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

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
225 Franklin Street, Boston, Massachusetts			02110
(Address of principal executive offices)			(Zip code)
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)
Registrant’s telephone number, including area code:		1-612-671-1947
Date of fiscal year end:	March 31
Date of reporting period:	June 30, 2011

Item 1. Schedule of Investments.

Portfolio of Investments

Columbia Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes 27.1%
Aerospace & Defense 0.3%
L-3 Communications Corp.
02/15/21	4.950	%	$	4,080,000	$	4,071,126
Raytheon Co. Senior Unsecured
08/15/27	7.200	%	1,870,000		2,330,512
Total					6,401,638
Airlines —%
Continental Airlines 1997-1 Class A Pass-Through Trust
04/01/15	7.461	%	353,361		356,011
Banking 6.0%
Bank of New York Mellon Corp. (The) Senior Unsecured
05/15/19	5.450	%	3,475,000		3,854,234
Barclays Bank PLC (a) Senior Unsecured
09/22/16	5.000	%	7,115,000		7,653,904
Barclays Bank PLC (a)(b)(c)
12/31/49	7.375	%	9,015,000		9,163,747
Capital One Financial Corp. Senior Unsecured
09/15/11	5.700	%	3,855,000		3,893,704
05/23/14	7.375	%	1,115,000		1,273,146
Capital One/IV (c)
02/17/37	6.745	%	4,775,000		4,840,656
Capital One/V
08/15/39	10.250	%	3,990,000		4,229,400
Citigroup, Inc. Subordinated Notes
08/27/12	5.625	%	14,770,000		15,430,101
Comerica Bank Subordinated Notes
08/22/17	5.200	%	2,270,000		2,424,646
Discover Bank Subordinated Notes
11/18/19	8.700	%	5,950,000		7,177,842
Fifth Third Bancorp Senior Unsecured
01/25/16	3.625	%	4,140,000		4,175,964
ING Bank NV Senior Unsecured (a)(b)
03/15/16	4.000	%	3,840,000		3,886,226
JPMorgan Chase Capital XVIII
08/17/36	6.950	%	380,000		377,411
JPMorgan Chase Capital XXIII (c)
05/15/47	1.261	%	940,000		743,297
JPMorgan Chase & Co. Senior Unsecured
07/05/16	3.150	%	11,535,000		11,605,571
JPMorgan Chase & Co. (c)

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
04/29/49	7.900	%	$	1,575,000	$	1,691,692
KeyCorp Senior Unsecured
03/24/21	5.100	%	8,625,000		8,784,502
Lloyds TSB Bank PLC Bank Guaranteed (a)(b)
01/12/15	4.375	%	6,200,000		6,292,405
M&I Marshall & Ilsley Bank Senior Unsecured
09/08/11	5.300	%	1,076,000		1,082,707
Merrill Lynch & Co., Inc. Senior Unsecured
04/25/13	6.150	%	1,400,000		1,503,228
02/03/14	5.000	%	5,975,000		6,432,763
Subordinated Notes
05/02/17	5.700	%	2,215,000		2,307,144
National City Bank Subordinated Notes
12/15/11	6.200	%	715,000		732,506
National City Corp. Senior Unsecured
01/15/15	4.900	%	2,490,000		2,721,336
Scotland International Finance No. 2 BV Bank Guaranteed (a)(b)
05/23/13	4.250	%	1,700,000		1,701,985
State Street Corp.
03/15/18	4.956	%	3,590,000		3,807,084
Senior Unsecured
03/07/16	2.875	%	2,145,000		2,176,036
Wells Fargo & Co. Senior Unsecured
06/15/16	3.676	%	12,115,000		12,446,212
Total					132,409,449
Brokerage 0.1%
Eaton Vance Corp. Senior Unsecured
10/02/17	6.500	%	1,465,000		1,691,650
Chemicals 0.8%
Dow Chemical Co. (The) Senior Unsecured
02/15/15	5.900	%	2,975,000		3,341,868
05/15/18	5.700	%	2,485,000		2,753,663
05/15/19	8.550	%	3,565,000		4,596,868
11/15/20	4.250	%	2,730,000		2,664,354
05/15/39	9.400	%	150,000		222,492
Lubrizol Corp. Senior Unsecured
02/01/19	8.875	%	2,985,000		3,882,178
Total					17,461,423

1

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Diversified Manufacturing 0.4%
Ingersoll-Rand Global Holding Co., Ltd. (a)
04/15/14	9.500	%	$	4,110,000	$	4,935,079
Tyco International Ltd./Finance SA (a)
01/15/21	6.875	%	2,875,000		3,380,163
Total					8,315,242
Electric 2.9%
American Electric Power Co., Inc. Senior Unsecured
06/01/15	5.250	%	4,060,000		4,461,972
Carolina Power & Light Co. 1st Mortgage
09/15/13	5.125	%	2,545,000		2,769,367
Commonwealth Edison Co. 1st Mortgage
08/15/16	5.950	%	3,685,000		4,211,741
09/15/17	6.150	%	1,975,000		2,285,741
08/01/20	4.000	%	4,425,000		4,382,383
03/15/36	5.900	%	750,000		786,122
Senior Unsecured
07/15/18	6.950	%	1,495,000		1,707,888
Consolidated Edison Co. of New York, Inc. Senior Unsecured
04/01/38	6.750	%	180,000		213,605
Detroit Edison Co. (The) 1st Mortgage
10/01/20	3.450	%	6,155,000		5,984,519
Dominion Resources, Inc. Senior Unsecured
08/15/19	5.200	%	335,000		364,816
Duke Energy Carolinas LLC 1st Mortgage
10/01/15	5.300	%	355,000		400,540
Exelon Generation Co. LLC Senior Unsecured
10/01/17	6.200	%	925,000		1,043,501
FPL Energy National Wind LLC Senior Secured (b)
03/10/24	5.608	%	635,690		648,938
Georgia Power Co. Senior Unsecured
06/01/17	5.700	%	1,185,000		1,356,385
09/01/40	4.750	%	5,805,000		5,318,042
MidAmerican Energy Holdings Co. Senior Unsecured
10/01/12	5.875	%	1,655,000		1,755,023
Nevada Power Co.
09/15/40	5.375	%	7,245,000		7,124,235
Niagara Mohawk Power Corp. Senior Unsecured (b)
08/15/19	4.881	%	2,140,000		2,268,158

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Oncor Electric Delivery Co. LLC Senior Secured
09/01/13	5.950	%	$	915,000	$	997,958
Peco Energy Co. 1st Mortgage
03/01/18	5.350	%	2,175,000		2,424,431
Southern California Edison Co. 1st Mortgage
01/15/16	5.000	%	2,500,000		2,797,970
09/01/40	4.500	%	3,230,000		2,928,712
Southern Co. Senior Unsecured
01/15/12	5.300	%	2,050,000		2,101,439
Virginia Electric and Power Co. Senior Unsecured
11/30/12	5.100	%	3,140,000		3,325,543
Xcel Energy, Inc. Senior Unsecured
05/15/20	4.700	%	2,005,000		2,084,743
Total					63,743,772
Entertainment 0.2%
Time Warner, Inc.
11/15/36	6.500	%	3,885,000		4,141,872
Food and Beverage 1.5%
Anheuser-Busch InBev Worldwide, Inc. (a)
04/15/15	3.625	%	9,060,000		9,585,208
01/15/19	7.750	%	2,180,000		2,742,536
ConAgra Foods, Inc. Senior Unsecured
10/01/28	7.000	%	3,600,000		3,777,203
General Mills, Inc. Senior Unsecured
03/17/15	5.200	%	6,090,000		6,782,134
Kraft Foods, Inc. Senior Unsecured
02/09/16	4.125	%	8,430,000		9,014,174
PepsiCo, Inc. Senior Unsecured
01/15/20	4.500	%	1,995,000		2,115,049
Total					34,016,304
Gas Distributors 0.4%
Atmos Energy Corp. Senior Unsecured
06/15/17	6.350	%	2,825,000		3,267,065
03/15/19	8.500	%	2,760,000		3,520,813

2

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Gas Distributors (continued)
Sempra Energy Senior Unsecured
06/01/16	6.500	%	$	2,390,000	$	2,767,835
Total					9,555,713
Gas Pipelines 1.0%
Energy Transfer Partners LP Senior Unsecured
07/01/13	6.000	%	230,000		248,561
Kinder Morgan Energy Partners LP Senior Unsecured
02/15/15	5.625	%	1,210,000		1,350,071
01/15/38	6.950	%	2,600,000		2,823,878
09/01/39	6.500	%	465,000		482,847
Nisource Finance Corp.
09/15/17	5.250	%	685,000		740,914
Plains All American Pipeline LP/Finance Corp.
05/01/18	6.500	%	1,420,000		1,608,404
05/01/19	8.750	%	3,125,000		3,931,309
01/15/20	5.750	%	640,000		693,807
Southern Natural Gas Co. Senior Unsecured
03/01/32	8.000	%	3,015,000		3,777,870
TransCanada PipeLines Ltd. (a)(c)
05/15/67	6.350	%	7,240,000		7,278,119
Total					22,935,780
Healthcare Insurance 0.1%
UnitedHealth Group, Inc. Senior Unsecured
02/15/18	6.000	%	2,260,000		2,562,571
Home Construction —%
D.R. Horton, Inc.
09/15/14	5.625	%	365,000		378,687
Independent Energy 0.5%
Canadian Natural Resources Ltd. Senior Unsecured (a)
03/15/38	6.250	%	4,965,000		5,402,282
Devon Energy Corp. Senior Unsecured
01/15/19	6.300	%	1,510,000		1,775,777
Nexen, Inc. (a)
Senior Unsecured
03/10/35	5.875	%	1,260,000		1,193,107
07/30/39	7.500	%	1,880,000		2,102,885
Total					10,474,051
Integrated Energy 0.4%
Hess Corp.

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Integrated Energy (continued)
Senior Unsecured
08/15/31	7.300	%	$	2,296,000	$	2,744,822
02/15/41	5.600	%	1,764,000		1,721,647
Shell International Finance BV (a)
03/25/40	5.500	%	4,325,000		4,524,313
Total					8,990,782
Life Insurance 1.2%
ING Groep NV (a)(c)
12/29/49	5.775	%	5,865,000		5,395,800
Lincoln National Corp. Senior Unsecured
07/01/19	8.750	%	4,575,000		5,773,184
MetLife Capital Trust X (b)
04/08/38	9.250	%	1,470,000		1,793,400
MetLife, Inc. (c)
08/01/69	10.750	%	4,070,000		5,728,525
Prudential Financial, Inc. Senior Unsecured
06/15/19	7.375	%	4,840,000		5,739,780
Prudential Financial, Inc. (c)
06/15/38	8.875	%	2,280,000		2,661,900
Total					27,092,589
Media Cable 1.0%
Comcast Corp.
11/15/15	5.850	%	6,775,000		7,683,371
03/01/20	5.150	%	2,175,000		2,341,803
08/15/37	6.950	%	730,000		824,078
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16	3.125	%	3,170,000		3,215,978
Time Warner Cable, Inc.
02/01/15	3.500	%	3,105,000		3,238,782
05/01/17	5.850	%	4,465,000		5,021,129
Total					22,325,141
Media Non-Cable 1.0%
NBCUniversal Media LLC Senior Unsecured (b)
04/01/16	2.875	%	12,160,000		12,179,492
News America, Inc.
03/15/33	6.550	%	1,295,000		1,384,069
12/15/35	6.400	%	4,335,000		4,533,396
News America, Inc. (b)
02/15/41	6.150	%	4,515,000		4,472,721
Total					22,569,678
Metals 0.6%
ArcelorMittal (a) Senior Unsecured
10/15/39	7.000	%	3,400,000		3,437,720
03/01/41	6.750	%	1,315,000		1,303,373
Nucor Corp. Senior Unsecured

3

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Metals (continued)
06/01/13	5.000	%	$	1,995,000	$	2,143,737
06/01/18	5.850	%	3,585,000		4,093,088
Vale Overseas Ltd. (a)
11/21/36	6.875	%	2,980,000		3,235,642
Total					14,213,560
Non-Captive Consumer 0.1%
Discover Financial Services Senior Unsecured
07/15/19	10.250	%	1,490,000		1,925,302
Non-Captive Diversified —%
General Electric Capital Corp. Senior Unsecured
09/16/20	4.375	%	5,000		4,943
Oil Field Services 0.1%
Halliburton Co. Senior Unsecured
09/15/18	5.900	%	1,495,000		1,724,714
Weatherford International Ltd. (a)
03/15/38	7.000	%	1,035,000		1,125,212
Total					2,849,926
Other Industry 0.2%
President and Fellows of Harvard College Senior Notes
10/15/40	4.875	%	3,490,000		3,416,347
President and Fellows of Harvard College (b)
01/15/39	6.500	%	1,160,000		1,402,730
Total					4,819,077
Pharmaceuticals 0.5%
Johnson & Johnson Senior Unsecured
05/15/21	3.550	%	4,995,000		4,950,160
05/15/41	4.850	%	3,785,000		3,663,626
Wyeth
02/15/16	5.500	%	1,755,000		2,000,167
Total					10,613,953
Property & Casualty 0.7%
CNA Financial Corp. Senior Unsecured
12/15/14	5.850	%	1,595,000		1,727,886
11/15/19	7.350	%	4,360,000		4,970,130
08/15/21	5.750	%	1,270,000		1,311,389
Liberty Mutual Group, Inc. (b)(c)
06/15/58	10.750	%	1,310,000		1,739,025

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Property & Casualty (continued)
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39	8.000	%	$	4,745,000	$	5,193,165
Total					14,941,595
Railroads 0.9%
BNSF Funding Trust I (c)
12/15/55	6.613	%	4,970,000		5,156,375
Burlington Northern Santa Fe LLC Senior Unsecured
08/15/30	7.950	%	1,200,000		1,543,878
CSX Corp. Senior Unsecured
04/01/15	6.250	%	6,580,000		7,533,837
06/01/21	4.250	%	4,340,000		4,319,638
Union Pacific Corp. Senior Unsecured
08/15/18	5.700	%	1,335,000		1,520,027
Total					20,073,755
REITs 0.7%
Brandywine Operating Partnership LP
05/15/15	7.500	%	4,560,000		5,230,069
Duke Realty LP Senior Unsecured
02/15/15	7.375	%	755,000		860,555
08/15/19	8.250	%	6,379,600		7,734,059
Highwoods Realty LP Senior Unsecured
03/15/17	5.850	%	945,000		1,031,191
Total					14,855,874
Restaurants 0.6%
McDonald’s Corp. Senior Unsecured
05/20/21	3.625	%	10,170,000		10,116,191
02/01/39	5.700	%	1,605,000		1,729,432
07/15/40	4.875	%	2,105,000		2,043,250
Total					13,888,873
Retailers 0.6%
Best Buy Co., Inc. Senior Unsecured
03/15/21	5.500	%	7,025,000		6,916,689
CVS Pass-Through Trust (b)
Pass-Through Certificates
01/11/27	5.298	%	632,720		621,354
07/10/31	8.353	%	4,466,031		5,464,367
Macy’s Retail Holdings, Inc.
03/15/12	5.350	%	455,000		466,528
Total					13,468,938

4

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Supermarkets 0.6%
Kroger Co. (The)
10/01/15	3.900	%	$	9,285,000	$	9,820,215
12/15/18	6.800	%	3,455,000		4,106,990
Total					13,927,205
Supranational 0.5%
European Investment Bank (a) Senior Unsecured
04/08/14	3.000	%	6,165,000		6,482,011
05/30/17	5.125	%	2,985,000		3,428,717
Total					9,910,728
Technology 0.6%
Cisco Systems, Inc. Senior Unsecured
02/15/39	5.900	%	2,455,000		2,593,818
01/15/40	5.500	%	175,000		175,273
Oracle Corp. Senior Unsecured
04/15/38	6.500	%	4,670,000		5,415,136
Oracle Corp. (b) Senior Notes
07/15/40	5.375	%	2,590,000		2,591,994
Xerox Corp Senior Unsecured
03/15/16	6.400	%	1,440,000		1,648,156
Total					12,424,377
Transportation Services 0.4%
ERAC U.S.A. Finance LLC (b)
07/01/13	2.750	%	4,655,000		4,758,997
10/01/20	5.250	%	4,285,000		4,519,379
Total					9,278,376
Wireless 0.3%
Cellco Partnership/Verizon Wireless Capital LLC Senior Unsecured
02/01/14	5.550	%	3,150,000		3,472,025
11/15/18	8.500	%	2,105,000		2,733,475
Total					6,205,500
Wirelines 1.9%
AT&T, Inc. Senior Unsecured
06/15/16	5.625	%	2,275,000		2,578,958
02/15/39	6.550	%	3,115,000		3,416,625
BellSouth Corp. Senior Unsecured
09/15/14	5.200	%	6,100,000		6,720,358
CenturyLink, Inc. Senior Unsecured
06/15/21	6.450	%	5,955,000		5,886,928
Embarq Corp. Senior Unsecured
06/01/36	7.995	%	2,680,000		2,745,960

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Telefonica Emisiones SAU (a)
06/20/16	6.421	%	$	4,975,000	$	5,554,792
07/03/17	6.221	%	1,105,000		1,218,096
04/27/20	5.134	%	4,135,000		4,098,893
Verizon Communications, Inc. Senior Unsecured
04/01/16	3.000	%	9,375,000		9,575,747
04/01/21	4.600	%	1,140,000		1,176,245
Total					42,972,602
Total Corporate Bonds & Notes (Cost: $569,214,900)					$	601,796,937
Residential Mortgage-Backed Securities - Agency 36.0%
Federal Home Loan Mortgage Corp. (d)
05/01/41- 06/01/41	4.500	%	$	33,873,677	$	35,148,892
Federal Home Loan Mortgage Corp. (d)(e)
07/01/41	5.500	%	108,000,000		116,656,848
Federal Home Mortgage Corp. (c)(d)
05/01/39	5.429	%	2,912,338		3,118,090
Federal Home Mortgage Corp. (d)
12/01/40	4.000	%	46,209,925		46,238,341
03/01/21- 05/01/41	5.000	%	2,929,581		3,121,388
06/01/40	5.500	%	20,452,883		22,115,400
12/01/14- 12/01/35	7.000	%	812,792		937,004
09/01/25- 10/01/29	7.500	%	73,734		86,101
06/01/26	8.000	%	1,370		1,630
09/01/16	9.500	%	470		540
Federal National Mortgage Association (c)(d)
08/01/36	2.574	%	117,964		118,626
04/01/38	4.827	%	3,825,846		4,085,254
09/01/37	5.780	%	3,305,916		3,564,398
Federal National Mortgage Association (d)
12/01/40- 02/01/41	4.000	%	49,551,946		49,668,333
04/01/40- 05/01/41	4.500	%	99,286,913		103,239,445
07/01/40- 09/01/40	5.000	%	85,696,614		91,805,332
06/01/35- 08/01/40	5.500	%	39,909,364		43,348,162
05/01/38- 12/01/38	6.000	%	117,277,282		129,021,586
02/01/13	6.500	%	23,295		24,095
06/01/32	7.000	%	12,092		13,974
10/01/15- 01/01/30	7.500	%	63,473		73,625
12/01/29- 05/01/30	8.000	%	278,898		327,939
08/01/17	8.500	%	727		805
10/01/20- 12/01/20	10.000	%	161,444		182,192

5

Issuer	Coupon Rate		Principal Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
CMO Series 2005-76 Class TA
09/25/35	5.500	%	$	80,633	$	80,590
Federal National Mortgage Association (d)(e)
07/01/41	5.000	%	12,000,000		12,750,000
Government National Mortgage Association (c)(d)
07/20/21- 07/20/22	2.625	%	72,423		75,092
04/20/22- 06/20/28	3.375	%	248,458		259,041
Government National Mortgage Association (d)
06/15/39- 03/15/41	4.500	%	122,550,708		129,652,358
03/20/28	6.000	%	134,054		149,074
05/15/23- 04/15/32	6.500	%	201,163		229,515
05/15/12- 05/15/32	7.000	%	446,742		518,473
04/15/26- 03/15/30	7.500	%	465,671		547,017
05/15/23- 01/15/30	8.000	%	209,482		246,875
01/15/17- 12/15/17	8.500	%	508,968		578,440
11/15/17- 06/15/30	9.000	%	300,943		343,466
11/15/17- 12/15/20	9.500	%	257,724		298,180
05/15/16- 07/15/17	10.000	%	14,065		15,597
06/15/13	11.500	%	8,409		8,471
Vendee Mortgage Trust CMO IO Series 1998-1 Class 2IO (c)(d)
03/15/28	6.820	%	4,517,645		61,970
Total Residential Mortgage-Backed Securities - Agency (Cost: $792,475,657)					$	798,712,159
Residential Mortgage-Backed Securities - Non-Agency —%
American Mortgage Trust (c)(d)(f)
07/27/23	8.188	%	$	10,688	$	6,481
Vendee Mortgage Trust CMO IO Series 1998-3 Class IO (c)(d)
03/15/29	15.860	%	6,023,434		47,263
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $30,300)					$	53,744
Commercial Mortgage-Backed Securities - Agency 0.7%
Federal National Mortgage Association (d)
12/01/12	4.680	%	$	1,176,204	$	1,218,827
09/01/19	4.760	%	5,824,891		6,239,200

Issuer	Coupon Rate		Principal Amount		Value
Commercial Mortgage-Backed Securities - Agency  (continued)
06/01/19	4.770	%	$	5,982,714	$	6,423,759
02/01/19	7.785	%	1,473,617		1,625,472
Total Commercial Mortgage-Backed Securities - Agency (Cost: $14,494,927)					$	15,507,258
Commercial Mortgage-Backed Securities - Non-Agency  17.0%
Bear Stearns Commercial Mortgage Securities (c)(d)
Series 2004-T14 Class A4
01/12/41	5.200	%	$	11,705,000	$	12,582,044
Bear Stearns Commercial Mortgage Securities (d)
Series 2002-TOP8 Class A2
08/15/38	4.830	%	3,200,000		3,292,522
Series 2003-T10 Class A2
03/13/40	4.740	%	15,784,000		16,488,413
Series 2006-PW14 Class A4
12/11/38	5.201	%	3,310,000		3,562,714
Series 2006-T24 Class A4
10/12/41	5.537	%	8,928,000		9,768,839
Series 2007-PW18 Class A4
06/11/50	5.700	%	17,455,000		18,972,590
Citigroup/Deutsche Bank Commercial Mortgage Trust (c)(d)
Series 2007-CD5 Class A4
11/15/44	5.886	%	4,450,000		4,854,101
Citigroup/Deutsche Bank Commercial Mortgage Trust (d)
Series 2007-CD4 Class A4
12/11/49	5.322	%	17,605,000		18,636,752
Commercial Mortgage Asset Trust (c)(d)
Series 1999-C1 Class B
01/17/32	7.230	%	2,000,000		2,184,891
Series 1999-C2 Class C
11/17/32	7.800	%	3,556,000		3,931,152
Commercial Mortgage Pass-Through Certificates Series 2004-LB3A Class A5 (c)(d)
07/10/37	5.534	%	8,490,000		9,206,762
Credit Suisse First Boston Mortgage Securities Corp. (d)
Series 2001-CK6 Class A3
08/15/36	6.387	%	1,087,317		1,092,810
Series 2003-CK2 Class A4
03/15/36	4.801	%	3,490,000		3,634,242
Credit Suisse Mortgage Capital Certificates Series 2006-C3 Class A3 (c)(d)
06/15/38	6.014	%	9,060,000		9,956,155
GMAC Commercial Mortgage Securities, Inc. CMO Series 2003-C2 Class A2 (c)(d)
05/10/40	5.654	%	1,060,000		1,139,135
GS Mortgage Securities Corp. II (b)(d)
Series 2011-GC3 Class A4
03/10/44	4.753	%	8,926,000		9,171,067
GS Mortgage Securities Corp. II (d)
Series 2005-GG4 Class A4A
07/10/39	4.751	%	3,575,000		3,810,757

6

Issuer	Coupon Rate		Principal Amount		Value
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Class A4 (c)(d)
08/10/42	4.799	%	$	5,755,000	$	6,148,225
JPMorgan Chase Commercial Mortgage Securities Corp. (c)(d)
Series 2003-CB6 Class A2
07/12/37	5.255	%	3,875,000		4,108,608
Series 2003-CB7 Class A4
01/12/38	4.879	%	4,084,735		4,319,056
Series 2006-CB15 Class ASB
06/12/43	5.790	%	2,422,104		2,582,976
JPMorgan Chase Commercial Mortgage Securities Corp. (d)
Series 2002-CIB4 Class A3
05/12/34	6.162	%	1,855,000		1,891,042
Series 2003-C1 Class A2
01/12/37	4.985	%	1,765,000		1,846,458
Series 2007-CB18 Class A4
06/12/47	5.440	%	8,120,000		8,678,327
LB-UBS Commercial Mortgage Trust (c)(d)
Series 2003-C8 Class A4
11/15/32	5.124	%	6,865,000		7,325,654
Series 2004-C6 Class A6
08/15/29	5.020	%	10,265,000		10,968,178
Series 2007-C7 Class A3
09/15/45	5.866	%	9,130,000		9,907,037
LB-UBS Commercial Mortgage Trust (d)
Series 2003-C3 ClassA4
05/15/32	4.166	%	3,525,000		3,672,184
Series 2007-C2 Class A3
02/15/40	5.430	%	14,830,000		15,805,606
Merrill Lynch Mortgage Investors, Inc. CMO IO Series 1998-C3 Class IO (c)(d)
12/15/30	2.076	%	2,871,612		42,340
Merrill Lynch Mortgage Trust Series 2005-MCP1 Class A4 (c)(d)
06/12/43	4.747	%	10,000,000		10,653,990
Morgan Stanley Capital I (b)(c)(d)
Series 2011-C1 Class A4
09/15/47	5.033	%	3,815,000		3,978,377
Morgan Stanley Capital I (d)
Series 2003-IQ6 Class A4
12/15/41	4.970	%	12,337,000		13,132,962
Series 2003-T11 Class A4
06/13/41	5.150	%	16,740,000		17,740,183
Series 2004-T13 Class A4
09/13/45	4.660	%	6,224,000		6,584,593
Morgan Stanley Dean Witter Capital I (d)
Series 2001-TOP3 Class A4
07/15/33	6.390	%	124,302		124,231
Series 2002-IQ3 Class A4
09/15/37	5.080	%	10,713,943		11,085,696
Series 2002-TOP7 Class A2
01/15/39	5.980	%	5,038,181		5,176,902
Series 2003-HQ2 Class A2
03/12/35	4.920	%	16,360,000		17,160,681
Series 2003-TOP9 Class A2
11/13/36	4.740	%	4,299,568		4,462,756

Issuer	Coupon Rate		Principal Amount		Value
Commercial Mortgage-Backed Securities - Non-Agency  (continued)
Nomura Asset Securities Corp. Series 1998-D6 Class A4 (c)(d)
03/15/30	7.891	%	$	4,025,000	$	4,385,026
Salomon Brothers Mortgage Securities VII, Inc. Series 2002-KEY2 Class A3 (d)
03/18/36	4.865	%	3,320,000		3,408,326
WF-RBS Commercial Mortgage Trust Series 2011-C2 Class A4 (b)(c)(d)
02/15/44	4.869	%	4,090,000		4,192,515
Wachovia Bank Commercial Mortgage Trust (c)(d)
Series 2003-C9 Class A4
12/15/35	5.012	%	13,380,000		14,302,760
Series 2004-C12 Class A3
07/15/41	5.230	%	5,713,620		5,752,887
Series 2005-C20 Class A5
07/15/42	5.087	%	2,274,582		2,299,692
Series 2005-C21 Class A4
10/15/44	5.380	%	14,030,000		15,298,489
Series 2005-C22 Class A4
12/15/44	5.440	%	9,795,000		10,616,324
Wachovia Bank Commercial Mortgage Trust (d)
Series 2002-C1 Class A4
04/15/34	6.287	%	2,009,992		2,053,426
Wells Fargo Commercial Mortgage Trust Series 2010-C1 Class A2 (b)(d)
10/15/57	4.393	%	14,590,000		14,533,025
TotalCommercialMortgage-BackedSecurities-Non-Agency (Cost: $362,030,285)					$	376,523,478
Asset-Backed Securities - Non-Agency  2.9%
Ally Auto Receivables Trust Series 2010-1 Class A3
05/15/14	1.450	%	$	2,500,000	$	2,517,773
BMW Vehicle Lease Trust Series 2010-1 Class A3
04/15/13	0.820	%	5,870,000		5,878,427
Bombardier Capital Mortgage Securitization Corp. Series 1998-A Class A3
04/15/28	6.230	%	1,546		1,616
CNH Equipment Trust Series 2010-C Class A3
05/15/15	1.170	%	5,667,000		5,683,533
Capital Auto Receivables Asset Trust Series 2007-3 Class A4
03/17/14	5.210	%	1,270,966		1,288,658
Chrysler Financial Auto Securitization Trust Series 2007-A Class B (b)
05/08/14	6.250	%	5,470,000		5,615,058

