	81,203
Diversified Consumer Services Total			81,203
Hotels, Restaurants & Leisure — 6.7%
	Betfair Group PLC (a)	1,891	38,238
	Chipotle Mexican Grill, Inc. (a)	155	40,066
	Starwood Hotels & Resorts Worldwide, Inc.	3,652	207,580
	Wynn Macau Ltd.	84,527	170,079
Hotels, Restaurants & Leisure Total			455,963
Internet & Catalog Retail — 3.4%
	Amazon.com, Inc. (a)	1,233	216,268
	MakeMyTrip Ltd. (a)	595	16,910
Internet & Catalog Retail Total			233,178
Media — 2.0%
	Walt Disney Co.	3,723	135,927
Media Total			135,927
Specialty Retail — 5.4%
	Inditex SA	4,248	320,046
	Rue21, Inc. (a)	1,622	48,676
Specialty Retail Total			368,722
Textiles, Apparel & Luxury Goods — 4.6%
	Compagnie Financiere Richemont SA	5,072	273,276
	Lululemon Athletica, Inc. (a)	709	38,016
Textiles, Apparel & Luxury Goods Total			311,292
CONSUMER DISCRETIONARY TOTAL			2,115,630
CONSUMER STAPLES — 2.9%
Beverages — 0.8%
	Anheuser-Busch InBev NV	1,039	56,909
Beverages Total			56,909

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food Products — 2.1%
	Nestle SA, Registered Shares	2,650	143,977
Food Products Total			143,977
CONSUMER STAPLES TOTAL			200,886
ENERGY — 4.4%
Oil, Gas & Consumable Fuels — 4.4%
	Amyris, Inc. (a)	1,115	22,946
	Anadarko Petroleum Corp.	1,118	71,731
	OGX Petroleo e Gas Participacoes SA (a)	17,700	205,430
Oil, Gas & Consumable Fuels Total			300,107
ENERGY TOTAL			300,107
FINANCIALS — 24.3%
Capital Markets — 7.0%
	Julius Baer Group Ltd.	7,335	278,494
	State Street Corp.	4,631	200,059
Capital Markets Total			478,553
Commercial Banks — 10.8%
	Barclays PLC	21,867	87,868
	First Midwest Bancorp, Inc.	2,785	26,096
	ICICI Bank Ltd., ADR	1,836	91,873
	PNC Financial Services Group, Inc.	4,125	222,131
	Wells Fargo & Co.	11,449	311,527
Commercial Banks Total			739,495
Diversified Financial Services — 1.6%
	CME Group, Inc.	362	104,278
Diversified Financial Services Total			104,278
Real Estate Management & Development — 4.9%
	BR Malls Participacoes SA	21,600	212,901
	Hang Lung Properties Ltd.	23,000	106,457

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	IFM Investments Ltd., ADR (a)	4,082	16,369
Real Estate Management & Development Total			335,727
FINANCIALS TOTAL			1,658,053
HEALTH CARE — 3.3%
Health Care Equipment & Supplies — 3.3%
	Intuitive Surgical, Inc. (a)	858	223,329
Health Care Equipment & Supplies Total			223,329
HEALTH CARE TOTAL			223,329
INDUSTRIALS — 6.8%
Aerospace & Defense — 2.4%
	Precision Castparts Corp.	1,183	163,337
Aerospace & Defense Total			163,337
Electrical Equipment — 2.3%
	Sensata Technologies Holding N.V. (a)	5,724	159,127
Electrical Equipment Total			159,127
Marine — 2.1%
	Kuehne & Nagel International AG	1,132	144,974
Marine Total			144,974
INDUSTRIALS TOTAL			467,438
INFORMATION TECHNOLOGY — 12.8%
Computers & Peripherals — 3.9%
	Apple, Inc. (a)	846	263,233
Computers & Peripherals Total			263,233
Internet Software & Services — 3.1%
	Baidu, Inc., ADR (a)	321	33,766
	MercadoLibre, Inc. (a)	2,000	127,240
	OpenTable, Inc. (a)	691	50,125
Internet Software & Services Total			211,131
IT Services — 0.5%
	hiSoft Technology International Ltd., ADR (a)	1,257	35,008
IT Services Total			35,008
Software — 5.3%
	ANSYS, Inc. (a)	1,950	94,575
	AutoNavi Holdings Ltd., ADR (a)	1,000	19,170
	Informatica Corp. (a)	809	33,395
	Nuance Communications, Inc. (a)	5,013	88,605

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Salesforce.com, Inc. (a)	918	127,804
Software Total			363,549
INFORMATION TECHNOLOGY TOTAL			872,921
MATERIALS — 7.7%
Chemicals — 5.1%
	Monsanto Co.	3,249	194,680
	Novozymes A/S, Class B	1,189	155,081
Chemicals Total			349,761
Metals & Mining — 2.6%
	BHP Billiton PLC	5,027	178,419
Metals & Mining Total			178,419
MATERIALS TOTAL			528,180
TELECOMMUNICATION SERVICES — 1.6%
Wireless Telecommunication Services — 1.6%
	Crown Castle International Corp. (a)	2,692	111,826
Wireless Telecommunication Services Total			111,826
TELECOMMUNICATION SERVICES TOTAL			111,826

	Total Common Stocks (cost of $5,266,339)		6,478,370

		Par ($)
Short-Term Obligation — 6.3%
	Repurchase agreement with State Street Bank and Trust Co., dated 11/30/10, due 12/01/10 at 0.100%, collateralized by a U.S. Treasury obligation maturing 04/30/12, market value $439,176 (repurchase proceeds $429,001)	429,000	429,000

	Total Short-Term Obligation (cost of $429,000)		429,000

	Total Investments — 101.1% (cost of $5,695,339)(b)(c)		6,907,370

	Other Assets & Liabilities, Net — (1.1)%		(74,961	)

	Net Assets — 100.0%		6,832,409

Notes to Investment Portfolio:

* Security Valuation:

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

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the 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.

Accounting principles generally accepted in the United States of America (“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)

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

The following table summarizes the inputs used, as of November 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
Common Stocks
Consumer Discretionary	$	994,497	$	1,121,133	$	—	$	2,115,630
Consumer Staples	—		200,886		—		200,886
Energy	300,107		—		—		300,107
Financials	1,185,234		472,819		—		1,658,053
Health Care	223,329		—		—		223,329
Industrials	322,464		144,974		—		467,438
Information Technology	872,921		—		—		872,921
Materials	194,680		333,500		—		528,180
Telecommunication Services	111,826		—		—		111,826
Total Common Stocks	4,205,058		2,273,312		—		6,478,370
Total Short-Term Obligation	—		429,000		—		429,000
Total Investments	$	4,205,058	$	2,702,312	$	—	$	6,907,370

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

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 premium or discount at purchase.

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $5,695,339.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

1,285,643

(73,612

)

1,212,031

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Marsico 21st Century Fund

		Shares	Value ($)*
Common Stocks — 99.0%
CONSUMER DISCRETIONARY — 25.9%
Automobiles — 4.5%
	Ford Motor Co. (a)	3,259,251	51,952,461
	General Motors Co. (a)	3,092,260	105,755,292
Automobiles Total			157,707,753
Hotels, Restaurants & Leisure — 6.5%
	Chipotle Mexican Grill, Inc. (a)	81,183	20,984,994
	Starwood Hotels & Resorts Worldwide, Inc.	1,961,569	111,495,582
	Vail Resorts, Inc. (a)(b)	1,360,849	61,619,243
	Wynn Resorts Ltd.	304,623	30,797,385
Hotels, Restaurants & Leisure Total			224,897,204
Internet & Catalog Retail — 3.6%
	Amazon.com, Inc. (a)	709,571	124,458,753
Internet & Catalog Retail Total			124,458,753
Media — 6.3%
	CBS Corp., Class B	4,025,227	67,784,823
	Walt Disney Co.	4,144,858	151,328,765
Media Total			219,113,588
Specialty Retail — 5.0%
	Rue21, Inc. (a)	930,313	27,918,693
	Williams-Sonoma, Inc.	4,356,948	144,955,660
Specialty Retail Total			172,874,353
CONSUMER DISCRETIONARY TOTAL			899,051,651
ENERGY — 3.7%
Oil, Gas & Consumable Fuels — 3.7%
	Amyris, Inc. (a)	608,414	12,521,160
	Anadarko Petroleum Corp.	1,105,596	70,935,040
	OGX Petroleo e Gas Participacoes SA (a)	3,918,000	45,473,113
Oil, Gas & Consumable Fuels Total			128,929,313
ENERGY TOTAL			128,929,313
FINANCIALS — 31.6%
Capital Markets — 6.4%
	Jefferies Group, Inc.	4,687,432	113,201,483
	State Street Corp.	2,512,052	108,520,647
Capital Markets Total			221,722,130
Commercial Banks — 17.7%
	City National Corp.	1,332,620	71,588,346
	Columbia Banking System, Inc.	1,262,460	22,017,302
	First Horizon National Corp. (a)	9,225,205	88,285,212

		Shares		Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	First Midwest Bancorp, Inc.	2,088,029		19,564,832
	Fulton Financial Corp.	3,586,571		31,023,839
	Glacier Bancorp, Inc.	1,765,499		23,534,102
	Park Sterling Bank (a)(b)	1,868,030		9,825,838
	PNC Financial Services Group, Inc.	3,187,901		171,668,469
	Wells Fargo & Co.	6,501,943		176,917,869
Commercial Banks Total				614,425,809
Real Estate Investment Trusts (REITs) — 0.4%
	Colony Financial, Inc.	721,673		13,921,072
Real Estate Investment Trusts (REITs) Total				13,921,072
Real Estate Management & Development — 3.6%
	BR Malls Participacoes SA	2,956,100		29,136,877
	Jones Lang LaSalle, Inc.	1,235,363		98,606,675
Real Estate Management & Development Total				127,743,552
Thrifts & Mortgage Finance — 3.5%
	First Niagara Financial Group, Inc.	9,798,629		121,356,020
Thrifts & Mortgage Finance Total				121,356,020
FINANCIALS TOTAL				1,099,168,583
HEALTH CARE — 6.1%
Health Care Equipment & Supplies — 4.4%
	Intuitive Surgical, Inc. (a)	585,452		152,387,301
Health Care Equipment & Supplies Total				152,387,301
Health Care Providers & Services — 1.4%
	Emergency Medical Services Corp., Class A (a)		1,017,211	50,392,633
Health Care Providers & Services Total				50,392,633
Life Sciences Tools & Services — 0.3%
	Pacific Biosciences of California, Inc. (a)	754,523		9,506,990
Life Sciences Tools & Services Total				9,506,990
HEALTH CARE TOTAL				212,286,924
INDUSTRIALS — 11.2%
Aerospace & Defense — 6.3%
	Honeywell International, Inc.	2,165,501		107,647,055
	Precision Castparts Corp.	809,895		111,822,202
Aerospace & Defense Total				219,469,257
Electrical Equipment — 2.3%
	Sensata Technologies Holding NV (a)	2,877,729		80,000,866
Electrical Equipment Total				80,000,866

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Road & Rail — 2.6%
	CSX Corp.	1,450,024	88,175,960
Road & Rail Total			88,175,960
INDUSTRIALS TOTAL			387,646,083
INFORMATION TECHNOLOGY — 15.6%
Computers & Peripherals — 4.8%
	Apple, Inc. (a)	535,483	166,615,535
Computers & Peripherals Total			166,615,535
Internet Software & Services — 0.9%
	OpenTable, Inc. (a)	421,226	30,555,734
Internet Software & Services Total			30,555,734
Software — 9.9%
	ANSYS, Inc. (a)	1,504,938	72,989,493
	Informatica Corp. (a)	1,658,057	68,444,593
	Nuance Communications, Inc. (a)	3,890,302	68,761,088
	Oracle Corp.	1,794,165	48,514,222
	Salesforce.com, Inc. (a)	625,411	87,069,719
Software Total			345,779,115
INFORMATION TECHNOLOGY TOTAL			542,950,384
MATERIALS — 3.0%
Chemicals — 3.0%
	Monsanto Co.	1,731,017	103,722,539
Chemicals Total			103,722,539
MATERIALS TOTAL			103,722,539
TELECOMMUNICATION SERVICES — 1.9%
Wireless Telecommunication Services — 1.9%
	Crown Castle International Corp. (a)	1,612,097	66,966,509
Wireless Telecommunication Services Total			66,966,509
TELECOMMUNICATION SERVICES TOTAL			66,966,509

	Total Common Stocks (cost of $2,790,801,130)		3,440,721,986

		Par ($)
Short-Term Obligation — 1.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by U.S. Government Agency obligations with various maturities to 07/17/15, market value $49,632,425 (repurchase proceeds $48,658,216)	48,658,000	48,658,000

	Total Short-Term Obligation (cost of $48,658,000)		48,658,000

Notes to Investment Portfolio:

Security Valuation:

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

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the 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.

					Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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			$	3,440,721,986							$	—					$	—							$		3,440,721,986
Total Short-Term Obligation			—								48,658,000						—								48,658,000
Total Investments			$	3,440,721,986							$	48,658,000					$	—							$		3,489,379,986

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.

					(a)		Non-income producing security.
					(b)		An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the nine months ended November 30, 2010, are as follows:

	Value,
	beginning of												Sales							Dividend						Value, end of
Affiliate	period					Purchases							Proceeds							Income						period
Vail Resorts, Inc.	$	83,838,554				$		—					$	(38,197,068					)	$	—					$		61,619,243
Park Sterling Bank	—					12,142,195							—							—						9,825,838
Total	$	83,838,554				$		12,142,195					$	(38,197,068					)	$	—					$		71,445,081

					(c)		Cost for federal income tax purposes is $2,839,459,130.
					(d)		Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

									Unrealized						Unrealized								Net Unrealized
									Appreciation						Depreciation								Appreciation
									$	724,881,092					$	(74,960,236						)	$	649,920,856

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Marsico Focused Equities Fund

		Shares	Value ($)*
Common Stocks — 95.0%
CONSUMER DISCRETIONARY — 21.5%
Automobiles — 1.2%
	Ford Motor Co. (a)	2,054,290	32,745,383
Automobiles Total			32,745,383
Hotels, Restaurants & Leisure — 6.5%
	McDonald’s Corp.	1,567,138	122,706,906
	Wynn Resorts Ltd.	509,200	51,480,120
Hotels, Restaurants & Leisure Total			174,187,026
Internet & Catalog Retail — 7.4%
	Amazon.com, Inc. (a)	748,788	131,337,415
	priceline.com, Inc. (a)	171,911	67,741,530
Internet & Catalog Retail Total			199,078,945
Media — 1.2%
	DIRECTV, Class A (a)	754,529	31,335,589
Media Total			31,335,589
Multiline Retail — 1.9%
	Nordstrom, Inc.	1,226,899	52,511,277
Multiline Retail Total			52,511,277
Textiles, Apparel & Luxury Goods — 3.3%
	NIKE, Inc., Class B	1,020,426	87,889,291
Textiles, Apparel & Luxury Goods Total			87,889,291
CONSUMER DISCRETIONARY TOTAL			577,747,511
CONSUMER STAPLES — 3.0%
Food Products — 3.0%
	Mead Johnson Nutrition Co., Class A	1,357,750	80,881,168
Food Products Total			80,881,168
CONSUMER STAPLES TOTAL			80,881,168
ENERGY — 5.4%
Energy Equipment & Services — 0.8%
	Halliburton Co.	560,861	21,222,980
Energy Equipment & Services Total			21,222,980
Oil, Gas & Consumable Fuels — 4.6%
	Anadarko Petroleum Corp.	1,281,166	82,199,611

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	EOG Resources, Inc.	464,333	41,302,420
Oil, Gas & Consumable Fuels Total			123,502,031
ENERGY TOTAL			144,725,011
FINANCIALS — 11.7%
Capital Markets — 3.1%
	Goldman Sachs Group, Inc.	542,933	84,773,559
Capital Markets Total			84,773,559
Commercial Banks — 8.6%
	ICICI Bank Ltd., ADR	862,388	43,153,895
	PNC Financial Services Group, Inc.	622,681	33,531,372
	U.S. Bancorp	3,972,294	94,461,151
	Wells Fargo & Co.	2,187,803	59,530,120
Commercial Banks Total			230,676,538
FINANCIALS TOTAL			315,450,097
HEALTH CARE — 2.9%
Health Care Equipment & Supplies — 2.9%
	Intuitive Surgical, Inc. (a)	301,084	78,369,154
Health Care Equipment & Supplies Total			78,369,154
HEALTH CARE TOTAL			78,369,154
INDUSTRIALS — 20.6%
Aerospace & Defense — 5.3%
	General Dynamics Corp.	824,822	54,512,486
	Goodrich Corp.	1,045,206	89,647,319
Aerospace & Defense Total			144,159,805
Air Freight & Logistics — 1.5%
	FedEx Corp.	449,244	40,935,113
Air Freight & Logistics Total			40,935,113
Machinery — 6.5%
	Cummins, Inc.	411,252	39,940,794
	Eaton Corp.	1,395,384	134,515,018
Machinery Total			174,455,812
Road & Rail — 7.3%
	Norfolk Southern Corp.	649,689	39,091,787
	Union Pacific Corp.	1,744,883	157,231,407
Road & Rail Total			196,323,194
INDUSTRIALS TOTAL			555,873,924
INFORMATION TECHNOLOGY — 14.9%
Computers & Peripherals — 6.8%
	Apple, Inc. (a)	585,398	182,146,587
Computers & Peripherals Total			182,146,587

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Internet Software & Services — 3.4%
	Baidu, Inc., ADR (a)	876,389	92,187,359
Internet Software & Services Total			92,187,359
Software — 4.7%
	Oracle Corp.	2,735,581	73,970,110
	Salesforce.com, Inc. (a)	386,898	53,863,940
Software Total			127,834,050
INFORMATION TECHNOLOGY TOTAL			402,167,996
MATERIALS — 15.0%
Chemicals — 9.8%
	Dow Chemical Co.	5,228,091	163,011,878
	Monsanto Co.	1,693,433	101,470,505
Chemicals Total			264,482,383
Metals & Mining — 5.2%
	BHP Billiton PLC, ADR	1,518,840	108,080,654
	Freeport-McMoRan Copper & Gold, Inc.	313,225	31,735,957
Metals & Mining Total			139,816,611
MATERIALS TOTAL			404,298,994

	Total Common Stocks (cost of $1,865,242,887)		2,559,513,855

		Par ($)
Short-Term Obligation — 5.0%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by U.S. Government Agency obligations with various maturities to 03/16/15, market value $136,405,963 (repurchase proceeds $133,727,594)	133,727,000	133,727,000

	Total Short-Term Obligation (cost of $133,727,000)		133,727,000

	Total Investments — 100.0% (cost of $1,998,969,887)(b)(c)		2,693,240,855

	Other Assets & Liabilities, Net — (0.0)%		(265,671	)

	Net Assets — 100.0%		2,692,975,184

Notes to Investment Portfolio:

Security Valuation:

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

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the 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.

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of November 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	$	2,559,513,855	$	—	$	—	$	2,559,513,855
Total Short-Term Obligation	—		133,727,000		—		133,727,000
Total Investments	$	2,559,513,855	$	133,727,000	$	—	$	2,693,240,855

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $1,998,969,887.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

729,336,191

(35,065,223

)

694,270,968

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Marsico Growth Fund

		Shares	Value ($)*
Common Stocks — 97.7%
CONSUMER DISCRETIONARY — 27.8%
Automobiles — 1.2%
	Ford Motor Co. (a)	2,539,340	40,477,080
Automobiles Total			40,477,080
Hotels, Restaurants & Leisure — 7.8%
	McDonald’s Corp.	1,854,845	145,234,364
	Wynn Resorts Ltd.	637,154	64,416,269
	Yum! Brands, Inc.	1,015,327	50,847,576
Hotels, Restaurants & Leisure Total			260,498,209
Household Durables — 0.4%
	Whirlpool Corp.	176,843	12,909,539
Household Durables Total			12,909,539
Internet & Catalog Retail — 7.3%
	Amazon.com, Inc. (a)	899,117	157,705,122
	priceline.com, Inc. (a)	213,238	84,026,434
Internet & Catalog Retail Total			241,731,556
Media — 1.2%
	DIRECTV, Class A (a)	932,686	38,734,449
Media Total			38,734,449
Multiline Retail — 1.5%
	Nordstrom, Inc.	1,141,031	48,836,127
Multiline Retail Total			48,836,127
Specialty Retail — 3.9%
	Tiffany & Co.	1,097,936	68,181,826
	TJX Companies, Inc.	1,320,379	60,222,486
Specialty Retail Total			128,404,312
Textiles, Apparel & Luxury Goods — 4.5%
	NIKE, Inc., Class B	1,741,257	149,974,465
Textiles, Apparel & Luxury Goods Total			149,974,465
CONSUMER DISCRETIONARY TOTAL			921,565,737
CONSUMER STAPLES — 2.0%
Food Products — 0.9%
	Mead Johnson Nutrition Co., Class A	495,224	29,500,494
Food Products Total			29,500,494

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Personal Products — 1.1%
	Estée Lauder Companies, Inc., Class A	492,825	36,922,449
Personal Products Total			36,922,449
CONSUMER STAPLES TOTAL			66,422,943
ENERGY — 5.9%
Energy Equipment & Services — 0.8%
	Halliburton Co.	696,097	26,340,311
Energy Equipment & Services Total			26,340,311
Oil, Gas & Consumable Fuels — 5.1%
	Anadarko Petroleum Corp.	1,642,557	105,386,457
	EOG Resources, Inc.	713,793	63,491,887
Oil, Gas & Consumable Fuels Total			168,878,344
ENERGY TOTAL			195,218,655
FINANCIALS — 10.6%
Capital Markets — 2.9%
	Goldman Sachs Group, Inc.	610,118	95,263,825
Capital Markets Total			95,263,825
Commercial Banks — 7.7%
	PNC Financial Services Group, Inc.	1,398,911	75,331,357
	U.S. Bancorp	4,568,065	108,628,586
	Wells Fargo & Co.	2,709,306	73,720,216
Commercial Banks Total			257,680,159
FINANCIALS TOTAL			352,943,984
INDUSTRIALS — 13.6%
Aerospace & Defense — 3.3%
	General Dynamics Corp.	873,318	57,717,587
	Precision Castparts Corp.	389,154	53,730,493
Aerospace & Defense Total			111,448,080
Air Freight & Logistics — 1.4%
	FedEx Corp.	519,442	47,331,555
Air Freight & Logistics Total			47,331,555
Machinery — 4.2%
	Cummins, Inc.	435,858	42,330,529
	Danaher Corp.	1,337,763	57,858,250
	Eaton Corp.	393,599	37,942,943
Machinery Total			138,131,722

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Road & Rail — 4.7%
	Union Pacific Corp.	1,731,311	156,008,434
Road & Rail Total			156,008,434
INDUSTRIALS TOTAL			452,919,791
INFORMATION TECHNOLOGY — 17.7%
Computers & Peripherals — 6.8%
	Apple, Inc. (a)	725,846	225,846,983
Computers & Peripherals Total			225,846,983
Internet Software & Services — 3.5%
	Baidu, Inc., ADR (a)	1,088,262	114,474,280
Internet Software & Services Total			114,474,280
Semiconductors & Semiconductor Equipment — 2.2%
	Broadcom Corp., Class A	1,667,956	74,207,362
Semiconductors & Semiconductor Equipment Total			74,207,362
Software — 5.2%
	Oracle Corp.	3,757,592	101,605,288
	Salesforce.com, Inc. (a)	507,839	70,701,345
Software Total			172,306,633
INFORMATION TECHNOLOGY TOTAL			586,835,258
MATERIALS — 18.5%
Chemicals — 14.0%
	Dow Chemical Co.	4,827,633	150,525,597
	Monsanto Co.	2,045,460	122,563,963
	PPG Industries, Inc.	1,035,337	80,714,872
	Praxair, Inc.	1,210,711	111,445,948
Chemicals Total			465,250,380
Metals & Mining — 4.5%
	BHP Billiton PLC, ADR	1,716,368	122,136,747
	Freeport-McMoRan Copper & Gold, Inc.	257,414	26,081,186
Metals & Mining Total			148,217,933
MATERIALS TOTAL			613,468,313
TELECOMMUNICATION SERVICES — 1.6%
Wireless Telecommunication Services — 1.6%
	American Tower Corp., Class A (a)	814,377	41,183,045
	Crown Castle International Corp. (a)	323,159	13,424,025
Wireless Telecommunication Services Total			54,607,070
TELECOMMUNICATION SERVICES TOTAL			54,607,070

