N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04367
Columbia Funds Series Trust I
(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:	May 31
Date of reporting period:		November 30, 2010

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

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

Item 1. Reports to Stockholders.

Columbia Strategic Income Fund

Semiannual Report for the Period Ended November 30, 2010

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Investment Portfolio	3
Statement of Assets and Liabilities	22
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	33
Board Consideration and Approval of Advisory Agreements	44
Summary of Management Fee Evaluation by Independent Fee Consultant	48
Important Information About This Report	53

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

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

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

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2011 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia Strategic Income Fund

Average annual total return as of 11/30/10 (%)

Share class	A				B				C				R		W		Z
Inception	04/21/77				05/15/92				07/01/97				09/27/10		09/27/10		01/29/99
Sales charge	without		with		without		with		without		with		without		without		without
6-month (cumulative)		6.73		1.66		6.34		1.34		6.42		5.42		n/a		n/a		6.76
1-year		8.30		3.15		7.49		2.49		7.65		6.65		n/a		n/a		8.48
5-year		6.51		5.47		5.75		5.43		5.87		5.87		n/a		n/a		6.76
10-year/Life		7.58		7.06		6.78		6.78		6.94		6.94		–0.38		–0.50		7.78

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

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

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

Class R and Class W shares were initially offered by the fund on September 27, 2010, the date of their inception.

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

¹The Barclays Capital Government/Credit Bond Index is an index that tracks the performance of U.S. Government and corporate bonds rated investment grade or better, with maturities of at least one year.

²The Blended Benchmark consists of 35% Barclays Capital Aggregate Bond Index, 35% JPMorgan Global High Yield Index, 15% Citigroup Non-U.S. World Government Bond Index-Unhedged and 15% JPMorgan Emerging Market Bond Index ("EMBI") Global Diversified Index. The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, paydowns and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues. The Citigroup Non-U.S. World Government Bond Index—Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaini ng maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million. The index excludes floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities. The JPMorgan Emerging Markets Bond Index Global Diversified Index ("EMBI Global") tracks total returns for traded external debt instruments in the emerging markets and is an expanded version of the JPMorgan Emerging Markets Bond Index Plus ("EMBI+"). As with EMBI+, the EMBI Global includes U.S. dollar-denominated Brady bonds, loans and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

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

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

Summary

6-month (cumulative) return as of 11/30/10

	+6.73%
	Class A shares (without sales charge)
	+4.32%
	Barclays Capital Government/ Credit Bond Index1
	+6.97%
	Blended Benchmark2

Net asset value per share

as of 11/30/10 ($)
Class A	6.07
Class B	6.07
Class C	6.07
Class R	6.08
Class W	6.07
Class Z	6.00

Distributions declared per share

06/01/10 – 11/30/10 ($)
Class A	0.16
Class B	0.14
Class C	0.14
Class R	0.06
Class W	0.06
Class Z	0.17

1

Understanding Your Expenses – Columbia Strategic Income Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

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

06/01/10 – 11/30/10

	Account value at the beginning of the period ($)				Account value at the end of the period ($)					Expenses paid during the period ($)					Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,067.30			1,020.05		5.18			5.06		1.00
Class B		1,000.00		1,000.00		1,063.40			1,016.29		9.05			8.85		1.75
Class C		1,000.00		1,000.00		1,064.20			1,017.05		8.28			8.09		1.60
Class R		1,000.00		1,000.00		996.20	*		1,018.75		2.21	*		6.38		1.26
Class W		1,000.00		1,000.00		995.00	*		1,020.00		1.77	*		5.11		1.01
Class Z		1,000.00		1,000.00		1,067.60			1,021.31		3.89			3.80		0.75

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

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

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

*Class R and Class W shares commenced operations on September 27, 2010.

2

Investment Portfolio – Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 57.5%
	Par (a)		Value ($)
Basic Materials – 3.6%
Chemicals – 2.1%
Agricultural Chemicals – 0.3%
CF Industries, Inc.
6.875% 05/01/18		5,125,000		5,624,688
				5,624,688
Chemicals-Diversified – 1.0%
Celanese U.S. Holdings LLC
6.625% 10/15/18 (b)		250,000		256,875
Dow Chemical Co.
5.900% 02/15/15		3,400,000		3,813,311
9.400% 05/15/39		395,000		556,056
INEOS Finance PLC
9.000% 05/15/15 (b)		3,175,000		3,286,125
INVISTA
9.250% 05/01/12 (b)		1,006,000		1,006,000
Lyondell Chemical Co.
8.000% 11/01/17 (b)		6,224,000		6,714,140
Momentive Performance Materials, Inc.
9.000% 01/15/21 (b)		2,015,000		2,004,925
NOVA Chemicals Corp.
8.375% 11/01/16		1,095,000		1,160,700
8.625% 11/01/19		1,870,000		2,024,275
				20,822,407
Chemicals-Plastics – 0.5%
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.875% 02/01/18		7,910,000		8,147,300
9.000% 11/15/20 (b)		1,210,000		1,200,925
				9,348,225
Chemicals-Specialty – 0.3%
MacDermid, Inc.
9.500% 04/15/17 (b)		2,925,000		3,063,937
Rain CII Carbon LLC & CII Carbon Corp.
8.000% 12/01/18 (b)(c)		2,430,000		2,426,963
				5,490,900
Chemicals Total				41,286,220
Forest Products & Paper – 0.7%
Paper & Related Products – 0.7%
Cascades, Inc.
7.750% 12/15/17		3,715,000		3,891,462
Georgia-Pacific LLC
5.400% 11/01/20 (b)		2,387,000		2,361,655
8.000% 01/15/24		6,315,000		7,356,975
				13,610,092
Forest Products & Paper Total				13,610,092

	Par (a)		Value ($)
Iron/Steel – 0.3%
Steel-Producers – 0.3%
ArcelorMittal
7.000% 10/15/39		3,125,000		3,161,966
United States Steel Corp.
7.000% 02/01/18		3,224,000		3,191,760
7.375% 04/01/20		311,000		310,611
				6,664,337
Iron/Steel Total				6,664,337
Metals & Mining – 0.5%
Diversified Minerals – 0.2%
FMG Resources August 2006 Pty Ltd.
7.000% 11/01/15 (b)		4,198,000		4,250,475
				4,250,475
Metal-Copper – 0.1%
Freeport-McMoRan Copper & Gold, Inc.
8.375% 04/01/17		1,215,000		1,357,155
				1,357,155
Non-Ferrous Metals – 0.2%
Codelco, Inc.
7.500% 01/15/19 (b)		2,970,000		3,687,724
				3,687,724
Metals & Mining Total				9,295,354
Basic Materials Total				70,856,003
Communications – 13.3%
Advertising – 0.8%
Advertising Agencies – 0.3%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		780,000		839,475
10.000% 07/15/17		4,573,000		5,327,545
				6,167,020
Advertising Services – 0.5%
Getty Images, Inc.
3.750% 11/05/16 (b)(c)(d)		200,000		201,550
inVentiv Health, Inc.
10.000% 08/15/18 (b)		4,586,000		4,505,745
Visant Corp.
7.000% 09/22/16 (12/15/10) (d)(e)(f)		2,000,000		2,016,250
10.000% 10/01/17 (b)		2,463,000		2,543,047
				9,266,592
Advertising Total				15,433,612

See Accompanying Notes to Financial Statements.

3

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Media – 4.8%
Broadcast Services/Programs – 0.6%
Clear Channel Worldwide Holdings, Inc.
9.250% 12/15/17		6,590,000		7,034,825
XM Satellite Radio, Inc.
7.625% 11/01/18 (b)		4,511,000		4,488,445
				11,523,270
Cable TV – 2.2%
Cablevision Systems Corp.
8.625% 09/15/17		2,700,000		2,936,250
CCH II LLC/CCH II Capital Corp.
13.500% 11/30/16		3,246,188		3,818,329
CCO Holdings LLC/CCO Holdings Capital Corp.
7.250% 10/30/17 (b)		2,121,000		2,142,210
Cequel Communications Holdings I LLC & Cequel Capital Corp.
8.625% 11/15/17 (b)		2,455,000		2,516,375
Comcast Corp.
6.950% 08/15/37		3,430,000		3,908,746
DirecTV Holdings LLC
3.125% 02/15/16		7,890,000		7,932,014
6.375% 06/15/15		335,000		346,725
DISH DBS Corp.
7.875% 09/01/19		7,899,000		8,293,950
Insight Communications
9.375% 07/15/18 (b)		1,755,000		1,904,175
Mediacom LLC/Mediacom Capital Corp.
9.125% 08/15/19		1,525,000		1,540,250
Time Warner Cable, Inc.
3.500% 02/01/15		1,505,000		1,574,840
5.000% 02/01/20		650,000		684,368
5.850% 05/01/17		405,000		462,590
5.875% 11/15/40		2,770,000		2,747,131
7.300% 07/01/38		1,585,000		1,862,484
				42,670,437
Multimedia – 0.3%
Entravision Communications Corp.
8.750% 08/01/17 (b)		4,745,000		4,958,525
News America, Inc.
6.400% 12/15/35		150,000		162,230
6.550% 03/15/33		620,000		667,389
				5,788,144
Radio – 0.6%
CMP Susquehanna Corp.
3.430% 05/15/14 (02/08/11) (b)(e)(f)(g)		175,000		103,250
Salem Communications Corp.
9.625% 12/15/16		4,355,000		4,550,975

	Par (a)		Value ($)
Sirius XM Radio, Inc.
8.750% 04/01/15 (b)		2,750,000		2,894,375
9.750% 09/01/15 (b)		4,230,000		4,653,000
				12,201,600
Television – 1.1%
Belo Corp.
8.000% 11/15/16		1,945,000		2,090,875
Gray Television, Inc.
10.500% 06/29/15		3,386,000		3,386,000
Sinclair Television Group, Inc.
9.250% 11/01/17 (b)		6,816,000		7,378,320
Umbrella Acquisition, Inc.
PIK, 9.750% 03/15/15 (b)(e)		523,592		542,922
Univision Communications, Inc.
7.875% 11/01/20 (b)		3,885,000		3,972,412
8.500% 05/15/21 (b)		4,105,000		3,920,275
				21,290,804
Media Total				93,474,255
Telecommunication Services – 7.7%
Cellular Telecommunications – 1.8%
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14		1,050,000		1,171,710
8.500% 11/15/18		570,000		771,241
MetroPCS Wireless, Inc.
6.625% 11/15/20		2,090,000		1,990,725
7.875% 09/01/18		4,090,000		4,238,262
Nextel Communications, Inc.
7.375% 08/01/15		5,624,000		5,427,160
NII Capital Corp.
10.000% 08/15/16		1,585,000		1,759,350
Sprint Nextel Corp.
8.375% 08/15/17		6,666,000		6,932,640
United States Cellular Corp.
6.700% 12/15/33		1,850,000		1,849,073
Wind Acquisition Finance SA
7.250% 02/15/18 (b)		2,570,000		2,531,450
11.750% 07/15/17 (b)		7,102,000		7,883,220
11.750% 07/15/17 (g)(h)(p)		7,102,000		—
				34,554,831
Media – 1.0%
Nielsen Finance LLC/Nielsen Finance Co.
7.750% 10/15/18 (b)		6,597,000		6,712,447
11.500% 05/01/16		4,375,000		4,987,500
Quebecor Media, Inc.
7.750% 03/15/16		6,125,000		6,308,750
				18,008,697

See Accompanying Notes to Financial Statements.

4

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Satellite Telecommunications – 0.1%
Intelsat Jackson Holdings SA
7.250% 10/15/20 (b)		2,430,000		2,423,925
				2,423,925
Telecommunication Services – 1.1%
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000% 12/01/15 (b)		3,220,000		3,411,863
Embarq Corp.
7.995% 06/01/36		740,000		803,297
ITC Deltacom, Inc.
10.500% 04/01/16		3,113,000		3,338,692
PAETEC Escrow Corp.
9.875% 12/01/18 (b)(c)		2,385,000		2,355,188
PAETEC Holding Corp.
8.875% 06/30/17		4,680,000		4,890,600
SBA Telecommunications, Inc.
8.250% 08/15/19		1,540,000		1,686,300
West Corp.
7.875% 01/15/19 (b)		2,790,000		2,755,125
11.000% 10/15/16		2,435,000		2,611,537
				21,852,602
Telephone-Integrated – 3.6%
AT&T, Inc.
6.550% 02/15/39		4,130,000		4,554,626
BellSouth Corp.
5.200% 09/15/14		2,205,000		2,451,179
British Telecommunications PLC
5.950% 01/15/18		665,000		734,409
Cincinnati Bell, Inc.
8.250% 10/15/17		3,980,000		3,860,600
Frontier Communications Corp.
7.875% 01/15/27		6,114,000		5,991,720
Level 3 Financing, Inc.
8.750% 02/15/17		5,180,000		4,739,700
9.250% 11/01/14		3,010,000		2,904,650
Qtel International Finance Ltd.
5.000% 10/19/25 (b)		1,930,000		1,755,142
Qwest Communications International, Inc.
7.500% 02/15/14		5,090,000		5,140,900
Qwest Corp.
7.500% 10/01/14		2,455,000		2,780,288
7.500% 06/15/23		5,245,000		5,192,550
Sprint Capital Corp.
6.875% 11/15/28		3,030,000		2,575,500
6.900% 05/01/19		1,035,000		991,013
Telefonica Emisiones SAU
3.729% 04/27/15		6,150,000		6,253,800
6.421% 06/20/16		1,425,000		1,609,204
Verizon New York, Inc.
7.375% 04/01/32		3,535,000		4,113,188

	Par (a)		Value ($)
Virgin Media Finance PLC
9.500% 08/15/16		5,210,000		5,822,175
Windstream Corp.
8.125% 09/01/18		1,485,000		1,529,550
8.625% 08/01/16		6,245,000		6,479,187
				69,479,381
Wireless Equipment – 0.1%
Crown Castle International Corp.
9.000% 01/15/15		2,235,000		2,464,088
				2,464,088
Telecommunication Services Total				148,783,524
Communications Total				257,691,391
Consumer Cyclical – 5.3%
Auto Manufacturers – 0.0%
Auto-Medium & Heavy Duty Trucks – 0.0%
Oshkosh Corp.
8.500% 03/01/20		208,000		225,680
				225,680
Auto Manufacturers Total				225,680
Auto Parts & Equipment – 0.4%
Auto/Truck Parts & Equipment-Original – 0.4%
Accuride Corp.
9.500% 08/01/18 (b)		785,000		837,988
Lear Corp.
7.875% 03/15/18		2,870,000		3,070,900
8.125% 03/15/20		325,000		354,250
Tenneco Automotive, Inc.
7.750% 08/15/18 (b)		496,000		517,700
TRW Automotive, Inc.
7.000% 03/15/14 (b)		3,320,000		3,569,000
				8,349,838
Auto Parts & Equipment Total				8,349,838
Distribution/Wholesale – 0.2%
Distribution/Wholesale – 0.2%
McJunkin Red Man Corp.
9.500% 12/15/16 (b)		4,367,000		3,973,970
				3,973,970
Distribution/Wholesale Total				3,973,970
Entertainment – 1.2%
Casino Services – 0.1%
Tunica-Biloxi Gaming Authority
9.000% 11/15/15 (b)		1,532,000		1,424,760
				1,424,760

See Accompanying Notes to Financial Statements.

5

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Gambling (Non-Hotel) – 0.9%
Boyd Gaming Corp.
9.125% 12/01/18 (b)		4,925,000		4,629,500
Pinnacle Entertainment, Inc.
8.625% 08/01/17		2,405,000		2,588,381
8.750% 05/15/20		3,605,000		3,600,494
Seneca Gaming Corp.
8.250% 12/01/18 (b)		1,952,000		1,942,240
Shingle Springs Tribal Gaming Authority
9.375% 06/15/15 (b)		9,185,000		5,602,850
				18,363,465
Resorts/Theme Parks – 0.1%
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.
9.125% 08/01/18 (b)		1,165,000		1,240,725
Six Flags, Inc.
9.625% 06/01/14 (b)(g)(h)(p)		1,557,000		—
				1,240,725
Theaters – 0.1%
AMC Entertainment, Inc.
8.750% 06/01/19		1,935,000		2,055,937
				2,055,937
Entertainment Total				23,084,887
Home Builders – 0.6%
Building-Residential/Commercial – 0.6%
Beazer Homes USA, Inc.
9.125% 06/15/18		3,075,000		2,952,000
K Hovnanian Enterprises, Inc.
10.625% 10/15/16		3,110,000		3,144,988
KB Home
5.875% 01/15/15		4,970,000		4,814,687
				10,911,675
Home Builders Total				10,911,675
Home Furnishings – 0.1%
Home Furnishings – 0.1%
Norcraft Companies LP/Norcraft Finance Corp.
10.500% 12/15/15		1,690,000		1,791,400
Simmons Co.
PIK, 7.351% 02/15/12 (d)(e)(g)(i)		2,601,458		6,504
				1,797,904
Home Furnishings Total				1,797,904

	Par (a)		Value ($)
Housewares – 0.2%
Housewares – 0.2%
Libbey Glass, Inc.
10.000% 02/15/15 (b)		3,000,000		3,210,000
				3,210,000
Housewares Total				3,210,000
Lodging – 1.2%
Casino Hotels – 0.8%
FireKeepers Development Authority
13.875% 05/01/15 (b)		2,800,000		3,276,000
Harrah's Operating Co., Inc.
11.250% 06/01/17		3,840,000		4,185,600
MGM Resorts International
11.125% 11/15/17		1,215,000		1,372,950
11.375% 03/01/18		4,640,000		4,779,200
Pokagon Gaming Authority
10.375% 06/15/14 (b)		2,390,000		2,479,625
				16,093,375
Gambling (Non-Hotel) – 0.2%
Seminole Indian Tribe of Florida
6.535% 10/01/20 (b)		675,000		662,040
7.804% 10/01/20 (b)		2,875,000		2,861,229
				3,523,269
Hotels & Motels – 0.2%
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18		3,305,000		3,610,712
Wyndham Worldwide Corp.
6.000% 12/01/16		1,150,000		1,199,171
				4,809,883
Lodging Total				24,426,527
Office Furnishings – 0.0%
Office Furnishings-Original – 0.0%
Interface, Inc.
7.625% 12/01/18 (b)(c)		665,000		678,300
				678,300
Office Furnishings Total				678,300
Retail – 1.3%
Retail-Apparel/Shoe – 0.4%
Giraffe Acquisition Corp.
9.125% 12/01/18 (b)		3,620,000		3,638,100
Limited Brands, Inc.
8.500% 06/15/19		3,140,000		3,618,850
				7,256,950

See Accompanying Notes to Financial Statements.

6

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Retail-Arts & Crafts – 0.2%
Michaels Stores, Inc.
7.750% 11/01/18 (b)		2,595,000		2,523,638
11.375% 11/01/16		745,000		805,531
				3,329,169
Retail-Drug Stores – 0.2%
CVS Pass-Through Trust
8.353% 07/10/31 (b)		1,847,257		2,278,185
Rite Aid Corp.
8.000% 08/15/20 (b)		1,765,000		1,817,950
10.250% 10/15/19		1,000,000		1,037,500
				5,133,635
Retail-Mail Order – 0.1%
QVC, Inc.
7.125% 04/15/17 (b)		1,025,000		1,076,250
7.375% 10/15/20 (b)		880,000		919,600
				1,995,850
Retail-Pet Foods & Supplies – 0.0%
Petco Animal Supplies, Inc.
6.000% 11/24/17 (b)(c)(d)		450,000		450,787
				450,787
Retail-Restaurants – 0.1%
DineEquity, Inc.
9.500% 10/30/18 (b)		1,222,000		1,264,770
				1,264,770
Retail-Toy Store – 0.3%
Toys R Us, Inc.
7.375% 10/15/18		5,440,000		5,236,000
				5,236,000
Retail-Vitamins/Nutritional Supplements – 0.0%
NBTY, Inc.
9.000% 10/01/18 (b)		310,000		325,500
				325,500
Retail Total				24,992,661
Storage/Warehousing – 0.1%
Storage/Warehousing – 0.1%
Niska Gas Storage U.S. LLC/Niska Gas Storage Canada ULC
8.875% 03/15/18 (b)		1,515,000		1,590,750
				1,590,750
Storage/Warehousing Total				1,590,750
Consumer Cyclical Total				103,242,192

	Par (a)		Value ($)
Consumer Non-Cyclical – 8.4%
Agriculture – 0.2%
Agricultural Operations – 0.0%
Brickman Group Holdings, Inc.
9.125% 11/01/18 (b)		228,000		230,850
				230,850
Pastoral & Agricultural – 0.2%
MHP SA
10.250% 04/29/15 (b)		2,692,000		2,786,220
				2,786,220
Agriculture Total				3,017,070
Beverages – 1.0%
Beverages-Non-Alcoholic – 0.1%
Cott Beverages, Inc.
8.125% 09/01/18		1,106,000		1,183,420
8.375% 11/15/17		1,150,000		1,221,875
				2,405,295
Brewery – 0.9%
Anheuser-Busch InBev Worldwide, Inc.
5.375% 11/15/14 (b)		14,270,000		15,957,299
7.750% 01/15/19 (b)		420,000		539,661
8.000% 11/15/39 (b)		645,000		897,608
				17,394,568
Beverages Total				19,799,863
Commercial Services – 1.8%
Commercial Services – 0.2%
Iron Mountain, Inc.
8.000% 06/15/20		3,755,000		4,017,850
				4,017,850
Commercial Services-Finance – 0.4%
Cardtronics, Inc.
8.250% 09/01/18		2,465,000		2,575,925
Interactive Data Corp.
10.250% 08/01/18 (b)		3,755,000		4,055,400
Trans Union LLC/TransUnion Financing Corp.
11.375% 06/15/18 (b)		1,075,000		1,204,000
				7,835,325
Private Corrections – 0.1%
Corrections Corp. of America
6.250% 03/15/13		2,480,000		2,492,400
				2,492,400
Rental Auto/Equipment – 1.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
8.250% 01/15/19 (b)		2,465,000		2,409,538

See Accompanying Notes to Financial Statements.

7

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Hertz Corp.
7.500% 10/15/18 (b)		2,435,000		2,459,350
Rental Service Corp.
9.500% 12/01/14		3,230,000		3,326,900
United Rentals North America, Inc.
8.375% 09/15/20		4,775,000		4,715,312
9.250% 12/15/19		4,085,000		4,437,331
10.875% 06/15/16		2,850,000		3,234,750
				20,583,181
Security Services – 0.0%
Garda World Security Corp.
9.750% 03/15/17 (b)		910,000		957,775
				957,775
Commercial Services Total				35,886,531
Food – 1.2%
Food-Miscellaneous/Diversified – 1.2%
Campbell Soup Co.
4.500% 02/15/19		435,000		476,471
ConAgra Foods, Inc.
7.000% 10/01/28		855,000		984,589
Kraft Foods, Inc.
6.125% 02/01/18		13,232,000		15,586,846
Michael Foods, Inc.
9.750% 07/15/18 (b)		1,770,000		1,911,600
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.250% 09/01/17		666,000		674,325
9.250% 04/01/15		3,815,000		3,924,681
				23,558,512
Food-Wholesale/Distributor – 0.0%
U.S. Foodservice
PIK, 10.750% 06/30/15 (b)		274,000		274,000
				274,000
Food Total				23,832,512
Healthcare Products – 0.5%
Medical Products – 0.5%
Biomet, Inc.
PIK, 10.375% 10/15/17		7,340,000		8,000,600
Hanger Orthopedic Group, Inc.
7.125% 11/15/18 (b)		1,014,000		989,918
				8,990,518
Healthcare Products Total				8,990,518

	Par (a)		Value ($)
Healthcare Services – 2.0%
Medical Information Systems – 0.0%
Medassets, Inc.
3.750% 11/15/16 (12/15/10) (b)(d)(e)(f)		725,000		728,172
				728,172
Medical Labs & Testing Services – 0.1%
Roche Holdings, Inc.
6.000% 03/01/19 (b)		1,650,000		1,970,493
				1,970,493
Medical-HMO – 0.2%
Multiplan, Inc.
9.875% 09/01/18 (b)		2,699,000		2,867,688
WellPoint, Inc.
7.000% 02/15/19		960,000		1,160,324
				4,028,012
Medical-Hospitals – 1.3%
Capella Healthcare, Inc.
9.250% 07/01/17 (b)		410,000		432,038
HCA Holdings, Inc.
7.750% 05/15/21 (b)		880,000		865,700
HCA, Inc.
7.250% 09/15/20		9,915,000		10,398,356
7.875% 02/15/20		3,052,000		3,246,565
LifePoint Hospitals, Inc.
6.625% 10/01/20 (b)		1,002,000		1,002,000
Select Medical Corp.
7.625% 02/01/15		1,986,000		1,976,070
Tenet Healthcare Corp.
8.000% 08/01/20 (b)		3,220,000		3,155,600
Vanguard Health Holding Co. II, LLC/Vanguard Holding Co. II, Inc.
8.000% 02/01/18		2,300,000		2,323,000
8.000% 02/01/18 (b)		1,835,000		1,839,587
				25,238,916
Medical-Outpatient/Home Medical – 0.1%
Radiation Therapy Services, Inc.
9.875% 04/15/17 (b)		1,513,000		1,478,957
				1,478,957
Physical Therapy/Rehab Centers – 0.2%
Healthsouth Corp.
8.125% 02/15/20		1,694,000		1,835,872
10.750% 06/15/16		2,190,000		2,381,625
				4,217,497

See Accompanying Notes to Financial Statements.