7

Issuer	Coupon Rate		Principal Amount		Value
Asset-Backed Securities - Non-Agency (continued)
CitiFinancial Auto Issuance Trust Series 2009-1 Class A2 (b)
11/15/12	1.830	%	$	820,453	$	821,380
Citibank Credit Card Issuance Trust
Series 2002-C2 Class C2
02/18/14	6.950	%	1,585,000		1,642,189
Series 2008-C6 Class C6
06/20/14	6.300	%	455,000		477,228
Citigroup Mortgage Loan Trust, Inc. (c)
Series 2005-WF2 Class MF1
08/25/35	5.517	%	2,800,000		330,599
Series 2005-WF2 Class MF2
08/25/35	5.666	%	1,746,604		52,496
Conseco Financial Corp. Serires 1996-5 Class A7 (c)
07/15/27	8.250	%	212,626		219,254
Daimler Chrysler Auto Trust Series 2008-A Class A4
08/08/14	4.480	%	686		694
Equity One ABS, Inc. Series 2004-3 Class AV2 (c)
07/25/34	0.526	%	364,276		273,651
Ford Credit Auto Lease Trust Series 2010-B Class A3 (b)
07/15/13	0.910	%	3,470,000		3,472,741
Ford Credit Auto Owner Trust Series 2010-A Class A3
06/15/14	1.320	%	7,110,000		7,151,555
Franklin Auto Trust
Series 2008-A Class A4A
05/20/16	5.360	%	5,420,822		5,485,567
Franklin Auto Trust (b)
Series 2008-A Class C
05/20/16	7.160	%	3,425,000		3,609,849
GSAA Trust Series 2005-1 Class AF2 (c)
11/25/34	4.316	%	135,950		136,198
Harley-Davidson Motorcycle Trust Series 2007-2 Class B
03/15/14	5.230	%	1,500,000		1,544,906
Honda Auto Receivables Owner Trust Series 2010-3 Class A3
05/21/13	0.700	%	1,135,000		1,135,748
Nissan Auto Lease Trust Series 2010-B Class A3
12/15/13	1.120	%	5,155,000		5,179,267
Volkswagen Auto Lease Trust Series 2010A Class A2
11/22/13	0.770	%	5,460,215		5,463,965
Volkswagen Auto Loan Enhanced Trust Series 2008-2 Class A3A
03/20/13	5.470	%	1,518,996		1,536,035

Issuer	Coupon Rate		Principal Amount					Value
Asset-Backed Securities - Non-Agency (continued)
Wachovia Auto Loan Owner Trust Series 2007-1 Class D
02/20/13	5.650	%	$				5,000,000	$	5,012,647
Total Asset-Backed Securities - Non-Agency (Cost: $68,784,186)								$	64,531,034
Inflation-Indexed Bonds 1.8%
U.S. Treasury Inflation-Indexed Bond
07/15/12	3.000	%	$	3,220,295				$	3,360,904
01/15/27	2.375	%	4,342,964					4,953,400
U.S. Treasury Inflation-Indexed Bond (g)
01/15/18	1.625	%	29,843,941					32,826,056
Total Inflation-Indexed Bonds (Cost: $35,093,386)								$	41,140,360
U.S. Treasury Obligations 9.0%
U.S. Treasury
05/31/13	0.500	%	$			7,690,000		$	7,698,411
06/15/14	0.750	%	785,000					784,080
05/31/18	2.375	%	300,000					298,407
11/15/20	2.625	%	3,175,000					3,057,922
02/15/21	3.625	%	13,253,000					13,819,354
05/15/21	3.125	%	25,317,000					25,245,859
02/15/41	4.750	%	15,745,000					16,736,447
U.S. Treasury (h)
STRIPS
08/15/20	0.000	%	113,500,000					84,006,344
02/15/22	0.000	%	48,715,000					33,049,815
02/15/40	0.000	%	58,500,000					15,236,383
Total U.S. Treasury Obligations (Cost: $205,699,640)								$	199,933,022
U.S. Government & Agency Obligations 1.6%
Residual Funding Corp. (h)
STRIPS
10/15/20	0.000	%	$		14,620,000			$	10,508,023
01/15/21	0.000	%	26,765,000					18,967,151
01/15/30	0.000	%	14,000,000					5,893,440
Total U.S. Government & Agency Obligations (Cost: $31,875,545)								$	35,368,614
Foreign Government Obligations 1.2%
CANADA 0.5%
Hydro Quebec (a)
12/01/29	8.500	%	$			1,195,000		$	1,722,098
Province of Quebec Senior Unsecured (a)
05/14/18	4.625	%	8,270,000					9,124,357
Total								10,846,455

8

Issuer	Coupon Rate		Principal Amount		Value
Foreign Government Obligations (continued)
GERMANY 0.1%
Kreditanstalt fuer Wiederaufbau Government Guaranteed (a)
01/14/13	1.875	%	$	1,705,000	$	1,740,380
ITALY 0.1%
Republic of Italy Senior Unsecured (a)
06/12/17	5.375	%	1,935,000		2,100,388
KOREA —%
Export-Import Bank of Korea Senior Unsecured (a)
10/17/12	5.500	%	700,000		733,580
MEXICO 0.2%
Pemex Project Funding Master Trust (a)
03/01/18	5.750	%	3,885,000		4,259,926
QATAR 0.3%
Nakilat, Inc. Senior Secured (a)(b)
12/31/33	6.067	%	4,075,000		4,197,250
Ras Laffan Liquefied Natural Gas Co., Ltd. III Senior Secured (a)(b)
09/30/16	5.832	%	1,790,265		1,951,389
Total					6,148,639
Total Foreign Government Obligations (Cost: $23,493,893)					$	25,829,368

Issue Description	Coupon Rate		Principal Amount		Value
Municipal Bonds 1.3%
City of Chicago Revenue Bonds Build America Bonds Series 2010
11/01/40	6.742	%	$	1,010,000	$	1,095,022
Commonwealth of Massachusetts
Revenue Bonds
Build America Bonds-Recovery
Series 2010Z
06/01/30	5.631	%	3,660,000		3,875,611
06/01/40	5.731	%	4,880,000		5,242,194

Issue Description	Coupon Rate		Principal Amount		Value
Municipal Bonds (continued)
Kentucky Asset Liability Commission Revenue Bonds Taxable Series 2010
04/01/18	3.165	%	$	4,620,000	$	4,632,797
Los Angeles Unified School District Unlimited General Obligation Bonds Build America Bonds Series 2009
07/01/34	5.750	%	3,310,000		3,324,729
State of California
Unlimited General Obligaion Taxable Bonds
Various Purpose
Series 2009-3
04/01/14	5.250	%	305,000		330,471
Unlimited General Obligation Bonds
Taxable
Series 2010
11/01/15	3.950	%	6,925,000		7,090,023
Taxable Build America Bonds
Series 2009
04/01/39	7.550	%	3,805,000		4,374,608
Total Municipal Bonds (Cost: $28,562,463)					$	29,965,455

Issuer	Shares	Value
Preferred Stocks 0.2%
FINANCIALS 0.2%
Commercial Banks 0.2%
Citigroup Capital XIII, 7.875% (c)	180,190	$	5,005,678
TOTAL FINANCIALS		5,005,678
Total Preferred Stocks (Cost: $4,870,536)		$	5,005,678

Issuer	Effective Yield		Par/ Principal/		Value
Treasury Note Short-Term 5.9%
U.S. Treasury Bills (g)
08/25/11	0.010	%	$	130,000,000	$	129,997,017
Total Treasury Note Short-Term (Cost: $129,992,404)					$	129,997,017
Total Investments
(Cost: $2,266,618,122) (i)					$	2,324,364,124(j)
Other Assets & Liabilities, Net					(104,615,664)
Net Assets					$	2,219,748,460

9

Futures Contracts Outstanding at June 30, 2011

	Number of
	Contracts	Notional	Expiration	Unrealized	Unrealized
Contract Description	Long (Short)	Market Value	Date	Appreciation	Depreciation
U.S. Treasury Note, 5-year	(353)	$        (42,075,944)	October 2011	$ –	$ (334,842)
U.S. Treasury Note, 10-year	(1,765)	(215,909,149)	September 2011	-	(1,245,260)
Total				$ -	$ (1,580,102)

10

Credit Default Swap Contracts Outstanding at June 30, 2011

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate		Notional Amount	Market Value	Unamortized Premium (Paid) Received	Periodic Payments Receivable (Payable)	Unrealized Appreciation	Unrealized Depreciation
JPMorgan	D.R. Horton, Inc.	June 20, 2016	1.000	%	$ 3,400,000	$ 217,952	$    (178,608)	$          (850)	$ 38,494	$               -
JPMorgan	D.R. Horton, Inc.	June 20, 2016	1.000		12,400,000	794,884	(652,009)	(3,789)	139,087	–
Barclays Capital	Home Depot, Inc.	June 20, 2016	1.000		13,815,000	(265,127)	245,774	(4,221)	–	(23,574)
Morgan Stanley	Limited Brands, Inc.	June 20, 2016	1.000		7,600,000	374,834	(277,832)	(2,322)	94,679	–
JPMorgan	Macy’s, Inc.	June 20, 2016	1.000		7,800,000	(2,502)	(158,703)	(2,383)	–	(163,588)
Barclays Capital	Toll Brothers, Inc.	June 20, 2016	1.000		15,500,000	583,403	(618,274)	(4,736)	–	(39,607)
Total									$ 272,260	$ (226,769)

11

Notes to Portfolio of Investments
(a)	Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 5.90% of net assets.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities, which are not illiquid, amounted to $115,047,569 or 5.18% of net assets.
(c)	Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.
(d)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(e)	Represents a security purchased on a when-issued or delayed delivery basis.
(f)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $6,481, which represents less than 0.01% of net assets.
(g)	At June 30, 2011, investments in securities included securities valued at $4,135,065 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.
(h)	Zero coupon bond.
(i)	At June 30, 2011, the cost of securities for federal income tax purposes was approximately $2,266,618,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
	Unrealized Appreciation	$73,866,000
	Unrealized Depreciation	(16,120,000)
	Net Unrealized Appreciation	$57,746,000
(j)	Securities are valued using policies described below: 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. Asset-backed and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed and mortgage-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation. 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 mean of the latest quoted bid and asked prices on such exchanges or markets. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs. 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 the Investment Manager 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 or class of securities (such as foreign securities) 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, the Investment Manager 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.

12

Abbreviation Legend
CMO	Collateralized Mortgage Obligation
IO	Interest Only
STRIPS	Separate Trading of Registered Interest and Principal Securities

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

· Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

· Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

· Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.  However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices.  Additionally, valuation models may be used as the pricing

13

source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager.  Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

	Fair value at June 30, 2011
	Level 1	Level 2	Level 3
Description(a)	quoted prices	other	significant	Total
	in active	significant	unobservable
	markets for	observable	inputs
	identical assets	inputs(b)
Bonds
Corporate Bonds & Notes	$                    -	$    601,796,937	$                  -	$       601,796,937
Residential Mortgage-Backed Securities - Agency	-	798,712,159	-	798,712,159
Residential Mortgage-Backed Securities - Non-Agency	-	47,263	6,481	53,744
Commercial Mortgage-Backed Securities - Agency	-	15,507,258	-	15,507,258
Commercial Mortgage-Backed Securities - Non-Agency	-	376,523,478	-	376,523,478
Asset-Backed Securities - Non-Agency	-	64,531,034	-	64,531,034
Inflation-Indexed Bonds	-	41,140,360	-	41,140,360
U.S. Treasury Obligations	67,640,480	132,292,542	-	199,933,022
U.S. Government & Agency Obligations	-	35,368,614	-	35,368,614
Foreign Government Obligations	-	25,829,368	-	25,829,368
Municipal Bonds	-	29,965,455	-	29,965,455
Total Bonds	67,640,480	2,121,714,468	6,481	2,189,361,429
Equity Securities
Preferred Stocks
Financials	-	5,005,678	-	5,005,678
Total Equity Securities	-	5,005,678	-	5,005,678
Short-Term Securities
Treasury Note Short-Term	129,997,017	-	-	129,997,017
Total Short-Term Securities	129,997,017	-	-	129,997,017
Investments in Securities	197,637,497	2,126,720,146	6,481	2,324,364,124
Derivatives(c)
Assets
Credit Default Swap Contracts	-	272,260	-	272,260
Liabilities
Futures Contracts	(1,580,102)	-	-	(1,580,102)
Credit Default Swap Contracts	-	(226,769)	-	(226,769)

14

Total  $   196,057,395  $ 2,126,765,637  $           6,481  $    2,322,829,513

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

(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

(b) There were no significant transfers between Levels 1 and 2 during the period.

(c) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate	Residential
	Bonds &	Mortgage- Backed
	Notes	Securities - Non- Agency	Total
Balance as of March 31, 2011	$         469,101	$              6,571	$       475,672
Accrued discounts/premiums	-	-	-
Realized gain (loss)	-	59	59
Change in unrealized appreciation (depreciation)*	-	-	-
Sales	-	(149)	(149)
Purchases	-	-	-
Transfers into Level 3	-	-	-
Transfers out of Level 3	(469,101)	-	(469,101)
Balance as of June 30, 2011	$                    -	$              6,481	$           6,481

*Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $59.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Financial Assets were transferred from Level 3 to Level 2 due to management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end and utilize a price provided by an approved vendor.

15

Portfolio of Investments

Columbia Corporate Income Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes 96.0%
Aerospace & Defense 0.4%
ADS Tactical, Inc. Senior Secured (a)
04/01/18	11.000	%	$	585,000	$	618,637
Air 2 U.S. (a)
10/01/19	8.027	%	281,578		283,690
Bombardier, Inc. Senior Unsecured (a)(b)
05/01/14	6.300	%	105,000		112,613
Ducommun, Inc. Senior Notes (a)
07/15/18	9.750	%	83,000		84,971
Huntington Ingalls Industries, Inc. (a)
03/15/18	6.875	%	190,000		194,750
03/15/21	7.125	%	261,000		270,135
Kratos Defense & Security Solutions, Inc.
Senior Secured
06/01/17	10.000	%	255,000		269,025
Kratos Defense & Security Solutions, Inc. (a)
Senior Secured
06/01/17	10.000	%	413,000		435,715
Oshkosh Corp.
03/01/20	8.500	%	384,000		415,680
TransDigm, Inc. (a)
12/15/18	7.750	%	229,000		240,450
Total					2,925,666
Airlines 0.2%
Continental Airlines 1997-1 Class A Pass-Through Trust
04/01/15	7.461	%	1,757,619		1,770,801
Automotive 0.4%
Accuride Corp. Senior Secured
08/01/18	9.500	%	70,000		74,900
Allison Transmission, Inc. (a)
05/15/19	7.125	%	178,000		173,105
Chrysler Group LLC/Co-Issuer, Inc. (a)
Senior Secured
06/15/19	8.000	%	120,000		117,300
06/15/21	8.250	%	315,000		309,487
Dana Holding Corp.
Senior Unsecured
02/15/19	6.500	%	65,000		64,513
02/15/21	6.750	%	571,000		565,290
Delphi Corp. (a)
Senior Notes
05/15/19	5.875	%	134,000		132,660
05/15/21	6.125	%	89,000		88,555
International Automotive Components Group SL Senior Secured (a)(b)
06/01/18 Lear Corp.	9.125	%	87,000		88,958

Issuer	Coupon Rate		Principal Amount		Value
Corporate Bonds & Notes (continued)
Automotive (continued)
03/15/18	7.875	%	$	386,000	$	414,950
03/15/20	8.125	%	483,000		522,847
Tenneco, Inc.
08/15/18	7.750	%	47,000		49,233
Visteon Corp. Senior Notes (a)
04/15/19	6.750	%	625,000		600,000
Total					3,201,798
Banking 12.5%
Bank of America Corp. Senior Unsecured
05/13/21	5.000	%	13,155,000		12,995,140
Citigroup, Inc. Senior Unsecured
08/09/20	5.375	%	8,355,000		8,718,969
Goldman Sachs Group, Inc. (The) Senior Notes
06/15/20	6.000	%	12,660,000		13,622,008
HSBC Holdings PLC Subordinated Notes (b)
06/01/38	6.800	%	4,635,000		4,946,319
JPMorgan Chase & Co.
05/10/21	4.625	%	7,910,000		7,846,000
Senior Unsecured
07/05/16	3.150	%	10,360,000		10,423,382
Lloyds Banking Group PLC (a)(b)
11/29/49	6.267	%	165,000		121,275
Morgan Stanley Senior Unsecured
01/25/21	5.750	%	14,170,000		14,337,617
Washington Mutual Bank Subordinated Notes (c)
01/15/15	5.125	%	6,350,000		7,938
Washington Mutual Preferred Funding (a)(c)
03/29/49	6.534	%	1,075,000		21,500
Wells Fargo & Co.
Senior Unsecured
06/15/16	3.676	%	12,565,000		12,908,515
04/01/21	4.600	%	4,585,000		4,610,456
Total					90,559,119
Brokerage 0.4%
E*Trade Financial Corp.
Senior Notes
06/01/16	6.750	%	350,000		343,000
Senior Unsecured
12/01/15	7.875	%	695,000		698,475
Senior Unsecured PIK
11/30/17	12.500	%	250,000		292,500
Lehman Brothers Holdings, Inc. (c)
Senior Unsecured
01/24/13	5.625	%	6,170,000		1,635,050

1

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Brokerage (continued)
05/02/18	6.875%	$	600,000	$	161,250
Nuveen Investments, Inc.
11/15/15	10.500%	120,000		122,700
Total				3,252,975
Building Materials 0.2%
Building Materials Corp. of America Senior Notes (a)
05/01/21	6.750%	652,000		655,260
Euramax International, Inc. Senior Secured (a)
04/01/16	9.500%	245,000		236,425
Gibraltar Industries, Inc.
12/01/15	8.000%	400,000		403,500
Interface, Inc.
12/01/18	7.625%	56,000		58,240
Norcraft Companies LP/Finance Corp. Secured
12/15/15	10.500%	135,000		137,025
Nortek, Inc. (a)
04/15/21	8.500%	330,000		305,250
Total				1,795,700
Chemicals 1.8%
CF Industries, Inc.
05/01/18	6.875%	435,000		490,462
05/01/20	7.125%	153,000		177,480
Celanese U.S. Holdings LLC Senior Notes
06/15/21	5.875%	55,000		56,238
Chemtura Corp.
09/01/18	7.875%	102,000		106,845
Dow Chemical Co. (The) Senior Unsecured
11/15/20	4.250%	9,355,000		9,130,050
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18	8.875%	780,000		811,200
Lyondell Chemical Co. Senior Secured (a)
11/01/17	8.000%	448,000		500,640
MacDermid, Inc. Senior Subordinated Notes (a)
04/15/17	9.500%	270,000		281,475
Nalco Co. (a)
01/15/19	6.625%	385,000		394,625
Nova Chemicals Corp. (b)
Senior Unsecured
11/01/16	8.375%	360,000		396,000
11/01/19	8.625%	345,000		384,244

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Chemicals (continued)
Polypore International, Inc.
11/15/17	7.500%	$	215,000	$	227,362
Total				12,956,621
Construction Machinery 0.6%
Case New Holland, Inc. Senior Notes (a)
12/01/17	7.875%	943,000		1,039,657
Columbus McKinnon Corp.
02/01/19	7.875%	81,000		82,215
Manitowoc Co., Inc. (The)
11/01/13	7.125%	300,000		302,250
11/01/20	8.500%	595,000		635,162
Neff Rental LLC/Finance Corp. Secured (a)
05/15/16	9.625%	408,000		387,600
RSC Equipment Rental, Inc./Holdings III LLC
02/01/21	8.250%	120,000		119,400
Senior Unsecured
12/01/14	9.500%	345,000		353,625
United Rentals North America, Inc.
06/15/16	10.875%	74,000		82,788
12/15/19	9.250%	611,000		669,045
09/15/20	8.375%	425,000		430,313
Xerium Technologies, Inc. (a)
06/15/18	8.875%	235,000		235,000
Total				4,337,055
Consumer Cyclical Services 0.1%
Garda World Security Corp. Senior Unsecured (a)(b)
03/15/17	9.750%	162,000		174,150
West Corp. (a)
01/15/19	7.875%	250,000		243,750
Total				417,900
Consumer Products 0.3%
Central Garden and Pet Co.
03/01/18	8.250%	300,000		309,750
Libbey Glass, Inc. Senior Secured
02/15/15	10.000%	450,000		488,250
NBTY, Inc. (a)
10/01/18	9.000%	16,000		16,880
Sealy Mattress Co.
06/15/14	8.250%	227,000		227,568
Spectrum Brands Holdings, Inc. Senior Secured (a)
06/15/18	9.500%	419,000		465,090

2

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Consumer Products (continued)
Visant Corp.
10/01/17	10.000%	$	303,000	$	313,605
Total				1,821,143
Diversified Manufacturing 0.2%
Amsted Industries, Inc. Senior Notes (a)
03/15/18	8.125%	375,000		395,625
CPM Holdings, Inc. Senior Secured
09/01/14	10.625%	255,000		276,675
SPX Corp. (a)
09/01/17	6.875%	181,000		193,670
Tomkins LLC/Inc. Secured (a)
10/01/18	9.000%	45,000		48,600
WireCo WorldGroup Senior Unsecured (a)
05/15/17	9.750%	693,000		731,115
Total				1,645,685
Electric 16.9%
AES Corp. (The) Senior Notes (a)
07/01/21	7.375%	382,000		387,730
American Electric Power Co., Inc. Senior Unsecured
06/01/15	5.250%	1,825,000		2,005,690
CMS Energy Corp.
Senior Unsecured
09/30/15	4.250%	1,480,000		1,535,500
12/15/15	6.875%	10,205,000		11,402,342
Calpine Corp. Senior Secured (a)
02/15/21	7.500%	400,000		409,000
Consumers Energy Co. 1st Mortgage
08/15/16	5.500%	2,000,000		2,253,582
DTE Energy Co. Senior Unsecured
05/15/14	7.625%	955,000		1,102,329
Dominion Resources, Inc.
Senior Unsecured
06/15/18	6.400%	13,350,000		15,487,175
01/15/19	8.875%	1,500,000		1,941,888
Duke Energy Corp. Senior Unsecured
09/15/19	5.050%	9,750,000		10,488,172
Edison Mission Energy Senior Unsecured
05/15/17	7.000%	427,000		345,870

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Energy Future Holdings Corp. Senior Secured
01/15/20	10.000%	$	292,000	$	309,946
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20	10.000%	107,000		114,111
Florida Power Corp. 1st Mortgage
06/15/18	5.650%	7,910,000		9,024,108
GenOn Energy, Inc. Senior Unsecured
10/15/18	9.500%	171,000		177,840
Indiana Michigan Power Co.
Senior Unsecured
12/01/15	5.650%	1,500,000		1,674,755
03/15/37	6.050%	3,500,000		3,678,945
Ipalco Enterprises, Inc. Senior Secured (a)
04/01/16	7.250%	330,000		366,300
Kansas City Power & Light Co.
04/01/19	7.150%	5,120,000		6,124,093
NRG Energy, Inc.
01/15/17	7.375%	880,000		921,800
Nevada Power Co.
01/15/15	5.875%	500,000		560,061
08/01/18	6.500%	5,205,000		6,080,124
Oncor Electric Delivery Co. LLC
Senior Secured
09/01/13	5.950%	4,665,000		5,087,948
01/15/15	6.375%	9,945,000		11,314,228
09/30/40	5.250%	2,365,000		2,263,080
Pacific Gas & Electric Co. Senior Unsecured
10/01/20	3.500%	13,240,000		12,586,659
Progress Energy, Inc. Senior Unsecured
01/15/21	4.400%	2,855,000		2,893,122
Sierra Pacific Power Co.
05/15/16	6.000%	3,512,000		4,016,105
Southern Co. Senior Unsecured
05/15/14	4.150%	1,010,000		1,081,952
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured (a)
10/01/20	11.500%	117,000		115,245
Toledo Edison Co. (The) Senior Secured
05/15/37	6.150%	5,000,000		5,267,770

3

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Windsor Financing LLC Senior Unsecured (a)
07/15/17	5.881%	$	1,404,999	$	1,567,488
Total				122,584,958
Entertainment 1.1%
AMC Entertainment, Inc.
06/01/19	8.750%	350,000		369,250
Cinemark U.S.A., Inc. Senior Subordinated Notes (a)
06/15/21	7.375%	73,000		72,453
National CineMedia LLC Senior Notes (a)(d)
07/15/21	7.875%	310,000		315,037
Six Flags, Inc. (a)(e)(f)(g)
06/01/14	9.625%	259,000		—
Speedway Motorsports, Inc.
06/01/16	8.750%	400,000		433,000
02/01/19	6.750%	104,000		103,740
Time Warner, Inc.
03/29/41	6.250%	6,695,000		6,954,599
Vail Resorts, Inc. (a)
05/01/19	6.500%	67,000		67,335
Total				8,315,414
Environmental 0.1%
Clean Harbors, Inc.
Senior Secured
08/15/16	7.625%	243,000		257,580
Clean Harbors, Inc. (a)
Senior Secured
08/15/16	7.625%	100,000		106,000
Total				363,580
Food and Beverage 3.7%
ARAMARK Holdings Corp. Senior Notes PIK (a)
05/01/16	8.625%	211,000		214,692
Cott Beverages, Inc.
11/15/17	8.375%	105,000		109,988
09/01/18	8.125%	101,000		105,798
Darling International, Inc. (a)
12/15/18	8.500%	45,000		48,600
Dean Foods Co. Senior Notes (a)
12/15/18	9.750%	120,000		127,500
Kraft Foods, Inc. Senior Unsecured
08/23/18	6.125%	14,500,000		16,628,658

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Food and Beverage (continued)
SABMiller PLC Senior Unsecured (a)(b)
07/15/18	6.500%	$	8,135,000	$	9,408,542
Total				26,643,778
Gaming 0.5%
Boyd Gaming Corp. Senior Notes (a)
12/01/18	9.125%	290,000		297,250
Caesars Entertainment Operating Co., Inc.
Secured
12/15/18	10.000%	405,000		365,513
Senior Secured
06/01/17	11.250%	261,000		288,079
MGM Resorts International
Senior Secured
03/15/20	9.000%	476,000		521,220
Senior Unsecured
03/01/18	11.375%	391,000		438,897
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19	8.750%	535,000		581,812
Seminole Indian Tribe of Florida (a)
10/01/20	7.804%	505,000		496,314
Senior Secured
10/01/20	6.535%	65,000		61,570
Seneca Gaming Corp. (a)
12/01/18	8.250%	175,000		180,688
Shingle Springs Tribal Gaming Authority Senior Notes (a)
06/15/15	9.375%	422,000		291,180
Tunica-Biloxi Gaming Authority Senior Unsecured (a)
11/15/15	9.000%	198,000		197,505
Total				3,720,028
Gas Distributors —%
Energy Transfer Equity LP Senior Secured
10/15/20	7.500%	305,000		324,825
Gas Pipelines 9.7%
Colorado Interstate Gas Co. Senior Unsecured
11/15/15	6.800%	980,000		1,141,182
Copano Energy LLC/Finance Corp.
04/01/21	7.125%	130,000		128,700
El Paso Corp.
Senior Unsecured
06/01/18	7.250%	255,000		290,062
09/15/20	6.500%	658,000		720,510
01/15/32	7.750%	232,000		269,879

4

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
Enterprise Products Operating LLC
02/01/16	3.200%	$	10,000,000	$	10,158,260
Kinder Morgan Energy Partners LP
Senior Unsecured
02/15/15	5.625%	1,025,000		1,143,655
01/15/38	6.950%	1,320,000		1,433,661
09/01/39	6.500%	1,695,000		1,760,056
Midcontinent Express Pipeline LLC Senior Unsecured (a)
09/15/14	5.450%	5,295,000		5,810,029
Nisource Finance Corp.
09/15/20	5.450%	9,030,000		9,510,820
Northwest Pipeline GP Senior Unsecured
06/15/18	6.050%	1,085,000		1,228,600
Plains All American Pipeline LP/Finance Corp.
05/01/18	6.500%	2,130,000		2,412,606
01/15/20	5.750%	1,215,000		1,317,149
02/01/21	5.000%	6,505,000		6,614,603
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%	110,000		122,650
12/01/18	6.875%	622,000		642,215
07/15/21	6.500%	462,000		467,775
Southern Natural Gas Co.
Senior Unsecured
03/01/32	8.000%	1,750,000		2,192,794
Southern Natural Gas Co. (a)
Senior Unsecured
04/01/17	5.900%	10,525,000		11,963,262
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%	65,000		65,325
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16	6.400%	9,158,000		10,613,948
Total				70,007,741
Health Care 1.5%
AMGH Merger Sub, Inc. Senior Secured (a)
11/01/18	9.250%	247,000		259,967
American Renal Associates Holdings, Inc. Senior Unsecured PIK (a)
03/01/16	9.750%	60,000		61,650
American Renal Holdings Co., Inc. Senior Secured
05/15/18	8.375%	285,000		290,344
CDRT Merger Sub, Inc. (a)
06/01/19	8.125%	114,000		114,000
CHS/Community Health Systems, Inc.
07/15/15	8.875%	159,000		163,770

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Health Care (continued)
Capella Healthcare, Inc. (a)
07/01/17	9.250%	$	40,000	$	42,400
Cardinal Health, Inc. Senior Unsecured
12/15/20	4.625%	5,355,000		5,435,550
ConvaTec Healthcare E SA Senior Unsecured (a)(b)
12/15/18	10.500%	400,000		414,000
HCA, Inc.
Senior Secured
02/15/20	7.875%	326,000		353,710
09/15/20	7.250%	1,062,000		1,140,322
Hanger Orthopedic Group, Inc.
11/15/18	7.125%	162,000		167,265
Healthsouth Corp.
06/15/16	10.750%	89,000		93,895
02/15/20	8.125%	177,000		190,275
09/15/22	7.750%	44,000		46,365
InVentiv Health, Inc. (a)
08/15/18	10.000%	345,000		339,825
LifePoint Hospitals, Inc.
10/01/20	6.625%	90,000		92,700
Multiplan, Inc. (a)
09/01/18	9.875%	214,000		227,375
Radnet Management, Inc.
04/01/18	10.375%	50,000		51,125
STHI Holding Corp. Secured (a)
03/15/18	8.000%	93,000		94,395
Tenet Healthcare Corp.
Senior Secured
07/01/19	8.875%	170,000		187,638
Senior Unsecured
08/01/20	8.000%	103,000		104,674
Vanguard Health Holding Co. II LLC/Inc.
02/01/18	8.000%	365,000		376,862
02/01/19	7.750%	111,000		112,388
WP Rocket Merger Sub, Inc. Senior Unsecured (a)
07/15/19	10.125%	245,000		247,450
Total				10,607,945
Healthcare Insurance 1.3%
CIGNA Corp. Senior Unsecured
03/15/41	5.875%	2,140,000		2,129,623
UnitedHealth Group, Inc.
Senior Unsecured
02/15/18	6.000%	1,370,000		1,553,417
02/15/41	5.950%	2,505,000		2,561,633