	Total Common Stocks (cost of $2,298,305,716)		3,243,981,751

		Shares	Value ($)
Preferred Stock — 0.5%
FINANCIALS — 0.5%
Commercial Banks — 0.5%
	Wells Fargo & Co., Series J, 8.000%	687,425	18,374,870
Commercial Banks Total			18,374,870
FINANCIALS TOTAL			18,374,870

	Total Preferred Stock (cost of $13,207,874)		18,374,870

		Par ($)
Short-Term Obligation — 2.4%
REPURCHASE AGREEMENT — 2.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 09/16/14, market value of $81,213,000 (repurchase proceeds $79,620,354)	79,620,000	79,620,000

	Total Short-Term Obligation (cost of $79,620,000)		79,620,000

	Total Investments — 100.6% (cost of $2,391,133,590)(b)(c)		3,341,976,621

	Other Assets & Liabilities, Net — (0.6)%		(21,197,881	)

	Net Assets — 100.0%		3,320,778,740

Notes to Investment Portfolio:

Security Valuation:

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

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of November 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	$	3,243,981,751	$	—	$	—	$	3,243,981,751
Total Preferred Stock	18,374,870		—		—		18,374,870
Total Short-Term Obligation	—		79,620,000		—		79,620,000
Total Investments	$	3,262,356,621	$	79,620,000	$	—	$	3,341,976,621

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $2,391,133,590.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

971,521,023

(20,677,992

)

950,843,031

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Marsico International Opportunities Fund

		Shares	Value ($)*
Common Stocks — 98.2%
CONSUMER DISCRETIONARY — 25.4%
Automobiles — 3.7%
	Daimler AG, Registered Shares (a)	273,303	17,694,927
	Honda Motor Co., Ltd.	527,600	19,098,716
	PT Astra International Tbk	1,077,500	6,195,992
Automobiles Total			42,989,635
Distributors — 3.7%
	Li & Fung Ltd.	6,854,000	42,682,726
Distributors Total			42,682,726
Diversified Consumer Services — 0.6%
	Anhanguera Educacional Participacoes SA	314,200	7,289,675
Diversified Consumer Services Total			7,289,675
Hotels, Restaurants & Leisure — 3.4%
	Accor SA	482,955	20,405,812
	Compass Group PLC	1,434,103	12,383,416
	Genting Berhad	1,985,600	6,327,269
Hotels, Restaurants & Leisure Total			39,116,497
Household Durables — 3.1%
	Panasonic Corp.	902,800	12,939,139
	PDG Realty SA Empreendimentos e Participacoes	3,849,156	23,324,817
Household Durables Total			36,263,956
Internet & Catalog Retail — 0.9%
	DeNA Co., Ltd.	341,700	9,963,052
Internet & Catalog Retail Total			9,963,052
Media — 2.6%
	Naspers Ltd.	247,736	12,357,745
	Publicis Groupe SA	385,902	17,240,457
Media Total			29,598,202
Specialty Retail — 2.9%
	Inditex SA	448,869	33,817,969
Specialty Retail Total			33,817,969
Textiles, Apparel & Luxury Goods — 4.5%
	Adidas AG	187,470	11,769,862
	Pandora A/S (a)	222,650	11,632,402

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Swatch Group AG	72,865	29,248,442
Textiles, Apparel & Luxury Goods Total			52,650,706
CONSUMER DISCRETIONARY TOTAL			294,372,418
CONSUMER STAPLES — 11.0%
Beverages — 2.7%
	Anheuser-Busch InBev NV	329,733	18,060,531
	Pernod-Ricard SA	155,448	12,665,330
Beverages Total			30,725,861
Food & Staples Retailing — 4.3%
	FamilyMart Co., Ltd.	426,600	14,517,957
	Metro AG	235,608	16,900,091
	Tesco PLC	2,896,604	18,662,058
Food & Staples Retailing Total			50,080,106
Food Products — 2.5%
	Nestle SA, Registered Shares	542,294	29,463,267
Food Products Total			29,463,267
Household Products — 1.5%
	Reckitt Benckiser Group PLC	323,325	17,094,876
Household Products Total			17,094,876
CONSUMER STAPLES TOTAL			127,364,110
ENERGY — 8.3%
Energy Equipment & Services — 1.8%
	Core Laboratories N.V.	60,537	5,181,967
	Seadrill Ltd.	503,221	15,395,755
Energy Equipment & Services Total			20,577,722
Oil, Gas & Consumable Fuels — 6.5%
	CNOOC Ltd.	5,362,300	11,585,201
	OGX Petroleo e Gas Participacoes SA (a)	3,609,300	41,890,278
	Tullow Oil PLC	1,258,858	22,440,784
Oil, Gas & Consumable Fuels Total			75,916,263
ENERGY TOTAL			96,493,985
FINANCIALS — 17.0%
Capital Markets — 1.1%
	Julius Baer Group Ltd.	335,958	12,755,605
Capital Markets Total			12,755,605
Commercial Banks — 9.4%
	Barclays PLC	3,715,207	14,928,700
	BNP Paribas	181,336	10,718,881
	HSBC Holdings PLC	1,728,218	17,410,303

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	ICICI Bank Ltd., ADR	691,688	34,612,067
	Mizuho Financial Group, Inc.	8,800,100	13,868,258
	Standard Chartered PLC	660,865	17,780,101
Commercial Banks Total			109,318,310
Insurance — 2.3%
	Ping An Insurance Group Co. of China, Ltd., Class H	2,294,000	26,617,245
Insurance Total			26,617,245
Real Estate Management & Development — 4.2%
	BR Malls Participacoes SA	2,106,500	20,762,773
	CapitaLand Ltd.	5,171,000	14,126,035
	Hang Lung Properties Ltd.	2,992,000	13,848,630
Real Estate Management & Development Total			48,737,438
FINANCIALS TOTAL			197,428,598
HEALTH CARE — 4.5%
Pharmaceuticals — 4.5%
	Novo-Nordisk A/S, Class B	229,147	22,704,968
	Teva Pharmaceutical Industries Ltd., ADR	582,626	29,154,605
Pharmaceuticals Total			51,859,573
HEALTH CARE TOTAL			51,859,573
INDUSTRIALS — 14.4%
Aerospace & Defense — 1.1%
	Rolls-Royce Group PLC (b)	81,719,616	127,111
	Rolls-Royce Group PLC (a)	1,286,117	12,192,656
Aerospace & Defense Total			12,319,767
Building Products — 2.0%
	Assa Abloy AB, Class B	402,556	10,800,225
	Daikin Industries Ltd.	333,324	11,969,647
Building Products Total			22,769,872
Electrical Equipment — 3.5%
	Schneider Electric SA	208,063	29,184,596
	Sensata Technologies Holding N.V. (a)	421,319	11,712,668
Electrical Equipment Total			40,897,264
Industrial Conglomerates — 2.1%
	Siemens AG, Registered Shares	224,881	24,599,962
Industrial Conglomerates Total			24,599,962
Machinery — 2.3%
	Komatsu Ltd.	953,200	26,403,881
Machinery Total			26,403,881

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Road & Rail — 2.1%
	Canadian National Railway Co.	381,988	24,428,133
Road & Rail Total			24,428,133
Trading Companies & Distributors — 1.3%
	Marubeni Corp.	2,367,000	15,359,192
Trading Companies & Distributors Total			15,359,192
INDUSTRIALS TOTAL			166,778,071
INFORMATION TECHNOLOGY — 6.6%
Communications Equipment — 1.1%
	HTC Corp.	476,900	13,186,693
Communications Equipment Total			13,186,693
Internet Software & Services — 2.9%
	Baidu, Inc., ADR (a)	113,450	11,933,805
	Mail.ru Group Ltd., GDR (a)(c)	79,962	3,278,442
	MercadoLibre, Inc. (a)	193,458	12,307,798
	Tencent Holdings Ltd.	270,300	5,953,179
Internet Software & Services Total			33,473,224
Office Electronics — 1.6%
	Canon, Inc.	392,900	18,483,188
Office Electronics Total			18,483,188
Semiconductors & Semiconductor Equipment — 1.0%
	ARM Holdings PLC	764,658	4,744,227
	Infineon Technologies AG (a)	729,559	6,498,759
Semiconductors & Semiconductor Equipment Total			11,242,986
INFORMATION TECHNOLOGY TOTAL			76,386,091
MATERIALS — 7.7%
Chemicals — 3.9%
	BASF SE	467,244	34,927,716
	Novozymes A/S, Class B	81,685	10,654,150
Chemicals Total			45,581,866
Metals & Mining — 3.8%
	Teck Resources Ltd., Class B	286,427	14,232,761
	ThyssenKrupp AG	462,138	17,676,928
	Xstrata PLC	592,920	11,895,090
Metals & Mining Total			43,804,779
MATERIALS TOTAL			89,386,645
TELECOMMUNICATION SERVICES — 3.3%
Wireless Telecommunication Services — 3.3%
	Millicom International Cellular SA	186,446	16,179,784

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	MTN Group Ltd.	1,320,579	22,566,408
Wireless Telecommunication Services Total			38,746,192
TELECOMMUNICATION SERVICES TOTAL			38,746,192

	Total Common Stocks (cost of $914,854,605)		1,138,815,683

		Par ($)
Short-Term Obligation — 2.2%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by U.S. Government Agency obligations and U.S. Treasury obligations with various maturities to 08/31/15, market value $26,574,188 (repurchase proceeds $26,052,116)	26,052,000	26,052,000

	Total Short-Term Obligation (cost of $26,052,000)		26,052,000

	Total Investments — 100.4% (cost of $940,906,605)(d)(e)		1,164,867,683

	Other Assets & Liabilities, Net — (0.4)%		(5,070,567	)

	Net Assets — 100.0%		1,159,797,116

	Notes to Investment Portfolio:
	*		Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. 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. The Fund 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.

			Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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
Common Stocks
Consumer Discretionary	$	30,614,492	$	263,757,926	$	—	$	294,372,418
Consumer Staples	—		127,364,110		—		127,364,110
Energy	47,072,245		49,421,740		—		96,493,985
Financials	55,374,840		142,053,758		—		197,428,598
Health Care	29,154,605		22,704,968		—		51,859,573
Industrials	36,140,801		130,510,159		127,111		166,778,071
Information Technology	24,241,603		52,144,488		—		76,386,091
Materials	14,232,761		75,153,884		—		89,386,645
Telecommunication Services	16,179,784		22,566,408		—		38,746,192
Total Common Stocks	253,011,131		885,677,441		127,111		1,138,815,683
Total Short-Term Obligation	—		26,052,000		—		26,052,000
Total Investments	$	253,011,131	$	911,729,441	$	127,111	$	1,164,867,683

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

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 nine months ending November 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2010
Common Stocks Financials	$	—	$	—	$	(2,329	)	$	129,440	$	—	$	—	$	—	$	127,111

The change in unrealized depreciation attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $2,329.

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

Certain common stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, models utilized by the third party statistical pricing service, and the position of the security within the respective company’s capital structure.

	(a)		Non-income producing security.
	(b)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2010, the value of this security amounted to $127,111, which represents less than 0.1% of net assets.
	(c)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, the value of this security, which is not illiquid, amounted to $3,278,442, which represents 0.3% of net assets.
	(d)		Cost for federal income tax purposes is $940,906,605.
	(e)		Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Mid Cap Index Fund

		Shares	Value ($)*
Common Stocks — 97.5%
CONSUMER DISCRETIONARY — 14.6%
Auto Components — 0.9%
	BorgWarner, Inc. (a)	252,550	15,238,867
	Gentex Corp.	310,025	6,507,425
Auto Components Total			21,746,292
Automobiles — 0.1%
	Thor Industries, Inc.	93,900	2,772,867
Automobiles Total			2,772,867
Distributors — 0.3%
	LKQ Corp. (a)	317,150	6,842,511
Distributors Total			6,842,511
Diversified Consumer Services — 1.1%
	Career Education Corp. (a)	145,775	2,593,337
	Corinthian Colleges, Inc. (a)	195,325	806,692
	ITT Educational Services, Inc. (a)	61,000	3,567,890
	Matthews International Corp., Class A	66,000	2,143,680
	Regis Corp.	127,525	2,272,496
	Service Corp. International	546,725	4,406,604
	Sotheby’s	148,400	5,952,324
	Strayer Education, Inc.	30,800	4,184,796
Diversified Consumer Services Total			25,927,819
Hotels, Restaurants & Leisure — 2.3%
	Bally Technologies, Inc. (a)	119,475	4,679,836
	Bob Evans Farms, Inc.	67,350	2,097,279
	Boyd Gaming Corp. (a)	124,200	1,110,348
	Brinker International, Inc.	204,612	4,182,269
	Cheesecake Factory, Inc. (a)	131,775	4,199,669
	Chipotle Mexican Grill, Inc. (a)	68,925	17,816,423
	International Speedway Corp., Class A	64,850	1,536,297
	Life Time Fitness, Inc. (a)	92,750	3,658,060
	Panera Bread Co., Class A (a)	68,950	6,911,548
	Scientific Games Corp., Class A (a)	139,750	1,124,988
	Wendy’s/Arby’s Group, Inc., Class A	713,425	3,403,037
	WMS Industries, Inc. (a)	128,700	5,707,845
Hotels, Restaurants & Leisure Total			56,427,599
Household Durables — 1.4%
	American Greetings Corp., Class A	88,600	1,778,202
	KB Home	159,975	1,807,717
	M.D.C. Holdings, Inc.	83,525	2,085,619
	Mohawk Industries, Inc. (a)	124,550	6,543,857
	NVR, Inc. (a)	12,942	8,023,781

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Ryland Group, Inc.	97,675	1,424,102
	Toll Brothers, Inc. (a)	319,700	5,738,615
	Tupperware Brands Corp.	139,775	6,496,742
Household Durables Total			33,898,635
Internet & Catalog Retail — 0.8%
	NetFlix, Inc. (a)	96,250	19,817,875
Internet & Catalog Retail Total			19,817,875
Leisure Equipment & Products — 0.2%
	Polaris Industries, Inc.	73,700	5,357,253
Leisure Equipment & Products Total			5,357,253
Media — 0.7%
	DreamWorks Animation SKG, Inc., Class A (a)	158,600	4,915,014
	Harte-Hanks, Inc.	85,950	1,069,218
	John Wiley & Sons, Inc., Class A	102,825	4,267,237
	Lamar Advertising Co., Class A (a)	126,775	4,658,981
	Scholastic Corp.	52,725	1,481,573
Media Total			16,392,023
Multiline Retail — 0.9%
	99 Cents Only Stores (a)	103,526	1,626,394
	Dollar Tree, Inc. (a)	281,275	15,456,061
	Saks, Inc. (a)	356,450	3,970,853
Multiline Retail Total			21,053,308
Specialty Retail — 4.1%
	Aaron’s, Inc.	161,525	3,224,039
	Advance Auto Parts, Inc.	186,700	12,320,333
	Aeropostale, Inc. (a)	204,787	5,535,393
	American Eagle Outfitters, Inc.	433,124	7,146,546
	AnnTaylor Stores Corp. (a)	130,775	3,519,155
	Barnes & Noble, Inc.	86,350	1,210,627
	Chico’s FAS, Inc.	396,950	4,783,248
	Coldwater Creek, Inc. (a)	132,925	449,287
	Collective Brands, Inc. (a)	142,600	2,408,514
	Dick’s Sporting Goods, Inc. (a)	195,050	6,672,660
	Dress Barn, Inc. (a)	153,125	3,782,188
	Foot Locker, Inc.	344,850	6,507,319
	Guess?, Inc.	140,325	6,630,356
	J Crew Group, Inc. (a)	141,200	6,173,264
	PETsMART, Inc.	262,600	9,942,036
	Rent-A-Center, Inc.	146,125	4,068,120

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Tractor Supply Co.	160,775	6,828,114
	Williams-Sonoma, Inc.	239,575	7,970,660
Specialty Retail Total			99,171,859
Textiles, Apparel & Luxury Goods — 1.8%
	Deckers Outdoor Corp. (a)	85,700	6,590,330
	Fossil, Inc. (a)	117,475	7,947,184
	Hanesbrands, Inc. (a)	211,925	5,753,764
	Phillips-Van Heusen Corp.	146,850	9,962,304
	Timberland Co., Class A (a)	89,125	2,208,518
	Under Armour, Inc., Class A (a)	77,850	4,494,280
	Warnaco Group, Inc. (a)	98,650	5,312,302
Textiles, Apparel & Luxury Goods Total			42,268,682
CONSUMER DISCRETIONARY TOTAL			351,676,723
CONSUMER STAPLES — 3.6%
Beverages — 0.3%
	Hansen Natural Corp. (a)	152,350	8,108,067
Beverages Total			8,108,067
Food & Staples Retailing — 0.4%
	BJ’s Wholesale Club, Inc. (a)	120,875	5,537,284
	Ruddick Corp.	94,150	3,460,954
Food & Staples Retailing Total			8,998,238
Food Products — 1.6%
	Corn Products International, Inc.	166,700	7,188,104
	Flowers Foods, Inc.	168,975	4,427,145
	Green Mountain Coffee Roasters, Inc. (a)	255,250	9,464,670
	Lancaster Colony Corp.	42,950	2,236,407
	Ralcorp Holdings, Inc. (a)	121,600	7,529,472
	Smithfield Foods, Inc. (a)	367,750	6,476,077
	Tootsie Roll Industries, Inc.	54,266	1,445,646
Food Products Total			38,767,521
Household Products — 0.9%
	Church & Dwight Co., Inc.	157,275	10,262,194
	Energizer Holdings, Inc. (a)	155,475	10,943,885
Household Products Total			21,206,079
Personal Products — 0.3%
	Alberto-Culver Co.	190,125	7,072,650
Personal Products Total			7,072,650

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 0.1%
	Universal Corp.	53,550	2,190,730
Tobacco Total			2,190,730
CONSUMER STAPLES TOTAL			86,343,285
ENERGY — 6.1%
Energy Equipment & Services — 2.4%
	Atwood Oceanics, Inc. (a)	124,125	4,418,850
	Dril-Quip, Inc. (a)	75,900	5,877,696
	Exterran Holdings, Inc. (a)	140,024	3,174,344
	Helix Energy Solutions Group, Inc. (a)	233,600	3,277,408
	Oceaneering International, Inc. (a)	119,925	8,286,817
	Patterson-UTI Energy, Inc.	341,475	6,740,717
	Pride International, Inc. (a)	389,100	12,101,010
	Superior Energy Services, Inc. (a)	174,575	5,829,059
	Tidewater, Inc.	113,900	5,591,351
	Unit Corp. (a)	88,000	3,517,360
Energy Equipment & Services Total			58,814,612
Oil, Gas & Consumable Fuels — 3.7%
	Arch Coal, Inc.	359,875	10,508,350
	Bill Barrett Corp. (a)	101,875	3,917,094
	Cimarex Energy Co.	186,325	15,006,615
	Comstock Resources, Inc. (a)	104,825	2,568,213
	Forest Oil Corp. (a)	251,025	8,590,076
	Frontier Oil Corp.	234,125	3,635,961
	Newfield Exploration Co. (a)	295,975	19,780,009
	Overseas Shipholding Group, Inc.	59,300	2,073,721
	Patriot Coal Corp. (a)	177,350	2,869,523
	Plains Exploration & Production Co. (a)	310,325	8,893,915
	Quicksilver Resources, Inc. (a)	260,400	3,702,888
	Southern Union Co.	275,725	6,509,867
Oil, Gas & Consumable Fuels Total			88,056,232
ENERGY TOTAL			146,870,844
FINANCIALS — 18.5%
Capital Markets — 2.2%
	Affiliated Managers Group, Inc. (a)	113,225	9,896,997
	Apollo Investment Corp.	430,725	4,548,456
	Eaton Vance Corp.	261,675	7,776,981
	Greenhill & Co., Inc.	56,175	4,209,755
	Jefferies Group, Inc.	273,825	6,612,874
	Raymond James Financial, Inc.	220,680	6,329,102

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	SEI Investments Co.	325,725	7,354,871
	Waddell & Reed Financial, Inc., Class A	189,275	5,829,670
Capital Markets Total			52,558,706
Commercial Banks — 3.0%
	Associated Banc Corp.	383,137	4,902,238
	Bancorpsouth, Inc.	162,775	2,091,659
	Bank of Hawaii Corp.	106,925	4,629,853
	Cathay General Bancorp	173,975	2,350,402
	City National Corp.	102,750	5,519,730
	Commerce Bancshares, Inc.	164,398	6,173,145
	Cullen/Frost Bankers, Inc.	134,375	7,194,437
	FirstMerit Corp.	240,949	4,198,536
	Fulton Financial Corp.	440,350	3,809,028
	International Bancshares Corp.	117,275	2,017,130
	PacWest Bancorp	69,675	1,184,475
	Prosperity Bancshares, Inc.	103,325	3,362,196
	SVB Financial Group (a)	92,925	4,175,120
	Synovus Financial Corp.	1,739,075	3,530,322
	TCF Financial Corp.	280,725	3,820,667
	Trustmark Corp.	126,000	2,688,840
	Valley National Bancorp	356,899	4,532,617
	Webster Financial Corp.	146,000	2,409,000
	Westamerica Bancorporation	64,600	3,157,648
	Wilmington Trust Corp.	202,775	794,878
Commercial Banks Total			72,541,921
Diversified Financial Services — 0.4%
	MSCI, Inc., Class A (a)	260,950	8,887,957
Diversified Financial Services Total			8,887,957
Insurance — 3.9%
	American Financial Group, Inc.	175,300	5,393,981
	Arthur J. Gallagher & Co.	233,075	6,544,746
	Brown & Brown, Inc.	258,275	5,906,749
	Everest Re Group Ltd.	124,625	10,404,941
	Fidelity National Financial, Inc., Class A	504,625	6,812,437
	First American Financial Corp.	230,650	3,268,311
	Hanover Insurance Group, Inc.	99,450	4,503,096
	HCC Insurance Holdings, Inc.	255,225	7,166,718
	Mercury General Corp.	78,925	3,389,039
	Old Republic International Corp.	573,283	7,257,763
	Protective Life Corp.	189,750	4,462,920

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Reinsurance Group of America, Inc.	162,100	8,093,653
	Stancorp Financial Group, Inc.	103,550	4,307,680
	Transatlantic Holdings, Inc.	141,225	7,145,985
	Unitrin, Inc.	111,075	2,628,035
	W.R. Berkley Corp.	269,645	7,196,825
Insurance Total			94,482,879
Real Estate Investment Trusts (REITs) — 7.4%
	Alexandria Real Estate Equities, Inc.	120,725	8,058,394
	AMB Property Corp.	372,825	10,879,033
	BRE Properties, Inc.	141,850	6,109,480
	Camden Property Trust	148,425	7,580,065
	Corporate Office Properties Trust SBI MD	145,725	4,941,535
	Cousins Properties, Inc.	227,417	1,687,434
	Duke Realty Corp.	557,275	6,202,471
	Equity One, Inc.	92,225	1,596,415
	Essex Property Trust, Inc.	67,225	7,451,219
	Federal Realty Investment Trust	136,100	10,532,779
	Highwoods Properties, Inc.	158,600	4,838,886
	Hospitality Properties Trust	273,325	6,045,949
	Liberty Property Trust	251,950	7,896,113
	Macerich Co.	288,165	13,353,566
	Mack-Cali Realty Corp.	175,900	5,584,825
	Nationwide Health Properties, Inc.	274,125	9,882,206
	OMEGA Healthcare Investors, Inc.	209,975	4,432,572
	Potlatch Corp.	88,531	2,804,662
	Rayonier, Inc.	177,785	9,059,924
	Realty Income Corp.	243,425	8,288,621
	Regency Centers Corp.	181,300	7,382,536
	Senior Housing Properties Trust	282,275	6,303,201
	SL Green Realty Corp.	173,300	11,333,820
	UDR, Inc.	397,415	8,862,354
	Weingarten Realty Investors	266,725	6,321,382
Real Estate Investment Trusts (REITs) Total			177,429,442
Real Estate Management & Development — 0.3%
	Jones Lang LaSalle, Inc.	94,450	7,538,999
Real Estate Management & Development Total			7,538,999
Thrifts & Mortgage Finance — 1.3%
	Astoria Financial Corp.	182,100	2,192,484
	First Niagara Financial Group, Inc.	463,063	5,735,035

