UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
One Financial Center, Boston, Massachusetts					02111
(Address of principal executive offices)					(Zip code)
James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-617-426-3750
Date of fiscal year end:	August 31
Date of reporting period:		August 31, 2009

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

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

Item 1. Reports to Stockholders.

Columbia Management^®

Annual Report

August 31, 2009

Columbia Tax-Exempt Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Investment Portfolio	2
Statement of Assets and Liabilities	36
Statement of Operations	38
Statement of Changes in Net Assets	39
Financial Highlights	42
Notes to Financial Statements	52
Report of Independent Registered Public Accounting Firm	60
Federal Income Tax Information	61
Fund Governance	62
Important Information About This Report	65

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500 Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 10 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

Understanding Your Expenses – Columbia Tax-Exempt Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,002.32		1,024.05		1.16		1.17		0.23
Trust Class Shares		1,000.00		1,000.00		1,001.81		1,023.54		1.67		1.68		0.33
Liquidity Class Shares		1,000.00		1,000.00		1,001.51		1,023.29		1.92		1.94		0.38
Adviser Class Shares		1,000.00		1,000.00		1,001.11		1,022.79		2.42		2.45		0.48
Investor Class Shares		1,000.00		1,000.00		1,000.71		1,022.48		2.72		2.75		0.54
Daily Class Shares		1,000.00		1,000.00		1,000.10		1,021.88		3.33		3.36		0.66
Class A Shares		1,000.00		1,000.00		1,000.50		1,022.23		2.97		3.01		0.59
Institutional Class Shares		1,000.00		1,000.00		1,002.12		1,023.84		1.36		1.38		0.27
Retail A Shares		1,000.00		1,000.00		1,001.81		1,023.59		1.61		1.63		0.32
G-Trust Shares		1,000.00		1,000.00		1,002.32		1,024.05		1.16		1.17		0.23

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio – Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds – 97.4%
	Par ($)		Value ($)
Alabama – 0.4%
AL Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.280% 08/01/32 (09/07/09) (a)(b)		13,635,000		13,635,000
AL Pell City Special Care Facilities
Noland Health Services, Inc.,
Series 2009 A, LOC: U.S. Bank N.A. 0.300% 12/01/39 (09/07/09) (a)(b)		5,000,000		5,000,000
AL Public School & College Authority
Series 2007,
5.000% 12/01/09		14,820,000		14,961,042
AL Vestavia Hills
Series 2007,
SPA: Bank of New York 0.420% 02/01/28 (09/07/09) (a)(b)		10,720,000		10,720,000
Alabama Total				44,316,042
Arizona – 1.0%
AZ Board of Regents
Series 2008 A,
LOC: Lloyds TSB Bank PLC 0.180% 07/01/34 (09/07/09) (a)(b)		6,500,000		6,500,000
Series 2008 B,
LOC: Lloyds TSB Bank PLC 0.190% 07/01/34 (09/07/09) (a)(b)		7,400,000		7,400,000
AZ Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.280% 07/01/32 (09/07/09) (a)(b)(c)		6,980,000		6,980,000
AZ Fort McDowell Yavapai Nation
Series 2004 A,
LIQ FAC: Citigroup Global Markets 1.240% 05/01/11 (09/07/09) (a)(b)		34,175,000		34,175,000
AZ Health Facilities Authority
Series 2007,
GTY AGMT: BNP Paribas 0.550% 02/01/42 (09/07/09) (a)(b)		12,490,000		12,490,000

	Par ($)		Value ($)
AZ Phoenix Industrial Development Authority
Series 2006,
LIQ FAC: FHLMC 0.500% 12/01/27 (09/07/09) (a)(b)		12,615,000		12,615,000
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.330% 07/01/42 (09/07/09) (a)(b)		16,450,000		16,450,000
AZ Tempe Industrial Development Authority
Centers for Habilitation,
Series 2001, LOC: Wells Fargo Bank N.A. 0.380% 12/01/21 (09/07/09) (a)(b)		2,100,000		2,100,000
Series 2005,
LIQ FAC: FHLMC 0.500% 04/01/30 (09/07/09) (a)(b)		8,295,000		8,295,000
AZ Yavapai County Industrial Development Authority
Flagstaff Medical Center,
Series 2009 B, LOC: Banco Bilbao Vizcaya 0.260% 12/01/39 (09/07/09) (a)(b)		4,000,000		4,000,000
Arizona Total				111,005,000
Arkansas – 0.1%
AR Little Rock Metrocentre Improvement District No. 1
Wehco Media, Inc.,
Series 1985, LOC: Bank of New York 0.300% 12/01/25 (09/01/09) (a)(b)		6,300,000		6,300,000
Arkansas Total				6,300,000
California – 11.2%
CA Department of Water Resources
Power Supply Revenue:
Series 2002 C-4, LOC: JPMorgan Chase Bank, LOC: California State Teachers Retirement System 0.200% 05/01/22 (09/07/09) (a)(b)		91,280,000		91,280,000

See Accompanying Notes to Financial Statements.

2

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2005 F-2, LOC: JPMorgan Chase Bank, LOC: Societe General 0.120% 05/01/20 (09/01/09) (a)(b)		2,400,000		2,400,000
CA Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG 0.410% 09/01/36 (09/07/09) (a)(b)		14,200,000		14,200,000
CA Foothill-De Anza Community College District
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.330% 08/01/31 (09/07/09) (a)(b)		20,875,000		20,875,000
CA Health Facilities Financing Authority
Kaiser Permanente,
Series 2006 C, 0.210% 06/01/41 (09/07/09) (b)(d)		93,300,000		93,300,000
CA Infrastructure & Economic Development Bank
Buck Institute for Age Research,
Series 2001, LOC: Bank of New York, LOC: California State Teachers Retirement System 0.210% 11/15/37 (09/07/09) (a)(b)		37,600,000		37,600,000
California Academy of Sciences,
Series 2008 C, LOC: Bank of Nova Scotia 0.100% 09/01/38 (09/01/09) (a)(b)		815,000		815,000
CA Irvine Ranch Water District
Series 1995,
LOC: State Street Bank & Trust Co. 0.110% 01/01/21 (09/01/09) (a)(b)		4,100,000		4,100,000
CA Los Angeles Department of Water & Power
Series 2001 B-6,
0.100% 07/01/34 (09/01/09) (b)(d)		17,700,000		17,700,000
Series 2002 A-4,
SPA: Lloyds TSB Bank PLC 0.160% 07/01/35 (09/07/09) (a)(b)		15,400,000		15,400,000

	Par ($)		Value ($)
CA Los Angeles Regional Airports Improvement Corp.
LAX Two Corp,
Series 1985 LAX-2, LOC: Societe Generale 0.170% 12/01/25 (09/01/09) (a)(b)		27,900,000		27,900,000
CA Los Angeles
Series 2008 C,
LOC: Bank of Nova Scotia 0.150% 06/01/28 (09/07/09) (a)(b)		13,010,000		13,010,000
CA M-S-R Public Power Agency
Series 2008 M,
LOC: Dexia Credit Local 0.120% 07/01/22 (09/01/09) (a)(b)		19,200,000		19,200,000
CA Menlo Park Community Development Agency
Series 2006,
LOC: State Street Bank & Trust Co. 0.140% 01/01/31 (09/01/09) (a)(b)		23,500,000		23,500,000
CA Oakland-Alameda County Coliseum Authority
Series 2000 C-2,
LOC: Bank of New York, LOC: California State Teachers Retirement System 0.150% 02/01/25 (09/07/09) (a)(b)		21,900,000		21,900,000
CA Pollution Control Financing Authority
Series 1996,
LOC: JPMorgan Chase Bank 0.150% 11/01/26 (09/01/09) (a)(b)		43,000,000		43,000,000
CA Statewide Communities Development Authority
0.300% 10/15/09		25,000,000		25,000,000
0.350% 12/08/09		10,000,000		10,000,000
John Muir Health:
Series 2008 A, LOC: UBS AG 0.100% 08/15/36 (09/01/09) (a)(b)		40,900,000		40,900,000
Series 2008 B, LOC: UBS AG 0.100% 08/15/36 (09/03/09) (a)(b)		4,530,000		4,530,000

See Accompanying Notes to Financial Statements.

3

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Kaiser Foundation Hospitals:
Series 2008 A, 0.150% 04/01/32 (09/07/09) (b)(d)		26,500,000		26,500,000
Series 2008 C, 3.000% 04/01/34 (04/01/10) (b)(d)		16,000,000		16,235,562
Series 2009 C1, 0.150% 04/01/46 (09/07/09) (b)(d)		40,000,000		40,000,000
Series 2009 C3, 0.150% 04/01/45 (09/02/09) (b)(d)		25,000,000		25,000,000
Series 2009, 3.000% 04/01/43 (10/01/09) (b)(d)		13,000,000		13,195,840
Kaiser Permanente,
Series 2004 M, 0.210% 04/01/38 (09/07/09) (b)(d)		50,335,000		50,335,000
Museum Associates:
Series 2008 A, LOC: Wells Fargo Bank N.A. 0.210% 12/01/37 (09/07/09) (a)(b)		20,000,000		20,000,000
Series 2008 B, LOC: Wells Fargo Bank N.A. 0.210% 12/01/37 (09/07/09) (a)(b)		17,000,000		17,000,000
Rady Children's Hospital,
Series 2008 D, LOC: Wachovia Bank N.A. 0.110% 08/15/41 (09/01/09) (a)(b)		48,080,000		48,080,000
Series 2008 14-G,
GTY AGMT: Goldman Sachs 0.310% 05/15/25 (09/07/09) (a)(b)		113,600,000		113,600,000
CA State
Series 2004 A-1,
LOC: Citibank N.A., LOC: California State Teachers Retirement System 0.130% 05/01/34 (09/01/09) (a)(b)		77,375,000		77,375,000
Series 2004 A-2,
LOC: Citibank N.A., LOC: California State Teachers Retirement System 0.120% 05/01/34 (09/01/09) (a)(b)		42,800,000		42,800,000

	Par ($)		Value ($)
Series 2004 B-1,
LOC: Citibank N.A. LOC: State Street Bank & Trust Co. 0.120% 05/01/34 (09/01/09) (a)(b)		5,000,000		5,000,000
Series 2004 B-2,
LOC: Citibank N.A., LOC: State Street Bank & Trust Co. 0.120% 05/01/34 (09/01/09) (a)(b)		38,100,000		38,100,000
Series 2005 A,
LOC: Calyon Bank 0.200% 05/01/40 (09/07/09) (a)(b)		106,975,000		106,975,000
Series 2007 A,
GTY AGMT: Societe Generale 0.310% 06/01/32 (09/07/09) (a)(b)		13,350,000		13,350,000
CA Whittier
Series 2009,
LOC: U.S. Bank N.A.: 0.160% 06/01/36 (09/07/09) (a)(b)		15,600,000		15,600,000
0.190% 06/01/36 (09/07/09) (a)(b)		10,500,000		10,500,000
California Total				1,206,256,402
Colorado – 2.3%
CO Castle Pines North Financial Corp.
Series 2009,
LOC: Wells Fargo Bank N.A. 0.350% 12/01/34 (09/07/09) (a)(b)		4,000,000		4,000,000
CO Colorado Springs
Fine Arts Center,
Series 2006, LOC: Wells Fargo Bank N.A. 0.280% 07/01/21 (09/07/09) (a)(b)		7,500,000		7,500,000
CO Denver Urban Renewal Authority
Series 2008 A-1,
LOC: U.S. Bank N.A. 0.300% 12/01/25 (09/07/09) (a)(b)		11,000,000		11,000,000
Series 2008 A-2,
LOC: U.S. Bank N.A. 0.300% 12/01/25 (09/07/09) (a)(b)		15,000,000		15,000,000

See Accompanying Notes to Financial Statements.