5

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Healthcare Insurance (continued)
WellPoint, Inc. Senior Unsecured
06/15/37	6.375%	$	3,060,000	$	3,333,953
Total				9,578,626
Home Construction 0.1%
K Hovnanian Enterprises, Inc. Senior Secured
10/15/16	10.625%	190,000		189,525
Shea Homes LP/Funding Corp. Senior Secured (a)
05/15/19	8.625%	340,000		334,900
Total				524,425
Independent Energy 3.8%
Anadarko Petroleum Corp. Senior Unsecured
09/15/17	6.375%	7,325,000		8,388,352
Berry Petroleum Co.
Senior Subordinated Notes
11/01/16	8.250%	30,000		31,275
Senior Unsecured
06/01/14	10.250%	55,000		62,838
11/01/20	6.750%	70,000		70,350
Brigham Exploration Co.
10/01/18	8.750%	360,000		392,400
Brigham Exploration Co. (a)
06/01/19	6.875%	57,000		56,573
Carrizo Oil & Gas, Inc.
10/15/18	8.625%	377,000		388,310
Chaparral Energy, Inc.
10/01/20	9.875%	97,000		104,760
09/01/21	8.250%	279,000		281,092
Chesapeake Energy Corp.
08/15/20	6.625%	731,000		767,550
02/15/21	6.125%	364,000		368,550
Comstock Resources, Inc.
10/15/17	8.375%	33,000		34,320
04/01/19	7.750%	74,000		74,555
Concho Resources, Inc.
10/01/17	8.625%	444,000		483,960
01/15/21	7.000%	183,000		189,405
01/15/22	6.500%	99,000		99,248
Continental Resources, Inc.
04/01/21	7.125%	361,000		380,855
EXCO Resources, Inc.
09/15/18	7.500%	476,000		462,910
Goodrich Petroleum Corp. (a)
03/15/19	8.875%	185,000		185,000
Hilcorp Energy I LP/Finance Co. (a)
Senior Notes
04/15/21	7.625%	278,000		290,510
Senior Unsecured
11/01/15	7.750%	320,000		329,600

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (continued)
Laredo Petroleum, Inc. Senior Notes (a)
02/15/19	9.500%	$	509,000	$	536,995
Linn Energy LLC/Finance Corp. (a)
05/15/19	6.500%	441,000		436,590
MEG Energy Corp. (a)(b)
03/15/21	6.500%	270,000		271,350
Nexen, Inc. (b)
Senior Unsecured
03/10/35	5.875%	1,875,000		1,775,456
07/30/39	7.500%	1,015,000		1,135,334
Oasis Petroleum, Inc. Senior Unsecured (a)
02/01/19	7.250%	139,000		136,220
Petrohawk Energy Corp.
08/15/18	7.250%	419,000		429,999
Petrohawk Energy Corp. (a)
06/01/19	6.250%	320,000		312,800
QEP Resources, Inc. Senior Unsecured
03/01/21	6.875%	255,000		269,025
Range Resources Corp.
05/15/19	8.000%	105,000		113,925
08/01/20	6.750%	220,000		226,050
06/01/21	5.750%	160,000		157,200
Southwestern Energy Co.
02/01/18	7.500%	2,280,000		2,593,500
Venoco, Inc. (a)(d)
02/15/19	8.875%	360,000		360,000
Woodside Finance Ltd. (a)(b)
05/10/21	4.600%	5,500,000		5,398,112
Total				27,594,969
Integrated Energy 2.4%
Hess Corp. Senior Unsecured
02/15/41	5.600%	1,000,000		975,990
Marathon Petroleum Corp. (a)
03/01/16	3.500%	3,985,000		4,085,051
03/01/41	6.500%	3,750,000		3,875,745
Petro-Canada Senior Unsecured (b)
05/15/18	6.050%	2,500,000		2,830,545
Suncor Energy, Inc. Senior Unsecured (b)
06/01/18	6.100%	4,960,000		5,640,939
Total				17,408,270
Life Insurance 2.9%
Metropolitan Life Global Funding I Secured (a)
06/14/18	3.650%	7,070,000		6,917,814

6

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Life Insurance (continued)
Prudential Financial, Inc.
Senior Unsecured
07/15/13	4.500%	$	1,580,000	$	1,666,554
06/13/15	4.750%	1,075,000		1,149,787
12/01/17	6.000%	9,550,000		10,718,185
05/12/41	5.625%	280,000		258,952
Total				20,711,292
Lodging 0.1%
Wyndham Worldwide Corp.
Senior Unsecured
12/01/16	6.000%	100,000		106,198
03/01/20	7.375%	395,000		437,462
Total				543,660
Media Cable 5.4%
CCO Holdings LLC/Capital Corp.
01/15/19	7.000%	85,000		87,550
04/30/20	8.125%	760,000		824,600
CSC Holdings LLC Senior Unsecured
02/15/19	8.625%	175,000		197,312
Cablevision Systems Corp. Senior Unsecured
09/15/17	8.625%	380,000		411,825
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured (a)
11/15/17	8.625%	425,000		442,000
Comcast Corp.
08/15/37	6.950%	2,850,000		3,217,291
03/01/40	6.400%	4,700,000		5,030,053
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16	3.125%	12,775,000		12,960,289
DISH DBS Corp.
09/01/19	7.875%	450,000		485,437
DISH DBS Corp. (a)
06/01/21	6.750%	369,000		378,225
Insight Communications Co., Inc. Senior Notes (a)
07/15/18	9.375%	155,000		170,113
Kabel BW Erste Beteiligungs GmbH/Co. KG Senior Secured (a)(b)
03/15/19	7.500%	160,000		161,734
Quebecor Media, Inc. (b)
Senior Unsecured
03/15/16	7.750%	215,000		222,256
03/15/16	7.750%	400,000		413,500
Time Warner Cable, Inc.
05/01/17	5.850%	3,970,000		4,464,475
07/01/18	6.750%	7,953,000		9,223,038
Virgin Media Finance PLC (b)
08/15/16	9.500%	540,000		610,875
Total				39,300,573

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media Non-Cable 3.6%
AMC Networks, Inc. (a)
07/15/21	7.750%	$	433,000	$	452,485
CMP Susquehanna Corp. (a)(e)(g)
05/15/14	3.417%	30,000		27,600
Clear Channel Communications, Inc. (a)
03/01/21	9.000%	621,000		594,607
Clear Channel Worldwide Holdings, Inc.
12/15/17	9.250%	660,000		719,400
Cumulus Media, Inc. (a)
05/01/19	7.750%	67,000		64,655
EH Holding Corp. (a)
Senior Secured
06/15/19	6.500%	181,000		184,168
Senior Unsecured
06/15/21	7.625%	420,000		428,400
Entravision Communications Corp. Senior Secured
08/01/17	8.750%	445,000		460,575
Gray Television, Inc. Secured
06/29/15	10.500%	343,000		356,720
Intelsat Jackson Holdings SA (a)(b)
10/15/20	7.250%	815,000		808,887
News America, Inc. (a)
02/15/41	6.150%	6,775,000		6,711,559
Nielsen Finance LLC/Co. (a)
10/15/18	7.750%	487,000		511,350
RR Donnelley & Sons Co. Senior Unsecured
05/15/18	7.250%	169,000		169,000
Reed Elsevier Capital, Inc.
01/15/14	7.750%	1,000,000		1,146,492
Salem Communications Corp. Secured
12/15/16	9.625%	375,000		395,156
Sinclair Television Group, Inc. Secured (a)
11/01/17	9.250%	492,000		538,740
TCM Sub LLC (a)
01/15/15	3.550%	10,270,000		10,767,452
Univision Communications, Inc. (a)
05/15/21	8.500%	485,000		474,088
Senior Secured
11/01/20	7.875%	355,000		363,875
XM Satellite Radio, Inc. (a)
11/01/18	7.625%	649,000		678,205
Total				25,853,414
Metals 2.1%
Alpha Natural Resources, Inc.

7

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Metals (continued)
06/01/19	6.000%	$	184,000	$	184,690
06/01/21	6.250%	184,000		184,460
ArcelorMittal Senior Unsecured (b)
03/01/21	5.500%	9,760,000		9,775,235
Arch Coal, Inc. (a)
06/15/19	7.000%	565,000		567,825
06/15/21	7.250%	377,000		378,885
Calcipar SA Senior Secured (a)(b)
05/01/18	6.875%	346,000		346,865
Consol Energy, Inc.
04/01/17	8.000%	215,000		234,350
04/01/20	8.250%	435,000		474,150
FMG Resources August 2006 Proprietary Ltd. (a)(b)
11/01/15	7.000%	373,000		380,347
02/01/16	6.375%	331,000		330,172
02/01/18	6.875%	346,000		351,190
Freeport-McMoRan Copper & Gold, Inc. Senior Unsecured
04/01/17	8.375%	180,000		196,650
JMC Steel Group Senior Notes (a)
03/15/18	8.250%	217,000		220,255
Noranda Aluminum Acquisition Corp. PIK (h)
05/15/15	4.417%	256,536		243,068
Novelis, Inc. (b)
12/15/17	8.375%	185,000		197,488
12/15/20	8.750%	275,000		297,000
Rain CII Carbon LLC/Corp. Senior Secured (a)
12/01/18	8.000%	205,000		218,838
United States Steel Corp. Senior Unsecured
02/01/18	7.000%	256,000		258,560
Total				14,840,028
Non-Captive Consumer 0.2%
SLM Corp.
Senior Notes
01/25/16	6.250%	233,000		241,738
Senior Unsecured
03/25/20	8.000%	397,000		426,300
Springleaf Finance Corp. Senior Unsecured
12/15/17	6.900%	513,000		470,677
Total				1,138,715
Non-Captive Diversified 3.7%
Ally Financial, Inc.
03/15/20	8.000%	1,060,000		1,126,250
09/15/20	7.500%	220,000		229,900
Ally Financial, Inc. (a)

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Non-Captive Diversified (continued)
12/01/17	6.250%	$	265,000	$	263,233
CIT Group, Inc. (a)
Secured
05/02/17	7.000%	1,695,000		1,690,762
04/01/18	6.625%	305,000		318,725
Ford Motor Credit Co. LLC
Senior Unsecured
04/15/15	7.000%	140,000		151,222
02/01/21	5.750%	1,253,000		1,251,458
General Electric Capital Corp.
Senior Unsecured
09/16/20	4.375%	2,860,000		2,827,222
01/07/21	4.625%	17,525,000		17,628,152
International Lease Finance Corp.
Senior Unsecured
03/15/17	8.750%	231,000		252,656
09/01/17	8.875%	295,000		323,763
05/15/19	6.250%	484,000		472,900
12/15/20	8.250%	175,000		189,000
Total				26,725,243
Oil Field Services 0.7%
Offshore Group Investments Ltd. (a)(b)
Senior Secured
08/01/15	11.500%	150,000		161,182
Offshore Group Investments Ltd. (b)
Senior Secured
08/01/15	11.500%	485,000		527,437
Oil States International, Inc. (a)
06/01/19	6.500%	510,000		512,550
SESI LLC (a)
05/01/19	6.375%	236,000		233,640
Trinidad Drilling Ltd. Senior Unsecured (a)(b)
01/15/19	7.875%	140,000		145,455
Weatherford International Ltd. (b)
09/15/20	5.125%	555,000		566,667
03/15/38	7.000%	1,520,000		1,652,485
09/15/40	6.750%	935,000		993,401
Total				4,792,817
Other Industry —%
Aquilex Holdings LLC/Finance Corp.
12/15/16	11.125%	113,000		109,892
Interline Brands, Inc.
11/15/18	7.000%	99,000		100,238
Total				210,130
Packaging 0.4%
Ardagh Packaging Finance PLC (a)(b)
10/15/20	9.125%	505,000		531,512
Crown Americas LLC/Capital Corp. II
05/15/17	7.625%	220,000		235,675

8

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Packaging (continued)
Crown Americas LLC/Capital Corp. III Senior Notes (a)
02/01/21	6.250%	$	100,000	$	101,000
Graham Packaging Co. LP/Capital Corp., Inc.
01/01/17	8.250%	100,000		111,500
Graham Packaging Co. LP/GPC Capital Corp. I
10/01/18	8.250%	41,000		45,613
Greif, Inc. Senior Unsecured
08/01/19	7.750%	275,000		297,000
Reynolds Group Issuer, Inc./LLC (a)
04/15/19	9.000%	1,000		988
02/15/21	8.250%	274,000		256,190
Senior Secured
10/15/16	8.500%	243,000		253,935
04/15/19	7.125%	541,000		536,942
02/15/21	6.875%	180,000		175,500
Total				2,545,855
Paper 0.2%
Cascades, Inc. (b)
12/15/17	7.750%	370,000		385,725
01/15/20	7.875%	205,000		213,456
Graphic Packaging International, Inc.
06/15/17	9.500%	450,000		492,750
10/01/18	7.875%	56,000		59,640
Verso Paper Holdings LLC/Inc. Secured (a)
02/01/19	8.750%	576,000		512,640
Total				1,664,211
Pharmaceuticals 0.4%
Endo Pharmaceuticals Holdings, Inc. (a)
07/15/19	7.000%	56,000		57,400
01/15/22	7.250%	244,000		247,660
Grifols, Inc. Senior Secured (a)
02/01/18	8.250%	291,000		297,547
Mylan, Inc. (a)
11/15/18	6.000%	200,000		203,250
Roche Holdings, Inc. (a)
03/01/19	6.000%	1,275,000		1,469,005
Valeant Pharmaceuticals International (a)(b)
10/01/17	6.750%	95,000		93,100
10/01/20	7.000%	103,000		99,653
Warner Chilcott Co./Finance LLC (a)
09/15/18	7.750%	234,000		236,048
Total				2,703,663
Railroads 3.3%
Burlington Northern Santa Fe LLC
Senior Unsecured
08/15/30	7.950%	855,000		1,100,013

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Railroads (continued)
06/01/41	5.400%	$	1,855,000	$	1,822,677
CSX Corp. Senior Unsecured
03/15/18	6.250%	7,415,000		8,555,664
Canadian Pacific Railway Co. Senior Unsecured (b)
05/15/18	6.500%	6,000,000		6,958,662
Union Pacific Corp. Senior Unsecured
08/15/18	5.700%	4,455,000		5,072,450
Total				23,509,466
Refining 0.2%
United Refining Co. Senior Secured
02/28/18	10.500%	299,000		299,000
Valero Energy Corp.
06/15/37	6.625%	1,070,000		1,115,642
Total				1,414,642
Retailers 3.8%
Asbury Automotive Group, Inc. Subordinated Notes (a)
11/15/20	8.375%	305,000		310,337
Best Buy Co., Inc. Senior Unsecured
03/15/21	5.500%	7,545,000		7,428,671
CVS Caremark Corp. Senior Unsecured
06/01/17	5.750%	10,885,000		12,225,771
Home Depot, Inc. Senior Unsecured
04/01/41	5.950%	2,000,000		2,059,652
Limited Brands, Inc.
05/01/20	7.000%	500,000		526,250
Ltd Brands, Inc.
04/01/21	6.625%	175,000		178,938
Michaels Stores, Inc.
11/01/16	11.375%	65,000		69,225
QVC, Inc. (a)
Senior Secured
04/15/17	7.125%	55,000		58,025
10/01/19	7.500%	405,000		430,312
10/15/20	7.375%	50,000		52,750
Rite Aid Corp.
06/15/17	9.500%	110,000		100,375
Senior Secured
08/15/20	8.000%	330,000		355,575
Toys R Us Property Co. II LLC Senior Secured
12/01/17	8.500%	200,000		209,000

9

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Retailers (continued)
Toys R Us, Inc. Senior Unsecured
10/15/18	7.375%	$	339,000	$	329,254
Wal-Mart Stores, Inc. Senior Unsecured
04/15/41	5.625%	3,090,000		3,187,944
Total				27,522,079
Technology 0.7%
Amkor Technology, Inc.
Senior Unsecured
05/01/18	7.375%	225,000		228,656
Amkor Technology, Inc. (a)
Senior Unsecured
06/01/21	6.625%	466,000		452,020
Brocade Communications Systems, Inc. Senior Secured
01/15/18	6.625%	365,000		385,075
CDW LLC/Finance Corp (a)
04/01/19	8.500%	360,000		353,700
Cardtronics, Inc.
09/01/18	8.250%	225,000		240,750
CommScope, Inc. (a)
01/15/19	8.250%	68,000		70,040
First Data Corp.
09/24/15	9.875%	202,000		207,555
09/24/15	9.875%	13,000		13,195
First Data Corp. (a)
01/15/21	12.625%	603,000		645,210
Senior Secured
06/15/19	7.375%	201,000		202,508
08/15/20	8.875%	295,000		314,912
Freescale Semiconductor, Inc. Senior Secured (a)(b)
04/15/18	9.250%	165,000		177,788
Interactive Data Corp. (a)
08/01/18	10.250%	355,000		386,062
NXP BV/Funding LLC Senior Secured (a)(b)
08/01/18	9.750%	570,000		638,400
SunGard Data Systems, Inc.
11/15/18	7.375%	385,000		385,000
iGate Corp. (a)
05/01/16	9.000%	422,000		424,110
Total				5,124,981
Transportation Services 0.4%
Avis Budget Car Rental LLC/Finance, Inc.
01/15/19	8.250%	254,000		257,175
ERAC U.S.A. Finance LLC (a)
10/15/37	7.000%	1,790,000		1,969,585

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Transportation Services (continued)
Hertz Corp. (The) (a)
10/15/18	7.500%	$	220,000	$	224,950
04/15/19	6.750%	260,000		257,400
01/15/21	7.375%	301,000		304,763
Total				3,013,873
Wireless 2.8%
Clearwire Communications LLC/Finance, Inc. (a)
Secured
12/01/17	12.000%	143,000		149,793
Senior Secured
12/01/15	12.000%	75,000		79,500
12/01/15	12.000%	40,000		43,000
Cricket Communications, Inc.
Senior Secured
05/15/16	7.750%	380,000		402,800
Cricket Communications, Inc. (a)
Senior Notes
10/15/20	7.750%	206,000		201,365
Crown Castle International Corp. Senior Unsecured
01/15/15	9.000%	310,000		336,350
Goodman Networks, Inc. Senior Secured (a)
07/01/18	12.125%	265,000		262,350
MetroPCS Wireless, Inc.
09/01/18	7.875%	365,000		385,987
11/15/20	6.625%	205,000		202,950
NII Capital Corp.
08/15/16	10.000%	210,000		243,600
04/01/21	7.625%	200,000		209,000
Nextel Communications, Inc.
08/01/15	7.375%	142,000		142,000
Rogers Communications, Inc. (b)
08/15/18	6.800%	5,850,000		6,910,748
SBA Telecommunications, Inc.
08/15/19	8.250%	622,000		665,540
Sprint Capital Corp.
11/15/28	6.875%	285,000		270,037
Sprint Nextel Corp. Senior Unsecured
08/15/17	8.375%	1,108,000		1,217,415
United States Cellular Corp. Senior Unsecured
12/15/33	6.700%	8,000,000		7,963,728
Wind Acquisition Finance SA (a)(b)
Secured
07/15/17	11.750%	592,000		670,440
Senior Secured
02/15/18	7.250%	220,000		229,900
Total				20,586,503
Wirelines 6.9%
AT&T, Inc.

10

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Senior Unsecured
06/15/16	5.625%	$	1,575,000	$	1,785,433
02/15/39	6.550%	12,205,000		13,386,810
Cincinnati Bell, Inc.
10/15/17	8.250%	405,000		407,025
Embarq Corp. Senior Unsecured
06/01/36	7.995%	7,665,000		7,853,651
Frontier Communications Corp. Senior Unsecured
04/15/20	8.500%	432,000		470,880
Integra Telecom Holdings, Inc. Senior Secured (a)
04/15/16	10.750%	98,000		99,225
Level 3 Communications, Inc. Senior Unsecured (a)
02/01/19	11.875%	220,000		237,325
Level 3 Escrow, Inc. Senior Unsecured (a)
07/01/19	8.125%	270,000		271,350
Level 3 Financing, Inc.
02/15/17	8.750%	370,000		377,400
Level 3 Financing, Inc. (a)
04/01/19	9.375%	115,000		119,887
PAETEC Holding Corp.
Senior Secured
06/30/17	8.875%	435,000		456,750
PAETEC Holding Corp. (a)
12/01/18	9.875%	205,000		212,431
Qwest Corp. Senior Unsecured
06/15/23	7.500%	400,000		400,500
Telecom Italia Capital SA (b)
07/18/36	7.200%	3,195,000		3,012,303
Telefonica Emisiones SAU (b)
01/15/15	4.949%	2,900,000		3,086,006
06/20/16	6.421%	1,855,000		2,071,184
07/03/17	6.221%	730,000		804,715
04/27/20	5.134%	4,045,000		4,009,679
tw telecom holdings, inc.
03/01/18	8.000%	347,000		369,989
Verizon New York, Inc. Senior Unsecured
04/01/32	7.375%	8,445,000		9,713,228
Windstream Corp.
09/01/18	8.125%	290,000		307,400
10/15/20	7.750%	700,000		733,250
Total				50,186,421
Total Corporate Bonds & Notes (Cost: $700,525,130)				$	694,746,588

Issuer	Coupon Rate	Principal Amount		Value
Residential Mortgage-Backed Securities - Agency —%
Government National Mortgage Association (i)
01/15/19	10.000%	$	226	$	256
Total Residential Mortgage-Backed Securities - Agency (Cost: $227)				$256
Residential Mortgage-Backed Securities - Non-Agency —%
Citicorp Mortgage Securities, Inc. CMO Series 2007-4 Class B2 (h)(i)
05/25/37	5.960%	901,819		9
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $1,327,677)				$9
U.S. Treasury Obligations 1.4%
U.S. Treasury
02/15/41	4.750%	9,260,000		9,843,093
Total U.S. Treasury Obligations (Cost: $9,974,166)				$9,843,093
Borrower	Weighted Average Coupon	Principal Amount		Value
Senior Loans —%
Gaming —%
Caesars Octavius LLC Tranche B Term Loan (h)(j)
04/25/17	9.250%	237,000		238,837
Total Senior Loans (Cost: $234,630)				$238,837
Issuer		Shares		Value
Preferred Stocks —%
INFORMATION TECHNOLOGY —%
Communications Equipment —%
CMP Susquehanna Radio Holdings Corp. (a)(e)(g)(k)		7,089		$	71
Total Preferred Stocks (Cost: $71)				$71

11

Issuer	Shares	Value
Common Stocks  0.1%
CONSUMER DISCRETIONARY 0.1%
Hotels, Restaurants & Leisure 0.1%
Six Flags Entertainment Corp.	10,250	$	383,862
Total Common Stocks (Cost: $369,379)		$383,862
Warrants —%
INFORMATION TECHNOLOGY —%
Communications Equipment —%
CMP Susquehanna Corp. (a)(e)(g)(k)	8,101	$	81

Warrants (continued)
Total Warrants (Cost: $81)		$81
	Shares	Value
Money Market Fund 2.2%
Columbia Short-Term Cash Fund, 0.166% (l)(m)	16,170,817	$	16,170,817
Total Money Market Fund (Cost: $16,170,817)		$16,170,817
Total Investments
(Cost: $728,602,178) (n)		$721,383,614(o)
Other Assets & Liabilities, Net		1,879,031
Net Assets		$723,262,645

12

At June 30, 2011, $695,500 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at June 30, 2011

	Number of
	Contracts	Notional	Expiration	Unrealized	Unrealized
Contract Description	Long (Short)	Market Value	Date	Appreciation	Depreciation
U.S. Treasury Long Bond, 20-year	33	$ 4,060,031	Sept. 2011	$ –	$ (25,603)
U.S. Treasury Note, 2-year	(118)	(25,882,562)	Oct. 2011	–	(51,189)
U.S. Treasury Note, 5-year	(258)	(30,752,390)	Oct. 2011	–	(181,689)
U.S. Treasury Note, 10-year	(492)	(60,185,440)	Sept. 2011	117,770	–
U.S. Treasury Ultra Bond, 30-year	(36)	(4,545,000)	Sept. 2011	50,383	–
Total				$ 168,153	$ (258,481)

13

Notes to Portfolio of Investments

(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $112,830,682 or 15.60% of net assets.

(b)

Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 11.19% of net assets.

(c)

Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At June 30, 2011, the value of these securities amounted to $1,825,738, which represents 0.25% of net assets.

(d)

Represents a security purchased on a when-issued or delayed delivery basis.

(e)

Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $27,752, representing less than 0.01% of net assets.  Information concerning such security holdings at June 30, 2011 was as follows:

Security Description

Acquisition Dates

Cost

CMP Susquehanna Corp.

3.417% 05/15/14

03/26/09

$28,306

CMP Susquehanna Corp.

03/26/09

81

CMP Susquehanna Radio Holdings Corp.

03/26/09

71

Six Flags, Inc. 9.625% 06/01/14

05/07/10

—

(f)

Negligible market value.

(g)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $27,752, which represents less than 0.01% of net assets.

(h)

Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

(i)

The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(j)

Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(k)

Non-income producing.

(l)

The rate shown is the seven-day current annualized yield at June 30, 2011.

(m)

Investments in affiliates during the three months ended June 30, 2011:

Issuer

Beginning Cost

Purchase Cost

Sales Cost/ Proceeds from Sales

Realized Gain/Loss

Ending Cost

Dividends or Interest Income

Value

Columbia Short-Term Cash Fund

$             -

$   24,416,741

$  (8,245,924)

$          -

$  16,170,817

$          209

$   16,170,817

(n)

At June 30, 2011, the cost of securities for federal income tax purposes was approximately $728,602,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation

$9,852,000

Unrealized Depreciation

(17,070,000)

Net Unrealized Depreciation

$(7,218,000)

14

(o)	Securities are valued using policies described below:
	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.
	Mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities cash flow and loan performance data. These models also take into account available market data, including trade, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Mortgage-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.
	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 mean of the lastest quoted bid and asked prices on such exchanges or markets.
	Investments in other open-end investment companies, including money market funds, are valued at net asset value.
	Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
	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 determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) 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.
Abbreviation Legend
CMO	Collateralized Mortgage Obligation
PIK	Payment-in-Kind

15

Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
·	Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.
·	Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
·	Level 3 - Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

16

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

	Fair value at June 30, 2011
Description(a)	Level 1 quoted prices in active markets for identical assets		Level 2 other significant observable inputs(b)		Level 3 significant unobservable inputs		Total
Bonds
Corporate Bonds & Notes
Media Non-Cable	$	-	$	25,825,814	$	27,600		25,853,414
All Other Industries		-		668,893,174		-		668,893,174
Residential Mortgage-Backed Securities - Agency		-		256		-		256
Residential Mortgage-Backed Securities - Non-Agency		-		9		-		9
U.S. Treasury Obligations		9,843,093		-		-		9,843,093
Total Bonds		9,843,093		694,719,253		27,600		704,589,946
Equity Securities
Common Stocks
Consumer Discretionary	$	383,862		-		-	$	383,862
Preferred Stocks
Information Technology		-		-		71		71
Warrants
Information Technology		-		-		81		81
Total Equity Securities		383,862		-		152		384,014
Other
Senior Loans		-		238,837		-		238,837
Affiliated Money Market Fund(c)		16,170,817		-		-		16,170,817
Total Other		16,170,817		238,837		-		16,409,654
Investments in Securities		26,397,772		694,958,090		27,752		721,383,614
Derivatives(d)
Assets
Futures Contracts		168,153		-		-		168,153
Liabilities
Futures Contracts		(258,481)		-		-		(258,481)
Total	$	26,307,444	$	694,958,090	$	27,752	$	721,293,286
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 corporate fixed-income bonds & notes, preferred stock and warrants classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered earnings of the respective company, market multiples derived from a set of comparable companies and the position of the security within the respective company’s capital structure. Certain corporate fixed-income bonds & notes classified as Level 3 securities are valued using an income approach, which considers estimates of distributions from potential actions related to the respective company’s bankruptcy filing.
(a) See the Portfolio of Investments for all investment classifications not indicated in the table.
(b) There were no significant transfers between Levels 1 and 2 during the period.
(c) Money market fund that is a sweep investment for cash balances in the Fund at June 30, 2011.

17

(d) Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate Bonds & Notes			Preferred Stocks			Warrants			Total
Balance as of March 31, 2011		$	2,676,525		$	71		$	81		$	2,676,677
Accrued discounts/premiums		90			-			-			90
Realized gain (loss)		-			-			-			-
Change in unrealized appreciation (depreciation)*		9,810			-			-			9,810
Sales		-			-			-			-
Purchases		-			-			-			-
Transfers into Level 3		-			-			-			-
Transfers out of Level 3		(2,658,825)			-			-			(2,658,825)
Balance as of June 30, 2011		$	27,600		$	71		$	81		$	27,752

*Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $9,810, which was comprised of Corporate Bonds & Notes.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Financial Assets were transferred from Level 3 to Level 2 due to management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end and utilize a price provided by an approved vendor.