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	New York Community Bancorp, Inc.	964,778	16,208,270
	NewAlliance Bancshares, Inc.	232,800	3,105,552
	Washington Federal, Inc.	249,152	3,677,484
Thrifts & Mortgage Finance Total			30,918,825
FINANCIALS TOTAL			444,358,729
HEALTH CARE — 10.5%
Biotechnology — 0.9%
	United Therapeutics Corp. (a)	110,025	6,923,873
	Vertex Pharmaceuticals, Inc. (a)	449,325	14,886,138
Biotechnology Total			21,810,011
Health Care Equipment & Supplies — 3.7%
	Beckman Coulter, Inc.	153,400	8,392,514
	Edwards Lifesciences Corp. (a)	251,075	16,661,337
	Gen-Probe, Inc. (a)	107,825	5,591,804
	Hill-Rom Holdings, Inc.	140,675	5,567,917
	Hologic, Inc. (a)	574,025	9,414,010
	IDEXX Laboratories, Inc. (a)	127,850	8,209,248
	Immucor, Inc. (a)	155,000	2,847,350
	Kinetic Concepts, Inc. (a)	138,500	5,499,835
	Masimo Corp.	130,300	4,021,058
	ResMed, Inc. (a)	335,275	10,712,036
	STERIS Corp.	131,950	4,540,400
	Teleflex, Inc.	88,400	4,414,696
	Thoratec Corp. (a)	129,500	3,296,423
Health Care Equipment & Supplies Total			89,168,628
Health Care Providers & Services — 3.0%
	Community Health Systems, Inc. (a)	209,125	6,662,722
	Health Management Associates, Inc., Class A (a)	555,200	4,946,832
	Health Net, Inc. (a)	215,800	5,826,600
	Henry Schein, Inc. (a)	202,725	11,642,497
	Kindred Healthcare, Inc. (a)	87,425	1,411,040
	LifePoint Hospitals, Inc. (a)	120,100	4,350,022
	Lincare Holdings, Inc.	217,250	5,594,187
	Mednax, Inc. (a)	105,550	6,459,660
	Omnicare, Inc.	261,750	6,035,955
	Owens & Minor, Inc.	140,325	3,964,181
	Universal Health Services, Inc., Class B	215,325	8,854,164
	VCA Antech, Inc. (a)	190,450	4,160,380
	WellCare Health Plans, Inc. (a)	94,150	2,650,323
Health Care Providers & Services Total			72,558,563

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Technology — 0.3%
	Allscripts-Misys Healthcare Solutions, Inc. (a)	422,150	7,408,733
Health Care Technology Total			7,408,733
Life Sciences Tools & Services — 1.6%
	Bio-Rad Laboratories, Inc., Class A (a)	42,950	4,009,383
	Charles River Laboratories International, Inc. (a)	127,950	4,177,568
	Covance, Inc. (a)	143,450	6,442,339
	Mettler-Toledo International, Inc. (a)	73,975	10,739,690
	Pharmaceutical Product Development, Inc.	263,175	6,558,321
	Techne Corp.	82,075	4,930,245
Life Sciences Tools & Services Total			36,857,546
Pharmaceuticals — 1.0%
	Endo Pharmaceuticals Holdings, Inc. (a)	255,700	9,207,757
	Medicis Pharmaceutical Corp., Class A	133,275	3,511,796
	Perrigo Co.	182,850	11,014,884
Pharmaceuticals Total			23,734,437
HEALTH CARE TOTAL			251,537,918
INDUSTRIALS — 15.4%
Aerospace & Defense — 0.6%
	Alliant Techsystems, Inc. (a)	73,525	5,434,233
	BE Aerospace, Inc. (a)	226,600	8,044,300
Aerospace & Defense Total			13,478,533
Airlines — 0.4%
	AirTran Holdings, Inc. (a)	299,950	2,231,628
	Alaska Air Group, Inc. (a)	79,375	4,365,625
	JetBlue Airways Corp. (a)	446,280	3,030,241
Airlines Total			9,627,494
Building Products — 0.2%
	Lennox International, Inc.	101,250	4,453,988
Building Products Total			4,453,988
Commercial Services & Supplies — 1.5%
	Brink’s Co.	103,950	2,550,933
	Clean Harbors, Inc. (a)	50,700	3,754,335
	Copart, Inc. (a)	158,750	5,632,450
	Corrections Corp. of America (a)	244,775	5,911,316
	Deluxe Corp.	113,850	2,412,481
	Herman Miller, Inc.	126,425	2,723,194

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	HNI Corp.	99,725	2,656,674
	Mine Safety Appliances Co.	68,325	1,969,127
	Rollins, Inc.	93,877	2,536,557
	Waste Connections, Inc.	256,763	6,675,825
Commercial Services & Supplies Total			36,822,892
Construction & Engineering — 1.3%
	AECOM Technology Corp. (a)	257,300	6,628,048
	Granite Construction, Inc.	75,550	1,916,704
	KBR, Inc.	346,150	9,373,742
	Shaw Group, Inc. (a)	187,100	5,996,555
	URS Corp. (a)	185,625	7,339,612
Construction & Engineering Total			31,254,661
Electrical Equipment — 2.0%
	Acuity Brands, Inc.	96,450	5,194,797
	AMETEK, Inc.	235,950	13,961,161
	Baldor Electric Co.	104,100	6,590,571
	Hubbell, Inc., Class B	132,800	7,511,168
	Regal-Beloit Corp.	85,400	5,209,400
	Thomas & Betts Corp. (a)	115,800	5,147,310
	Woodward Governor Co.	129,850	4,382,438
Electrical Equipment Total			47,996,845
Industrial Conglomerates — 0.2%
	Carlisle Companies, Inc.	135,050	4,945,531
Industrial Conglomerates Total			4,945,531
Machinery — 6.0%
	AGCO Corp. (a)	206,050	9,301,097
	Bucyrus International, Inc.	179,450	15,999,762
	Crane Co.	103,025	3,861,377
	Donaldson Co., Inc.	169,225	9,187,225
	Gardner Denver, Inc.	115,875	7,584,019
	Graco, Inc.	133,437	4,798,395
	Harsco Corp.	178,250	4,288,695
	IDEX Corp.	180,425	6,760,525
	Joy Global, Inc.	228,750	17,458,200
	Kennametal, Inc.	181,500	6,138,330
	Lincoln Electric Holdings, Inc.	94,000	5,796,040
	Nordson Corp.	75,175	5,971,150
	Oshkosh Corp. (a)	200,550	5,755,785
	Pentair, Inc.	218,600	7,191,940
	SPX Corp.	110,700	7,270,776
	Terex Corp. (a)	240,750	5,845,410

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Timken Co.	177,875	7,748,235
	Trinity Industries, Inc.	176,675	4,045,857
	Valmont Industries, Inc.	47,250	3,820,635
	Wabtec Corp.	106,175	4,908,470
Machinery Total			143,731,923
Marine — 0.4%
	Alexander & Baldwin, Inc.	91,250	3,201,963
	Kirby Corp. (a)	119,500	5,338,065
Marine Total			8,540,028
Professional Services — 1.0%
	Corporate Executive Board Co.	75,875	2,632,104
	FTI Consulting, Inc. (a)	103,725	3,696,759
	Korn/Ferry International (a)	102,575	1,776,599
	Manpower, Inc.	182,125	10,257,280
	Navigant Consulting, Inc. (a)	110,950	923,104
	Towers Watson & Co., Class A	100,325	5,036,315
Professional Services Total			24,322,161
Road & Rail — 1.2%
	Con-way, Inc.	120,575	4,075,435
	J.B. Hunt Transport Services, Inc.	196,700	7,179,550
	Kansas City Southern (a)	227,150	10,753,281
	Landstar System, Inc.	110,375	3,967,981
	Werner Enterprises, Inc.	98,093	2,116,847
Road & Rail Total			28,093,094
Trading Companies & Distributors — 0.6%
	GATX Corp.	102,600	3,403,242
	MSC Industrial Direct Co., Class A	98,625	5,931,307
	United Rentals, Inc. (a)	134,050	2,630,061
	Watsco, Inc.	61,700	3,718,659
Trading Companies & Distributors Total			15,683,269
INDUSTRIALS TOTAL			368,950,419
INFORMATION TECHNOLOGY — 15.9%
Communications Equipment — 2.6%
	ADC Telecommunications, Inc. (a)	214,925	2,733,846
	Adtran, Inc.	138,750	4,320,675
	Ciena Corp. (a)	207,325	3,140,974
	CommScope, Inc. (a)	209,853	6,633,453
	F5 Networks, Inc. (a)	178,250	23,507,610
	Plantronics, Inc.	105,600	3,777,312
	Polycom, Inc. (a)	188,900	6,990,245

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Riverbed Technology, Inc. (a)	315,000	10,681,650
Communications Equipment Total			61,785,765
Computers & Peripherals — 0.4%
	Diebold, Inc.	145,500	4,571,610
	NCR Corp. (a)	355,550	5,116,364
Computers & Peripherals Total			9,687,974
Electronic Equipment, Instruments & Components — 2.2%
	Arrow Electronics, Inc. (a)	260,975	8,092,835
	Avnet, Inc. (a)	336,325	10,308,361
	Ingram Micro, Inc., Class A (a)	347,075	6,195,289
	Itron, Inc. (a)	89,475	5,079,496
	National Instruments Corp.	130,212	4,442,833
	Tech Data Corp. (a)	103,275	4,551,329
	Trimble Navigation Ltd. (a)	263,925	9,828,567
	Vishay Intertechnology, Inc. (a)	365,475	5,211,674
Electronic Equipment, Instruments & Components Total			53,710,384
Internet Software & Services — 1.1%
	AOL, Inc. (a)	236,450	5,717,361
	Digital River, Inc. (a)	87,775	3,231,875
	Equinix, Inc. (a)	100,950	7,833,720
	Rackspace Hosting, Inc. (a)	213,200	6,219,044
	ValueClick, Inc. (a)	181,200	2,815,848
Internet Software & Services Total			25,817,848
IT Services — 2.5%
	Acxiom Corp. (a)	177,250	3,015,023
	Alliance Data Systems Corp. (a)	116,600	7,355,128
	Broadridge Financial Solutions, Inc.	280,775	5,781,157
	Convergys Corp. (a)	274,825	3,542,494
	CoreLogic, Inc.	230,625	4,199,681
	DST Systems, Inc.	79,750	3,418,085
	Gartner, Inc. (a)	160,500	5,163,285
	Global Payments, Inc.	176,600	7,339,496
	Jack Henry & Associates, Inc.	190,300	5,202,802
	Lender Processing Services, Inc.	206,150	6,343,235
	Mantech International Corp., Class A (a)	49,800	1,988,016
	NeuStar, Inc., Class A (a)	166,200	4,294,608
	SRA International, Inc., Class A (a)	94,575	1,855,562
IT Services Total			59,498,572

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Office Electronics — 0.2%
	Zebra Technologies Corp., Class A (a)	125,600	4,576,864
Office Electronics Total			4,576,864
Semiconductors & Semiconductor Equipment — 3.1%
	Atmel Corp. (a)	1,022,350	10,622,216
	Cree, Inc. (a)	239,350	15,600,833
	Fairchild Semiconductor International, Inc. (a)	276,250	3,881,313
	Integrated Device Technology, Inc. (a)	351,292	2,258,808
	International Rectifier Corp. (a)	155,775	4,417,779
	Intersil Corp., Class A	274,275	3,497,006
	Lam Research Corp. (a)	275,050	12,468,016
	RF Micro Devices, Inc. (a)	604,650	4,238,597
	Semtech Corp. (a)	137,600	3,218,464
	Silicon Laboratories, Inc. (a)	98,825	4,198,086
	Skyworks Solutions, Inc. (a)	395,675	10,069,929
Semiconductors & Semiconductor Equipment Total			74,471,047
Software — 3.8%
	ACI Worldwide, Inc. (a)	73,875	1,875,686
	Advent Software, Inc. (a)	35,125	1,811,748
	ANSYS, Inc. (a)	201,350	9,765,475
	Cadence Design Systems, Inc. (a)	589,800	4,635,828
	FactSet Research Systems, Inc.	102,650	9,101,975
	Fair Isaac Corp.	92,425	2,158,124
	Informatica Corp. (a)	204,975	8,461,368
	Mentor Graphics Corp. (a)	242,125	2,722,696
	Micros Systems, Inc. (a)	177,450	7,758,114
	Parametric Technology Corp. (a)	255,575	5,474,416
	Quest Software, Inc. (a)	135,975	3,440,168
	Rovi Corp. (a)	228,475	12,604,966
	Solera Holdings, Inc.	155,200	7,449,600
	Synopsys, Inc. (a)	329,125	8,455,221
	TIBCO Software, Inc. (a)	363,175	7,132,757
Software Total			92,848,142
INFORMATION TECHNOLOGY TOTAL			382,396,596
MATERIALS — 6.3%
Chemicals — 3.3%
	Albemarle Corp.	202,225	10,938,350
	Ashland, Inc.	174,425	8,874,744

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Cabot Corp.	144,700	5,180,260
	Cytec Industries, Inc.	108,650	5,196,729
	Intrepid Potash, Inc. (a)	98,125	3,007,531
	Lubrizol Corp.	149,575	15,639,562
	Minerals Technologies, Inc.	41,075	2,499,003
	NewMarket Corp.	22,000	2,767,600
	Olin Corp.	175,450	3,205,472
	RPM International, Inc.	288,000	5,898,240
	Scotts Miracle-Gro Co., Class A	102,375	5,114,655
	Sensient Technologies Corp.	109,975	3,735,851
	Valspar Corp.	218,100	7,206,024
Chemicals Total			79,264,021
Construction Materials — 0.3%
	Martin Marietta Materials, Inc.	100,800	8,521,632
Construction Materials Total			8,521,632
Containers & Packaging — 1.6%
	AptarGroup, Inc.	149,475	6,826,523
	Greif, Inc., Class A	68,950	4,029,438
	Packaging Corp. of America	229,500	5,886,675
	Rock-Tenn Co., Class A	86,275	4,666,615
	Silgan Holdings, Inc.	107,900	3,694,496
	Sonoco Products Co.	223,000	7,305,480
	Temple-Inland, Inc.	238,700	5,005,539
Containers & Packaging Total			37,414,766
Metals & Mining — 1.0%
	Carpenter Technology Corp.	97,375	3,551,266
	Commercial Metals Co.	253,175	3,891,300
	Reliance Steel & Aluminum Co.	164,525	7,313,136
	Steel Dynamics, Inc.	480,375	7,657,178
	Worthington Industries, Inc.	127,000	2,034,540
Metals & Mining Total			24,447,420
Paper & Forest Products — 0.1%
	Louisiana-Pacific Corp. (a)	286,225	2,347,045
Paper & Forest Products Total			2,347,045
MATERIALS TOTAL			151,994,884
TELECOMMUNICATION SERVICES — 0.8%
Diversified Telecommunication Services — 0.3%
	Cincinnati Bell, Inc. (a)	446,525	1,089,521
	tw telecom, Inc. (a)	335,725	5,532,748
Diversified Telecommunication Services Total			6,622,269

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
Wireless Telecommunication Services — 0.5%
	Syniverse Holdings, Inc. (a)	153,700	4,697,072
	Telephone & Data Systems, Inc.	204,791	7,306,943
Wireless Telecommunication Services Total			12,004,015
TELECOMMUNICATION SERVICES TOTAL			18,626,284
UTILITIES — 5.8%
Electric Utilities — 1.7%
	Cleco Corp.	134,500	4,079,385
	DPL, Inc.	263,450	6,673,188
	Great Plains Energy, Inc.	300,254	5,599,737
	Hawaiian Electric Industries, Inc.	207,475	4,541,628
	IDACORP, Inc.	106,750	3,877,160
	NV Energy, Inc.	520,825	7,130,094
	PNM Resources, Inc.	191,975	2,299,861
	Westar Energy, Inc.	245,450	6,114,160
Electric Utilities Total			40,315,213
Gas Utilities — 2.0%
	AGL Resources, Inc.	172,675	6,342,353
	Atmos Energy Corp.	199,725	6,005,731
	Energen Corp.	159,175	6,935,254
	National Fuel Gas Co.	181,550	11,503,008
	Questar Corp.	388,925	6,460,044
	UGI Corp.	243,500	7,224,645
	WGL Holdings, Inc.	112,600	4,082,876
Gas Utilities Total			48,553,911
Independent Power Producers & Energy Traders — 0.0%
	Dynegy, Inc. (a)	227,165	1,156,270
Independent Power Producers & Energy Traders Total			1,156,270
Multi-Utilities — 1.8%
	Alliant Energy Corp.	245,475	8,913,197
	Black Hills Corp.	86,800	2,634,380
	MDU Resources Group, Inc.	416,805	8,519,494
	NSTAR	229,425	9,498,195
	OGE Energy Corp.	215,675	9,599,695
	Vectren Corp.	180,200	4,667,180
Multi-Utilities Total			43,832,141

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
Water Utilities — 0.3%
	Aqua America, Inc.	304,099	6,553,333
	Water Utilities Total		6,553,333
	UTILITIES TOTAL		140,410,868
	Total Common Stocks (cost of $1,935,384,408)		2,343,166,550

		Par ($)
Short-Term Obligation — 2.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 09/16/14, market value $52,114,350 (repurchase proceeds $51,088,227)	51,088,000	51,088,000

	Total Short-Term Obligation (cost of $51,088,000)		51,088,000

	Total Investments — 99.6% (cost of $1,986,472,408)(b)(c)		2,394,254,550

	Other Assets & Liabilities, Net — 0.4%		9,631,772

	Net Assets — 100.0%		2,403,886,322

Notes to Investment Portfolio:

Security Valuation:

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

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

Accounting principles generally accepted in the United States of America (“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)

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

The following table summarizes the inputs used, as of November 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	$	2,343,166,550	$	—	$	—	$	2,343,166,550
Total Short-Term Obligation	—		51,088,000		—		51,088,000
Total Investments	2,343,166,550		51,088,000		—		2,394,254,550
Unrealized Appreciation on Futures Contracts	2,064,521		—		—		2,064,521
Total	$	2,345,231,071	$	51,088,000	$	—	$	2,396,319,071

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $1,986,472,408.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

626,343,629

(218,561,487

)

407,782,142

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Mid Cap Value Fund

		Shares	Value ($)*
Common Stocks — 98.0%
CONSUMER DISCRETIONARY — 13.0%
Auto Components — 1.7%
	BorgWarner, Inc. (a)	718,500	43,354,290
	Tenneco, Inc. (a)	880,200	32,092,092
Auto Components Total			75,446,382
Automobiles — 0.7%
	Harley-Davidson, Inc.	971,200	30,379,136
Automobiles Total			30,379,136
Hotels, Restaurants & Leisure — 2.7%
	Darden Restaurants, Inc.	255,000	12,482,250
	International Game Technology	1,631,634	25,257,695
	Royal Caribbean Cruises Ltd. (a)	1,121,225	45,129,306
	Starwood Hotels & Resorts Worldwide, Inc.	691,500	39,304,860
Hotels, Restaurants & Leisure Total			122,174,111
Household Durables — 1.8%
	D.R. Horton, Inc.	3,552,825	35,670,363
	Stanley Black & Decker, Inc.	771,950	45,954,183
Household Durables Total			81,624,546
Internet & Catalog Retail — 0.5%
	Liberty Media Corp., Interactive, Series A (a)	1,607,700	24,855,042
Internet & Catalog Retail Total			24,855,042
Leisure Equipment & Products — 1.4%
	Hasbro, Inc.	796,550	37,963,573
	Mattel, Inc.	936,350	24,195,284
Leisure Equipment & Products Total			62,158,857
Media — 1.4%
	CBS Corp., Class B	2,109,700	35,527,348
	DISH Network Corp., Class A (a)	1,550,900	28,521,051
Media Total			64,048,399
Specialty Retail — 2.3%
	Foot Locker, Inc.	3,084,600	58,206,402
	Limited Brands, Inc.	1,429,450	48,129,581
Specialty Retail Total			106,335,983

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Textiles, Apparel & Luxury Goods — 0.5%
	Hanesbrands, Inc. (a)	913,850	24,811,028
Textiles, Apparel & Luxury Goods Total			24,811,028
CONSUMER DISCRETIONARY TOTAL			591,833,484
CONSUMER STAPLES — 4.8%
Beverages — 0.7%
	Molson Coors Brewing Co., Class B	670,050	31,927,883
Beverages Total			31,927,883
Food Products — 1.1%
	J.M. Smucker Co.	846,965	53,570,536
Food Products Total			53,570,536
Household Products — 1.4%
	Clorox Co.	624,950	38,628,159
	Energizer Holdings, Inc. (a)	345,800	24,340,862
Household Products Total			62,969,021
Personal Products — 1.6%
	Avon Products, Inc.	1,610,200	45,987,312
	Estée Lauder Companies, Inc., Class A	345,950	25,918,574
Personal Products Total			71,905,886
CONSUMER STAPLES TOTAL			220,373,326
ENERGY — 12.1%
Energy Equipment & Services — 5.2%
	Cameron International Corp. (a)	816,050	39,260,165
	Dresser-Rand Group, Inc. (a)	1,007,750	38,223,958
	Ensco PLC, ADR	783,100	37,118,940
	Noble Corp.	1,016,725	34,487,312
	Pride International, Inc. (a)	1,103,800	34,328,180
	Weatherford International Ltd. (a)	2,585,700	52,774,137
Energy Equipment & Services Total			236,192,692
Oil, Gas & Consumable Fuels — 6.9%
	Cabot Oil & Gas Corp.	1,435,225	50,189,819
	Murphy Oil Corp.	601,300	40,599,776
	Newfield Exploration Co. (a)	573,775	38,345,383
	Peabody Energy Corp.	1,261,505	74,189,109
	QEP Resources, Inc.	711,200	24,984,456

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Spectra Energy Corp.	3,549,300	84,366,861
Oil, Gas & Consumable Fuels Total			312,675,404
ENERGY TOTAL			548,868,096
FINANCIALS — 27.1%
Capital Markets — 2.0%
	Raymond James Financial, Inc.	1,412,950	40,523,406
	TD Ameritrade Holding Corp. (a)	3,104,650	51,971,841
Capital Markets Total			92,495,247
Commercial Banks — 6.4%
	CIT Group, Inc. (a)	866,500	34,192,090
	City National Corp.	830,587	44,619,134
	Comerica, Inc.	943,375	34,423,754
	Cullen/Frost Bankers, Inc.	845,125	45,247,992
	Fifth Third Bancorp.	3,434,000	41,036,300
	Huntington Bancshares, Inc.	3,503,500	20,442,922
	SVB Financial Group (a)	787,777	35,394,821
	Zions Bancorporation	1,643,625	31,968,506
Commercial Banks Total			287,325,519
Consumer Finance — 1.9%
	Discover Financial Services	4,680,109	85,552,392
Consumer Finance Total			85,552,392
Insurance — 6.2%
	ACE Ltd.	755,931	44,237,082
	Assured Guaranty Ltd.	1,542,250	26,233,673
	Axis Capital Holdings Ltd.	1,133,900	40,072,026
	Lincoln National Corp.	2,821,858	67,385,969
	Reinsurance Group of America, Inc.	1,281,775	63,999,026
	XL Group PLC	2,027,123	39,853,238
Insurance Total			281,781,014
Real Estate Investment Trusts (REITs) — 9.1%
	Alexandria Real Estate Equities, Inc.	730,100	48,734,175
	Boston Properties, Inc.	671,050	56,233,990
	Equity Residential Property Trust	1,448,925	72,417,271
	General Growth Properties, Inc.	762,050	12,337,589
	Host Hotels & Resorts, Inc.	2,940,897	48,465,983
	ProLogis	2,464,300	32,060,543
	Rayonier, Inc.	1,288,475	65,660,686
	Taubman Centers, Inc.	910,400	44,181,712
	Weyerhaeuser Co.	2,020,811	33,727,336
Real Estate Investment Trusts (REITs) Total			413,819,285