8

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Physician Practice Management – 0.1%
U.S. Oncology Holdings, Inc.
PIK, 6.737% 03/15/12 (03/15/11) (e)(f)		1,466,000		1,444,991
				1,444,991
Healthcare Services Total				39,107,038
Household Products/Wares – 1.0%
Consumer Products-Miscellaneous – 1.0%
American Greetings Corp.
7.375% 06/01/16		1,485,000		1,529,550
Amscan Holdings, Inc.
5.25% 12/02/17 (b)(c)(d)		325,000		321,750
Central Garden & Pet Co.
8.250% 03/01/18		2,000,000		2,045,000
Jarden Corp.
8.000% 05/01/16		975,000		1,057,875
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg SA
7.125% 04/15/19 (b)		1,961,000		1,995,318
7.750% 10/15/16 (b)		5,305,000		5,530,462
9.000% 04/15/19 (b)		2,255,000		2,294,462
Spectrum Brands Holdings, Inc.
9.500% 06/15/18 (b)		4,310,000		4,665,575
				19,439,992
Household Products/Wares Total				19,439,992
Pharmaceuticals – 0.7%
Medical-Drugs – 0.4%
Novartis Securities Investment Ltd.
5.125% 02/10/19		950,000		1,083,314
Patheon, Inc.
8.625% 04/15/17 (b)		1,880,000		1,889,400
Valeant Pharmaceuticals International
6.750% 10/01/17 (b)		1,050,000		1,036,875
7.000% 10/01/20 (b)		2,805,000		2,734,875
Wyeth
5.500% 02/15/16		800,000		929,139
				7,673,603
Medical-Generic Drugs – 0.1%
Mylan Inc.
6.000% 11/15/18 (b)		2,270,000		2,213,250
				2,213,250

	Par (a)		Value ($)
Pharmacy Services – 0.0%
Omnicare, Inc.
6.875% 12/15/15		650,000		656,500
				656,500
Therapeutics – 0.2%
Warner Chilcott Co., LLC/Warner Chilcott Finance LLC
7.750% 09/15/18 (b)		3,296,000		3,296,000
				3,296,000
Pharmaceuticals Total				13,839,353
Consumer Non-Cyclical Total				163,912,877
Diversified – 0.2%
Diversified Holding Companies – 0.2%
EnCana Holdings Finance Corp.
5.800% 05/01/14		3,840,000		4,317,001
Diversified Holding Companies Total				4,317,001
Diversified Total				4,317,001
Energy – 9.0%
Coal – 0.4%
Coal – 0.4%
Arch Coal, Inc.
7.250% 10/01/20		660,000		722,700
Consol Energy, Inc.
8.000% 04/01/17 (b)		1,500,000		1,612,500
8.250% 04/01/20 (b)		4,420,000		4,784,650
				7,119,850
Coal Total				7,119,850
Energy-Alternate Sources – 0.2%
Energy-Alternate Sources – 0.2%
Power Sector Assets & Liabilities Management Corp.
7.250% 05/27/19 (b)		2,500,000		3,009,375
7.390% 12/02/24 (b)		1,390,000		1,678,425
				4,687,800
Energy-Alternate Sources Total				4,687,800
Oil & Gas – 6.9%
Oil & Gas Drilling – 0.1%
Precision Drilling Corp.
6.625% 11/15/20 (b)		1,610,000		1,626,100
				1,626,100
Oil Companies-Exploration & Production – 5.1%
Anadarko Petroleum Corp.
5.950% 09/15/16		3,875,000		4,134,885

See Accompanying Notes to Financial Statements.

9

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Berry Petroleum Co.
6.750% 11/01/20		760,000		756,200
8.250% 11/01/16		335,000		347,563
10.250% 06/01/14		535,000		607,225
Brigham Exploration Co.
8.750% 10/01/18 (b)		1,185,000		1,262,025
Carrizo Oil & Gas, Inc.
8.625% 10/15/18 (b)		3,660,000		3,641,700
Chesapeake Energy Corp.
6.625% 08/15/20		6,050,000		6,095,375
Comstock Resources, Inc.
8.375% 10/15/17		357,000		360,570
Continental Resources, Inc./OK
7.125% 04/01/21 (b)		1,495,000		1,569,750
EXCO Resources, Inc.
7.500% 09/15/18		4,150,000		3,963,250
Forest Oil Corp.
8.500% 02/15/14		3,673,000		3,985,205
Hilcorp Energy I LP/Hilcorp Finance Co.
7.750% 11/01/15 (b)		3,265,000		3,354,787
8.000% 02/15/20 (b)		2,375,000		2,487,812
KazMunayGas Finance Sub BV
9.125% 07/02/18 (b)		6,930,000		7,966,728
KazMunayGas National Co.
6.375% 04/09/21 (b)		2,300,000		2,225,250
NAK Naftogaz Ukraine
9.500% 09/30/14		5,625,000		5,878,125
Newfield Exploration Co.
6.625% 04/15/16		3,810,000		3,905,250
6.875% 02/01/20		2,095,000		2,189,275
Nexen, Inc.
5.875% 03/10/35		960,000		962,494
7.500% 07/30/39		1,080,000		1,294,499
Pemex Finance Ltd.
9.150% 11/15/18		2,485,000		2,954,805
10.610% 08/15/17		1,650,000		2,115,448
Petrobras International Finance Co.
7.875% 03/15/19		6,980,000		8,488,036
PetroHawk Energy Corp.
7.250% 08/15/18		1,895,000		1,890,263
7.875% 06/01/15		6,420,000		6,612,600
QEP Resources, Inc.
6.875% 03/01/21		2,810,000		2,964,550
Quicksilver Resources, Inc.
7.125% 04/01/16		4,062,000		3,919,830
8.250% 08/01/15		3,000,000		3,067,500
Range Resources Corp.
6.750% 08/01/20		2,335,000		2,416,725
7.500% 05/15/16		1,590,000		1,645,650
8.000% 05/15/19		1,115,000		1,215,350

	Par (a)		Value ($)
SandRidge Energy, Inc.
PIK, 8.625% 04/01/15		2,148,000		2,094,300
Southwestern Energy Co.
7.500% 02/01/18		1,595,000		1,798,363
XTO Energy, Inc.
7.500% 04/15/12		340,000		370,612
				98,542,000
Oil Company-Integrated – 1.2%
Ecopetrol SA
7.625% 07/23/19		5,000,000		5,962,500
Hess Corp.
5.600% 02/15/41		2,000,000		1,999,798
Lukoil International Finance BV
6.125% 11/09/20 (b)		2,300,000		2,254,000
Petroleos de Venezuela SA
5.250% 04/12/17		10,080,000		5,402,880
Petroleos Mexicanos
5.500% 01/21/21		5,000,000		5,225,000
Petroleum Co. of Trinidad & Tobago Ltd.
9.750% 08/14/19 (b)		1,310,000		1,591,650
Shell International Finance BV
5.500% 03/25/40		1,450,000		1,569,255
				24,005,083
Oil-Field Services – 0.5%
Gazprom International SA
6.510% 03/07/22 (b)		4,235,000		4,266,762
8.146% 04/11/18 (b)		4,085,000		4,631,369
				8,898,131
Oil & Gas Total				133,071,314
Oil & Gas Services – 0.4%
Oil-Field Services – 0.4%
Aquilex Holdings LLC/Aquilex Finance Corp.
11.125% 12/15/16		330,000		331,650
Expro Finance Luxembourg SCA
8.500% 12/15/16 (b)		4,569,000		4,443,352
Frac Tech Services LLC/Frac Tech Finance, Inc.
7.125% 11/15/18 (b)		1,945,000		1,930,413
Halliburton Co.
5.900% 09/15/18		515,000		592,215
Weatherford International Ltd.
5.150% 03/15/13		14,000		14,890
				7,312,520
Oil & Gas Services Total				7,312,520

See Accompanying Notes to Financial Statements.

10

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Pipelines – 1.1%
Pipelines – 1.1%
El Paso Corp.
6.875% 06/15/14		2,970,000		3,196,694
7.250% 06/01/18		3,525,000		3,756,127
Energy Transfer Equity LP
7.500% 10/15/20		4,490,000		4,647,150
Kinder Morgan Energy Partners LP
6.950% 01/15/38		670,000		723,449
Plains All American Pipeline LP/PAA Finance Corp.
8.750% 05/01/19		2,715,000		3,462,817
Regency Energy Partners LP/Regency Energy Finance Corp.
6.875% 12/01/18		1,225,000		1,237,250
9.375% 06/01/16		1,740,000		1,909,650
Southern Natural Gas Co.
8.000% 03/01/32		885,000		992,122
Southern Star Central Corp.
6.750% 03/01/16		680,000		680,000
TransCanada Pipelines Ltd.
7.625% 01/15/39		575,000		746,386
Williams Companies, Inc.
7.875% 09/01/21		763,000		922,637
				22,274,282
Pipelines Total				22,274,282
Energy Total				174,465,766
Financials – 8.1%
Banks – 4.6%
Commercial Banks-Central U.S. – 0.0%
Fifth Third Bank/Ohio
0.394% 05/17/13 (02/17/11) (e)(f)		380,000		364,772
				364,772
Commercial Banks-Eastern U.S. – 0.9%
CIT Group, Inc.
7.000% 05/01/17		17,100,000		16,672,500
				16,672,500
Commercial Banks-Non U.S. – 1.2%
Barclays Bank PLC
3.900% 04/07/15		935,000		976,457
5.000% 09/22/16		760,000		814,437
BES Investimento do Brasil SA
5.625% 03/25/15 (b)		2,000,000		1,913,020
IKB Deutsche Industriebank AG
2.125% 09/10/12	EUR	8,315,000		10,934,068

	Par (a)		Value ($)
Lloyds Banking Group PLC
6.267% 11/29/49 (11/14/16) (b)(e)(f)		150,000		100,500
6.657% 01/29/49 (b)		230,000		154,100
Santander U.S. Debt SA Unipersonal
3.781% 10/07/15 (b)		9,200,000		8,890,024
				23,782,606
Commercial Banks-Southern U.S. – 0.0%
Regions Financial Corp.
7.000% 03/01/11		235,000		232,356
				232,356
Diversified Banking Institutional – 2.3%
Ally Financial, Inc.
6.250% 12/01/17 (b)		2,930,000		2,812,800
7.500% 09/15/20 (b)		3,430,000		3,361,400
8.000% 03/15/20 (b)		6,945,000		7,153,350
8.000% 11/01/31		6,063,000		6,275,205
Bank of America Corp.
5.625% 07/01/20		11,780,000		11,842,681
Citigroup, Inc.
5.375% 08/09/20		4,235,000		4,332,812
6.010% 01/15/15		15,000		16,363
JPMorgan Chase & Co.
4.400% 07/22/20		2,405,000		2,373,959
Morgan Stanley
5.500% 07/24/20		6,895,000		7,055,943
				45,224,513
Super-Regional Banks-U.S. – 0.2%
Capital One Financial Corp.
5.700% 09/15/11		1,920,000		1,988,204
Keycorp
6.500% 05/14/13		920,000		1,005,582
				2,993,786
Banks Total				89,270,533
Diversified Financial Services – 2.3%
Diversified Financial Services – 0.5%
General Electric Capital Corp.
6.000% 08/07/19		700,000		773,576
6.875% 01/10/39		3,830,000		4,254,126
Morgan Stanley & Co., Inc.
11.500% 10/22/20 (b)(c)	BRL	6,285,000		3,665,578
				8,693,280
Finance-Auto Loans – 0.6%
Ford Motor Credit Co., LLC
7.000% 04/15/15		1,160,000		1,226,022
7.800% 06/01/12		3,700,000		3,922,440
8.000% 12/15/16		6,025,000		6,619,348
				11,767,810

See Accompanying Notes to Financial Statements.

11

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Finance-Consumer Loans – 0.3%
American General Finance Corp.
6.900% 12/15/17		6,716,000		5,322,430
				5,322,430
Finance-Investment Banker/Broker – 0.3%
E*Trade Financial Corp.
7.375% 09/15/13		815,000		806,850
7.875% 12/01/15		2,180,000		2,147,300
PIK, 12.500% 11/30/17		2,830,000		3,261,575
				6,215,725
Finance-Leasing Company – 0.3%
International Lease Finance Corp.
8.750% 03/15/17 (b)		2,560,000		2,694,400
8.875% 09/01/17		3,210,000		3,402,600
				6,097,000
Finance-Other Services – 0.1%
ERAC USA Finance LLC
2.750% 07/01/13 (b)		1,250,000		1,278,002
5.250% 10/01/20 (b)		1,150,000		1,214,799
7.000% 10/15/37 (b)		147,000		161,300
				2,654,101
Investment Management/Advisor Service – 0.0%
Pinafore LLC/Pinafore, Inc.
9.000% 10/01/18 (b)		520,000		548,600
				548,600
Special Purpose Entity – 0.2%
Vnesheconombank Via VEB Finance Ltd.
6.800% 11/22/25 (b)		4,400,000		4,279,000
				4,279,000
Diversified Financial Services Total				45,577,946
Insurance – 0.7%
Life/Health Insurance – 0.1%
Prudential Financial, Inc.
7.375% 06/15/19		1,680,000		2,015,533
				2,015,533
Multi-Line Insurance – 0.3%
ING Groep NV
5.775% 12/29/49 (12/08/15) (e)(f)		5,590,000		4,695,600
MetLife, Inc.
6.750% 06/01/16		1,520,000		1,783,483
				6,479,083
Mutual Insurance – 0.1%
Liberty Mutual Group, Inc.
10.750% 06/15/58 (06/15/58) (b)(e)(f)		1,060,000		1,293,200
				1,293,200

	Par (a)		Value ($)
Property/Casualty Insurance – 0.2%
Asurion Corp.
6.753% 07/02/15 (12/13/10) (d)(e)(f)		1,609,397		1,499,299
2nd lien, 6.753% 07/02/15 (12/13/10) (d)(e)(f)		2,200,603		2,050,230
				3,549,529
Insurance Total				13,337,345
Investment Companies – 0.3%
Investment Companies – 0.3%
Offshore Group Investments Ltd.
11.500% 08/01/15 (b)		4,885,000		5,153,675
				5,153,675
Investment Companies Total				5,153,675
Real Estate – 0.2%
Real Estate Management/Services – 0.2%
Qatari Diar Finance QSC
5.000% 07/21/20 (b)		4,100,000		4,173,505
				4,173,505
Real Estate Total				4,173,505
Real Estate Investment Trusts (REITs) – 0.0%
REITS-Diversified – 0.0%
Duke Realty LP
8.250% 08/15/19		200		240
				240
Real Estate Investment Trusts (REITs) Total				240
Financials Total				157,513,244
Industrials – 4.1%
Aerospace & Defense – 0.8%
Aerospace/Defense – 0.3%
Embraer Overseas Ltd.
6.375% 01/15/20		500,000		537,500
Esterline Technologies Corp.
7.000% 08/01/20 (b)		210,000		217,350
Kratos Defense & Security Solutions, Inc.
10.000% 06/01/17		2,590,000		2,891,088
Penerbangan Malaysia Bhd
5.625% 03/15/16		1,310,000		1,483,546
				5,129,484
Aerospace/Defense-Equipment – 0.2%
Sequa Corp.
11.750% 12/01/15 (b)		4,105,000		4,382,087
				4,382,087

See Accompanying Notes to Financial Statements.

12

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Electronics-Military – 0.3%
L-3 Communications Corp.
6.375% 10/15/15		4,780,000		4,923,400
				4,923,400
Aerospace & Defense Total				14,434,971
Building Materials – 0.5%
Building & Construction Products-Miscellaneous – 0.5%
Associated Materials LLC
9.125% 11/01/17 (b)		1,395,000		1,422,900
Gibraltar Industries, Inc.
8.000% 12/01/15		1,525,000		1,502,125
Goodman Global, Inc.
5.750% 10/28/16 (12/08/10) (d)(e)(f)		565,000		568,729
9.000% 10/28/17 (12/08/10) (d)(e)(f)		215,000		219,891
Interline Brands, Inc.
7.000% 11/15/18 (b)		1,094,000		1,098,103
Nortek, Inc.
11.000% 12/01/13		3,182,599		3,349,685
Ply Gem Industries, Inc.
11.750% 06/15/13		1,350,000		1,431,000
				9,592,433
Building Materials Total				9,592,433
Electrical Components & Equipment – 0.1%
Wire & Cable Products – 0.1%
WireCo WorldGroup
9.500% 05/15/17 (b)		1,490,000		1,611,994
				1,611,994
Electrical Components & Equipment Total				1,611,994
Environmental Control – 0.1%
Hazardous Waste Disposal – 0.1%
Clean Harbors, Inc.
7.625% 08/15/16		1,800,000		1,899,000
				1,899,000
Environmental Control Total				1,899,000
Machinery-Diversified – 0.8%
Machinery-Farm – 0.3%
Case New Holland, Inc.
7.875% 12/01/17 (b)		4,786,000		5,276,565
				5,276,565
Machinery-General Industry – 0.5%
CPM Holdings, Inc.
10.625% 09/01/14 (b)		2,419,000		2,564,140

	Par (a)		Value ($)
Manitowoc Co., Inc.
7.125% 11/01/13		3,500,000		3,526,250
8.500% 11/01/20		1,950,000		1,993,875
9.500% 02/15/18		2,200,000		2,354,000
				10,438,265
Machinery-Diversified Total				15,714,830
Miscellaneous Manufacturing – 0.4%
Diversified Manufacturing Operators – 0.3%
Amsted Industries, Inc.
8.125% 03/15/18 (b)		1,500,000		1,597,500
Bombardier, Inc.
6.300% 05/01/14 (b)		2,385,000		2,486,362
SPX Corp.
6.875% 09/01/17 (b)		1,990,000		2,089,500
				6,173,362
Filtration/Separate Products – 0.1%
Polypore International, Inc.
7.500% 11/15/17 (b)		2,310,000		2,338,875
				2,338,875
Miscellaneous Manufacturing Total				8,512,237
Packaging & Containers – 0.8%
Containers-Metal/Glass – 0.3%
Ardagh Packaging Finance PLC
7.375% 10/15/17 (b)		790,000		811,725
9.125% 10/15/20 (b)		1,640,000		1,689,200
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15		2,440,000		2,519,300
Crown Americas LLC & Crown Americas Capital Corp. II
7.625% 05/15/17		1,265,000		1,366,200
				6,386,425
Containers-Paper/Plastic – 0.5%
Graham Packaging Co., LP/GPC Capital Corp. I
8.250% 01/01/17 (b)		3,350,000		3,417,000
Graphic Packaging International, Inc.
7.875% 10/01/18		564,000		585,150
9.500% 06/15/17		4,017,000		4,358,445
				8,360,595
Packaging & Containers Total				14,747,020
Transportation – 0.6%
Transportation-Air Freight – 0.0%
AMGH Merger Sub, Inc.
9.250% 11/01/18 (b)		585,000		598,163
				598,163

See Accompanying Notes to Financial Statements.

13

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Transportation-Railroad – 0.5%
CSX Corp.
5.500% 04/15/41		2,765,000		2,764,848
Kansas City Southern de Mexico SA de CV
7.625% 12/01/13		3,770,000		3,901,950
Kazakhstan Temir Zholy Finance BV
6.375% 10/06/20 (b)		850,000		862,750
Union Pacific Corp.
5.700% 08/15/18		1,440,000		1,657,673
				9,187,221
Transportation-Services – 0.1%
Bristow Group, Inc.
7.500% 09/15/17		2,360,000		2,478,000
				2,478,000
Transportation Total				12,263,384
Industrials Total				78,775,869
Information Technology – 0.4%
IT Services – 0.4%
Data Processing/Management – 0.4%
First Data Corp.
PIK, 10.550% 09/24/15		389,000		328,559
9.875% 09/24/15		3,997,000		3,389,900
8.875% 08/15/20 (b)		3,210,000		3,338,400
				7,056,859
IT Services Total				7,056,859
Information Technology Total				7,056,859
Technology – 1.1%
Computers – 0.2%
Computer Services – 0.2%
SunGard Data Systems, Inc.
7.375% 11/15/18 (b)		4,265,000		4,222,350
				4,222,350
Computers Total				4,222,350
Medical Devices & Supplies – 0.0%
Illumination Detection Systems
7.25% 11/23/16 (b)(c)(d)		550,000		551,719
Medical Devices & Supplies Total				551,719
Networking Products – 0.1%
Networking Products – 0.1%
Cisco Systems, Inc.
5.500% 01/15/40		900,000		950,003
5.900% 02/15/39		755,000		841,093
				1,791,096
Networking Products Total				1,791,096

	Par (a)		Value ($)
Semiconductors – 0.6%
Electronic Components-Miscellaneous – 0.3%
NXP BV/NXP Funding LLC
9.750% 08/01/18 (b)		5,615,000		6,064,200
				6,064,200
Electronic Components-Semiconductors – 0.3%
Amkor Technology, Inc.
9.250% 06/01/16		3,805,000		4,038,056
Freescale Semiconductor, Inc.
9.250% 04/15/18 (b)		1,775,000		1,859,313
				5,897,369
Semiconductors Total				11,961,569
Software – 0.2%
Enterprise Software/Services – 0.2%
Oracle Corp.
5.375% 07/15/40 (b)		2,045,000		2,117,581
6.500% 04/15/38		925,000		1,107,099
				3,224,680
Software Total				3,224,680
Technology Total				21,751,414
Utilities – 4.0%
Electric – 3.8%
Electric-Distribution – 0.2%
Majapahit Holding BV
7.875% 06/29/37 (b)		2,780,000		3,238,700
				3,238,700
Electric-Generation – 0.1%
Edison Mission Energy
7.000% 05/15/17		2,000,000		1,570,000
				1,570,000
Electric-Integrated – 2.6%
CenterPoint Energy Houston Electric LLC
7.000% 03/01/14		675,000		785,971
CMS Energy Corp.
5.050% 02/15/18		2,295,000		2,315,506
6.875% 12/15/15		1,615,000		1,819,821
Consolidated Edison Co. of New York, Inc.
6.750% 04/01/38		895,000		1,095,490
Duke Energy Corp.
3.950% 09/15/14		3,390,000		3,621,581
Energy Future Holdings Corp.
10.000% 01/15/20 (b)		6,402,000		6,550,232
Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.
10.000% 12/01/20		739,000		757,958

See Accompanying Notes to Financial Statements.