18

INVESTMENT PORTFOLIO

June 30, 2011 (Unaudited) Columbia Emerging Markets Fund

		Shares	Value ($)*
Common Stocks — 96.3%
CONSUMER DISCRETIONARY — 12.5%
Auto Components — 2.3%
	Hankook Tire Co., Ltd.	69,370	2,967,794
	Hyundai Mobis	15,790	5,941,063
	Nokian Renkaat Oyj	31,961	1,603,649
Auto Components Total			10,512,506
Automobiles — 1.9%
	Hyundai Motor Co.	19,090	4,255,803
	Maruti Suzuki India Ltd.	61,334	1,590,914
	PT Astra International Tbk	393,000	2,921,351
Automobiles Total			8,768,068
Distributors — 0.3%
	PT Sumber Alfaria Trijaya Tbk	3,977,500	1,578,612
Distributors Total			1,578,612
Hotels, Restaurants & Leisure — 0.3%
	Ctrip.com International Ltd., ADR (a)	33,860	1,458,689
Hotels, Restaurants & Leisure Total			1,458,689
Household Durables — 0.5%
	PDG Realty SA Empreendimentos e Participacoes	403,200	2,270,931
Household Durables Total			2,270,931
Internet & Catalog Retail — 0.5%
	GS Home Shopping, Inc.	19,359	2,473,826
Internet & Catalog Retail Total			2,473,826
Leisure Equipment & Products — 0.4%
	Giant Manufacturing Co., Ltd.	420,800	1,695,753
Leisure Equipment & Products Total			1,695,753
Media — 0.6%
	Naspers Ltd., Class N	50,411	2,847,538
Media Total			2,847,538
Multiline Retail — 1.2%
	Clicks Group Ltd.	593,179	3,706,382
	Golden Eagle Retail Group Ltd.	627,000	1,601,207
Multiline Retail Total			5,307,589
Specialty Retail — 2.7%
	Belle International Holdings Ltd.	1,854,000	3,916,921
	Cia Hering	53,000	1,219,172
	Home Product Center PCL, Foreign Registered Shares	9,532,659	2,544,111
	Mr. Price Group Ltd.	182,200	1,837,682
	PT Ace Hardware Indonesia Tbk	8,251,500	2,910,709
Specialty Retail Total			12,428,595

1

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Textiles, Apparel & Luxury Goods — 1.8%
	China Lilang Ltd.	2,015,000	2,830,759
	Titan Industries Ltd.	439,620	2,106,739
	Trinity Ltd.	3,114,000	3,145,131
Textiles, Apparel & Luxury Goods Total			8,082,629
CONSUMER DISCRETIONARY TOTAL			57,424,736
CONSUMER STAPLES — 8.8%
Beverages — 2.1%
	Cia de Bebidas das Americas, ADR	132,884	4,482,177
	Fomento Economico Mexicano SAB de CV, ADR	28,490	1,894,300
	San Miguel Corp.	1,197,160	3,190,390
Beverages Total			9,566,867
Food & Staples Retailing — 2.4%
	CP ALL PCL	2,891,400	4,174,008
	Drogasil SA	305,200	2,082,709
	Eurocash SA	164,181	1,765,838
	President Chain Store Corp.	519,000	3,006,930
Food & Staples Retailing Total			11,029,485
Food Products — 1.2%
	PT Nippon Indosari Corpindo Tbk (a)	5,539,000	1,829,443
	Universal Robina Corp.	2,088,100	1,968,430
	Want Want China Holdings Ltd.	1,849,000	1,795,296
Food Products Total			5,593,169
Household Products — 0.6%
	LG Household & Health Care Ltd.	6,624	2,847,765
Household Products Total			2,847,765
Personal Products — 0.9%
	Dabur India Ltd.	1,018,459	2,606,997
	Hengan International Group Co., Ltd.	172,000	1,547,743
Personal Products Total			4,154,740
Tobacco — 1.6%
	ITC Ltd.	516,540	2,350,753
	PT Gudang Garam Tbk	829,500	4,827,734
Tobacco Total			7,178,487
CONSUMER STAPLES TOTAL			40,370,513
ENERGY — 10.5%
Oil, Gas & Consumable Fuels — 10.5%
	Banpu PCL, Foreign Registered Shares	92,200	2,154,345
	China Shenhua Energy Co., Ltd., Class H	953,000	4,579,013

2

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	CNOOC Ltd.	2,197,000	5,186,170
	Gazprom OAO, ADR	539,621	7,867,674
	LUKOIL OAO, ADR	94,085	5,997,919
	NovaTek OAO, GDR (b)	16,503	2,279,064
	OGX Petroleo e Gas Participacoes SA (a)	198,600	1,856,646
	PT Harum Energy Tbk	1,449,500	1,618,048
	PT Tambang Batubara Bukit Asam Tbk	558,000	1,356,696
	Reliance Industries Ltd.	91,551	1,837,308
	Rosneft Oil Co., GDR	444,600	3,743,532
	Sasol Ltd.	74,882	3,942,219
	SK Innovation Co., Ltd.	8,050	1,519,955
	Uralkali, GDR (a)(b)	41,762	1,879,290
	Yanzhou Coal Mining Co., Ltd., Class H	574,000	2,215,298
Oil, Gas & Consumable Fuels Total			48,033,177
ENERGY TOTAL			48,033,177
FINANCIALS — 20.3%
Commercial Banks — 15.9%
	Banco Bradesco SA, ADR	68,361	1,400,717
	Banco do Brasil SA	135,800	2,436,421
	Bangkok Bank PCL, Foreign Registered Shares	857,400	4,423,051
	Bank of China Ltd., Class H	6,503,000	3,191,342
	China Construction Bank Corp., Class H	4,732,000	3,945,426
	CIMB Group Holdings Bhd	1,382,500	4,094,802
	HDFC Bank Ltd., ADR	15,620	2,755,212
	ICICI Bank Ltd., ADR	124,452	6,135,484
	Industrial & Commercial Bank of China, Class H	11,338,000	8,648,013
	Itau Unibanco Holding SA, ADR	429,352	10,111,239
	Kasikornbank PCL, Foreign Registered Shares	1,034,000	4,156,266
	Metropolitan Bank & Trust	2,256,755	3,650,600
	PT Bank Central Asia Tbk	3,696,500	3,305,797
	PT Bank Tabungan Pensiunan Nasional Tbk (a)	2,899,000	1,100,082
	Punjab National Bank	112,608	2,739,848
	Sberbank	1,681,990	6,189,723
	Turkiye Garanti Bankasi AS	1,004,714	4,556,189
Commercial Banks Total			72,840,212

3

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Diversified Financial Services — 2.5%
	AMMB Holdings Bhd	2,111,500	4,560,171
	BM&FBovespa SA	480,400	3,179,785
	Fubon Financial Holding Co., Ltd.	2,480,000	3,822,296
Diversified Financial Services Total			11,562,252
Real Estate Management & Development — 1.9%
	China Overseas Land & Investment Ltd.	890,000	1,916,946
	China Vanke Co., Ltd., Class B	1,712,780	2,306,686
	Housing Development & Infrastructure Ltd. (a)	458,360	1,643,966
	KWG Property Holding Ltd.	2,576,465	1,716,257
	Sobha Developers Ltd.	154,700	900,598
Real Estate Management & Development Total			8,484,453
FINANCIALS TOTAL			92,886,917
HEALTH CARE — 2.5%
Health Care Equipment & Supplies — 0.9%
	Hartalega Holdings Bhd	706,000	1,305,559
	St. Shine Optical Co., Ltd.	203,000	3,084,192
Health Care Equipment & Supplies Total			4,389,751
Health Care Providers & Services — 1.3%
	Amil Participações SA	158,500	1,863,630
	Life Healthcare Group Holdings Ltd.	752,800	1,958,318
	Odontoprev SA	123,000	2,049,146
Health Care Providers & Services Total			5,871,094
Pharmaceuticals — 0.3%
	PT Kalbe Farma Tbk	3,593,500	1,417,979
Pharmaceuticals Total			1,417,979
HEALTH CARE TOTAL			11,678,824
INDUSTRIALS — 7.4%
Airlines — 0.5%
	Copa Holdings SA, Class A	34,758	2,319,749
Airlines Total			2,319,749
Commercial Services & Supplies — 0.5%
	Multiplus SA	126,400	2,202,980
Commercial Services & Supplies Total			2,202,980
Construction & Engineering — 0.8%
	China Communications Construction Co., Ltd., Class H	4,246,000	3,672,138
Construction & Engineering Total			3,672,138
Electrical Equipment — 1.5%
	Bharat Heavy Electricals Ltd.	43,458	1,997,029

4

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	LS Corp.	21,579	2,232,422
	Zhuzhou CSR Times Electric Co., Ltd., Class H	828,000	2,795,806
Electrical Equipment Total			7,025,257
Machinery — 0.7%
	Sany Heavy Equipment International Holdings Co., Ltd.	2,686,500	3,068,265
Machinery Total			3,068,265
Road & Rail — 1.8%
	Globaltrans Investment PLC, GDR (b)	76,589	1,416,897
	Julio Simoes Logistica SA	330,500	2,435,363
	Localiza Rent a Car SA	260,700	4,660,577
Road & Rail Total			8,512,837
Trading Companies & Distributors — 1.0%
	Barloworld Ltd.	255,894	2,607,456
	Mills Estruturas e Serviços de Engenharia SA	129,400	1,865,569
Trading Companies & Distributors Total			4,473,025
Transportation Infrastructure — 0.6%
	China Merchants Holdings International Co., Ltd.	334,000	1,298,189
	Global Ports Investment PLC, GDR (a)(b)	83,655	1,459,779
Transportation Infrastructure Total			2,757,968
INDUSTRIALS TOTAL			34,032,219
INFORMATION TECHNOLOGY — 14.0%
Communications Equipment — 1.1%
	HTC Corp.	103,000	3,482,557
	O-Net Communications Group Ltd. (a)	3,390,000	1,276,840
Communications Equipment Total			4,759,397
Electronic Equipment, Instruments & Components — 3.1%
	AU Optronics Corp. (a)	1,857,000	1,273,372
	China High Precision Automation Group Ltd.	3,376,000	2,648,836
	Hon Hai Precision Industry Co., Ltd.	1,818,270	6,259,928
	SFA Engineering Corp.	46,032	2,299,839
	WPG Holdings Co., Ltd.	1,113,288	1,893,195
Electronic Equipment, Instruments & Components Total			14,375,170
Internet Software & Services — 3.6%
	Baidu, Inc., ADR (a)	51,420	7,205,484
	Mail.ru Group Ltd., GDR (a)(b)	36,849	1,224,124
	NHN Corp. (a)	16,420	2,911,050

5

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Sina Corp. (a)	15,300	1,592,730
	Tencent Holdings Ltd.	124,400	3,398,386
Internet Software & Services Total			16,331,774
IT Services — 0.3%
	Cielo SA	50,400	1,259,475
IT Services Total			1,259,475
Semiconductors & Semiconductor Equipment — 5.0%
	Duksan Hi-Metal Co., Ltd. (a)	65,863	1,436,222
	Samsung Electronics Co., Ltd.	18,900	14,689,631
	Taiwan Semiconductor Manufacturing Co., Ltd.	1,698,190	4,279,880
	Taiwan Semiconductor Manufacturing Co., Ltd., ADR	208,649	2,631,064
Semiconductors & Semiconductor Equipment Total			23,036,797
Software — 0.9%
	Kingdee International Software Group Co., Ltd.	3,340,800	1,800,413
	Totvs SA	132,100	2,437,754
Software Total			4,238,167
INFORMATION TECHNOLOGY TOTAL			64,000,780
MATERIALS — 14.3%
Chemicals — 5.7%
	Aeci Ltd.	128,937	1,609,377
	Asian Paints Ltd.	31,930	2,261,627
	Capro Corp.	68,080	2,071,887
	Cheil Industries, Inc.	31,048	3,723,658
	China Lumena New Materials Corp.	3,634,000	1,469,286
	Dongyue Group	646,000	713,995
	Formosa Plastics Corp.	379,000	1,369,668
	LG Chem Ltd.	13,458	6,184,594
	OCI Co., Ltd.	5,982	2,268,777
	Petronas Chemicals Group Bhd (a)	1,049,600	2,468,666
	TSRC Corp.	738,000	2,177,714
Chemicals Total			26,319,249
Construction Materials — 1.6%
	Anhui Conch Cement Co., Ltd., Class H	546,350	2,585,213
	PT Indocement Tunggal Prakarsa Tbk	2,317,700	4,616,208
Construction Materials Total			7,201,421
Metals & Mining — 7.0%
	Freeport-McMoRan Copper & Gold, Inc.	66,645	3,525,520

6

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Gold Fields Ltd., ADR	114,971	1,677,427
	Mechel, ADR	106,495	2,544,165
	Novolipetsk Steel OJSC, GDR (b)	70,397	2,738,443
	POSCO	4,711	2,046,722
	Tata Steel Ltd.	194,877	2,675,884
	Vale SA	529,300	16,784,710
Metals & Mining Total			31,992,871
MATERIALS TOTAL			65,513,541
TELECOMMUNICATION SERVICES — 3.2%
Diversified Telecommunication Services — 0.8%
	Chunghwa Telecom Co. Ltd., ADR	105,450	3,643,297
Diversified Telecommunication Services Total			3,643,297
Wireless Telecommunication Services — 2.4%
	America Movil SAB de CV, Series L, ADR	37,456	2,018,129
	Millicom International Cellular SA	19,202	2,003,624
	Mobile TeleSystems OJSC, ADR	121,635	2,313,498
	MTN Group Ltd.	148,109	3,151,954
	Total Access Communication PCL	751,900	1,342,637
Wireless Telecommunication Services Total			10,829,842
TELECOMMUNICATION SERVICES TOTAL			14,473,139
UTILITIES — 2.8%
Gas Utilities — 1.4%
	ENN Energy Holdings Ltd.	1,236,000	4,214,717
	PT Perusahaan Gas Negara Tbk	2,557,000	1,202,640
	Towngas China Co. Ltd.	1,884,000	1,006,750
Gas Utilities Total			6,424,107
Independent Power Producers & Energy Traders — 1.4%
	Aboitiz Power Corp.	5,352,900	3,876,700
	Energy Development Corp.	15,270,200	2,329,348
Independent Power Producers & Energy Traders Total			6,206,048
UTILITIES TOTAL			12,630,155
	Total Common Stocks (cost of $303,946,860)		441,044,001

7

		Shares	Value ($)
Preferred Stock — 3.4%
ENERGY — 3.4%
Oil, Gas & Consumable Fuels — 3.4%
	Petroleo Brasileiro SA	1,023,600	15,557,487
Oil, Gas & Consumable Fuels Total			15,557,487
ENERGY TOTAL			15,557,487
	Total Preferred Stock (cost of $5,436,982)		15,557,487
	Total Investments — 99.7% (cost of $309,383,842)(c)(d)		456,601,488
	Other Assets & Liabilities, Net — 0.3%		1,329,728
	Net Assets — 100.0%		457,931,216

8

Notes to Investment Portfolio:

*

Security Valuation: Equity securities, exchange-traded funds and securities of certain investments companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade.  If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE).  The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times.  Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time.  Occasionally, events affecting the values of such foreign securities may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities market, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available. 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 or class of securities (such as foreign securities) 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.

9

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

· Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

· Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

· Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Description	Quoted Prices(Level 1)		OtherSignificant  Observable  Inputs(Level 2)		Significant  Unobservable Inputs(Level 3)		Total
Common Stocks
Consumer Discretionary	$	4,948,792	$	52,475,944	$	—	$	57,424,736
Consumer Staples	8,459,186		31,911,327		—		40,370,513
Energy	19,465,771		28,567,406		—		48,033,177
Financials	32,208,581		60,678,336		—		92,886,917
Health Care	3,912,776		7,766,048		—		11,678,824
Industrials	14,036,407		19,995,812		—		34,032,219
Information Technology	15,126,507		48,874,273		—		64,000,780
Materials	24,531,822		40,981,719		—		65,513,541
Telecommunication Services	7,974,924		6,498,215		—		14,473,139
Utilities	—		12,630,155		—		12,630,155
Total Common Stocks	130,664,766		310,379,235		—		441,044,001
Total Preferred Stock	15,557,487		—		—		15,557,487
Total Investments	$	146,222,253	$	310,379,235	$	—	$	456,601,488

10

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

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

(a)	Non-income producing security.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, these securities, which are not illiquid, amounted to $10,445,427, which represents 2.3% of net assets.
(c)	Cost for federal income tax purposes is $309,383,842.
(d)	Unrealized appreciation and depreciation at June 30, 2011 based on cost of investments for federal income tax purposes was:
		Unrealized			Unrealized			Net Unrealized
		Appreciation			Depreciation			Appreciation
		$	152,406,995		$	(5,189,349	)	$	147,217,646
Acronym				Name
ADR				American Depositary Receipt
GDR				Global Depositary Receipt

11

Portfolio of Investments

Columbia Energy and Natural Resources Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares	Value
Common Stocks 100.1%
ENERGY 77.3%
Energy Equipment & Services 20.8%
Atwood Oceanics, Inc. (a)(b)	50,000	$	2,206,500
Baker Hughes, Inc.	200,000	14,512,000
Basic Energy Services, Inc. (a)(b)	100,000	3,147,000
Cameron International Corp. (a)(b)	200,000	10,058,000
Complete Production Services, Inc. (a)(b)	130,000	4,336,800
Core Laboratories NV (a)(c)	50,000	5,577,000
Dresser-Rand Group, Inc. (b)	75,000	4,031,250
Dril-Quip, Inc. (a)(b)	40,000	2,713,200
Ensco PLC, ADR (c)	175,000	9,327,500
FMC Technologies, Inc. (b)	100,000	4,479,000
Halliburton Co. (a)	575,000	29,325,000
Helmerich & Payne, Inc. (a)	75,000	4,959,000
Hercules Offshore, Inc. (a)(b)	500,000	2,755,000
McDermott International, Inc. (b)(c)	200,000	3,962,000
National Oilwell Varco, Inc. (a)	285,000	22,289,850
Oceaneering International, Inc.	100,000	4,050,000
Oil States International, Inc. (a)(b)	115,000	9,189,650
Patterson-UTI Energy, Inc.	225,000	7,112,250
Pioneer Drilling Co. (a)(b)	250,000	3,810,000
Rowan Companies, Inc. (b)	100,000	3,881,000
Schlumberger Ltd. (c)	675,000	58,320,000
Superior Energy Services, Inc. (b)	75,000	2,785,500
Total		212,827,500
Oil, Gas & Consumable Fuels 56.5%
Anadarko Petroleum Corp.	300,000	23,028,000
Brigham Exploration Co. (a)(b)	250,000	7,482,500
Cabot Oil & Gas Corp. (a)	100,000	6,631,000
Callon Petroleum Co. (a)(b)	265,582	1,864,386
Canadian Natural Resources Ltd. (c)	400,000	16,744,000
Cenovus Energy, Inc. (c)	375,000	14,122,500
Chevron Corp.	850,000	87,414,000
Cimarex Energy Co.	100,000	8,992,000
Cobalt International Energy, Inc. (a)(b)	200,000	2,726,000
Concho Resources, Inc. (a)(b)	110,000	10,103,500
ConocoPhillips	600,000	45,114,000
Consol Energy, Inc. (a)	100,000	4,848,000
Crescent Point Energy Corp. (c)	100,000	4,621,287
Denbury Resources, Inc. (b)	150,000	3,000,000
Devon Energy Corp.	150,000	11,821,500
El Paso Corp.	200,000	4,040,000
EnCana Corp. (c)	250,000	7,697,500
EOG Resources, Inc.	150,000	15,682,500
Exxon Mobil Corp.	900,000	73,242,000
Forest Oil Corp. (b)	120,000	3,205,200
Frontier Oil Corp.	200,000	6,462,000

Issuer	Shares	Value
Common Stocks (continued)
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (cont.)
Hess Corp.	195,000	$	14,578,200
HollyFrontier Corp.	100,000	6,940,000
Hyperdynamics Corp. (a)(b)	450,000	1,935,000
Marathon Oil Corp.	100,000	5,268,000
MEG Energy Corp. (b)(c)	100,000	5,217,481
Murphy Oil Corp. (a)	80,000	5,252,800
Newfield Exploration Co. (a)(b)	90,000	6,121,800
Noble Energy, Inc. (a)	75,000	6,722,250
Northern Oil and Gas, Inc. (a)(b)	300,000	6,645,000
Oasis Petroleum, Inc. (a)(b)	170,000	5,045,600
Occidental Petroleum Corp.	525,000	54,621,000
Peabody Energy Corp.	134,826	7,942,600
Petrohawk Energy Corp. (a)(b)	150,000	3,700,500
Pioneer Natural Resources Co. (a)	75,000	6,717,750
Plains Exploration & Production Co. (a)(b)	150,000	5,718,000
Quicksilver Resources, Inc. (a)(b)	200,000	2,952,000
Range Resources Corp.	125,000	6,937,500
SandRidge Energy, Inc. (a)(b)	450,000	4,797,000
Southwestern Energy Co. (b)	150,000	6,432,000
Suncor Energy, Inc. (c)	703,771	27,517,446
Talisman Energy, Inc. (c)	300,000	6,147,000
Tesoro Corp. (a)(b)	74,500	1,706,795
Valero Energy Corp.	125,000	3,196,250
Voyager Oil & Gas, Inc. (a)(b)	400,000	1,188,000
Western Refining, Inc. (a)(b)	275,000	4,969,250
Whiting Petroleum Corp. (b)	175,000	9,959,250
Total		577,070,345
TOTAL ENERGY		789,897,845
INDUSTRIALS 1.8%
Road & Rail 1.8%
CSX Corp. (a)	300,000	7,866,000
Union Pacific Corp.	100,000	10,440,000
Total		18,306,000
TOTAL INDUSTRIALS		18,306,000
MATERIALS 20.6%
Chemicals 3.8%
Air Products & Chemicals, Inc.	100,000	9,558,000
Celanese Corp., Series A (a)	100,000	5,331,000
CF Industries Holdings, Inc.	65,000	9,208,550
Mosaic Co. (The) (a)	56,512	3,827,558
Potash Corp. of Saskatchewan, Inc. (c)	192,135	10,949,773
Total		38,874,881

1

Issuer	Shares	Value
Common Stocks (continued)
MATERIALS (CONTINUED)
Containers & Packaging 1.2%
Crown Holdings, Inc. (a)(b)	175,000	$	6,793,500
Graphic Packaging Holding Co. (a)(b)	900,000	4,896,000
Total		11,689,500
Metals & Mining 15.6%
Agnico-Eagle Mines Ltd. (c)	44,848	2,831,254
Alamos Gold, Inc. (c)	182,757	3,026,211
Allied Nevada Gold Corp. (a)(b)	150,000	5,305,500
Barrick Gold Corp. (c)	236,617	10,716,384
Coeur d’Alene Mines Corp. (a)(b)	115,000	2,789,900
Copper Mountain Mining Corp. (b)(c)	500,000	3,872,674
Detour Gold Corp. (b)(c)	136,606	3,958,876
First Quantum Minerals Ltd. (c)	67,879	9,896,983
Fortescue Metals Group Ltd. (c)	650,000	4,459,963
Freeport-McMoRan Copper & Gold, Inc.	306,714	16,225,171
Goldcorp, Inc. (c)	276,681	13,355,392
IAMGOLD Corp. (c)	200,000	3,752,000
Ivanhoe Mines Ltd. (b)(c)	159,346	4,031,454
Kinross Gold Corp. (c)	367,018	5,798,884
Molycorp, Inc. (a)(b)	130,000	7,937,800
New Gold, Inc. (b)(c)	464,491	4,779,612
Newmont Mining Corp. (a)	410,752	22,168,285
Osisko Mining Corp. (b)(c)	200,000	3,103,000
PAN American Silver Corp. (c)	60,192	1,859,331
Rio Tinto PLC, ADR (a)(c)	70,000	5,062,400
Silver Wheaton Corp. (c)	255,000	8,415,000
Teck Resources Ltd., Class B (c)	100,000	5,074,000
Walter Energy, Inc.	55,000	6,369,000
Yamana Gold, Inc. (c)	395,336	4,597,758
Total		159,386,832
TOTAL MATERIALS		209,951,213
UTILITIES 0.4%
Gas Utilities 0.4%
Energen Corp.	75,000	4,237,500
TOTAL UTILITIES		4,237,500
Total Common Stocks (Cost: $860,552,607)		$	1,022,392,558

Issuer	Shares	Value
Warrants —%
MATERIALS –%
Metals & Mining –%
Kinross Gold Corp. (b)(c)(d)	26,358	$	66,957
TOTAL MATERIALS		66,957
Total Warrants (Cost: $127,068)		$66,957

	Shares	Value
Money Market Fund 1.2%
Columbia Short-Term Cash Fund, 0.166% (e)(f)	12,531,479	$	12,531,479
Total Money Market Fund (Cost: $12,531,479)		$12,531,479

Issuer	Effective Yield	Par/ Principal/ Shares	Value
Investments of Cash Collateral Received for Securities on Loan 8.2%
Certificates of Deposit 0.2%
Commerzbank AG
07/20/11	0.220%	$2,000,000	$2,000,000
Money Market Fund 1.0%
JPMorgan Prime Money Market Fund, 0.010% (e)
		10,000,000	10,000,000
Repurchase Agreements 7.0%
MF Global Holdings Ltd. dated 06/30/11, matures 07/01/11, repurchase price $5,000,021 (g)
	0.150%	5,000,000	5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (g)
	0.030%	5,000,000	5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $45,000,125 (g)
	0.100%	45,000,000	45,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $12,000,040 (g)
	0.120%	12,000,000	12,000,000

2

Issuer	Effective Yield	Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (continued)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11,
repurchase price $4,328,532 (g)	0.080%	$	4,328,522	$	4,328,522
Total				71,328,522

Investments of Cash Collateral Received for Securities on Loan (continued)
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $83,328,522)	$83,328,522
Total Investments
(Cost: $956,539,676) (h)	$1,118,319,516(i)
Other Assets & Liabilities, Net	(96,988,304)
Net Assets	$1,021,331,212

  Forward Foreign Currency Exchange Contracts Open at June 30, 2011

Counterparty	Exchange Date	Currency to be Delivered	Currency to be  Received	Unrealized Appreciation	Unrealized  Depreciation
HSBC Securities (USA), Inc.	July 6, 2011	4,597,694	4,429,970	$ –	$ (4,433)
		(USD)	(CAD)

3

Notes to Portfolio of Investments

(a)	At June 30, 2011, security was partially or fully on loan.
(b)	Non-income producing.
(c)	Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 26.32% of net assets.
(d)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $66,957, representing 0.01% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:
	Security Description	Acquisition Dates	Cost
	Kinross Gold Corp.	03/30/07 – 09/08/09	$127,068
(e)	The rate shown is the seven-day current annualized yield at June 30, 2011.

4

(f) Investments in affiliates during the three months ended June 30, 2011:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	-	$	292,044,660	$	(279,513,181	)	$	-	$	12,531,479	$	6,633	$	12,531,479

5

(g) The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the existence of the proper level of collateral.

MF Global Holdings Ltd. (0.150%)
Security Description	Value
Fannie Mae Pool	$		3,468,846
Fannie Mae REMICS	93,712
Freddie Mac Gold Pool	4,867
Freddie Mac Non Gold Pool	57,556
Freddie Mac REMICS	69,773
Ginnie Mae I Pool	559,456
Ginnie Mae II Pool	630,315
Government National Mortgage Association	215,506
Total Market Value of Collateral Securities	$		5,100,031
Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip	$		115,945
Fannie Mae REMICS	2,834,033
Federal Farm Credit Bank	367,345
Freddie Mac REMICS	836,677
Government National Mortgage Association	946,004
Total Market Value of Collateral Securities	$		5,100,004
Nomura Securities (0.100%)
Security Description	Value
Fannie Mae Pool	$	27,330,702
Freddie Mac Gold Pool	18,569,298
Total Market Value of Collateral Securities	$	45,900,000
Pershing LLC (0.120%)
Security Description	Value
Fannie Mae Pool	$	106,532
Fannie Mae REMICS	2,985,134
Fannie Mae Whole Loan	18,997
Freddie Mac Reference REMIC	285,721
Freddie Mac REMICS	7,629,815
Freddie Mac Strips	121,530
Government National Mortgage Association	1,092,271
Total Market Value of Collateral Securities	$	12,240,000
RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool	$	4,415,112
Total Market Value of Collateral Securities	$	4,415,112

6

(h)	At June 30, 2011, the cost of securities for federal income tax purposes was approximately $956,540,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
	Unrealized Appreciation	$165,723,000
	Unrealized Depreciation	(3,943,000)
	Net Unrealized Appreciation	$161,780,000

(i) Securities are valued using policies described below: 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 mean of the lastest quoted bid and asked prices on such exchanges or markets. Investments in other open-end investment companies, including money market funds, are valued at net asset value. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates. Forward foreign currency exchange contracts are marked-to-market daily based upon foreign currency exchange rates provided by a pricing service.  Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade.  If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE).  The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times.  Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value.  If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees. Investments for which market quotations are not readily available, or that have quotations which the Investment Manager 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 or class of securities (such as foreign securities) 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, the Investment Manager 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.

Abbreviation Legend

ADR   American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
·	Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds).  Valuation adjustments are not applied to Level 1 investments.

7

·	Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
·	Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2.  The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation in the most recent Annual Report dated March 31, 2011.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.  However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices.  Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager.  Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

	Fair value at June 30, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Energy	$	789,897,845	$	-	$	-	$	789,897,845
Industrials	18,306,000		-		-		18,306,000
Materials	205,491,250		4,459,963		-		209,951,213
Utilities	4,237,500		-		-		4,237,500
Warrants
Materials	66,957		-		-		66,957
Total Equity Securities	1,017,999,552		4,459,963		-		1,022,459,515

8

Other
Affiliated Money Market Fund(c)	12,531,479		-		-		12,531,479
Investments of Cash Collateral Received for Securities on Loan	10,000,000		73,328,522		-		83,328,522
Total Other	22,531,479		73,328,522		-		95,860,001
Investments in Securities	1,040,531,031		77,788,485		-		1,118,319,516
Derivatives(d)
Liabilities
Forward Foreign Currency Exchange Contracts	(4,433)		-		-		(4,433)
Total	$	1,040,526,598	$	77,788,485	$	-	$	1,118,315,083

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

(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

(b) There were no significant transfers between Levels 1 and 2 during the period.

(c) Money market fund that is a sweep investment for cash balances in the Fund at June 30, 2011.

(d) Derivative instruments are valued at unrealized appreciation (depreciation).