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Real Estate Management & Development — 0.8%
	CB Richard Ellis Group, Inc., Class A (a)	1,817,700	34,881,663
Real Estate Management & Development Total			34,881,663
Thrifts & Mortgage Finance — 0.7%
	MGIC Investment Corp. (a)	1,413,354	12,041,776
	People’s United Financial, Inc.	1,570,250	19,455,398
Thrifts & Mortgage Finance Total			31,497,174
FINANCIALS TOTAL			1,227,352,294
HEALTH CARE — 4.7%
Health Care Equipment & Supplies — 2.1%
	Cooper Companies, Inc.	482,575	25,817,763
	Teleflex, Inc.	814,925	40,697,354
	Zimmer Holdings, Inc. (a)	537,850	26,494,491
Health Care Equipment & Supplies Total			93,009,608
Health Care Providers & Services — 0.7%
	Community Health Systems, Inc. (a)	997,100	31,767,606
Health Care Providers & Services Total			31,767,606
Life Sciences Tools & Services — 1.4%
	Agilent Technologies, Inc. (a)	1,022,725	35,815,829
	Mettler-Toledo International, Inc. (a)	185,625	26,949,038
Life Sciences Tools & Services Total			62,764,867
Pharmaceuticals — 0.5%
	Watson Pharmaceuticals, Inc. (a)	494,200	24,087,308
Pharmaceuticals Total			24,087,308
HEALTH CARE TOTAL			211,629,389
INDUSTRIALS — 12.7%
Aerospace & Defense — 1.8%
	AerCap Holdings NV (a)	3,363,600	43,693,164
	L-3 Communications Holdings, Inc.	294,750	20,729,767
	Spirit Aerosystems Holdings, Inc., Class A (a)	971,350	18,912,185
Aerospace & Defense Total			83,335,116
Airlines — 0.6%
	Delta Air Lines, Inc. (a)	1,837,700	25,139,736
Airlines Total			25,139,736
Construction & Engineering — 0.9%
	Foster Wheeler AG (a)	1,466,750	41,069,000
Construction & Engineering Total			41,069,000

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Electrical Equipment — 1.1%
	Cooper Industries PLC, Class A	905,375	49,342,938
Electrical Equipment Total			49,342,938
Machinery — 5.1%
	AGCO Corp. (a)	416,375	18,795,168
	Crane Co.	735,000	27,547,800
	Ingersoll-Rand PLC	1,306,350	53,560,350
	Kennametal, Inc.	766,525	25,923,875
	Navistar International Corp. (a)	524,800	26,859,264
	Parker Hannifin Corp.	997,850	80,057,505
Machinery Total			232,743,962
Professional Services — 1.1%
	Manpower, Inc.	841,900	47,415,808
Professional Services Total			47,415,808
Road & Rail — 2.1%
	Canadian Pacific Railway Ltd.	379,000	24,252,210
	Con-way, Inc.	818,173	27,654,247
	Hertz Global Holdings, Inc. (a)	3,524,550	43,210,983
Road & Rail Total			95,117,440
INDUSTRIALS TOTAL			574,164,000
INFORMATION TECHNOLOGY — 6.0%
Communications Equipment — 0.5%
	Brocade Communications Systems, Inc. (a)	4,401,800	21,920,964
Communications Equipment Total			21,920,964
Computers & Peripherals — 1.1%
	Diebold, Inc.	1,594,450	50,097,619
Computers & Peripherals Total			50,097,619
Electronic Equipment, Instruments & Components — 1.9%
	Arrow Electronics, Inc. (a)	1,299,825	40,307,573
	Molex, Inc.	2,116,850	44,030,480
Electronic Equipment, Instruments & Components Total			84,338,053
Semiconductors & Semiconductor Equipment — 1.0%
	Advanced Micro Devices, Inc. (a)	2,459,500	17,929,755
	Atmel Corp. (a)	1,840,500	19,122,795
	Varian Semiconductor Equipment Associates, Inc. (a)	330,700	10,426,971
Semiconductors & Semiconductor Equipment Total			47,479,521
Software — 1.5%
	Autodesk, Inc. (a)	1,047,550	36,968,040

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Nuance Communications, Inc. (a)	1,707,600	30,181,830
Software Total			67,149,870
INFORMATION TECHNOLOGY TOTAL			270,986,027
MATERIALS — 7.2%
Chemicals — 4.5%
	Albemarle Corp.	895,150	48,418,663
	Celanese Corp., Series A	1,216,050	44,993,850
	International Flavors & Fragrances, Inc.	497,400	26,123,448
	LyondellBasell Industries NV, Class A (a)	447,125	13,060,521
	PPG Industries, Inc.	915,175	71,347,043
Chemicals Total			203,943,525
Containers & Packaging — 1.4%
	Packaging Corp. of America	2,484,100	63,717,165
Containers & Packaging Total			63,717,165
Metals & Mining — 1.3%
	United States Steel Corp.	1,181,875	57,450,944
Metals & Mining Total			57,450,944
MATERIALS TOTAL			325,111,634
TELECOMMUNICATION SERVICES — 0.9%
Diversified Telecommunication Services — 0.9%
	Qwest Communications International, Inc.	5,633,550	39,434,850
Diversified Telecommunication Services Total			39,434,850
TELECOMMUNICATION SERVICES TOTAL			39,434,850
UTILITIES — 9.5%
Electric Utilities — 1.9%
	American Electric Power Co., Inc.	1,466,725	52,215,410
	Northeast Utilities	1,152,525	35,843,528
Electric Utilities Total			88,058,938
Independent Power Producers & Energy Traders — 0.5%
	AES Corp. (a)	2,099,674	22,697,476
Independent Power Producers & Energy Traders Total			22,697,476
Multi-Utilities — 7.1%
	CMS Energy Corp.	1,596,800	28,694,496
	PG&E Corp.	964,475	45,262,812
	Public Service Enterprise Group, Inc.	1,274,025	39,278,191
	Sempra Energy	1,303,325	65,283,549
	Wisconsin Energy Corp.	1,247,375	75,116,922

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	Xcel Energy, Inc.	2,781,250	65,359,375
Multi-Utilities Total			318,995,345
UTILITIES TOTAL			429,751,759

	Total Common Stocks (cost of $3,733,853,881)		4,439,504,859
Convertible Preferred Stock — 0.2%
FINANCIALS — 0.2%
Commercial Banks — 0.2%
	Fifth Third Bancorp., 8.500%	84,000	10,983,000
Commercial Banks Total			10,983,000
FINANCIALS TOTAL			10,983,000

	Total Convertible Preferred Stock (cost of $11,887,014)		10,983,000

		Par ($)
Short-Term Obligation — 2.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 07/14/14, market value $94,620,750 (repurchase proceeds $92,764,412)	92,764,000	92,764,000

	Total Short-Term Obligations (cost of $92,764,000)		92,764,000

	Total Investments — 100.3% (cost of $3,838,504,895)(b)(c)		4,543,251,859

	Other Assets & Liabilities, Net — (0.3)%		(15,327,883	)

	Net Assets — 100.0%		4,527,923,976

Notes to Investment Portfolio:
	*	Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market 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.

		Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	4,439,504,859	$	—	$	—	$	4,439,504,859
Total Convertible Preferred Stock	—		10,983,000		—		10,983,000
Total Short-Term Obligation	—		92,764,000		—		92,764,000
Total Investments	$	4,439,504,859	$	103,747,000	$	—	$	4,543,251,859

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.

		(a)	Non-income producing security.
		(b)	Cost for federal income tax purposes is $3,838,504,895.
		(c)	Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Multi-Advisor International Equity Fund

		Shares	Value ($)*
Common Stocks — 98.6%
CONSUMER DISCRETIONARY — 17.1%
Auto Components — 0.2%
	Exedy Corp.	102,300	3,162,513
Auto Components Total			3,162,513
Automobiles — 3.6%
	Daimler AG, Registered Shares (a)	159,823	10,347,696
	Fuji Heavy Industries Ltd.	637,000	4,719,549
	Honda Motor Co., Ltd.	310,300	11,232,622
	Nissan Motor Co., Ltd.	504,800	4,735,500
	Proton Holdings Bhd	2,320,800	3,586,048
	PT Astra International Tbk	634,500	3,648,591
	Toyota Motor Corp.	209,900	8,136,218
Automobiles Total			46,406,224
Distributors — 1.9%
	Li & Fung Ltd.	4,026,000	25,071,587
Distributors Total			25,071,587
Diversified Consumer Services — 0.3%
	Anhanguera Educacional Participacoes SA	185,100	4,294,458
Diversified Consumer Services Total			4,294,458
Hotels, Restaurants & Leisure — 1.8%
	Accor SA	284,150	12,005,904
	Compass Group PLC	841,671	7,267,793
	Genting Berhad	1,168,800	3,724,472
Hotels, Restaurants & Leisure Total			22,998,169
Household Durables — 1.6%
	Panasonic Corp.	530,100	7,597,516
	PDG Realty SA Empreendimentos e Participacoes	2,270,100	13,756,176
Household Durables Total			21,353,692
Internet & Catalog Retail — 0.5%
	DeNA Co., Ltd.	201,000	5,860,619
Internet & Catalog Retail Total			5,860,619
Leisure Equipment & Products — 0.3%
	Altek Corp.	2,978,584	4,006,377
Leisure Equipment & Products Total			4,006,377
Media — 2.0%
	Daiichikosho Co., Ltd.	470,500	8,348,068
	Naspers Ltd., Class N	145,514	7,258,634
	Publicis Groupe SA	227,593	10,167,885
Media Total			25,774,587

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Specialty Retail — 2.2%
	Game Group PLC	3,636,365	3,899,468
	Halfords Group PLC	472,579	3,005,762
	Inditex SA	264,218	19,906,289
	USS Co., Ltd.	27,760	1,999,935
Specialty Retail Total			28,811,454
Textiles, Apparel & Luxury Goods — 2.7%
	Adidas AG	109,837	6,895,857
	LG Fashion Corp.	127,000	3,436,305
	Pandora A/S (a)	130,994	6,843,813
	Swatch Group AG	42,870	17,208,271
Textiles, Apparel & Luxury Goods Total			34,384,246
CONSUMER DISCRETIONARY TOTAL			222,123,926
CONSUMER STAPLES — 6.8%
Beverages — 1.6%
	Anheuser-Busch InBev NV	194,466	10,651,525
	Cott Corp. (a)	350,066	2,905,548
	Pernod-Ricard SA	91,458	7,451,660
Beverages Total			21,008,733
Food & Staples Retailing — 2.8%
	FamilyMart Co., Ltd.	250,500	8,524,961
	Koninklijke Ahold NV	401,818	4,854,255
	Matsumotokiyoshi Holdings Co., Ltd.	143,000	2,884,402
	Metro AG	138,779	9,954,576
	Tesco PLC	1,707,141	10,998,660
Food & Staples Retailing Total			37,216,854
Food Products — 1.6%
	Balrampur Chini Mills Ltd.	2,073,776	3,451,736
	Nestle SA, Registered Shares	318,533	17,306,153
Food Products Total			20,757,889
Household Products — 0.8%
	Reckitt Benckiser Group PLC	189,562	10,022,543
Household Products Total			10,022,543
CONSUMER STAPLES TOTAL			89,006,019
ENERGY — 10.0%
Energy Equipment & Services — 1.6%
	Core Laboratories NV	35,529	3,041,282
	Noble Corp.	143,178	4,856,598
	Seadrill Ltd.	295,153	9,030,035

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Shinko Plantech Co., Ltd.	503,900	4,156,599
Energy Equipment & Services Total			21,084,514
Oil, Gas & Consumable Fuels — 8.4%
	AWE Ltd. (a)	1,861,846	2,873,770
	BP PLC	1,996,861	13,275,971
	CNOOC Ltd.	3,155,089	6,816,542
	ENI SpA	302,325	6,078,693
	OGX Petroleo e Gas Participacoes SA (a)	2,128,600	24,704,969
	Rosneft Oil Co., GDR	620,681	4,092,607
	Royal Dutch Shell PLC, Class B	589,191	17,473,336
	Total SA	364,972	17,663,228
	Tullow Oil PLC	741,001	13,209,308
	Yanzhou Coal Mining Co., Ltd., Class H	1,084,600	3,002,368
Oil, Gas & Consumable Fuels Total			109,190,792
ENERGY TOTAL			130,275,306
FINANCIALS — 24.2%
Capital Markets — 2.7%
	Credit Suisse Group AG, Registered Shares	166,110	6,141,392
	Deutsche Bank AG, Registered Shares	134,094	6,371,933
	ICAP PLC	734,628	5,423,860
	Intermediate Capital Group PLC	1,146,465	5,583,686
	Julius Baer Group Ltd.	198,137	7,522,837
	Tokai Tokyo Financial Holdings, Inc.	1,009,000	3,701,592
Capital Markets Total			34,745,300
Commercial Banks — 11.8%
	Australia & New Zealand Banking Group Ltd.	603,425	13,075,865
	Banco Bilbao Vizcaya Argentaria SA	818,824	7,513,970
	Banco Santander SA	1,524,130	14,447,300
	Bangkok Bank PCL, Foreign Registered Shares	750,900	3,576,260
	Bank of China Ltd., Class H	6,670,000	3,548,482
	Barclays PLC	2,191,111	8,804,473
	BNP Paribas	262,767	15,532,317
	Commonwealth Bank of Australia	141,397	6,528,565
	HSBC Holdings PLC	1,013,237	10,207,487
	ICICI Bank Ltd., ADR	407,935	20,413,067
	Mitsubishi UFJ Financial Group, Inc.	900,600	4,261,702
	Mizuho Financial Group, Inc.	5,155,500	8,124,658
	National Bank of Canada	59,000	3,899,040

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	National Bank of Greece SA (a)	293,438	2,471,809
	National Bank of Pakistan	4,027,180	3,160,697
	Standard Chartered PLC	389,757	10,486,134
	Sumitomo Mitsui Financial Group, Inc.	379,100	11,637,798
	Turkiye Is Bankasi, Class C	797,087	3,087,472
	UCO Bank	1,126,141	3,390,337
Commercial Banks Total			154,167,433
Diversified Financial Services — 0.9%
	Fuyo General Lease Co., Ltd.	176,400	5,179,118
	ING Groep NV (a)	797,114	7,045,429
Diversified Financial Services Total			12,224,547
Insurance — 4.5%
	Allianz SE, Registered Shares	43,391	4,760,225
	Baloise Holding AG, Registered Shares	73,706	6,282,793
	Lincoln National Corp.	150,684	3,598,334
	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares	45,807	6,361,582
	Ping An Insurance Group Co. of China, Ltd., Class H	1,347,000	15,629,219
	Sampo OYJ, Class A	254,803	6,232,406
	XL Group PLC	203,081	3,992,572
	Zurich Financial Services AG, Registered Shares	50,740	11,290,200
Insurance Total			58,147,331
Real Estate Investment Trusts (REITs) — 0.8%
	Japan Retail Fund Investment Corp.	4,467	7,189,946
	Wereldhave NV	36,569	3,218,184
Real Estate Investment Trusts (REITs) Total			10,408,130
Real Estate Management & Development — 3.5%
	BR Malls Participacoes SA	1,236,100	12,183,652
	CapitaLand Ltd.	3,042,500	8,311,441
	Cheung Kong Holdings Ltd.	438,300	6,456,238
	Hang Lung Properties Ltd.	1,760,000	8,146,253
	Hongkong Land Holdings Ltd.	894,000	6,058,720

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Sinolink Worldwide Holdings Ltd.	26,412,000	3,911,922
Real Estate Management & Development Total			45,068,226
FINANCIALS TOTAL			314,760,967
HEALTH CARE — 7.0%
Biotechnology — 0.4%
	Celgene Corp. (a)	78,285	4,648,563
Biotechnology Total			4,648,563
Health Care Providers & Services — 0.4%
	Miraca Holdings, Inc.	142,300	5,028,163
Health Care Providers & Services Total			5,028,163
Pharmaceuticals — 6.2%
	AstraZeneca PLC	242,391	11,289,460
	AstraZeneca PLC, ADR	11,048	518,482
	GlaxoSmithKline PLC	488,758	9,255,681
	Novartis AG, Registered Shares	144,400	7,684,443
	Novo-Nordisk A/S, Class B	134,988	13,375,249
	Recordati SpA	647,643	5,580,572
	Sanofi-Aventis SA	189,523	11,451,202
	Santen Pharmaceutical Co., Ltd.	133,300	4,582,206
	Teva Pharmaceutical Industries Ltd., ADR	342,840	17,155,713
Pharmaceuticals Total			80,893,008
HEALTH CARE TOTAL			90,569,734
INDUSTRIALS — 11.1%
Aerospace & Defense — 0.6%
	Rolls-Royce Group PLC, Class C (a)(b)	46,153,472	71,789
	Rolls-Royce Group PLC (a)	758,511	7,190,842
Aerospace & Defense Total			7,262,631
Airlines — 0.2%
	Turk Hava Yollari A.O. (a)	727,535	2,643,140
Airlines Total			2,643,140
Building Products — 1.0%
	Assa Abloy AB, Class B	236,217	6,337,495
	Daikin Industries Ltd.	194,888	6,998,418
Building Products Total			13,335,913
Commercial Services & Supplies — 0.4%
	Aeon Delight Co., Ltd.	303,300	5,454,423
Commercial Services & Supplies Total			5,454,423
Construction & Engineering — 0.3%
	Macmahon Holdings Ltd.	7,401,143	3,819,676
Construction & Engineering Total			3,819,676

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Electrical Equipment — 1.9%
	Schneider Electric SA	122,415	17,170,916
	Sensata Technologies Holding NV (a)	248,049	6,895,762
Electrical Equipment Total			24,066,678
Industrial Conglomerates — 1.8%
	DCC PLC	227,141	5,938,776
	Siemens AG, Registered Shares	131,594	14,395,202
	Tyco International Ltd.	91,078	3,450,945
Industrial Conglomerates Total			23,784,923
Machinery — 1.2%
	Komatsu Ltd.	559,800	15,506,601
Machinery Total			15,506,601
Professional Services — 0.6%
	Atkins WS PLC	385,169	4,196,024
	Teleperformance	127,777	3,807,559
Professional Services Total			8,003,583
Road & Rail — 1.1%
	Canadian National Railway Co.	224,745	14,372,443
Road & Rail Total			14,372,443
Trading Companies & Distributors — 2.0%
	ITOCHU Corp.	535,000	4,961,174
	Kloeckner & Co., SE (a)	191,423	4,813,658
	Marubeni Corp.	1,396,000	9,058,485
	Mitsui & Co., Ltd.	494,100	7,717,279
Trading Companies & Distributors Total			26,550,596
INDUSTRIALS TOTAL			144,800,607
INFORMATION TECHNOLOGY — 5.7%
Communications Equipment — 0.6%
	HTC Corp.	280,550	7,757,448
Communications Equipment Total			7,757,448
Electronic Equipment, Instruments & Components — 1.0%
	FUJIFILM Holdings Corp.	111,400	3,732,057
	Hitachi Ltd.	558,000	2,640,389
	Venture Corp., Ltd.	610,000	4,155,977
	Young Fast Optoelectronics Co., Ltd.	240,082	2,600,469
Electronic Equipment, Instruments & Components Total			13,128,892
Internet Software & Services — 1.5%
	Baidu, Inc., ADR (a)	66,604	7,006,075
	Mail.ru Group Ltd., GDR (a)(c)	47,068	1,929,788

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	MercadoLibre, Inc. (a)	113,468	7,218,834
	Tencent Holdings Ltd.	159,200	3,506,275
Internet Software & Services Total			19,660,972
IT Services — 0.3%
	Groupe Steria SCA	148,689	3,418,684
IT Services Total			3,418,684
Office Electronics — 1.2%
	Canon, Inc.	345,000	16,229,829
Office Electronics Total			16,229,829
Semiconductors & Semiconductor Equipment — 1.1%
	ARM Holdings PLC	449,953	2,791,679
	Infineon Technologies AG (a)	429,722	3,827,874
	Macronix International	7,728,000	4,614,840
	Solarfun Power Holdings Co., Ltd., ADR (a)	291,008	2,418,276
Semiconductors & Semiconductor Equipment Total			13,652,669
INFORMATION TECHNOLOGY TOTAL			73,848,494
MATERIALS — 6.4%
Chemicals — 3.4%
	BASF SE	346,989	25,938,339
	Clariant AG, Registered Shares (a)	307,002	5,538,455
	Kansai Paint Co., Ltd.	617,000	5,640,237
	Makhteshim-Agan Industries Ltd. (a)	223,757	923,749
	Novozymes A/S, Class B	47,625	6,211,714
Chemicals Total			44,252,494
Metals & Mining — 2.6%
	Aurubis AG	50,040	2,424,335
	Eastern Platinum Ltd. (a)	1,934,800	2,921,377
	First Quantum Minerals Ltd.	33,996	3,020,248
	Teck Resources Ltd., Class B	167,929	8,344,511
	ThyssenKrupp AG	271,332	10,378,537
	Xstrata PLC	347,817	6,977,863
Metals & Mining Total			34,066,871
Paper & Forest Products — 0.4%
	Svenska Cellulosa AB, Class B	380,711	5,547,021
Paper & Forest Products Total			5,547,021
MATERIALS TOTAL			83,866,386
TELECOMMUNICATION SERVICES — 6.5%
Diversified Telecommunication Services — 2.6%
	BCE, Inc.	211,400	7,147,917
	Nippon Telegraph & Telephone Corp.	133,500	6,040,342

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Tele2 AB, Class B	332,148	6,641,458
	Telefonica SA	334,663	7,122,079
	Telenor ASA	449,177	6,452,520
Diversified Telecommunication Services Total			33,404,316
Wireless Telecommunication Services — 3.9%
	Advanced Info Service PCL, Foreign Registered Shares	835,400	2,500,949
	Freenet AG	597,464	5,705,767
	Millicom International Cellular SA	109,960	9,542,329
	MTN Group Ltd.	777,073	13,278,832
	Softbank Corp.	119,900	4,155,016
	Vivo Participacoes SA, ADR	132,884	3,836,361
	Vodafone Group PLC	4,926,509	12,310,958
Wireless Telecommunication Services Total			51,330,212
TELECOMMUNICATION SERVICES TOTAL			84,734,528
UTILITIES — 3.8%
Electric Utilities — 1.9%
	E.ON AG	152,702	4,380,660
	Enel SpA	1,827,154	8,580,729
	Fortum OYJ	272,585	7,189,907
	Okinawa Electric Power Co., Inc.	90,600	4,119,257
Electric Utilities Total			24,270,553
Independent Power Producers & Energy Traders — 0.5%
	Drax Group PLC	721,776	3,972,620
	Energy Development Corp.	22,274,300	2,828,465
Independent Power Producers & Energy Traders Total			6,801,085
Multi-Utilities — 1.0%
	AGL Energy Ltd.	288,828	4,248,940
	RWE AG	131,959	8,213,309
Multi-Utilities Total			12,462,249
Water Utilities — 0.4%
	Cia de Saneamento Basico do Estado de Sao Paulo	135,700	3,006,674
	Guangdong Investment Ltd.	4,718,000	2,357,688
Water Utilities Total			5,364,362
UTILITIES TOTAL			48,898,249
	Total Common Stocks (cost of $1,111,077,533)		1,282,884,216

		Par ($)
Short-Term Obligation — 1.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by U.S. Government Agency obligations with various maturities to 07/17/15, market value $18,019,813 (repurchase proceeds $17,659,078)	17,659,000	17,659,000

	Total Short-Term Obligation (cost of $17,659,000)		17,659,000

	Total Investments — 100.5% (cost of $1,136,235,125)(d)(e)		1,307,363,668

	Other Assets & Liabilities, Net — (0.5)%		(6,626,886	)

	Net Assets — 100.0%		1,300,736,782

Notes to Investment Portfolio:

Security Valuation:

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.