14

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par (a)		Value ($)
Florida Power Corp.
6.400% 06/15/38		1,270,000		1,492,988
Ipalco Enterprises, Inc.
7.250% 04/01/16 (b)		2,415,000		2,596,125
Kansas City Power & Light Co.
7.150% 04/01/19		835,000		1,020,007
Nevada Power Co.
6.500% 05/15/18		9,575,000		11,378,595
6.650% 04/01/36		950,000		1,093,410
Nisource Finance Corp.
5.250% 09/15/17		6,385,000		6,839,261
Sierra Pacific Power Co.
6.000% 05/15/16		2,535,000		2,933,601
TransAlta Corp.
6.650% 05/15/18		6,340,000		7,348,852
				51,649,398
Independent Power Producer – 0.9%
AES Corp.
7.750% 03/01/14		3,625,000		3,842,500
Calpine Corp.
7.500% 02/15/21 (b)		2,050,000		2,014,125
Dynegy Holdings, Inc.
7.500% 06/01/15		273,000		202,702
7.750% 06/01/19		1,696,000		1,106,640
NRG Energy, Inc.
7.375% 01/15/17		9,571,000		9,666,710
				16,832,677
Electric Total				73,290,775
Gas – 0.2%
Gas-Distribution – 0.2%
Nakilat, Inc.
6.067% 12/31/33 (b)		3,260,000		3,471,900
Sempra Energy
6.500% 06/01/16		310,000		367,812
				3,839,712
Gas Total				3,839,712
Utilities Total				77,130,487
Total Corporate Fixed-Income Bonds & Notes (cost of $1,068,748,223)				1,116,713,103
Government & Agency Obligations – 34.2%
Foreign Government Obligations – 25.0%
Banco Nacional de Desenvolvimento Economico e Social
5.500% 07/12/20 (b)		2,850,000		3,042,375
European Investment Bank
1.400% 06/20/17	JPY	1,097,000,000		13,647,537
5.500% 12/07/11	GBP	5,250,000		8,539,244

	Par (a)		Value ($)
Federal Republic of Germany
4.250% 07/04/17	EUR	1,850,000		2,707,307
6.000% 06/20/16	EUR	12,600,000		19,758,023
Federative Republic of Brazil
6.000% 01/17/17		85,000		98,175
7.375% 02/03/15	EUR	6,950,000		10,509,089
8.250% 01/20/34		6,960,000		9,570,000
8.500% 09/24/12	EUR	480,000		688,486
11.000% 08/17/40		6,200,000		8,534,300
12.500% 01/05/22	BRL	10,275,000		7,071,329
Government of Canada
4.250% 06/01/18	CAD	7,120,000		7,610,157
8.000% 06/01/23	CAD	3,380,000		4,881,319
Government of Japan
1.500% 09/20/18	JPY	330,000,000		4,128,304
Government of New Zealand
6.000% 05/15/21	NZD	6,150,000		4,677,826
6.500% 04/15/13	NZD	5,270,000		4,121,685
Instituto de Credito Oficial
1.500% 09/20/12	JPY	680,000,000		8,063,302
International Finance Corp.
7.500% 02/28/13	AUD	2,675,000		2,675,351
Kingdom of Belgium
3.250% 09/28/16	EUR	3,220,000		4,145,658
Kingdom of Norway
4.250% 05/19/17	NOK	73,185,000		12,632,226
Kingdom of Spain
3.800% 01/31/17	EUR	5,680,000		6,889,042
Kingdom of Sweden
3.750% 08/12/17	SEK	120,000,000		18,117,264
5.000% 12/01/20	SEK	29,000,000		4,845,944
Pemex Project Funding Master Trust
5.750% 03/01/18		10,370,000		11,279,895
Province of Cordoba
12.375% 08/17/17 (b)		3,630,000		3,666,300
Republic of Argentina
7.000% 10/03/15		4,600,000		4,186,000
8.280% 12/31/33		10,150,131		9,033,617
Republic of Colombia
8.125% 05/21/24		4,975,000		6,467,500
9.750% 04/09/11		620,014		629,314
Republic of Croatia
6.625% 07/14/20 (b)		1,395,000		1,480,903
Dominican Republic
7.500% 05/06/21 (b)		725,000		797,572
Republic of Finland
4.250% 07/04/15	EUR	2,720,000		3,896,831
Republic of France
4.000% 04/25/13	EUR	7,845,000		10,856,317
5.500% 04/25/29	EUR	5,920,000		9,674,120

See Accompanying Notes to Financial Statements.

15

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Government & Agency Obligations (continued)
	Par (a)		Value ($)
Republic of Indonesia
5.875% 03/13/20 (b)		12,125,000		13,640,625
7.250% 04/20/15 (b)		3,000,000		3,532,500
10.375% 05/04/14 (b)		8,180,000		10,265,900
11.000% 09/15/25	IDR	89,650,000,000		11,930,913
11.500% 09/15/19	IDR	20,600,000,000		2,878,598
Republic of Ireland
4.500% 10/18/18	EUR	1,755,000		1,706,964
Republic of Italy
3.000% 06/15/15	EUR	1,200,000		1,506,241
4.500% 08/01/18	EUR	10,395,000		13,628,843
5.250% 08/01/17	EUR	5,090,000		7,034,886
Republic of Lithuania
5.125% 09/14/17 (b)		1,850,000		1,830,571
Republic of Panama
6.700% 01/26/36		4,400,000		5,115,000
Republic of Peru
7.840% 08/12/20 (b)	PEN	3,100,000		1,251,717
8.750% 11/21/33		6,417,000		9,128,182
Republic of Philippines
4.000% 01/15/21		10,354,000		10,263,402
6.500% 01/20/20		2,110,000		2,513,537
Republic of Poland
5.500% 10/25/19	PLN	8,700,000		2,713,524
6.250% 10/24/15	PLN	29,480,000		9,792,879
6.375% 07/15/19		1,470,000		1,631,944
Republic of South Africa
8.250% 09/15/17	ZAR	37,000,000		5,260,586
Republic of Turkey
5.625% 03/30/21		6,450,000		6,966,000
7.000% 09/26/16		8,735,000		10,202,480
7.375% 02/05/25		8,680,000		10,546,200
Republic of Uruguay
3.700% 06/26/37	UYU	58,075,000		3,071,500
4.250% 04/05/27	UYU	53,687,798		3,009,792
PIK, 7.875% 01/15/33		4,640,000		6,032,000
Republic of Venezuela
9.000% 05/07/23		14,654,000		9,232,020
9.250% 09/15/27		8,045,000		5,450,487
Russian Federation
3.625% 04/29/15 (b)		5,150,000		5,160,300
7.500% 03/31/30 (b)		24,352,950		28,037,551
Treasury Corp. of Victoria
5.750% 11/15/16	AUD	4,600,000		4,418,887
6.000% 06/15/20	AUD	4,580,000		4,399,280
United Kingdom Treasury
5.000% 03/07/18	GBP	7,100,000		12,709,300
5.000% 03/07/25	GBP	2,510,000		4,403,952
United Mexican States
5.125% 01/15/20		7,435,000		8,029,800

	Par (a)		Value ($)
6.050% 01/11/40		5,350,000		5,684,375
8.500% 12/13/18	MXN	55,860,000		5,003,216
11.375% 09/15/16		5,690,000		8,193,600
Foreign Government Obligations Total				485,099,864
U.S. Government Obligations – 9.2%
U.S. Treasury Bonds
3.875% 08/15/40 (j)		16,820,000		16,160,336
7.500% 11/15/24		3,000,000		4,392,657
U.S. Treasury Notes
1.250% 10/31/15 (j)		13,534,000		13,415,578
1.875% 10/31/17 (j)		6,000,000		5,902,968
2.625% 08/15/20 (j)		17,000,000		16,808,750
2.625% 11/15/20 (j)		17,835,000		17,573,040
4.250% 09/30/12		40,000,000		42,795,320
5.000% 02/15/11		23,600,000		23,834,159
5.125% 05/15/16		28,000,000		33,173,448
U.S. Treasury STRIPS
(k) 05/15/23		4,550,000		2,913,897
P.O., (k) 11/15/13		2,250,000		2,201,024
U.S. Government Obligations Total				179,171,177
Total Government & Agency Obligations (cost of $634,074,836)				664,271,041
Mortgage-Backed Securities – 5.1%
Federal Home Loan Mortgage Corp.
5.000% 05/01/21		8,086,177		8,657,515
10.500% 01/01/20		4,648		5,279
Federal National Mortgage Association
5.000% 09/01/37		8,058,854		8,556,885
5.500% 11/01/36		5,579,508		6,011,683
6.000% 10/01/36		2,171,548		2,369,681
6.000% 02/01/37		7,324,800		7,993,119
6.000% 08/01/37		10,919,933		11,895,799
6.500% 12/01/31		12,750		14,409
6.500% 05/01/32		16,595		18,754
6.500% 01/01/33		10,526		11,896
6.500% 05/01/33		43,179		48,797
6.500% 11/01/36 (l)		14,128,389		15,728,268
6.500% 11/01/37		6,868,424		7,626,877
9.000% 04/01/16		29		29
10.000% 04/01/14		28,413		28,844
TBA: 4.000% 12/01/40 (c)		14,850,000		15,079,715
4.500% 12/01/40 (c)		14,000,000		14,573,132
Government National Mortgage Association
11.750% 08/15/13		3,407		3,435
Total Mortgage-Backed Securities (cost of $93,947,016)				98,624,117

See Accompanying Notes to Financial Statements.

16

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Commercial Mortgage-Backed Securities – 2.1%
	Par (a)		Value ($)
Bear Stearns Commercial Mortgage Securities
4.933% 02/13/42 (12/01/10) (e)(f)		4,845,000		5,230,996
5.201% 12/11/38		5,000,000		5,294,624
Greenwich Capital Commercial Funding Corp.
5.317% 06/10/36 (12/01/10) (e)(f)		1,395,000		1,515,820
GS Mortgage Securities Corp. II
4.751% 07/10/39		4,825,000		5,148,501
5.553% 04/10/38 (12/01/10) (e)(f)		4,898,000		5,235,691
JPMorgan Chase Commercial Mortgage Securities Corp.
5.440% 06/12/47		4,000,000		4,203,193
Morgan Stanley Capital I
4.989% 08/13/42		4,825,000		5,182,668
5.968% 08/12/41 (12/01/10) (e)(f)		3,575,000		3,910,556
Wachovia Bank Commercial Mortgage Trust
5.378% 10/15/44 (12/01/10) (e)(f)		4,825,000		5,277,479
Total Commercial Mortgage-Backed Securities (cost of $36,686,222)				40,999,528
Municipal Bonds – 0.2%
California – 0.2%
CA Cabazon Band Mission Indians
Series 2004, 7.358% 10/01/11 (04/01/11) (e)(f)(m)		2,820,000		2,148,502
CA Los Angeles Unified School District
Series 2009, 5.750% 07/01/34		625,000		589,306
CA State
Series 2009, 7.550% 04/01/39		1,465,000		1,505,170
California Total				4,242,978
Total Municipal Bonds (cost of $4,897,665)				4,242,978
Asset-Backed Securities – 0.1%
GMAC Mortgage Corp.
4.865% 09/25/34 (12/01/10) (e)(f)		2,591,485		2,010,033
Total Asset-Backed Securities (cost of $2,591,485)				2,010,033

Common Stock – 0.1%
	Shares		Value ($)
Consumer Discretionary – 0.1%
Six Flags Entertainment Corp. (n)		30,809		1,671,414
Consumer Discretionary Total				1,671,414
Total Common Stock (cost of $2,346,754)				1,671,414
Preferred Stock – 0.0%
Communications – 0.0%
Media – 0.0%
CMP Susquehanna Radio Holdings Corp.,
Series A (b)(e)(g)(n)		40,765		408
Media Total				408
Communications Total				408
Total Preferred Stock (cost of $408)				408
Warrants – 0.0%
	Units
Financials – 0.0%
Banks – 0.0%
CNB Capital Trust I
Expires 03/23/19 (b)(g)(n)		46,584		466
Banks Total				466
Financials Total				466
Total Warrants (cost of $466)				466
	Shares
Securities Lending Collateral – 3.5%
State Street Navigator Securities Lending Prime Portfolio (7 day yield of 0.336%) (o)		68,941,784		68,941,784
Total Securities Lending Collateral (cost of $68,941,784)				68,941,784

See Accompanying Notes to Financial Statements.

17

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Short-Term Obligation – 0.8%
	Par ($)		Value ($)
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 01/15/13, market value $15,902,775 (repurchase proceeds $15,587,069)		15,587,000		15,587,000
Total Short-Term Obligation (cost of $15,587,000)				15,587,000
Total Investments – 103.6% (cost of $1,927,821,859) (q)				2,013,061,872
Obligation to Return Collateral for Securities Loaned – (3.5)%				(68,941,784	)
Other Assets & Liabilities, Net – (0.1)%				(1,309,273	)
Net Assets – 100.0%				1,942,810,815

Notes to Investment Portfolio:

(a)  Principal amount is stated in U.S. dollars unless otherwise noted.

(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, these securities, which are not illiquid except for the following, amounted to $478,975,556, which represents 24.7% of net assets.

Security	Acquisition Date	Par/ Shares/ Units		Cost		Value
CMP Susquehanna Corp., 3.430% 05/15/14	03/26/09	$	175,000	$	157,266	$	103,250
CMP Susquehanna Radio Holdings Corp., Series A	03/26/09		40,765		408		408
CNB Capital Trust I Warrants Expires 03/23/19	03/26/09		46,584		466		466
Six Flags, Inc. 9.625% 06/01/14	12/16/04	$	1,557,000		—		—
						$	104,124

(c)  Securities purchased on a delayed delivery basis.

(d)  Loan participation agreement.

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

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

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2010, the value of these securities amounted to $110,628, which represents less than 0.1% of net assets.

(h)  Security has no value.

(i)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At November 30, 2010, the value of this security amounted to $6,504, which represents less than 0.1% of net assets.

(j)  All or a portion of these securites were on loan at November 30, 2010. The total market value of securities on loan at November 30, 2010 was $68,091,413.

(k)  Zero coupon bond.

(l)  A portion of this security with a market value of $11,330,542 is pledged as collateral for open futures contracts.

(m)  The issuer is in default of certain debt covenants. Income is being partially accrued. At November 30, 2010, the value of this security amounted to $2,148,502, which represents 0.1% of net assets.

(n)  Non-income producing security.

(o)  Investment made with cash collateral received from securities lending activity.

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

(q)  Cost for federal income tax purposes is $1,932,956,068.

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
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—	$	70,856,003		$	—	$	70,856,003
Communications		—		257,588,141			103,250		257,691,391
Consumer Cyclical		—		103,235,688			6,504		103,242,192
Consumer Non-Cyclical		—		163,912,877			—		163,912,877
Diversified		—		4,317,001			—		4,317,001
Energy		—		174,465,766			—		174,465,766
Financials		—		157,513,244			—		157,513,244
Industrials		—		78,775,869			—		78,775,869
Information Technology		—		7,056,859			—		7,056,859
Technology		—		21,751,414			—		21,751,414
Utilities		—		77,130,487			—		77,130,487
Total Corporate Fixed-Income Bonds & Notes		—		1,116,603,349			109,754		1,116,713,103
Government & Agency Obligations
Foreign Government Obligations		—		485,099,864			—		485,099,864
U.S. Government Obligations		174,056,256		5,114,921			—		179,171,177
Total Government & Agency Obligations		174,056,256		490,214,785			—		664,271,041
Total Mortgage-Backed Securities		29,652,847		68,971,270			—		98,624,117
Total Commercial Mortgage-Backed Securities		—		40,999,528			—		40,999,528
Total Municipal Bonds		—		4,242,978			—		4,242,978
Total Asset-Backed Securities		—		2,010,033			—		2,010,033
Total Common Stock		1,671,414		—			—		1,671,414
Total Preferred Stock		—		—			408		408
Total Warrants		—		—			466		466
Total Securities Lending Collateral		68,941,784		—			—		68,941,784
Total Short-Term Obligation		—		15,587,000			—		15,587,000
Total Investments		274,322,301		1,738,628,943			110,628		2,013,061,872
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		—		3,173,798			—		3,173,798
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		—		(3,285,802	)		—		(3,285,802	)

See Accompanying Notes to Financial Statements.

18

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Value of Credit Default Swap Contract – Depreciation	$	—		$	(151,400	)	$	—	$	(151,400	)
Unrealized Appreciation on Futures Contracts		2,301,061			—			—		2,301,061
Unrealized Depreciation on Futures Contracts		(11,734	)		—			—		(11,734	)
Total	$	276,611,628		$	1,738,365,539		$	110,628	$	2,015,087,795

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

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

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

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

Certain preferred stock, warrants and corporate fixed-income bonds & notes classified as Level 3 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, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company's capital structure.

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

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

Investments in Securities	Balance as of May 31, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2010
Corporate Fixed-Income Bonds & Notes Communications	$	103,250	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	103,250
Consumer Cyclical		—		—		—		—		—		—		6,504		—		6,504
Warrants
Financials		466		—		—		—		—		—		—		—		466
Preferred Stock
Communications		408		—		—		—		—		—		—		—		408
	$	104,124	$	—	$	—	$	—	$	—	$	—	$	6,504	$	—	$	110,628

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

The change in unrealized appreciation attributable to securities owned at November 30, 2010 which were valued using significant unobservable inputs (Level 3) amounted to $0. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

Financial Assets were transferred from Level 2 to Level 3 due to the pricing vendor discontinuing coverage, as a result the security was fair valued by management.

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

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	6,504	$	6,504	$	—

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

See Accompanying Notes to Financial Statements.

19

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

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 Appreciation (Depreciation)
State Street Bank and Trust Company	AUD	$	24,155,676	$	25,390,928	12/15/10	$	(1,235,252	)
State Street Bank and Trust Company	AUD		98,567		101,377	12/15/10		(2,810	)
State Street Bank and Trust Company	AUD		262,208		261,985	12/15/10		223
JPMorgan Chase	CAD		9,807,934		9,886,993	12/15/10		(79,059	)
HSBC	CHF		154,471		156,003	12/15/10		(1,532	)
UBS Securities LLC	EUR		123,310		129,271	12/15/10		(5,961	)
Goldman Sachs & Co.	JPY		9,826,451		9,917,221	12/15/10		(90,770	)
Goldman Sachs & Co.	JPY		48,605		48,728	12/15/10		(123	)
Goldman Sachs & Co.	JPY		14,832,161		14,717,628	12/15/10		114,533
HSBC	NOK		9,533,367		10,179,857	12/15/10		(646,490	)
HSBC	NOK		4,916,296		5,095,754	12/15/10		(179,458	)
HSBC	NOK		9,502,801		9,802,685	12/15/10		(299,884	)
HSBC	NOK		472,164		472,214	12/15/10		(50	)
Barclays Bank PLC	SEK		14,526,600		15,251,402	12/15/10		(724,802	)
Goldman Sachs & Co.	SEK		9,801,330		9,808,616	12/15/10		(7,286	)
							$	(3,158,721	)

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
State Street Bank and Trust Company	AUD	$	9,869,166	$	10,153,149	12/15/10	$	283,983
JPMorgan Chase	CAD		9,807,934		9,831,629	12/15/10		23,695
HSBC	CHF		14,700,627		15,273,190	12/15/10		572,563
HSBC	CHF		9,881,142		10,064,253	12/15/10		183,111
HSBC	CHF		10,962		10,982	12/15/10		20
UBS Securities LLC	EUR		9,515,622		10,186,205	12/15/10		670,583
UBS Securities LLC	EUR		31,152		32,619	12/15/10		1,467
UBS Securities LLC	EUR		5,132,283		5,174,742	12/15/10		42,459
UBS Securities LLC	GBP		9,782,959		9,770,634	12/15/10		(12,325	)
Goldman Sachs & Co.	JPY		24,707,218		25,475,324	12/15/10		768,106
UBS Securities LLC	NZD		9,045,594		9,277,002	01/07/11		231,408
Barclays Bank PLC	SEK		4,738,915		4,840,742	12/15/10		101,827
Barclays Bank PLC	SEK		9,787,685		9,967,505	12/15/10		179,820
							$	3,046,717

At November 30, 2010, the Fund has entered into the following credit default swap contract:

Credit Risk

Swap Counterparty	Referenced Obligation	Receive Buy Protection		Fixed Rate			Expiration Date		Notional Amount		Upfront Premium Paid (Received)		Value of Contract
Barclays Capital	Federative Republic of Brazil 12.250% 03/06/30		Buy		1.470	%		09/20/14	$	10,000,000	$	—	$	(151,400	)

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

Interest Rate Risk

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
30 Year U.S. Treasury Bonds		142	$	18,073,938	$	17,790,278	Mar-2011	$	283,660
2 Year U.S. Treasury Notes		435		95,428,125		95,279,638	Mar-2011		148,487
Ultra Long Term U.S. Treasury Bond		317		41,883,625		40,752,311	Mar-2011		1,131,314
								$	1,563,461

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

Interest Rate Risk

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Notes		2,022	$	250,949,156	$	251,686,756	Mar-2011	$	737,600
5 Year U.S. Treasury Notes		55		6,591,836		6,580,102	Mar-2011		(11,734	)
								$	725,866

See Accompanying Notes to Financial Statements.

20

Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

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

	% of
Asset Allocation	Net Assets
Corporate Fixed-Income Bonds & Notes		57.5
Government & Agency Obligations		34.2
Mortgage-Backed Securities		5.1
Commercial Mortgage-Backed Securities		2.1
Municipal Bonds		0.2
Asset-Backed Securities		0.1
Common Stock		0.1
Preferred Stock		0.0	*
Warrants		0.0	*
		99.3
Securities Lending Collateral		3.5
Short-Term Obligation		0.8
Obligation to Return Collateral for Securities Loaned		(3.5	)
Other Assets & Liabilities, Net		(0.1	)
		100.0

*  Rounds to less than 0.1%.

Acronym	Name
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PIK	Payment-In-Kind
PLN	Polish Zloty
PO	Principal Only
SEK	Swedish Krona
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced
UYU	Uruguayan Peso
ZAR	South African Rand

See Accompanying Notes to Financial Statements.

21

Statement of Assets and Liabilities – Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

		($)
Assets	Investments, at cost		1,927,821,859
	Investments at value (including securities on loan of $68,091,413)		2,013,061,872
	Cash		1,489,528
	Foreign currency (cost of $1,519,554)		1,424,927
	Unrealized appreciation on forward foreign currency exchange contracts		3,173,798
	Receivable for:
	Investments sold		7,588,506
	Fund shares sold		1,038,917
	Interest		31,071,104
	Securities lending		6,163
	Foreign tax reclaims		4,406
	Trustees' deferred compensation plan		146,056
	Prepaid expenses		18,113
	Total Assets		2,059,023,390
Liabilities	Collateral on securities loaned		68,941,784
	Unrealized depreciation on forward foreign currency exchange contracts		3,285,802
	Open credit default swap contract		151,400
	Payable for:
	Investments purchased on a delayed delivery basis		37,862,704
	Fund shares repurchased		3,805,468
	Futures variation margin		39,343
	Investment advisory fee		887,441
	Pricing and bookkeeping fees		20,578
	Transfer agent fee		505,005
	Trustees' fees		48,839
	Custody fee		36,804
	Distribution and service fees		411,478
	Chief compliance officer expenses		20
	Trustees' deferred compensation plan		146,056
	Other liabilities		69,853
	Total Liabilities		116,212,575
	Net Assets		1,942,810,815
Net Assets Consist of	Paid-in capital		1,909,971,959
	Undistributed net investment income		10,475,657
	Accumulated net realized loss		(64,768,350	)
	Net unrealized appreciation (depreciation) on:
	Investments		85,240,013
	Foreign currency translations and forward foreign currency exchange contracts		(246,391	)
	Credit default swap contracts		(151,400	)
	Futures contracts		2,289,327
	Net Assets		1,942,810,815

See Accompanying Notes to Financial Statements.