9

Portfolio of Investments

Columbia Intermediate Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes 36.3%
Aerospace & Defense 0.5%
ADS Tactical, Inc. Senior Secured (a)
04/01/18	11.000%	$	800,000	$	846,000
Ducommun, Inc. Senior Notes (a)
07/15/18	9.750%	85,000		87,019
Huntington Ingalls Industries, Inc. (a)
03/15/18	6.875%	260,000		266,500
03/15/21	7.125%	353,000		365,355
Kratos Defense & Security Solutions, Inc.
Senior Secured
06/01/17	10.000%	610,000		643,550
Kratos Defense & Security Solutions, Inc. (a)
Senior Secured
06/01/17	10.000%	566,000		597,130
L-3 Communications Corp.
02/15/21	4.950%	8,225,000		8,207,111
Raytheon Co. Senior Unsecured
08/15/27	7.200%	2,055,000		2,561,070
TransDigm, Inc. (a)
12/15/18	7.750%	558,000		585,900
Total				14,159,635
Airlines 0.1%
Continental Airlines 1997-1 Class A Pass-Through Trust
04/01/15	7.461%	3,729,728		3,757,701
Automotive 0.4%
Accuride Corp. Senior Secured
08/01/18	9.500%	180,000		192,600
Allison Transmission, Inc. (a)
05/15/19	7.125%	246,000		239,235
Chrysler Group LLC/Co-Issuer, Inc. (a)
Senior Secured
06/15/19	8.000%	149,000		145,647
06/15/21	8.250%	400,000		393,000
Dana Holding Corp.
Senior Unsecured
02/15/19	6.500%	125,000		124,063
02/15/21	6.750%	822,000		813,780
Delphi Corp. (a)
Senior Notes
05/15/19	5.875%	168,000		166,320
05/15/21	6.125%	112,000		111,440
FUEL Trust Secured (a)
06/15/16	3.984%	7,625,000		7,563,047
International Automotive Components Group SL Senior Secured (a)(b)
06/01/18	9.125%	168,000		171,780

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Automotive (continued)
Lear Corp.
03/15/18	7.875%	$	659,000	$	708,425
03/15/20	8.125%	195,000		211,087
Visteon Corp. Senior Notes (a)
04/15/19	6.750%	672,000		645,120
Total				11,485,544
Banking 8.8%
Bank of New York Mellon Corp. (The)
Senior Unsecured
05/15/19	5.450%	3,190,000		3,538,131
02/01/21	4.150%	15,360,000		15,313,966
Barclays Bank PLC (a)(b)(c)
09/29/49	7.434%	7,895,000		8,052,900
12/31/49	6.860%	17,610,000		16,157,175
12/31/49	7.375%	9,665,000		9,824,472
Barclays Bank PLC (b)
Senior Unsecured
09/22/16	5.000%	3,255,000		3,501,540
Capital One/IV (c)
02/17/37	6.745%	17,610,000		17,852,137
Capital One/V
08/15/39	10.250%	9,420,000		9,985,200
Chinatrust Commercial Bank (a)(b)(c)
03/29/49	5.625%	3,570,000		3,525,375
Discover Bank Subordinated Notes
11/18/19	8.700%	5,175,000		6,242,913
Fifth Third Bank Senior Unsecured (c)
05/17/13	0.371%	2,685,000		2,643,020
HBOS PLC Subordinated Notes (a)(b)
05/21/18	6.750%	11,385,000		10,956,195
HSBC U.S.A., Inc. Subordinated Notes
09/27/20	5.000%	9,310,000		9,209,080
ING Bank NV Senior Unsecured (a)(b)
03/15/16	4.000%	6,235,000		6,310,057
JPMorgan Chase Capital XVII
08/01/35	5.850%	3,190,000		3,137,671
JPMorgan Chase Capital XXIII (c)
05/15/47	1.261%	2,385,000		1,885,920
JPMorgan Chase Capital XXV
10/01/37	6.800%	3,405,000		3,367,964
JPMorgan Chase & Co.
Senior Unsecured
07/05/16	3.150%	19,270,000		19,387,894
JPMorgan Chase & Co. (c)
04/29/49	7.900%	3,060,000		3,286,715

1

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banking (continued)
Lloyds Banking Group PLC (a)(b)(c)
11/29/49	6.267%	$	3,286,000	$	2,415,210
Lloyds TSB Bank PLC Bank Guaranteed (a)(b)
01/12/15	4.375%	2,360,000		2,395,173
Merrill Lynch & Co., Inc.
Senior Unsecured
04/25/13	6.150%	1,425,000		1,530,071
Subordinated Notes
05/02/17	5.700%	4,805,000		5,004,888
National City Preferred Capital Trust I (c)
12/31/49	12.000%	11,610,000		12,779,824
PNC Funding Corp. Bank Guaranteed
02/08/20	5.125%	2,820,000		3,019,371
State Street Corp.
03/15/18	4.956%	14,225,000		15,085,172
Senior Unsecured
03/07/16	2.875%	2,415,000		2,449,943
U.S. Bancorp
02/01/16	3.442%	16,815,000		17,083,149
USB Capital XIII Trust
12/15/39	6.625%	19,740,000		20,291,141
Washington Mutual Bank (d) Subordinated Notes
01/15/15	5.125%	27,379,000		34,224
Washington Mutual Preferred Funding (a)(d)
03/29/49	6.534%	2,725,000		54,500
Wells Fargo & Co. Senior Unsecured (c)
06/15/16	3.676%	17,595,000		18,076,030
Wells Fargo Capital X
12/15/36	5.950%	15,305,000		14,972,499
Total				269,369,520
Brokerage 0.2%
E*Trade Financial Corp.
Senior Notes
06/01/16	6.750%	435,000		426,300
Senior Unsecured
12/01/15	7.875%	369,000		370,845
Senior Unsecured PIK
11/30/17	12.500%	463,000		541,710
Eaton Vance Corp. Senior Unsecured
10/02/17	6.500%	3,445,000		3,977,976
Nuveen Investments, Inc.
11/15/15	10.500%	120,000		122,700
Total				5,439,531

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Building Materials 0.1%
Building Materials Corp. of America Senior Notes (a)
05/01/21	6.750%	$	902,000	$	906,510
Euramax International, Inc. Senior Secured (a)
04/01/16	9.500%	340,000		328,100
Gibraltar Industries, Inc.
12/01/15	8.000%	360,000		363,150
Interface, Inc.
12/01/18	7.625%	148,000		153,920
Norcraft Companies LP/Finance Corp. Secured
12/15/15	10.500%	237,000		240,555
Nortek, Inc. (a)
04/15/21	8.500%	460,000		425,500
Total				2,417,735
Chemicals 0.7%
CF Industries, Inc.
05/01/18	6.875%	1,065,000		1,200,787
05/01/20	7.125%	73,000		84,680
Celanese U.S. Holdings LLC Senior Notes
06/15/21	5.875%	75,000		76,688
Chemtura Corp.
09/01/18	7.875%	6,000		6,285
Dow Chemical Co. (The)
Senior Unsecured
02/15/15	5.900%	4,365,000		4,903,279
11/15/20	4.250%	5,245,000		5,118,879
05/15/39	9.400%	125,000		185,410
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18	8.875%	866,000		900,640
Koppers, Inc.
12/01/19	7.875%	105,000		112,087
Lubrizol Corp. Senior Unsecured
02/01/19	8.875%	2,880,000		3,745,619
Lyondell Chemical Co. Senior Secured (a)
11/01/17	8.000%	885,000		988,987
MacDermid, Inc. Senior Subordinated Notes (a)
04/15/17	9.500%	594,000		619,245
Nalco Co. (a)
01/15/19	6.625%	608,000		623,200
Nova Chemicals Corp. (b)
Senior Unsecured
11/01/16	8.375%	350,000		385,000
11/01/19	8.625%	395,000		439,931

2

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Chemicals (continued)
Polypore International, Inc.
11/15/17	7.500%	$	550,000	$	581,625
Total				19,972,342
Construction Machinery 0.1%
Case New Holland, Inc. Senior Notes (a)
12/01/17	7.875%	284,000		313,110
Columbus McKinnon Corp.
02/01/19	7.875%	185,000		187,775
Manitowoc Co., Inc. (The)
11/01/20	8.500%	645,000		688,537
Neff Rental LLC/Finance Corp. Secured (a)
05/15/16	9.625%	596,000		566,200
RSC Equipment Rental, Inc./Holdings III LLC
02/01/21	8.250%	275,000		273,625
RSC Equipment Rental, Inc./Holdings III LLC (a)
Senior Secured
07/15/17	10.000%	88,000		98,120
United Rentals North America, Inc.
06/15/16	10.875%	109,000		121,944
12/15/19	9.250%	86,000		94,170
09/15/20	8.375%	676,000		684,450
Xerium Technologies, Inc. (a)
06/15/18	8.875%	290,000		290,000
Total				3,317,931
Consumer Cyclical Services –%
Garda World Security Corp. Senior Unsecured (a)(b)
03/15/17	9.750%	321,000		345,075
West Corp. (a)
01/15/19	7.875%	608,000		592,800
Total				937,875
Consumer Products 0.1%
Central Garden and Pet Co.
03/01/18	8.250%	225,000		232,313
Libbey Glass, Inc. Senior Secured
02/15/15	10.000%	276,000		299,460
Sealy Mattress Co.
06/15/14	8.250%	425,000		426,062
Spectrum Brands Holdings, Inc. Senior Secured (a)
06/15/18	9.500%	836,000		927,960
Visant Corp.
10/01/17	10.000%	302,000		312,570
Total				2,198,365

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Diversified Manufacturing 0.2%
CPM Holdings, Inc. Senior Secured
09/01/14	10.625%	$	569,000	$	617,365
Ingersoll-Rand Global Holding Co., Ltd. (b)
04/15/14	9.500%	2,310,000		2,773,730
SPX Corp. (a)
09/01/17	6.875%	296,000		316,720
Tyco International Ltd./Finance SA (b)
01/15/21	6.875%	2,070,000		2,433,718
WireCo WorldGroup Senior Unsecured (a)
05/15/17	9.750%	744,000		784,920
Total				6,926,453
Electric 3.9%
AES Corp. (The) Senior Notes (a)
07/01/21	7.375%	711,000		721,665
Alabama Power Co. Senior Unsecured
03/15/41	5.500%	18,908,000		19,442,945
American Electric Power Co., Inc. Senior Unsecured
06/01/15	5.250%	4,118,000		4,525,715
CMS Energy Corp. Senior Unsecured
09/30/15	4.250%	4,280,000		4,440,500
Calpine Corp. Senior Secured (a)
02/15/21	7.500%	920,000		940,700
CenterPoint Energy, Inc. Senior Unsecured
02/01/17	5.950%	295,000		330,216
Commonwealth Edison Co.
1st Mortgage
08/15/16	5.950%	6,075,000		6,943,373
03/15/36	5.900%	3,570,000		3,741,942
Senior Unsecured
07/15/18	6.950%	5,220,000		5,963,328
Consolidated Edison Co. of New York, Inc. Senior Unsecured
04/01/38	6.750%	4,085,000		4,847,649
DTE Energy Co. Senior Unsecured
05/15/14	7.625%	4,720,000		5,448,159
Edison Mission Energy Senior Unsecured
05/15/17	7.000%	582,000		471,420
Energy Future Holdings Corp. Senior Secured
01/15/20	10.000%	430,000		456,428

3

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20	10.000%	$	40,000	$	42,658
Exelon Generation Co. LLC Senior Unsecured
10/01/17	6.200%	2,790,000		3,147,424
FPL Energy American Wind LLC Senior Secured (a)
06/20/23	6.639%	2,164,078		2,241,271
FPL Energy National Wind LLC Senior Secured (a)
03/10/24	5.608%	912,851		931,875
GenOn Energy, Inc. Senior Unsecured
10/15/18	9.500%	305,000		317,200
Georgia Power Co. Senior Unsecured
09/01/40	4.750%	7,045,000		6,454,023
Ipalco Enterprises, Inc. Senior Secured (a)
04/01/16	7.250%	850,000		943,500
MidAmerican Energy Holdings Co. Senior Unsecured
02/15/14	5.000%	2,660,000		2,883,682
NRG Energy, Inc.
01/15/17	7.375%	1,219,000		1,276,903
Nevada Power Co.
09/15/40	5.375%	1,450,000		1,425,830
05/15/41	5.450%	11,775,000		11,654,716
Niagara Mohawk Power Corp. Senior Unsecured (a)
08/15/19	4.881%	3,625,000		3,842,090
Oncor Electric Delivery Co. LLC
Senior Secured
09/01/13	5.950%	6,745,000		7,356,529
09/30/40	5.250%	6,670,000		6,382,556
Southern California Edison Co. 1st Mortgage
09/01/40	4.500%	8,120,000		7,362,583
Southern Co. Senior Unsecured
05/15/14	4.150%	2,885,000		3,090,527
Tenaska Alabama II Partners LP Senior Secured (a)
03/30/23	6.125%	2,727,249		2,885,402
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured (a)
10/01/20	11.500%	161,000		158,585

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Windsor Financing LLC Senior Unsecured (a)
07/15/17	5.881%	$	198,450	$	221,401
Total				120,892,795
Entertainment –%
AMC Entertainment, Inc. (a)
12/01/20	9.750%	185,000		189,162
Cinemark U.S.A., Inc. Senior Subordinated Notes (a)
06/15/21	7.375%	140,000		138,950
National CineMedia LLC Senior Notes (a)(e)
07/15/21	7.875%	311,000		316,054
Six Flags, Inc. (a)(f)(g)(h)(i)
06/01/14	0.000%	458,000		–
Speedway Motorsports, Inc.
02/01/19	6.750%	76,000		75,810
Vail Resorts, Inc. (a)
05/01/19	6.500%	93,000		93,465
Total				813,441
Environmental –%
Clean Harbors, Inc. Senior Secured (a)
08/15/16	7.625%	135,000		143,100
Food and Beverage 0.8%
ARAMARK Holdings Corp. Senior Notes PIK (a)
05/01/16	8.625%	286,000		291,005
Anheuser-Busch InBev Worldwide, Inc. (b)
01/15/19	7.750%	2,445,000		3,075,918
ConAgra Foods, Inc. Senior Unsecured
10/01/28	7.000%	7,110,000		7,459,975
Darling International, Inc. (a)
12/15/18	8.500%	110,000		118,800
Dean Foods Co. Senior Notes (a)
12/15/18	9.750%	222,000		235,875
Hershey Co. (The) Senior Unsecured
12/01/20	4.125%	4,355,000		4,455,853
Kraft Foods, Inc. Senior Unsecured
02/09/40	6.500%	4,400,000		4,840,564

4

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Food and Beverage (continued)
PepsiCo, Inc. Senior Unsecured
01/15/20	4.500%	$	3,445,000	$	3,652,303
Total				24,130,293
Gaming 0.1%
Boyd Gaming Corp. Senior Notes (a)
12/01/18	9.125%	421,000		431,525
Caesars Entertainment Operating Co., Inc.
Secured
12/15/18	10.000%	435,000		392,588
Senior Secured
06/01/17	11.250%	263,000		290,286
MGM Resorts International
Senior Secured
03/15/20	9.000%	79,000		86,505
Senior Unsecured
03/01/18	11.375%	504,000		565,740
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19	8.750%	257,000		279,488
Seminole Indian Tribe of Florida (a)
10/01/20	7.804%	810,000		796,068
Senior Secured
10/01/20	6.535%	110,000		104,195
Seneca Gaming Corp. (a)
12/01/18	8.250%	463,000		478,047
Shingle Springs Tribal Gaming Authority Senior Notes (a)
06/15/15	9.375%	620,000		427,800
Tunica-Biloxi Gaming Authority Senior Unsecured (a)
11/15/15	9.000%	389,000		388,028
Total				4,240,270
Gas Distributors 0.3%
Atmos Energy Corp. Senior Unsecured
06/15/17	6.350%	3,915,000		4,527,631
Energy Transfer Equity LP Senior Secured
10/15/20	7.500%	785,000		836,025
Sempra Energy Senior Unsecured
06/01/16	6.500%	3,130,000		3,624,822
Total				8,988,478
Gas Pipelines 2.4%
Copano Energy LLC/Finance Corp.
04/01/21	7.125%	175,000		173,250
El Paso Corp.
Senior Unsecured

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Gas Pipelines (continued)
06/01/18	7.250%	$	202,000	$	229,775
09/15/20	6.500%	834,000		913,230
01/15/32	7.750%	398,000		462,982
Enterprise Products Operating LLC
02/01/41	5.950%	14,950,000		14,848,190
Kinder Morgan Energy Partners LP
Senior Unsecured
02/15/15	5.625%	2,990,000		3,336,125
01/15/38	6.950%	3,510,000		3,812,236
09/01/39	6.500%	4,750,000		4,932,310
NGPL PipeCo LLC Senior Unsecured (a)
12/15/12	6.514%	6,955,000		7,313,829
Nisource Finance Corp.
12/15/40	6.250%	4,260,000		4,364,992
Plains All American Pipeline LP/Finance Corp.
01/15/20	5.750%	3,465,000		3,756,313
01/15/37	6.650%	2,050,000		2,164,980
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%	180,000		200,700
12/01/18	6.875%	303,000		312,848
07/15/21	6.500%	569,000		576,113
Southern Natural Gas Co./Issuing Corp. Senior Unsecured (a)
06/15/21	4.400%	7,000,000		6,884,731
Southern Natural Gas Co. Senior Unsecured
03/01/32	8.000%	4,090,000		5,124,872
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%	105,000		105,525
TransCanada PipeLines Ltd. (b)(c)
05/15/67	6.350%	13,090,000		13,158,919
Williams Companies, Inc. (The) Senior Unsecured
09/01/21	7.875%	233,000		288,793
Total				72,960,713
Health Care 0.3%
AMGH Merger Sub, Inc. Senior Secured (a)
11/01/18	9.250%	159,000		167,348
American Renal Associates Holdings, Inc. Senior Unsecured PIK (a)
03/01/16	9.750%	80,000		82,200
American Renal Holdings Co., Inc. Senior Secured
05/15/18	8.375%	359,000		365,731
CDRT Merger Sub, Inc. (a)
06/01/19	8.125%	143,000		143,000
CHS/Community Health Systems, Inc.
07/15/15	8.875%	221,000		227,630

5

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Health Care (continued)
Capella Healthcare, Inc. (a)
07/01/17	9.250%	$	95,000	$	100,700
ConvaTec Healthcare E SA Senior Unsecured (a)(b)
12/15/18	10.500%	772,000		799,020
HCA, Inc.
Senior Secured
02/15/20	7.875%	621,000		673,785
09/15/20	7.250%	804,000		863,295
Hanger Orthopedic Group, Inc.
11/15/18	7.125%	407,000		420,227
Healthsouth Corp.
02/15/20	8.125%	390,000		419,250
09/15/22	7.750%	61,000		64,279
InVentiv Health, Inc. (a)
08/15/18	10.000%	877,000		863,845
LifePoint Hospitals, Inc.
10/01/20	6.625%	237,000		244,110
Multiplan, Inc. (a)
09/01/18	9.875%	541,000		574,812
Radnet Management, Inc.
04/01/18	10.375%	90,000		92,025
STHI Holding Corp. Secured (a)
03/15/18	8.000%	127,000		128,905
Tenet Healthcare Corp.
Senior Secured
07/01/19	8.875%	228,000		251,655
Senior Unsecured
08/01/20	8.000%	112,000		113,820
Vanguard Health Holding Co. II LLC/Inc.
02/01/18	8.000%	1,060,000		1,094,450
WP Rocket Merger Sub, Inc. Senior Unsecured (a)
07/15/19	10.125%	247,000		249,470
Total				7,939,557
Healthcare Insurance 0.1%
UnitedHealth Group, Inc. Senior Unsecured
02/15/18	6.000%	2,285,000		2,590,918
Home Construction —%
K Hovnanian Enterprises, Inc. Senior Secured
10/15/16	10.625%	415,000		413,963
Shea Homes LP/Funding Corp. Senior Secured (a)
05/15/19	8.625%	480,000		472,800
Total				886,763

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy 1.6%
Anadarko Petroleum Corp.
03/15/40	6.200%	$	3,590,000	$	3,638,451
Senior Unsecured
09/15/17	6.375%	7,530,000		8,623,111
Berry Petroleum Co.
Senior Subordinated Notes
11/01/16	8.250%	80,000		83,400
Senior Unsecured
06/01/14	10.250%	85,000		97,113
11/01/20	6.750%	180,000		180,900
Brigham Exploration Co.
10/01/18	8.750%	430,000		468,700
Brigham Exploration Co. (a)
06/01/19	6.875%	71,000		70,468
Carrizo Oil & Gas, Inc.
10/15/18	8.625%	884,000		910,520
Chaparral Energy, Inc.
10/01/20	9.875%	197,000		212,760
09/01/21	8.250%	486,000		489,645
Chesapeake Energy Corp.
08/15/20	6.625%	1,415,000		1,485,750
02/15/21	6.125%	340,000		344,250
Comstock Resources, Inc.
10/15/17	8.375%	84,000		87,360
04/01/19	7.750%	102,000		102,765
Concho Resources, Inc.
10/01/17	8.625%	205,000		223,450
01/15/21	7.000%	418,000		432,630
01/15/22	6.500%	118,000		118,295
Continental Resources, Inc.
04/01/21	7.125%	421,000		444,155
Devon Energy Corp. Senior Unsecured
01/15/19	6.300%	2,325,000		2,734,226
EXCO Resources, Inc.
09/15/18	7.500%	817,000		794,532
Goodrich Petroleum Corp. (a)
03/15/19	8.875%	250,000		250,000
Hilcorp Energy I LP/Finance Co. Senior Notes (a)
04/15/21	7.625%	739,000		772,255
Laredo Petroleum, Inc. Senior Notes (a)
02/15/19	9.500%	919,000		969,545
Linn Energy LLC/Finance Corp. (a)
05/15/19	6.500%	557,000		551,430
MEG Energy Corp. (a)(b)
03/15/21	6.500%	370,000		371,850
Nexen, Inc. Senior Unsecured (b)
07/30/39	7.500%	6,955,000		7,779,557

6

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Independent Energy (continued)
Oasis Petroleum, Inc. Senior Unsecured (a)
02/01/19	7.250%	$	250,000	$	245,000
Petrohawk Energy Corp.
08/15/18	7.250%	831,000		852,814
Petrohawk Energy Corp. (a)
06/01/19	6.250%	585,000		571,837
QEP Resources, Inc. Senior Unsecured
03/01/21	6.875%	277,000		292,235
Range Resources Corp.
08/01/20	6.750%	555,000		570,262
Ras Laffan Liquefied Natural Gas Co., Ltd. II Senior Secured (a)(b)
09/30/20	5.298%	3,133,780		3,337,476
Southwestern Energy Co.
02/01/18	7.500%	6,700,000		7,621,250
Venoco, Inc. (a)
02/15/19	8.875%	536,000		536,000
Woodside Finance Ltd. (a)(b)
05/10/21	4.600%	2,540,000		2,492,946
Total				48,756,938
Integrated Energy 0.3%
Hess Corp. Senior Unsecured
08/15/31	7.300%	3,440,000		4,112,451
Shell International Finance BV (b)
03/25/40	5.500%	6,315,000		6,606,021
Total				10,718,472
Life Insurance 1.2%
ING Groep NV (b)(c)
12/29/49	5.775%	9,770,000		8,988,400
MetLife Capital Trust X (a)
04/08/38	9.250%	4,960,000		6,051,200
MetLife, Inc.
08/01/69	10.750%	8,125,000		11,435,938
Provident Companies, Inc. Senior Unsecured
07/15/18	7.000%	320,000		360,783
Prudential Financial, Inc.
Senior Unsecured
06/13/15	4.750%	2,205,000		2,358,400
Prudential Financial, Inc. (c)
06/15/38	8.875%	6,480,000		7,565,400
Total				36,760,121
Media Cable 1.2%
CCO Holdings LLC/Capital Corp.
01/15/19	7.000%	595,000		612,850

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media Cable (continued)
04/30/20	8.125%	$	443,000	$	480,655
CSC Holdings LLC Senior Unsecured
02/15/19	8.625%	234,000		263,835
Cablevision Systems Corp. Senior Unsecured
09/15/17	8.625%	507,000		549,461
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured (a)
11/15/17	8.625%	945,000		982,800
Comcast Cable Holdings LLC
06/15/22	9.875%	2,089,000		2,847,595
Comcast Corp.
08/15/37	6.950%	3,479,000		3,927,353
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16	3.125%	9,780,000		9,921,849
03/01/16	3.500%	12,135,000		12,525,929
DISH DBS Corp.
09/01/19	7.875%	925,000		997,844
DISH DBS Corp. (a)
06/01/21	6.750%	265,000		271,625
Insight Communications Co., Inc. Senior Notes (a)
07/15/18	9.375%	400,000		439,000
Kabel BW Erste Beteiligungs GmbH/Co. KG Senior Secured (a)(b)
03/15/19	7.500%	220,000		222,384
Quebecor Media, Inc. (b)
Senior Unsecured
03/15/16	7.750%	444,000		458,985
03/15/16	7.750%	253,000		261,539
Time Warner Cable, Inc.
05/01/17	5.850%	2,335,000		2,625,831
Virgin Media Finance PLC (b)
08/15/16	9.500%	445,000		503,406
Total				37,892,941
Media Non-Cable 0.9%
AMC Networks, Inc. (a)
07/15/21	7.750%	444,000		463,980
CMP Susquehanna Corp. (a)(c)(g)(i)
05/15/14	3.417%	65,000		59,800
Clear Channel Communications, Inc. (a)
03/01/21	9.000%	665,000		636,738
Clear Channel Worldwide Holdings, Inc.
12/15/17	9.250%	720,000		784,800
Cumulus Media, Inc. (a)
05/01/19	7.750%	92,000		88,780
EH Holding Corp. (a)
Senior Secured
06/15/19	6.500%	222,000		225,885

7

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media Non-Cable (continued)
Senior Unsecured
06/15/21	7.625%	$	416,000	$	424,320
Entravision Communications Corp. Senior Secured
08/01/17	8.750%	420,000		434,700
Intelsat Jackson Holdings SA (a)(b)
04/01/19	7.250%	380,000		377,150
10/15/20	7.250%	525,000		521,063
NBCUniversal Media LLC (a)
Senior Unsecured
04/01/16	2.875%	4,215,000		4,221,757
04/01/41	5.950%	5,230,000		5,318,345
News America, Inc.
12/15/35	6.400%	4,195,000		4,386,988
News America, Inc. (a)
02/15/41	6.150%	6,205,000		6,146,896
Nielsen Finance LLC/Co. (a)
10/15/18	7.750%	691,000		725,550
RR Donnelley & Sons Co. Senior Unsecured
05/15/18	7.250%	208,000		208,000
Salem Communications Corp. Secured
12/15/16	9.625%	403,000		424,661
Sinclair Television Group, Inc. Secured (a)
11/01/17	9.250%	636,000		696,420
Univision Communications, Inc. (a)
05/15/21	8.500%	893,000		872,907
Senior Secured
11/01/20	7.875%	272,000		278,800
XM Satellite Radio, Inc. (a)
11/01/18	7.625%	1,133,000		1,183,985
Total				28,481,525
Metals 0.9%
Alpha Natural Resources, Inc.
06/01/19	6.000%	231,000		231,866
06/01/21	6.250%	231,000		231,578
ArcelorMittal (b)
Senior Unsecured
10/15/39	7.000%	5,452,000		5,512,484
03/01/41	6.750%	8,189,000		8,116,593
Arch Coal, Inc. (a)
06/15/19	7.000%	609,000		612,045
06/15/21	7.250%	406,000		408,030
Calcipar SA Senior Secured (a)(b)
05/01/18	6.875%	479,000		480,198
Consol Energy, Inc.
04/01/17	8.000%	110,000		119,900
04/01/20	8.250%	1,045,000		1,139,050
FMG Resources August 2006 Proprietary Ltd. (a)(b)
11/01/15	7.000%	985,000		1,004,402

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Metals (continued)
02/01/18	6.875%	$	350,000	$	355,250
Freeport-McMoRan Copper & Gold, Inc. Senior Unsecured
04/01/17	8.375%	585,000		639,112
JMC Steel Group Senior Notes (a)
03/15/18	8.250%	248,000		251,720
Noranda Aluminum Acquisition Corp. PIK
05/15/15	4.417%	136,163		129,014
Novelis, Inc. (b)
12/15/17	8.375%	227,000		242,323
12/15/20	8.750%	330,000		356,400
Nucor Corp. Senior Unsecured
06/01/18	5.850%	4,955,000		5,657,252
Rain CII Carbon LLC/Corp. Senior Secured (a)
12/01/18	8.000%	545,000		581,788
United States Steel Corp. Senior Unsecured
02/01/18	7.000%	302,000		305,020
Total				26,374,025
Non-Captive Consumer 0.4%
Discover Financial Services Senior Unsecured
07/15/19	10.250%	1,810,000		2,338,790
HSBC Finance Capital Trust IX (c)
11/30/35	5.911%	7,468,000		7,057,260
SLM Corp.
Senior Notes
01/25/16	6.250%	369,000		382,837
Senior Unsecured
03/25/20	8.000%	556,000		597,035
Springleaf Finance Corp. Senior Unsecured
12/15/17	6.900%	902,000		827,585
Total				11,203,507
Non-Captive Diversified 0.3%
Ally Financial, Inc.
03/15/20	8.000%	2,164,000		2,299,250
CIT Group, Inc. (a)
Secured
05/02/17	7.000%	2,558,000		2,551,605
04/01/18	6.625%	415,000		433,675
Ford Motor Credit Co. LLC Senior Unsecured
02/01/21	5.750%	1,765,000		1,762,827
International Lease Finance Corp.
Senior Unsecured

8

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Non-Captive Diversified (continued)
03/15/17	8.750%	$	585,000	$	639,844
05/15/19	6.250%	478,000		467,038
12/15/20	8.250%	445,000		480,600
Total				8,634,839
Oil Field Services 0.3%
Offshore Group Investments Ltd. (a)(b)
Senior Secured
08/01/15	11.500%	185,000		198,791
Offshore Group Investments Ltd. (b)
Senior Secured
08/01/15	11.500%	906,000		985,275
Oil States International, Inc. (a)
06/01/19	6.500%	993,000		997,965
SESI LLC (a)
05/01/19	6.375%	325,000		321,750
Trinidad Drilling Ltd. Senior Unsecured (a)(b)
01/15/19	7.875%	302,000		313,767
Weatherford International Ltd. (b)
03/15/38	7.000%	5,465,000		5,941,335
Total				8,758,883
Other Industry 0.3%
Aquilex Holdings LLC/Finance Corp.
12/15/16	11.125%	214,000		208,115
Interline Brands, Inc.
11/15/18	7.000%	261,000		264,262
President and Fellows of Harvard College
Senior Notes
10/15/40	4.875%	5,690,000		5,569,919
President and Fellows of Harvard College (a)
01/15/39	6.500%	2,985,000		3,609,611
Valmont Industries, Inc.
04/20/20	6.625%	199,000		217,635
Total				9,869,542
Packaging 0.1%
Ardagh Packaging Finance PLC (a)(b)
10/15/20	9.125%	260,000		273,650
Senior Secured
10/15/17	7.375%	296,000		304,880
Crown Americas LLC/Capital Corp. III Senior Notes (a)
02/01/21	6.250%	496,000		500,960
Graham Packaging Co. LP/GPC Capital Corp. I
10/01/18	8.250%	42,000		46,725
Reynolds Group Issuer, Inc./LLC (a)
04/15/19	9.000%	1,000		988
02/15/21	8.250%	374,000		349,690
Senior Secured
10/15/16	8.500%	383,000		400,235
04/15/19	7.125%	293,000		290,802