4

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
CO Educational & Cultural Facilities Authority
Council for Jewish Elderly,
Series 2009, LOC: U.S. Bank N.A. 0.180% 03/01/39 (09/01/09) (a)(b)		5,050,000		5,050,000
Milwaukee Jewish Federation Inc.,
Series 2007 C-5, LOC: U.S. Bank N.A. 0.180% 11/01/37 (09/01/09) (a)(b)		2,000,000		2,000,000
Oaks Christian School,
Series 2006, LOC: U.S. Bank N.A. 0.300% 05/01/33 (09/01/09) (a)(b)		10,600,000		10,600,000
Valor Christian Schools,
Series 2007, LOC: Sovereign Bank FSB, LOC: Banco Santander 0.280% 11/01/38 (09/07/09) (a)(b)		10,000,000		10,000,000
CO General Fund Revenue
Series 2009 A,
2.000% 06/25/10		60,000,000		60,753,070
CO Harvest Junction Metropolitan District
Series 2006,
LOC: U.S. Bank N.A. 0.350% 12/01/36 (09/07/09) (a)(b)		4,000,000		4,000,000
CO Health Facilities Authority
Community Hospital Association,
Series 2003 B, LOC: JPMorgan Chase Bank 0.330% 12/01/33 (09/07/09) (a)(b)		29,890,000		29,890,000
Crossroads at Delta ALF,
Series 2004 A, LOC: U.S. Bank N.A. 0.370% 11/01/28 (09/07/09) (a)(b)		3,800,000		3,800,000
Evangelical Lutheran Society,
Series 2008, LOC: U.S. Bank N.A. 0.320% 06/01/15 (09/07/09) (a)(b)		3,715,000		3,715,000
Jeffco American Baptist Residence,
Series 2006 A, LOC: U.S. Bank N.A. 0.280% 07/01/32 (09/07/09) (a)(b)		7,940,000		7,940,000

	Par ($)		Value ($)
CO Housing & Finance Authority
Series 2002 1-A3,
SPA: FHLB 0.300% 11/01/21 (09/07/09) (a)(b)		15,290,000		15,290,000
Series 2002 C4,
SPA: FHLB 0.300% 10/01/32 (09/07/09) (a)(b)		12,135,000		12,135,000
CO Kipling Ridge Metropolitan District
Series 2005,
LOC: U.S. Bank N.A. 0.350% 12/01/23 (09/07/09) (a)(b)		12,315,000		12,315,000
CO Lafayette Exemplatory Improvement District
Series 2002,
LOC: Wells Fargo Bank N.A. 0.350% 12/01/22 (09/07/09) (a)(b)		1,030,000		1,030,000
CO Pitkin County Industrial Development Revenue
Aspen Skiing Co.,
Series 1994 A, LOC: JPMorgan Chase Bank 0.180% 04/01/16 (09/01/09) (a)(b)		3,300,000		3,300,000
CO School of Mines
Series 2008,
LOC: Dexia Credit Local 0.180% 12/01/37 (09/01/09) (a)(b)		13,350,000		13,350,000
CO Westminster Multi-Family Revenue
Series 2005,
LIQ FAC: FHLMC 0.700% 06/01/12 (09/07/09) (a)(b)		13,970,000		13,970,000
Colorado Total				246,638,070
Connecticut – 0.0%
CT Health & Educational Facilities Authority
Wesleyan University,
Series 2005 F, SPA: JPMorgan Chase Bank 0.300% 07/01/40 (09/07/09) (a)(b)		1,300,000		1,300,000
Connecticut Total				1,300,000

See Accompanying Notes to Financial Statements.

5

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Delaware – 1.1%
DE BB&T Municipal Trust
Series 2008,
LOC: Branch Banking & Trust: 0.290% 06/01/24 (09/07/09) (a)(b)		10,965,000		10,965,000
0.290% 12/18/27 (09/07/09) (a)(b)		65,250,000		65,250,000
DE Economic Development Authority Revenue
PUMH of Maryland, Inc.,
Series 2007 B, LOC: PNC Bank N.A. 0.150% 05/15/37 (09/01/09) (a)(b)		15,415,000		15,415,000
DE New Castle County Student Housing Revenue
Series 2005,
LOC: Bank of New York 0.270% 08/01/31 (09/07/09) (a)(b)		11,890,000		11,890,000
DE Puttable Floating Option Tax-Exempt Receipts
Series 2007,
LIQ FAC: FHLMC 0.500% 12/01/30 (09/07/09) (a)(b)		11,220,000		11,220,000
Delaware Total				114,740,000
District of Columbia – 1.2%
DC
0.350% 09/08/09		11,900,000		11,900,000
Series 2001 C,
LOC: JPMorgan Chase Bank 0.220% 06/01/26 (09/07/09) (a)(b)		4,465,000		4,465,000
Series 2008 C,
LOC: Dexia Credit Local 0.550% 06/01/27 (09/07/09) (a)(b)		60,000,000		60,000,000
Series 2008,
2.500% 09/30/09		34,500,000		34,538,297
Washington Drama Society,
Series 2008, LOC: JPMorgan Chase Bank 0.200% 07/01/47 (09/07/09) (a)(b)		13,900,000		13,900,000

	Par ($)		Value ($)
DC University
Georgetown University,
Series 2007 C1, LOC: JPMorgan Chase Bank 0.250% 04/01/41 (09/07/09) (a)(b)		9,575,000		9,575,000
District of Columbia Total				134,378,297
Florida – 7.3%
FL BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust: 0.240% 02/15/21 (09/07/09) (a)(b)		21,500,000		21,500,000
0.240% 08/01/26 (09/07/09) (a)(b)		11,225,000		11,225,000
Series 2008:
LIQ FAC: Branch Banking & Trust 0.240% 06/01/14 (09/07/09) (a)(b)		10,355,000		10,355,000
LOC: Branch Banking & Trust: 0.290% 03/01/23 (09/07/09) (a)(b)		12,800,000		12,800,000
0.290% 04/01/24 (09/07/09) (a)(b)		11,995,000		11,995,000
0.290% 07/18/24 (09/07/09) (a)(b)		18,995,000		18,995,000
0.290% 11/01/24 (09/07/09) (a)(b)		10,105,000		10,105,000
FL Board of Education Lottery
Series 2008 B,
3.500% 07/01/10		6,295,000		6,429,811
FL Citizens Property Insurance Corp.
Series 2008 A,
LOC: Societe Generale 0.340% 03/01/13 (09/07/09) (a)(b)		6,260,000		6,260,000
FL Dade County Industrial Development Authority
Florida Power & Light Co.,
Series 1993, 0.120% 06/01/21 (09/01/09) (b)(d)		16,800,000		16,800,000
FL Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG 0.360% 11/01/27 (09/07/09) (a)(b)		11,440,000		11,440,000

See Accompanying Notes to Financial Statements.

6

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008,
GTY AGMT: Deutsche Bank AG 0.340% 10/01/24 (09/07/09) (a)(b)		1,070,000		1,070,000
FL Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A.: 0.260% 05/01/31 (09/07/09) (a)(b)		3,920,000		3,920,000
0.280% 07/01/35 (09/07/09) (a)(b)		18,495,000		18,495,000
Series 2007,
LIQ FAC: U.S. Bank N.A. 0.260% 05/01/32 (09/07/09) (a)(b)		4,660,000		4,660,000
FL Gulfstream Park Community Development District
Series 2008,
GTY AGMT: Goldman Sachs 0.340% 05/01/39 (09/07/09) (a)(b)		60,280,000		60,280,000
FL Housing Finance Corp.
Series 2006,
LIQ FAC: FHLMC 0.500% 10/01/32 (09/07/09) (a)(b)		16,865,000		16,865,000
Series 2007,
GTY AGMT: Goldman Sachs 0.340% 06/15/47 (09/07/09) (a)(b)		41,495,000		41,495,000
FL Jacksonville Health Facilities Authority
Southern Baptist Hospital:
Series 2007 D, LOC: Wachovia Bank N.A. 0.200% 08/15/27 (09/01/09) (a)(b)		11,010,000		11,010,000
Series 2008 B, LOC: Branch Banking & Trust 0.280% 08/15/23 (09/07/09) (a)(b)		5,530,000		5,530,000
FL Jacksonville Industrial Development Revenue
Series 1993,
LOC: Northern Trust Co. 0.320% 07/01/13 (09/07/09) (a)(b)		3,150,000		3,150,000
FL JEA Electric Systems Revenue
Series 2008 3B-1,
LOC: Wachovia Bank NA 0.300% 10/01/40 (09/07/09) (a)(b)		12,000,000		12,000,000

	Par ($)		Value ($)
Series 2008 3B-4,
LOC: Wachovia Bank N.A. 0.300% 10/01/36 (09/07/09) (a)(b)		22,695,000		22,695,000
FL JEA Energy Systems Revenue
Series 2004 A,
LOC: State Street Bank & Trust Co. 0.170% 10/01/34 (09/07/09) (a)(b)		5,000,000		5,000,000
FL JEA Water & Sewer System Revenue
Series 2008 B-1,
SPA: State Street Bank & Trust Co. 0.200% 10/01/36 (09/07/09) (a)(b)		9,675,000		9,675,000
FL Keys Aqueduct Authority
Series 2008,
LOC: TD Banknorth N.A. 0.200% 09/01/35 (09/07/09) (a)(b)		10,500,000		10,500,000
FL Lee Memorial Health System
Series 2009 C,
LOC: Northern Trust Co. 0.190% 04/01/33 (09/07/09) (a)(b)		3,000,000		3,000,000
FL Leesburg
Regional Medical Center,
Series 2008 B, LOC: Bank of Nova Scotia 0.300% 07/01/36 (09/07/09) (a)(b)		8,000,000		8,000,000
FL Martin County Pollution Control
Florida Power & Light Co.,
Series 2000, 0.190% 07/15/22 (09/01/09) (b)(d)		24,500,000		24,500,000
FL Miami Health Facilities Authority
Catholic Health East,
Series 2008, LOC: PNC Bank N.A. 0.240% 11/15/25 (09/07/09) (a)(b)		19,325,000		19,325,000
FL Miami-Dade County Aviation
Series 2009,
0.950% 09/08/09		13,506,000		13,506,000

See Accompanying Notes to Financial Statements.

7

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
FL Miami-Dade County Educational Facilities Authority
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.330% 04/01/28 (09/07/09) (a)(b)		15,190,000		15,190,000
Series 2008,
GTY AGMT: Wells Fargo & Co. 0.330% 04/01/38 (09/07/09) (a)(b)		7,410,000		7,410,000
FL Miami-Dade County Industrial Development Authority
Dave & Mary Alper Community,
Series 2002, LOC: Northern Trust Co. 0.320% 04/01/32 (09/07/09) (a)(b)		5,695,000		5,695,000
FL Orange County Health Facilities Authority
Orlando Regional Healthcare,
Series 2008 E, LOC: Branch Banking & Trust 0.340% 10/01/26 (09/07/09) (a)(b)		4,500,000		4,500,000
Presbyterian Retirement Communities,
Series 2006 A, LOC: Branch Banking & Trust 0.280% 11/01/28 (09/07/09) (a)(b)		11,400,000		11,400,000
FL Palm Beach County
Zoological Society, Inc.,
Series 2001, LOC: Northern Trust Co. 0.320% 05/01/31 (09/07/09) (a)(b)		6,600,000		6,600,000
FL Pinellas County Health Facility Authority
Series 2009 A-2,
LOC: Northern Trust Co. 0.270% 11/01/38 (09/07/09) (a)(b)		9,025,000		9,025,000
Series 2009 A-3,
LOC: Wachovia Bank N.A. 0.280% 11/01/38 (09/07/09) (a)(b)		7,100,000		7,100,000
FL Puttable Floating Option Tax-Exempt Receipts
Series 2007,
LIQ FAC: FHLMC 0.650% 11/01/25 (09/07/09) (a)(b)		17,995,000		17,995,000

	Par ($)		Value ($)
FL Sarasota County Public Hospital District
Sarasota Memorial Hospital,
Series 2008 A, LOC: Northern Trust Co. 0.150% 07/01/37 (09/01/09) (a)(b)		16,825,000		16,825,000
FL State
Series 2003 A,
5.000% 07/01/10		4,000,000		4,149,095
FL Sunshine Governmental Financing Commission
0.350% 09/09/09		40,000,000		40,000,000
0.350% 10/07/09		25,000,000		25,000,000
0.430% 09/08/09		16,927,000		16,927,000
0.750% 09/10/09		30,000,000		30,000,000
0.950% 09/03/09		77,130,000		77,130,000
Series 1986,
LOC: Dexia Credit Local: 0.450% 07/01/16 (09/07/09) (a)(b)		9,500,000		9,500,000
0.500% 07/01/16 (09/07/09) (a)(b)		40,000,000		40,000,000
FL Tampa Bay Water Utility System Revenue
Series 2006,
GTY AGMT: Dexia Credit Local 1.350% 10/01/23 (09/07/09) (a)(b)		7,535,000		7,535,000
Florida Total				784,561,906
Georgia – 4.6%
GA Atlanta Development Authority
Georgia Aquarium, Inc.,
Series 2009, LOC: Federal Home Loan Bank 0.270% 10/01/33 (09/07/09) (a)(b)		10,000,000		10,000,000
GA Atlanta Metropolitan Rapid Transit Authority
0.650% 09/03/09		33,200,000		33,200,000
GA BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.240% 03/15/22 (09/07/09) (a)(b)		10,350,000		10,350,000
Series 2008,
LOC: Branch Banking & Trust 0.290% 09/01/23 (09/07/09) (a)(b)		19,220,000		19,220,000

See Accompanying Notes to Financial Statements.