22

Statement of Assets and Liabilities(continued) – Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Class A	Net assets	$	991,024,978
	Shares outstanding		163,233,905
	Net asset value per share	$	6.07	(a)
	Maximum sales charge		4.75	%
	Maximum offering price per share ($6.07/0.9525)	$	6.37	(b)
Class B	Net assets	$	78,302,523
	Shares outstanding		12,906,604
	Net asset value and offering price per share	$	6.07	(a)
Class C	Net assets	$	195,152,888
	Shares outstanding		32,134,555
	Net asset value and offering price per share	$	6.07	(a)
Class R (c)	Net assets	$	2,466
	Shares outstanding		406
	Net asset value, offering and redemption price per share	$	6.08	(d)
Class W (c)	Net assets	$	2,465
	Shares outstanding		406
	Net asset value, offering and redemption price per share	$	6.07
Class Z	Net assets	$	678,325,495
	Shares outstanding		113,013,691
	Net asset value, offering and redemption price per share	$	6.00

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

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

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

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

See Accompanying Notes to Financial Statements.

23

Statement of Operations – Columbia Strategic Income Fund

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

		($)
Investment Income	Interest		63,078,718
	Securities lending		8,578
	Foreign taxes withheld		(70,596	)
	Total Investment Income		63,016,700
Expenses	Investment advisory fee		5,472,676
	Distribution fee:
	Class B		324,053
	Class C		756,196
	Class R (a)		2
	Service fee:
	Class A		1,272,085
	Class B		107,321
	Class C		249,159
	Class W (a)		1
	Transfer agent fee		1,579,414
	Pricing and bookkeeping fees		96,841
	Trustees' fees		58,106
	Custody fee		115,113
	Chief compliance officer expenses		1,155
	Other expenses		339,410
	Total Expenses		10,371,532
	Fees waived by distributor—Class C		(151,244	)
	Expense reductions		(512	)
	Net Expenses		10,219,776
	Net Investment Income		52,796,924
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Futures Contracts and Credit Default Swap Contracts
	Net realized gain (loss) on:
	Investments		76,901,967
	Foreign currency transactions and forward foreign currency exchange contracts		(5,124,241	)
	Credit default swap contracts		(74,317	)
	Futures contracts		(6,355,643	)
	Net realized gain		65,347,766
	Net change in unrealized appreciation (depreciation) on:
	Investments		13,724,766
	Foreign currency translations and forward foreign currency exchange contracts		(565,525	)
	Credit default swap contracts		(43,158	)
	Futures contracts		2,289,327
	Net change in unrealized appreciation (depreciation)		15,405,410
	Net Gain		80,753,176
	Net Increase Resulting from Operations		133,550,100

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

See Accompanying Notes to Financial Statements.

24

Statement of Changes in Net Assets – Columbia Strategic Income Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended November 30, 2010 ($)(a)			Year Ended May 31, 2010 ($)(b)
Operations	Net investment income		52,796,924			105,321,629
	Net realized gain on investments, foreign currency transactions, forward foreign currency exchange contracts, futures contracts and credit default swap contracts		65,347,766			37,804,686
forward foreign currency exchange contracts,	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and credit default swap contracts		15,405,410			109,164,528
	Net increase resulting from operations		133,550,100			252,290,843
Distributions to Shareholders	From net investment income:
	Class A		(27,214,976	)		(45,728,859	)
	Class B		(1,932,199	)		(4,162,812	)
	Class C		(4,741,075	)		(7,513,696	)
	Class J		—			(401,498	)
	Class R		(23	)		—
	Class W		(24	)		—
	Class Z		(19,899,043	)		(35,781,204	)
	Total distributions to shareholders		(53,787,340	)		(93,588,069	)
	Net Capital Stock Transactions		(153,354,370	)		(108,698,488	)
	Total increase (decrease) in net assets		(73,591,610	)		50,004,286
Net Assets	Beginning of period		2,016,402,425			1,966,398,139
	End of period		1,942,810,815			2,016,402,425
	Undistributed net investment income at end of period		10,475,657			11,466,073

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

(b)  Class J shares liquidated as of the close of business on July 27, 2009.

See Accompanying Notes to Financial Statements.

25

Statement of Changes in Net Assets(continued) – Columbia Strategic Income Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended November 30, 2010 (b)						Year Ended May 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		11,805,511			71,756,741			44,764,586			256,688,153
Distributions reinvested		2,858,904			17,410,482			6,141,676			35,355,066
Redemptions		(25,041,650	)		(152,367,184	)		(46,242,720	)		(267,867,373	)
Net increase (decrease)		(10,377,235	)		(63,199,961	)		4,663,542			24,175,846
Class B
Subscriptions		426,323			2,591,636			1,173,175			6,680,312
Distributions reinvested		177,405			1,077,538			470,990			2,700,137
Redemptions		(3,423,454	)		(20,746,701	)		(8,675,260	)		(50,017,718	)
Net decrease		(2,819,726	)		(17,077,527	)		(7,031,095	)		(40,637,269	)
Class C
Subscriptions		2,418,260			14,723,391			11,456,717			65,253,232
Distributions reinvested		424,080			2,582,591			824,665			4,752,182
Redemptions		(4,311,454	)		(26,285,985	)		(7,807,939	)		(45,308,794	)
Net increase (decrease)		(1,469,114	)		(8,980,003	)		4,473,443			24,696,620
Class J (a)
Redemptions		—			—			(12,782,816	)		(69,808,201	)
Net decrease		—			—			(12,782,816	)		(69,808,201	)
Class R
Subscriptions		406			2,500			—			—
Net increase		406			2,500			—			—
Class W
Subscriptions		430			2,650			—			—
Redemptions		(24	)		(151	)		—			—
Net increase		406			2,499			—			—
Class Z
Subscriptions		9,365,455			56,466,055			33,564,084			190,800,424
Distributions reinvested		707,468			4,256,515			1,389,689			7,904,514
Redemptions		(20,741,791	)		(124,824,448	)		(42,944,059	)		(245,830,422	)
Net decrease		(10,668,868	)		(64,101,878	)		(7,990,286	)		(47,125,484	)

(a)  Class J shares liquidated as of the close of business on July 27, 2009.

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

See Accompanying Notes to Financial Statements.

26

Financial Highlights – Columbia Strategic Income Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class A Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	5.84		$	5.40		$	5.91		$	6.01		$	5.88		$	6.15
Income from Investment Operations:
Net investment income (a)		0.16			0.29			0.29			0.31			0.33			0.34
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.23			0.41			(0.41	)		(0.05	)		0.16			(0.15	)
Total from investment operations		0.39			0.70			(0.12	)		0.26			0.49			0.19
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.26	)		(0.38	)		(0.36	)		(0.36	)		(0.46	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.16	)		(0.26	)		(0.39	)		(0.36	)		(0.36	)		(0.46	)
Net Asset Value, End of Period	$	6.07		$	5.84		$	5.40		$	5.91		$	6.01		$	5.88
Total return (b)		6.73	%(c)		13.14	%		(1.79	)%		4.47	%		8.57	%(d)(e)		3.24	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.00	%(g)		0.99	%		0.98	%		0.95	%		0.95	%		0.99	%
Waiver/Reimbursement		—			—			—			—			0.01	%		0.01	%
Net investment income (f)		5.21	%(g)		5.09	%		5.46	%		5.24	%		5.49	%		5.56	%
Portfolio turnover rate		54	%(c)		50	%		43	%		41	%		49	%		56	%
Net assets, end of period (000s)	$	991,025		$	1,013,941		$	913,087		$	865,282		$	835,878		$	703,746

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

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

(c)  Not annualized.

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

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

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

27

Financial Highlights – Columbia Strategic Income Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class B Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	5.84		$	5.40		$	5.91		$	6.00		$	5.88		$	6.15
Income from Investment Operations:
Net investment income (a)		0.14			0.25			0.25			0.27			0.28			0.29
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.23			0.41			(0.41	)		(0.05	)		0.16			(0.14	)
Total from investment operations		0.37			0.66			(0.16	)		0.22			0.44			0.15
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.22	)		(0.34	)		(0.31	)		(0.32	)		(0.42	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.14	)		(0.22	)		(0.35	)		(0.31	)		(0.32	)		(0.42	)
Net Asset Value, End of Period	$	6.07		$	5.84		$	5.40		$	5.91		$	6.00		$	5.88
Total return (b)		6.34	%(c)		12.30	%		(2.52	)%		3.86	%		7.59	%(d)(e)		2.48	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.75	%(g)		1.74	%		1.73	%		1.70	%		1.70	%		1.74	%
Waiver/Reimbursement		—			—			—			—			0.01	%		0.01	%
Net investment income (f)		4.46	%(g)		4.43	%		4.71	%		4.50	%		4.75	%		4.82	%
Portfolio turnover rate		54	%(c)		50	%		43	%		41	%		49	%		56	%
Net assets, end of period (000s)	$	78,303		$	91,784		$	122,915		$	169,001		$	217,270		$	295,983

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

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

(c)  Not annualized.

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

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

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

28

Financial Highlights – Columbia Strategic Income Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class C Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	5.84		$	5.41		$	5.91		$	6.01		$	5.89		$	6.15
Income from Investment Operations:
Net investment income (a)		0.14			0.26			0.26			0.28			0.29			0.30
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.23			0.40			(0.41	)		(0.06	)		0.15			(0.13	)
Total from investment operations		0.37			0.66			(0.15	)		0.22			0.44			0.17
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.23	)		(0.34	)		(0.32	)		(0.32	)		(0.43	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.14	)		(0.23	)		(0.35	)		(0.32	)		(0.32	)		(0.43	)
Net Asset Value, End of Period	$	6.07		$	5.84		$	5.41		$	5.91		$	6.01		$	5.89
Total return (b)(c)		6.42	%(d)		12.26	%		(2.21	)%		3.84	%		7.74	%(e)		2.79	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.60	%(g)		1.59	%		1.58	%		1.55	%		1.55	%		1.59	%
Waiver/Reimbursement		0.15	%(g)		0.15	%		0.15	%		0.15	%		0.16	%		0.16	%
Net investment income (f)		4.61	%(g)		4.47	%		4.85	%		4.63	%		4.89	%		4.95	%
Portfolio turnover rate		54	%(d)		50	%		43	%		41	%		49	%		56	%
Net assets, end of period (000s)	$	195,153		$	196,319		$	157,492		$	130,420		$	106,401		$	72,221

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

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

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

(d)  Not annualized.

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

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

29

Financial Highlights – Columbia Strategic Income Fund

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

Class R Shares	(Unaudited) Period Ended November 30, 2010 (a)
Net Asset Value, Beginning of Period	$	6.16
Income from Investment Operations:
Net investment income (b)		0.05
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		(0.07	)
Total from investment operations		(0.02	)
Less Distributions to Shareholders:
From net investment income		(0.06	)
Net Asset Value, End of Period	$	6.08
Total return (c)(d)		(0.38	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.26	%
Net investment income (e)(f)		4.97	%
Portfolio turnover rate (d)		54	%
Net assets, end of period (000s)	$	2

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

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

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

30

Financial Highlights – Columbia Strategic Income Fund

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

Class W Shares	(Unaudited) Period Ended November 30, 2010 (a)
Net Asset Value, Beginning of Period	$	6.16
Income from Investment Operations:
Net investment income (b)		0.05
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		(0.08	)
Total from investment operations		(0.03	)
Less Distributions to Shareholders:
From net investment income		(0.06	)
Net Asset Value, End of Period	$	6.07
Total return (c)(d)		(0.50	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.01	%
Net investment income (e)(f)		5.02	%
Portfolio turnover rate (d)		54	%
Net assets, end of period (000s)	$	2

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

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

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

31

Financial Highlights – Columbia Strategic Income Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class Z Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	5.78		$	5.35		$	5.85		$	5.95		$	5.83		$	6.10
Income from Investment Operations:
Net investment income (a)		0.16			0.31			0.30			0.32			0.34			0.34
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		0.23			0.39			(0.40	)		(0.05	)		0.15			(0.13	)
Total from investment operations		0.39			0.70			(0.10	)		0.27			0.49			0.21
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.27	)		(0.39	)		(0.37	)		(0.37	)		(0.48	)
From return of capital		—			—			(0.01	)		—			—			—
Total distributions to shareholders		(0.17	)		(0.27	)		(0.40	)		(0.37	)		(0.37	)		(0.48	)
Net Asset Value, End of Period	$	6.00		$	5.78		$	5.35		$	5.85		$	5.95		$	5.83
Total return (b)		6.76	%(c)		13.36	%		(1.38	)%		4.77	%		8.73	%(d)(e)		3.51	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.75	%(g)		0.74	%		0.73	%		0.70	%		0.71	%		0.75	%
Waiver/Reimbursement		—			—			—			—			0.01	%		0.01	%
Net investment income (f)		5.46	%(g)		5.35	%		5.71	%		5.47	%		5.73	%		5.76	%
Portfolio turnover rate		54	%(c)		50	%		43	%		41	%		49	%		56	%
Net assets, end of period (000s)	$	678,325		$	714,358		$	704,118		$	726,217		$	524,975		$	308,295

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

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

(c)  Not annualized.

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

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

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

32

Notes to Financial Statements – Columbia Strategic Income Fund

November 30, 2010 (Unaudited)

Note 1. Organization

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

Investment Objective

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

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers six classes of shares: Class A, Class B, Class C, Class R, Class W and Class Z. Effective September 27, 2010, Class R and Class W shares commenced operations. The Fund is also authorized to issue Class R4 and Class R5 shares, however, these share classes are not currently offered for sale. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a maximum contingent deferred sales charge (CDSC) of 1.00% based upon the holding period after purchase.

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

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

Class R, Class W and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, as described in the Fund's prospectuses.

Note 2. Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

Equity securities 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.

33

Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

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.

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

Credit default swap contracts are marked to market daily based upon spread quotations from market makers.

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

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

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

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

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

Security Transactions

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

Derivative Instruments

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

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Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

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

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

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

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

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

Futures Contracts—The Fund entered into U.S. Treasury Note and U.S. Treasury Bond futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark.

The use of futures contracts involves certain risks, which include, among others: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, and (3) an inaccurate prediction of the future direction of interest rates by the Fund's investment adviser.

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

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

During the six month period ended November 30, 2010, the Fund entered into 11,450 futures contracts.

Forward Foreign Currency Exchange Contracts—The Fund entered into forward foreign currency exchange contracts for the purpose of shifting foreign currency exposure back to U.S. dollars.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward fore ign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

During the six month period ended November 30, 2010, the Fund entered into 28 forward foreign currency exchange contracts.

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Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

Credit Default Swaps—The Fund entered into credit default swap transactions as a protection buyer to reduce credit exposure to a given issuer or issuers.

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

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

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

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

During the six month period ended November 30, 2010, the Fund did not purchase any credit default swaps.

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

	Fair Value of Derivative Instruments
	Statement of Assets and Liabilities
Asset	Fair Value		Liability	Fair Value
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	3,173,798	Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	3,285,802
			Open Credit Default Swap Contracts		151,400
			Futures Variation Margin		39,343	*

*  Represents only current day variation margin.

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

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Forward Foreign Currency Exchange Contracts	Foreign Exchange Rate	$	(4,814,126	)	$	(888,433	)
Credit Default Swap Contracts	Credit		(74,317	)		(45,138	)
Futures Contracts	Interest Rate		(6,355,643	)		2,289,327

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Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

Repurchase Agreements

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

Loan Participations and Commitments

The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Delayed Delivery Securities

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

Stripped Securities

The Fund may invest in Principal Only (PO) and Interest Only (IO) stripped mortgage-backed securities. These securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an IO security, therefore, the daily interest accrual factor is adjusted each month to reflect the paydown of principal. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that the Fund may not receive all or part of its principal because the issuer, the borrowers under the underlying mortgage loans, or the c redit enhancer have defaulted on its obligation.

Foreign Currency Transactions and Translations

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

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

Income Recognition

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

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

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

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Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Indemnification

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

Note 3. Federal Tax Information

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

Distributions paid from:

Ordinary Income* $ 93,588,069

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

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

Unrealized appreciation	$	108,757,092
Unrealized depreciation		(28,651,288	)
Net unrealized appreciation	$	80,105,804

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

Year of Expiration	Capital Loss Carryforward
2011	$	318,608
2013		234,018
2014		8,752,148
2015		703,478
2016		3,552,128
2017		44,798,651
2018		63,620,367
Total	$	121,979,398

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including

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Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Investment Advisers, LLC (the Adviser), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment adviser of the Fund. The Adviser receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.60	%
$500 million to $1 billion		0.55	%
$1 billion to $1.5 billion		0.52	%
Over $1.5 billion		0.49	%

For the six month period ended November 30, 2010, the Fund's annualized effective investment advisory fee rate was 0.54% of the Fund's average daily net assets.

Administration Fee

The Adviser provides administrative and other services to the Fund under an Administrative Services Agreement (the Administrative Agreement), including services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street as discussed in the Pricing and Bookkeeping note below.

The Adviser does not receive a fee for its services under the Administrative Agreement. The Fund does reimburse the Adviser for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund's portfolio securities, incurred by the Adviser in the performance of services under the Administrative Agreement.

Pricing and Bookkeeping Fees

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

Transfer Agent Fee

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

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account (IRA) trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts

39

Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For the six month period ended November 30, 2010, the Fund's annualized effective transfer agent fee rate for each class was 0.16% of the Fund's average daily net assets.

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

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares.

For the six month period ended November 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $38,330. For the same time period, net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $2,112, $48,261 and $11,664, respectively.

The Fund has adopted distribution and shareholder servicing plans (the Plans) pursuant to Rule 12b-1 under the 1940 Act, which require the payment of distribution and service fees. The fees are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors. The service fee is equal to 0.15% annually of the average daily net assets attributable to outstanding Class A and Class B shares of the Fund issued prior to January 1, 1993 and 0.25% annually of the average daily net assets attributable to outstanding Class A, Class B and Class C shares issued thereafter. This arrangement results in an annual rate of service fee for shares that is a blend between the 0.15% and 0.25% rates. For the six month period ended November 30, 2010, the Fund's effective service fee rate was 0.25% of the Fund's average daily net assets attributable t o Class A, Class B and Class C shares.

The Plans also require the payment of a monthly distribution fee to the Distributor equal to 0.75% annually of the average daily net assets attributable to Class B and Class C shares. The Distributor has voluntarily waived a portion of the distribution fee for Class C shares so that the combined distribution and service fees do not exceed 0.85% annually of Class C shares average daily net assets. This arrangement may be modified or terminated by the Distributor at any time.

The Plans require a distribution fee of up to 0.50% annually of the average daily net assets attributable to Class R shares.

The Plans require a distribution fee of up to 0.25% annually of the average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the average daily net assets attributable to Class W shares provided, however, that the aggregate fee shall not exceed 0.25% of the Fund's average daily net assets attributable to Class W shares.

Fee Waivers and Expense Reimbursements

Effective September 27, 2010, the Adviser has contractually agreed to reimburse a portion of the Fund's expenses through September 30, 2011, so that the Fund's ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 1.05%, 1.80%, 1.80%, 1.30%, 1.05% and 0.80% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class R, Class W and Class Z shares, respectively. There is no guarantee that these expense limitations will continue after September 30, 2011.

Prior to September 27, 2010, the Adviser had voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 0.80% of the Fund's average daily net assets on an annualized basis.

Fees Paid to Officers and Trustees

All officers of the Fund are employees of the Adviser or its affiliates and, with the exception of the Fund's Chief

40

Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six month period ended November 30, 2010, these custody credits reduced total expenses by $512 for the Fund.

Note 6. Portfolio Information

For the six month period ended November 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $1,061,707,126 and $1,151,812,077, respectively, of which $239,658,905 and $347,097,682, respectively, were U.S. Government securities.

Note 7. Line of Credit

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

Effective October 14, 2010, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets.

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

Note 8. Securities Lending

The Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Fund. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. The Fun d bears the risk of loss with respect to the investment of collateral.

Note 9. Shareholder Concentration

As of November 30, 2010, two shareholder accounts owned 36.9% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 10. Significant Risks and Contingencies

Sector Focus Risk

The Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that is less focused.

High-Yield Securities Risk

Investing in high-yield securities may involve greater credit risk and considerations not typically associated with investing

41

Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Foreign Securities Risk

There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

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

Information Regarding Pending and Settled Legal Proceedings

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

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising

42

Columbia Strategic Income Fund, November 30, 2010 (Unaudited)

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

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

Note 11. Subsequent Events

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

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Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia Strategic Income Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds' former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the "Committee") of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia Funds Complex"). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management pr ojected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds' other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust (the "Independent Trustees") requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approv al of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the "Fee Consultant") appointed by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management

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Advisors, LLC, the Affected Funds' previous adviser, with the New York Attorney General ("NYAG") to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the "NYAG Settlement"). Under the NYAG Settlement, the Fee Consultant's role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms' length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The trustees considered all materials that they, their legal counsel or Columbia Management believed reasonably necessary to evaluate and to determine whether to approve the Advisory Agreements. The factors considered by the Committee and the trustees in recommending approval and approving the Advisory Agreement for each Affected Fund included the following:

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

•  The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

•  The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund's total expense ratio;

•  The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Strategic Income Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

•  That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

•  The expected impact on expenses for certain Affected Funds of proposed mergers; and

•  The expected benefits of further integrating the Combined Fund Complex by:

o  Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

o  Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management's personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management's investment research capabili ties and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

45

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party's methodology for identifying each Fund's peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund's Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund's performance, althou gh lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund's investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund's investment strategy; (iii) that the Affected Fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia Strategic Income Fund's performance was in the fifth quintile (where the best performance would be in the first quintile) for the one-year period, in the third quintile for the three- and five-year periods, and in the second quintile for the ten-year period of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions regarding each of the Advisory Agreements, that the performance of each Affected Fund and Columbia Management was sufficient, in light of other considerations, to warrant the approval of the Advisory Agreement pertaining to that Affected Fund.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Strategic Income Fund would increase the contractual investment advisory fee rates payable by that Fund at certain asset levels and would be otherwise identical to that Fund's current investment management services agreement. In addition, the trustees also considered that the contractual fee rate under both the Advisory Agreement and the proposed administrative services agreement would be lower than the current combined contractual fee rate under those agreements at certain asset levels. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to the Advisory Agreement and other proposed contractual changes, including the contractual expense limitations described above, Columbia Strategic Income Fund's contractual management fees would have been in the fourth quintile (where the lowest fees and e xpenses would be in the first quintile) and total net expenses would have been in the third quintile of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the advisory fee rates under the Advisory Agreements and anticipated total expenses of each Affected Fund supported the approval of the Advisory Agreements.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund's proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

The trustees also considered the compensation directly or indirectly received by Columbia Management and its affiliates in connection with their relationships with the Affected Funds.

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The trustees reviewed information provided by management as to the projected profitability to Columbia Management and its affiliates of their relationships with each Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fees, and the related profitability to Columbia Management and its affiliates of their relationships with the Affected Fund, supported the approval of the Advisory Agreement pertaining to that Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management's investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discu ssed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected "fall-out" or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management's affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds' distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receive s a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds' securities transactions, and reviewed information about Columbia Management's practices with respect to allocating portfolio brokerage and the use of "soft" commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management's profitability would be somewhat lower without these benefits.

In their deliberations, the trustees did not identify any single item that was paramount or controlling and individual trustees may have attributed different weights to various factors. The trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Affected Fund.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel and the Fee Consultant, the trustees, including the Independent Trustees, approved each Advisory Agreement.

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Summary of Management Fee Evaluation by Independent Fee Consultant

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

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

September 21, 2010

I. Overview

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

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

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an

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

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

³  CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

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

48

annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1.  Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a "Fee Change Fund").

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

3.  There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a "Fee Increase Fund"). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

4.  The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA's proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5.  Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund – High Yield Opportunity Fund – would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

6.  CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to a contractual expense limitation calculated as the median of the relevant fund's Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

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

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

9.  CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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Important Information About This Report

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

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

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

Transfer Agent

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

Distributor

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

Investment Adviser

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

53

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

Columbia Strategic Income Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2011 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1040 A (01/11)

Columbia High Yield Opportunity Fund

Semiannual Report for the Period Ended November 30, 2010

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Investment Portfolio	3
Statement of Assets and Liabilities	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	24
Board Consideration and Approval of Advisory Agreements	33
Summary of Management Fee Evaluation by Independent Fee Consultant	37
Important Information About This Report	41

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

President's Message

Dear Shareholder:

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

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

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

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

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

>  A singular focus on our shareholders

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

>  First-class research and thought leadership

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

>  A disciplined investment approach

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

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

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

© 2011 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia High Yield Opportunity Fund

Average annual total return as of 11/30/10 (%)

Share class	A				B				C				Z
Inception	10/21/71				06/08/92				01/15/96				01/08/99
Sales charge	without		with		without		with		without		with		without
6-month (cumulative)		8.69		3.53		8.29		3.29		8.37		7.37		8.83
1-year		14.90		9.44		14.05		9.05		14.21		13.21		15.18
5-year		5.69		4.67		4.91		4.62		5.07		5.07		5.95
10-year		5.90		5.39		5.12		5.12		5.28		5.28		6.16

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

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

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

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

¹The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.