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Packaging (continued)
02/15/21	6.875%	$	253,000	$	246,675
Total				2,414,605
Paper 0.7%
Cascades, Inc. (b)
12/15/17	7.750%	658,000		685,965
Georgia-Pacific LLC (a)
05/01/16	8.250%	17,782,000		20,156,946
Graphic Packaging International, Inc.
06/15/17	9.500%	838,000		917,610
10/01/18	7.875%	132,000		140,580
Verso Paper Holdings LLC/Inc. Secured (a)
02/01/19	8.750%	565,000		502,850
Total				22,403,951
Pharmaceuticals 0.8%
Endo Pharmaceuticals Holdings, Inc. (a)
07/15/19	7.000%	104,000		106,600
01/15/22	7.250%	455,000		461,825
Grifols, Inc. Senior Secured (a)
02/01/18	8.250%	584,000		597,140
Johnson & Johnson
Senior Unsecured
05/15/21	3.550%	9,235,000		9,152,097
05/15/41	4.850%	8,080,000		7,820,899
Mylan, Inc. (a)
11/15/18	6.000%	525,000		533,531
Roche Holdings, Inc. (a)
03/01/19	6.000%	3,605,000		4,153,540
Valeant Pharmaceuticals International (a)(b)
10/01/17	6.750%	117,000		114,660
10/01/20	7.000%	158,000		152,865
Warner Chilcott Co./Finance LLC (a)
09/15/18	7.750%	253,000		255,214
Total				23,348,371
Property & Casualty 1.1%
Berkshire Hathaway Finance Corp.
01/15/15	4.850%	3,610,000		3,985,541
CNA Financial Corp.
Senior Unsecured
12/15/14	5.850%	1,512,000		1,637,971
11/15/19	7.350%	2,503,000		2,853,265
08/15/21	5.750%	2,750,000		2,839,622
Liberty Mutual Group, Inc. (a)(c)
06/15/58	10.750%	5,815,000		7,719,412
OneBeacon US Holdings, Inc.
05/15/13	5.875%	1,983,000		2,073,298

9

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Property & Casualty (continued)
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39	8.000%	$	12,935,000	$	14,156,711
Total				35,265,820
Railroads 0.7%
BNSF Funding Trust I (c)
12/15/55	6.613%	10,386,000		10,775,475
CSX Corp. Senior Unsecured
06/01/21	4.250%	6,910,000		6,877,581
Union Pacific Corp. Senior Unsecured
08/15/18	5.700%	3,935,000		4,480,379
Total				22,133,435
Refining —%
United Refining Co. Senior Secured
02/28/18	10.500%	411,000		411,000
REITs 0.9%
Boston Properties LP Senior Unsecured
05/15/21	4.125%	15,980,000		15,263,313
Brandywine Operating Partnership LP
05/15/15	7.500%	2,760,000		3,165,568
Duke Realty LP
Senior Unsecured
02/15/15	7.375%	2,220,000		2,530,374
08/15/19	8.250%	5,240,200		6,352,752
Total				27,312,007
Restaurants 0.8%
McDonald’s Corp.
Senior Unsecured
05/20/21	3.625%	23,404,000		23,280,169
02/01/39	5.700%	2,555,000		2,753,084
Total				26,033,253
Retailers 0.9%
Asbury Automotive Group, Inc. Subordinated Notes (a)
11/15/20	8.375%	60,000		61,050
Best Buy Co., Inc. Senior Unsecured
03/15/21	5.500%	3,715,000		3,657,722
CVS Pass-Through Trust (a)
01/11/27	5.298%	4,945,204		4,856,369
Limited Brands, Inc.
06/15/19	8.500%	181,000		206,340

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Retailers (continued)
04/01/21	6.625%	$	240,000	$	245,400
Macy’s Retail Holdings, Inc.
03/15/12	5.350%	1,250,000		1,281,671
07/15/14	5.750%	13,445,000		14,789,150
QVC, Inc. (a)
Senior Secured
04/15/17	7.125%	85,000		89,675
10/01/19	7.500%	290,000		308,125
10/15/20	7.375%	167,000		176,185
Rite Aid Corp.
06/15/17	9.500%	150,000		136,875
Senior Secured
08/15/20	8.000%	275,000		296,313
Toys R Us, Inc. Senior Unsecured
10/15/18	7.375%	456,000		442,890
Total				26,547,765
Supermarkets 0.2%
Kroger Co. (The)
12/15/18	6.800%	5,205,000		6,187,230
Technology 0.6%
Amkor Technology, Inc.
Senior Unsecured
05/01/18	7.375%	105,000		106,706
Amkor Technology, Inc. (a)
Senior Unsecured
06/01/21	6.625%	730,000		708,100
Brocade Communications Systems, Inc. Senior Secured
01/15/18	6.625%	500,000		527,500
CDW LLC/Finance Corp (a)
04/01/19	8.500%	496,000		487,320
Cardtronics, Inc.
09/01/18	8.250%	575,000		615,250
Cisco Systems, Inc. Senior Unsecured
02/15/39	5.900%	3,605,000		3,808,845
CommScope, Inc. (a)
01/15/19	8.250%	156,000		160,680
First Data Corp.
09/24/15	9.875%	352,000		361,680
First Data Corp. (a)
01/15/21	12.625%	759,000		812,130
Senior Secured
06/15/19	7.375%	148,000		149,110
08/15/20	8.875%	465,000		496,388
Freescale Semiconductor, Inc. Senior Secured (a)(b)
04/15/18	9.250%	400,000		431,000

10

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Technology (continued)
Interactive Data Corp. (a)
08/01/18	10.250%	$	679,000	$	738,412
NXP BV/Funding LLC Senior Secured (a)(b)
08/01/18	9.750%	549,000		614,880
Oracle Corp.
Senior Unsecured
04/15/13	4.950%	1,615,000		1,732,654
04/15/38	6.500%	4,355,000		5,049,875
SunGard Data Systems, Inc.
11/15/18	7.375%	589,000		589,000
iGate Corp. (a)
05/01/16	9.000%	429,000		431,145
Total				17,820,675
Transportation Services 0.4%
Avis Budget Car Rental LLC/Finance, Inc.
01/15/19	8.250%	281,000		284,513
ERAC U.S.A. Finance LLC (a)
07/01/13	2.750%	5,565,000		5,689,327
10/01/20	5.250%	4,960,000		5,231,299
Hertz Corp. (The) (a)
10/15/18	7.500%	570,000		582,825
04/15/19	6.750%	240,000		237,600
01/15/21	7.375%	299,000		302,738
Total				12,328,302
Wireless 0.2%
Clearwire Communications LLC/Finance, Inc. (a)
Secured
12/01/17	12.000%	272,000		284,920
Senior Secured
12/01/15	12.000%	83,000		89,225
Cricket Communications, Inc.
Senior Secured
05/15/16	7.750%	316,000		334,960
Cricket Communications, Inc. (a)
Senior Notes
10/15/20	7.750%	235,000		229,713
Goodman Networks, Inc. Senior Secured (a)
07/01/18	12.125%	280,000		277,200
MetroPCS Wireless, Inc.
09/01/18	7.875%	605,000		639,787
NII Capital Corp.
08/15/16	10.000%	512,000		593,920
04/01/21	7.625%	277,000		289,465
SBA Telecommunications, Inc.
08/15/19	8.250%	858,000		918,060
Sprint Capital Corp.
11/15/28	6.875%	345,000		326,888

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Wireless (continued)
Sprint Nextel Corp. Senior Unsecured
08/15/17	8.375%	$	1,144,000	$	1,256,970
Wind Acquisition Finance SA (a)(b)
Secured
07/15/17	11.750%	811,000		918,457
Senior Secured
02/15/18	7.250%	390,000		407,550
Total				6,567,115
Wirelines 2.4%
AT&T, Inc. Senior Unsecured
02/15/39	6.550%	13,505,000		14,812,689
CenturyLink, Inc. Senior Unsecured
06/15/21	6.450%	8,870,000		8,768,607
Cincinnati Bell, Inc.
10/15/17	8.250%	699,000		702,495
Embarq Corp. Senior Unsecured
06/01/36	7.995%	14,915,000		15,282,088
Frontier Communications Corp. Senior Unsecured
04/15/20	8.500%	829,000		903,610
Integra Telecom Holdings, Inc. Senior Secured (a)
04/15/16	10.750%	210,000		212,625
Level 3 Communications, Inc. Senior Unsecured (a)
02/01/19	11.875%	310,000		334,413
Level 3 Escrow, Inc. Senior Unsecured (a)
07/01/19	8.125%	147,000		147,735
Level 3 Financing, Inc.
02/15/17	8.750%	502,000		512,040
Level 3 Financing, Inc. (a)
04/01/19	9.375%	205,000		213,713
PAETEC Holding Corp.
Senior Secured
06/30/17	8.875%	757,000		794,850
PAETEC Holding Corp. (a)
12/01/18	9.875%	428,000		443,515
Qwest Corp. Senior Unsecured
06/15/23	7.500%	655,000		655,819
Telefonica Emisiones SAU (b)
06/20/16	6.421%	4,350,000		4,856,953
07/03/17	6.221%	2,375,000		2,618,079
04/27/20	5.134%	4,360,000		4,321,928
tw telecom holdings, inc.
03/01/18	8.000%	466,000		496,872

11

Issuer	Coupon Rate	Principal Amount		Value
Corporate Bonds & Notes (continued)
Wirelines (continued)
Verizon Communications, Inc. Senior Unsecured
04/01/16	3.000%	$	17,670,000	$	18,048,368
Windstream Corp.
09/01/18	8.125%	378,000		400,680
10/15/20	7.750%	536,000		561,460
Total				75,088,539
Total Corporate Bonds & Notes (Cost: $1,098,809,952)				$	1,114,881,821
Residential Mortgage-Backed Securities - Agency 20.4%
Federal Home Loan Mortgage Corp. (j)
06/01/41	4.500%	15,000,000		15,564,693
Federal Home Mortgage Corp. (j)
11/01/26	8.500%	119,713		144,388
07/01/20	12.000%	23,179		25,901
Federal National Mortgage Association (c)(j)
08/01/36	2.574%	29,047		29,210
07/01/37	5.754%	427,004		465,069
07/01/32	5.861%	159,384		168,479
06/01/32	5.966%	11,209		11,859
Federal National Mortgage Association (e)(j)
07/01/41	4.000%	9,000,000		9,000,000
07/01/41	5.000%	27,000,000		28,687,500
07/01/41	5.500%	65,000,000		70,281,250
Federal National Mortgage Association (j)
12/01/40- 02/01/41	4.000%	73,960,510		74,144,388
04/01/40- 07/01/41	4.500%	80,386,984		83,543,286
08/01/40- 04/01/41	5.000%	59,428,039		63,289,371
06/01/35- 08/01/40	5.500%	80,413,456		87,296,321
01/01/14- 12/01/38	6.000%	84,455,487		92,941,887
10/01/28- 08/01/36	6.500%	7,212,101		8,178,297
10/01/11	7.000%	2,267		2,295
09/01/18	10.000%	36,401		41,790
CMO Series 1988-4 Class Z
03/25/18	9.250%	42,937		48,674
Government National Mortgage Association (c)(j)
07/20/25	2.625%	45,199		46,865
Government National Mortgage Association (j)
09/15/40- 03/15/41	4.500%	83,959,794		88,824,490
01/15/30	7.000%	563,560		657,180
12/15/23- 07/20/28	7.500%	737,642		863,845
05/15/17	8.000%	5,432		6,218
02/15/25	8.500%	61,781		74,056

Issuer	Coupon Rate	Principal Amount		Value
Residential Mortgage-Backed Securities - Agency (continued)
06/15/16- 10/15/16	9.000%	$	4,077	$	4,549
Total Residential Mortgage-Backed Securities - Agency (Cost: $617,571,661)				$	624,341,861
Residential Mortgage-Backed Securities - Non-Agency 1.3%
American General Mortgage Loan Trust CMO Series 2009-1 Class A7 (a)(c)(j)
09/25/48	5.750%	8,182,000		8,302,652
American Mortgage Trust (c)(g)(i)(j)
07/27/23	8.188%	6,898		4,182
BCAP LLC Trust CMO Series 2006-RR1 Class PB (j)
11/25/36	5.000%	1,905,154		1,909,450
Credit Suisse Mortgage Capital Certificates (a)(c)(j)
CMO Series 2009-12R Class 30A1
12/27/36	5.300%	1,646,006		1,668,831
CMO Series 2010-11R Class A1
06/28/47	1.191%	6,915,851		6,832,069
CMO Series 2010-12R Class 13A1
12/26/37	4.250%	7,086,307		7,139,355
Fadr LLC Series 2009-2 Class A (a)(c)(j)
01/28/40	2.441%	1,874,311		1,745,452
GSMPS Mortgage Loan Trust CMO Series 1998-3 Class A (a)(c)(j)
09/19/27	7.750%	492,330		521,973
JPMorgan Alternative Loan Trust CMO Series 2006-A4 Class A1 (c)(j)
09/25/36	5.950%	2,527,709		2,515,316
LVII Resecuritization Trust CMO Series 2009-3 Class A1 (a)(c)(j)
11/27/37	5.670%	2,162,460		2,170,839
Morgan Stanley Mortgage Loan Trust CMO Series 2007-6XS Class 2A1M (c)(j)
02/25/47	0.406%	7,463,033		1,462,531
Nomura Asset Acceptance Corp. (c)(e)(j)
CMO Series 2007-1 Class 1A3 (FSA)
03/25/47	5.957%	24,345		19,869
Nomura Asset Acceptance Corp. (c)(j)
CMO Series 2007-1 Class 1A4 (AGM)
03/25/47	6.138%	2,151,817		1,755,880
Nomura Asset Acceptance Corp. (j)
CMO Series 2007-1 Class 1A3 (AGM)
03/25/47	5.957%	339,854		277,364
Prime Mortgage Trust CMO Series 2005-1 Class 2A1 (a)(j)
09/25/34	5.000%	762,160		767,178

12

Issuer	Coupon Rate	Principal Amount		Value
Residential Mortgage-Backed Securities - Non-Agency (continued)
Sequoia Mortgage Trust CMO Series 2004-6 Class B2 (c)(j)
07/20/34	1.066%	$	1,968,742	$	659,027
Structured Asset Securities Corp. CMO Series 2004-21XS Class 2A6A (j)
12/25/34	4.740%	1,789,100		1,803,759
Wells Fargo Mortgage-Backed Securities Trust CMO Series 2005-2 Class 1A2 (j)
04/25/35	8.000%	1,224,255		1,248,653
Total Residential Mortgage-Backed Securities - Non-Agency (Cost: $48,604,158)				$	40,804,380
Commercial Mortgage-Backed Securities - Non-Agency 17.7%
Bear Stearns Commercial Mortgage Securities (c)(j)
Series 2004-T14 Class A4
01/12/41	5.200%	6,136,000		6,595,764
Series 2006-PW12 Class A4
09/11/38	5.903%	1,290,000		1,420,598
Series 2006-PW12 Class AAB
09/11/38	5.878%	481,932		514,978
Series 2007-T28 Class A4
09/11/42	5.742%	4,740,000		5,278,546
Bear Stearns Commercial Mortgage Securities (j)
Series 2003-T10 Class A2
03/13/40	4.740%	640,000		668,562
Series 2006-PW14 Class A4
12/11/38	5.201%	8,025,000		8,637,698
Series 2007-PW18 Class A4
06/11/50	5.700%	16,660,000		18,108,470
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4 (j)
12/11/49	5.322%	12,775,000		13,523,687
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-CK2 Class A4 (j)
03/15/36	4.801%	15,000,000		15,619,952
Credit Suisse Mortgage Capital Certificates Series 2006-C3 Class A3 (c)(j)
06/15/38	6.014%	27,666,000		30,402,538
GE Capital Commercial Mortgage Corp. Series 2003-C1 Class A4 (j)
01/10/38	4.819%	5,110,000		5,333,624
GMAC Commercial Mortgage Securities, Inc. (c)(j)
CMO Series 2003-C2 Class A2
05/10/40	5.654%	12,745,000		13,696,486
Series 1997-C1 Class X
07/15/29	1.320%	6,346,390		219,102
GMAC Commercial Mortgage Securities, Inc. (j)
Series 2003-C3 Class A4
04/10/40	5.023%	10,600,000		11,305,672
GS Mortgage Securities Corp. II (a)(j)
Series 2010-C2 Class A2

Issuer	Coupon Rate	Principal Amount		Value
Commercial Mortgage-Backed Securities - Non-Agency (continued)
12/10/43	5.162%	$	14,670,000	$	15,451,618
Series 2011-GC3 Class A4
03/10/44	4.753%	6,850,000		7,038,070
GS Mortgage Securities Corp. II (j)
Series 2006-GG8 Class A4
11/10/39	5.560%	10,000,000		10,836,454
Greenwich Capital Commercial Funding Corp. (c)(j)
Series 2004-GG1 Class A7
06/10/36	5.317%	4,216,000		4,529,812
Series 2005-GG3 Class A4
08/10/42	4.799%	12,960,000		13,845,524
Greenwich Capital Commercial Funding Corp. (j)
Series 2003-C2 Class A3
01/05/36	4.533%	544,180		550,894
JPMorgan Chase Commercial Mortgage Securities Corp. (a)(j)
Series 2010-C1 Class A3
06/15/20	5.058%	3,875,000		4,060,121
Series 2010-C2 Class A3
11/15/43	4.070%	6,555,000		6,336,749
Series 2011-C3 Class A4
02/16/46	4.717%	9,900,000		10,000,771
JPMorgan Chase Commercial Mortgage Securities Corp. (c)(j)
Series 2005-LDP4 Class X2
10/15/42	0.345%	182,366,564		537,744
Series 2005-LDP5 Class A4
12/15/44	5.371%	4,000,000		4,358,809
Series 2007-CB19 Class A4
02/12/49	5.932%	14,950,000		16,225,544
JPMorgan Chase Commercial Mortgage Securities Corp. (j)
Series 2003-C1 Class A2
01/12/37	4.985%	15,000,000		15,692,282
Series 2007-CB18 Class A4
06/12/47	5.440%	15,825,000		16,913,119
LB-UBS Commercial Mortgage Trust (c)(j)
Series 2004-C6 Class A6
08/15/29	5.020%	14,958,000		15,982,660
Series 2007-C7 Class A3
09/15/45	5.866%	8,920,000		9,679,164
LB-UBS Commercial Mortgage Trust (j)
Series 2006-C1 Class A2
02/15/31	5.084%	3,047,511		3,065,950
Series 2007-C2 Class A3
02/15/40	5.430%	23,915,000		25,488,272
Merrill Lynch Mortgage Investors, Inc. CMO IO Series 1998-C3 Class IO (c)(j)
12/15/30	2.076%	18,780,843		276,912
Merrill Lynch Mortgage Trust Series 2005-MCP1 Class A4 (c)(j)
06/12/43	4.747%	6,450,000		6,871,824
Morgan Stanley Capital I (a)(c)(j)
Series 2011-C1 Class A4
09/15/47	5.033%	10,190,000		10,626,387
Morgan Stanley Capital I (j)
Series 2003-IQ6 Class A4
12/15/41	4.970%	9,194,000		9,787,181
Series 2004-T13 Class A4
09/13/45	4.660%	29,680,000		31,399,538

13

Issuer	Coupon Rate	Principal Amount		Value
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Morgan Stanley Dean Witter Capital I (j)
Series 2002-IQ3 Class A4
09/15/37	5.080%	$	5,630,935	$	5,826,318
Series 2002-TOP7 Class A2
01/15/39	5.980%	1,389,204		1,427,455
Series 2003-HQ2 Class A1
03/12/35	4.180%	4,222,088		4,314,712
Series 2003-HQ2 Class A2
03/12/35	4.920%	7,025,000		7,368,813
Structured Asset Securities Corp. CMO IO Series 1996-CFL Class X1 (c)(j)
02/25/28	50.000%	1,582,113		316
WF-RBS Commercial Mortgage Trust Series 2011-C2 Class A4 (a)(c)(j)
02/15/44	4.869%	4,015,000		4,115,635
Wachovia Bank Commercial Mortgage Trust (a)(c)(j)
Series 2003-C7 Class A2
10/15/35	5.077%	10,000,000		10,652,529
Series 2005-C17 Class XP
03/15/42	0.430%	616,245,350		1,292,328
Wachovia Bank Commercial Mortgage Trust (c)(j)
Series 2003-C9 Class A4
12/15/35	5.012%	13,073,000		13,974,587
Series 2004-C12 Class A4
07/15/41	5.512%	20,000,000		21,566,256
Series 2005-C17 Class A4
03/15/42	5.083%	9,575,000		10,316,914
Series 2005-C20 Class AMFX
07/15/42	5.179%	9,280,000		9,672,867
Series 2005-C21 Class A4
10/15/44	5.380%	12,870,000		14,033,610
Series 2005-C22 Class A4
12/15/44	5.440%	11,205,000		12,144,555
Series 2006-C23 Class A4
01/15/45	5.418%	9,000,000		9,774,660
Wachovia Bank Commercial Mortgage Trust (j)
Series 2002-C1 Class B
04/15/34	6.413%	5,000,000		5,157,897
Series 2003-C5 Class A2
06/15/35	3.989%	11,930,000		12,322,561
Series 2005-C17 Class APB
03/15/42	5.037%	9,487,090		9,902,725
Wells Fargo Commercial Mortgage Trust Series 2010-C1 Class A2 (a)(j)
10/15/57	4.393%	19,490,000		19,413,890
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost: $518,966,098)				$	544,159,704
Asset-Backed Securities - Agency 0.3%
Small Business Administration Participation Certificates
Series 2005-20F Class 1
06/01/25	4.570%	2,517,333		2,669,653
Series 2006-20C Class 1
03/01/26	5.570%	2,422,892		2,627,542

Issuer	Coupon Rate	Principal Amount		Value
Asset-Backed Securities - Agency (continued)
Series 2007-20H Class 1
08/01/27	5.780%	$	4,007,400	$	4,441,225
Total Asset-Backed Securities - Agency (Cost: $8,947,625)				$9,738,420
Asset-Backed Securities - Non-Agency 2.7%
Ally Auto Receivables Trust Series 2010-1 Class A3
05/15/14	1.450%	1,500,000		1,510,663
BMW Vehicle Lease Trust Series 2010-1 Class A3
04/15/13	0.820%	7,700,000		7,711,054
Bear Stearns Asset-Backed Securities Trust Series 2006-HE9 Class 1A1 (c)
11/25/36	0.236%	1,293,463		1,265,714
Bombardier Capital Mortgage Securitization Corp. Series 1998-A Class A3
04/15/28	6.230%	60,587		63,328
Chrysler Financial Auto Securitization Trust Series 2007-A Class B (a)
05/08/14	6.250%	12,582,000		12,915,661
Citibank Credit Card Issuance Trust
Series 2002-C2 Class C2
02/18/14	6.950%	2,585,000		2,678,270
Series 2008-C6 Class C6
06/20/14	6.300%	745,000		781,395
Citicorp Residential Mortgage Securities, Inc. (c)
Series 2007-2 Class A2
06/25/37	5.977%	443,939		447,621
Series 2007-2 Class A3
06/25/37	6.080%	3,819,000		3,853,971
Citigroup Mortgage Loan Trust, Inc. (c)
Series 2005-WF2 Class MF1
08/25/35	5.517%	3,775,000		445,718
Series 2005-WF2 Class MF2
08/25/35	5.666%	2,218,484		66,679
Conseco Financial Corp. Series 1997-6 Class A10
01/15/29	6.870%	821,021		881,612
Contimortgage Home Equity Trust Series 1996-4 Class A9 (NPFGC)
01/15/28	6.880%	69,154		62,484
Countrywide Asset-Backed Certificates (c)
Series 2006-S3 Class A1 (FGIC)
06/25/21	0.296%	82,281		81,239
Series 2007-S2 Class A3 (NPFGC)
05/25/37	5.813%	1,537,046		1,100,673
Series 2007-S2 Class A6 (NPFGC)
05/25/37	5.779%	886,844		670,750
Daimler Chrysler Auto Trust Series 2007-A Class A4
03/08/13	5.280%	2,631,242		2,671,995

14

Issuer	Coupon Rate	Principal Amount		Value
Asset-Backed Securities - Non-Agency (continued)
Discover Card Master Trust Series 2009-A1 Class A1 (c)
12/15/14	1.487%	$	2,865,000	$	2,898,752
First Alliance Mortgage Loan Trust Series 1994-2 Class A1 (NPFGC)
07/25/25	7.625%	513,827		462,821
Ford Credit Auto Lease Trust Series 2011-A Class A3 (e)
07/15/14	1.030%	2,890,000		2,889,906
Ford Credit Auto Owner Trust
Series 2008-B Class A4A
03/15/13	4.950%	3,500,000		3,560,034
Series 2010-A Class D
10/15/16	4.050%	7,000,000		7,278,461
Franklin Auto Trust
Series 2008-A Class A4A
05/20/16	5.360%	4,509,286		4,563,144
Franklin Auto Trust (a)
Series 2008-A Class C
05/20/16	7.160%	5,655,000		5,960,203
Harley-Davidson Motorcycle Trust Series 2007-1 Class C
04/15/15	5.540%	4,600,000		4,659,612
IMC Home Equity Loan Trust Series 1995-3 Class A5 (AGM)
04/25/26	7.500%	23,770		23,882
JPMorgan Mortgage Acquisition Corp. Series 2007-CH2 Class AV2 (c)
09/25/29	0.256%	1,664,320		1,592,062
JPMorgan Auto Receivables Trust Series 2006-A Class C (a)
12/15/14	5.610%	669,982		670,853
Renaissance Home Equity Loan Trust Series 2005-3 Class M2 (c)
11/25/35	5.355%	4,750,000		1,126,444
SACO I, Inc. Series 2005-2 Class A (a)(c)
04/25/35	0.586%	291,667		118,140
Small Business Administration Participation Certificates Series 2005-20L Class 1
12/01/25	5.390%	629,146		681,095
Wachovia Auto Loan Owner Trust Series 2007-1 Class D
02/20/13	5.650%	8,000,000		8,020,236
Total Asset-Backed Securities - Non-Agency (Cost: $91,166,672)				$	81,714,472
U.S. Treasury Obligations 16.6%
U.S. Treasury
05/31/13	0.500%	8,578,000		8,587,382
06/15/14	0.750%	31,572,000		31,534,998
05/31/16	1.750%	8,697,000		8,710,567
05/31/18	2.375%	207,174,000		206,073,906

Issuer	Coupon Rate	Principal Amount		Value
U.S. Treasury Obligations (continued)
05/15/21	3.125%	$	16,334,800	$	16,288,899
02/15/41	4.750%	26,410,000		28,073,011
U.S. Treasury (f)
STRIPS
11/15/21	0.000%	240,046,000		166,675,700
05/15/39	0.000%	27,965,000		7,557,206
02/15/40	0.000%	139,970,000		36,455,327
Total U.S. Treasury Obligations (Cost: $518,978,240)				$	509,956,996
Foreign Government Obligations 0.6%
CANADA 0.1%
Province of Quebec (b)
11/14/16	5.125%	3,060,000		3,488,682
ITALY 0.2%
Republic of Italy Senior Unsecured (b)
06/12/17	5.375%	4,805,000		5,215,693
QATAR 0.2%
Nakilat, Inc. Senior Secured (a)(b)
12/31/33	6.067%	4,795,000		4,938,850
RUSSIAN FEDERATION 0.1%
Gazprom OAO Via Gazprom International SA (a)(b)
02/01/20	7.201%	3,832,205		4,253,748
SWEDEN —%
Svensk Exportkredit AB Senior Unsecured (b)
03/01/17	5.125%	310,000		350,944
Total Foreign Government Obligations (Cost: $17,239,660)				$	18,247,917
Issue Description	Coupon Rate	Principal Amount		Value
Municipal Bonds 2.0%
City of Chicago
Revenue Bonds
Build America Bonds Series 2010
11/01/40	6.742%	1,655,000		1,794,318
Commonwealth of Massachusetts
Revenue Bonds
Build America Bonds-Recovery
Series 2010Z
06/01/30	5.631%	5,635,000		5,966,958

15

Issue Description	Coupon Rate	Principal Amount		Value
Municipal Bonds (continued)
06/01/40	5.731%	$	11,410,000	$	12,256,850
Kentucky Asset Liability Commission Revenue Bonds Taxable Series 2010
04/01/18	3.165%	19,460,000		19,513,904
Los Angeles Unified School District Unlimited General Obligation Bonds Build America Bonds Series 2009
07/01/34	5.750%	9,955,000		9,999,300
State of California Unlimited General Obligation Bonds Taxable Series 2010
11/01/15	3.950%	11,165,000		11,431,062
Total Municipal Bonds (Cost: $59,429,115)				$60,962,392
Borrower	Weighted Average Coupon	Principal Amount		Value
Senior Loans —%
Gaming —%
Caesars Octavius LLC Tranche B Term Loan (k)
04/25/17	9.250%	323,000		325,503
Total Senior Loans (Cost: $319,770)				$325,503
Issuer		Shares		Value
Common Stocks —%
CONSUMER DISCRETIONARY —%
Hotels, Restaurants & Leisure —%
Six Flags Entertainment Corp.		18,126		$	678,816
TOTAL CONSUMER DISCRECTIONARY				678,816
INDUSTRIALS —%
Airlines —%
United Continental Holdings, Inc. (l)		1,493		33,787
TOTAL INDUSTRIALS				33,787
Total Common Stocks (Cost: $320,145)				$712,603