8

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
GA Burke County Development Authority
Georgia Power Co.,
Series 2009, 0.140% 07/01/49 (09/02/09) (b)(d)		23,275,000		23,275,000
GA Clarke County School District
Series 2007,
4.000% 09/01/09		6,490,000		6,490,000
GA Cobb County Development Authority
North Cobb Christian School,
Series 1998 A, LOC: Branch Banking & Trust 0.330% 03/01/22 (09/07/09) (a)(b)		7,425,000		7,425,000
Presbyterian Village Austell,
Series 2004 B, LOC: Branch Banking & Trust 0.340% 07/01/34 (09/07/09) (a)(b)		7,985,000		7,985,000
GA DeKalb Newton & Gwinnett Counties Joint Development Authority
Series 2007,
LOC: Wachovia Bank 0.280% 06/01/32 (09/07/09) (a)(b)		11,390,000		11,390,000
GA Douglas County Development Authority
Colonial Hills School Property,
Series 2004, LOC: Branch Banking & Trust 0.330% 06/01/24 (09/07/09) (a)(b)		2,565,000		2,565,000
GA Fulton County Development Authority
Mt. Vernon Presbyterian School,
Series 2005, LOC: Branch Banking & Trust 0.330% 08/01/35 (09/07/09) (a)(b)		5,000,000		5,000,000
Weber School,
Series 2006, LOC: Branch Banking & Trust 0.330% 12/01/30 (09/07/09) (a)(b)		4,550,000		4,550,000
GA Municipal Electric Authority
Series 2008 A,
LOC: Societe Generale 0.340% 01/01/20 (09/07/09) (a)(b)		14,605,000		14,605,000

	Par ($)		Value ($)
Series 2008 B,
LOC: Dexia Credit Local 0.400% 01/01/48 (09/07/09) (a)(b)		42,965,000		42,965,000
Series 2009 A,
2.000% 06/21/10		6,000,000		6,072,760
GA Municipal Gas Authority
Series 2008 E,
3.000% 12/16/09		37,500,000		37,606,726
Series 2008,
2.500% 12/16/09		100,000,000		100,329,326
GA Private Colleges & Universities Authority
Emory University,
Series 2005 B-1, 0.100% 09/01/35 (09/07/09) (b)(d)		65,475,000		65,475,000
Mercer University:
Series 2003, LOC: Branch Banking & Trust 0.320% 10/01/32 (09/07/09) (a)(b)		6,740,000		6,740,000
Series 2006 C, LOC: Branch Banking & Trust 0.320% 10/01/31 (09/07/09) (a)(b)		8,700,000		8,700,000
Series 2000,
LIQ FAC: Societe Generale 0.400% 11/01/30 (09/07/09) (a)(b)(c)		34,435,000		34,435,000
Series 2005,
0.160% 09/01/36 (09/07/09) (b)(d)		17,000,000		17,000,000
GA State
Series 2006,
LIQ FAC: Wells Fargo Bank N.A. 0.290% 10/01/26 (09/07/09) (a)(b)		5,995,000		5,995,000
GA Thomasville Hospital Authority
Series 2009,
LOC: Branch Banking & Trust 0.330% 11/01/23 (09/07/09) (a)(b)		8,000,000		8,000,000
GA Valdosta & Lowndes County
Series 1998,
LOC: Branch Banking & Trust 0.330% 10/01/23 (09/07/09) (a)(b)		3,000,000		3,000,000
Georgia Total				492,373,812

See Accompanying Notes to Financial Statements.

9

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Hawaii – 0.1%
HI Department of Budget & Finance
Hawaii Pacific Health,
Series 2009 A, LOC: Union Bank N.A. 0.240% 07/01/35 (09/07/09) (a)(b)		11,100,000		11,100,000
Hawaii Total				11,100,000
Idaho – 0.6%
ID Housing & Finance Association
Series 2008 C,
SPA: BNP Paribas 0.300% 01/01/40 (09/07/09) (a)(b)		13,500,000		13,500,000
ID State
Series 2009,
2.500% 06/30/10		50,000,000		50,864,931
Idaho Total				64,364,931
Illinois – 5.7%
IL BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.240% 11/01/26 (09/07/09) (a)(b)		16,910,000		16,910,000
IL Bolingbrook
Series 2004 A,
LOC: Harris Trust & Savings Bank 0.470% 12/01/29 (09/07/09) (a)(b)		22,475,000		22,475,000
IL Channahon
Morris Hospital,
Series 2009 A, LOC: U.S. Bank N.A. 0.310% 12/01/34 (09/07/09) (a)(b)		4,000,000		4,000,000
IL Chicago Board of Education
Series 2006,
GTY AGMT: Dexia Credit Local 1.340% 12/01/31 (09/07/09) (a)(b)		10,280,000		10,280,000
Series 2008 A,
LOC: Societe Generale 0.340% 12/01/23 (09/07/09) (a)(b)		4,000,000		4,000,000

	Par ($)		Value ($)
Series 2009 A2,
LOC: Northern Trust Co. 0.310% 03/01/26 (09/07/09) (a)(b)		5,900,000		5,900,000
Series 2009 B,
LOC: U.S. Bank N.A. 0.120% 03/01/31 (09/01/09) (a)(b)		11,650,000		11,650,000
IL Chicago O'Hare International Airport Revenue
Series 2006,
GTY AGMT: Dexia Credit Local 1.350% 01/01/17 (09/07/09) (a)(b)		9,455,000		9,455,000
IL Chicago Tax Increment
Series 1997 A,
LOC: Northern Trust Co. 0.370% 12/01/11 (09/07/09) (a)(b)		520,000		520,000
Series 1997 B,
LOC: Northern Trust Co. 0.370% 12/01/14 (09/07/09) (a)(b)		345,000		345,000
IL Chicago Water Revenue
Series 2004-1,
LOC: CA Public Employees Retirement 0.290% 11/01/31 (09/07/09) (a)(b)		20,000,000		20,000,000
Series 2004-3,
LOC: State Street Bank & Trust Co. 0.290% 11/01/31 (09/07/09) (a)(b)		3,225,000		3,225,000
IL Chicago
Series 2007,
SPA: Banco Bilbao Vizcaya: 0.120% 01/01/42 (09/01/09) (a)(b)		7,925,000		7,925,000
0.130% 01/01/42 (09/01/09) (a)(b)		20,000,000		20,000,000
Series 2008 A:
LIQ FAC: Societe Generale 0.340% 01/01/30 (09/07/09) (a)(b)(c)		7,305,000		7,305,000
LOC: Societe Generale 0.340% 01/01/30 (09/07/09) (a)(b)		3,270,000		3,270,000
Series 2008 C1,
LOC: Harris N.A. 0.180% 01/01/39 (09/01/09) (a)(b)		12,000,000		12,000,000

See Accompanying Notes to Financial Statements.

10

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008 C3,
LOC: Northern Trust Co. 0.180% 01/01/39 (09/01/09) (a)(b)		10,700,000		10,700,000
IL DeKalb Tax Increment Revenue
Series 2003,
LOC: Northern Trust Co. 0.320% 01/01/13 (09/07/09) (a)(b)		2,145,000		2,145,000
IL Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG: 0.340% 06/15/29 (09/07/09) (a)(b)		9,300,000		9,300,000
0.340% 01/01/30 (09/07/09) (a)(b)		7,045,000		7,045,000
0.340% 12/01/31 (09/07/09) (a)(b)		7,190,000		7,190,000
0.350% 01/01/23 (09/07/09) (a)(b)		10,080,000		10,080,000
0.350% 01/01/26 (09/07/09) (a)(b)		6,785,000		6,785,000
0.350% 01/15/26 (09/07/09) (a)(b)		22,605,000		22,605,000
0.360% 12/01/25 (09/07/09) (a)(b)		4,685,000		4,685,000
Series 2008:
GTY AGMT: Deutsche Bank AG 0.340% 01/01/37 (09/07/09) (a)(b)		13,200,000		13,200,000
LIQ FAC: Deutsche Bank AG 0.340% 07/01/46 (09/07/09) (a)(b)		15,565,000		15,565,000
IL Development Finance Authority
American Academy of Dermatology,
Series 2001, LOC: Bank One N.A. 0.320% 04/01/21 (09/07/09) (a)(b)		4,100,000		4,100,000
American College of Surgeons,
Series 1996, LOC: Northern Trust Co. 0.320% 08/01/26 (09/07/09) (a)(b)		12,907,000		12,907,000
IL Du Page County
Benedictine University,
Series 1999, LOC: U.S. Bank N.A. 0.280% 07/01/24 (09/07/09) (a)(b)		14,530,000		14,530,000

	Par ($)		Value ($)
IL Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.280% 01/01/30 (09/07/09) (a)(b)		11,345,000		11,345,000
IL Educational Facilities Authority
University of Chicago,
Series 2001 B-2, 0.520% 07/01/36 (08/26/10) (b)(d)		15,000,000		15,000,000
IL Finance Authority
Alexian Brothers Health System,
Series 2004, LOC: Bank One N.A. 0.230% 04/01/35 (09/07/09) (a)(b)		38,600,000		38,600,000
Bradley University,
Series 2008 B, LOC: Northern Trust Co. 0.290% 04/01/38 (09/07/09) (a)(b)		4,290,000		4,290,000
Children's Memorial Hospital,
Series 2008 D, LOC: JPMorgan Chase Bank 0.230% 08/15/25 (09/07/09) (a)(b)		17,000,000		17,000,000
Edward Hospital.
Series 2008 B-2, LOC: JPMorgan Chase Bank 0.320% 02/01/40 (09/07/09) (a)(b)		19,680,000		19,680,000
North Shore Senior Center,
Series 1999, LOC: JPMorgan Chase Bank 0.410% 08/01/29 (09/07/09) (a)(b)		7,000,000		7,000,000
Northwest Community Hospital,
Series 2008 C, LOC: Wells Fargo Bank N.A. 0.250% 07/01/32 (09/07/09) (a)(b)		5,500,000		5,500,000
OSF Healthcare System,
Series 2009, LOC: National City Bank 0.270% 11/15/37 (09/07/09) (a)(b)		7,100,000		7,100,000
Riverside Health System,
Series 2004, LOC: JPMorgan Chase Bank 0.320% 11/15/29 (09/07/09) (a)(b)		4,300,000		4,300,000

See Accompanying Notes to Financial Statements.

11

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
University of Chicago Medical Center:
Series 2009 B-2, LOC: Bank of Montreal 0.310% 08/15/26 (09/07/09) (a)(b)		9,885,000		9,885,000
Series 2009, LOC: Wells Fargo Bank N.A.: 0.270% 08/15/26 (09/07/09) (a)(b)		3,165,000		3,165,000
0.280% 08/15/26 (09/07/09) (a)(b)		4,135,000		4,135,000
IL Housing Development Authority Multifamily
Series 2008,
LIQ FAC: FHLMC 0.470% 08/01/38 (09/07/09) (a)(b)		8,300,000		8,300,000
Steadfast Foxview LP,
Series 2008, LIQ FAC: FHLMC 0.290% 01/01/41 (09/07/09) (a)(b)		15,125,000		15,125,000
IL Metropolitan Pier & Exposition Authority
Series 2006,
GTY AGMT: Dexia Credit Local 1.350% 06/15/29 (09/07/09) (a)(b)		32,395,000		32,395,000
IL RBC Municipal Products, Inc., Trust
Series 2008 E10,
LOC: Royal Bank of Canada 0.390% 03/01/11 (09/07/09) (a)(b)(c)		10,000,000		10,000,000
IL Regional Transportation Authority
Series 2004,
GTY AGMT: Dexia Credit Local 1.340% 07/01/29 (09/07/09) (a)(b)		46,775,000		46,775,000
Series 2008 A,
LOC: Societe Generale 0.340% 06/01/19 (09/07/09) (a)(b)		4,000,000		4,000,000
IL Springfield Electric Revenue
Series 2008,
LIQ FAC: PB Capital Corp. 0.370% 03/01/15 (09/07/09) (a)(b)		10,110,000		10,110,000

	Par ($)		Value ($)
IL State
Series 2009,
GTY AGMT: Citibank N.A. 0.590% 02/01/11 (09/07/09) (a)(b)(c)		15,095,000		15,095,000
IL Village of Brookfield
Series 2008 PJ,
LOC: Northern Trust Co. 0.320% 06/01/38 (09/07/09) (a)(b)		23,850,000		23,850,000
Illinois Total				612,747,000
Indiana – 3.3%
IN Bond Bank
Series 2009 A,
SPA: JPMorgan Chase & Co. 2.000% 01/06/10		16,500,000		16,582,423
Series 2009,
2.000% 01/05/10		50,000,000		50,153,528
IN Deutsche Bank Spears/Lifers Trust
Series 2008,
GTY AGMT: Deutsche Bank AG: 0.340% 07/15/18 (09/07/09) (a)(b)		1,475,000		1,475,000
0.340% 01/15/20 (09/07/09) (a)(b)		4,115,000		4,115,000
0.360% 07/15/27 (09/07/09) (a)(b)		5,250,000		5,250,000
IN Development Finance Authority
Rehabilitation Center, Inc.,
Series 2002, LOC: Wells Fargo Bank N.A. 0.380% 07/01/17 (09/07/09) (a)(b)		1,455,000		1,455,000
Series 2005,
LOC: National City Bank of Indiana 0.340% 01/01/27 (09/07/09) (a)(b)		6,020,000		6,020,000
IN Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.290% 01/01/15 (09/07/09) (a)(b)		9,505,000		9,505,000
IN Elkhart County Hospital Authority
Elkhart General Hospital, Inc.,
Series 2008, LOC: JPMorgan Chase Bank 0.280% 05/01/33 (09/07/09) (a)(b)		13,400,000		13,400,000

See Accompanying Notes to Financial Statements.