²The Credit Suisse First Boston (CSFB) High Yield Index is a broad-based index that tracks the performance of high-yield bonds.

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

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

Summary

6-month (cumulative) return as of 11/30/10

	+8.69%
	Class A shares (without sales charge)
	+9.07%
	JPMorgan Global High Yield Index1
	+8.56%
	CSFB High Yield Index2

Net asset value per share

as of 11/30/10 ($)

Class A	3.97
Class B	3.97
Class C	3.97
Class Z	3.97

Distributions declared per share

06/01/10 – 11/30/10 ($)

Class A	0.15
Class B	0.13
Class C	0.13
Class Z	0.15

1

Understanding Your Expenses – Columbia High Yield Opportunity Fund

Estimating your actual expenses

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

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

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

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

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

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

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

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

06/01/10 – 11/30/10

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,086.90		1,019.80		5.49		5.32		1.05
Class B		1,000.00		1,000.00		1,082.90		1,016.04		9.40		9.10		1.80
Class C		1,000.00		1,000.00		1,083.70		1,016.80		8.62		8.34		1.65
Class Z		1,000.00		1,000.00		1,088.30		1,021.06		4.19		4.05		0.80

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

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

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

2

Investment Portfolio – Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 95.0%
	Par ($)		Value ($)
Basic Materials – 7.2%
Chemicals – 4.4%
Agricultural Chemicals – 0.6%
CF Industries, Inc. 6.875% 05/01/18		1,840,000		2,019,400
				2,019,400
Chemicals-Diversified – 2.2%
Celanese U.S. Holdings LLC 6.625% 10/15/18 (a)		102,000		104,805
INEOS Finance PLC 9.000% 05/15/15 (a)		1,325,000		1,371,375
INVISTA 9.250% 05/01/12 (a)		457,000		457,000
Lyondell Chemical Co. 8.000% 11/01/17 (a)		2,504,000		2,701,190
Momentive Performance Materials, Inc. 9.000% 01/15/21 (a)		810,000		805,950
NOVA Chemicals Corp.
8.375% 11/01/16		500,000		530,000
8.625% 11/01/19		805,000		871,412
				6,841,732
Chemicals-Plastics – 1.0%
Hexion U.S. Finance Corp./ Hexion Nova Scotia Finance ULC
8.875% 02/01/18		2,610,000		2,688,300
9.000% 11/15/20 (a)		485,000		481,363
				3,169,663
Chemicals-Specialty – 0.6%
MacDermid, Inc. 9.500% 04/15/17 (a)		1,000,000		1,047,500
Rain CII Carbon LLC & CII Carbon Corp. 8.000% 12/01/18 (a)(b)		960,000		958,800
				2,006,300
Chemicals Total				14,037,095
Forest Products & Paper – 1.8%
Paper & Related Products – 1.8%
Cascades, Inc. 7.750% 12/15/17		1,630,000		1,707,425
Georgia-Pacific Corp. 8.000% 01/15/24		2,585,000		3,011,525
Georgia-Pacific LLC 5.400% 11/01/20 (a)		967,000		956,732
				5,675,682
Forest Products & Paper Total				5,675,682

	Par ($)		Value ($)
Iron/Steel – 0.4%
Steel-Producers – 0.4%
United States Steel Corp.
7.000% 02/01/18		1,280,000		1,267,200
7.375% 04/01/20		126,000		125,843
				1,393,043
Iron/Steel Total				1,393,043
Metals & Mining – 0.6%
Diversified Minerals – 0.5%
FMG Resources August 2006 7.000% 11/01/15 (a)		1,687,000		1,708,087
				1,708,087
Metal-Copper – 0.1%
Freeport-McMoRan Copper & Gold, Inc. 8.375% 04/01/17		130,000		145,210
				145,210
Metals & Mining Total				1,853,297
Basic Materials Total				22,959,117
Communications – 25.0%
Advertising – 1.6%
Advertising Agencies – 0.8%
Interpublic Group of Companies, Inc.
6.250% 11/15/14		385,000		414,356
10.000% 07/15/17		1,750,000		2,038,750
				2,453,106
Advertising Services – 0.8%
inVentiv Health, Inc. 10.000% 08/15/18 (a)		1,502,000		1,475,715
Visant Corp.
7.000% 09/22/16 (12/15/10) (c)(d)(h)		725,000		730,891
10.000% 10/01/17 (a)		524,000		541,030
				2,747,636
Advertising Total				5,200,742
Media – 8.5%
Broadcast Services/Programs – 1.3%
Clear Channel Worldwide Holdings, Inc. 9.250% 12/15/17		2,075,000		2,215,063
XM Satellite Radio, Inc. 7.625% 11/01/18 (a)		2,041,000		2,030,795
				4,245,858
Cable TV – 2.6%
CCH II LLC/CCH II Capital Corp. 13.500% 11/30/16		1,408,095		1,656,272
CCO Holdings LLC/CCO Holdings Capital Corp. 7.250% 10/30/17 (a)		847,000		855,470

See Accompanying Notes to Financial Statements.

3

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Cequel Communications Holdings I LLC & Cequel Capital Corp. 8.625% 11/15/17 (a)		1,005,000		1,030,125
DISH DBS Corp. 7.875% 09/01/19		3,078,000		3,231,900
Insight Communications 9.375% 07/15/18 (a)		705,000		764,925
Mediacom LLC/Mediacom Capital Corp. 9.125% 08/15/19		685,000		691,850
				8,230,542
Multimedia – 0.6%
Entravision Communications Corp. 8.750% 08/01/17 (a)		1,910,000		1,995,950
				1,995,950
Radio – 1.4%
CMP Susquehanna Corp. 3.430% 05/15/14 (02/08/11) (a)(c)(d)(e)		112,000		66,080
Salem Communications Corp. 9.625% 12/15/16		1,580,000		1,651,100
Sirius XM Radio, Inc.
8.750% 04/01/15 (a)		835,000		878,837
9.750% 09/01/15 (a)		1,640,000		1,804,000
				4,400,017
Television – 2.6%
Belo Corp. 8.000% 11/15/16		840,000		903,000
Gray Television, Inc. 10.500% 06/29/15		1,310,000		1,310,000
Sinclair Television Group, Inc. 9.250% 11/01/17 (a)		2,309,000		2,499,492
Umbrella Acquisition, Inc. PIK, 9.750% 03/15/15 (a)(c)(d)		213,315		221,190
Univision Communications, Inc.
7.875% 11/01/20 (a)		1,580,000		1,615,550
8.500% 05/15/21 (a)		1,660,000		1,585,300
				8,134,532
Media Total				27,006,899
Telecommunication Services – 14.9%
Cellular Telecommunications – 3.8%
MetroPCS Wireless, Inc.
6.625% 11/15/20		935,000		890,587
7.875% 09/01/18		1,620,000		1,678,725
Nextel Communications, Inc. 7.375% 08/01/15		2,262,000		2,182,830
NII Capital Corp. 10.000% 08/15/16		600,000		666,000

	Par ($)		Value ($)
Sprint Nextel Corp. 8.375% 08/15/17		2,535,000		2,636,400
Wind Acquisition Finance SA
7.250% 02/15/18 (a)		1,030,000		1,014,550
11.750% 07/15/17 (e)(f)(k)		2,816,000		—
11.750% 07/15/17 (a)		2,816,000		3,125,760
				12,194,852
Media – 2.3%
Nielsen Finance LLC/Nielsen Finance Co.
7.750% 10/15/18 (a)		2,643,000		2,689,253
11.500% 05/01/16		1,925,000		2,194,500
Quebecor Media, Inc. 7.750% 03/15/16		2,365,000		2,435,950
				7,319,703
Satellite Telecommunications – 0.2%
Intelsat Jackson Holdings SA 7.250% 10/15/20 (a)		785,000		783,038
				783,038
Telecommunication Services – 2.3%
Clearwire Communications LLC/ Clearwire Finance, Inc. 12.000% 12/01/15 (a)		1,440,000		1,525,800
ITC Deltacom, Inc. 10.500% 04/01/16		1,227,000		1,315,957
PAETEC Escrow Corp. 9.875% 12/01/18 (a)(b)		955,000		943,063
PAETEC Holding Corp. 8.875% 06/30/17		785,000		820,325
SBA Telecommunications, Inc. 8.250% 08/15/19		540,000		591,300
West Corp.
7.875% 01/15/19 (a)		1,125,000		1,110,937
11.000% 10/15/16		995,000		1,067,138
				7,374,520
Telephone-Integrated – 6.0%
Cincinnati Bell, Inc. 8.250% 10/15/17		1,690,000		1,639,300
Frontier Communications Corp. 7.875% 01/15/27		2,670,000		2,616,600
Level 3 Financing, Inc.
8.750% 02/15/17		2,260,000		2,067,900
9.250% 11/01/14		510,000		492,150
Qwest Communications International, Inc. 7.500% 02/15/14		1,895,000		1,913,950
Qwest Corp.
7.500% 10/01/14		935,000		1,058,887
7.500% 06/15/23		2,260,000		2,237,400
Sprint Capital Corp.
6.875% 11/15/28		1,275,000		1,083,750
6.900% 05/01/19		34,000		32,555

See Accompanying Notes to Financial Statements.

4

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Virgin Media Finance PLC 9.500% 08/15/16		2,230,000		2,492,025
Windstream Corp.
8.125% 09/01/18		630,000		648,900
8.625% 08/01/16		2,680,000		2,780,500
				19,063,917
Wireless Equipment – 0.3%
Crown Castle International Corp. 9.000% 01/15/15		870,000		959,175
				959,175
Telecommunication Services Total				47,695,205
Communications Total				79,902,846
Consumer Cyclical – 11.5%
Auto Manufacturers – 0.0%
Auto-Medium & Heavy Duty Trucks – 0.0%
Oshkosh Corp. 8.500% 03/01/20		82,000		88,970
				88,970
Auto Manufacturers Total				88,970
Auto Parts & Equipment – 1.1%
Auto/Truck Parts & Equipment-Original – 1.1%
Accuride Corp. 9.500% 08/01/18 (a)		315,000		336,262
Lear Corp.
7.875% 03/15/18		1,010,000		1,080,700
8.125% 03/15/20		140,000		152,600
Tenneco Automotive, Inc. 7.750% 08/15/18 (a)		202,000		210,838
TRW Automotive, Inc. 7.000% 03/15/14 (a)		1,475,000		1,585,625
				3,366,025
Auto Parts & Equipment Total				3,366,025
Distribution/Wholesale – 0.5%
Distribution/Wholesale – 0.5%
McJunkin Red Man Corp. 9.500% 12/15/16 (a)		1,699,000		1,546,090
				1,546,090
Distribution/Wholesale Total				1,546,090
Entertainment – 2.5%
Casino Services – 0.2%
Tunica-Biloxi Gaming Authority 9.000% 11/15/15 (a)		681,000		633,330
				633,330

	Par ($)		Value ($)
Gambling (Non-Hotel) – 1.9%
Boyd Gaming Corp. 9.125% 12/01/18 (a)		1,975,000		1,856,500
Pinnacle Entertainment, Inc. 8.625% 08/01/17		990,000		1,065,487
Seneca Gaming Corp. 8.250% 12/01/18 (a)		790,000		786,050
Shingle Springs Tribal Gaming Authority 9.375% 06/15/15 (a)		3,645,000		2,223,450
				5,931,487
Racetracks – 0.3%
Speedway Motorsports, Inc. 8.750% 06/01/16		850,000		913,750
				913,750
Resorts/Theme Parks – 0.1%
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp. 9.125% 08/01/18 (a)		465,000		495,225
Six Flags, Inc. 9.625% 06/01/14 (a)(e)(f)(k)		950,000		—
				495,225
Entertainment Total				7,973,792
Home Builders – 1.5%
Building-Residential/Commercial – 1.5%
Beazer Homes USA, Inc. 9.125% 06/15/18		1,366,000		1,311,360
K Hovnanian Enterprises, Inc. 10.625% 10/15/16		1,345,000		1,360,131
KB Home 5.875% 01/15/15		2,305,000		2,232,969
				4,904,460
Home Builders Total				4,904,460
Home Furnishings – 0.2%
Home Furnishings – 0.2%
Norcraft Companies LP/Norcraft Finance Corp. 10.500% 12/15/15		650,000		689,000
Simmons Co. PIK, 7.351% 02/15/12 (c)(e)(g)(h)		1,922,817		4,807
				693,807
Home Furnishings Total				693,807
Lodging – 2.8%
Casino Hotels – 1.5%
Harrah's Operating Co., Inc. 11.250% 06/01/17		1,560,000		1,700,400

See Accompanying Notes to Financial Statements.

5

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
MGM Resorts International 11.375% 03/01/18		2,015,000		2,075,450
Pokagon Gaming Authority 10.375% 06/15/14 (a)		1,070,000		1,110,125
				4,885,975
Gambling (Non-Hotel) – 0.7%
Seminole Indian Tribe of Florida
6.535% 10/01/20 (a)		310,000		304,048
7.804% 10/01/20 (a)		1,785,000		1,776,450
				2,080,498
Hotels & Motels – 0.6%
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 05/15/18		1,395,000		1,524,037
Wyndham Worldwide Corp. 6.000% 12/01/16		500,000		521,379
				2,045,416
Lodging Total				9,011,889
Office Furnishings – 0.1%
Office Furnishings-Original – 0.1%
Interface, Inc. 7.625% 12/01/18 (a)(b)		265,000		270,300
				270,300
Office Furnishings Total				270,300
Retail – 2.6%
Retail-Apparel/Shoe – 0.9%
Giraffe Acquisition Corp. 9.125% 12/01/18 (a)		1,440,000		1,447,200
Limited Brands, Inc. 8.500% 06/15/19		1,290,000		1,486,725
				2,933,925
Retail-Arts & Crafts – 0.3%
Michaels Stores, Inc. 7.750% 11/01/18 (a)		1,055,000		1,025,988
				1,025,988
Retail-Drug Stores – 0.3%
Rite Aid Corp.
8.000% 08/15/20 (a)		700,000		721,000
10.250% 10/15/19		400,000		415,000
				1,136,000
Retail-Mail Order – 0.2%
QVC, Inc.
7.125% 04/15/17 (a)		255,000		267,750
7.375% 10/15/20 (a)		220,000		229,900
				497,650

	Par ($)		Value ($)
Retail-Restaurants – 0.2%
DineEquity, Inc. 9.500% 10/30/18 (a)		488,000		505,080
				505,080
Retail-Toy Store – 0.7%
Toys R Us, Inc. 7.375% 10/15/18		2,265,000		2,180,062
				2,180,062
Retail-Vitamins/Nutritional Supplements – 0.0%
NBTY, Inc. 9.000% 10/01/18 (a)		125,000		131,250
				131,250
Retail Total				8,409,955
Storage/Warehousing – 0.2%
Storage/Warehousing – 0.2%
Niska Gas Storage U.S. LLC/Niska Gas Storage Canada ULC 8.875% 03/15/18 (a)		594,000		623,700
				623,700
Storage/Warehousing Total				623,700
Consumer Cyclical Total				36,888,988
Consumer Non-Cyclical – 12.0%
Agriculture – 0.0%
Agricultural Operations – 0.0%
Brickman Group Holdings, Inc. 9.125% 11/01/18 (a)		92,000		93,150
				93,150
Agriculture Total				93,150
Beverages – 0.3%
Beverages-Non-Alcoholic – 0.3%
Cott Beverages, Inc.
8.125% 09/01/18		435,000		465,450
8.375% 11/15/17		400,000		425,000
				890,450
Beverages Total				890,450
Commercial Services – 3.9%
Commercial Services-Finance – 1.0%
Cardtronics, Inc. 8.250% 09/01/18		970,000		1,013,650
Interactive Data Corp. 10.250% 08/01/18 (a)		1,505,000		1,625,400
TransUnion LLC/TransUnion Financing Corp. 11.375% 06/15/18 (a)		460,000		515,200
				3,154,250

See Accompanying Notes to Financial Statements.

6

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Private Corrections – 0.3%
Corrections Corp. of America 6.250% 03/15/13		1,030,000		1,035,150
				1,035,150
Rental Auto/Equipment – 2.5%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.250% 01/15/19 (a)		1,015,000		992,163
Hertz Corp. 7.500% 10/15/18 (a)		980,000		989,800
Rental Service Corp. 9.500% 12/01/14		1,440,000		1,483,200
United Rentals North America, Inc.
8.375% 09/15/20		1,915,000		1,891,062
9.250% 12/15/19		1,160,000		1,260,050
10.875% 06/15/16		1,260,000		1,430,100
				8,046,375
Security Services – 0.1%
Garda World Security Corp. 9.750% 03/15/17 (a)		405,000		426,262
				426,262
Commercial Services Total				12,662,037
Food – 0.6%
Food-Miscellaneous/Diversified – 0.6%
Michael Foods, Inc. 9.750% 07/15/18 (a)		720,000		777,600
Pinnacle Foods Finance LLC/Pinnacle Foods Finace Corp.
8.250% 09/01/17		147,000		148,838
9.250% 04/01/15		810,000		833,287
				1,759,725
Food-Wholesale/Distributor – 0.0%
U.S. Foodservice PIK, 10.750% 06/30/15 (a)		113,000		113,000
				113,000
Food Total				1,872,725
Healthcare Products – 0.8%
Medical Products – 0.8%
Biomet, Inc. PIK, 10.375% 10/15/17		2,010,000		2,190,900
Hanger Orthopedic Group, Inc. 7.125% 11/15/18 (a)		403,000		393,429
				2,584,329
Healthcare Products Total				2,584,329

	Par ($)		Value ($)
Healthcare Services – 4.1%
Medical-HMO – 0.3%
Multiplan, Inc. 9.875% 09/01/18 (a)		909,000		965,812
				965,812
Medical-Hospitals – 2.8%
Capella Healthcare, Inc. 9.250% 07/01/17 (a)		165,000		173,869
HCA Holdings, Inc. 7.750% 05/15/21 (a)		365,000		359,069
HCA, Inc. 7.250% 09/15/20		4,562,000		4,784,397
LifePoint Hospitals, Inc. 6.625% 10/01/20 (a)		401,000		401,000
Select Medical Corp. 7.625% 02/01/15		584,000		581,080
Tenet Healthcare Corp. 8.000% 08/01/20 (a)		1,275,000		1,249,500
Vanguard Health Holding Co. II, LLC/ Vanguard Holding Co. II, Inc.
8.000% 02/01/18		740,000		747,400
8.000% 02/01/18 (a)		700,000		701,750
				8,998,065
Medical-Outpatient/Home Medical – 0.2%
Radiation Therapy Services, Inc. 9.875% 04/15/17 (a)		593,000		579,658
				579,658
Physical Therapy/Rehab Centers – 0.6%
Healthsouth Corp.
8.125% 02/15/20		726,000		786,802
10.750% 06/15/16		1,030,000		1,120,125
				1,906,927
Physician Practice Management – 0.2%
U.S. Oncology Holdings, Inc. PIK, 6.737% 03/15/12 (03/15/11) (c)(d)		645,000		635,757
				635,757
Healthcare Services Total				13,086,219
Household Products/Wares – 0.8%
Consumer Products-Miscellaneous – 0.8%
American Greetings Corp. 7.375% 06/01/16		578,000		595,340
Spectrum Brands Holdings, Inc. 9.500% 06/15/18 (a)		1,815,000		1,964,738
				2,560,078
Household Products/Wares Total				2,560,078

See Accompanying Notes to Financial Statements.

7

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Pharmaceuticals – 1.5%
Medical-Drugs – 0.8%
Patheon, Inc. 8.625% 04/15/17 (a)		825,000		829,125
Valeant Pharmaceuticals International
6.750% 10/01/17 (a)		420,000		414,750
7.000% 10/01/20 (a)		1,180,000		1,150,500
				2,394,375
Medical-Generic Drugs – 0.3%
Mylan Inc/PA 6.000% 11/15/18 (a)		915,000		892,125
				892,125
Pharmacy Services – 0.0%
Omnicare, Inc. 6.875% 12/15/15		80,000		80,800
				80,800
Therapeutics – 0.4%
Warner Chilcott Co., LLC/Warner Chilcott Finance LLC 7.750% 09/15/18 (a)		1,315,000		1,315,000
				1,315,000
Pharmaceuticals Total				4,682,300
Consumer Non-Cyclical Total				38,431,288
Diversified – 1.3%
Diversified Holding Companies – 1.3%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, Lu
7.125% 04/15/19 (a)		2,083,000		2,119,453
7.750% 10/15/16 (a)		1,806,000		1,882,755
Diversified Holding Companies Total				4,002,208
Diversified Total				4,002,208
Energy – 12.9%
Coal – 0.9%
Coal – 0.9%
Arch Coal, Inc. 7.250% 10/01/20		106,000		116,070
Consol Energy, Inc.
8.000% 04/01/17 (a)		880,000		946,000
8.250% 04/01/20 (a)		1,785,000		1,932,262
				2,994,332
Coal Total				2,994,332

	Par ($)		Value ($)
Oil & Gas – 9.3%
Oil Companies-Exploration & Production – 9.3%
Anadarko Petroleum Corp. 6.375% 09/15/17		1,870,000		2,020,154
Berry Petroleum Co.
6.750% 11/01/20		305,000		303,475
8.250% 11/01/16		135,000		140,063
10.250% 06/01/14		240,000		272,400
Brigham Exploration Co. 8.750% 10/01/18 (a)		480,000		511,200
Carrizo Oil & Gas, Inc. 8.625% 10/15/18 (a)		1,455,000		1,447,725
Chesapeake Energy Corp. 6.625% 08/15/20		2,400,000		2,418,000
Comstock Resources, Inc. 8.375% 10/15/17		892,000		900,920
Concho Resources, Inc./Midland TX 8.625% 10/01/17		850,000		907,375
Continental Resources, Inc./OK 7.125% 04/01/21 (a)		610,000		640,500
Denbury Resources, Inc. 7.500% 12/15/15		850,000		875,500
EXCO Resources, Inc. 7.500% 09/15/18		1,680,000		1,604,400
Forest Oil Corp. 8.500% 02/15/14		1,634,000		1,772,890
Hilcorp Energy I LP/Hilcorp Finance Co.
7.625% 04/15/21 (a)		1,277,000		1,308,925
7.750% 11/01/15 (a)		1,455,000		1,495,012
Newfield Exploration Co.
6.625% 04/15/16		1,170,000		1,199,250
6.875% 02/01/20		965,000		1,008,425
PetroHawk Energy Corp.
7.250% 08/15/18		750,000		748,125
7.875% 06/01/15		2,770,000		2,853,100
QEP Resources, Inc. 6.875% 03/01/21		1,105,000		1,165,775
Quicksilver Resources, Inc.
7.125% 04/01/16		1,571,000		1,516,015
8.250% 08/01/15		485,000		495,913
9.125% 08/15/19		258,000		277,350
Range Resources Corp.
6.750% 08/01/20		945,000		978,075
7.500% 05/15/16		640,000		662,400
8.000% 05/15/19		480,000		523,200
SandRidge Energy, Inc. PIK, 8.625% 04/01/15		921,000		897,975
Southwestern Energy Co. 7.500% 02/01/18		655,000		738,512
				29,682,654
Oil & Gas Total				29,682,654

See Accompanying Notes to Financial Statements.