Purchased options are valued at the last reported sale price, or in the absence of a sale, at the last quoted bid price.

Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

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

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the 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.

Accounting principles generally accepted in the United States of America (“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)

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

The following table summarizes the inputs used, as of November 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
Common Stocks
Consumer Discretionary	$	18,050,634		$	204,073,292		$	—	$	222,123,926
Consumer Staples	2,905,548			86,100,471			—		89,006,019
Energy	36,695,456			93,579,850			—		130,275,306
Financials	50,145,385			264,615,582			—		314,760,967
Health Care	22,322,758			68,246,976			—		90,569,734
Industrials	24,719,150			120,009,668			71,789		144,800,607
Information Technology	16,643,185			57,205,309			—		73,848,494
Materials	14,286,136			69,580,250			—		83,866,386
Telecommunication Services	20,526,607			64,207,921			—		84,734,528
Utilities	3,006,674			45,891,575			—		48,898,249
Total Common Stocks	209,301,533			1,073,510,894			71,789		1,282,884,216
Total Investment Company	6,487,812			—			—		6,487,812
Total Purchased Call Options	332,640			—			—		332,640
Total Short-Term Obligation	—			17,659,000			—		17,659,000
Total Investments	216,121,985			1,091,169,894			71,789		1,307,363,668
Total Written Call Option Contracts	(46,600		)	—			—		(46,600		)
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	—			1,850,932			—		1,850,932
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	—			(4,456,293		)	—		(4,456,293		)
Total	$	216,075,385		$	1,088,564,533		$	71,789	$	1,304,711,707

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

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.

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

Investments in Securities	Balance as of February 28, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2010
Common Stocks Financials	$	—	$	—	$	(1,316	)	$	73,105	$	—	$	—	$	—	$	71,789

The change in unrealized depreciation attributable to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $1,316.

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

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

(a)

Non-income producing security.

(b)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2010, the value of this security amounted to $71,789, which represents less than 0.1% of net assets.

(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, the value of this security, which is not illiquid, amounted to $1,929,788, which represents 0.1% of net assets.

(d)

Cost for federal income tax purposes is $1,136,235,125.

(e)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

216,315,805

(45,187,262

)

171,128,543

At November 30, 2010, the Fund held the following written call option contracts:

Equity Risk

Name of Issuer	Strike Price		Number of Contracts	Expiration Date	Premium		Value
CBOE SPX Volatility Index	$	42.5	2,330	12/22/10	$	170,932	$	(46,600	)

For the nine months ended November 30, 2010, transactions in written call option contracts were as follows:

	Number of contracts		Premium received
Options outstanding at February 28, 2010	618		$	39,551
Options written	24,196		940,549
Options terminated in closing purchase transactions	(8,764	)	(499,675		)
Options exercised	(5,041	)	(20,163		)
Options expired	(8,679	)	(289,330		)
Options outstanding at November 30, 2010	2,330		$	170,932

Forward foreign currency exchange contracts outstanding on November 30, 2010 are:

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Depreciation
Barclays Bank PLC	AUD	$	31,745,717	$	33,112,328	02/10/11	$	(1,366,611	)
Barclays Bank PLC	EUR	40,637,270		42,878,001		02/10/11	(2,240,731		)
Barclays Bank PLC	GBP	9,603,705		9,960,104		02/10/11	(356,399		)
Barclays Bank PLC	JPY	13,025,301		13,244,355		02/10/11	(219,054		)
Barclays Bank PLC	SEK	4,447,329		4,603,337		02/10/11	(156,008		)
Barclays Bank PLC	SGD	4,528,017		4,645,507		02/10/11	(117,490		)
							$	(4,456,293	)

Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation
Barclays Bank PLC	AUD	$	3,690,633	$	3,714,230	02/10/11	$	23,597
Barclays Bank PLC	CAD	19,403,461		19,853,055		02/10/11	449,594
Barclays Bank PLC	CHF	19,259,996		19,931,984		02/10/11	671,988
Barclays Bank PLC	DKK	1,876,031		1,980,228		02/10/11	104,197
Barclays Bank PLC	KRW	3,176,275		3,319,311		02/10/11	143,036
Barclays Bank PLC	MYR	3,234,919		3,297,020		02/10/11	62,101
Barclays Bank PLC	RUB	3,228,584		3,325,959		02/10/11	97,375
Barclays Bank PLC	THB	6,480,669		6,585,625		02/10/11	104,956
Barclays Bank PLC	TWD	13,081,216		13,275,304		02/10/11	194,088
							$	1,850,932

	Acronym		Name

	ADR		American Depositary Receipt
	AUD		Australian Dollar
	CAD		Canadian Dollar
	CHF		Swiss Franc
	DKK		Danish Krone
	EUR		Euro
	GBP		Pound Sterling
	GDR		Global Depositary Receipt
	JPY		Japanese Yen
	KRW		South Korean Won
	MYR		Malaysian Ringgit
	RUB		New Russian Ruble
	SEK		Swedish Krona
	SGD		Singapore Dollar
	THB		Thailand Baht
	TWD		New Taiwan Dollar

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)	Columbia Overseas Value Fund

		Shares	Value ($)*
Common Stocks — 101.3%
CONSUMER DISCRETIONARY — 8.1%
Auto Components — 0.5%
	Exedy Corp.	1,300	40,188
Auto Components Total			40,188
Automobiles — 3.5%
	Fuji Heavy Industries Ltd.	8,000	59,272
	Nissan Motor Co., Ltd.	6,300	59,100
	Proton Holdings Bhd	28,100	43,420
	Toyota Motor Corp.	2,600	100,782
Automobiles Total			262,574
Leisure Equipment & Products — 0.7%
	Altek Corp.	38,767	52,144
Leisure Equipment & Products Total			52,144
Media — 1.3%
	Daiichikosho Co., Ltd.	5,800	102,909
Media Total			102,909
Specialty Retail — 1.5%
	Game Group PLC	45,453	48,741
	Halfords Group PLC	5,914	37,615
	USS Co., Ltd.	340	24,495
Specialty Retail Total			110,851
Textiles, Apparel & Luxury Goods — 0.6%
	LG Fashion Corp.	1,610	43,563
Textiles, Apparel & Luxury Goods Total			43,563
CONSUMER DISCRETIONARY TOTAL			612,229
CONSUMER STAPLES — 2.4%
Beverages — 0.5%
	Cott Corp. (a)	4,278	35,507
Beverages Total			35,507
Food & Staples Retailing — 1.3%
	Koninklijke Ahold NV	4,977	60,126
	Matsumotokiyoshi Holdings Co., Ltd.	1,900	38,324
Food & Staples Retailing Total			98,450
Food Products — 0.6%
	Balrampur Chini Mills Ltd.	26,485	44,084
Food Products Total			44,084
CONSUMER STAPLES TOTAL			178,041
ENERGY — 12.1%
Energy Equipment & Services — 1.5%
	Noble Corp. (a)	1,833	62,175

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Shinko Plantech Co., Ltd.	6,300	51,968
Energy Equipment & Services Total			114,143
Oil, Gas & Consumable Fuels — 10.6%
	AWE Ltd. (a)	23,520	36,303
	BP PLC	24,613	163,638
	ENI SpA	3,814	76,686
	Rosneft Oil Co., GDR	7,709	50,831
	Royal Dutch Shell PLC, Class B	7,289	216,166
	Total SA	4,513	218,412
	Yanzhou Coal Mining Co., Ltd., Class H	13,400	37,094
Oil, Gas & Consumable Fuels Total			799,130
ENERGY TOTAL			913,273
FINANCIALS — 32.7%
Capital Markets — 4.5%
	Credit Suisse Group AG, Registered Shares	2,047	75,681
	Deutsche Bank AG, Registered Shares	1,666	79,166
	ICAP PLC	9,188	67,836
	Intermediate Capital Group PLC	14,395	70,109
	Tokai Tokyo Financial Holdings, Inc.	13,000	47,691
Capital Markets Total			340,483
Commercial Banks — 14.8%
	Australia & New Zealand Banking Group Ltd.	7,414	160,657
	Banco Bilbao Vizcaya Argentaria SA	10,159	93,225
	Banco Santander SA	18,752	177,751
	Bangkok Bank PCL, Foreign Registered Shares	9,600	45,721
	Bank of China Ltd., Class H	87,000	46,285
	BNP Paribas	1,914	113,138
	Commonwealth Bank of Australia	1,781	82,232
	Mitsubishi UFJ Financial Group, Inc.	11,500	54,419
	National Bank of Canada	768	50,754
	National Bank of Greece SA (a)	3,565	30,030
	National Bank of Pakistan	49,250	38,653
	Sumitomo Mitsui Financial Group, Inc.	4,600	141,213
	Turkiye Is Bankasi, Class C	9,748	37,758
	UCO Bank	13,922	41,913
Commercial Banks Total			1,113,749

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Diversified Financial Services — 2.0%
	Fuyo General Lease Co., Ltd.	2,200	64,592
	ING Groep NV (a)	9,747	86,151
Diversified Financial Services Total			150,743
Insurance — 7.0%
	Allianz SE, Registered Shares	546	59,899
	Baloise Holding AG, Registered Shares	910	77,570
	Lincoln National Corp.	1,939	46,303
	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares	565	78,466
	Sampo Oyj, Class A	3,149	77,024
	XL Group PLC	2,534	49,818
	Zurich Financial Services AG, Registered Shares	630	140,182
Insurance Total			529,262
Real Estate Investment Trusts (REITs) — 1.7%
	Japan Retail Fund Investment Corp.	56	90,136
	Wereldhave NV	461	40,569
Real Estate Investment Trusts (REITs) Total			130,705
Real Estate Management & Development — 2.7%
	Cheung Kong Holdings Ltd.	5,500	81,016
	Hongkong Land Holdings Ltd.	11,000	74,548
	Sinolink Worldwide Holdings Ltd.	344,000	50,950
Real Estate Management & Development Total			206,514
FINANCIALS TOTAL			2,471,456
HEALTH CARE — 9.9%
Biotechnology — 0.8%
	Celgene Corp. (a)	964	57,242
Biotechnology Total			57,242
Health Care Providers & Services — 0.8%
	Miraca Holdings, Inc.	1,800	63,603
Health Care Providers & Services Total			63,603
Pharmaceuticals — 8.3%
	AstraZeneca PLC	3,113	144,989
	GlaxoSmithKline PLC	6,016	113,926
	Novartis AG, Registered Shares	1,777	94,565
	Recordati SpA	8,298	71,502
	Sanofi-Aventis SA	2,345	141,688

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Santen Pharmaceutical Co., Ltd.	1,700	58,438
Pharmaceuticals Total			625,108
HEALTH CARE TOTAL			745,953
INDUSTRIALS — 7.7%
Airlines — 0.4%
	Turk Hava Yollari A.O. (a)	9,119	33,129
Airlines Total			33,129
Commercial Services & Supplies — 0.9%
	Aeon Delight Co., Ltd.	3,800	68,338
Commercial Services & Supplies Total			68,338
Construction & Engineering — 0.6%
	Macmahon Holdings Ltd.	90,666	46,792
Construction & Engineering Total			46,792
Industrial Conglomerates — 1.6%
	DCC PLC	2,831	74,019
	Tyco International Ltd.	1,155	43,763
Industrial Conglomerates Total			117,782
Professional Services — 1.3%
	Atkins WS PLC	4,750	51,746
	Teleperformance	1,642	48,929
Professional Services Total			100,675
Trading Companies & Distributors — 2.9%
	ITOCHU Corp.	6,500	60,276
	Kloeckner & Co., SE (a)	2,374	59,698
	Mitsui & Co., Ltd.	6,200	96,837
Trading Companies & Distributors Total			216,811
INDUSTRIALS TOTAL			583,527
INFORMATION TECHNOLOGY — 4.8%
Electronic Equipment, Instruments & Components — 2.2%
	FUJIFILM Holdings Corp.	1,400	46,902
	Hitachi Ltd.	7,000	33,123
	Venture Corp., Ltd.	8,000	54,505
	Young Fast Optoelectronics Co., Ltd.	3,095	33,524
Electronic Equipment, Instruments & Components Total			168,054
IT Services — 0.6%
	Groupe Steria SCA	1,935	44,490
IT Services Total			44,490

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Office Electronics — 0.9%
	Canon, Inc.	1,400	65,860
Office Electronics Total			65,860
Semiconductors & Semiconductor Equipment — 1.1%
	Macronix International	94,267	56,292
	Solarfun Power Holdings Co., Ltd., ADR (a)	3,596	29,883
Semiconductors & Semiconductor Equipment Total			86,175
INFORMATION TECHNOLOGY TOTAL			364,579
MATERIALS — 5.2%
Chemicals — 2.9%
	BASF SE	895	66,904
	Clariant AG, Registered Shares (a)	3,806	68,662
	Kansai Paint Co., Ltd.	8,000	73,131
	Makhteshim-Agan Industries Ltd. (a)	2,751	11,357
Chemicals Total			220,054
Metals & Mining — 1.4%
	Aurubis AG	626	30,328
	Eastern Platinum Ltd. (a)	24,000	36,238
	First Quantum Minerals Ltd.	446	39,623
Metals & Mining Total			106,189
Paper & Forest Products — 0.9%
	Svenska Cellulosa AB, Class B	4,621	67,329
Paper & Forest Products Total			67,329
MATERIALS TOTAL			393,572
TELECOMMUNICATION SERVICES — 10.3%
Diversified Telecommunication Services — 5.6%
	BCE, Inc.	2,638	89,197
	Nippon Telegraph & Telephone Corp.	1,700	76,918
	Tele2 AB, Class B	4,184	83,661
	Telefonica SA	4,194	89,254
	Telenor ASA	5,632	80,905
Diversified Telecommunication Services Total			419,935
Wireless Telecommunication Services — 4.7%
	Advanced Info Service PCL, Foreign Registered Shares	10,400	31,135
	Freenet AG	7,353	70,221
	Softbank Corp.	1,500	51,981
	Vivo Participacoes SA, ADR	1,687	48,704

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Vodafone Group PLC	61,548	153,803
Wireless Telecommunication Services Total			355,844
TELECOMMUNICATION SERVICES TOTAL			775,779
UTILITIES — 8.1%
Electric Utilities — 4.0%
	E.ON AG	1,891	54,248
	Enel SpA	22,789	107,022
	Fortum Oyj	3,379	89,127
	Okinawa Electric Power Co., Inc.	1,200	54,560
Electric Utilities Total			304,957
Independent Power Producers & Energy Traders — 1.1%
	Drax Group PLC	9,320	51,297
	Energy Development Corp.	276,000	35,047
Independent Power Producers & Energy Traders Total			86,344
Multi-Utilities — 2.1%
	AGL Energy Ltd.	3,570	52,518
	RWE AG	1,644	102,325
Multi-Utilities Total			154,843
Water Utilities — 0.9%
	Cia de Saneamento Basico do Estado de Sao Paulo	1,800	39,882
	Guangdong Investment Ltd.	60,000	29,984
Water Utilities Total			69,866
UTILITIES TOTAL			616,010

	Total Common Stocks (cost of $7,984,708)		7,654,419

Purchased Call Option — 0.1%
	CBOE SPX Volatility Index (b) Strike Price: $30.00 Expiration: 12/22/10	46	4,140

	Total Purchased Call Option (cost of $11,939)		4,140

	Total Investments — 101.4% (cost of $7,996,647)(c)(d)		7,658,559

	Other Assets & Liabilities, Net — (1.4)%		(107,261	)

	Net Assets — 100.0%		7,551,298

Notes to Investment Portfolio:

	*	Security Valuation: Equity securities, are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Purchased options are valued at the last reported sale price, or in the absence of a sale, at the last quoted bid price. Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies. 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. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of November 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
Common Stocks
Consumer Discretionary	$	—		$	612,229		$	—	$	612,229
Consumer Staples	35,507			142,534			—		178,041
Energy	113,006			800,267			—		913,273
Financials	221,423			2,250,033			—		2,471,456
Health Care	57,242			688,711			—		745,953
Industrials	43,763			539,764			—		583,527
Information Technology	29,883			334,696			—		364,579
Materials	75,861			317,711			—		393,572
Telecommunication Services	137,901			637,878			—		775,779
Utilities	39,882			576,128			—		616,010
Total Common Stocks	754,468			6,899,951			—		7,654,419
Total Purchased Call Option	4,140			—			—		4,140
Total Investments	758,608			6,899,951			—		7,658,559
Value of Written Call Option Contracts	(560		)	—			—		(560		)
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	—			23,164			—		23,164
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	—			(56,515		)	—		(56,515		)
Total	$	758,048		$	6,866,600		$	—	$	7,624,648

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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

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

(a)

Non-income producing security.

(b)

All or a portion of this security is pledged as collateral for open written option contracts.

(c)

Cost for federal income tax purposes is $7,996,647.

(d)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

808,660

(1,146,748

)

(338,088

)

Forward foreign currency exchange contracts outstanding on November 30, 2010 are :

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized (Depreciation)
Morgan Stanley Capital Services, Inc.	AUD	$	396,239	$	413,326	02/10/11	$	(17,087	)
Morgan Stanley Capital Services, Inc.	EUR	513,886		542,485		02/10/11	(28,599		)
Morgan Stanley Capital Services, Inc.	GBP	129,044		133,854		02/10/11	(4,810		)
Morgan Stanley Capital Services, Inc.	JPY	153,747		156,459		02/10/11	(2,712		)
Morgan Stanley Capital Services, Inc.	SEK	56,324		58,263		02/10/11	(1,939		)
Morgan Stanley Capital Services, Inc.	SGD	53,770		55,138		02/10/11	(1,368		)
							$	(56,515	)

Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation
Morgan Stanley Capital Services, Inc.	AUD	$	45,610	$	45,883	02/10/11	$	273
Morgan Stanley Capital Services, Inc.	CAD	246,106		251,816		02/10/11	5,710
Morgan Stanley Capital Services, Inc.	CHF	237,433		245,617		02/10/11	8,184
Morgan Stanley Capital Services, Inc.	DKK	23,337		24,614		02/10/11	1,277
Morgan Stanley Capital Services, Inc.	KRW	40,264		41,953		02/10/11	1,689
Morgan Stanley Capital Services, Inc.	MYR	38,983		39,882		02/10/11	899
Morgan Stanley Capital Services, Inc.	RUB	40,054		41,192		02/10/11	1,138
Morgan Stanley Capital Services, Inc.	THB	82,129		83,389		02/10/11	1,260
Morgan Stanley Capital Services, Inc.	TWD	165,364		168,098		02/10/11	2,734
							$	23,164

At November 30, 2010, the Fund held the following written call option contracts:

Equity Risk

	Strike		Number of	Expiration
Name of Issuer	Price		Contracts	Date	Premium		Value
CBOE SPX Volatility Index	$	42.5	28	12/22/10	$	2,072	$	(560	)
Total written call options (proceeds $2,072)

For the nine months ended November 30, 2010, transactions in written option contracts were as follows:

	Number of contracts	Premium received
Options outstanding at February 28, 2010	3	$	192
Options written	284	10,230
Options terminated in closing purchase transactions	(101)	(5,940		)
Options exercised	(60)	(240		)
Options expired	(98)	(2,170		)
Options outstanding at November 30, 2010	28	$	2,072

	Acronym	Name

	ADR	American Depositary Receipt
	AUD	Australian Dollar
	CAD	Canadian Dollar
	CHF	Swiss Franc
	DKK	Danish Krone
	EUR	Euro
	GBP	Pound Sterling
	GDR	Global Depository Receipt
	JPY	Japanese Yen
	KRW	South Korean Won
	MYR	Malaysian Ringgit
`	RUB	New Russian Ruble
	SEK	Swedish Krona
	SGD	Singapore Dollar
	THB	Thailand Baht
	TWD	New Taiwan Dollar

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Small Cap Growth Fund II

		Shares	Value ($)*
Common Stocks — 99.8%
CONSUMER DISCRETIONARY — 20.1%
Auto Components — 2.4%
	Cooper Tire & Rubber Co.	251,055	5,244,539
	Tenneco, Inc. (a)	79,545	2,900,211
Auto Components Total			8,144,750
Diversified Consumer Services — 1.9%
	Capella Education Co. (a)	42,152	2,309,508
	Grand Canyon Education, Inc. (a)	119,676	2,278,631
	Xueda Education Group, ADR (a)	150,505	1,858,737
Diversified Consumer Services Total			6,446,876
Hotels, Restaurants & Leisure — 1.7%
	BJ’s Restaurants, Inc. (a)	95,425	3,497,326
	Home Inns & Hotels Management, Inc., ADR (a)	48,310	2,300,039
Hotels, Restaurants & Leisure Total			5,797,365
Household Durables — 1.9%
	Tempur-Pedic International, Inc. (a)	188,930	6,633,332
Household Durables Total			6,633,332
Internet & Catalog Retail — 0.7%
	Shutterfly, Inc. (a)	72,980	2,408,340
Internet & Catalog Retail Total			2,408,340
Leisure Equipment & Products — 0.6%
	Polaris Industries, Inc.	28,105	2,042,953
Leisure Equipment & Products Total			2,042,953
Media — 2.3%
	Cinemark Holdings, Inc.	91,855	1,612,055
	Imax Corp. (a)	156,055	4,246,256
	Knology, Inc. (a)	142,299	2,189,982
Media Total			8,048,293
Multiline Retail — 0.6%
	Gordmans Stores, Inc. (a)	156,313	1,994,554
Multiline Retail Total			1,994,554
Specialty Retail — 3.9%
	Body Central Corp. (a)	137,926	1,684,076
	Children’s Place Retail Stores, Inc. (a)	34,845	1,808,804
	DSW, Inc., Class A (a)	44,865	1,754,222
	Jo-Ann Stores, Inc. (a)	63,725	3,086,839
	Pier 1 Imports, Inc. (a)	287,050	2,801,608
	Vitamin Shoppe, Inc. (a)	84,417	2,491,146
Specialty Retail Total			13,626,695

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Textiles, Apparel & Luxury Goods — 4.1%
	CROCS, Inc. (a)	265,055	4,650,390
	Deckers Outdoor Corp. (a)	33,920	2,608,448
	Lululemon Athletica, Inc. (a)	84,080	4,508,370
	Warnaco Group, Inc. (a)	45,250	2,436,712
Textiles, Apparel & Luxury Goods Total			14,203,920
CONSUMER DISCRETIONARY TOTAL			69,347,078
CONSUMER STAPLES — 2.2%
Food & Staples Retailing — 0.5%
	Casey’s General Stores, Inc.	41,219	1,638,249
Food & Staples Retailing Total			1,638,249
Food Products — 0.5%
	Diamond Foods, Inc.	36,380	1,693,125
Food Products Total			1,693,125
Personal Products — 1.2%
	Elizabeth Arden, Inc. (a)	99,170	2,113,313
	Nu Skin Enterprises, Inc., Class A	65,958	2,084,932
Personal Products Total			4,198,245
CONSUMER STAPLES TOTAL			7,529,619
ENERGY — 5.6%
Energy Equipment & Services — 2.3%
	Complete Production Services, Inc. (a)	106,540	3,031,063
	Dril-Quip, Inc. (a)	22,985	1,779,958
	Pioneer Drilling Co. (a)	162,553	1,113,488
	TETRA Technologies, Inc. (a)	188,050	2,068,550
Energy Equipment & Services Total			7,993,059
Oil, Gas & Consumable Fuels — 3.3%
	Brigham Exploration Co. (a)	69,620	1,750,943
	Energy XXI Bermuda Ltd. (a)	69,200	1,705,780
	McMoRan Exploration Co. (a)	98,470	1,470,157
	Oasis Petroleum, Inc. (a)	79,365	2,014,284
	Resolute Energy Corp. (a)	153,806	1,979,483
	World Fuel Services Corp.	82,960	2,497,096
Oil, Gas & Consumable Fuels Total			11,417,743
ENERGY TOTAL			19,410,802
FINANCIALS — 4.9%
Capital Markets — 0.7%
	Stifel Financial Corp. (a)	46,179	2,393,458
Capital Markets Total			2,393,458