12

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
IN Finance Authority
Northside Christian Church,
Series 2007, LOC: National City Bank 0.290% 12/01/32 (09/07/09) (a)(b)		9,455,000		9,455,000
Retirement Living, Inc.,
Series 2009 B, LOC: Branch Banking & Trust 0.350% 03/01/39 (09/07/09) (a)(b)		12,000,000		12,000,000
Series 2005,
LOC: National City Bank 0.340% 11/01/27 (09/07/09) (a)(b)		5,155,000		5,155,000
Series 2008 B,
LOC: JPMorgan Chase Bank 0.240% 11/01/41 (09/07/09) (a)(b)		10,900,000		10,900,000
Sisters of St. Frances Health:
Series 2008 F, LOC: Bank of New York 0.230% 09/01/48 (09/07/09) (a)(b)		5,000,000		5,000,000
Series 2008 G, LOC: Bank of New York 0.230% 09/01/48 (09/07/09) (a)(b)		5,250,000		5,250,000
Series 2008 H, LOC: JPMorgan Chase Bank 0.250% 09/01/48 (09/07/09) (a)(b)		7,000,000		7,000,000
Series 2008 I, LOC: Wells Fargo Bank N.A. 0.200% 11/01/37 (09/07/09) (a)(b)		10,800,000		10,800,000
Series 2008 J, LOC: Wells Fargo Bank N.A. 0.230% 11/01/37 (09/07/09) (a)(b)		6,000,000		6,000,000
St. Agnes Medical Center:
Series 2008 D1, 0.180% 12/01/34 (09/07/09) (b)(d)		21,000,000		21,000,000
Series 2008 D2, 0.180% 12/01/34 (09/07/09) (b)(d)		21,250,000		21,250,000

	Par ($)		Value ($)
IN Health & Educational Facility Financing Authority
Community Hospital of Lagrange,
Series 2007, LOC: National City Bank 0.290% 11/01/32 (09/07/09) (a)(b)		24,360,000		24,360,000
Rehabilitation Hospital of Indiana,
Series 1990, LOC: National City Bank 0.290% 11/01/20 (09/07/09) (a)(b)		14,250,000		14,250,000
Riverview Hospital,
Series 2004, LOC: National City Bank 0.290% 08/01/32 (09/07/09) (a)(b)		18,400,000		18,400,000
IN Health Facility Financing Authority
Community Hospital of Indiana,
Series 2005 B, LOC: National City Bank 0.290% 05/01/35 (09/07/09) (a)(b)		17,900,000		17,900,000
Daughters of Charity Health,
Series 1999 D, Pre-refunded 11/15/09 5.500% 11/15/19 (11/15/09) (b)		3,000,000		3,057,130
Southern Indiana Rehab Hospital,
Series 2001, LOC: Bank One Kentucky N.A. 0.820% 04/01/20 (09/07/09) (a)(b)		2,100,000		2,100,000
IN Henry County Economic Development Revenue
Henry County YMCA, Inc.,
Series 2004, LOC: U.S. Bank N.A. 0.370% 02/15/24 (09/07/09) (a)(b)		1,160,000		1,160,000
IN Indianapolis Local Public Improvement Bond Bank
Series 2009 B,
0.780% 01/15/10		24,650,000		24,650,000
IN Lawrenceburg Pollution Control Revenue
Michigan Power Co.,
Series 2008 I, LOC: JPMorgan Chase Bank 0.250% 10/01/19 (09/07/09) (a)(b)		12,000,000		12,000,000

See Accompanying Notes to Financial Statements.

13

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
IN Mount Vernon
Pollution Control & Solid Waste Disposal Revenue, General Electric Co.,
Series 2004, 0.110% 12/01/14 (09/01/09) (b)(d)		10,000,000		10,000,000
IN Puttable Floating Option Tax-Exempt Receipts
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.380% 06/01/29 (09/07/09) (a)(b)		6,405,000		6,405,000
Indiana Total				356,048,081
Iowa – 0.5%
IA Des Moines Methodist System, Inc.
Iowa Methodist Medical Center,
Series 1985, LOC: Wachovia Bank N.A. 0.320% 08/01/15 (09/07/09) (a)(b)		23,000,000		23,000,000
IA Evansdale
Series 2005,
LOC: Wells Fargo Bank N.A. 0.410% 09/01/30 (09/07/09) (a)(b)		4,725,000		4,725,000
IA Finance Authority
Series 2009 A,
2.500% 06/23/10		20,000,000		20,313,366
Series 2009 B,
LOC: U.S. Bank N.A. 2.500% 06/23/10		5,000,000		5,081,227
IA Higher Education Loan Authority
American Institute of Business,
Series 1998, LOC: Wells Fargo Bank N.A. 0.380% 11/01/13 (09/07/09) (a)(b)		695,000		695,000
Iowa Total				53,814,593
Kansas – 0.2%
KS Department of Transportation,
Series 2004 C2,
SPA: JPMorgan Chase Bank 0.220% 09/01/22 (09/07/09) (a)(b)		17,500,000		17,500,000

	Par ($)		Value ($)
KS University of Kansas Hospital Authority
Jayhawk Primary Care, Inc.,
Series 2004, LOC: U.S. Bank N.A. 0.180% 09/01/34 (09/01/09) (a)(b)		4,520,000		4,520,000
Kansas Total				22,020,000
Kentucky – 1.4%
KY Area Development Districts
Series 2000,
LOC: Wachovia Bank N.A. 0.280% 06/01/33 (09/07/09) (a)(b)		10,310,000		10,310,000
KY BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.240% 11/01/25 (09/07/09) (a)(b)		9,995,000		9,995,000
KY Economic Development Finance Authority
Goodwill Industries,
Series 2003, LOC: PNC Bank N.A. 0.340% 08/01/23 (09/07/09) (a)(b)		8,035,000		8,035,000
Series 2009 B-1,
LOC: JPMorgan Chase Bank 0.110% 08/15/38 (09/01/09) (a)(b)		13,640,000		13,640,000
Series 2009 B-2,
LOC: JPMorgan Chase Bank 0.120% 08/15/38 (09/01/09) (a)(b)		19,095,000		19,095,000
Series 2009 B-3,
LOC: Branch Banking & Trust 0.200% 08/15/38 (09/07/09) (a)(b)		7,655,000		7,655,000
KY Kenton County Industrial Building Revenue
Series 1984,
LOC: Morgan Guaranty Trust 0.400% 12/01/14 (09/07/09) (a)(b)		7,000,000		7,000,000
KY Lexington Fayette Urban County Government
YMCA of Central Kentucky,
Series 1999, LOC: Bank One Kentucky N.A. 0.320% 07/01/19 (09/07/09) (a)(b)		1,335,000		1,335,000

See Accompanying Notes to Financial Statements.

14

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
KY Louisville & Jefferson County Metropolitan Sewer District
Series 2008 A,
LOC: Societe Generale 0.340% 05/15/30 (09/07/09) (a)(b)		33,930,000		33,930,000
KY Morehead League of Cities Funding Trust
Series 2004 A,
LOC: U.S. Bank N.A. 0.190% 06/01/34 (09/07/09) (a)(b)		4,537,000		4,537,000
KY Richmond City
Series 2006 A,
LOC: U.S. Bank N.A. 0.190% 03/01/36 (09/07/09) (a)(b)		18,385,000		18,385,000
KY Shelby County
Series 2004 A,
LOC: U.S. Bank N.A. 0.130% 09/01/34 (09/01/09) (a)(b)		11,345,000		11,345,000
KY Williamstown League of Cities Funding Trust
Series 2009 B,
LOC: U.S. Bank N.A. 0.190% 12/01/38 (09/07/09) (a)(b)		5,000,000		5,000,000
Kentucky Total				150,262,000
Louisiana – 0.4%
LA Parish of St. James
0.400% 09/01/09		28,000,000		28,000,000
LA Public Facilities Authority
Series 2008 C,
LIQ FAC: PB Capital Corp. 0.490% 02/15/15 (09/07/09) (a)(b)		14,060,000		14,060,000
LA Upper Pontalba Building Restoration Corp.
Series 1996,
LOC: Bank One N.A. 0.820% 12/01/16 (09/07/09) (a)(b)		3,080,000		3,080,000
Louisiana Total				45,140,000

	Par ($)		Value ($)
Maine – 0.1%
ME Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.260% 07/01/37 (09/07/09) (a)(b)		6,765,000		6,765,000
Maine Total				6,765,000
Maryland – 1.3%
MD Baltimore County Economic Development Revenue
Torah Institution Baltimore,
Series 2004, LOC: Branch Banking & Trust 0.330% 07/01/24 (09/07/09) (a)(b)		3,280,000		3,280,000
MD Baltimore Port Facilities Revenue
Occidental Petroleum Corp.,
Series 1981, LOC: BNP Paribas 0.450% 10/14/11 (09/15/09) (a)(b)		29,900,000		29,900,000
MD Bel Air Economic Development Revenue
Harford Day School, Inc.,
Series 2007, LOC: Branch Banking & Trust 0.330% 10/01/33 (09/07/09) (a)(b)		4,190,000		4,190,000
MD County of Prince Georges
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.330% 07/01/34 (09/07/09) (a)(b)		13,710,000		13,710,000
MD Health & Higher Educational Facilities Authority
Frederick Memorial Hospital,
Series 2008, LOC: Branch Banking & Trust 0.340% 07/01/35 (09/07/09) (a)(b)		8,000,000		8,000,000
Series 2006,
GTY AGMT: Merrill Lynch 1.350% 07/01/36 (09/07/09) (a)(b)(e)		34,465,000		34,465,000
MD Industrial Development Financing Authority
Bethesda Cultural Alliance,
Series 2006, LOC: Branch Banking & Trust 0.330% 09/01/26 (09/07/09) (a)(b)		4,425,000		4,425,000

See Accompanying Notes to Financial Statements.