8

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Oil & Gas Services – 1.0%
Oil-Field Services – 1.0%
Aquilex Holdings LLC/Aquilex Finance Corp. 11.125% 12/15/16		135,000		135,675
Expro Finance Luxembourg SCA 8.500% 12/15/16 (a)		2,222,000		2,160,895
Frac Tech Services LLC/Frac Tech Finance, Inc. 7.125% 11/15/18 (a)		795,000		789,037
				3,085,607
Oil & Gas Services Total				3,085,607
Oil, Gas & Consumable Fuels – 0.2%
Oil & Gas Drilling – 0.2%
Precision Drilling Corp. 6.625% 11/15/20 (a)		645,000		651,450
				651,450
Oil, Gas & Consumable Fuels Total				651,450
Pipelines – 1.5%
Pipelines – 1.5%
El Paso Corp.
6.875% 06/15/14		340,000		365,952
7.250% 06/01/18		625,000		665,980
Energy Transfer Equity LP 7.500% 10/15/20		1,825,000		1,888,875
Regency Energy Partners LP/Regency Energy Finance Corp.
6.875% 12/01/18		500,000		505,000
9.375% 06/01/16		480,000		526,800
Southern Star Central Corp. 6.750% 03/01/16		315,000		315,000
Williams Companies, Inc. 7.875% 09/01/21		404,000		488,526
				4,756,133
Pipelines Total				4,756,133
Energy Total				41,170,176
Financials – 9.1%
Banks – 2.6%
Diversified Financial Services – 2.6%
Capital One Capital IV 6.745% 02/17/37 (02/17/32) (c)(d)		1,115,000		1,101,062
Capital One Capital V 10.250% 08/15/39		885,000		935,888
CIT Group, Inc. 7.000% 05/01/17		6,375,000		6,215,625
				8,252,575
Banks Total				8,252,575

	Par ($)		Value ($)
Diversified Financial Services – 4.5%
Finance-Auto Loans – 2.2%
Ally Financial, Inc.
6.250% 12/01/17 (a)		1,165,000		1,118,400
7.500% 09/15/20 (a)		950,000		931,000
8.000% 03/15/20 (a)		1,713,000		1,764,390
8.000% 11/01/31		2,685,000		2,778,975
Ford Motor Credit Co., LLC 7.000% 04/15/15		470,000		496,750
				7,089,515
Finance-Consumer Loans – 0.7%
American General Finance Corp. 6.900% 12/15/17		2,717,000		2,153,223
				2,153,223
Finance-Investment Banker/Broker – 0.8%
E*Trade Financial Corp.
7.375% 09/15/13		325,000		321,750
7.875% 12/01/15		870,000		856,950
PIK, 12.500% 11/30/17		1,150,000		1,325,375
				2,504,075
Finance-Leasing Company – 0.7%
International Lease Finance Corp.
8.750% 03/15/17 (a)		1,019,000		1,072,497
8.875% 09/01/17		1,260,000		1,335,600
				2,408,097
Investment Management/Advisor Service – 0.1%
Pinafore LLC/Pinafore, Inc. 9.000% 10/01/18 (a)		210,000		221,550
				221,550
Diversified Financial Services Total				14,376,460
Insurance – 1.4%
Life/Health Insurance – 0.2%
Provident Companies, Inc. 7.000% 07/15/18		465,000		499,960
				499,960
Multi-Line Insurance – 0.7%
ING Groep NV 5.775% 12/29/49 (12/08/15) (c)(d)		2,690,000		2,259,600
				2,259,600
Property/Casualty Insurance – 0.5%
Asurion Corp. 6.753% 07/02/15 (12/13/10) (c)(d)(h)		713,879		665,044

See Accompanying Notes to Financial Statements.

9

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
2nd lien, 6.753% 07/02/15 (12/13/10) (c)(d)(h)		976,121		909,419
				1,574,463
Insurance Total				4,334,023
Investment Companies – 0.6%
Investment Companies – 0.6%
Offshore Group Investments Ltd. 11.500% 08/01/15 (a)		1,960,000		2,067,800
				2,067,800
Investment Companies Total				2,067,800
Financials Total				29,030,858
Industrials – 8.8%
Aerospace & Defense – 1.4%
Aerospace/Defense – 0.4%
Esterline Technologies Corp. 7.000% 08/01/20 (a)		85,000		87,975
Kratos Defense & Security Solutions, Inc. 10.000% 06/01/17		1,100,000		1,227,875
				1,315,850
Aerospace/Defense-Equipment – 0.6%
Sequa Corp. 11.750% 12/01/15 (a)		1,790,000		1,910,825
				1,910,825
Electronics-Military – 0.4%
L-3 Communications Corp. 6.375% 10/15/15		1,145,000		1,179,350
				1,179,350
Aerospace & Defense Total				4,406,025
Building Materials – 1.2%
Building & Construction Products-Miscellaneous – 1.2%
Associated Materials LLC 9.125% 11/01/17 (a)		555,000		566,100
Gibraltar Industries, Inc. 8.000% 12/01/15		620,000		610,700
Goodman Global, Inc.
5.750% 10/28/16 (12/08/10) (a)(c)(d)(h)		225,000		226,485
9.000% 10/28/17 (12/08/10) (a)(c)(d)(h)		85,000		86,934
Interline Brands, Inc. 7.000% 11/15/18 (a)		448,000		449,680
Nortek, Inc. 11.000% 12/01/13		1,257,933		1,323,974

	Par ($)		Value ($)
Ply Gem Industries, Inc. 11.750% 06/15/13		610,000		646,600
				3,910,473
Building Materials Total				3,910,473
Electrical Components & Equipment – 0.2%
Wire & Cable Products – 0.2%
WireCo WorldGroup 9.500% 05/15/17 (a)		660,000		714,038
				714,038
Electrical Components & Equipment Total				714,038
Environmental Control – 0.3%
Hazardous Waste Disposal – 0.3%
Clean Harbors, Inc. 7.625% 08/15/16		877,000		925,235
				925,235
Environmental Control Total				925,235
Machinery-Diversified – 2.0%
Machinery-Farm – 0.7%
Case New Holland, Inc. 7.875% 12/01/17 (a)		1,947,000		2,146,567
				2,146,567
Machinery-General Industry – 1.3%
CPM Holdings, Inc. 10.625% 09/01/14 (a)		902,000		956,120
Manitowoc Co., Inc.
7.125% 11/01/13		1,495,000		1,506,212
8.500% 11/01/20		795,000		812,888
9.500% 02/15/18		850,000		909,500
				4,184,720
Machinery-Diversified Total				6,331,287
Miscellaneous Manufacturing – 1.2%
Diversified Manufacturing Operators – 0.9%
Amsted Industries, Inc. 8.125% 03/15/18 (a)		1,000,000		1,065,000
Bombardier, Inc. 6.300% 05/01/14 (a)		1,006,000		1,048,755
SPX Corp. 6.875% 09/01/17 (a)		797,000		836,850
				2,950,605
Filtration/Separate Products – 0.3%
Polypore International, Inc. 7.500% 11/15/17 (a)		920,000		931,500
				931,500
Miscellaneous Manufacturing Total				3,882,105

See Accompanying Notes to Financial Statements.

10

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Packaging & Containers – 1.5%
Containers-Metal/Glass – 0.6%
Ardagh Packaging Finance PLC
7.375% 10/15/17 (a)		315,000		323,663
9.125% 10/15/20 (a)		655,000		674,650
Crown Americas LLC & Crown Americas Capital Corp. 7.750% 11/15/15		705,000		727,912
Crown Americas LLC & Crown Americas Capital Corp. II 7.625% 05/15/17		95,000		102,600
				1,828,825
Containers-Paper/Plastic – 0.9%
Graham Packaging Co., LP/GPC Capital Corp. I 8.250% 01/01/17 (a)		1,455,000		1,484,100
Graphic Packaging International, Inc.
7.875% 10/01/18		231,000		239,663
9.500% 06/15/17		1,250,000		1,356,250
				3,080,013
Packaging & Containers Total				4,908,838
Transportation – 1.0%
Transportation-Air Freight – 0.1%
AMGH Merger Sub, Inc. 9.250% 11/01/18 (a)		232,000		237,220
				237,220
Transportation-Railroad – 0.5%
Kansas City Southern de Mexico SA de CV 7.625% 12/01/13		1,695,000		1,754,325
				1,754,325
Transportation-Services – 0.4%
Bristow Group, Inc. 7.500% 09/15/17		1,090,000		1,144,500
				1,144,500
Transportation Total				3,136,045
Industrials Total				28,214,046
Information Technology – 0.9%
IT Services – 0.9%
Data Processing/Management – 0.9%
First Data Corp.
8.875% 08/15/20 (a)		1,260,000		1,310,400
9.875% 09/24/15		1,229,000		1,044,650
PIK, 10.550% 09/24/15		448,000		378,390
				2,733,440
IT Services Total				2,733,440
Information Technology Total				2,733,440

	Par ($)		Value ($)
Technology – 2.2%
Computers – 0.5%
Computer Services – 0.5%
SunGard Data Systems, Inc. 7.375% 11/15/18 (a)		1,705,000		1,687,950
				1,687,950
Computers Total				1,687,950
Semiconductors – 1.7%
Electronic Components-Miscellaneous – 0.9%
NXP BV/NXP Funding LLC 9.750% 08/01/18 (a)		2,590,000		2,797,200
				2,797,200
Electronic Components-Semiconductors – 0.8%
Amkor Technology, Inc. 9.250% 06/01/16		1,640,000		1,740,450
Freescale Semiconductor, Inc. 9.250% 04/15/18 (a)		700,000		733,250
				2,473,700
Semiconductors Total				5,270,900
Technology Total				6,958,850
Utilities – 4.1%
Electric – 4.1%
Electric-Generation – 0.2%
Edison Mission Energy 7.000% 05/15/17		800,000		628,000
				628,000
Electric-Integrated – 1.8%
CMS Energy Corp.
5.050% 02/15/18		915,000		923,175
6.875% 12/15/15		660,000		743,704
Energy Future Holdings Corp. 10.000% 01/15/20 (a)		2,900,000		2,967,147
Ipalco Enterprises, Inc. 7.250% 04/01/16 (a)		1,025,000		1,101,875
				5,735,901
Independent Power Producer – 2.1%
Calpine Corp. 7.500% 02/15/21 (a)		840,000		825,300
Dynegy Holdings, Inc.
7.500% 06/01/15		111,000		82,418
7.750% 06/01/19		679,000		443,047

See Accompanying Notes to Financial Statements.

11

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
NRG Energy, Inc. 7.375% 01/15/17		5,404,000		5,458,040
				6,808,805
Electric Total				13,172,706
Utilities Total				13,172,706
Total Corporate Fixed-Income Bonds & Notes (cost of $292,424,628)				303,464,523
Municipal Bond – 0.8%
California – 0.8%
CA Cabazon Band Mission Indians Series 2004, 7.358% 10/01/11 (04/01/11) (c)(d)(i)		3,250,000		2,476,110
California Total				2,476,110
Total Municipal Bond (cost of $3,250,000)				2,476,110
Common Stocks – 0.3%
	Shares
Consumer Discretionary – 0.3%
Hotels, Restaurants & Leisure – 0.3%
Six Flags Entertainment Corp. (j)		18,799		1,019,831
Hotels, Restaurants & Leisure Total				1,019,831
Consumer Discretionary Total				1,019,831
Industrials – 0.0%
Commercial Services & Supplies – 0.0%
Fairlane Management Corp. (e)(f)(j)		50,004		—
Commercial Services & Supplies Total				—
Industrials Total				—
Materials – 0.0%
Metals & Mining – 0.0%
Ormet Corp. (j)		380		1,702
Metals & Mining Total				1,702
Materials Total				1,702
Total Common Stocks (cost of $1,433,701)				1,021,533

Warrants – 0.0%
	Units		Value ($)
Financials – 0.0%
Banks – 0.0%
CNB Capital Trust I Expires 03/23/19 (a)(e)(j)		29,954		300
Banks Total				300
Financials Total				300
Total Warrants (cost of $300)				300
Preferred Stock – 0.0%
	Shares
Communications – 0.0%
Media – 0.0%
CMP Susquehanna Radio Holdings Corp., Series A (a)(e)(j)		26,213		262
Media Total				262
Communications Total				262
Total Preferred Stock (cost of $262)				262
Short-Term Obligation – 1.6%
	Par ($)
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 09/21/15, market value $5,256,150 (repurchase proceeds $5,153,023)		5,153,000		5,153,000
Total Short-Term Obligation (cost of $5,153,000)				5,153,000
Total Investments – 97.7% (cost of $302,261,891) (l)				312,115,728
Other Assets & Liabilities, Net – 2.3%				7,329,689
Net Assets – 100.0%				319,445,417

Notes to Investment Portfolio:

(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, these securities, which are not illiquid except for the following, amounted to $122,389,720, which represents 38.3% of net assets.

See Accompanying Notes to Financial Statements.

12

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Security	Acquisition Date	Par/ Shares/ Units		Cost		Value
CMP Susquehanna Corp., 3.430% 05/15/14	03/26/09	$	112,000	$	100,887	$	66,080
CMP Susquehanna Radio Holdings Corp., Series A	03/26/09		26,213		262		262
CNB Capital Trust I Warrants Expiring 03/23/19	03/26/06		29,954		300		300
Six Flags, Inc. 9.625% 06/01/14	05/07/10	$	950,000		—		—
						$	66,642

(b)  Security purchased on a delayed delivery basis.

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

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

(e)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2010, the value of these securities amounted to $71,449, which represents less than 0.1% of net assets.

(f)  Security has no value.

(g)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At November 30, 2010, the value of this security amounted to $4,807, which represents less than 0.1% of net assets.

(h)  Loan participation agreement.

(i)  The issuer is in default of certain debt covenants. Income is being partially accrued. At November 30, 2010, the value of this security amounted to $2,476,110, which represents 0.8% of net assets.

(j)  Non-income producing security.

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

(l)  Cost for federal income tax purposes is $302,591,553.

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
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—	$	22,959,117	$	—	$	22,959,117
Communications		—		79,836,766		66,080		79,902,846
Consumer Cyclical		—		36,884,181		4,807		36,888,988

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Consumer Non-Cyclical	$	—	$	38,431,288	$	—	$	38,431,288
Diversified		—		4,002,208		—		4,002,208
Energy		—		41,170,176		—		41,170,176
Financials		—		29,030,858		—		29,030,858
Industrials		—		28,214,046		—		28,214,046
Information Technology		—		2,733,440		—		2,733,440
Technology		—		6,958,850		—		6,958,850
Utilities		—		13,172,706		—		13,172,706
Total Corporate Fixed-Income Bonds & Notes		—		303,393,636		70,887		303,464,523
Total Municipal Bond		—		2,476,110		—		2,476,110
Total Common Stocks		1,021,533		—		—		1,021,533
Total Warrants		—		—		300		300
Total Preferred Stock		—		—		262		262
Total Short-Term Obligation		—		5,153,000		—		5,153,000
Total Investments	$	1,021,533	$	311,022,746	$	71,449	$	312,115,728

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

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

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

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

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

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

See Accompanying Notes to Financial Statements.

13

Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

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

Investments in Securities	Balance as of May 31, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2010
Corporate Fixed-Income Bonds & Notes Communications		$66,080		$1,008		$—			$(1,008)		$—		$—		$—		$—		$66,080
Consumer Cyclical		—		—		—			—		—		—		4,807		—		4,807
Preferred Stock
Communications		262		—		—			—		—		—		—		—		262
Warrants
Communications		—		—		(2,468	)		2,468		—		—		—		—		—
Consumer Non-Cyclical		—		—		(7,278,928	)		7,278,928		—		—		—		—		—
Financials		300		—		—			—		—		—		—		—		300
	$	66,642	$	1,008	$	(7,281,396	)	$	7,280,388	$	—	$	—	$	4,807	$	—	$	71,449

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

The change in unrealized depreciation attributed to securities owned at November 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $1,008. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

Financial Assets were transferred from Level 2 to Level 3 due to the pricing vendor discontinuing coverage; as a result the security was fair valued by management.

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

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	4,807	$	4,807	$	—

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

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

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		95.0
Municipal Bond		0.8
Common Stocks		0.3
Warrants		0.0	*
Preferred Stock		0.0	*
		96.1
Short-Term Obligation		1.6
Other Assets & Liabilities, Net		2.3
		100.0

*  Rounds to less than 0.1%.

Acronym	Name
PIK	Payment-In-Kind

See Accompanying Notes to Financial Statements.

14

Statement of Assets and Liabilities – Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

		($)
Assets	Investments, at cost		302,261,891
	Investments, at value		312,115,728
	Cash		155,181
	Receivable for:
	Investments sold		4,620,256
	Fund shares sold		248,363
	Interest		6,501,055
	Foreign tax reclaims		1,760
	Expense reimbursement due from investment adviser		12,012
	Trustees' deferred compensation plan		66,094
	Prepaid expenses		5,434
	Other assets		80,384
	Total Assets		323,806,267
Liabilities	Payable for:
	Investments purchased on a delayed delivery basis		2,153,018
	Fund shares repurchased		682,591
	Distributions		1,108,196
	Investment advisory fee		162,718
	Pricing and bookkeeping fees		11,371
	Transfer agent fee		74,116
	Trustees' fees		391
	Distribution and service fees		59,958
	Chief compliance officer expenses		70
	Trustees' deferred compensation plan		66,094
	Other liabilities		42,327
	Total Liabilities		4,360,850
	Net Assets		319,445,417
Net Assets Consist of	Paid-in capital		432,165,593
	Overdistributed net investment income		(2,532,258	)
	Accumulated net realized loss		(120,041,755	)
	Net unrealized appreciation (depreciation) on investments		9,853,837
	Net Assets		319,445,417

See Accompanying Notes to Financial Statements.

15

Statement of Assets and Liabilities(continued) – Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Class A	Net assets	$	190,356,088
	Shares outstanding		47,910,585
	Net asset value per share	$	3.97	(a)
	Maximum sales charge		4.75	%
	Maximum offering price per share ($3.97/0.9525)	$	4.17	(b)
Class B	Net assets	$	12,244,757
	Shares outstanding		3,081,874
	Net asset value and offering price per share	$	3.97	(a)
Class C	Net assets	$	13,099,097
	Shares outstanding		3,296,894
	Net asset value and offering price per share	$	3.97	(a)
Class Z	Net assets	$	103,745,475
	Shares outstanding		26,111,489
	Net asset value, offering and redemption price per share	$	3.97

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

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

See Accompanying Notes to Financial Statements.

16

Statement of Operations – Columbia High Yield Opportunity Fund

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

		($)
Investment Income	Interest		13,645,093
Expenses	Investment advisory fee		984,684
	Distribution fee:
	Class B		53,701
	Class C		48,746
	Service fee:
	Class A		238,601
	Class B		17,900
	Class C		16,250
	Transfer agent fee		202,683
	Pricing and bookkeeping fees		55,632
	Trustees' fees		14,085
	Custody fee		11,907
	Chief compliance officer expenses		479
	Other expenses		138,833
	Total Expenses		1,783,501
	Fees waived or expenses reimbursed by investment adviser		(95,315	)
	Fees waived by distributor—Class C		(9,746	)
	Expense reductions		(76	)
	Net Expenses		1,678,364
	Net Investment Income		11,966,729
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Foreign Currency Exchange Contracts
	Net realized gain (loss) on:
	Investments		(568,756	)
	Foreign currency transactions and forward foreign currency exchange contracts		27,973
	Net realized loss		(540,783	)
	Net change in unrealized appreciation (depreciation) on:
	Investments		16,492,842
	Foreign currency translations and forward foreign currency exchange contracts		(27,973	)
	Net change in unrealized appreciation (depreciation)		16,464,869
	Net Gain		15,924,086
	Net Increase Resulting from Operations		27,890,815

See Accompanying Notes to Financial Statements.

17

Statement of Changes in Net Assets – Columbia High Yield Opportunity Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended November 30, 2010 ($)			Year Ended May 31, 2010 ($)
Operations	Net investment income		11,966,729			24,785,080
	Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency exchange contracts		(540,783	)		321,475
	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward foreign currency exchange contracts		16,464,869			48,902,119
	Net increase resulting from operations		27,890,815			74,008,674
Distributions to Shareholders	From net investment income:
	Class A		(7,072,988	)		(17,071,049	)
	Class B		(478,794	)		(1,751,647	)
	Class C		(442,735	)		(1,106,430	)
	Class Z		(4,211,841	)		(11,127,296	)
	Total distributions to shareholders		(12,206,358	)		(31,056,422	)
	Net Capital Stock Transactions		(17,503,868	)		(39,502,420	)
	Increase from regulatory settlements		—			133,454
	Total increase (decrease) in net assets		(1,819,411	)		3,583,286
Net Assets	Beginning of period		321,264,828			317,681,542
	End of period		319,445,417			321,264,828
	Overdistributed net investment income at end of period		(2,532,258	)		(2,292,629	)

See Accompanying Notes to Financial Statements.

18

Statement of Changes in Net Assets(continued) – Columbia High Yield Opportunity Fund

	Capital Stock Activity
	(Unaudited) Six Months Ended November 30, 2010						Year Ended May 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		2,068,125			8,099,499			8,318,813			31,487,410
Distributions reinvested		1,004,528			3,952,950			2,581,565			9,663,388
Redemptions		(3,799,193	)		(14,966,586	)		(13,378,029	)		(50,009,107	)
Net decrease		(726,540	)		(2,914,137	)		(2,477,651	)		(8,858,309	)
Class B
Subscriptions		46,887			184,880			184,940			661,584
Distributions reinvested		66,203			259,985			262,227			978,083
Redemptions		(1,293,844	)		(5,081,493	)		(3,287,225	)		(12,223,852	)
Net decrease		(1,180,754	)		(4,636,628	)		(2,840,058	)		(10,584,185	)
Class C
Subscriptions		161,046			638,023			418,033			1,537,653
Distributions reinvested		66,516			261,686			177,579			664,707
Redemptions		(301,548	)		(1,177,000	)		(723,614	)		(2,708,990	)
Net decrease		(73,986	)		(277,291	)		(128,002	)		(506,630	)
Class Z
Subscriptions		3,370,399			13,186,484			7,510,656			27,350,410
Distributions reinvested		187,875			740,353			501,381			1,871,962
Redemptions		(5,980,514	)		(23,602,649	)		(13,102,656	)		(48,775,668	)
Net decrease		(2,422,240	)		(9,675,812	)		(5,090,619	)		(19,553,296	)

See Accompanying Notes to Financial Statements.