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Commercial Banks — 1.7%
	Center Financial Corp. (a)	293,895	1,839,783
	Signature Bank (a)	90,200	3,964,290
Commercial Banks Total			5,804,073
Consumer Finance — 1.1%
	EZCORP, Inc., Class A (a)	94,385	2,374,726
	Netspend Holdings, Inc. (a)	118,972	1,594,225
Consumer Finance Total			3,968,951
Diversified Financial Services — 0.4%
	Portfolio Recovery Associates, Inc. (a)	24,791	1,571,006
Diversified Financial Services Total			1,571,006
Real Estate Investment Trusts (REITs) — 1.0%
	FelCor Lodging Trust, Inc. (a)	269,115	1,595,852
	Tanger Factory Outlet Centers	36,470	1,749,830
Real Estate Investment Trusts (REITs) Total			3,345,682
FINANCIALS TOTAL			17,083,170
HEALTH CARE — 17.1%
Biotechnology — 3.1%
	Acorda Therapeutics, Inc. (a)	47,350	1,247,673
	Alexion Pharmaceuticals, Inc. (a)	17,710	1,353,929
	Cubist Pharmaceuticals, Inc. (a)	71,880	1,560,515
	Halozyme Therapeutics, Inc. (a)	162,075	1,121,559
	Incyte Corp. Ltd. (a)	120,135	1,743,159
	Momenta Pharmaceuticals, Inc. (a)	84,240	1,284,660
	Onyx Pharmaceuticals, Inc. (a)	85,843	2,528,076
Biotechnology Total			10,839,571
Health Care Equipment & Supplies — 4.7%
	Align Technology, Inc. (a)	112,555	1,968,587
	Cutera, Inc. (a)	100,815	706,713
	DexCom, Inc. (a)	108,733	1,225,965
	ICU Medical, Inc. (a)	41,980	1,538,567
	Insulet Corp. (a)	106,005	1,438,488
	Masimo Corp.	134,845	4,161,317
	NuVasive, Inc. (a)	102,505	2,394,517
	Syneron Medical Ltd. (a)	91,610	884,036
	Thoratec Corp. (a)	73,200	1,863,306
Health Care Equipment & Supplies Total			16,181,496
Health Care Providers & Services — 4.3%
	Brookdale Senior Living, Inc. (a)	130,795	2,500,800
	Catalyst Health Solutions, Inc. (a)	55,599	2,386,309
	HMS Holdings Corp. (a)	29,930	1,885,889

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	IPC The Hospitalist Co., Inc. (a)	119,170	3,863,492
	LHC Group, Inc. (a)	11,931	315,575
	Mednax, Inc. (a)	32,365	1,980,738
	PSS World Medical, Inc. (a)	85,445	1,760,167
Health Care Providers & Services Total			14,692,970
Health Care Technology — 1.1%
	Medidata Solutions, Inc. (a)	51,277	1,020,412
	Omnicell, Inc. (a)	219,120	2,936,208
Health Care Technology Total			3,956,620
Life Sciences Tools & Services — 0.8%
	ICON PLC, ADR (a)	128,920	2,595,160
Life Sciences Tools & Services Total			2,595,160
Pharmaceuticals — 3.1%
	Ardea Biosciences, Inc. (a)	68,975	1,533,314
	Auxilium Pharmaceuticals, Inc. (a)	60,015	1,136,084
	Impax Laboratories, Inc. (a)	162,825	2,914,568
	MAP Pharmaceuticals, Inc. (a)	103,165	1,482,481
	Salix Pharmaceuticals Ltd. (a)	80,305	3,585,618
Pharmaceuticals Total			10,652,065
HEALTH CARE TOTAL			58,917,882
INDUSTRIALS — 16.6%
Aerospace & Defense — 0.9%
	LMI Aerospace, Inc. (a)	182,420	2,967,973
Aerospace & Defense Total			2,967,973
Air Freight & Logistics — 0.6%
	Atlas Air Worldwide Holdings, Inc. (a)	40,345	2,201,223
Air Freight & Logistics Total			2,201,223
Airlines — 0.6%
	Alaska Air Group, Inc. (a)	36,600	2,013,000
Airlines Total			2,013,000
Commercial Services & Supplies — 0.8%
	Tetra Tech, Inc. (a)	122,505	2,831,091
Commercial Services & Supplies Total			2,831,091
Construction & Engineering — 1.6%
	Great Lakes Dredge & Dock Corp.	482,810	3,707,981
	Sterling Construction Co., Inc. (a)	130,325	1,758,084
Construction & Engineering Total			5,466,065
Electrical Equipment — 2.4%
	Baldor Electric Co.	97,390	6,165,761

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Regal-Beloit Corp.	32,660	1,992,260
Electrical Equipment Total			8,158,021
Machinery — 3.9%
	ArvinMeritor, Inc. (a)	210,305	3,753,944
	Columbus McKinnon Corp. (a)	124,450	2,042,225
	Lindsay Corp.	28,610	1,689,134
	Nordson Corp.	19,110	1,517,907
	Robbins & Myers, Inc.	81,915	2,540,184
	Tennant Co.	53,490	1,826,149
Machinery Total			13,369,543
Marine — 0.5%
	DryShips, Inc. (a)	336,226	1,738,288
Marine Total			1,738,288
Professional Services — 1.5%
	Advisory Board Co. (a)	53,070	2,518,702
	Korn/Ferry International (a)	146,291	2,533,760
Professional Services Total			5,052,462
Road & Rail — 3.1%
	Avis Budget Group, Inc. (a)	124,365	1,652,811
	Dollar Thrifty Automotive Group, Inc. (a)	35,370	1,624,191
	Genesee & Wyoming, Inc., Class A (a)	43,470	2,064,390
	Landstar System, Inc.	44,945	1,615,773
	Roadrunner Transportation Systems, Inc. (a)	162,012	2,054,312
	Werner Enterprises, Inc.	86,640	1,869,691
Road & Rail Total			10,881,168
Trading Companies & Distributors — 0.7%
	TAL International Group, Inc.	91,753	2,599,363
Trading Companies & Distributors Total			2,599,363
INDUSTRIALS TOTAL			57,278,197
INFORMATION TECHNOLOGY — 28.6%
Communications Equipment — 2.3%
	Acme Packet, Inc. (a)	37,734	1,848,211
	Aruba Networks, Inc. (a)	166,525	3,530,330
	Riverbed Technology, Inc. (a)	74,940	2,541,216
Communications Equipment Total			7,919,757
Electronic Equipment, Instruments & Components — 2.0%
	DTS, Inc. (a)	105,049	4,931,000
	Universal Display Corp. (a)	72,395	1,792,500
Electronic Equipment, Instruments & Components Total			6,723,500

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Internet Software & Services — 6.0%
	Ancestry.com, Inc. (a)	64,035	1,830,120
	GSI Commerce, Inc. (a)	82,460	1,966,671
	IntraLinks Holdings, Inc. (a)	158,657	3,261,988
	KIT Digital, Inc. (a)	134,650	1,854,130
	LogMeIn, Inc. (a)	96,605	4,230,333
	OpenTable, Inc. (a)	31,450	2,281,383
	VistaPrint NV (a)	62,255	2,510,122
	Vocus, Inc. (a)	115,100	2,817,648
Internet Software & Services Total			20,752,395
IT Services — 3.7%
	ExlService Holdings, Inc. (a)	97,495	2,015,222
	Gartner, Inc. (a)	93,345	3,002,909
	VeriFone Systems, Inc. (a)	156,235	5,429,166
	Wright Express Corp. (a)	56,290	2,424,410
IT Services Total			12,871,707
Semiconductors & Semiconductor Equipment — 4.7%
	Cavium Networks, Inc. (a)	68,878	2,534,366
	Cirrus Logic, Inc. (a)	108,935	1,663,437
	Entropic Communications, Inc. (a)	185,898	1,661,928
	MIPS Technologies, Inc. (a)	116,055	1,577,187
	OmniVision Technologies, Inc. (a)	102,450	2,898,311
	Semtech Corp. (a)	75,740	1,771,559
	Veeco Instruments, Inc. (a)	50,205	2,208,016
	Volterra Semiconductor Corp. (a)	89,575	2,017,229
Semiconductors & Semiconductor Equipment Total			16,332,033
Software — 9.9%
	Advent Software, Inc. (a)	16,530	852,617
	AutoNavi Holdings Ltd., ADR (a)	59,795	1,146,270
	BroadSoft, Inc. (a)	77,858	1,769,712
	Concur Technologies, Inc. (a)	77,225	3,954,692
	Fortinet, Inc. (a)	84,985	2,708,472
	Informatica Corp. (a)	63,530	2,622,519
	Netscout Systems, Inc. (a)	52,296	1,155,219
	RealPage, Inc. (a)	66,111	1,811,441
	Solera Holdings, Inc.	31,480	1,511,040
	SuccessFactors, Inc. (a)	176,897	5,336,983
	Taleo Corp., Class A (a)	93,200	2,861,240
	TIBCO Software, Inc. (a)	282,875	5,555,665

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	VanceInfo Technologies, Inc., ADR (a)	73,870	2,778,251
Software Total			34,064,121
INFORMATION TECHNOLOGY TOTAL			98,663,513
MATERIALS — 4.7%
Chemicals — 1.2%
	Solutia, Inc. (a)	194,975	4,168,565
Chemicals Total			4,168,565
Metals & Mining — 3.5%
	Allied Nevada Gold Corp. (a)	99,925	2,671,994
	HudBay Minerals, Inc.	181,493	3,033,871
	Stillwater Mining Co. (a)	163,180	3,087,366
	Thompson Creek Metals Co., Inc. (a)	254,280	3,089,502
Metals & Mining Total			11,882,733
MATERIALS TOTAL			16,051,298

	Total Common Stocks (cost of $286,686,238)		344,281,559

		Par ($)
Short-Term Obligation — 1.0%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.150%, collateralized by a U.S. Treasury obligation maturing 12/15/12, market value $3,591,775 (repurchase proceeds $3,520,015)	3,520,000	3,520,000

	Total Short-Term Obligation (cost of $3,520,000)		3,520,000

	Total Investments — 100.8% (cost of $290,206,238)(b)(c)		347,801,559

	Other Assets & Liabilities, Net — (0.8)%		(2,641,975	)

	Net Assets — 100.0%		345,159,584

Notes to Investment Portfolio:
	*	Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market 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.

		Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	344,281,559	$	—	$	—	$	344,281,559
Total Short-Term Obligation	—		3,520,000		—		3,520,000
Total Investments	$	344,281,559	$	3,520,000	$	—	$	347,801,559

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

	(a)	Non-income producing security.
	(b)	Cost for federal income tax purposes is $290,206,238.
	(c)	Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia Small Cap Index Fund

		Shares	Value ($)*
Common Stocks — 97.3%
CONSUMER DISCRETIONARY — 14.7%
Auto Components — 0.3%
	Drew Industries, Inc. (a)	66,750	1,348,350
	Spartan Motors, Inc.	114,675	606,631
	Standard Motor Products, Inc.	68,375	860,157
	Superior Industries International, Inc.	81,050	1,575,612
Auto Components Total			4,390,750
Automobiles — 0.1%
	Winnebago Industries, Inc. (a)	101,525	1,063,982
Automobiles Total			1,063,982
Distributors — 0.0%
	Audiovox Corp., Class A (a)	64,625	442,681
Distributors Total			442,681
Diversified Consumer Services — 1.3%
	American Public Education, Inc. (a)	64,400	2,200,548
	Capella Education Co. (a)	58,400	3,199,736
	Coinstar, Inc. (a)	114,125	7,354,215
	Hillenbrand, Inc.	217,175	4,193,649
	Pre-Paid Legal Services, Inc. (a)	34,600	2,237,928
	Universal Technical Institute, Inc.	72,625	1,504,064
Diversified Consumer Services Total			20,690,140
Hotels, Restaurants & Leisure — 3.1%
	Biglari Holdings, Inc. (a)	5,005	1,943,442
	BJ’s Restaurants, Inc. (a)	78,375	2,872,444
	Buffalo Wild Wings, Inc. (a)	63,425	3,075,478
	California Pizza Kitchen, Inc. (a)	85,725	1,449,610
	CEC Entertainment, Inc. (a)	75,050	2,815,876
	Cracker Barrel Old Country Store, Inc.	82,150	4,326,019
	DineEquity, Inc. (a)	53,750	2,871,325
	Interval Leisure Group, Inc. (a)	140,950	2,335,542
	Jack in the Box, Inc. (a)	192,150	3,865,097
	Marcus Corp.	75,450	977,832
	Monarch Casino & Resort, Inc. (a)	39,350	472,594
	Multimedia Games, Inc. (a)	96,150	415,368
	O’Charleys, Inc. (a)	65,725	454,817
	P.F. Chang’s China Bistro, Inc.	80,625	4,074,787
	Papa John’s International, Inc. (a)	71,525	1,831,755
	Peet’s Coffee & Tea, Inc. (a)	44,800	1,708,224
	Pinnacle Entertainment, Inc. (a)	212,925	2,836,161
	Red Robin Gourmet Burgers, Inc. (a)	54,450	1,008,959
	Ruby Tuesday, Inc. (a)	225,950	2,889,900

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Ruth’s Hospitality Group, Inc. (a)	107,883	532,942
	Shuffle Master, Inc. (a)	187,025	2,006,778
	Sonic Corp. (a)	214,875	2,011,230
	Texas Roadhouse, Inc., Class A (a)	202,300	3,457,307
Hotels, Restaurants & Leisure Total			50,233,487
Household Durables — 0.9%
	Blyth, Inc.	18,950	844,791
	Ethan Allen Interiors, Inc.	100,250	1,653,122
	Helen of Troy Ltd. (a)	106,950	2,526,159
	Kid Brands, Inc. (a)	75,175	707,397
	La-Z-Boy, Inc. (a)	180,700	1,360,671
	M/I Homes, Inc. (a)	64,550	744,262
	Meritage Home Corp. (a)	111,850	2,121,794
	National Presto Industries, Inc.	18,200	2,113,020
	Skyline Corp.	24,000	455,520
	Standard Pacific Corp. (a)	345,575	1,230,247
	Universal Electronics, Inc. (a)	52,075	1,431,021
Household Durables Total			15,188,004
Internet & Catalog Retail — 0.6%
	Blue Nile, Inc. (a)	49,900	2,467,555
	HSN, Inc. (a)	134,450	3,811,657
	NutriSystem, Inc.	93,750	1,937,812
	PetMed Express, Inc.	79,950	1,417,514
Internet & Catalog Retail Total			9,634,538
Leisure Equipment & Products — 0.9%
	Arctic Cat, Inc. (a)	42,575	634,793
	Brunswick Corp.	309,025	4,928,949
	Callaway Golf Co.	224,525	1,719,861
	Jakks Pacific, Inc. (a)	97,300	1,873,025
	Pool Corp.	172,900	3,663,751
	RC2 Corp. (a)	75,450	1,671,218
	Sturm Ruger & Co., Inc.	67,075	1,073,200
Leisure Equipment & Products Total			15,564,797
Media — 0.6%
	Arbitron, Inc.	93,550	2,733,531
	EW Scripps Co., Class A (a)	106,250	959,437
	Live Nation, Inc. (a)	520,235	5,597,729
Media Total			9,290,697
Multiline Retail — 0.1%
	Fred’s, Inc., Class A	136,700	1,748,393

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Tuesday Morning Corp. (a)	127,475	662,870
Multiline Retail Total			2,411,263
Specialty Retail — 4.3%
	Big 5 Sporting Goods Corp.	76,100	1,050,180
	Brown Shoe Co., Inc.	152,975	2,175,305
	Buckle, Inc.	91,100	3,475,465
	Cabela’s, Inc. (a)	139,600	3,106,100
	Cato Corp., Class A	102,750	2,933,512
	Children’s Place Retail Stores, Inc. (a)	95,025	4,932,748
	Christopher & Banks Corp.	124,950	665,984
	Finish Line, Inc., Class A	189,674	3,385,681
	Genesco, Inc. (a)	83,825	3,223,909
	Group 1 Automotive, Inc.	83,100	3,218,463
	Haverty Furniture Companies, Inc.	64,700	777,047
	Hibbett Sports, Inc. (a)	99,300	3,401,025
	HOT Topic, Inc.	155,425	952,755
	Jo-Ann Stores, Inc. (a)	94,275	4,566,681
	Jos. A. Bank Clothiers, Inc. (a)	95,987	4,323,254
	Kirkland’s, Inc. (a)	54,750	654,263
	Lithia Motors, Inc., Class A	75,650	980,424
	Lumber Liquidators Holdings, Inc. (a)	81,300	1,913,802
	MarineMax, Inc. (a)	77,200	589,036
	Men’s Wearhouse, Inc.	183,700	5,239,124
	Midas, Inc. (a)	49,575	386,685
	Monro Muffler Brake, Inc.	69,925	3,457,092
	OfficeMax, Inc. (a)	296,400	5,065,476
	Pep Boys-Manny, Moe & Jack, Inc.	183,025	2,267,680
	Sonic Automotive, Inc., Class A (a)	123,025	1,523,050
	Stage Stores, Inc.	131,400	1,988,082
	Stein Mart, Inc. (a)	93,900	929,610
	Zale Corp. (a)	80,650	240,337
	Zumiez, Inc. (a)	72,550	2,307,815
Specialty Retail Total			69,730,585
Textiles, Apparel & Luxury Goods — 2.5%
	Carter’s, Inc. (a)	207,275	6,562,326
	CROCS, Inc. (a)	302,025	5,299,029
	Iconix Brand Group, Inc. (a)	252,100	4,709,228
	K-Swiss, Inc., Class A (a)	94,650	1,185,018
	Liz Claiborne, Inc. (a)	329,450	2,408,280
	Maidenform Brands, Inc. (a)	80,525	2,209,606
	Movado Group, Inc. (a)	60,375	724,500

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Oxford Industries, Inc.	48,500	1,197,950
	Perry Ellis International, Inc. (a)	34,925	950,309
	Quiksilver, Inc. (a)	451,575	1,941,773
	Skechers U.S.A., Inc., Class A (a)	117,700	2,717,693
	Steven Madden Ltd. (a)	80,125	3,625,656
	True Religion Apparel, Inc. (a)	88,800	1,991,784
	Volcom, Inc.	59,550	1,071,900
	Wolverine World Wide, Inc.	170,100	5,315,625
Textiles, Apparel & Luxury Goods Total			41,910,677
CONSUMER DISCRETIONARY TOTAL			240,551,601
CONSUMER STAPLES — 3.3%
Beverages — 0.2%
	Boston Beer Co., Inc., Class A (a)	32,675	2,668,894
Beverages Total			2,668,894
Food & Staples Retailing — 1.0%
	Andersons, Inc.	64,125	2,072,520
	Casey’s General Stores, Inc.	131,950	5,244,353
	Great Atlantic & Pacific Tea Co., Inc. (a)	89,900	269,700
	Nash Finch Co.	42,950	1,587,002
	Spartan Stores, Inc.	78,875	1,290,395
	United Natural Foods, Inc. (a)	164,425	6,156,072
Food & Staples Retailing Total			16,620,042
Food Products — 1.7%
	Cal-Maine Foods, Inc.	46,600	1,428,756
	Calavo Growers, Inc.	41,950	968,626
	Darling International, Inc. (a)	287,475	3,328,961
	Diamond Foods, Inc.	76,075	3,540,530
	Hain Celestial Group, Inc. (a)	149,300	3,957,943
	J & J Snack Foods Corp.	49,625	2,270,344
	Lance, Inc.	113,100	2,647,671
	Sanderson Farms, Inc.	67,400	2,983,124
	Seneca Foods Corp., Class A (a)	31,900	758,901
	TreeHouse Foods, Inc. (a)	123,450	6,132,996
Food Products Total			28,017,852
Household Products — 0.2%
	Central Garden & Pet Co., Class A (a)	197,125	1,841,148
	WD-40 Co.	58,050	2,269,174
Household Products Total			4,110,322

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Personal Products — 0.1%
	Medifast, Inc. (a)	46,800	1,140,048
Personal Products Total			1,140,048
Tobacco — 0.1%
	Alliance One International, Inc. (a)	311,500	1,208,620
Tobacco Total			1,208,620
CONSUMER STAPLES TOTAL			53,765,778
ENERGY — 5.7%
Energy Equipment & Services — 3.0%
	Basic Energy Services, Inc. (a)	80,625	1,169,062
	Bristow Group, Inc. (a)	126,125	5,538,149
	CARBO Ceramics, Inc.	66,100	6,421,615
	Gulf Island Fabrication, Inc.	49,900	1,335,324
	Hornbeck Offshore Services, Inc. (a)	81,150	1,789,357
	ION Geophysical Corp. (a)	531,225	3,819,508
	Lufkin Industries, Inc.	104,500	5,290,835
	Matrix Service Co. (a)	91,750	911,078
	Oil States International, Inc. (a)	175,250	10,397,582
	Pioneer Drilling Co. (a)	188,900	1,293,965
	SEACOR Holdings, Inc. (a)	73,950	8,060,550
	Seahawk Drilling, Inc. (a)	41,350	336,176
	TETRA Technologies, Inc. (a)	265,450	2,919,950
Energy Equipment & Services Total			49,283,151
Oil, Gas & Consumable Fuels — 2.7%
	Contango Oil & Gas Co. (a)	45,000	2,509,200
	Gulfport Energy Corp. (a)	95,500	1,780,120
	Holly Corp.	154,000	5,534,760
	Penn Virginia Corp.	158,775	2,518,172
	Petroleum Development Corp. (a)	79,725	2,839,805
	Petroquest Energy, Inc. (a)	193,900	1,343,727
	SM Energy Co.	220,100	10,936,769
	Stone Energy Corp. (a)	169,325	3,498,254
	Swift Energy Co. (a)	145,150	5,296,523
	World Fuel Services Corp.	235,425	7,086,292
Oil, Gas & Consumable Fuels Total			43,343,622
ENERGY TOTAL			92,626,773
FINANCIALS — 18.1%
Capital Markets — 0.9%
	Investment Technology Group, Inc. (a)	149,000	2,190,300
	LaBranche & Co., Inc. (a)	129,000	389,580
	optionsXpress Holdings, Inc. (a)	148,225	2,562,810

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Piper Jaffray Companies, Inc. (a)	54,075	1,620,628
	Stifel Financial Corp. (a)	124,900	6,473,567
	SWS Group, Inc.	102,100	530,920
	TradeStation Group, Inc. (a)	141,150	897,714
Capital Markets Total			14,665,519
Commercial Banks — 5.6%
	Bank of the Ozarks, Inc.	45,575	1,726,837
	Boston Private Financial Holdings, Inc.	265,125	1,423,721
	City Holding Co.	54,325	1,742,203
	Columbia Banking System, Inc.	137,075	2,390,588
	Community Bank System, Inc.	115,625	2,784,250
	East West Bancorp, Inc.	516,000	8,947,440
	First Bancorp Puerto Rico (a)	1,108,275	265,986
	First Commonwealth Financial Corp.	321,200	1,991,440
	First Financial Bancorp	202,450	3,344,474
	First Financial Bankshares, Inc.	72,700	3,516,499
	First Midwest Bancorp, Inc.	258,175	2,419,100
	Glacier Bancorp, Inc.	250,782	3,342,924
	Hancock Holding Co.	102,850	3,239,775
	Hanmi Financial Corp. (a)	527,200	484,022
	Home Bancshares, Inc.	76,350	1,580,445
	Independent Bank Corp. MA	73,900	1,795,031
	Nara Bancorp, Inc. (a)	132,325	1,079,772
	National Penn Bancshares, Inc.	439,700	2,950,387
	NBT Bancorp, Inc.	120,275	2,670,105
	Old National Bancorp	303,975	3,133,982
	Pinnacle Financial Partners, Inc. (a)	116,575	1,145,932
	PrivateBancorp, Inc.	204,125	2,482,160
	S&T Bancorp, Inc.	86,350	1,694,187
	Signature Bank (a)	141,525	6,220,024
	Simmons First National Corp., Class A	60,025	1,743,726
	Sterling Bancorp NY	93,550	878,435
	Sterling Bancshares, Inc.	355,450	2,109,596
	Susquehanna Bancshares, Inc.	452,325	3,641,216
	Tompkins Financial Corp.	28,715	1,101,507
	UMB Financial Corp.	104,475	3,896,918
	Umpqua Holdings Corp.	399,375	4,229,381
	United Bankshares, Inc.	133,775	3,506,243
	United Community Banks, Inc. (a)	328,897	503,212
	Whitney Holding Corp.	337,000	3,164,430