15

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
MD Stadium Authority Lease Revenue
Series 2007,
SPA: Dexia Credit Local 0.400% 03/01/26 (09/07/09) (a)(b)		33,530,000		33,530,000
MD Town of Easton
William Hill Manor, Inc.,
Series 2008, LOC: Branch Banking & Trust 0.330% 01/01/38 (09/07/09) (a)(b)		5,775,000		5,775,000
Maryland Total				137,275,000
Massachusetts – 2.3%
MA Bay Transportation Authority
Series 2008,
LIQ FAC: Dexia Credit Local 1.220% 07/01/26 (09/07/09) (a)(b)		82,844,000		82,844,000
MA BB&T Municipal Trust
Series 2007 2061,
LOC: Branch Banking & Trust 0.240% 12/01/14 (09/07/09) (a)(b)		7,940,000		7,940,000
Series 2007,
LOC: Branch Banking & Trust 0.240% 01/01/28 (09/07/09) (a)(b)		16,525,000		16,525,000
MA Development Finance Agency
Abby Kelly Foster Charter,
Series 2008, LOC: TD Banknorth N.A. 0.270% 09/01/38 (09/07/09) (a)(b)		6,905,000		6,905,000
MA Health & Educational Facilities Authority
Partners Healthcare Systems, Inc.,
Series 2005 F-3, SPA: Citibank N.A. 0.150% 07/01/40 (09/07/09) (a)(b)		1,500,000		1,500,000
MA JPMorgan Chase Putters/Drivers Trust
Series 2008,
LIQ FAC: JPMorgan Chase Bank 0.300% 07/01/10 (09/07/09) (b)(c)(f)		16,315,000		16,315,000

	Par ($)		Value ($)
MA Puttable Floating Option Tax-Exempt Receipts
Series 2007,
LIQ FAC: Dexia Credit Local 1.350% 07/01/30 (09/07/09) (a)(b)		4,505,000		4,505,000
MA State
0.330% 09/14/09		8,000,000		8,000,000
Series 2000 B,
SPA: State Street Bank & Trust Co. 0.110% 12/01/30 (09/01/09) (a)(b)		20,355,000		20,355,000
Series 2004,
SPA: Dexia Credit Local 1.340% 08/01/18 (09/07/09) (a)(b)		11,270,000		11,270,000
Series 2007,
LOC: Dexia Credit Local 1.000% 01/01/34 (09/07/09) (a)(b)		28,800,000		28,800,000
MA Water Resources Authority
Series 2008,
SPA: JPMorgan Chase & Co. 0.240% 08/01/37 (09/07/09) (a)(b)		42,350,000		42,350,000
Massachusetts Total				247,309,000
Michigan – 3.9%
MI Building Authority Revenue
Series 2006 A,
GTY AGMT: Citibank N.A. 0.590% 10/15/36 (09/07/09) (a)(b)		60,000,000		60,000,000
MI Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG 0.350% 12/01/31 (09/07/09) (a)(b)		2,655,000		2,655,000
MI Hancock Hospital Finance Authority
Portage Health Systems, Inc.,
Series 2006, LOC: National City Bank 0.290% 08/01/31 (09/07/09) (a)(b)		24,235,000		24,235,000
MI Higher Education Facilities Authority
Hope College,
Series 2004, LOC: Bank One N.A. 0.310% 04/01/34 (09/07/09) (a)(b)		8,305,000		8,305,000

See Accompanying Notes to Financial Statements.

16

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
MI Hospital Finance Authority
Henry Ford Health System,
Series 2007, LOC: JPMorgan Chase Bank 0.230% 11/15/42 (09/07/09) (a)(b)		16,980,000		16,980,000
Series 1999 B1,
0.700% 11/15/33 (01/06/10) (b)(d)		17,675,000		17,673,596
Series 2008 B,
LOC: JPMorgan Chase Bank 0.240% 10/15/30 (09/07/09) (a)(b)		25,070,000		25,070,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 06/01/20 (09/07/09) (a)(b)(c)		3,150,000		3,150,000
Trinity Health,
Series 2005 F, 0.150% 11/01/18 (09/07/09) (b)(d)		6,300,000		6,300,000
MI JPMorgan Chase Putters/Drivers Trust
Series 2008 3263,
LIQ FAC: JPMorgan Chase Bank 0.320% 10/01/10 (09/07/09) (a)(b)(c)		1,230,000		1,230,000
MI Municipal Bond Authority
Series 2009 C2,
LOC: JPMorgan Chase Bank 2.500% 08/20/10		20,000,000		20,316,443
Series 2009 C3,
LOC: Scotia Bank 2.500% 08/20/10		10,000,000		10,158,221
MI State
Series 2008 A,
3.000% 09/30/09		180,000,000		180,171,038
Series 2008,
3.000% 09/30/09		25,000,000		25,026,449
MI Wayne County Airport Authority
Series 2008 D,
LOC: Wachovia Bank N.A. 0.300% 12/01/21 (09/07/09) (a)(b)		16,575,000		16,575,000
Michigan Total				417,845,747

	Par ($)		Value ($)
Minnesota – 0.8%
MN Community Development Agency
Series 1995 A,
LOC: U.S. Bank N.A. 0.320% 10/01/24 (09/07/09) (a)(b)		4,230,000		4,230,000
MN Dakota County Housing & Redevelopment Authority
Series 2006,
LIQ FAC: FHLMC 0.500% 06/01/29 (09/07/09) (a)(b)		18,650,000		18,650,000
MN Edina
Multi-Family Housing Revenue,
Series 1999, LIQ FAC: FHLMC 0.330% 12/01/29 (09/07/09) (a)(b)		10,000,000		10,000,000
MN Midwest Consortium of Municipal Utilities
Series 2005 B,
LOC: U.S. Bank N.A. 0.280% 10/01/35 (09/07/09) (a)(b)		2,355,000		2,355,000
MN Minneapolis Health Care Systems
Fairview Health Services,
Series 2008 A, LOC: Wells Fargo Bank N.A. 0.200% 11/15/47 (09/07/09) (a)(b)		12,100,000		12,100,000
MN Puttable Floating Option Tax-Exempt Receipts
Series 2007,
LIQ FAC: FHLMC 0.500% 05/01/31 (09/07/09) (a)(b)		13,150,000		13,150,000
MN Robbinsdale Revenue
North Memorial Health Care,
Series 2008 A-1, LOC: Wells Fargo Bank N.A. 0.320% 05/01/33 (09/07/09) (a)(b)		5,500,000		5,500,000
MN School District Capital Equipment Borrowing Program
Series 2009,
2.000% 09/10/10		9,500,000		9,643,151
MN State
Series 2001,
5.000% 10/01/09		7,500,000		7,518,214

See Accompanying Notes to Financial Statements.

17

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
MN University
Series 2008 A,
0.200% 08/15/31 (09/07/09) (b)(d)		7,250,000		7,250,000
Minnesota Total				90,396,365
Missouri – 2.4%
MO Cape Girardeau County Industrial Development Authority
Series 2009 B,
LOC: Wells Fargo Bank N.A. 0.300% 06/01/39 (09/07/09) (a)(b)		4,200,000		4,200,000
MO Deutsche Bank Spears/Lifers Trust
Series 2008,
GTY AGMT: Deutsche Bank AG 0.340% 04/15/19 (09/07/09) (a)(b)		9,770,000		9,770,000
MO Development Finance Board
Nelson Gallery Foundation:
Series 2004 A, SPA: JPMorgan Chase Bank 0.130% 12/01/33 (09/01/09) (a)(b)		18,505,000		18,505,000
Series 2008, SPA: JPMorgan Chase Bank 0.130% 12/01/37 (09/01/09) (a)(b)		3,965,000		3,965,000
Series 2003,
LOC: U.S. Bank N.A. 0.200% 06/01/33 (09/01/09) (a)(b)		15,400,000		15,400,000
MO Health & Educational Facilities Authority
Ascension Health,
Series 2003 C2, 0.730% 11/15/39 (03/03/10) (b)(d)		20,000,000		20,000,000
Bethesda Health Group, Inc.,
Series 2004, LOC: U.S. Bank N.A. 0.180% 08/01/34 (09/01/09) (a)(b)		5,100,000		5,100,000
Series 2008,
LOC: UBS AG 0.310% 05/15/32 (09/07/09) (a)(b)		7,300,000		7,300,000

	Par ($)		Value ($)
SSM Healthcare Corp.:
Series 2005 C-3, SPA: UBS AG 0.200% 06/01/33 (09/07/09) (a)(b)		29,500,000		29,500,000
Series 2005 C-5, SPA: U.S. Bank N.A. 0.200% 06/01/33 (09/07/09) (a)(b)		8,600,000		8,600,000
Washington University:
Series 2000 A, Pre-refunded 03/01/10 6.000% 03/01/30 (03/01/10) (b)		12,875,000		13,353,902
Series 2000 B, SPA: JPMorgan Chase Bank 0.120% 03/01/40 (09/01/09) (a)(b)		24,300,000		24,300,000
MO Joint Municipal Electric Utility Commission
Series 2007 A,
LIQ FAC: Citibank N.A. 0.440% 01/01/14 (09/07/09) (a)(b)		11,410,000		11,410,000
MO Nodaway Industrial Development Authority
Northwest Foundation, Inc.,
Series 2002, LOC: U.S. Bank N.A. 0.370% 11/01/32 (09/07/09) (a)(b)		3,375,000		3,375,000
MO St. Joseph Industrial Development Authority
Heartland Regional Medical,
Series 2009 A, LOC: U.S. Bank N.A. 0.200% 11/15/43 (09/07/09) (a)(b)		16,000,000		16,000,000
MO St. Louis Airport Revenue
Series 2005,
GTY AGMT: Deutsche Bank AG 0.340% 07/01/31 (09/07/09) (a)(b)		43,905,000		43,905,000
MO University of Missouri Curators
Series 2009,
2.000% 06/30/10		25,000,000		25,329,587
Missouri Total				260,013,489

See Accompanying Notes to Financial Statements.

18

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Nebraska – 0.9%
NE Central Plains Energy Project
Series 2007,
LOC: Branch Banking & Trust 0.240% 12/01/21 (09/07/09) (a)(b)		8,510,000		8,510,000
Series 2009 2,
SPA: Royal Bank of Canada 0.330% 08/01/39 (09/03/09) (a)(b)		45,000,000		45,000,000
NE Omaha Public Power District
0.350% 09/08/09		14,750,000		14,750,000
0.350% 10/06/09		10,000,000		10,000,000
0.350% 10/07/09		14,000,000		14,000,000
Nebraska Total				92,260,000
Nevada – 1.6%
NV Clark County
0.430% 11/05/09		15,000,000		15,000,000
Series 2009 A,
2.500% 07/15/10		30,000,000		30,427,072
NV Deutsche Bank Spears/Lifers Trust
Series 2008,
GTY AGMT: Deutsche Bank AG 0.340% 06/15/24 (09/07/09) (a)(b)		4,880,000		4,880,000
NV Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.270% 05/01/36 (09/07/09) (a)(b)		24,770,000		24,770,000
Series 2007,
LOC: U.S. Bank N.A. 0.260% 07/01/26 (09/07/09) (a)(b)		10,135,000		10,135,000
NV Reno
Renown Regional Medical Center,
Series 2008 B, LOC: Union Bank of California N.A. 0.250% 06/01/41 (09/07/09) (a)(b)		21,400,000		21,400,000
Series 2008 25G,
GTY AGMT: Goldman Sachs 0.340% 06/01/19 (09/07/09) (a)(b)		12,490,000		12,490,000

	Par ($)		Value ($)
Series 2008 25GZ,
GTY AGMT: Goldman Sachs 0.340% 06/01/51 (09/07/09) (a)(b)		40,620,000		40,620,000
Series 2008,
LOC: Bank of New York 0.120% 06/01/42 (09/01/09) (a)(b)		8,960,000		8,960,000
Nevada Total				168,682,072
New Hampshire – 0.4%
NH Business Finance Authority
Huggins Hospital,
Series 2007, LOC: TD Banknorth N.A. 0.180% 10/01/42 (09/01/09) (a)(b)		10,000,000		10,000,000
Littleton Regional Hospital,
Series 2007, LOC: TD Banknorth N.A. 0.180% 10/01/37 (09/01/09) (a)(b)		20,000,000		20,000,000
New Hampshire Public Radio,
Series 2008 A, LOC: TD Banknorth N.A. 0.310% 06/01/38 (09/07/09) (a)(b)		3,615,000		3,615,000
NH Health & Education Facilities Authority
Southern New Hampshire University,
Series 2008, LOC: T.D. Banknorth N.A. 0.310% 01/01/39 (09/07/09) (a)(b)		12,730,000		12,730,000
New Hampshire Total				46,345,000
New Jersey – 3.6%
NJ BB&T Municipal Trust
Series 2007 2056,
LOC: Branch Banking & Trust 0.240% 09/01/37 (09/07/09) (a)(b)		10,325,000		10,325,000
NJ Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG: 0.330% 01/01/27 (09/07/09) (a)(b)		12,025,000		12,025,000
0.330% 12/15/31 (09/07/09) (a)(b)		68,315,000		68,315,000

See Accompanying Notes to Financial Statements.