19

Financial Highlights – Columbia High Yield Opportunity Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class A Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	3.79		$	3.33		$	4.17		$	4.72		$	4.50		$	4.56
Income from Investment Operations:
Net investment income (a)		0.14			0.27			0.30			0.31			0.33			0.33
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.19			0.53			(0.83	)		(0.55	)		0.23			(0.03	)
Total from investment operations		0.33			0.80			(0.53	)		(0.24	)		0.56			0.30
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.34	)		(0.32	)		(0.31	)		(0.34	)		(0.36	)
Increase from regulatory settlements		—			—	(b)		0.01			—			—			—
Net Asset Value, End of Period	$	3.97		$	3.79		$	3.33		$	4.17		$	4.72		$	4.50
Total return (c)		8.69	%(d)(e)		24.50	%(d)		(12.04	)%		(5.03	)%(d)		12.98	%		6.70	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.05	%(g)		1.08	%		1.10	%		1.13	%		1.12	%		1.12	%
Interest expense		—			—	%(h)		—			—	%(h)		—	%(h)		—
Net expenses (f)		1.05	%(g)		1.08	%		1.10	%		1.13	%		1.12	%		1.12	%
Waiver/Reimbursement		0.06	%(g)		0.04	%		—			0.01	%		—			0.02	%
Net investment income (f)		7.26	%(g)		7.23	%		9.08	%		7.23	%		7.19	%		7.28	%
Portfolio turnover rate		57	%(e)		60	%		44	%		50	%		75	%		61	%
Net assets, end of period (000s)	$	190,356		$	184,253		$	170,321		$	205,330		$	270,866		$	245,713

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

20

Financial Highlights – Columbia High Yield Opportunity Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class B Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	3.79		$	3.33		$	4.17		$	4.72		$	4.50		$	4.56
Income from Investment Operations:
Net investment income (a)		0.13			0.24			0.28			0.28			0.29			0.30
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.18			0.53			(0.84	)		(0.55	)		0.24			(0.04	)
Total from investment operations		0.31			0.77			(0.56	)		(0.27	)		0.53			0.26
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.31	)		(0.29	)		(0.28	)		(0.31	)		(0.32	)
Increase from regulatory settlements		—			—	(b)		0.01			—			—			—
Net Asset Value, End of Period	$	3.97		$	3.79		$	3.33		$	4.17		$	4.72		$	4.50
Total return (c)		8.29	%(d)(e)		23.59	%(d)		(12.69	)%		(5.73	)%(d)		12.15	%		5.91	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.80	%(g)		1.83	%		1.85	%		1.88	%		1.87	%		1.87	%
Interest expense		—			—	%(h)		—			—	%(h)		—	%(h)		—
Net expenses (f)		1.80	%(g)		1.83	%		1.85	%		1.88	%		1.87	%		1.87	%
Waiver/Reimbursement		0.06	%(g)		0.04	%		—			0.01	%		—			0.02	%
Net investment income (f)		6.55	%(g)		6.50	%		8.35	%		6.47	%		6.46	%		6.55	%
Portfolio turnover rate		57	%(e)		60	%		44	%		50	%		75	%		61	%
Net assets, end of period (000s)	$	12,245		$	16,149		$	23,665		$	46,732		$	88,774		$	135,122

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

21

Financial Highlights – Columbia High Yield Opportunity Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class C Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	3.79		$	3.33		$	4.17		$	4.72		$	4.50		$	4.56
Income from Investment Operations:
Net investment income (a)		0.13			0.25			0.28			0.29			0.30			0.31
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.18			0.52			(0.83	)		(0.55	)		0.23			(0.04	)
Total from investment operations		0.31			0.77			(0.55	)		(0.26	)		0.53			0.27
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.31	)		(0.30	)		(0.29	)		(0.31	)		(0.33	)
Increase from regulatory settlements		—			—	(b)		0.01			—			—			—
Net Asset Value, End of Period	$	3.97		$	3.79		$	3.33		$	4.17		$	4.72		$	4.50
Total return (c)(d)		8.37	%(e)		23.76	%		(12.57	)%		(5.59	)%		12.31	%		6.07	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.65	%(g)		1.68	%		1.70	%		1.73	%		1.72	%		1.72	%
Interest expense		—			—	%(h)		—			—	%(h)		—	%(h)		—
Net expenses (f)		1.65	%(g)		1.68	%		1.70	%		1.73	%		1.72	%		1.72	%
Waiver/Reimbursement		0.21	%(g)		0.19	%		0.15	%		0.16	%		0.15	%		0.17	%
Net investment income (f)		6.67	%(g)		6.63	%		8.49	%		6.63	%		6.60	%		6.70	%
Portfolio turnover rate		57	%(e)		60	%		44	%		50	%		75	%		61	%
Net assets, end of period (000s)	$	13,099		$	12,769		$	11,658		$	15,202		$	21,161		$	23,084

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

22

Financial Highlights – Columbia High Yield Opportunity Fund

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

	(Unaudited) Six Months Ended November 30,			Year Ended May 31,
Class Z Shares	2010			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	3.79		$	3.33		$	4.17		$	4.72		$	4.50		$	4.56
Income from Investment Operations:
Net investment income (a)		0.15			0.28			0.31			0.31			0.34			0.34
Net realized and unrealized gain (loss) on investments, foreign currency and credit default swap contracts		0.18			0.53			(0.83	)		(0.54	)		0.23			(0.03	)
Total from investment operations		0.33			0.81			(0.52	)		(0.23	)		0.57			0.31
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.35	)		(0.33	)		(0.32	)		(0.35	)		(0.37	)
Increase from regulatory settlements		—			—	(b)		0.01			—			—			—
Net Asset Value, End of Period	$	3.97		$	3.79		$	3.33		$	4.17		$	4.72		$	4.50
Total return (c)		8.83	%(d)(e)		24.80	%(d)		(11.83	)%		(4.79	)%(d)		13.26	%		6.97	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.80	%(g)		0.83	%		0.85	%		0.88	%		0.87	%		0.87	%
Interest expense		—			—	%(h)		—			—	%(h)		—	%(h)		—
Net expenses (f)		0.80	%(g)		0.83	%		0.85	%		0.88	%		0.87	%		0.87	%
Waiver/Reimbursement		0.06	%(g)		0.04	%		—			0.01	%		—			0.02	%
Net investment income (f)		7.51	%(g)		7.48	%		9.39	%		7.47	%		7.44	%		7.53	%
Portfolio turnover rate		57	%(e)		60	%		44	%		50	%		75	%		61	%
Net assets, end of period (000s)	$	103,745		$	108,094		$	112,037		$	122,766		$	29,220		$	11,190

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

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

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

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

(e)  Not annualized.

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

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

23

Notes to Financial Statements – Columbia High Yield Opportunity Fund

November 30, 2010 (Unaudited)

Note 1. Organization

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

Investment Objective

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

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers four classes of shares: Class A, Class B, Class C and Class Z. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a maximum contingent deferred sales charge (CDSC) of 1.00% based upon the holding period after purchase.

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

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

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

Note 2. Significant Accounting Policies

Use of Estimates

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

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

Security Valuation

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

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

Equity securities 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.

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

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

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

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

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

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

Security Transactions

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

Derivative Instruments

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

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

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

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

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

Forward Foreign Currency Exchange Contracts—The Fund entered into forward foreign currency exchange contracts to shift its foreign currency exposure from one currency to another.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward fore ign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

During the six month period ended November 30, 2010, the Fund entered into 4 forward foreign currency exchange contracts.

The effect of derivative instruments on the Fund's Statement of Operations for the six month period ended November 30, 2010:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Forward foreign currency exchange contracts	Foreign Exchange Rate	$	27,973	$	(27,973	)

Repurchase Agreements

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

Loan Participations and Commitments

The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation ("Selling Participant"), but not the borrower. However, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase the risk if the other

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Foreign Currency Transactions and Translations

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

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

Income Recognition

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

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Indemnification

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

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

Note 3. Federal Tax Information

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

Distributions paid from:
Ordinary Income*	$	31,056,422

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

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

Unrealized appreciation	$	15,903,721
Unrealized depreciation		(6,379,546	)
Net unrealized appreciation	$	9,524,175

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

Year of Expiration		Capital Loss Carryforward
	2011	$	26,917,567
	2012		1,461,417
	2013		3,844,857
	2014		7,033,993
	2015		6,703,180
	2016		378,711
	2017		25,681,397
	2018		44,544,886
	Total	$	116,566,008

The availability of a portion of the capital loss carryforwards acquired by the Fund as a result of its merger with High Yield Fund, a series of Excelsior Funds Trust, has been limited in certain years and has been excluded from the schedule of available loss carryforwards above.

Of the capital loss carryforwards attributable to the Fund, $47,582,376 ($40,103,941 expiring May 31, 2011, $1,461,417 expiring May 31, 2012 and $6,017,018 expiring May 31, 2013) was obtained in the merger with High Yield Fund. Utilization of these capital loss carryforwards could be subject to limitations imposed by the Internal Revenue Code.

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Investment Advisers, LLC (the Adviser), a wholly owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is the investment adviser of the Fund. The Adviser receives a monthly investment advisory fee based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.60	%
$500 million to $1 billion		0.55	%
$1 billion to $1.5 billion		0.52	%
Over $1.5 billion		0.49	%

For the six month period ended November 30, 2010, the Fund's annualized effective investment advisory fee rate was 0.60% of the Fund's average daily net assets.

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

Administration Fee

The Adviser provides administrative and other services to the Fund under an Administrative Services Agreement (the Administrative Agreement), including services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street as discussed in the Pricing and Bookkeeping note below.

The Adviser does not receive a fee for its services under the Administrative Agreement. The Fund does reimburse the Adviser for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund's portfolio securities, incurred by the Adviser in the performance of services under the Administrative Agreement.

Pricing and Bookkeeping Fees

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

Transfer Agent Fee

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

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account (IRA) trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For the six month period ended November 30, 2010, the Fund's annualized effective transfer agent fee rate for each class was 0.12% of the Fund's average daily net assets.

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

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the Distributor), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund's shares.

For the six month period ended November 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $5,041. For the same time period, net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $9, $5,611 and $87, respectively.

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

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

Payments under the Plans, which are calculated daily and paid monthly, are based on the average daily net assets of the applicable class of the Fund at the following annual rates:

Distribution Fee						Service Fee
Class B			Class C			Class A			Class B			Class C
	0.75	%		0.75	%		0.25	%		0.25	%		0.25	%

The Distributor has voluntarily waived a portion of the distribution fee for Class C shares so that the combined distribution and service fees do not exceed 0.85% annually of Class C shares average daily net assets. This arrangement may be modified or terminated by the Distributor at any time.

Fee Waivers and Expense Reimbursements

The Adviser has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.80% of the Fund's average daily net assets on an annualized basis. This arrangement may be modified or terminated by the Adviser at any time.

Fees Paid to Officers and Trustees

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

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund's assets.

Note 5. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the six month period ended November 30, 2010, these custody credits reduced total expenses by $76 for the Fund.

Note 6. Portfolio Information

For the six month period ended November 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $181,067,782 and $201,033,868, respectively.

Note 7. Regulatory Settlements

During the year ended May 31, 2010, the Fund received payments totaling $133,454 relating to certain regulatory settlements with third parties that the Fund had participated in during the year. The payments have been included in "Increase from regulatory settlements" on the Statement of Changes in Net Assets.

Note 8. Line of Credit

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

Effective October 14, 2010, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% per annum was accrued and

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Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

apportioned among the participating funds pro rata based on their relative net assets.

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

Note 9. Shareholder Concentration

As of November 30, 2010, one shareholder account owned 25.6% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 10. Significant Risks and Contingencies

High-Yield Securities Risk

Investing in high-yield securities may involve greater credit risk and considerations not typically associated with investing in U.S. Government bonds and other higher quality fixed income securities. These securities are non-investment grade securities, often referred to as "junk" bonds. Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high-yield securities may be less liquid to the extent that there is no established secondary market.

Foreign Securities Risk

There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

Information Regarding Pending and Settled Legal Proceedings

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

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)), entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an

31

Columbia High Yield Opportunity Fund, November 30, 2010 (Unaudited)

independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Directors/Trustees.

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

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

Note 11. Subsequent Events

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

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Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For Columbia High Yield Opportunity Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds' former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the "Committee") of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia Funds Complex"). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management pr ojected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds' other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust (the "Independent Trustees") requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approv al of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the "Fee Consultant") appointed by the Independent Trustees pursuant to an assurance of

33

discontinuance entered into by Columbia Management Advisors, LLC, the Affected Funds' previous adviser, with the New York Attorney General ("NYAG") to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the "NYAG Settlement"). Under the NYAG Settlement, the Fee Consultant's role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms' length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The trustees considered all materials that they, their legal counsel or Columbia Management believed reasonably necessary to evaluate and to determine whether to approve the Advisory Agreements. The factors considered by the Committee and the trustees in recommending approval and approving the Advisory Agreement for each Affected Fund included the following:

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

•  The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

•  The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund's total expense ratio;

•  The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia High Yield Opportunity Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

•  That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

•  The expected impact on expenses for certain Affected Funds of proposed mergers; and

•  The expected benefits of further integrating the Combined Fund Complex by:

o  Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

o  Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management's personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management's investment research capabili ties and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

34

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party's methodology for identifying each Fund's peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund's Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund's performance, althou gh lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund's investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund's investment strategy; (iii) that the Affected Fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia High Yield Opportunity Fund's performance was in the fourth quintile (where the best performance would be in the first quintile) for the one-year period and in the fifth quintile for the three-, five- and ten-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions regarding each of the Advisory Agreements, that the performance of each Affected Fund and Columbia Management was sufficient, in light of other considerations, to warrant the approval of the Advisory Agreement pertaining to that Affected Fund.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia High Yield Opportunity Fund would increase the contractual investment advisory fee rates payable by that Fund at certain asset levels and would be otherwise identical to that Fund's current investment management services agreement. In addition, the trustees also considered that the contractual fee rate under both the Advisory Agreement and the proposed administrative services agreement would be lower than the current combined contractual fee rate under those agreements at certain asset levels. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to the Advisory Agreement and other proposed contractual changes, including the contractual expense limitations described above, Columbia High Yield Opportunity Fund's contractual management fees would have been in the third quintile (where the lowest fees and expenses would be in the first quintile) and total net expenses would have been in the second quintile of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the advisory fee rates under the Advisory Agreements and anticipated total expenses of each Affected Fund supported the approval of the Advisory Agreements.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund's proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

The trustees also considered the compensation directly or indirectly received by Columbia Management and its affiliates in connection with their relationships with the Affected Funds.

35

The trustees reviewed information provided by management as to the projected profitability to Columbia Management and its affiliates of their relationships with each Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fees, and the related profitability to Columbia Management and its affiliates of their relationships with the Affected Fund, supported the approval of the Advisory Agreement pertaining to that Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management's investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discu ssed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected "fall-out" or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management's affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds' distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receive s a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds' securities transactions, and reviewed information about Columbia Management's practices with respect to allocating portfolio brokerage and the use of "soft" commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management's profitability would be somewhat lower without these benefits.

In their deliberations, the trustees did not identify any single item that was paramount or controlling and individual trustees may have attributed different weights to various factors. The trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Affected Fund.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel and the Fee Consultant, the trustees, including the Independent Trustees, approved each Advisory Agreement.

36

Summary of Management Fee Evaluation by Independent Fee Consultant

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

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

September 21, 2010

I. Overview

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

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

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an

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

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

³  CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

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

37

annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1.  Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a "Fee Change Fund").

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

3.  There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a "Fee Increase Fund"). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

4.  The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA's proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5.  Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund – High Yield Opportunity Fund – would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

6.  CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to a contractual expense limitation calculated as the median of the relevant fund's Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

38

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

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

9.  CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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Important Information About This Report

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

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

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

Transfer Agent

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

Distributor

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

Investment Adviser

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

41

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

Columbia High Yield Opportunity Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

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

© 2011 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1045 A (01/11)

Columbia International Bond Fund

Semiannual Report for the Period Ended November 30, 2010

Table of Contents

Performance Information	1
Understanding Your Expenses	2
Investment Portfolio	3
Statement of Assets and Liabilities	6
Statement of Operations	8
Statement of Changes in Net Assets	9
Financial Highlights	11
Notes to Financial Statements	15
Board Consideration and Approval of Advisory Agreements	23
Summary of Management Fee Evaluation by Independent Fee Consultant	28
Important Information About This Report	33

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

President’s Message

Dear Shareholder:

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

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

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

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

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

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

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

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

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

Sincerely,

J. Kevin Connaughton

President, Columbia Funds

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

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

^© 2011 Columbia Management Investment Advisers, LLC. All rights reserved.

Performance Information – Columbia International Bond Fund

Average annual total return as of 11/30/10 (%)

Share class

A

C

I

Z

Inception

12/01/08

12/01/08

09/27/10

12/01/08

Sales charge

without

with

without

with

without

without

6-month (cumulative)

7.15

2.09

6.86

5.86

n/a

7.29

1-year

–2.15

–6.80

–2.89

–3.84

n/a

–1.91

Life

6.31

3.75

5.52

5.52

–3.37

6.58

The “with sales charge” returns include the maximum initial sales charge of 4.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

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

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

Class I shares were initially offered by the fund on September 27, 2010.

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

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

Summary

6-month (cumulative) return as of 11/30/10

	+7.15% Class A shares (without sales charge)
	+7.27% Citigroup Non-U.S. World Government Bond Index – Unhedged1

Net asset value per share
as of 11/30/10 ($)
Class A	10.92
Class C	10.92
Class I	10.92
Class Z	10.92
Distributions declared per share
06/01/10 – 11/30/10 ($)
Class A	0.10
Class C	0.05
Class I	0.04
Class Z	0.11

¹ The Citigroup Non-U.S. World Government Bond Index - Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million. The index excludes floating or variable rate bonds, securities aimed principally at noninstitutional investors and private placement-type securities.

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

1

Understanding Your Expenses – Columbia International Bond Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

06/01/10 – 11/30/10
	Account value at the beginning of the period ($)				Account value at the end of the period ($)					Expenses paid during the period ($)					Fund’s annualized expense ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,071.50			1,019.65		5.61			5.47		1.08
Class C		1,000.00		1,000.00		1,068.60			1,015.89		9.49			9.25		1.83
Class I		1,000.00		1,000.00		962.70	*		1,020.86		1.45	*		4.26		0.84
Class Z		1,000.00		1,000.00		1,072.90			1,020.91		4.31			4.20		0.83

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

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

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

* For the period September 27, 2010 through November 30, 2010. Class I shares commenced operations on September 27, 2010.

2

Investment Portfolio – Columbia International Bond Fund

November 30, 2010 (Unaudited)

Government & Agency Obligations – 92.5%

		Par (a)		Value ($)
Foreign Government Obligations – 92.1%
Asian Development Bank
2.350% 06/21/27	JPY		50,000,000		642,293
Development Bank of Japan
1.750% 03/17/17	JPY		10,000,000		126,721
Eksportfinans A/S
1.600% 03/20/14	JPY		65,000,000		802,444
Eurofima
4.375% 10/21/19	EUR		100,000		140,756
European Investment Bank
1.250% 09/20/12	JPY		18,500,000		225,135
1.400% 06/20/17	JPY		49,000,000		609,598
Federal Republic of Germany
3.750% 01/04/19	EUR		190,000		269,024
4.250% 07/04/14	EUR		325,000		465,015
4.250% 07/04/17	EUR		555,000		812,192
Federative Republic of Brazil
7.375% 02/03/15	EUR		30,000		45,363
7.875% 03/07/15			50,000		60,800
8.250% 01/20/34			70,000		96,250
Government of Belgium
3.250% 09/28/16	EUR		185,000		238,182
3.500% 03/28/15	EUR		75,000		99,745
Government of Canada
3.750% 06/01/19	CAD		225,000		231,733
Government of Denmark
5.000% 11/15/13	DKK		695,000		133,702
Government of Japan
1.100% 06/20/20	JPY		30,000,000		356,573
1.400% 12/20/18	JPY		52,200,000		648,509
1.500% 09/20/14	JPY		37,250,000		464,144
1.500% 09/20/18	JPY		5,900,000		73,809
1.900% 09/20/23	JPY		29,000,000		361,583
1.900% 06/20/25	JPY		20,000,000		245,860
Government of Malaysia
7.500% 07/15/11			60,000		62,268
Government of New Zealand
6.000% 05/15/21	NZD		150,000		114,093
6.500% 04/15/13	NZD		55,000		43,016
Instituto de Credito Oficial
1.500% 09/20/12	JPY		18,000,000		213,440
Kingdom of Netherlands
4.000% 07/15/16	EUR		240,000		341,695

		Par (a)		Value ($)
Kingdom of Norway
4.250% 05/19/17	NOK		240,000		41,426
5.000% 05/15/15	NOK		440,000		77,982
Kingdom of Spain
3.800% 01/31/17	EUR		290,000		351,729
Kingdom of Sweden
3.750% 08/12/17	SEK		680,000		102,664
5.500% 10/08/12	SEK		275,000		41,869
Nordic Investment Bank
1.700% 04/27/17	JPY		50,000,000		629,419
Pemex Project Funding Master Trust
5.500% 02/24/25	EUR		20,000		25,403
Province of Quebec
5.000% 04/29/19	EUR		50,000		73,802
Republic of Argentina
8.280% 12/31/33			51,393		45,740
Republic of Austria
4.300% 09/15/17 (b)	EUR		170,000		242,029
Republic of Bulgaria
8.250% 01/15/15			60,000		70,200
Republic of China
4.750% 10/29/13			50,000		54,601
Republic of Colombia
8.125% 05/21/24			50,000		65,000
Republic of Finland
4.250% 07/04/15	EUR		145,000		207,735
Republic of France
3.000% 10/25/15	EUR		410,000		554,457
4.000% 04/25/13	EUR		140,000		193,739
4.250% 04/25/19	EUR		228,000		325,081
5.500% 04/25/29	EUR		120,000		196,097
Republic of Hungary
3.500% 07/18/16	EUR		40,000		44,598
Republic of Indonesia
7.250% 04/20/15			38,000		44,817
7.250% 04/20/15 (b)			80,000		94,200
Republic of Ireland
4.500% 10/18/18	EUR		90,000		87,537
Republic of Italy
4.250% 09/01/19	EUR		270,000		345,010
4.500% 08/01/18	EUR		210,000		275,330
5.000% 03/01/25	EUR		407,000		531,181
5.250% 08/01/17	EUR		230,000		317,883

See Accompanying Notes to Financial Statements.

3

Columbia International Bond Fund

November 30, 2010 (Unaudited)

Government & Agency Obligations (continued)

		Par (a)		Value ($)
Foreign Government Obligations (continued)
Republic of Panama
6.700% 01/26/36			65,000		75,562
Republic of Peru
6.550% 03/14/37			45,000		51,300
8.750% 11/21/33			27,000		38,408
Republic of Philippines
8.875% 03/17/15			105,000		132,562
Republic of Poland
5.000% 10/19/15			50,000		52,544
5.500% 10/25/19	PLN		375,000		116,962
6.250% 10/24/15	PLN		300,000		99,656
Republic of South Africa
5.250% 05/16/13	EUR		50,000		68,148
Republic of Turkey
7.375% 02/05/25			140,000		170,100
Republic of Uruguay
PIK,
7.875% 01/15/33			40,000		52,000
Republic of Venezuela
9.250% 09/15/27			100,000		67,750
Russian Federation
7.500% 03/31/30			127,090		146,319
Treasury Corp. of Victoria
5.750% 11/15/16	AUD		95,000		91,260
6.000% 06/15/20	AUD		120,000		115,265
United Kingdom Treasury
4.000% 09/07/16	GBP		255,000		434,074
5.000% 09/07/14	GBP		100,000		175,022
5.000% 03/07/25	GBP		153,000		268,448
United Mexican States
5.625% 01/15/17			90,000		101,250
6.050% 01/11/40			40,000		42,500
8.500% 12/13/18	MXN		205,000		18,361
Foreign Government Obligations Total					15,280,963
U.S. Government Obligations – 0.4%
U.S. Treasury Note
2.000% 11/30/13			60,000		62,273
U.S. Government Obligations Total					62,273
Total Government & Agency Obligations (cost of $14,856,747)					15,343,236

Corporate Fixed-Income Bonds & Notes – 3.8%

		Par (a)		Value ($)
Energy – 0.5%
Oil & Gas – 0.5%
Ecopetrol SA
7.625% 07/23/19			45,000		53,662
Gazprom International SA
7.201% 02/01/20			23,188		24,348
Oil & Gas Total					78,010
Energy Total					78,010
Financials – 3.3%
Banks – 1.3%
Bank Nederlandse Gemeenten
1.850% 11/07/16	JPY		18,000,000		224,598
Banks Total					224,598
Diversified Financial Services – 2.0%
General Electric Capital Corp.
1.000% 03/21/12	JPY		20,000,000		240,079
Network Rail Infrastructure Finance PLC
4.375% 12/09/30	GBP		60,000		92,043
Diversified Financial Services Total					332,122
Financials Total					556,720
Total Corporate Fixed-Income Bonds & Notes (cost of $589,392)					634,730
Short-Term Obligation – 2.4%
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 04/30/15, market value $412,152 (repurchase proceeds $399,001)			399,000		399,000
Total Short-Term Obligation (cost of $399,000)					399,000
Total Investments – 98.7% (cost of $15,845,139) (c)					16,376,966
Other Assets & Liabilities, Net – 1.3%					218,229
Net Assets – 100.0%					16,595,195

Notes to Investment Portfolio:

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

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, these securities, which are not illiquid, amounted to $336,229, which represents 2.0% of net assets.

See Accompanying Notes to Financial Statements.

4

Columbia International Bond Fund

November 30, 2010 (Unaudited)

(c) Cost for federal income tax purposes is $15,936,824.