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Wilshire Bancorp, Inc.	67,850	480,378
	Wintrust Financial Corp.	108,450	3,107,093
Commercial Banks Total			90,733,419
Consumer Finance — 0.8%
	Cash America International, Inc.	102,450	3,708,690
	EZCORP, Inc., Class A (a)	171,575	4,316,827
	First Cash Financial Services, Inc. (a)	105,575	3,039,504
	Rewards Network, Inc. (a)	30,683	421,891
	World Acceptance Corp. (a)	53,500	2,357,210
Consumer Finance Total			13,844,122
Diversified Financial Services — 0.4%
	Interactive Brokers Group, Inc. (a)	147,175	2,699,190
	Portfolio Recovery Associates, Inc. (a)	59,450	3,767,346
Diversified Financial Services Total			6,466,536
Insurance — 2.5%
	Amerisafe, Inc. (a)	65,050	1,202,775
	Delphi Financial Group, Inc., Class A	189,200	4,858,656
	eHealth, Inc. (a)	77,400	1,164,870
	Employers Holdings, Inc.	143,100	2,311,065
	Horace Mann Educators Corp.	137,350	2,242,925
	Infinity Property & Casualty Corp.	44,100	2,545,893
	National Financial Partners Corp. (a)	148,725	1,749,006
	Navigators Group, Inc. (a)	43,600	2,157,764
	Presidential Life Corp.	74,225	688,066
	ProAssurance Corp. (a)	110,900	6,568,607
	RLI Corp.	57,675	3,343,996
	Safety Insurance Group, Inc.	52,375	2,451,674
	Selective Insurance Group, Inc.	186,300	3,073,950
	Stewart Information Services Corp.	64,025	681,226
	Tower Group, Inc.	150,375	3,867,645
	United Fire & Casualty Co.	74,300	1,540,982
Insurance Total			40,449,100
Real Estate Investment Trusts (REITs) — 7.3%
	Acadia Realty Trust	139,982	2,556,071
	BioMed Realty Trust, Inc.	448,388	7,905,080
	Cedar Shopping Centers, Inc.	162,750	986,265
	Colonial Properties Trust	296,275	5,332,950
	DiamondRock Hospitality Co. (a)	538,927	5,674,901
	EastGroup Properties, Inc.	94,000	3,747,780
	Entertainment Properties Trust	162,175	7,508,702
	Extra Space Storage, Inc.	304,925	4,884,899

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Franklin Street Properties Corp.	241,725	3,101,332
	Healthcare Realty Trust, Inc.	221,925	4,580,532
	Home Properties, Inc.	130,725	7,005,553
	Inland Real Estate Corp.	259,675	2,207,238
	Kilroy Realty Corp.	182,575	6,229,459
	Kite Realty Group Trust	217,975	1,094,235
	LaSalle Hotel Properties	243,325	5,791,135
	Lexington Realty Trust	402,801	3,161,988
	LTC Properties, Inc.	90,000	2,429,100
	Medical Properties Trust, Inc.	387,975	4,065,978
	Mid-America Apartment Communities, Inc.	114,400	7,020,728
	National Retail Properties, Inc.	290,725	7,561,757
	Parkway Properties, Inc.	76,450	1,214,791
	Pennsylvania Real Estate Investment Trust	192,900	2,590,647
	Post Properties, Inc.	169,775	5,784,234
	PS Business Parks, Inc.	65,150	3,376,073
	Sovran Self Storage, Inc.	96,225	3,466,987
	Tanger Factory Outlet Centers	141,125	6,771,177
	Universal Health Realty Income Trust	42,700	1,497,489
	Urstadt Biddle Properties, Inc., Class A	80,600	1,483,040
Real Estate Investment Trusts (REITs) Total			119,030,121
Real Estate Management & Development — 0.1%
	Forestar Group Inc. (a)	126,975	2,288,089
Real Estate Management & Development Total			2,288,089
Thrifts & Mortgage Finance — 0.5%
	Bank Mutual Corp.	159,400	730,052
	Brookline Bancorp, Inc.	205,900	2,023,997
	Dime Community Bancshares	96,375	1,315,519
	Provident Financial Services, Inc.	180,700	2,490,046
	TrustCo Bank Corp. NY	268,525	1,506,425
Thrifts & Mortgage Finance Total			8,066,039
FINANCIALS TOTAL			295,542,945
HEALTH CARE — 12.1%
Biotechnology — 1.2%
	ArQule, Inc. (a)	129,925	705,493
	Cubist Pharmaceuticals, Inc. (a)	205,725	4,466,290
	Emergent Biosolutions, Inc. (a)	74,975	1,373,542
	Martek Biosciences Corp. (a)	116,725	2,567,950

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Regeneron Pharmaceuticals, Inc. (a)	250,525	7,220,130
	Savient Pharmaceuticals, Inc. (a)	235,750	2,784,207
Biotechnology Total			19,117,612
Health Care Equipment & Supplies — 3.7%
	Abaxis, Inc. (a)	77,825	2,101,275
	Align Technology, Inc. (a)	236,375	4,134,199
	American Medical Systems Holdings, Inc. (a)	265,025	4,751,898
	Analogic Corp.	44,900	2,086,503
	Cantel Medical Corp.	44,075	889,874
	CONMED Corp. (a)	100,425	2,160,142
	Cooper Companies, Inc.	162,350	8,685,725
	CryoLife, Inc. (a)	98,425	555,117
	Cyberonics, Inc. (a)	83,700	2,249,019
	Greatbatch, Inc. (a)	81,100	1,776,901
	Haemonetics Corp. (a)	86,050	5,058,879
	ICU Medical, Inc. (a)	40,850	1,497,152
	Integra LifeSciences Holdings Corp. (a)	73,000	3,166,010
	Invacare Corp.	112,900	3,047,171
	Kensey Nash Corp. (a)	31,025	842,019
	Meridian Bioscience, Inc.	141,675	3,148,018
	Merit Medical Systems, Inc. (a)	98,350	1,498,854
	Natus Medical, Inc. (a)	100,650	1,294,359
	Neogen Corp. (a)	79,050	2,936,707
	Palomar Medical Technologies, Inc. (a)	64,650	804,893
	SurModics, Inc. (a)	60,750	561,938
	Symmetry Medical, Inc. (a)	125,350	1,024,110
	West Pharmaceutical Services, Inc.	116,025	4,399,668
	Zoll Medical Corp. (a)	74,950	2,504,829
Health Care Equipment & Supplies Total			61,175,260
Health Care Providers & Services — 4.8%
	Air Methods Corp. (a)	38,700	1,905,201
	Almost Family, Inc. (a)	28,700	1,017,128
	Amedisys, Inc. (a)	100,524	2,852,871
	AMERIGROUP Corp. (a)	177,925	7,656,113
	AMN Healthcare Services, Inc. (a)	136,275	763,140
	AmSurg Corp. (a)	107,775	1,980,904
	Bio-Reference Labs, Inc. (a)	85,425	1,791,362
	Catalyst Health Solutions, Inc. (a)	135,925	5,833,901
	Centene Corp. (a)	171,700	3,992,025
	Chemed Corp.	79,425	4,840,159
	Corvel Corp. (a)	23,200	1,060,008

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Cross Country Healthcare, Inc. (a)	108,450	832,896
	Ensign Group, Inc.	45,550	979,781
	Genoptix, Inc. (a)	61,350	1,047,245
	Gentiva Health Services, Inc. (a)	103,900	2,387,622
	Hanger Orthopedic Group, Inc. (a)	112,725	2,162,065
	Healthspring, Inc. (a)	199,450	5,351,243
	Healthways, Inc. (a)	119,375	1,151,969
	HMS Holdings Corp. (a)	95,000	5,985,950
	IPC The Hospitalist Co., Inc. (a)	56,725	1,839,024
	Landauer, Inc.	32,800	2,152,008
	LCA-Vision, Inc. (a)	65,175	337,607
	LHC Group, Inc. (a)	54,625	1,444,831
	Magellan Health Services, Inc. (a)	116,400	5,668,680
	Medcath Corp. (a)	71,475	902,015
	Molina Healthcare, Inc. (a)	58,250	1,478,968
	MWI Veterinary Supply, Inc. (a)	43,025	2,628,827
	PharMerica Corp. (a)	106,850	1,160,391
	PSS World Medical, Inc. (a)	196,875	4,055,625
	RehabCare Group, Inc. (a)	86,925	1,758,493
	Res-Care, Inc. (a)	88,200	1,166,886
Health Care Providers & Services Total			78,184,938
Health Care Technology — 0.5%
	Computer Programs & Systems, Inc.	38,225	1,784,725
	Omnicell, Inc. (a)	114,025	1,527,935
	Quality Systems, Inc.	66,550	4,291,810
Health Care Technology Total			7,604,470
Life Sciences Tools & Services — 0.8%
	Affymetrix, Inc. (a)	246,725	1,026,376
	Cambrex Corp. (a)	102,450	437,462
	Dionex Corp. (a)	60,900	5,552,253
	Enzo Biochem, Inc. (a)	117,045	514,998
	eResearchTechnology, Inc. (a)	149,900	840,939
	Kendle International, Inc. (a)	52,000	468,520
	PAREXEL International Corp. (a)	203,925	3,580,923
Life Sciences Tools & Services Total			12,421,471
Pharmaceuticals — 1.1%
	Hi-Tech Pharmacal Co., Inc. (a)	35,475	843,596
	Par Pharmaceutical Companies, Inc. (a)	122,600	4,405,018
	Salix Pharmaceuticals Ltd. (a)	201,625	9,002,556

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Viropharma, Inc. (a)	271,475	4,194,289
Pharmaceuticals Total			18,445,459
HEALTH CARE TOTAL			196,949,210
INDUSTRIALS — 15.2%
Aerospace & Defense — 2.8%
	AAR Corp. (a)	137,625	3,380,070
	Aerovironment, Inc. (a)	52,425	1,294,898
	American Science & Engineering, Inc.	31,450	2,535,499
	Applied Signal Technology, Inc.	46,750	1,536,205
	Ceradyne, Inc. (a)	88,450	2,336,849
	Cubic Corp.	54,975	2,508,509
	Curtiss-Wright Corp.	160,625	4,990,619
	Esterline Technologies Corp. (a)	104,900	6,176,512
	GenCorp, Inc. (a)	204,300	1,003,113
	Moog, Inc., Class A (a)	158,275	5,834,016
	Orbital Sciences Corp. (a)	201,500	3,284,450
	Teledyne Technologies, Inc. (a)	126,425	5,084,813
	Triumph Group, Inc.	57,375	4,826,959
Aerospace & Defense Total			44,792,512
Air Freight & Logistics — 0.4%
	Forward Air Corp.	101,175	2,784,336
	HUB Group, Inc., Class A (a)	131,375	4,286,766
Air Freight & Logistics Total			7,071,102
Airlines — 0.4%
	Allegiant Travel Co.	54,225	2,707,454
	Skywest, Inc.	195,800	3,170,002
Airlines Total			5,877,456
Building Products — 1.1%
	A.O. Smith Corp.	116,500	4,591,265
	AAON, Inc.	41,600	1,067,040
	Apogee Enterprises, Inc.	97,800	1,100,250
	Gibraltar Industries, Inc. (a)	105,650	1,074,461
	Griffon Corp. (a)	161,250	1,954,350
	NCI Building Systems, Inc. (a)	58,665	610,703
	Quanex Building Products Corp.	131,125	2,168,807
	Simpson Manufacturing Co., Inc.	137,925	3,568,120
	Universal Forest Products, Inc.	67,400	2,202,632
Building Products Total			18,337,628
Commercial Services & Supplies — 2.4%
	ABM Industries, Inc.	163,900	3,774,617
	Consolidated Graphics, Inc. (a)	35,400	1,683,624

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	G&K Services, Inc., Class A	64,750	1,796,165
	Geo Group, Inc. (a)	224,950	5,421,295
	Healthcare Services Group, Inc.	229,175	3,650,758
	Interface, Inc., Class A	221,825	3,203,153
	Mobile Mini, Inc. (a)	126,850	2,292,179
	Standard Register Co.	44,350	131,720
	Sykes Enterprises, Inc. (a)	143,825	2,646,380
	Tetra Tech, Inc. (a)	215,250	4,974,427
	Unifirst Corp.	51,200	2,625,024
	United Stationers, Inc. (a)	81,500	5,172,805
	Viad Corp.	71,650	1,701,688
Commercial Services & Supplies Total			39,073,835
Construction & Engineering — 0.8%
	Comfort Systems USA, Inc.	132,225	1,474,309
	Dycom Industries, Inc. (a)	133,600	1,766,192
	EMCOR Group, Inc. (a)	231,350	6,200,180
	Insituform Technologies, Inc., Class A (a)	136,775	3,028,198
	Orion Marine Group, Inc. (a)	93,750	1,260,000
Construction & Engineering Total			13,728,879
Electrical Equipment — 1.2%
	AZZ, Inc.	43,325	1,614,723
	Belden, Inc.	163,250	5,432,960
	Brady Corp., Class A	183,425	5,673,335
	Encore Wire Corp.	66,300	1,510,314
	II-VI, Inc. (a)	88,375	3,608,351
	Powell Industries, Inc. (a)	30,975	1,089,701
	Vicor Corp.	68,300	1,146,074
Electrical Equipment Total			20,075,458
Industrial Conglomerates — 0.2%
	Standex International Corp.	43,500	1,300,650
	Tredegar Corp.	79,875	1,488,071
Industrial Conglomerates Total			2,788,721
Machinery — 3.8%
	Actuant Corp., Class A	236,875	5,597,356
	Albany International Corp., Class A	96,525	2,036,678
	Astec Industries, Inc. (a)	69,375	2,077,781
	Badger Meter, Inc.	52,375	2,221,748
	Barnes Group, Inc.	158,950	3,034,355
	Briggs & Stratton Corp.	175,475	3,055,020

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Cascade Corp.	32,150	1,174,118
	CIRCOR International, Inc.	59,575	2,353,212
	CLARCOR, Inc.	176,525	7,186,333
	EnPro Industries, Inc. (a)	71,700	2,627,805
	ESCO Technologies, Inc.	92,325	3,238,761
	Federal Signal Corp.	217,025	1,391,130
	John Bean Technologies Corp.	98,150	1,810,868
	Kaydon Corp.	116,625	4,079,542
	Lindsay Corp.	43,525	2,569,716
	Lydall, Inc. (a)	59,525	430,366
	Mueller Industries, Inc.	131,675	4,014,771
	Robbins & Myers, Inc.	114,900	3,563,049
	Toro Co.	109,225	6,357,987
	Watts Water Technologies, Inc., Class A	101,600	3,307,080
Machinery Total			62,127,676
Professional Services — 0.9%
	Administaff, Inc.	78,475	2,220,058
	CDI Corp.	45,100	773,465
	Dolan Co. (a)	106,325	1,456,653
	Exponent, Inc. (a)	48,375	1,689,255
	Heidrick & Struggles International, Inc.	61,125	1,269,566
	Kelly Services, Inc., Class A (a)	98,475	1,760,241
	On Assignment, Inc. (a)	127,150	873,521
	School Specialty, Inc. (a)	55,975	706,964
	SFN Group, Inc. (a)	183,650	1,573,880
	TrueBlue, Inc. (a)	153,600	2,531,328
	Volt Information Sciences, Inc. (a)	41,475	277,053
Professional Services Total			15,131,984
Road & Rail — 0.8%
	Arkansas Best Corp.	88,250	2,174,039
	Heartland Express, Inc.	177,118	2,736,473
	Knight Transportation, Inc.	215,700	4,158,696
	Old Dominion Freight Line, Inc. (a)	146,225	4,222,978
Road & Rail Total			13,292,186
Trading Companies & Distributors — 0.4%
	Applied Industrial Technologies, Inc.	131,500	3,929,220
	Kaman Corp.	90,500	2,549,385

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Lawson Products, Inc.	13,975	281,037
Trading Companies & Distributors Total			6,759,642
INDUSTRIALS TOTAL			249,057,079
INFORMATION TECHNOLOGY — 19.6%
Communications Equipment — 2.2%
	Arris Group, Inc. (a)	436,400	4,368,364
	Bel Fuse, Inc., Class B	40,775	915,399
	Black Box Corp.	61,400	2,199,962
	Blue Coat Systems, Inc. (a)	149,000	3,963,400
	Comtech Telecommunications Corp.	98,675	2,926,700
	DG FastChannel, Inc. (a)	85,325	2,152,750
	Digi International, Inc. (a)	87,150	836,640
	EMS Technologies, Inc. (a)	53,350	991,776
	Harmonic, Inc. (a)	339,100	2,292,316
	NETGEAR, Inc. (a)	123,550	3,926,419
	Network Equipment Technologies, Inc. (a)	104,675	424,981
	Oplink Communications, Inc. (a)	73,200	1,265,628
	PC-Tel, Inc. (a)	65,650	412,282
	Symmetricom, Inc. (a)	153,000	1,017,450
	Tekelec (a)	238,675	2,947,636
	Tollgrade Communications, Inc. (a)	36,375	311,370
	ViaSat, Inc. (a)	141,350	5,846,236
Communications Equipment Total			36,799,309
Computers & Peripherals — 0.9%
	Avid Technology, Inc. (a)	100,975	1,573,190
	Compellent Technologies, Inc. (a)	81,025	2,106,650
	Hutchinson Technology, Inc. (a)	81,475	252,573
	Intermec, Inc. (a)	172,575	1,951,823
	Intevac, Inc. (a)	78,200	1,040,060
	Novatel Wireless, Inc. (a)	110,250	1,081,553
	Stratasys, Inc. (a)	71,700	2,424,894
	Super Micro Computer, Inc. (a)	85,600	881,680
	Synaptics, Inc. (a)	120,200	3,425,700
Computers & Peripherals Total			14,738,123
Electronic Equipment, Instruments & Components — 3.9%
	Agilysys, Inc. (a)	68,200	349,866
	Anixter International, Inc.	97,775	5,462,689
	Benchmark Electronics, Inc. (a)	217,025	3,487,592

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Brightpoint, Inc. (a)	243,740	1,998,668
	Checkpoint Systems, Inc. (a)	137,700	2,470,338
	Cogent, Inc. (a)	189,900	1,992,051
	Cognex Corp.	138,425	3,870,363
	CTS Corp.	119,225	1,226,825
	Daktronics, Inc.	122,275	1,648,267
	DTS, Inc. (a)	59,725	2,803,491
	Electro Scientific Industries, Inc. (a)	82,900	1,238,526
	FARO Technologies, Inc. (a)	56,375	1,464,059
	Gerber Scientific, Inc. (a)	87,600	634,224
	Insight Enterprises, Inc. (a)	161,300	2,033,993
	Keithley Instruments, Inc.	45,725	986,288
	Littelfuse, Inc.	77,000	3,562,790
	LoJack Corp. (a)	64,400	317,492
	Mercury Computer Systems, Inc. (a)	82,925	1,476,894
	Methode Electronics, Inc.	128,375	1,310,709
	MTS Systems Corp.	56,600	2,168,912
	Newport Corp. (a)	128,075	1,860,930
	OSI Systems, Inc. (a)	64,150	2,236,911
	Park Electrochemical Corp.	71,950	1,971,430
	Plexus Corp. (a)	140,850	3,821,965
	Pulse Electronics Corp.	144,650	593,065
	RadiSys Corp. (a)	84,250	760,778
	Rofin-Sinar Technologies, Inc. (a)	98,600	2,830,806
	Rogers Corp. (a)	55,125	1,818,574
	ScanSource, Inc. (a)	93,125	2,716,456
	SYNNEX Corp. (a)	81,925	2,347,970
	TTM Technologies, Inc. (a)	150,725	1,997,860
Electronic Equipment, Instruments & Components Total			63,460,782
Internet Software & Services — 1.1%
	comScore, Inc. (a)	87,900	1,933,800
	DealerTrack Holdings, Inc. (a)	140,700	2,687,370
	InfoSpace, Inc. (a)	125,625	969,825
	j2 Global Communications, Inc. (a)	158,925	4,256,011
	Knot, Inc. (a)	105,675	988,061
	Liquidity Services, Inc. (a)	59,900	926,653
	LogMeIn, Inc. (a)	56,100	2,456,619
	Perficient, Inc. (a)	104,850	1,182,708
	Stamps.com, Inc.	41,350	544,166
	United Online, Inc.	304,550	1,938,461
Internet Software & Services Total			17,883,674

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
IT Services — 1.8%
	CACI International, Inc., Class A (a)	105,675	5,318,623
	CIBER, Inc. (a)	242,125	813,540
	CSG Systems International, Inc. (a)	118,725	2,234,404
	Forrester Research, Inc. (a)	51,175	1,773,214
	Heartland Payment Systems, Inc.	132,750	2,096,123
	iGate Corp.	100,700	2,014,000
	Integral Systems, Inc. (a)	61,300	559,056
	MAXIMUS, Inc.	60,450	3,669,315
	NCI, Inc., Class A (a)	27,625	606,921
	RightNow Technologies, Inc. (a)	81,400	2,061,862
	Startek, Inc. (a)	41,550	177,419
	TeleTech Holdings, Inc. (a)	102,800	1,949,088
	Wright Express Corp. (a)	133,450	5,747,691
IT Services Total			29,021,256
Semiconductors & Semiconductor Equipment — 5.6%
	Advanced Energy Industries, Inc. (a)	134,250	1,568,040
	ATMI, Inc. (a)	109,925	1,973,154
	Brooks Automation, Inc. (a)	228,130	1,653,943
	Cabot Microelectronics Corp. (a)	81,300	3,208,911
	Ceva, Inc. (a)	73,100	1,695,920
	Cohu, Inc.	82,650	1,196,772
	Cymer, Inc. (a)	102,975	3,920,258
	Cypress Semiconductor Corp. (a)	558,350	8,749,344
	Diodes, Inc. (a)	125,249	3,093,650
	DSP Group, Inc. (a)	81,425	622,901
	Exar Corp. (a)	154,175	1,032,973
	FEI Co. (a)	133,050	3,166,590
	Hittite Microwave Corp. (a)	85,125	4,872,555
	Kopin Corp. (a)	232,425	934,349
	Kulicke & Soffa Industries, Inc. (a)	245,600	1,628,328
	Micrel, Inc.	176,025	2,179,190
	Microsemi Corp. (a)	289,700	6,413,958
	MKS Instruments, Inc. (a)	174,925	3,563,222
	Monolithic Power Systems, Inc. (a)	127,500	2,056,575
	Pericom Semiconductor Corp. (a)	86,975	868,880
	Power Integrations, Inc.	97,000	3,908,130
	Rudolph Technologies, Inc. (a)	109,300	815,378
	Sigma Designs, Inc. (a)	96,100	1,153,200