19

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008,
GTY AGMT: Deutsche Bank AG 0.320% 01/01/21 (09/07/09) (a)(b)		2,375,000		2,375,000
NJ Puttable Floating Option Tax-Exempt Receipts
Series 2007,
GTY AGMT: Dexia Credit Local 1.320% 12/15/21 (09/07/09) (a)(b)		16,415,000		16,415,000
NJ Salem County Pollution Control Financing Authority
0.350% 09/10/09		12,250,000		12,250,000
Public Service Electric & Gas,
Series 2003 B2, LOC: Bank of Nova Scotia 0.230% 11/01/33 (09/07/09) (a)(b)		7,000,000		7,000,000
NJ South Jersey Transportation Authority
Series 2009 A-4,
LOC: Wachovia Bank N.A. 0.230% 11/01/39 (09/03/09) (a)(b)		15,895,000		15,895,000
NJ State
Series 2006,
LIQ FAC: Dexia Credit Local 1.320% 07/01/19 (09/07/09) (a)(b)		8,240,000		8,240,000
NJ Transportation Trust Fund Authority
Series 2006,
GTY AGMT: Dexia Credit Local 1.360% 12/15/30 (09/07/09) (a)(b)		42,415,000		42,415,000
NJ Turnpike Authority
Series 2006,
GTY AGMT: Dexia Credit Local 1.320% 01/01/16 (09/07/09) (a)(b)		10,140,000		10,140,000
Series 2009:
2.250% 12/31/09		175,000,000		175,428,557
LOC: ScotiaBank 0.210% 01/01/24 (09/07/09) (a)(b)		4,900,000		4,900,000
New Jersey Total				385,723,557

	Par ($)		Value ($)
New Mexico – 0.4%
NM Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.280% 06/01/36 (09/07/09) (a)(b)		18,455,000		18,455,000
NM Farmington Pollution Control
Arizona Public Service Co.,
Series 1994, LOC: Barclays Bank PLC 0.170% 05/01/24 (09/01/09) (a)(b)		5,000,000		5,000,000
NM Transportation Financial Authority
Series 2008 A2,
LOC: UBS AG 0.200% 06/15/24 (09/07/09) (a)(b)		20,000,000		20,000,000
New Mexico Total				43,455,000
New York – 3.9%
NY BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.240% 07/01/25 (09/07/09) (a)(b)		12,575,000		12,575,000
Series 2009,
LOC: Branch Banking & Trust: 0.290% 09/01/20 (09/07/09) (a)(b)(c)		17,835,000		17,835,000
0.370% 07/02/19 (09/07/09) (a)(b)(c)		33,820,000		33,820,000
NY Dormitory Authority
Le Moyne College,
Series 2009, LOC: TD Banknorth N.A. 0.240% 01/01/39 (09/07/09) (a)(b)		4,000,000		4,000,000
Series 2009,
LIQ FAC: Citibank N.A. 0.290% 03/15/35 (09/07/09) (a)(b)(c)		7,050,000		7,050,000
NY Housing Finance Agency
Series 2009 A,
LOC: Wachovia Bank N.A. 0.190% 05/01/42 (09/07/09) (a)(b)		16,645,000		16,645,000

See Accompanying Notes to Financial Statements.

20

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
NY Local Government Assistance Corp.
Series 1995 D,
LOC: Societe Generale 0.180% 04/01/25 (09/07/09) (a)(b)		7,310,000		7,310,000
Series 2008 B,
SPA: Dexia Credit Local 0.500% 04/01/21 (09/07/09) (a)(b)		43,400,000		43,400,000
NY New York City Municipal Water Finance Authority
Series 2003 B,
SPA: U.S. Bank N.A. 0.170% 06/15/35 (09/07/09) (a)(b)		25,000,000		25,000,000
Series 2005 AA-1,
0.080% 06/15/32 (09/01/09) (b)(d)		19,000,000		19,000,000
Series 2005,
LIQ FAC: Citibank N.A. 0.290% 06/15/13 (09/07/09) (a)(b)		25,075,000		25,075,000
Series 2007 BB,
SPA: Fortis Bank 0.150% 06/15/36 (09/01/09) (a)(b)		20,300,000		20,300,000
Series 2008 B-2,
SPA: Lloyds TSB Bank PLC 0.120% 06/15/24 (09/01/09) (a)(b)		10,645,000		10,645,000
Series 2008,
LIQ FAC: JPMorgan Chase Bank 0.300% 06/15/10 (09/07/09) (b)(f)		13,305,000		13,305,000
NY New York City Transitional Finance Authority
Series 2002 2A,
LIQ FAC: Dexia Credit Local 0.120% 11/01/22 (09/01/09) (a)(b)		11,300,000		11,300,000
Series 2002 3B,
SPA: Citibank N.A. 0.120% 11/01/22 (09/01/09) (a)(b)		79,775,000		79,775,000
NY New York City
Series 1993 E-2,
LOC: JPMorgan Chase Bank 0.120% 08/01/20 (09/01/09) (a)(b)		1,635,000		1,635,000

	Par ($)		Value ($)
Series 2006 I-6,
LOC: California State Teachers Retirement System 0.090% 04/01/36 (09/01/09) (a)(b)		5,100,000		5,100,000
NY Power Authority
Series 1985,
LIQ FAC: Bank of Nova Scotia 0.600% 03/01/16 (09/02/09) (a)(b)		31,270,000		31,270,000
NY Suffolk County Industrial Development Agency
Touro College,
Series 2007, LOC: JPMorgan Chase Bank 0.220% 06/01/37 (09/07/09) (a)(b)		9,825,000		9,825,000
NY Tobacco Settlement Financing Corp.
Series 2006,
GTY AGMT: Merrill Lynch & Co., SPA: Merrill Lynch International Bank 0.490% 06/01/20 (09/07/09) (a)(b)(e)		5,355,000		5,355,000
NY Triborough Bridge & Tunnel Authority
Series 2009 A1,
2.000% 11/15/38 (09/07/09) (b)(d)		25,000,000		25,129,775
New York Total				425,349,775
North Carolina – 3.6%
NC BB&T Municipal Trust
Series 2008,
LOC: Branch Banking & Trust: 0.290% 10/01/18 (09/07/09) (a)(b)(c)		11,530,000		11,530,000
0.290% 05/01/24 (09/07/09) (a)(b)(c)		7,255,000		7,255,000
0.290% 05/31/24 (09/07/09) (a)(b)		16,750,000		16,750,000
0.290% 06/01/24 (09/07/09) (a)(b)		14,245,000		14,245,000
0.290% 06/01/24 (09/07/09) (a)(b)		20,265,000		20,265,000
Series 2008, LOC: Branch Banking & Trust 0.290% 03/01/24 (09/07/09) (a)(b)		6,135,000		6,135,000

See Accompanying Notes to Financial Statements.

21

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008, LOC: Branch Banking & Trust 0.290% 04/01/24 (09/07/09) (a)(b)		16,700,000		16,700,000
NC Capital Facilities Finance Agency
Educational Facilities Revenue:
Barton College, Series 2004, LOC: Branch Banking & Trust 0.330% 07/01/19 (09/07/09) (a)(b)		4,800,000		4,800,000
High Point University, Series 2007, LOC: Branch Banking & Trust 0.330% 12/01/29 (09/07/09) (a)(b)		6,950,000		6,950,000
Series 2008, LIQ FAC: Wells Fargo & Co. 0.290% 10/01/44 (09/07/09) (a)(b)		6,050,000		6,050,000
The Raleigh School, Series 2006, LOC: Branch Banking & Trust 0.330% 09/01/31 (09/07/09) (a)(b)		3,800,000		3,800,000
Union Academy, Series 2007, LOC: Wachovia Bank N.A. 0.280% 12/01/29 (09/07/09) (a)(b)		6,175,000		6,175,000
High Point University,
Series 2008, LOC: Branch Banking & Trust 0.330% 05/01/30 (09/07/09) (a)(b)		5,000,000		5,000,000
NC Charlotte-Mecklenburg Hospital Authority
Series 2007,
LOC: Wachovia Bank N.A. 0.160% 01/15/45 (09/01/09) (a)(b)		17,505,000		17,505,000
NC Cleveland County Industrial Facilities & Pollution Control Financing Authority
Cleveland County Family YMCA,
Series 2007, LOC: Branch Banking & Trust 0.330% 06/01/32 (09/07/09) (a)(b)		10,800,000		10,800,000

	Par ($)		Value ($)
NC Forsyth County Industrial Facilities & Pollution Control Financing Authority
YMCA of Winston-Salem,
Series 2005, LOC: Branch Banking & Trust 0.330% 12/01/30 (09/07/09) (a)(b)		12,375,000		12,375,000
NC Guilford County Industrial Facilities & Pollution Control Financing Authority
YMCA of Greensboro, Inc.,
Series 2002, LOC: Branch Banking & Trust 0.330% 02/01/23 (09/07/09) (a)(b)		3,200,000		3,200,000
NC Medical Care Commission
Deerfield Episcopal Retirement,
Series 2008 B, LOC: Branch Banking & Trust 0.330% 11/01/38 (09/07/09) (a)(b)		5,000,000		5,000,000
J. Arthur Dosher Memorial Hospital,
Series 1998, LOC: Branch Banking & Trust 0.330% 05/01/18 (09/07/09) (a)(b)		1,880,000		1,880,000
Rutherford Hospital, Inc.,
Series 2001, LOC: Branch Banking & Trust 0.330% 09/01/21 (09/07/09) (a)(b)		2,875,000		2,875,000
Series 2008 B,
SPA: Branch Banking & Trust 0.400% 11/01/28 (09/07/09) (a)(b)		27,045,000		27,045,000
Series 2009 B:
LOC: Wachovia Bank N.A. 0.280% 10/01/38 (09/07/09) (a)(b)		9,300,000		9,300,000
SPA: Branch Banking & Trust 0.260% 10/01/39 (09/07/09) (a)(b)		15,200,000		15,200,000
Series 2009 C,
LOC: Wachovia Bank N.A. 0.280% 10/01/26 (09/07/09) (a)(b)		14,965,000		14,965,000
Southeastern Regional Medical Center,
Series 2005, LOC: Branch Banking & Trust 0.330% 06/01/37 (09/07/09) (a)(b)		7,050,000		7,050,000

See Accompanying Notes to Financial Statements.

22

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
United Methodist Retirement Homes,
Series 2005 B, LOC: Branch Banking & Trust 0.330% 10/01/35 (09/07/09) (a)(b)		4,905,000		4,905,000
University Health Systems:
Series 2008 B-1, LOC: Branch Banking & Trust 0.210% 12/01/36 (09/07/09) (a)(b)		4,900,000		4,900,000
Series 2008 B-2, LOC: Branch Banking & Trust 0.320% 12/01/36 (09/07/09) (a)(b)		10,330,000		10,330,000
Wake Forest University Health Sciences:
Series 2008 A, LOC: Branch Banking & Trust 0.240% 07/01/34 (09/07/09) (a)(b)		23,300,000		23,300,000
Series 2008 B, LOC: Branch Banking & Trust 0.240% 07/01/34 (09/07/09) (a)(b)		12,100,000		12,100,000
Wayne Health Corp.,
Series 2009, LOC: Branch Banking & Trust 0.280% 10/01/36 (09/07/09) (a)(b)		9,360,000		9,360,000
Westcare, Inc.,
Series 2002 A, LOC: Branch Banking & Trust 0.330% 09/01/22 (09/07/09) (a)(b)		7,400,000		7,400,000
NC State
Series 2004,
5.000% 03/01/10		10,000,000		10,223,051
Series 2007,
5.000% 03/01/10		11,380,000		11,623,910
NC Union County
Series 2004 B,
SPA: Branch Banking & Trust 0.260% 03/01/20 (09/07/09) (a)(b)		20,865,000		20,865,000
Series 2007 C,
SPA: Branch Banking & Trust 0.260% 03/01/33 (09/07/09) (a)(b)		14,385,000		14,385,000

	Par ($)		Value ($)
NC University of North Carolina at Chapel Hill
Series 2006,
LIQ FAC: Morgan Stanley 0.340% 12/01/34 (09/07/09) (a)(b)		5,685,000		5,685,000
NC Wake County Industrial Facilities & Pollution Control Financing Authority
Habitat for Humanity,
Series 2007, LOC: Branch Banking & Trust 0.330% 11/01/32 (09/07/09) (a)(b)		4,300,000		4,300,000
North Carolina Total				392,226,961
Ohio – 3.7%
OH Air Quality Development Authority
Ohio Valley Electric Corp.,
Series 2009 D, LOC: Bank of Tokyo-Mitsubishi UFJ 0.210% 02/01/26 (09/02/09) (a)(b)		3,570,000		3,570,000
Series 2009 C,
LOC: Bank of Tokyo-Mitsubishi UFJ 0.270% 02/01/26 (09/03/09) (a)(b)		3,600,000		3,600,000
OH Cleveland Cuyahoga County Port Authority
Park Synagogue,
Series 2006, LOC: U.S. Bank N.A. 0.310% 01/01/31 (09/07/09) (a)(b)		9,995,000		9,995,000
OH Columbus Regional Airport Authority
Series 2004 A,
LOC: U.S. Bank N.A. 0.300% 03/01/34 (09/07/09) (a)(b)		26,650,000		26,650,000
Series 2005,
LOC: U.S. Bank N.A. 0.300% 07/01/35 (09/07/09) (a)(b)		35,205,000		35,205,000
OH Cuyahoga County Hospital Revenue
Series 2005,
LOC: National City Bank 0.290% 02/01/35 (09/07/09) (a)(b)		73,240,000		73,240,000

See Accompanying Notes to Financial Statements.