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
Government & Agency Obligations
Foreign Government Obligations	$	—	$	15,280,963		$	—	$	15,280,963
U.S. Government Obligations		62,273		—			—		62,273
Total Government & Agency Obligations		62,273		15,280,963			—		15,343,236
Total Corporate Fixed-Income Bonds & Notes		—		634,730			—		634,730
Total Short-Term Obligation		—		399,000			—		399,000
Total Investments		62,273		16,314,693			—		16,376,966
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		—		6,438			—		6,438
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		—		(34,117	)		—		(34,117	)
Total	$	62,273	$	16,287,014		$	—	$	16,349,287

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

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

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

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

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 Appreciation/ (Depreciation)
HSBC	CAD	$	80,852	$	80,350		12/02/10	$	502
HSBC	CAD		80,791		81,316		01/10/11		(525	)
Barclays Bank PLC	GBP		135,317		137,734		12/10/10		(2,417	)
JPMorgan	MXN		279,853		281,690		12/23/10		(1,837	)
Barclays Bank PLC	PLN		267,638		281,776		12/02/10		(14,138	)
Barclays Bank PLC	PLN		267,007		272,471		01/10/11		(5,464	)
Barclays Bank PLC	SEK		127,925		137,661		12/14/10		(9,736	)
								$	(33,615	)

Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date		Unrealized Appreciation
HSBC	CAD	$	80,852	$	81,373		12/02/10	$	521
Barclays Bank PLC	PLN		267,638		273,053		12/02/10		5,415
								$	5,936

The Fund was invested in the following countries at November 30, 2010:

Summary of Securities by Country	Value		% of Total Investments
Japan	$	2,277,199		13.9
Germany		1,546,231		9.4
Italy		1,469,403		9.0
France		1,269,374		7.8
United Kingdom		969,588		5.9
Norway		921,851		5.6
Luxembourg		859,080		5.2
Finland		837,154		5.2
Philippines		774,855		4.7
United States*		726,755		4.4
Netherlands		566,293		3.5
Spain		565,170		3.5
Belgium		337,927		2.1
Canada		305,535		1.9
Poland		269,162		1.6
Austria		242,029		1.5
Australia		206,525		1.3
Brazil		202,413		1.2
Turkey		170,100		1.0
Mexico		162,111		1.0
New Zealand		157,109		1.0
Russian Federation		146,319		0.9
Sweden		144,533		0.9
Switzerland		140,756		0.9
Indonesia		139,017		0.8
Denmark		133,702		0.8
Colombia		118,663		0.7
Peru		89,708		0.5
Ireland		87,537		0.5
Panama		75,562		0.5
Bulgaria		70,200		0.4
South Africa		68,148		0.4
Venezuela		67,750		0.4
Malaysia		62,268		0.4
China		54,601		0.3
Uruguay		52,000		0.3
Argentina		45,740		0.3
Hungary		44,598		0.3
	$	16,376,966		100.0

* Includes short-term obligation.

Certain securities are listed by country of underlying exposure but may trade predominantly on another exchange.

Acronym	Name
AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PIK	Payment-In-Kind
PLN	Polish Zloty
SEK	Swedish Krona

See Accompanying Notes to Financial Statements.

5

Statement of Assets and Liabilities – Columbia International Bond Fund

November 30, 2010 (Unaudited)

		($)
Assets	Investments, at cost		15,845,139
	Investments, at value		16,376,966
	Cash		105
	Foreign currency (cost of $40,305)		38,100
	Unrealized appreciation on forward foreign currency exchange contracts		6,438
	Receivable for:
	Fund shares sold		38,484
	Interest		182,738
	Foreign tax reclaims		698
	Expense reimbursement due from investment adviser		12,667
	Trustees’ deferred compensation plan		3,325
	Prepaid expenses		144
	Other assets		14,766
	Total Assets		16,674,431
Liabilities	Unrealized depreciation on forward foreign currency exchange contracts		34,117
	Payable for:
	Investment advisory fee		7,740
	Administration fee		704
	Pricing and bookkeeping fees		5,323
	Transfer agent fee		589
	Trustees’ fees		1,224
	Audit fee		22,287
	Custody fee		1,758
	Distribution and service fees		586
	Trustees’ deferred compensation plan		3,325
	Other liabilities		1,583
	Total Liabilities		79,236
	Net Assets		16,595,195
Net Assets Consist of	Paid-in capital		15,913,468
	Undistributed net investment income		61,610
	Accumulated net realized gain		120,517
	Net unrealized appreciation (depreciation) on:
	Investments		531,827
	Foreign currency translations		(32,227	)
	Net Assets		16,595,195

See Accompanying Notes to Financial Statements.

6

Statement of Assets and Liabilities (continued) – Columbia International Bond Fund

November 30, 2010 (Unaudited)

Class A	Net assets	$	1,183,266
	Shares outstanding		108,352
	Net asset value per share	$	10.92	(a)
	Maximum sales charge		4.75	%
	Maximum offering price per share ($10.92/0.9525)	$	11.46	(b)
Class C	Net assets	$	432,163
	Shares outstanding		39,583
	Net asset value and offering price per share	$	10.92	(a)
Class I (c)	Net assets	$	2,411
	Shares outstanding		221
	Net asset value, offering and redemption price per share	$	10.92	(d)
Class Z	Net assets	$	14,977,355
	Shares outstanding		1,371,379
	Net asset value, offering and redemption price per share	$	10.92

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

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

(c) Shares commenced operations on September 27, 2010.

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

See Accompanying Notes to Financial Statements.

7

Statement of Operations – Columbia International Bond Fund

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

		($)
Investment Income	Interest		232,760
Expenses	Investment advisory fee		46,350
	Administration fee		4,214
	Distribution fee – Class C		1,608
	Service fee:
	Class A		1,387
	Class C		537
	Transfer agent fee – Class A, Class C and Class Z		2,611
	Pricing and bookkeeping fees		25,999
	Trustees’ fees		7,521
	Custody fee		6,949
	Registration fees		20,806
	Audit fee		20,416
	Reports to shareholders		18,993
	Chief compliance officer expenses		361
	Other expenses		3,003
	Total Expenses		160,755
	Fees waived or expenses reimbursed by investment adviser		(87,815	)
	Net Expenses		72,940
	Net Investment Income		159,820
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Foreign Currency Exchange Contracts	Net realized gain on:
	Investments		46,581
	Foreign currency transactions and forward foreign currency exchange contracts		61,564
	Net realized gain		108,145
	Net change in unrealized appreciation (depreciation) on:
	Investments		901,479
	Foreign currency translations and forward foreign currency exchange contracts		(11,465	)
	Net change in unrealized appreciation (depreciation)		890,014
	Net Gain		998,159
	Net Increase Resulting from Operations		1,157,979

See Accompanying Notes to Financial Statements.

8

Statement of Changes in Net Assets – Columbia International Bond Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended November 30, 2010 ($)(a)			Year Ended May 31, 2010 ($)
Operations	Net investment income		159,820			274,463
	Net realized gain on investments, foreign currency transactions and forward foreign currency exchange contracts		108,145			139,307
	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward foreign currency exchange contracts		890,014			(630,509	)
	Net increase (decrease) resulting from operations		1,157,979			(216,739	)
Distributions to Shareholders	From net investment income:
	Class A		(9,674	)		(17,337	)
	Class C		(2,150	)		(2,076	)
	Class I		(9	)		—
	Class Z		(152,246	)		(325,033	)
	From net realized gains:
	Class A		—			(441	)
	Class C		—			(75	)
	Class Z		—			(6,885	)
	Total distributions to shareholders		(164,079	)		(351,847	)
	Net Capital Stock Transactions		(305,418	)		7,521,442
	Redemption fees		—			1,011
	Total increase in net assets		688,482			6,953,867
Net Assets	Beginning of period		15,906,713			8,952,846
	End of period		16,595,195			15,906,713
	Undistributed net investment income at end of period		61,610			65,869

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

See Accompanying Notes to Financial Statements.

9

Statement of Changes in Net Assets (continued) – Columbia International Bond Fund

	Capital Stock Activity
	(Unaudited) Period Ended November 30, 2010						Year Ended May 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		61,527			679,957			100,376			1,098,612
Distributions reinvested		838			9,258			1,621			17,516
Redemptions		(50,353	)		(564,313	)		(18,289	)		(194,447	)
Net increase		12,012			124,902			83,708			921,681
Class C
Subscriptions		7,952			86,705			38,877			416,152
Distributions reinvested		161			1,775			115			1,250
Redemptions		(3,055	)		(34,570	)		(7,520	)		(79,856	)
Net increase		5,058			53,910			31,472			337,546
Class I (a)(b)
Subscriptions		221			2,500			—			—
Distributions reinvested		—	(c)		4			—			—
Net increase		221			2,504			—			—
Class Z
Subscriptions		575,711			6,662,573			720,985			7,850,434
Distributions reinvested		4,481			49,286			12,579			135,913
Redemptions		(625,740	)		(7,198,593	)		(162,469	)		(1,724,132	)
Net increase (decrease)		(45,548	)		(486,734	)		571,095			6,262,215

(a) Shares commenced operations on September 27, 2010.

(b) Shares reflect activity for the period September 27, 2010 through November 30, 2010.

(c) Rounds to less than one share.

See Accompanying Notes to Financial Statements.

10

Financial Highlights – Columbia International Bond Fund

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

Class A Shares	(Unaudited) Six Months Ended November 30, 2010			Year Ended May 31, 2010			Period Ended May 31, 2009 (a)
Net Asset Value, Beginning of Period	$	10.28		$	10.39		$	10.00
Income from Investment Operations:
Net investment income (b)		0.09			0.19			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.65			(0.07	)		0.36
Total from investment operations		0.74			0.12			0.43
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.22	)		(0.04	)
From net realized gains		—			(0.01	)		—
Total distributions to shareholders		(0.10	)		(0.23	)		(0.04	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	10.92		$	10.28		$	10.39
Total return (d)(e)		7.15	%(f)		1.07	%		4.35	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses		1.08	%(g)		1.05	%(h)		1.05	%(g)(h)
Waiver/Reimbursement		1.04	%(g)		1.07	%		3.82	%(g)
Net investment income		1.69	%(g)		1.78	%(h)		1.41	%(g)(h)
Portfolio turnover rate		10	%(f)		30	%		4	%(f)
Net assets, end of period (000s)	$	1,183		$	990		$	131

(a) Class A shares commenced operations on December 1, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

See Accompanying Notes to Financial Statements.

11

Financial Highlights – Columbia International Bond Fund

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

Class C Shares	(Unaudited) Six Months Ended November 30, 2010			Year Ended May 31, 2010			Period Ended May 31, 2009 (a)
Net Asset Value, Beginning of Period	$	10.27		$	10.39		$	10.00
Income from Investment Operations:
Net investment income (b)		0.05			0.11			0.03
Net realized and unrealized gain (loss) on investments and foreign currency		0.65			(0.08	)		0.37
Total from investment operations		0.70			0.03			0.40
Less Distributions to Shareholders:
From net investment income		(0.05	)		(0.14	)		(0.01	)
From net realized gains		—			(0.01	)		—
Total distributions to shareholders		(0.05	)		(0.15	)		(0.01	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	10.92		$	10.27		$	10.39
Total return (d)(e)		6.86	%(f)		0.21	%		3.97	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses		1.83	%(g)		1.80	%(h)		1.80	%(g)(h)
Waiver/Reimbursement		1.04	%(g)		1.07	%		3.82	%(g)
Net investment income		0.94	%(g)		1.06	%(h)		0.59	%(g)(h)
Portfolio turnover rate		10	%(f)		30	%		4	%(f)
Net assets, end of period (000s)	$	432		$	355		$	32

(a) Class C shares commenced operations on December 1, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

See Accompanying Notes to Financial Statements.

12

Financial Highlights – Columbia International Bond Fund

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

Class I Shares	(Unaudited) Period Ended November 30, 2010 (a)
Net Asset Value, Beginning of Period	$	11.34
Income from Investment Operations:
Net investment income (b)		0.05
Net realized and unrealized loss on investments and foreign currency		(0.43	)
Total from investment operations		(0.38	)
Less Distributions to Shareholders:
From net investment income		(0.04	)
Net Asset Value, End of Period	$	10.92
Total return (c)(d)(e)		(3.37	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.84	%
Waiver/Reimbursement (f)		0.97	%
Net investment income (f)		2.26	%
Portfolio turnover rate (e)		10	%
Net assets, end of period (000s)	$	2

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

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

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

(d) Had the investment adviser not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e) Not annualized.

(f) Annualized.

See Accompanying Notes to Financial Statements.

13

Financial Highlights – Columbia International Bond Fund

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

Class Z Shares	(Unaudited) Six Months Ended November  30, 2010			Year Ended May 31, 2010			Period Ended May 31, 2009 (a)
Net Asset Value, Beginning of Period	$	10.28		$	10.39		$	10.00
Income from Investment Operations:
Net investment income (b)		0.11			0.21			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.64			(0.06	)		0.38
Total from investment operations		0.75			0.15			0.45
Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.25	)		(0.06	)
From net realized gains		—			(0.01	)		—
Total distributions to shareholders		(0.11	)		(0.26	)		(0.06	)
Redemption Fees:
Redemption fees added to paid-in-capital		—			—	(b)(c)		—	(b)(c)
Net Asset Value, End of Period	$	10.92		$	10.28		$	10.39
Total return (d)(e)		7.29	%(f)		1.31	%		4.48	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses		0.83	%(g)		0.80	%(h)		0.80	%(g)(h)
Waiver/Reimbursement		1.04	%(g)		1.07	%		3.82	%(g)
Net investment income		1.94	%(g)		1.98	%(h)		1.50	%(g)(h)
Portfolio turnover rate		10	%(f)		30	%		4	%(f)
Net assets, end of period (000s)	$	14,977		$	14,562		$	8,790

(a) Class Z shares commenced operations on December 1, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

See Accompanying Notes to Financial Statements.

14

Notes to Financial Statements – Columbia International Bond Fund

November 30, 2010 (Unaudited)

Note 1. Organization

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

Investment Objective

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

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers four classes of shares: Class A, Class C, Class I and Class Z. Effective September 27, 2010, Class I shares commenced operations. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a maximum contingent deferred sales charge (“CDSC”) of 1.00% based upon the holding period after purchase.

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

Class I and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, as described in the Fund’s prospectuses.

Note 2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

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

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

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

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 may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as

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Columbia International Bond Fund

November 30, 2010 (Unaudited)

determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

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

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

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

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

Security Transactions

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

Derivative Instruments

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

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

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

The following provides more detailed information about the derivative type held by the Fund:

Forward Foreign Currency Exchange Contracts — The Fund entered into forward foreign currency exchange contracts for the purpose of shifting foreign currency exposure back to U.S. dollars.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

16

Columbia International Bond Fund

November 30, 2010 (Unaudited)

During the six month period ended November 30, 2010, the Fund entered into 76 forward foreign currency exchange contracts.

The following table is a summary of the value of the Fund’s derivative instruments as of November 30, 2010.

Fair Value of Derivative Instruments
Statement of Assets and Liabilities
Assets	Fair Value	Liabilities	Fair Value
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$6,438	Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$34,117

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

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Forward Foreign Currency Exchange Contracts	Foreign Exchange Rate Risk	$	68,882	$	(24,932	)

Repurchase Agreements

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

Foreign Currency Transactions and Translations

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

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

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

17

Columbia International Bond Fund

November 30, 2010 (Unaudited)

Federal Income Tax Status

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

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

Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Distributions to Shareholders

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

Indemnification

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

Note 3. Federal Tax Information

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

	May 31, 2010
Ordinary Income*	$	351,847

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

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

Unrealized appreciation	$	927,087
Unrealized depreciation		(486,945	)
Net unrealized appreciation	$	440,142

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Investment Advisers, LLC (the “Adviser”), a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”), is the investment adviser of the Fund. The Adviser receives a monthly

18

Columbia International Bond Fund

November 30, 2010 (Unaudited)

investment advisory fee based on the Fund’s average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million	0.55%
$500 million to $1 billion	0.50%
$1 billion to $1.5 billion	0.47%
Over $1.5 billion	0.44%

For the six month period ended November 30, 2010, the Fund’s annualized effective investment advisory fee rate was 0.55% of the Fund’s average daily net assets.

Administration Fee

The Adviser provides administrative and other services to the Fund under an Administrative Services Agreement (the “Administrative Agreement”), including services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and oversight of the accounting and financial reporting services provided by State Street as discussed in the Pricing and Bookkeeping note below.

The Adviser receives a monthly administration fee at the annual rate of 0.05% of the Fund’s average daily net assets. The Fund also reimburses the Adviser for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred by the Adviser in the performance of services under the Administrative Agreement.

Pricing and Bookkeeping Fees

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

Transfer Agent Fee

Columbia Management Investment Services Corp. (the “Transfer Agent”), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Fund and has contracted with Boston Financial Data Services (“BFDS”) to serve as sub-transfer agent. The Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The Transfer Agent may also retain, as additional compensation for its services, fees for wire, telephone and redemption orders, Individual Retirement Account (“IRA”) trustee agent fees and account transcript fees due to the Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

For the six month period ended November 30, 2010, the Fund’s annualized effective transfer agent fee rate for each class was 0.01% of the Fund’s average daily net assets.

Class I shares do not pay transfer agent fees.

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

Underwriting Discounts, Service and Distribution Fees

Columbia Management Investment Distributors, Inc. (the “Distributor”), an indirect wholly owned subsidiary of Ameriprise Financial, is the distributor of the Fund’s shares.

19

Columbia International Bond Fund

November 30, 2010 (Unaudited)

For the six month period ended November 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $166. For the same time period, no net CDSC fees were paid by shareholders on redemptions of Class A and Class C shares.

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

Payments under the Plans, which are calculated daily and paid monthly, are based on the average daily net assets of the applicable class of the Fund at the following annual rates:

Distribution Fee	Service Fee
Class C	Class A	Class C
0.75%	0.25%	0.25%

Fee Waivers and Expense Reimbursements

Effective September 27, 2010, the Adviser has contractually agreed to reimburse a portion of the Fund’s expenses through September 30, 2011, so that the Fund’s ordinary operating expenses (excluding brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed the annual rates of 1.10%, 1.85%, 0.84% and 0.85% of the Fund’s average daily net assets attributable to Class A, Class C, Class I and Class Z shares, respectively. There is no guarantee that these expense limitations will continue after September 30, 2011.

Prior to September 27, 2010, the Adviser had contractually agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, did not exceed 0.80% of the Fund’s average daily net assets on an annualized basis.

The Adviser is entitled to recover from the Fund any fees waived or expenses reimbursed for a three year period following the date of such fee waiver or reimbursement if such recovery does not cause the Fund’s expenses to exceed the expense limitations in effect at the time of recovery.

At November 30, 2010, the amounts potentially recoverable by the Adviser pursuant to this arrangement are as follows:

Amount of Potential Recovery Expiring May 31:			Total Potential Recovery		Amount Recovered During the Period Ended 11/30/10
2014	2013	2012
$87, 815	$150,254	$142,545	$	380,614	$—

Fees Paid to Officers and Trustees

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

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund’s assets.

Note 5. Custody Credits

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

Note 6. Portfolio Information

For the six month period ended November 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $1,679,639 and $1,819,502, respectively.

20

Columbia International Bond Fund

November 30, 2010 (Unaudited)

Note 7. Line of Credit

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

Effective October 14, 2010, interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets.

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

Note 8. Shareholder Concentration

As of November 30, 2010, two shareholder accounts owned 88.0% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 9. Significant Risks and Contingencies

Non-Diversification Risk

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

Foreign Securities Risk

There are certain additional risks involved when investing in foreign securities. These risks may involve foreign currency exchange rate fluctuations, adverse political and economic developments and the possible prevention of currency exchange or other foreign governmental laws or restrictions. In addition, the liquidity of foreign securities may be more limited than that of domestic securities.

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

Information Regarding Pending and Settled Legal Proceedings

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

21

Columbia International Bond Fund

November 30, 2010 (Unaudited)

Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010 the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants.

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

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

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

Note 10. Subsequent Event

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

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Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the “Board”) unanimously approved new Investment Management Services Agreements (the “Advisory Agreements”) on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an “Affected Fund”) to Columbia Management for investment advisory services. For Columbia International Bond Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds’ former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the “Committee”) of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the “Columbia Funds Complex”). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management projected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds’ other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Trust (the “Independent Trustees”) requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approval of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the “Fee Consultant”) appointed

23

by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management Advisors, LLC, the Affected Funds’ previous adviser, with the New York Attorney General (“NYAG”) to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the “NYAG Settlement”). Under the NYAG Settlement, the Fee Consultant’s role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms’ length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The trustees considered all materials that they, their legal counsel or Columbia Management believed reasonably necessary to evaluate and to determine whether to approve the Advisory Agreements. The factors considered by the Committee and the trustees in recommending approval and approving the Advisory Agreement for each Affected Fund included the following:

n The expected benefits of continuing to retain Columbia Management as the Affected Funds’ investment manager;

n The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

n The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund’s total expense ratio;

n The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia International Bond Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of class A shares would not exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

n That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

n The expected impact on expenses for certain Affected Funds of proposed mergers; and

n The expected benefits of further integrating the Combined Fund Complex by:

• Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

• Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management’s personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management’s investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality

24

of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party’s methodology for identifying each Fund’s peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund’s Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund’s investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund’s investment strategy; (iii) that the Affected Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia International Bond Fund’s performance was in the fifth quintile (where the best performance would be in the first quintile) for the one- and three-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions regarding each of the Advisory Agreements, that the performance of each Affected Fund and Columbia Management was sufficient, in light of other considerations, to warrant the approval of the Advisory Agreement pertaining to that Affected Fund.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia International Bond Fund would increase the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund’s current investment management services agreement. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to the Advisory Agreement and other proposed contractual changes, including the contractual expense limitations described above, Columbia International Bond Fund’s contractual management fees would have been in the third quintile (where the lowest fees and expenses would be in the first quintile) and total net expenses would have been in the second quintile of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the advisory fee rates under the Advisory Agreements and anticipated total expenses of each Affected Fund supported the approval of the Advisory Agreements.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund’s proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

The trustees also considered the compensation directly or indirectly received by Columbia Management and its

25

affiliates in connection with their relationships with the Affected Funds. The trustees reviewed information provided by management as to the projected profitability to Columbia Management and its affiliates of their relationships with each Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fees, and the related profitability to Columbia Management and its affiliates of their relationships with the Affected Fund, supported the approval of the Advisory Agreement pertaining to that Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management’s investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected “fall-out” or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management’s affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds’ distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds’ securities transactions, and reviewed information about Columbia Management’s practices with respect to allocating portfolio brokerage and the use of “soft” commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management’s profitability would be somewhat lower without these benefits.

In their deliberations, the trustees did not identify any single item that was paramount or controlling and individual trustees may have attributed different weights to various factors. The trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Affected Fund.

26

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel and the Fee Consultant, the trustees, including the Independent Trustees, approved each Advisory Agreement.

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Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS

SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc. September 21, 2010

I. Overview

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

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

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

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

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

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

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

³ CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 (“June 7 Materials”), Tab 1 at p. 1.

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A. Role of the Independent Fee Consultant

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

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1. Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a “Fee Change Fund”).

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

3. There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a “Fee Increase Fund”). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

4. The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA’s proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5. Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund — High Yield Opportunity Fund — would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

6. CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the “CMIA Funds”) be subject to a contractual expense limitation calculated as the median of the relevant fund’s Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

29

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

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

9. CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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Important Information About This Report

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

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

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

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Adviser

Columbia Management Investment Advisers, LLC

100 Federal Street

Boston, MA 02110

33

Columbia International Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

©2011 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1050 A (01/11)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Series Trust I
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

EX-99.CERT

Exhibit 99.CERT

I, J. Kevin Connaughton, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	January 21, 2011	/s/J. Kevin Connaughton
		J. Kevin Connaughton, President

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	January 21, 2011	/s/Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the “Trust”) on Form N-CSR for the period ending November 30, 2010, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:	January 21, 2011	/s/J. Kevin Connaughton
		J. Kevin Connaughton, President
Date:	January 21, 2011	/s/Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.