Issuer			Shares		Value
Preferred Stocks 1.1%
FINANCIALS 1.1%
Commercial Banks 1.1%
Citigroup Capital XIII, 7.875% (c)			1,153,545		$	32,045,480
Lloyds Banking Group PLC, 6.657% (a)(b)			3,624,000			2,627,400
Total					34,672,880
TOTAL FINANCIALS					34,672,880
INFORMATION TECHNOLOGY —%
Communications Equipment —%
CMP Susquehanna Radio Holdings Corp. (a)(c)(g)(i)(l)			15,205		$	152
Total Preferred Stocks (Cost: $32,192,347)					$34,673,032
Warrants —%
INFORMATION TECHNOLOGY —%
Communications Equipment —%
CMP Susquehanna Corp. (a)(g)(i)(l)			17,375		$	174
TOTAL INFORMATION TECHNOLOGY					174
Total Warrants (Cost: $174)					$174
Issuer	Effective Yield		Par/ Principal		Value
Treasury Note Short-Term 3.6%
U.S. Treasury Bills (f)
08/25/11	0.000%		108,500,000		$	108,497,510
Total Treasury Note Short-Term (Cost: $108,493,067)					$108,497,510
		Shares		Value
Money Market Fund 0.1%
Columbia Short-Term Cash Fund, 0.166% (m)(n)		3,225,912		$		3,225,912
Total Money Market Fund (Cost: $3,225,912)				$3,225,912
Total Investments (Cost: $3,124,264,596) (o)				$3,152,242,697(p)
Other Assets & Liabilities, Net				(83,944,088)
Net Assets				$3,068,298,609

16

At June 30, 2011, $2,180,000 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at June 30, 2011

	Number of
	Contracts		Notional		Expiration	Unrealized	Unrealized
Contract Description	Long (Short)		Market Value		Date	Appreciation	Depreciation
U.S. Treasury Long Bond, 20-year	113		$ 13,902,531		Sept. 2011	$ –	$ (333,630	)
U.S. Treasury Note, 2-year	(1,231	)	(270,012,156	)	Oct. 2011	–	(553,781	)
U.S. Treasury Note, 5-year	(1,191	)	(141,961,614	)	Oct. 2011	178,809	–
U.S. Treasury Note, 10-year	(2,581	)	(315,728,904	)	Sept. 2011	123,654	–
U.S. Treasury Ultra Bond, 30-year	(521	)	(65,776,250	)	Sept. 2011	1,452,977	–
Total						$ 1,755,440	$ (887,411	)

17

Credit Default Swap Contracts Outstanding at June 30, 2011

Buy Protection

Counterparty	Reference Entity		Expiration Date	Pay Fixed Rate		Notional Amount	Market Value		Unamortized Premium (Paid) Received			Periodic Payments Receivable (Payable)			Unrealized Appreciation	Unrealized Depreciation
JPMorgan	D.R. Horton, Inc.		June 20, 2016	1.00	%	$ 5,220,000	$ 334,621		$	(274,216	)	$	(1,305	)	$ 59,100	$	-
JPMorgan	D.R. Horton, Inc.		June 20, 2016	1.00		19,280,000	1,235,917		(1,013,768		)	(5,891		)	216,258	-
Barclays Capital	Home Depot, Inc.		June 20, 2016	1.00		21,410,000	(410,884	)	380,892			(6,542		)	-	(36,534		)
Morgan Stanley	Limited Brands, Inc.		June 20, 2016	1.00		11,750,000	579,513		(429,543		)	(3,590		)	146,379	-
JPMorgan	Macy’s, Inc	.	June 20, 2016	1.00		12,010,000	(3,853	)	(244,362		)	(3,670		)	-	(251,884		)
Barclays Capital	Toll Brothers, Inc.		June 20, 2016	1.00		24,000,000	903,334		(957,327		)	(7,333		)	-	(61,327		)
Morgan Stanley	Toll Brothers, Inc.		June 20, 2016	1.00		3,555,000	133,806		(172,542		)	(988		)	-	(39,723		)
JPMorgan	D.R. Horton, Inc.		Sept. 20, 2016	1.00		2,005,000	141,516		(146,901		)	(613		)	-	(5,998		)
Barclays Capital	Marriott International, Inc.		Sept. 20, 2016	1.00		6,380,000	16,501		(37,392		)	(1,949		)	-	(22,841		)

18

JPMorgan	Morgan Stanley	Sept. 20, 2016	1.00	12,000,000	356,097	(388,430	)	(3,667	)	-	(35,999		)
Barclays Capital	Textron, Inc.	Sept. 20, 2016	1.00	6,895,000	238,587	(218,751	)	(2,107	)	17,729	-
Morgan Stanley	Toll Brothers, Inc.	Sept. 20, 2016	1.00	2,390,000	100,574	(116,652	)	(531	)	-	(16,610		)
Total										$ 439,466	$	(470,916	)

19

Notes to Portfolio of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $380,186,524 or 12.39% of net assets.
(b)	Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 5.82% of net assets.
(c)	Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.
(d)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At June 30, 2011, the value of these securities amounted to $88,724, which represents less than 0.01% of net assets.
(e)	Represents a security purchased on a when-issued or delayed delivery basis.
(f)	Zero coupon bond.
(g)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $64,308, representing less than 0.01% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:

Security Description	Acquisition Dates	Cost
American Mortgage Trust
8.188% 07/27/23	04/27/95	$6,557
CMP Susquehanna Corp.	03/26/09	61,103
3.417% 05/15/14
CMP Susquehanna Corp.	03/26/09	174
Warrant
CMP Susquehanna Radio Holdings Corp.	03/26/09	152
Six Flags, Inc.
0.000% 06/01/14	05/01/10	—

(h)	Negligible market value.
(i)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $64,308, which represents less than 0.01% of net assets.
(j)	The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(k)	Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(l)	Non-income producing.
(m)	The rate shown is the seven-day current annualized yield at June 30, 2011.
(n)	Investments in affiliates during the three months ended June 30, 2011:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	-	$	21,451,317	$	(18,225,405	)	$	-	$	3,225,912	$	318	$	3,225,912

(o) At June 30, 2011, the cost of securities for federal income tax purposes was approximately $3,124,265,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized Appreciation	$93,737,000
Unrealized Depreciation	(65,759,000	)
Net Unrealized Appreciation	$27,978,000

20

(p) Securities are valued using policies described below: 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. Asset-backed and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed and mortgage-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation. 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 mean of the lastest quoted bid and asked prices on such exchanges of markets. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates. Investments in other open-end investment companies, including money market funds, are valued at net asset value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs. 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 the Investment Manager 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 or class of securities (such as foreign securities 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, the Investment Manager 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.

Abbreviation Legend
AGM	Assured Guaranty Municipal Corporation
CMO	Collateralized Mortgage Obligation
FGIC	Financial Guaranty Insurance Company
FSA	Financial Security Assurance, Inc.
IO	Interest Only
NPFGC	National Public Finance Guarantee Corporation
PIK	Payment-in-Kind
STRIPS	Separate Trading of Registered Interest and Principal Securities

21

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

· Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

· Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

· Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.  However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices.  Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager.  Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

22

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

	Fair value at June 30, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Bonds
Corporate Bonds & Notes
Media Non-Cable	$	-	$	28,421,725	$	59,800	$	28,481,525
All Other Industries	-		1,086,400,296		-		1,086,400,296
Residential Mortgage-Backed Securities - Agency	-		624,341,861		-		624,341,861
Residential Mortgage-Backed Securities - Non-Agency	-		39,054,746		1,749,634		40,804,380
Commercial Mortgage-Backed Securities - Non-Agency	-		544,159,704		-		544,159,704
Asset-Backed Securities - Agency	-		9,738,420		-		9,738,420
Asset-Backed Securities - Non-Agency	-		81,714,472		-		81,714,472
U.S. Treasury Obligations	299,268,763		210,688,233		-		509,956,996
Foreign Government Obligations	-		18,247,917		-		18,247,917
Municipal Bonds	-		60,962,392		-		60,962,392
Total Bonds	299,268,763		2,703,729,766		1,809,434		3,004,807,963
Equity Securities
Common Stocks
Consumer Discretionary	678,816		-		-		678,816
Industrials	33,787		-		-		33,787
Preferred Stocks
Financials	-		34,672,880		-		34,672,880
Information Technology	-		-		152		152
Warrants
Information Technology	-		-		174		174
Total Equity Securities	712,603		34,672,880		326		35,385,809
Short-Term Securities
Treasury Note Short-Term	108,497,510		-		-		108,497,510
Total Short-Term Securities	108,497,510		-		-		108,497,510
Other
Senior Loans	-		325,503		-		325,503
Affiliated Money Market Fund(c)	3,225,912		-		-		3,225,912
Total Other	3,225,912		325,503		-		3,551,415
Investments in Securities	411,704,788		2,738,728,149		1,809,760		3,152,242,697
Derivatives(d)

23

Assets
Futures Contracts	1,755,440		-		-		1,755,440
Credit Default Swap Contracts	-		439,466		-		439,466
Liabilities
Futures Contracts	(887,411)		-		-		(887,411)
Credit Default Swap Contracts	-		(470,916)		-		(470,916)
Total	$	412,572,817	$	2,738,696,699	$	1,809,760	$	3,153,079,276

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 Corporate Fixed Income Bonds & Notes, Preferred Stock, 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. Certain Corporate Fixed-Income Bonds & Notes classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers. Certain Collateralized Mortgage Obligations classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities and observed yields on securities management deemed comparable.

(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

(b) There were no significant transfers between Levels 1 and 2 during the period.

(c) Money market fund that is a sweep investment for cash balances in the Fund at June 30, 2011.

(d) Derivative instruments are valued at unrealized appreciation (depreciation).

24

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Corporate			Residential Mortgage- Backed			Preferred
	Bonds &			Securities -			Stocks		Warrants
	Notes			Non-Agency							Total
Balance as of March 31, 2011	$	6,855,342		$	4,240		$	152	$	174	$	6,859,908
Accrued discounts/premiums	204			-			-		-		204
Realized gain (loss)	31,991			8			-		-		31,999
Change in unrealized appreciation (depreciation)*	(57,192		)	(100,714		)	-		-		(157,906		)
Sales	(1,819,186		)	(96		)	-		-		(1,819,282		)
Purchases	-			1,846,196			-		-		1,846,196
Transfers into Level 3	-			-			-		-		-
Transfers out of Level 3	(4,951,359		)	-			-		-		(4,951,359		)
Balance as of June 30, 2011	$	59,800		$	1,749,634		$	152	$	174	$	1,809,760

*Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was ($79,468), which is comprised of Corporate Bonds & Notes of $21,246 and Residential Mortgage-Backed Securities - Non-Agency ($100,714).

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

Financial Assets were transferred from Level 3 to Level 2 due to management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end and utilize a price provided by an approved vendor.

25

Portfolio of Investments

Columbia Pacific/Asia Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer	Shares	Value
Common Stocks 96.7%
CONSUMER DISCRETIONARY 12.0%
Auto Components 2.4%
Exedy Corp.	32,100	$	1,100,657
Hyundai Mobis	3,466	1,304,100
Total		2,404,757
Automobiles 3.9%
Fuji Heavy Industries Ltd.	142,000	1,103,485
Honda Motor Co., Ltd.	44,700	1,722,154
Toyota Motor Corp.	27,100	1,115,956
Total		3,941,595
Household Durables 0.5%
Arnest One Corp.	52,400	539,140
Internet & Catalog Retail 1.1%
GS Home Shopping, Inc.	8,211	1,049,258
Media 0.8%
Daiichikosho Co., Ltd.	48,300	781,373
Specialty Retail 1.5%
Autobacs Seven Co., Ltd.	15,800	666,394
Belle International Holdings Ltd.	414,000	874,653
Total		1,541,047
Textiles, Apparel & Luxury Goods 1.8%
Trinity Ltd.	779,603	787,397
Weiqiao Textile Co., Ltd., Class H	716,572	540,604
Youngone Corp.	36,430	521,536
Total		1,849,537
TOTAL CONSUMER DISCRECTIONARY		12,106,707
CONSUMER STAPLES 2.8%
Food & Staples Retailing 0.5%
Lianhua Supermarket Holdings Co., Ltd., Class H	246,630	565,491
Food Products 0.8%
Charoen Pokphand Foods PCL, Foreign Registered Shares	593,000	570,974
Universal Robina Corp.	269,400	253,961
Total		824,935
Personal Products 0.7%
Dr Ci:Labo Co., Ltd.	139	710,213

Issuer	Shares	Value
Common Stocks (continued)
CONSUMER STAPLES (CONTINUED)
Tobacco 0.8%
Japan Tobacco, Inc.	74	$	285,645
PT Gudang Garam Tbk	84,500	491,795
Total		777,440
TOTAL CONSUMER STAPLES		2,878,079
ENERGY 7.0%
Energy Equipment & Services 1.1%
Shinko Plantech Co., Ltd.	108,000	1,167,368
Oil, Gas & Consumable Fuels 5.9%
China Shenhua Energy Co., Ltd., Class H	84,500	404,918
CNOOC Ltd.	517,000	1,217,732
JX Holdings, Inc.	188,500	1,267,859
Oil & Natural Gas Corp., Ltd.	151,019	928,208
PTT PCL, Foreign Registered Shares	100,130	1,095,558
Yanzhou Coal Mining Co., Ltd., Class H	262,000	1,009,459
Total		5,923,734
TOTAL ENERGY		7,091,102
FINANCIALS 25.3%
Commercial Banks 13.6%
Australia & New Zealand Banking Group Ltd.	56,759	1,345,463
Bangkok Bank PCL, Foreign Registered Shares	229,200	1,186,111
Bank of Baroda	44,812	877,099
Bank of China Ltd., Class H	2,610,000	1,277,486
Commonwealth Bank of Australia	23,910	1,346,617
Industrial & Commercial Bank of China, Class H	1,779,100	1,357,002
Mitsubishi UFJ Financial Group, Inc.	179,700	875,738
Oversea-Chinese Banking Corp., Ltd.	129,000	985,348
PT Bank Rakyat Indonesia Persero Tbk	1,287,000	978,951
Sumitomo Mitsui Financial Group, Inc.	39,200	1,208,720
Union Bank of India	118,370	777,615
Westpac Banking Corp.	64,920	1,557,547
Total		13,773,697
Diversified Financial Services 3.1%
Challenger Ltd.	193,329	1,018,486

1

Issuer	Shares	Value
Common Stocks (continued)
FINANCIALS (CONTINUED)
Diversified Financial Services (cont.)
First Pacific Co., Ltd.	392,919	$	351,222
Fuyo General Lease Co., Ltd.	24,200	820,368
ORIX Corp.	9,190	893,928
Total		3,084,004
Insurance 2.7%
Dongbu Insurance Co., Ltd.	25,190	1,315,281
QBE Insurance Group Ltd.	41,080	762,446
Tokio Marine Holdings, Inc.	24,300	680,264
Total		2,757,991
Real Estate Investment Trusts (REITs) 1.6%
Advance Residence Investment Corp.	262	548,358
CDL Hospitality Trusts	290,000	486,787
Japan Retail Fund Investment Corp.	396	610,249
Total		1,645,394
Real Estate Management & Development 4.3%
China Vanke Co., Ltd., Class B	375,900	506,243
Ho Bee Investment Ltd.	360,000	423,006
Hongkong Land Holdings Ltd.	128,000	912,783
Housing Development & Infrastructure Ltd. (a)	99,701	357,367
Huaku Development Co., Ltd.	308,615	917,567
Swire Pacific Ltd., Class A	80,200	1,180,780
Total		4,297,746
TOTAL FINANCIALS		25,558,832
HEALTH CARE 3.0%
Health Care Equipment & Supplies 2.0%
Hartalega Holdings Bhd	156,600	289,590
St. Shine Optical Co., Ltd.	73,000	1,109,094
Sysmex Corp.	15,600	586,745
Total		1,985,429
Health Care Providers & Services 0.5%
Miraca Holdings, Inc.	13,800	559,129
Pharmaceuticals 0.5%
PT Kalbe Farma Tbk	1,301,000	513,369
TOTAL HEALTH CARE		3,057,927

Issuer	Shares	Value
Common Stocks (continued)
INDUSTRIALS 12.7%
Building Products 1.0%
Asahi Glass Co., Ltd.	80,000	$	936,182
Commercial Services & Supplies 0.8%
Aeon Delight Co., Ltd.	40,800	822,656
Construction & Engineering 1.7%
China Communications Construction Co., Ltd., Class H	474,000	409,326
CTCI Corp.	695,000	910,866
Monadelphous Group Ltd.	21,461	424,880
Total		1,745,072
Industrial Conglomerates 2.2%
Fraser and Neave Ltd.	192,000	907,170
Jardine Matheson Holdings Ltd.	22,279	1,279,376
Total		2,186,546
Machinery 3.8%
Fanuc Corp.	7,700	1,287,617
Fuji Machine Manufacturing Co., Ltd.	38,300	822,965
Komatsu Ltd.	37,500	1,170,868
Sintokogio Ltd.	57,300	588,269
Total		3,869,719
Trading Companies & Distributors 3.2%
ITOCHU Corp.	141,200	1,468,600
Mitsubishi Corp.	12,200	304,730
Mitsui & Co., Ltd.	86,100	1,488,680
Total		3,262,010
TOTAL INDUSTRIALS		12,822,185
INFORMATION TECHNOLOGY 14.2%
Communications Equipment 0.5%
HTC Corp.	14,000	473,357
Computers & Peripherals 1.2%
Gigabyte Technology Co., Ltd.	582,000	653,943
Wistron Corp.	328,422	585,441
Total		1,239,384
Electronic Equipment, Instruments & Components 3.1%
Hamamatsu Photonics KK	12,800	553,432
Hitachi Ltd.	254,000	1,507,491
Hon Hai Precision Industry Co., Ltd.	127,154	437,765
Venture Corp., Ltd.	87,000	605,294
Total		3,103,982

2

Issuer	Shares	Value
Common Stocks (continued)
INFORMATION TECHNOLOGY (CONTINUED)
Internet Software & Services 2.1%
Baidu, Inc., ADR (a)	7,994	$	1,120,199
Tencent Holdings Ltd.	37,600	1,026,194
Total		2,146,393
Office Electronics 1.6%
Canon, Inc.	34,500	1,641,038
Semiconductors & Semiconductor Equipment 5.2%
Duksan Hi-Metal Co., Ltd. (a)	13,533	295,103
Macronix International	1,077,000	661,766
Samsung Electronics Co., Ltd.	3,521	2,736,625
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	123,416	1,556,276
Total		5,249,770
Software 0.5%
Kingdee International Software Group Co., Ltd.	1,056,000	569,097
TOTAL INFORMATION TECHNOLOGY		14,423,021
MATERIALS 10.2%
Chemicals 3.1%
Capro Corp.	29,760	905,691
Kansai Paint Co., Ltd.	120,000	1,093,343
Nitto Denko Corp.	22,400	1,138,169
Total		3,137,203
Construction Materials 0.5%
PT Indocement Tunggal Prakarsa Tbk	263,500	524,818
Containers & Packaging 0.7%
Cheng Loong Corp.	1,470,000	697,144
Metals & Mining 5.9%
BHP Billiton Ltd.	60,717	2,869,542
Freeport-McMoRan Copper & Gold, Inc.	14,453	764,564
Kobe Steel Ltd.	317,000	720,877
Newcrest Mining Ltd.	25,492	1,032,930
Rio Tinto Ltd.	5,927	530,518
Total		5,918,431
TOTAL MATERIALS		10,277,596

Issuer	Shares	Value
Common Stocks (continued)
TELECOMMUNICATION SERVICES 5.4%
Diversified Telecommunication Services 1.1%
Chunghwa Telecom Co., Ltd., ADR	30,557	$	1,055,744
Wireless Telecommunication Services 4.3%
China Mobile Ltd., ADR	9,565	447,451
NTT DoCoMo, Inc.	918	1,639,494
SoftBank Corp.	35,800	1,355,828
Total Access Communication PCL, NVDR, Foreign Registered Shares	528,025	942,874
Total		4,385,647
TOTAL TELECOMMUNICATION SERVICES		5,441,391
UTILITIES 4.1%
Gas Utilities 1.8%
ENN Energy Holdings Ltd.	224,000	762,389
PT Perusahaan Gas Negara Tbk	2,287,500	1,075,886
Total		1,838,275
Independent Power Producers & Energy Traders 1.4%
Aboitiz Power Corp.	1,260,700	913,029
Energy Development Corp.	3,547,000	541,067
Total		1,454,096
Water Utilities 0.9%
Guangdong Investment Ltd.	1,670,000	894,050
TOTAL UTILITIES		4,186,421
Total Common Stocks (Cost: $86,513,528)		$97,843,261
Preferred Stocks 1.4%
CONSUMER DISCRETIONARY 1.4%
Automobiles 1.4%
Hyundai Motor Co.	18,323	$	1,416,761
TOTAL CONSUMER DISCRECTIONARY		1,416,761
Total Preferred Stocks (Cost: $1,174,089)		$1,416,761

	Shares	Value
Exchange-Traded Funds 1.4%
iShares MSCI Emerging Markets Index Fund	10,686	$	508,654
iShares MSCI Japan Index Fund	31,787	331,538

3

	Shares	Value
Exchange-Traded Funds (continued)
iShares MSCI Pacific ex-Japan Index Fund	10,832	$	515,711
Total Exchange-Traded Funds (Cost: $1,308,027)		$1,355,903

	Shares	Value
Money Market Fund 0.2%
Columbia Short-Term Cash Fund, 0.166% (b)(c)	216,812	$	216,812
Total Money Market Fund (Cost: $216,812)		$216,812
Total Investments
(Cost: $89,212,456) (d)		$100,832,737(e)
Other Assets & Liabilities, Net		341,994
Net Assets		$101,174,731

Summary of Investments in Securities by Country

The following table represents the portfolio of investments of the Fund by country as a percentage of net assets at June 30, 2011.

Country	Percentage of Net Assets
Australia	10.76	%
China	12.83
Hong Kong	4.46
India	2.91
Indonesia	3.54
Japan	35.71
Korea	9.43
Malaysia	0.29
Philippines	1.69
Singapore	3.37
Taiwan	8.95
Thailand	3.75
Total Foreign Securities	97.69	%
United States	2.31	%
	100.00	%

4

Forward Foreign Currency Exchange Contracts Open at June 30, 2011

Counterparty	Exchange Date	Currency to be Delivered	Currency to be Received	Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley	July 20, 2011	408,144	384,000	$	2,909	$	–
		(USD)	(AUD)
Morgan Stanley	July 20, 2011	293,356	319,426,000	5,544		–
		(USD)	(KRW)
Morgan Stanley	August 25, 2011	14,276,524,000	1,653,332	–		(3,742)
		(IDR)	(USD)
Morgan Stanley	August 25, 2011	59,229,000	1,359,711	–		(3,207)
		(PHP)	(USD)
Morgan Stanley	August 25, 2011	78,016,000	2,537,106	3,502		–
		(THB)	(USD)
Morgan Stanley	August 25, 2011	64,147,000	2,237,426	3,467		–
		(TWD)	(USD)
Morgan Stanley	August 25, 2011	5,009,437	4,694,000	5,397		–
		(USD)	(AUD)
Morgan Stanley	August 25, 2011	1,858,996	83,283,000	–		(6,358)
		(USD)	(INR)
Morgan Stanley	August 25, 2011	1,071,119	86,134,000	–		(1,037)
		(USD)	(JPY)
Morgan Stanley	August 25, 2011	1,757,576	5,307,000	–		(4,094)
		(USD)	(MYR)
Morgan Stanley	August 25, 2011	196,514	238,000	258		–
		(USD)	(NZD)
Total				$	21,077	$	(18,438)

5

Notes to Portfolio of Investments

(a)	Non-income producing.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2011.
(c)	Investments in affiliates during the three months ended June 30, 2011:

Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales		Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund	$	-	$	937,649	$	(720,837)	$	-	$	216,812	$	15	$	216,812

(d)	At June 30, 2011, the cost of securities for federal income tax purposes was approximately $89,212,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
	Unrealized Appreciation	$12,690,000
	Unrealized Depreciation	(1,069,000)
	Net Unrealized Appreciation	$11,621,000

6

(e)

Securities are valued using policies described below:

Equity securities and exchange-traded funds are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Investments in other open-end investment companies, including money market funds, are valued at net asset value. Forward foreign currency exchange contracts are marked-to-market daily based upon foreign currency exchange rates provided by a pricing service. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade.  If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE).  The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times.  Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value.  If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees. 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 or class of securities (such as foreign securities) 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.

7

Abbreviation Legend

ADR	American Depositary Receipt
NVDR	Non-voting Depository Receipt

Currency Legend

AUD	Australian Dollar
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MYR	Malaysia Ringgits
NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar
THB	Thailand Baht
TWD	Taiwan Dollar
USD	US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

·Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds).  Valuation adjustments are not applied to Level 1 investments.

·Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

·Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume

8

and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2.  The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements – Security Valuation in the most recent Annual Report dated March 31, 2011.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.  However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices.  Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager.  Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

	Fair value at June 30, 2011
	Level 1		Level 2		Level 3
Description(a)	quoted prices		other		significant		Total
	in active		significant		unobservable
	markets for		observable		inputs
	identical assets		inputs(b)
Equity Securities
Common Stocks
Consumer Discretionary	$	-	$	12,106,707	$	-	$	12,106,707
Consumer Staples	-		2,878,079		-		2,878,079
Energy	-		7,091,102		-		7,091,102
Financials	-		25,558,832		-		25,558,832
Health Care	-		3,057,927		-		3,057,927
Industrials	-		12,822,185		-		12,822,185
Information Technology	2,676,475		11,746,546		-		14,423,021
Materials	764,564		9,513,032		-		10,277,596
Telecommunication Services	1,503,195		3,938,196		-		5,441,391
Utilities	-		4,186,421		-		4,186,421
Preferred Stocks
Consumer Discretionary	-		1,416,761		-		1,416,761
Total Equity Securities	4,944,234		94,315,788		-		99,260,022
Other

9

Affiliated Money Market Fund(c)	216,812		-		-		216,812
Exchange-Traded Funds	1,355,903		-		-		1,355,903
Total Other	1,572,715		-		-		1,572,715
Investments in Securities	6,516,949		94,315,788		-		100,832,737
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts	-		21,077		-		21,077
Liabilities
Forward Foreign Currency Exchange Contracts	-		(18,438)		-		(18,438)
Total	$	6,516,949	$	94,318,427	$	-	$	100,835,376

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

(a) See the Portfolio of Investments for all investment classifications not indicated in the table.

(b) There were no significant transfers between Levels 1 and 2 during the period.

(c) Money market fund that is a sweep investment for cash balances in the Fund at June 30, 2011.

(d) Derivative Instruments are valued at unrealized appreciation (depreciation).