23

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Sisters of Charity Health Systems,
Series 2000, LOC: National City Bank 0.290% 11/01/30 (09/07/09) (a)(b)		31,885,000		31,885,000
OH Deutsche Bank Spears/Lifers Trust
Series 2008,
GTY AGMT: Deutsche Bank AG 0.340% 01/01/28 (09/07/09) (a)(b)		5,000,000		5,000,000
OH Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.260% 12/01/33 (09/07/09) (a)(b)		3,920,000		3,920,000
OH Franklin County Health Care Facilities Revenue
Traditions Healthcare,
Series 2005, LOC: U.S. Bank N.A. 0.410% 06/01/30 (09/07/09) (a)(b)		18,985,000		18,985,000
OH Franklin County
Presbyterian Retirement System,
Series 2006 B, LOC: National City Bank 0.290% 07/01/29 (09/07/09) (a)(b)		16,675,000		16,675,000
Trinity Health,
Series 1995, 0.150% 06/01/16 (09/07/09) (b)(d)		4,900,000		4,900,000
OH Higher Educational Facility Authority
Capital University,
Series 2006, LOC: National City Bank 0.290% 12/01/31 (09/07/09) (a)(b)		29,530,000		29,530,000
Series 2005,
LOC: National City Bank 0.290% 05/01/30 (09/07/09) (a)(b)		7,000,000		7,000,000
Tiffin University,
Series 2007, LOC: National City Bank 0.290% 08/01/22 (09/07/09) (a)(b)		12,810,000		12,810,000

	Par ($)		Value ($)
OH Huron County
Fisher-Titus Medical Center,
Series 2003 A, LOC: National City Bank 0.290% 12/01/27 (09/07/09) (a)(b)		9,280,000		9,280,000
Norwalk Area Health System,
Series 2003, LOC: National City Bank 0.290% 12/01/27 (09/07/09) (a)(b)		6,855,000		6,855,000
OH Knox County
Knox Community Hospital,
Series 2004, LOC: National City Bank 0.290% 12/01/29 (09/07/09) (a)(b)		16,000,000		16,000,000
OH Middletown Hospital Facilities
Atrium Medical Center:
Series 2008 A, LOC: JPMorgan Chase & Co. 0.280% 11/15/39 (09/07/09) (a)(b)		14,500,000		14,500,000
Series 2008 B, LOC: JPMorgan Chase & Co. 0.280% 11/15/39 (09/07/09) (a)(b)		15,000,000		15,000,000
OH Salem Civic Facility Revenue
Series 2001,
LOC: National City Bank 0.340% 06/01/27 (09/07/09) (a)(b)		7,985,000		7,985,000
OH Stark County Port Authority
Series 2001,
LOC: JPMorgan Chase & Co. 0.770% 12/01/22 (09/07/09) (a)(b)		3,440,000		3,440,000
OH University
0.330% 09/08/09		28,500,000		28,500,000
OH Water Development Authority
Firstenergy Nuclear Generation,
Series 2005 B, LOC: Barclays Bank PLC 0.250% 01/01/34 (09/07/09) (a)(b)		7,215,000		7,215,000

See Accompanying Notes to Financial Statements.

24

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
OH Zanesville Muskingum County
Grove City Church,
Series 2006, LOC: National City Bank 0.340% 02/01/24 (09/07/09) (a)(b)		7,630,000		7,630,000
Ohio Total				399,370,000
Oklahoma – 0.1%
OK Grand River Dam Authority
Series 2008 A,
SPA: Citibank N.A. 0.440% 06/01/33 (09/07/09) (a)(b)(c)		12,000,000		12,000,000
OK Industries Authority
Amateur Softball Association,
Series 2002, LOC: Bank One Oklahoma N.A. 2.820% 06/01/14 (09/07/09) (a)(b)		750,000		750,000
Oklahoma Total				12,750,000
Oregon – 1.2%
OR Clackamas County Health Facility
Legacy Health System,
Series 2008 B, LOC: U.S. Bank N.A. 0.200% 06/01/37 (09/07/09) (a)(b)		13,700,000		13,700,000
OR Salem Hospital Facility Authority
Salem Hospital,
Series 2008 B, LOC: U.S. Bank N.A. 0.230% 08/15/34 (09/07/09) (a)(b)		10,000,000		10,000,000
OR State
Series 2009,
2.500% 06/30/10		102,000,000		103,702,955
Oregon Total				127,402,955
Pennsylvania – 4.5%
PA Adams County Industrial Development Authority Revenue
Brethren Home Community,
Series 2007, LOC: PNC Bank N.A. 0.420% 06/01/32 (09/07/09) (a)(b)		9,665,000		9,665,000

	Par ($)		Value ($)
Gettysburg College,
Series 2008 B, LOC: JPMorgan Chase Bank 0.230% 08/15/28 (09/07/09) (a)(b)		6,030,000		6,030,000
PA Allegheny County Higher Education Building Authority
Series 2002,
LOC: National City Bank of Pennsylvania 0.290% 04/01/32 (09/07/09) (a)(b)		8,700,000		8,700,000
PA Allegheny County Hospital Development Authority
Jefferson Regional Medical Center,
Series 2006 A, LOC: PNC Bank N.A. 0.290% 05/01/26 (09/07/09) (a)(b)		22,000,000		22,000,000
Series 2005:
0.540% 12/01/16 (09/07/09) (b)(d)		26,566,000		26,566,000
0.540% 12/01/35 (09/07/09) (b)(d)		20,710,928		20,710,928
University of Pittsburgh Medical Center,
Series 2008 A, 5.000% 09/01/09		6,710,000		6,710,000
PA Allegheny County Industrial Development Authority
Our Lady Sacred Heart High School,
Series 2002, LOC: PNC Bank N.A. 0.320% 06/01/22 (09/07/09) (a)(b)		2,310,000		2,310,000
PA Beaver County Industrial Development Authority
Firstenergy Generation,
Series 2006, LOC: Barclays Bank PLC 0.150% 04/01/41 (09/01/09) (a)(b)		7,100,000		7,100,000
PA Berks County Municipal Authority
Series 2009 A4,
0.280% 05/01/32 (09/03/09) (b)(d)		10,000,000		10,000,000
Series 2009 A5,
0.660% 05/01/32 (09/07/09) (b)(d)		9,050,000		9,050,000

See Accompanying Notes to Financial Statements.

25

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
PA Bucks County Industrial Development Authority
Grand View Hospital:
Series 2008 A, LOC: TD Bank N.A. 0.220% 07/01/34 (09/07/09) (a)(b)		6,900,000		6,900,000
Series 2008 B, LOC: PNC Bank N.A. 0.250% 07/01/39 (09/07/09) (a)(b)		8,610,000		8,610,000
PA Butler County Hospital Authority
Butler Health Systems, Inc.,
Series 2009 A, LOC: Branch Banking & Trust 0.280% 07/01/39 (09/07/09) (a)(b)		4,500,000		4,500,000
PA Cambria County Industrial Development Authority
American National Red Cross,
Series 2008, LOC: JPMorgan Chase Bank 0.230% 09/01/34 (09/07/09) (a)(b)		4,500,000		4,500,000
PA Dauphin County General Authority
Series 2007,
GTY AGMT: Goldman Sachs 0.340% 01/01/29 (09/07/09) (a)(b)		38,195,000		38,195,000
PA Delaware County Industrial Development Authority
Series 2009 C,
0.260% 12/01/31 (09/07/09) (b)(d)		8,240,000		8,240,000
United Parcel Service,
Series 1985, 0.100% 12/01/15 (09/01/09) (b)(d)		10,000,000		10,000,000
PA Deutsche Bank Spears/Lifers Trust
Series 2007:
GTY AGMT: Deutsche Bank AG: 0.360% 10/01/18 (09/07/09) (a)(b)		5,190,000		5,190,000
0.360% 08/15/30 (09/07/09) (a)(b)		5,050,000		5,050,000
PA Economic Development Financing Authority
Series 2009,
LOC: Wachovia Bank N.A. 0.900% 12/10/09 (a)		4,100,000		4,100,000

	Par ($)		Value ($)
PA Emmaus General Authority
Series 1989 B-28,
LOC: U.S. Bank N.A. 0.300% 03/01/24 (09/07/09) (a)(b)		3,200,000		3,200,000
Series 1989 E-22
LOC: U.S. Bank N.A. 0.300% 03/01/24 (09/07/09) (a)(b)		5,750,000		5,750,000
Series 1989 H-19,
LOC: U.S. Bank N.A. 0.300% 03/01/24 (09/07/09) (a)(b)		20,000,000		20,000,000
Series 1989,
LOC: U.S. Bank N.A. 0.300% 03/01/24 (09/07/09) (a)(b)		7,500,000		7,500,000
Series 2003 E-20,
LOC: U.S. Bank N.A. 0.300% 03/01/24 (09/07/09) (a)(b)		6,000,000		6,000,000
PA Haverford Township School District
Series 2009,
LOC: TD Bank N.A. 0.300% 03/01/30 (09/07/09) (a)(b)		4,000,000		4,000,000
PA Higher Educational Facilities Authority
Carnegie Mellon University,
Series 1995 D, SPA: Morgan Guaranty Trust 0.180% 11/01/30 (09/01/09) (a)(b)		14,300,000		14,300,000
Mount Aloysius College,
Series 2003, LOC: PNC Bank N.A. 0.290% 05/01/28 (09/07/09) (a)(b)		5,100,000		5,100,000
PA Lancaster Industrial Development Authority
Series 2009 B,
LOC: PNC Bank N.A. 0.250% 12/01/39 (09/07/09) (a)(b)		10,000,000		10,000,000
PA Philadelphia Authority for Industrial Development
New Courtland Elder Services,
Series 2007, LOC: PNC Bank N.A. 0.290% 03/01/26 (09/07/09) (a)(b)		19,495,000		19,495,000

See Accompanying Notes to Financial Statements.

26

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Philadelphia Art Museum,
Series 2008, LOC: Wachovia Bank N.A. 0.120% 07/01/32 (09/01/09) (a)(b)		9,350,000		9,350,000
PA Philadelphia School District
Series 2008 D-1,
LOC: PNC Bank N.A. 0.250% 09/01/21 (09/07/09) (a)(b)		19,910,000		19,910,000
Series 2009 C,
LOC:TD Bank N.A. 0.220% 06/01/26 (09/07/09) (a)(b)		4,200,000		4,200,000
PA Public School Building Authority
Series 2009 A,
LOC: PNC Bank N.A. 0.290% 08/01/30 (09/07/09) (a)(b)		9,825,000		9,825,000
Series 2009 B,
LOC: PNC Bank N.A. 0.290% 05/15/20 (09/07/09) (a)(b)		14,535,000		14,535,000
PA RBC Municipal Products, Inc. Trust
Series 2007,
LOC: Royal Bank of Canada 0.390% 10/15/32 (09/07/09) (a)(b)		19,995,000		19,995,000
Series 2008 C-13,
LOC: Royal Bank of Canada 0.390% 11/01/11 (09/07/09) (a)(b)(c)		10,000,000		10,000,000
Series 2008 E-11,
LOC: Royal Bank of Canada 0.390% 12/01/11 (09/07/09) (a)(b)(c)		20,000,000		20,000,000
PA Ridley School District
Series 2009,
LOC: TD Bank NA 0.300% 11/01/29 (09/07/09) (a)(b)		4,000,000		4,000,000
PA Turnpike Commission
Series 2008 A-1,
SPA: JPMorgan Chase Bank 0.240% 12/01/22 (09/07/09) (a)(b)		35,705,000		35,705,000

	Par ($)		Value ($)
PA University of Pittsburgh
Series 2000 A,
2.500% 09/15/09		11,000,000		11,006,907
PA West Cornwall Township Municipal Authority
Lebanon Valley Brethren Home,
Series 2006 S, LOC: PNC Bank N.A. 0.280% 01/01/37 (09/07/09) (a)(b)		4,300,000		4,300,000
Pennsylvania Total				482,298,835
Puerto Rico – 3.0%
PR Commonwealth of Puerto Rico BB&T Municipal Trust
Series 2007 06,
LOC: Branch Banking & Trust 0.260% 07/01/32 (09/07/09) (a)(b)		20,885,000		20,885,000
Series 2007,
LOC: Branch Banking & Trust 0.240% 07/01/28 (09/07/09) (a)(b)		12,520,000		12,520,000
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2008,
GTY AGMT: Citibank N.A. 0.560% 12/01/09 (09/07/09) (b)(f)		192,965,000		192,965,000
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2008:
GTY AGMT: Citigroup Financial Products 1.240% 12/03/09 (09/07/09) (b)(f)		59,300,000		59,300,000
LOC: Dexia Credit Local 1.000% 01/01/28 (09/07/09) (a)(b)		1,100,000		1,100,000
PR Commonwealth of Puerto Rico Sales Tax Financing Corp.
Series 2009,
LIQ FAC: Citibank N.A. 0.340% 08/01/54 (09/07/09) (a)(b)(c)		36,255,000		36,255,000
Puerto Rico Total				323,025,000

See Accompanying Notes to Financial Statements.