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Standard Microsystems Corp. (a)	78,725	2,145,256
	Supertex, Inc. (a)	45,275	1,132,328
	Tessera Technologies, Inc. (a)	175,150	3,487,236
	TriQuint Semiconductor, Inc. (a)	542,600	6,462,366
	Ultratech, Inc. (a)	84,250	1,547,673
	Varian Semiconductor Equipment Associates, Inc. (a)	260,875	8,225,389
	Veeco Instruments, Inc. (a)	142,575	6,270,448
	Volterra Semiconductor Corp. (a)	93,675	2,109,561
Semiconductors & Semiconductor Equipment Total			91,656,478
Software — 4.1%
	Blackbaud, Inc.	152,800	3,867,368
	Bottomline Technologies, Inc. (a)	109,800	2,078,514
	CommVault Systems, Inc. (a)	150,575	4,386,250
	Concur Technologies, Inc. (a)	157,525	8,066,855
	Ebix, Inc. (a)	120,725	2,505,044
	Epicor Software Corp. (a)	161,100	1,507,896
	EPIQ Systems, Inc.	118,475	1,509,371
	Interactive Intelligence, Inc. (a)	45,750	1,237,080
	JDA Software Group, Inc. (a)	145,750	3,848,529
	Manhattan Associates, Inc. (a)	76,975	2,393,153
	MicroStrategy, Inc., Class A (a)	30,625	2,650,594
	Netscout Systems, Inc. (a)	121,275	2,678,965
	Progress Software Corp. (a)	150,950	5,822,141
	Radiant Systems, Inc. (a)	112,400	2,028,820
	Smith Micro Software, Inc. (a)	105,175	1,571,314
	Sonic Solutions (a)	166,525	1,661,919
	Sourcefire, Inc. (a)	96,725	2,624,149
	Synchronoss Technologies, Inc. (a)	83,800	2,177,962
	Take-Two Interactive Software, Inc. (a)	296,275	3,278,283
	Taleo Corp., Class A (a)	139,550	4,284,185
	THQ, Inc. (a)	236,275	1,205,003
	Tyler Technologies, Inc. (a)	87,725	1,790,467
	Websense, Inc. (a)	148,100	3,070,113
Software Total			66,243,975
INFORMATION TECHNOLOGY TOTAL			319,803,597
MATERIALS — 4.3%
Chemicals — 1.8%
	A. Schulman, Inc.	109,800	2,223,450
	American Vanguard Corp.	74,500	508,090
	Arch Chemicals, Inc.	87,575	3,040,604
	Balchem Corp.	98,800	3,058,848

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Calgon Carbon Corp. (a)	195,900	2,736,723
	H.B. Fuller Co.	170,700	3,579,579
	LSB Industries, Inc. (a)	56,675	1,306,925
	OM Group, Inc. (a)	107,600	4,045,760
	Penford Corp. (a)	39,600	236,412
	PolyOne Corp. (a)	324,550	4,043,893
	Quaker Chemical Corp.	39,250	1,490,715
	Stepan Co.	27,025	1,906,614
	Zep, Inc.	75,775	1,375,316
Chemicals Total			29,552,929
Construction Materials — 0.5%
	Eagle Materials, Inc.	154,000	3,828,440
	Headwaters, Inc. (a)	210,775	819,915
	Texas Industries, Inc.	96,925	3,652,134
Construction Materials Total			8,300,489
Containers & Packaging — 0.1%
	Myers Industries, Inc.	123,175	1,182,480
Containers & Packaging Total			1,182,480
Metals & Mining — 0.9%
	A.M. Castle & Co. (a)	58,425	884,555
	AMCOL International Corp.	87,675	2,448,763
	Brush Engineered Materials, Inc. (a)	71,000	2,499,200
	Century Aluminum Co. (a)	197,275	2,731,272
	Kaiser Aluminum Corp.	51,600	2,420,040
	Olympic Steel, Inc.	31,950	672,228
	RTI International Metals, Inc. (a)	104,925	2,976,722
Metals & Mining Total			14,632,780
Paper & Forest Products — 1.0%
	Buckeye Technologies, Inc.	137,175	2,732,526
	Clearwater Paper Corp. (a)	40,000	3,220,000
	Deltic Timber Corp.	37,500	1,950,375
	KapStone Paper and Packaging Corp. (a)	132,700	1,953,344
	Neenah Paper, Inc.	51,500	948,630
	Schweitzer-Mauduit International, Inc.	64,000	4,019,840

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Wausau Paper Corp.	170,900	1,317,639
Paper & Forest Products Total			16,142,354
MATERIALS TOTAL			69,811,032
TELECOMMUNICATION SERVICES — 0.5%
Diversified Telecommunication Services — 0.3%
	Atlantic Tele-Network, Inc.	31,400	1,076,706
	Cbeyond, Inc. (a)	107,425	1,415,862
	General Communication, Inc., Class A (a)	136,275	1,535,819
	Neutral Tandem, Inc. (a)	115,250	1,656,142
Diversified Telecommunication Services Total			5,684,529
Wireless Telecommunication Services — 0.2%
	NTELOS Holdings Corp.	103,200	1,752,336
	USA Mobility, Inc.	76,950	1,309,689
Wireless Telecommunication Services Total			3,062,025
TELECOMMUNICATION SERVICES TOTAL			8,746,554
UTILITIES — 3.8%
Electric Utilities — 1.1%
	ALLETE, Inc.	108,200	3,822,706
	Central Vermont Public Service Corp.	43,625	881,225
	El Paso Electric Co. (a)	151,725	3,996,436
	UIL Holdings Corp.	175,808	5,163,481
	Unisource Energy Corp.	126,675	4,455,160
Electric Utilities Total			18,319,008
Gas Utilities — 2.0%
	Laclede Group, Inc.	77,725	2,747,579
	New Jersey Resources Corp.	143,700	6,194,907
	Northwest Natural Gas Co.	92,650	4,523,173
	Piedmont Natural Gas Co.	251,450	7,437,891
	South Jersey Industries, Inc.	104,200	5,333,998
	Southwest Gas Corp.	158,475	5,551,379
Gas Utilities Total			31,788,927
Multi-Utilities — 0.6%
	Avista Corp.	193,025	4,124,944
	CH Energy Group, Inc.	55,125	2,571,030
	NorthWestern Corp.	126,150	3,634,382
Multi-Utilities Total			10,330,356

			Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
Water Utilities — 0.1%
	American States Water Co.		64,800	2,370,384
Water Utilities Total				2,370,384
UTILITIES TOTAL				62,808,675

	Total Common Stocks (cost of $1,338,088,265)			1,589,663,244
Investment Company — 0.9%
	iShares S&P SmallCap 600 Index Fund		238,900	15,265,710

	Total Investment Company (cost of $10,475,991)			15,265,710

			Par ($)
Short-Term Obligation — 1.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10, at 0.160%, collateralized by a U.S. Government Agency obligation maturing 07/14/14, market value $17,496,769 (repurchase proceeds $17,152,076)		17,152,000	17,152,000

	Total Short-Term Obligation (cost of $17,152,000)			17,152,000

	Total Investments — 99.3% (cost of $1,365,716,256)(b)(c)			1,622,080,954

	Other Assets & Liabilities, Net — 0.7%			11,146,168

	Net Assets — 100.0%			1,633,227,122


	Notes to Investment Portfolio:
	*	Security Valuation:

		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.

Accounting principles generally accepted in the United States of America (“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)

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

The following table summarizes the inputs used, as of November 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	$	1,589,663,244	$	—	$	—	$	1,589,663,244
Total Investment Company	15,265,710		—		—		15,265,710
Total Short-Term Obligation	—		17,152,000		—		17,152,000
Total Investments	1,604,928,954		17,152,000		—		1,622,080,954
Unrealized Appreciation on Futures Contracts	409,185		—		—		409,185
Total	$	1,605,338,139	$	17,152,000	$	—	$	1,622,490,139

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $1,365,716,256.

(c)

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

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

448,373,551

(192,008,853

)

256,364,698

At November 30, 2010, the Fund held the following open long futures contracts:

Risk

Number of

Aggregate

Expiration

Unrealized

Exposure/Type

Contracts

Value

Face Value

Date

Appreciation

Equity Risk

Russell 2000 Mini Index

420

30,513,000

30,103,815

Dec-2010

409,185

On November 30, 2010, cash of $3,200,000 was pledge as collateral for open futures contracts and was being held at the broker of the futures contracts.

INVESTMENT PORTFOLIO

November 30, 2010 (Unaudited)

Columbia Small Cap Value Fund II

		Shares	Value ($)*
Common Stocks — 98.7%
CONSUMER DISCRETIONARY — 10.9%
Auto Components — 3.0%
	Cooper Tire & Rubber Co.	575,000	12,011,750
	Dana Holding Corp. (a)	900,000	13,599,000
	Tenneco, Inc. (a)	335,000	12,214,100
	Tower International, Inc. (a)	813,000	12,195,000
Auto Components Total			50,019,850
Distributors — 0.2%
	Core-Mark Holding Co., Inc. (a)	110,147	3,987,321
Distributors Total			3,987,321
Diversified Consumer Services — 0.8%
	Stewart Enterprises, Inc., Class A	2,250,000	12,757,500
Diversified Consumer Services Total			12,757,500
Hotels, Restaurants & Leisure — 1.9%
	Domino’s Pizza, Inc. (a)	1,050,000	15,508,500
	Texas Roadhouse, Inc., Class A (a)	875,000	14,953,750
Hotels, Restaurants & Leisure Total			30,462,250
Household Durables — 1.3%
	Helen of Troy Ltd. (a)	600,000	14,172,000
	Tupperware Brands Corp.	170,000	7,901,600
Household Durables Total			22,073,600
Specialty Retail — 3.1%
	Finish Line, Inc., Class A	650,000	11,602,500
	Foot Locker, Inc.	859,600	16,220,652
	Genesco, Inc. (a)	350,000	13,461,000
	Pier 1 Imports, Inc. (a)	1,000,000	9,760,000
Specialty Retail Total			51,044,152
Textiles, Apparel & Luxury Goods — 0.6%
	Columbia Sportswear Co.	175,000	9,737,000
Textiles, Apparel & Luxury Goods Total			9,737,000
CONSUMER DISCRETIONARY TOTAL			180,081,673
CONSUMER STAPLES — 2.6%
Food & Staples Retailing — 1.2%
	Pantry, Inc. (a)	590,000	12,118,600
	Ruddick Corp.	225,000	8,271,000
Food & Staples Retailing Total			20,389,600
Personal Products — 1.4%
	Nu Skin Enterprises, Inc., Class A	485,000	15,330,850

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
	Prestige Brands Holdings, Inc. (a)	623,287	7,336,088
Personal Products Total			22,666,938
CONSUMER STAPLES TOTAL			43,056,538
ENERGY — 7.2%
Energy Equipment & Services — 2.8%
	Hornbeck Offshore Services, Inc. (a)	525,000	11,576,250
	ION Geophysical Corp. (a)	1,875,000	13,481,250
	Oil States International, Inc. (a)	345,000	20,468,850
Energy Equipment & Services Total			45,526,350
Oil, Gas & Consumable Fuels — 4.4%
	Bill Barrett Corp. (a)	360,000	13,842,000
	Knightsbridge Tankers Ltd.	440,000	10,005,600
	Overseas Shipholding Group, Inc.	115,000	4,021,550
	Patriot Coal Corp. (a)	870,000	14,076,600
	Stone Energy Corp. (a)	600,000	12,396,000
	Swift Energy Co. (a)	500,000	18,245,000
Oil, Gas & Consumable Fuels Total			72,586,750
ENERGY TOTAL			118,113,100
FINANCIALS — 27.4%
Capital Markets — 1.6%
	Apollo Investment Corp.	720,000	7,603,200
	MCG Capital Corp.	1,184,300	8,278,257
	Stifel Financial Corp. (a)	195,000	10,106,850
Capital Markets Total			25,988,307
Commercial Banks — 8.3%
	Community Bank System, Inc.	630,000	15,170,400
	East West Bancorp, Inc.	780,000	13,525,200
	IBERIABANK Corp.	275,000	13,862,750
	Independent Bank Corp. MA	600,000	14,574,000
	Prosperity Bancshares, Inc.	410,000	13,341,400
	Sandy Spring Bancorp, Inc.	659,161	11,185,962
	Sterling Bancorp NY	1,300,000	12,207,000
	Sterling Bancshares, Inc.	1,393,200	8,268,642
	SVB Financial Group (a)	175,000	7,862,750
	Texas Capital Bancshares, Inc. (a)	700,000	13,216,000
	Umpqua Holdings Corp.	1,210,000	12,813,900
Commercial Banks Total			136,028,004
Insurance — 5.1%
	Alterra Capital Holdings Ltd.	515,000	10,475,100
	Argo Group International Holdings Ltd.	315,365	11,630,661

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Aspen Insurance Holdings Ltd.	450,000	13,005,000
	Assured Guaranty Ltd.	530,000	9,015,300
	Delphi Financial Group, Inc., Class A	570,000	14,637,600
	National Financial Partners Corp. (a)	950,000	11,172,000
	Platinum Underwriters Holdings Ltd.	345,000	14,914,350
Insurance Total			84,850,011
Real Estate Investment Trusts (REITs) — 8.8%
	BioMed Realty Trust, Inc.	875,000	15,426,250
	Brandywine Realty Trust	1,400,000	15,484,000
	CBL & Associates Properties, Inc.	950,000	15,675,000
	DuPont Fabros Technology, Inc.	550,000	12,424,500
	First Industrial Realty Trust, Inc. (a)	1,100,000	8,371,000
	Highwoods Properties, Inc.	440,000	13,424,400
	LaSalle Hotel Properties	670,000	15,946,000
	Mid-America Apartment Communities, Inc.	285,000	17,490,450
	OMEGA Healthcare Investors, Inc.	690,000	14,565,900
	U-Store-It Trust	1,950,000	16,126,500
Real Estate Investment Trusts (REITs) Total			144,934,000
Thrifts & Mortgage Finance — 3.6%
	First Niagara Financial Group, Inc.	865,000	10,713,025
	MGIC Investment Corp. (a)	1,575,000	13,419,000
	Northwest Bancshares, Inc.	1,150,000	11,799,000
	Ocwen Financial Corp. (a)	980,000	8,624,000
	Oritani Financial Corp.	309,933	3,480,548
	Radian Group, Inc.	1,600,000	11,344,000
Thrifts & Mortgage Finance Total			59,379,573
FINANCIALS TOTAL			451,179,895
HEALTH CARE — 5.5%
Health Care Equipment & Supplies — 2.6%
	CONMED Corp. (a)	600,000	12,906,000
	Cooper Companies, Inc.	285,000	15,247,500
	Invacare Corp.	557,083	15,035,670
Health Care Equipment & Supplies Total			43,189,170
Health Care Providers & Services — 2.9%
	Centene Corp. (a)	625,000	14,531,250
	Healthspring, Inc. (a)	615,000	16,500,450

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Kindred Healthcare, Inc. (a)	1,050,000	16,947,000
Health Care Providers & Services Total			47,978,700
HEALTH CARE TOTAL			91,167,870
INDUSTRIALS — 20.7%
Aerospace & Defense — 1.0%
	Esterline Technologies Corp. (a)	280,000	16,486,400
Aerospace & Defense Total			16,486,400
Air Freight & Logistics — 0.9%
	Atlas Air Worldwide Holdings, Inc. (a)	270,000	14,731,200
Air Freight & Logistics Total			14,731,200
Airlines — 1.6%
	Alaska Air Group, Inc. (a)	230,000	12,650,000
	US Airways Group, Inc. (a)	1,250,000	13,950,000
Airlines Total			26,600,000
Commercial Services & Supplies — 4.3%
	Cenveo, Inc. (a)	2,100,000	10,752,000
	Deluxe Corp.	766,088	16,233,405
	Geo Group, Inc. (a)	565,000	13,616,500
	IESI-BFC Ltd.	686,632	14,961,711
	United Stationers, Inc. (a)	225,000	14,280,750
Commercial Services & Supplies Total			69,844,366
Construction & Engineering — 1.2%
	EMCOR Group, Inc. (a)	460,000	12,328,000
	Sterling Construction Co., Inc. (a)	529,104	7,137,613
Construction & Engineering Total			19,465,613
Electrical Equipment — 0.8%
	Brady Corp., Class A (b)	435,000	13,454,550
Electrical Equipment Total			13,454,550
Machinery — 5.1%
	ArvinMeritor, Inc. (a)	825,000	14,726,250
	Barnes Group, Inc.	700,000	13,363,000
	Gardner Denver, Inc.	285,000	18,653,250
	Terex Corp. (a)	370,000	8,983,600
	Trinity Industries, Inc.	475,000	10,877,500
	Wabash National Corp. (a)	1,660,000	17,513,000
Machinery Total			84,116,600
Professional Services — 1.8%
	Advisory Board Co. (a)	145,000	6,881,700
	CBIZ, Inc. (a)	700,000	4,214,000
	Navigant Consulting, Inc. (a)	955,000	7,945,600

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	SFN Group, Inc. (a)	1,180,000	10,112,600
Professional Services Total			29,153,900
Road & Rail — 0.5%
	Werner Enterprises, Inc.	400,000	8,632,000
Road & Rail Total			8,632,000
Trading Companies & Distributors — 3.5%
	Houston Wire & Cable Co.	840,000	8,946,000
	Textainer Group Holdings Ltd.	650,000	18,083,000
	Titan Machinery, Inc. (a)	620,000	12,998,300
	United Rentals, Inc. (a)	900,000	17,658,000
Trading Companies & Distributors Total			57,685,300
INDUSTRIALS TOTAL			340,169,929
INFORMATION TECHNOLOGY — 14.0%
Communications Equipment — 0.6%
	Ciena Corp. (a)	660,000	9,999,000
Communications Equipment Total			9,999,000
Electronic Equipment, Instruments & Components — 4.1%
	Anixter International, Inc.	250,000	13,967,500
	Brightpoint, Inc. (a)	683,882	5,607,832
	Elster Group SE, ADR (a)	1,000,000	15,830,000
	Pulse Electronics Corp.	1,500,000	6,150,000
	Rofin-Sinar Technologies, Inc. (a)	350,000	10,048,500
	Rogers Corp. (a)	455,148	15,015,333
Electronic Equipment, Instruments & Components Total			66,619,165
IT Services — 2.6%
	Acxiom Corp. (a)	570,000	9,695,700
	Cardtronics, Inc. (a)	900,000	15,210,000
	iGate Corp.	439,706	8,794,120
	NeuStar, Inc., Class A (a)	320,986	8,294,278
IT Services Total			41,994,098
Semiconductors & Semiconductor Equipment — 4.3%
	Atmel Corp. (a)	1,000,000	10,390,000
	Cirrus Logic, Inc. (a)	900,000	13,743,000
	IXYS Corp. (a)	850,000	9,511,500
	Kulicke & Soffa Industries, Inc. (a)	1,063,000	7,047,690
	Micrel, Inc.	950,000	11,761,000
	Standard Microsystems Corp. (a)	515,056	14,035,276
	Ultra Clean Holdings (a)	610,841	4,788,994
Semiconductors & Semiconductor Equipment Total			71,277,460

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Software — 2.4%
	Ariba, Inc. (a)	550,000	11,129,250
	Lawson Software, Inc. (a)	1,500,000	12,885,000
	Mentor Graphics Corp. (a)	1,400,000	15,743,000
Software Total			39,757,250
INFORMATION TECHNOLOGY TOTAL			229,646,973
MATERIALS — 6.0%
Chemicals — 1.7%
	Rockwood Holdings, Inc. (a)	230,000	8,779,100
	Solutia, Inc. (a)	875,000	18,707,500
Chemicals Total			27,486,600
Containers & Packaging — 2.2%
	Boise, Inc. (a)	2,300,000	16,905,000
	Graham Packaging Co., Inc. (a)	431,155	5,432,553
	Rock-Tenn Co., Class A	275,000	14,874,750
Containers & Packaging Total			37,212,303
Metals & Mining — 1.3%
	RTI International Metals, Inc. (a)	290,000	8,227,300
	Schnitzer Steel Industries, Inc., Class A	240,000	13,701,600
Metals & Mining Total			21,928,900
Paper & Forest Products — 0.8%
	Schweitzer-Mauduit International, Inc.	200,000	12,562,000
Paper & Forest Products Total			12,562,000
MATERIALS TOTAL			99,189,803
TELECOMMUNICATION SERVICES — 0.4%
Diversified Telecommunication Services — 0.4%
	Cincinnati Bell, Inc. (a)	2,750,000	6,710,000
Diversified Telecommunication Services Total			6,710,000
TELECOMMUNICATION SERVICES TOTAL			6,710,000
UTILITIES — 4.0%
Electric Utilities — 1.0%
	Westar Energy, Inc.	650,000	16,191,500
Electric Utilities Total			16,191,500
Gas Utilities — 3.0%
	Atmos Energy Corp.	561,800	16,893,326
	New Jersey Resources Corp.	440,600	18,994,266

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	South Jersey Industries, Inc.	265,000	13,565,350
Gas Utilities Total			49,452,942
UTILITIES TOTAL			65,644,442

	Total Common Stocks (cost of $1,331,633,707)		1,624,960,223

		Par ($)
Short-Term Obligation — 1.3%
	Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 07/14/14, market value $22,464,863 (repurchase proceeds $22,022,098)	22,022,000	22,022,000

	Total Short-Term Obligation (cost of $22,022,000)		22,022,000

	Total Investments — 100.0% (cost of $1,353,655,707)(c)(d)		1,646,982,223

	Other Assets & Liabilities, Net — 0.0%		350,383

	Net Assets — 100.0%		1,647,332,606

Notes to Investment Portfolio:
	*	Security Valuation:

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

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

			Accounting principles generally accepted in the United States of America (“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.

The following table summarizes the inputs used, as of November 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	$	1,624,960,223	$	—	$	—	$	1,624,960,223
Total Short-Term Obligation	—		22,022,000		—		22,022,000
Total Investments	$	1,624,960,223	$	22,022,000	$	—	$	1,646,982,223

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

		(a)	Non-income producing security.
		(b)	An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies which are or were affiliated during the nine months ended November 30, 2010, are as follows:

	Value,
	beginning of				Sales		Dividend		Value, end of
Affiliate	period		Purchases		Proceeds		Income		period
Brady Corp., Class A*	$	11,908,500	$	1,622,262	$	1,260,289	$	150,500	$	—
C&D Technologies, Inc.*	2,310,000		—		288,675		—		—
Total	$	14,218,500	$	1,622,262	$	1,548,964	$	228,800	$	13,454,550

* At November 30, 2010, the Fund owns less than five percent of the company’s outstanding voting shares.

(c)	Cost for federal income tax purposes is $1,353,655,707.
(d)	Unrealized appreciation and depreciation at November 30, 2010 based on cost of investments for federal income tax purposes was:

	Unrealized		Unrealized			Net Unrealized
	Appreciation		Depreciation			Appreciation
	$	347,851,907	$	(54,525,391	)	$	293,326,516

		Acronym		Name

		ADR		American Depositary Receipt

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				January 21, 2011

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			January 21, 2011


By (Signature and Title)			/s/Michael G. Clarke
			Michael G. Clarke, Chief Financial Officer


Date			January 21, 2011

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: April 30, 2013 Estimated average burden hours per response........5.6


	FORM N-Q

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:	February 28

Date of reporting period:	November 30, 2010

		Value ($)
Investment Company — 100.1%
	Investment in Columbia Funds Master Investment Trust, LLC, Columbia International Value Master Portfolio*	1,557,926,222

	Total Investments — 100.1%	1,557,926,222

	Other Assets & Liabilities, Net — (0.1)%	(777,223	)

	Net Assets — 100.0%	1,557,148,999

INVESTMENT PORTFOLIO
November 30, 2010 (Unaudited)		Columbia International Value Fund

Risk Exposure/Type	Number of Contracts	Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
Equity Risk
S&P Mid Cap 400 Index	706	$	60,144,140	$	58,079,619	Dec-2010	$	2,064,521

Par ($)

Short-Term Obligation — 0.7%

Repurchase agreement with Fixed Income Clearing Corp., dated 11/30/10, due 12/01/10 at 0.160%, collateralized by a U.S. Government Agency obligation maturing 03/16/15, market value $7,905,000 (repurchase proceeds $7,750,034)

Total Short-Term Obligation
(cost of $7,750,000)

7,750,000