10

INVESTMENT PORTFOLIO
June 30, 2011 (Unaudited)	Columbia Select Large Cap Growth Fund

		Shares	Value ($)*
Common Stocks — 99.5%
CONSUMER DISCRETIONARY — 18.3%
Hotels, Restaurants & Leisure — 3.1%
	Chipotle Mexican Grill, Inc. (a)	548,500	169,042,215
Hotels, Restaurants & Leisure Total			169,042,215
Internet & Catalog Retail — 11.6%
	Amazon.com, Inc. (a)	1,212,025	247,846,992
	NetFlix, Inc. (a)	575,910	151,285,798
	priceline.com, Inc. (a)	475,723	243,536,876
Internet & Catalog Retail Total			642,669,666
Textiles, Apparel & Luxury Goods — 3.6%
	Lululemon Athletica, Inc. (a)	1,770,476	197,974,626
Textiles, Apparel & Luxury Goods Total			197,974,626
CONSUMER DISCRETIONARY TOTAL			1,009,686,507
CONSUMER STAPLES — 3.5%
Personal Products — 3.5%
	Estée Lauder Companies, Inc., Class A	1,851,010	194,707,742
Personal Products Total			194,707,742
CONSUMER STAPLES TOTAL			194,707,742
ENERGY — 5.4%
Energy Equipment & Services — 2.9%
	FMC Technologies, Inc. (a)	3,653,378	163,634,801
Energy Equipment & Services Total			163,634,801
Oil, Gas & Consumable Fuels — 2.5%
	EOG Resources, Inc.	1,306,130	136,555,891
Oil, Gas & Consumable Fuels Total			136,555,891
ENERGY TOTAL			300,190,692
FINANCIALS — 4.7%
Capital Markets — 4.7%
	Franklin Resources, Inc.	1,986,750	260,840,407
Capital Markets Total			260,840,407
FINANCIALS TOTAL			260,840,407
HEALTH CARE — 24.8%
Biotechnology — 11.4%
	Alexion Pharmaceuticals, Inc. (a)	2,556,260	120,220,908
	Biogen Idec, Inc. (a)	1,891,430	202,231,696
	Celgene Corp. (a)	2,931,540	176,830,493
	Dendreon Corp. (a)	3,327,630	131,241,727
Biotechnology Total			630,524,824

1

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Equipment & Supplies — 2.9%
	St. Jude Medical, Inc.	3,368,740	160,621,523
Health Care Equipment & Supplies Total			160,621,523
Health Care Providers & Services — 3.5%
	Medco Health Solutions, Inc. (a)	3,364,591	190,166,683
Health Care Providers & Services Total			190,166,683
Pharmaceuticals — 7.0%
	Allergan, Inc.	2,047,690	170,470,192
	Novo Nordisk A/S, ADR	1,729,017	216,611,250
Pharmaceuticals Total			387,081,442
HEALTH CARE TOTAL			1,368,394,472
INDUSTRIALS — 8.5%
Aerospace & Defense — 3.3%
	Precision Castparts Corp.	1,100,970	181,274,710
Aerospace & Defense Total			181,274,710
Air Freight & Logistics — 5.2%
	C.H. Robinson Worldwide, Inc.	1,710,560	134,860,550
	Expeditors International of Washington, Inc.	2,945,892	150,800,212
Air Freight & Logistics Total			285,660,762
INDUSTRIALS TOTAL			466,935,472
INFORMATION TECHNOLOGY — 31.6%
Communications Equipment — 11.9%
	Acme Packet, Inc. (a)	3,274,810	229,662,425
	F5 Networks, Inc. (a)	1,903,959	209,911,480
	QUALCOMM, Inc.	3,786,960	215,061,459
Communications Equipment Total			654,635,364
Computers & Peripherals — 4.0%
	EMC Corp. (a)	8,104,800	223,287,240
Computers & Peripherals Total			223,287,240
Internet Software & Services — 7.6%
	Baidu, Inc., ADR (a)	1,894,720	265,507,113
	Google, Inc., Class A (a)	303,789	153,832,674
Internet Software & Services Total			419,339,787
IT Services — 4.1%
	Cognizant Technology Solutions Corp., Class A (a)	3,127,670	229,383,318
IT Services Total			229,383,318

2

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Software — 4.0%
	Salesforce.com, Inc. (a)	1,475,700	219,849,786
Software Total			219,849,786
INFORMATION TECHNOLOGY TOTAL			1,746,495,495
MATERIALS — 2.7%
Chemicals — 2.7%
	Praxair, Inc.	1,360,230	147,435,330
Chemicals Total			147,435,330
MATERIALS TOTAL			147,435,330
	Total Common Stocks (cost of $4,334,178,546)		5,494,686,117
		Par ($)
Short-Term Obligation — 1.3%
	Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/11, due 07/01/11 at 0.010%, collateralized by a U.S. Treasury obligation maturing 06/30/18, market value $70,988,369 (repurchase proceeds $69,593,019)	69,593,000	69,593,000
	Total Short-Term Obligation (cost of $69,593,000)		69,593,000
	Total Investments — 100.8% (cost of $4,403,771,546)(b)(c)		5,564,279,117
	Other Assets & Liabilities, Net — (0.8)%		(44,750,381	)
	Net Assets — 100.0%		5,519,528,736

3

Notes to Investment Portfolio:

*

Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and asked prices on such exchanges or markets. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates. 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 or class of securities (such as foreign securities) 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. Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. Fair value inputs are summarized in the three broad levels listed below: · Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments. · Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). · Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Non-U.S. equity securities actively traded in foreign

4

markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Description	QuotedPrices(Level 1)		Other  Significant  Observable  Inputs(Level 2)		Significant  UnobservableInputs(Level 3)		Total
Total Common Stocks	$	5,494,686,117	$	—	$	—	$	5,494,686,117
Total Short-Term Obligation	—		69,593,000		—		69,593,000
Total Investments	$	5,494,686,117	$	69,593,000	$	—	$	5,564,279,117

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

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

(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $4,403,771,546.
(c)	Unrealized appreciation and depreciation at June 30, 2011 based on cost of investments for federal income tax purposes was:
		Unrealized			Unrealized			Net Unrealized
		Appreciation			Depreciation			Appreciation
		$	1,197,106,055		$	(36,598,484	)	$	1,160,507,571
Acronym				Name
ADR				American Depositary Receipt

5

INVESTMENT PORTFOLIO
June 30, 2011 (Unaudited)	Columbia Select Small Cap Fund

		Shares	Value ($)*
Common Stocks — 99.6%
CONSUMER DISCRETIONARY — 14.9%
Diversified Consumer Services — 3.5%
	Coinstar, Inc. (a)	340,000	18,543,600
Diversified Consumer Services Total			18,543,600
Hotels, Restaurants & Leisure — 1.4%
	Bravo Brio Restaurant Group, Inc. (a)	300,000	7,329,000
Hotels, Restaurants & Leisure Total			7,329,000
Household Durables — 6.8%
	Harman International Industries, Inc.	280,000	12,759,600
	Meritage Home Corp. (a)	440,000	9,926,400
	Ryland Group, Inc.	840,000	13,885,200
Household Durables Total			36,571,200
Specialty Retail — 1.0%
	Williams-Sonoma, Inc.	140,000	5,108,600
Specialty Retail Total			5,108,600
Textiles, Apparel & Luxury Goods — 2.2%
	True Religion Apparel, Inc. (a)	100,000	2,908,000
	Vera Bradley, Inc. (a)	240,000	9,168,000
Textiles, Apparel & Luxury Goods Total			12,076,000
CONSUMER DISCRETIONARY TOTAL			79,628,400
ENERGY — 11.6%
Energy Equipment & Services — 3.5%
	Helmerich & Payne, Inc.	280,000	18,513,600
Energy Equipment & Services Total			18,513,600
Oil, Gas & Consumable Fuels — 8.1%
	Carrizo Oil & Gas, Inc. (a)	280,000	11,690,000
	Comstock Resources, Inc. (a)	440,000	12,667,600
	SM Energy Co.	260,000	19,104,800
Oil, Gas & Consumable Fuels Total			43,462,400
ENERGY TOTAL			61,976,000
FINANCIALS — 10.5%
Capital Markets — 4.6%
	Greenhill & Co., Inc.	100,000	5,382,000
	KBW, Inc.	140,000	2,618,000
	Legg Mason, Inc.	500,000	16,380,000
Capital Markets Total			24,380,000
Commercial Banks — 5.9%
	City National Corp.	260,000	14,105,000

1

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Zions Bancorporation	740,000	17,767,400
Commercial Banks Total			31,872,400
FINANCIALS TOTAL			56,252,400
HEALTH CARE — 11.7%
Health Care Technology — 3.2%
	athenahealth, Inc. (a)	420,000	17,262,000
Health Care Technology Total			17,262,000
Life Sciences Tools & Services — 4.6%
	Charles River Laboratories International, Inc. (a)	440,000	17,886,000
	Techne Corp.	80,000	6,669,600
Life Sciences Tools & Services Total			24,555,600
Pharmaceuticals — 3.9%
	Endo Pharmaceuticals Holdings, Inc. (a)	520,000	20,888,400
Pharmaceuticals Total			20,888,400
HEALTH CARE TOTAL			62,706,000
INDUSTRIALS — 18.4%
Building Products — 3.5%
	Quanex Building Products Corp.	610,000	9,997,900
	Simpson Manufacturing Co., Inc.	300,000	8,961,000
Building Products Total			18,958,900
Construction & Engineering — 7.2%
	Chicago Bridge & Iron Co., NV, N.Y. Registered Shares	440,000	17,116,000
	Granite Construction, Inc.	500,000	12,265,000
	Shaw Group, Inc. (a)	300,000	9,063,000
Construction & Engineering Total			38,444,000
Professional Services — 5.1%
	FTI Consulting, Inc. (a)	440,000	16,693,600
	Towers Watson & Co., Class A	160,000	10,513,600
Professional Services Total			27,207,200
Road & Rail — 2.6%
	Kansas City Southern (a)	240,000	14,239,200
Road & Rail Total			14,239,200
INDUSTRIALS TOTAL			98,849,300
INFORMATION TECHNOLOGY — 25.4%
Communications Equipment — 2.0%
	Plantronics, Inc.	300,000	10,959,000
Communications Equipment Total			10,959,000

2

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Computers & Peripherals — 2.7%
	STEC, Inc. (a)	860,000	14,628,600
Computers & Peripherals Total			14,628,600
Electronic Equipment, Instruments & Components — 1.9%
	Jabil Circuit, Inc.	500,000	10,100,000
Electronic Equipment, Instruments & Components Total			10,100,000
Internet Software & Services — 2.5%
	Digital River, Inc. (a)	420,000	13,507,200
Internet Software & Services Total			13,507,200
IT Services — 4.8%
	CACI International, Inc., Class A (a)	220,000	13,877,600
	Forrester Research, Inc. (a)	355,000	11,700,800
IT Services Total			25,578,400
Semiconductors & Semiconductor Equipment — 2.9%
	Power Integrations, Inc.	400,000	15,372,000
Semiconductors & Semiconductor Equipment Total			15,372,000
Software — 8.6%
	Fair Isaac Corp.	500,000	15,100,000
	Kenexa Corp. (a)	300,000	7,194,000
	Manhattan Associates, Inc. (a)	420,000	14,464,800
	Websense, Inc. (a)	360,000	9,349,200
Software Total			46,108,000
INFORMATION TECHNOLOGY TOTAL			136,253,200
MATERIALS — 5.5%
Chemicals — 3.8%
	Intrepid Potash, Inc. (a)	360,000	11,700,000
	OM Group, Inc. (a)	220,000	8,940,800
Chemicals Total			20,640,800
Metals & Mining — 1.7%
	Materion Corp (a)	240,000	8,872,800
Metals & Mining Total			8,872,800
MATERIALS TOTAL			29,513,600
TELECOMMUNICATION SERVICES — 1.6%
Diversified Telecommunication Services — 1.6%
	Iridium Communications, Inc. (a)	1,000,000	8,650,000
Diversified Telecommunication Services Total			8,650,000
TELECOMMUNICATION SERVICES TOTAL			8,650,000
	Total Common Stocks (cost of $411,671,295)		533,828,900
	Total Investments — 99.6% (cost of $411,671,295)(b)(c)		533,828,900
	Other Assets & Liabilities, Net — 0.4%		2,342,610
	Net Assets — 100.0%		536,171,510

3

Notes to Investment Portfolio:

*

Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and asked prices on such exchanges or markets. 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 or class of securities (such as foreign securities) 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.

4

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

· Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

· Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

· Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.  Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Description	Quoted Prices(Level 1)		Other  Significant  Observable  Inputs(Level 2)		Significant  Unobservable  Inputs(Level 3)		Total
Total Common Stocks	$	533,828,900	$	—	$	—	$	533,828,900
Total Investments	$	533,828,900	$	—	$	—	$	533,828,900

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

5

(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $411,671,295.
(c)	Unrealized appreciation and depreciation at June 30, 2011 based on cost of investments for federal income tax purposes was:
		Unrealized		Unrealized			Net Unrealized
		Appreciation		Depreciation			Appreciation
		$	131,582,889	$	(9,425,284	)	$	122,157,605

6

INVESTMENT PORTFOLIO
June 30, 2011 (Unaudited)	Columbia U.S. Treasury Index Fund

		Par ($)	Value ($)*
Government & Agency Obligations — 99.3%
U.S. TREASURY BONDS — 20.4%
	3.500% 05/15/20 (a)	5,570,000	5,814,969
	3.500% 02/15/39 (a)	3,830,000	3,289,013
	3.875% 08/15/40 (a)	2,245,000	2,055,578
	4.250% 11/15/40	3,520,000	3,440,800
	4.375% 11/15/39	2,225,000	2,226,044
	4.375% 05/15/40 (a)	3,370,000	3,367,911
	4.375% 05/15/41	2,485,000	2,481,123
	4.500% 05/15/38 (a)	6,330,000	6,498,137
	4.500% 08/15/39 (a)	3,590,000	3,670,775
	4.625% 02/15/40 (a)	4,745,000	4,947,403
	4.750% 02/15/37	1,110,000	1,187,354
	4.750% 02/15/41	3,195,000	3,396,186
	5.000% 05/15/37	415,000	460,974
	5.250% 11/15/28	1,925,000	2,221,569
	5.500% 08/15/28 (a)	2,075,000	2,463,089
	6.125% 08/15/29	3,690,000	4,688,606
	6.250% 08/15/23 (a)	1,760,000	2,232,725
	6.500% 11/15/26	625,000	816,211
	7.250% 08/15/22	2,645,000	3,604,638
	7.500% 11/15/16 (a)	5,890,000	7,598,559
	8.750% 05/15/17 (a)	3,105,000	4,262,339
	11.250% 02/15/15 (a)	9,945,000	13,519,760
U.S. TREASURY BONDS TOTAL			84,243,763
U.S. TREASURY NOTES — 78.9%
	0.375% 09/30/12	9,465,000	9,475,724
	0.375% 10/31/12	3,215,000	3,218,141
	0.500% 11/30/12	3,455,000	3,463,503
	0.500% 05/31/13 (a)	2,845,000	2,848,112
	0.500% 10/15/13	3,975,000	3,968,791
	0.500% 11/15/13	2,925,000	2,918,145
	0.625% 12/31/12	2,810,000	2,821,527
	0.625% 01/31/13	3,065,000	3,077,452
	0.625% 02/28/13	2,540,000	2,549,922
	0.625% 04/30/13 (a)	2,720,000	2,729,765
	0.750% 03/31/13 (a)	2,990,000	3,007,521
	0.750% 06/15/14	2,600,000	2,596,142
	1.000% 07/15/13	19,350,000	19,555,690
	1.000% 05/15/14 (a)	1,870,000	1,882,564
	1.250% 03/15/14 (a)	1,545,000	1,567,449
	1.250% 04/15/14	1,700,000	1,723,905

1

		Par ($)	Value ($)
Government & Agency Obligations — (continued)
U.S. TREASURY NOTES — (continued)
	1.250% 10/31/15	6,200,000	6,147,684
	1.375% 09/15/12	21,365,000	21,645,416
	1.375% 10/15/12	1,935,000	1,961,606
	1.375% 02/15/13	10,020,000	10,179,694
	1.375% 11/30/15 (a)	4,420,000	4,398,245
	1.500% 07/15/12 (a)	1,590,000	1,610,745
	1.750% 04/15/13	13,460,000	13,776,579
	1.750% 05/31/16	2,110,000	2,113,292
	1.875% 02/28/14	10,745,000	11,079,943
	1.875% 04/30/14	3,940,000	4,063,125
	1.875% 08/31/17	6,185,000	6,061,300
	1.875% 09/30/17	2,590,000	2,532,331
	1.875% 10/31/17	2,820,000	2,751,922
	2.000% 01/31/16 (a)	2,675,000	2,727,037
	2.000% 04/30/16 (a)	2,165,000	2,197,821
	2.125% 05/31/15	6,830,000	7,060,513
	2.125% 02/29/16 (a)	1,635,000	1,673,831
	2.250% 01/31/15 (a)	10,125,000	10,535,538
	2.250% 03/31/16 (a)	1,885,000	1,938,760
	2.375% 09/30/14 (a)	4,725,000	4,945,746
	2.375% 10/31/14 (a)	9,680,000	10,123,915
	2.375% 05/31/18	1,405,000	1,396,331
	2.500% 03/31/13	5,775,000	5,985,920
	2.625% 06/30/14	7,200,000	7,586,438
	2.625% 04/30/16	3,600,000	3,761,719
	2.625% 04/30/18	1,550,000	1,569,375
	2.625% 08/15/20 (a)	5,765,000	5,580,341
	2.625% 11/15/20	5,560,000	5,354,975
	2.750% 12/31/17 (a)	1,605,000	1,647,884
	2.750% 02/28/18 (a)	1,450,000	1,484,664
	2.875% 03/31/18 (a)	1,045,000	1,076,513
	3.125% 04/30/17	11,255,000	11,901,285
	3.125% 05/15/19	2,255,000	2,328,288
	3.125% 05/15/21 (a)	3,795,000	3,784,336
	3.250% 12/31/16	10,660,000	11,372,056
	3.375% 11/15/19	7,920,000	8,256,600
	3.500% 02/15/18	7,700,000	8,261,261
	3.625% 08/15/19	4,055,000	4,320,477
	3.625% 02/15/20	3,965,000	4,194,538
	3.625% 02/15/21 (a)	5,625,000	5,865,379

2

		Par ($)	Value ($)
Government & Agency Obligations — (continued)
U.S. TREASURY NOTES — (continued)
	3.875% 02/15/13	1,960,000	2,070,479
	3.875% 05/15/18 (a)	4,375,000	4,792,336
	4.000% 02/15/15	6,690,000	7,373,638
	4.500% 02/15/16	12,520,000	14,160,320
	6.625% 02/15/27	2,340,000	3,095,747
	8.000% 11/15/21	765,000	1,089,288
U.S. TREASURY NOTES TOTAL			325,239,584
	Total Government & Agency Obligations (cost of $399,152,148)		409,483,347
		Shares
Securities Lending Collateral — 22.2%
	State Street Navigator Securities Lending Prime Portfolio (7 day yield of 0.220%) (b)	91,406,413	91,406,413
	Total Securities Lending Collateral (cost of $91,406,413)		91,406,413
		Par ($)
Short-Term Obligation — 0.3%
	Repurchase agreement with Fixed Income Clearing Corp., dated 06/30/11 due 07/01/11 at 0.010%, collateralized by a U.S. Treasury obligation maturing 05/15/30, market value $1,213,650 (repurchase proceeds $1,185,000)	1,185,000	1,185,000
	Total Short-Term Obligation (cost of $1,185,000)		1,185,000
	Total Investments — 121.8% (cost of $491,743,561)(c)(d)		502,074,760
	Obligation to Return Collateral for Securities Loaned — (22.2)%		(91,406,413	)
	Other Assets & Liabilities, Net — 0.4%		1,571,784
	Net Assets — 100.0%		412,240,131

3

Notes to Investment Portfolio:

*

Security Valuation: Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities.  The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes.  Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates. 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 or class of securities (such as foreign securities) 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. Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. Fair value inputs are summarized in the three broad levels listed below: · Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments. · Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). · Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. Thisnditionnvestment to be reclassified between the various levels within the hierarchy.

4

This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.  However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices.  Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3.  These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager.  Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Description	Quoted Prices(Level 1)		Other  Significant  Observable  Inputs(Level 2)		Significant  Unobservable Inputs(Level 3)		Total
Government & Agency Obligations
U.S. Treasury Bonds	$	84,243,763	$	—	$	—	$	84,243,763
U.S. Treasury Notes	325,239,584		—		—		325,239,584
Total Government & Agency Obligations	409,483,347		—		—		409,483,347
Total Securities Lending Collateral	91,406,413		—		—		91,406,413
Total Short-Term Obligation	—		1,185,000		—		1,185,000
Total Investments	$	500,889,760	$	1,185,000	$	—	$	502,074,760

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

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

(a)	All or a portion of this security was on loan at June 30, 2011. The total market value of securities on loan at June 30, 2011 is $82,606,804.
(b)	Investment made with cash collateral received from securities lending activity.
(c)	Cost for federal income tax purposes is $492,447,265.
(d)	Unrealized appreciation and depreciation at June 30, 2011 based on cost of investments for federal income tax purposes was:
		Unrealized		Unrealized			Net Unrealized
		Appreciation		Depreciation			Appreciation
		$	10,569,599	$	(942,104	)	$	9,627,495

5

INVESTMENT PORTFOLIO

June 30, 2011 (Unaudited) Columbia Value and Restructuring Fund

		Shares	Value ($)*
Common Stocks — 97.6%
CONSUMER DISCRETIONARY — 4.4%
Automobiles — 1.0%
	Ford Motor Co. (a)	4,500,000	62,055,000
Automobiles Total			62,055,000
Household Durables — 0.8%
	Newell Rubbermaid, Inc.	3,500,000	55,230,000
Household Durables Total			55,230,000
Leisure Equipment & Products — 0.2%
	Hasbro, Inc.	345,403	15,173,553
Leisure Equipment & Products Total			15,173,553
Specialty Retail — 2.4%
	TJX Companies, Inc.	3,000,000	157,590,000
Specialty Retail Total			157,590,000
CONSUMER DISCRETIONARY TOTAL			290,048,553
CONSUMER STAPLES — 5.2%
Food Products — 0.2%
	Dole Food Co., Inc. (a)	850,000	11,492,000
Food Products Total			11,492,000
Tobacco — 5.0%
	Lorillard, Inc.	3,000,000	326,610,000
Tobacco Total			326,610,000
CONSUMER STAPLES TOTAL			338,102,000
ENERGY — 21.7%
Oil, Gas & Consumable Fuels — 21.7%
	Alpha Natural Resources, Inc. (a)	4,550,000	206,752,000
	Anadarko Petroleum Corp.	1,800,000	138,168,000
	Apache Corp.	300,000	37,017,000
	ConocoPhillips	2,600,000	195,494,000
	Consol Energy, Inc.	4,000,000	193,920,000
	Devon Energy Corp.	2,500,000	197,025,000
	Murphy Oil Corp.	900,000	59,094,000
	Noble Energy, Inc.	1,800,000	161,334,000
	PetroHawk Energy Corp. (a)	1,300,000	32,071,000
	Petroleo Brasileiro SA, ADR	5,800,000	196,388,000
Oil, Gas & Consumable Fuels Total			1,417,263,000
ENERGY TOTAL			1,417,263,000
FINANCIALS — 13.8%
Capital Markets — 3.4%
	Apollo Global Management LLC	1,791,300	30,810,360
	Apollo Investment Corp. (b)	4,600,000	46,966,000

1

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Goldman Sachs Group, Inc.	225,000	29,945,250
	Invesco Ltd.	4,800,000	112,320,000
Capital Markets Total			220,041,610
Commercial Banks — 1.2%
	PNC Financial Services Group, Inc.	1,300,000	77,493,000
Commercial Banks Total			77,493,000
Diversified Financial Services — 1.7%
	JPMorgan Chase & Co.	2,700,000	110,538,000
Diversified Financial Services Total			110,538,000
Insurance — 7.0%
	ACE Ltd.	3,100,000	204,042,000
	AIA Group Ltd. (a)	15,000,000	52,312,279
	Loews Corp.	1,900,000	79,971,000
	MetLife, Inc.	2,800,000	122,836,000
Insurance Total			459,161,279
Real Estate Investment Trusts (REITs) — 0.5%
	Weyerhaeuser Co.	1,500,000	32,790,000
Real Estate Investment Trusts (REITs) Total			32,790,000
FINANCIALS TOTAL			900,023,889
HEALTH CARE — 6.0%
Health Care Equipment & Supplies — 1.1%
	Baxter International, Inc.	1,200,000	71,628,000
Health Care Equipment & Supplies Total			71,628,000
Health Care Providers & Services — 2.9%
	AmerisourceBergen Corp.	4,600,000	190,440,000
Health Care Providers & Services Total			190,440,000
Pharmaceuticals — 2.0%
	Pfizer, Inc.	4,000,000	82,400,000
	Warner Chilcott PLC, Class A	2,100,000	50,673,000
Pharmaceuticals Total			133,073,000
HEALTH CARE TOTAL			395,141,000
INDUSTRIALS — 18.6%
Aerospace & Defense — 3.9%
	AerCap Holdings NV (a)	5,400,000	70,254,000
	Bombardier, Inc., Class B	5,300,000	38,160,000
	United Technologies Corp.	1,650,000	146,041,500
Aerospace & Defense Total			254,455,500
Airlines — 1.9%
	Copa Holdings SA, Class A	1,900,000	126,806,000
Airlines Total			126,806,000

2

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Construction & Engineering — 0.8%
	AECOM Technology Corp. (a)	1,900,000	51,946,000
Construction & Engineering Total			51,946,000
Industrial Conglomerates — 1.7%
	Tyco International Ltd.	2,300,000	113,689,000
Industrial Conglomerates Total			113,689,000
Machinery — 5.5%
	AGCO Corp. (a)	2,000,000	98,720,000
	Eaton Corp.	3,400,000	174,930,000
	Stanley Black & Decker, Inc.	1,200,000	86,460,000
Machinery Total			360,110,000
Road & Rail — 4.8%
	Union Pacific Corp.	3,000,000	313,200,000
Road & Rail Total			313,200,000
INDUSTRIALS TOTAL			1,220,206,500
INFORMATION TECHNOLOGY — 8.4%
Communications Equipment — 3.4%
	Cisco Systems, Inc.	2,600,000	40,586,000
	Harris Corp.	4,000,000	180,240,000
Communications Equipment Total			220,826,000
Electronic Equipment, Instruments & Components — 0.5%
	Corning, Inc.	1,900,000	34,485,000
Electronic Equipment, Instruments & Components Total			34,485,000
IT Services — 3.9%
	International Business Machines Corp.	1,400,000	240,170,000
	Visa, Inc., Class A	225,000	18,958,500
IT Services Total			259,128,500
Office Electronics — 0.6%
	Xerox Corp.	3,600,000	37,476,000
Office Electronics Total			37,476,000
INFORMATION TECHNOLOGY TOTAL			551,915,500
MATERIALS — 15.3%
Chemicals — 7.6%
	Celanese Corp., Series A	5,000,000	266,550,000
	Lanxess AG	1,700,000	139,533,400
	Methanex Corp.	1,400,000	43,932,000
	PPG Industries, Inc.	500,000	45,395,000
Chemicals Total			495,410,400
Metals & Mining — 7.7%
	Cliffs Natural Resources, Inc.	850,000	78,582,500

3

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Freeport-McMoRan Copper & Gold, Inc.	3,100,000	163,990,000
	Grupo Mexico SAB de CV, Series B	24,000,000	79,244,993
	Molycorp, Inc. (a)	400,000	24,424,000
	Schnitzer Steel Industries, Inc., Class A	950,000	54,720,000
	Southern Copper Corp.	3,250,000	106,827,500
Metals & Mining Total			507,788,993
MATERIALS TOTAL			1,003,199,393
TELECOMMUNICATION SERVICES — 4.2%
Diversified Telecommunication Services — 0.5%
	Windstream Corp.	2,600,000	33,696,000
Diversified Telecommunication Services Total			33,696,000
Wireless Telecommunication Services — 3.7%
	America Movil SAB de CV, Series L, ADR	4,500,000	242,460,000
Wireless Telecommunication Services Total			242,460,000
TELECOMMUNICATION SERVICES TOTAL			276,156,000
	Total Common Stocks (cost of $4,072,380,627)		6,392,055,835
Convertible Preferred Stocks — 2.0%
CONSUMER STAPLES — 0.5%
Food Products — 0.5%
	Dole Food Automatic Common Exchange Security Trust, 7.000% (c)	2,600,000	32,825,000
Food Products Total			32,825,000
CONSUMER STAPLES TOTAL			32,825,000
ENERGY — 0.3%
Oil, Gas & Consumable Fuels — 0.3%
	Apache Corp., 6.000%	350,000	23,078,125
Oil, Gas & Consumable Fuels Total			23,078,125
ENERGY TOTAL			23,078,125
FINANCIALS — 1.1%
Diversified Financial Services — 0.6%
	Citigroup, Inc., 7.500%	300,000	36,045,000
Diversified Financial Services Total			36,045,000

4

			Shares	Value ($)
Convertible Preferred Stocks — (continued)
FINANCIALS — (continued)
Insurance — 0.5%
		Hartford Financial Services Group, Inc., 7.250%	1,300,000	33,353,060
Insurance Total				33,353,060
FINANCIALS TOTAL				69,398,060
MATERIALS — 0.1%
Metals & Mining — 0.1%
		Molycorp, Inc., 5.500%	30,000	3,476,100
Metals & Mining Total				3,476,100
MATERIALS TOTAL				3,476,100
		Total Convertible Preferred Stocks (cost of $115,425,091)		128,777,285
			Par ($)
Convertible Bond — 0.2%
FINANCIALS — 0.2%
Investment Companies — 0.2%
	Apollo Investment Corp.
	5.750% 01/15/16 (c)		13,000,000	12,805,000
Investment Companies Total				12,805,000
FINANCIALS TOTAL				12,805,000
		Total Convertible Bond (cost of $12,819,813)		12,805,000
			Units
Warrants — 0.3%
FINANCIALS — 0.3%
Insurance — 0.3%
		Hartford Financial Services Group, Inc., Expiring 06/19/26 (a)	1,200,000	21,468,000
Insurance Total				21,468,000
FINANCIALS TOTAL				21,468,000
		Total Warrants (cost of $17,226,860)		21,468,000
		Total Investments — 100.1% (cost of $4,217,852,391)(d)(e)		6,555,106,120
		Other Assets & Liabilities, Net — (0.1)%		(3,515,627	)
		Net Assets — 100.0%		6,551,590,493

5

Notes to Investment Portfolio:

*

Security Valuation: Equity securities and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. 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. Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price. 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 affect 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 or class of securities (such as foreign securities) 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.

6

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. Fair value inputs are summarized in the three broad levels listed below: · Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments. · Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). · Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value.  The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

7

The following table is a summary of the inputs used, to value the Fund’s investments as of June 30, 2011:

Description	Quoted Prices(Level 1)		OtherSignificant  Observable  Inputs(Level 2)		Significant  Unobservable Inputs(Level 3)		Total
Common Stocks
Consumer Discretionary	$	290,048,553	$	—	$	—	$	290,048,553
Consumer Staples	338,102,000		—		—		338,102,000
Energy	1,417,263,000		—		—		1,417,263,000
Financials	847,711,610		52,312,279		—		900,023,889
Health Care	395,141,000		—		—		395,141,000
Industrials	1,220,206,500		—		—		1,220,206,500
Information Technology	551,915,500		—		—		551,915,500
Materials	863,665,993		139,533,400		—		1,003,199,393
Telecommunication Services	276,156,000		—		—		276,156,000
Total Common Stocks	6,200,210,156		191,845,679		—		6,392,055,835
Convertible Preferred Stocks
Consumer Staples	—		32,825,000		—		32,825,000
Energy	—		23,078,125		—		23,078,125
Financials	—		69,398,060		—		69,398,060
Materials	3,476,100		—		—		3,476,100
Total Convertible Preferred Stocks	3,476,100		125,301,185		—		128,777,285
Total Convertible Bond	—		12,805,000		—		12,805,000
Total Warrants	21,468,000		—		—		21,468,000
Total Investments	$	6,225,154,256	$	329,951,864	$	—	$	6,555,106,120

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

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1		Level 2		Level 1		Level 2
$	—	$	95,351,000	$	95,351,000	$	—

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using  observable market inputs rather than quoted prices for identical assets as of period end.

(a)	Non-income producing security.
(b)	Closed-end Management Investment Company.
(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, these securities, which are not illiquid, amounted to $45,630,000, which represents 0.7% of net assets.
(d)	Cost for federal income tax purposes is $4,217,852,391.
(e)	Unrealized appreciation and depreciation at June 30, 2011 based on cost of investments for federal income tax purposes was:
		Unrealized		Unrealized			Net Unrealized
		Appreciation		Depreciation			Appreciation
		$	2,506,869,401	$	(169,615,672	)	$	2,337,253,729

For the three months ending June 30, 2011, transactions in written option contracts were as follows:

	Number of contracts		Premium received
Options outstanding at March 31, 2011	5,000		$	1,450,454
Options written	9,496		1,658,562
Options terminated in closing purchase transactions	(3,996	)	(1,140,036		)
Options exercised	(2,000	)	(846,232		)
Options expired	(8,500	)	(1,122,748		)
Options outstanding at June 30, 2011	—		$	—

8

Acronym	Name
ADR	American Depositary Receipt

9

Item  2. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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.

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	August 19, 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	August 19, 2011
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer
Date	August 19, 2011