27

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Rhode Island – 0.2%
RI Health & Educational Building Corp.
Brown University,
Series 2005 A, 0.150% 05/01/35 (09/07/09) (b)(d)		12,500,000		12,500,000
Ocean State Assisted,
Series 2001, LOC: Bank of New York 0.280% 07/01/31 (09/07/09) (a)(b)		9,615,000		9,615,000
Rhode Island Total				22,115,000
South Carolina – 1.1%
SC BB&T Municipal Trust
Series 2008,
LOC: Branch Banking & Trust 0.290% 04/30/16 (09/07/09) (a)(b)		22,865,000		22,865,000
SC Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.280% 10/01/32 (09/07/09) (a)(b)		25,060,000		25,060,000
SC Greenville County Industrial Revenue
Edgcomb Metals Co.,
Series 1984, LOC: Wells Fargo Bank N.A. 0.280% 08/01/14 (09/07/09) (a)(b)		3,200,000		3,200,000
SC Jobs Economic Development Authority
Anderson Area YMCA,
Series 1999, LOC: Branch Banking & Trust 0.330% 11/01/24 (09/07/09) (a)(b)		4,365,000		4,365,000
Anmed Health,
Series 2009-C, LOC: Branch Banking & Trust 0.210% 02/01/33 (09/07/09) (a)(b)		5,000,000		5,000,000
Carealliance Health Services,
Series 2007 B, LOC: Wachovia Bank N.A. 0.200% 08/15/37 (09/01/09) (a)(b)		30,000,000		30,000,000

	Par ($)		Value ($)
Carolina Village, Inc.,
Series 2000, LOC: Branch Banking & Trust 0.330% 02/01/22 (09/07/09) (a)(b)		13,250,000		13,250,000
Spartanburg YMCA,
Series 1996, LOC: Branch Banking & Trust 0.330% 06/01/18 (09/07/09) (a)(b)		2,160,000		2,160,000
SC Puttable Floating Option Tax-Exempt Receipts
Series 2008,
GTY AGMT: FHLMC 0.670% 03/01/49 (09/07/09) (a)(b)		10,540,000		10,540,000
South Carolina Total				116,440,000
South Dakota – 0.2%
SD Housing Development Authority
Series 2008 H,
2.500% 01/04/10		20,000,000		20,091,410
South Dakota Total				20,091,410
Tennessee – 1.1%
TN BB&T Municipal Trust
Series 2007 2059,
LOC: Branch Banking & Trust 0.240% 04/01/42 (09/07/09) (a)(b)		15,940,000		15,940,000
TN Blount County Public Building Authority
Series 2009 A,
LOC: Branch Banking & Trust 0.330% 06/01/30 (09/07/09) (a)(b)		5,000,000		5,000,000
Series 2009 E-8-A,
LOC: Branch Banking & Trust 0.330% 06/01/37 (09/07/09) (a)(b)		4,900,000		4,900,000
Series 2009 E7Z,
LOC: Branch Banking & Trust 0.330% 06/01/39 (09/07/09) (a)(b)		5,470,000		5,470,000
TN Energy Acquisition Corp.
Series 2007,
LOC: Branch Banking & Trust 0.240% 02/01/27 (09/07/09) (a)(b)		25,730,000		25,730,000

See Accompanying Notes to Financial Statements.

28

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
TN Memphis Health, Educational & Housing Facility Board
Series 2008 36G,
GTY AGMT: Goldman Sachs 0.340% 08/01/48 (09/07/09) (a)(b)		3,915,100		3,915,100
TN Metropolitan Government of Nashville & Davidson Counties
0.400% 10/08/09		12,800,000		12,800,000
0.450% 11/05/09		30,000,000		30,000,000
TN Shelby County Health, Educational & Housing Facilities Board
Gateway Willowbrook LLC,
Series 2007 A-1, Guarantor: FNMA LIQ FAC: FNMA 0.320% 12/15/37 (09/07/09) (a)(b)		8,310,000		8,310,000
TN Shelby County
Series 2006,
0.230% 03/01/31 (09/07/09) (b)(d)		10,500,000		10,500,000
Tennessee Total				122,565,100
Texas – 8.8%
TX Austin Convention Enterprises, Inc.
Series 2006 A,
LIQ FAC: Citibank N.A. 0.440% 01/01/34 (09/07/09) (a)(b)		7,670,000		7,670,000
TX Austin Water & Wastewater Systems Revenue
Series 2008,
LOC: Dexia Credit Local 0.370% 05/15/31 (09/07/09) (a)(b)		108,800,000		108,800,000
TX BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust: 0.240% 12/01/21 (09/07/09) (a)(b)		14,725,000		14,725,000
0.240% 12/15/26 (09/07/09) (a)(b)		16,695,000		16,695,000
TX Bexar County Housing Finance Corp.
Multi-Family Housing Revenue:
Series 1996, LOC: Northern Trust Co. 0.460% 06/01/28 (09/07/09) (a)(b)		10,375,000		10,375,000

	Par ($)		Value ($)
Series 2006,
GTY AGMT: Citigroup Financial Products 1.240% 12/01/15 (09/07/09) (a)(b)		18,315,000		18,315,000
TX Department of Housing & Community Affairs
Series 2005,
LIQ FAC: FHLMC 0.650% 03/01/36 (09/07/09) (a)(b)		8,425,000		8,425,000
TX Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG 0.360% 08/15/29 (09/07/09) (a)(b)		35,630,000		35,630,000
Series 2008:
GTY AGMT: Deutsche Bank AG 0.340% 11/15/25 (09/07/09) (a)(b)		13,025,000		13,025,000
LIQ FAC: Deutsche Bank AG: 0.340% 02/15/28 (09/07/09) (a)(b)		11,485,000		11,485,000
0.340% 02/01/32 (09/07/09) (a)(b)		16,685,000		16,685,000
0.340% 02/15/37 (09/07/09) (a)(b)		7,765,000		7,765,000
0.340% 02/15/38 (09/07/09) (a)(b)		3,520,000		3,520,000
TX Eagle Tax-Exempt Trust
Series 2009 50A,
SPA: Citibank N.A. 0.290% 08/15/21 (09/07/09) (a)(b)(c)		280,000		280,000
Series 2009 52A,
LIQ FAC: Citibank N.A. 0.290% 08/15/32 (09/07/09) (a)(b)(c)		10,790,000		10,790,000
TX Grand Prairie Housing Finance Corp.
General Electric Capital Corp.,
Series 1993, GTY AGMT: General Electric Capital Corp. 0.280% 06/01/10 (09/07/09) (b)(f)		11,000,000		11,000,000
Windbridge Grand Prairie,
Series 1993, GTY AGMT: General Electric Capital Corp. 0.280% 06/01/10 (09/07/09) (b)(f)		9,000,000		9,000,000

See Accompanying Notes to Financial Statements.

29

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
TX Grapevine Industrial Development Corp.
Series 1993,
LOC: Bank One Texas N.A. 0.280% 03/01/10 (09/07/09) (b)(f)		2,300,000		2,300,000
TX Gregg County Housing Finance Corp.
Baily Properties LLC,
Series 2004 A, Guarantor: FNMA, LIQ FAC: FNMA 0.350% 02/15/23 (09/07/09) (a)(b)		4,835,000		4,835,000
Summer Green LLC,
Series 2004 A, Guarantor: FNMA, LIQ FAC: FNMA 0.350% 02/15/23 (09/07/09) (a)(b)		2,480,000		2,480,000
TX Harris County Cultural Education Facilities Finance Corp.
Medical Center,
Series 2008 B2, LOC: Compass Bank 0.950% 09/01/31 (09/07/09) (a)(b)		4,125,000		4,125,000
Memorial Hermann Healthcare,
Series 2008 D1, LOC: JPMorgan Chase Bank 0.240% 06/01/29 (09/07/09) (a)(b)		8,200,000		8,200,000
TX Harris County Health Facilities Development Corp.
Baylor College of Medicine,
Series 2008 A, LOC: Compass Bank 1.550% 11/15/47 (09/07/09) (a)(b)		13,100,000		13,100,000
TX Harris County
0.300% 10/07/09		16,565,000		16,565,000
Series 2008 A,
LOC: Societe Generale 0.340% 08/15/35 (09/07/09) (a)(b)		12,640,000		12,640,000
Series 2009 B,
2.000% 08/15/21 (08/12/10) (b)(d)		23,850,000		24,191,337
Series 2009,
1.500% 02/25/10		50,000,000		50,270,441

	Par ($)		Value ($)
TX Hockley County Industrial Development Corp.
Amoco Oil Co.:
Series 1983, 0.750% 03/01/14 (09/01/09) (b)(d)		31,000,000		31,000,000
Series 1985, 0.720% 11/01/19 (11/01/09) (b)(d)		19,300,000		19,300,000
TX Houston
0.300% 09/15/09		25,000,000		25,000,000
TX Houston Higher Education Finance Corp.
William Marsh Rice University,
Series 1999 A, Pre-refunded 11/15/09 5.375% 11/15/29 (11/15/09) (b)		12,625,000		12,864,847
TX Houston Housing Finance Corp.
Series 2007,
LIQ FAC: Citibank N.A. 0.290% 05/01/33 (09/07/09) (a)(b)		9,030,000		9,030,000
TX Houston Water & Sewer Systems Revenue
Series 2006,
GTY AGMT: Dexia Credit Local 1.350% 12/01/24 (09/07/09) (a)(b)		9,225,000		9,225,000
TX JPMorgan Chase Putters/Drivers Trust
Series 2008,
LIQ FAC: JPMorgan Chase Bank 0.320% 04/01/15 (09/07/09) (a)(b)(c)		3,800,000		3,800,000
TX Klein Independent School District
Series 2006,
LOC: Wells Fargo Bank N.A. 0.290% 08/01/31 (09/07/09) (a)(b)		12,825,000		12,825,000
TX Lower Neches Valley Authority Industrial Development Corp.
Exxon Mobil Corp.,
Series 2001 A, 0.120% 11/01/29 (09/01/09) (b)(d)		12,055,000		12,055,000
TX Lubbock Health Facilities Development Corp.
St. Joseph's Health System,
Series 2008 B, LOC: Wachovia Bank N.A. 0.190% 07/01/23 (09/01/09) (a)(b)		24,280,000		24,280,000

See Accompanying Notes to Financial Statements.

30

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
TX Puttable Floating Option Tax-Exempt Receipts
Series 2008,
GTY AGMT: FHLMC: 0.670% 07/01/45 (09/07/09) (a)(b)		10,345,000		10,345,000
0.670% 02/01/46 (09/07/09) (a)(b)		12,130,000		12,130,000
TX Round Rock Independent School District
Series 2007,
Guarantor: PSFG, LIQ FAC: Wells Fargo Bank N.A. 0.370% 08/01/32 (09/07/09) (a)(b)		10,795,000		10,795,000
TX San Antonio Educational Facilities Corp.
University Incarnate of the Word Project,
Series 2001, LOC: Bank One N.A. 0.320% 12/01/21 (09/07/09) (a)(b)		6,520,000		6,520,000
TX Tarrant County Cultural Education Facilities Finance Corp.
Health Resources:
Series 2008 A, 0.250% 11/15/33 (09/07/09) (b)(d)		8,500,000		8,500,000
Series 2008 C, SPA: JPMorgan Chase Bank 0.150% 11/15/33 (09/01/09) (a)(b)		38,220,000		38,220,000
Series 2008 F, SPA: JPMorgan Chase Bank 2.000% 11/15/33 (09/07/09) (a)(b)		10,775,000		10,775,000
Methodist Hospitals of Dallas,
Series 2008 A, LOC: JPMorgan Chase Bank 0.140% 10/01/41 (09/01/09) (a)(b)		62,600,000		62,600,000
Series 2008 C,
LOC: JPMorgan Chase Bank 1.250% 08/15/46 (09/07/09) (a)(b)		9,400,000		9,400,000
Valley Baptist Medical Center,
Series 2007, LOC: JPMorgan Chase Bank 0.280% 09/01/30 (09/07/09) (a)(b)		10,800,000		10,800,000

	Par ($)		Value ($)
TX University of Texas
0.350% 12/08/09		14,000,000		14,000,000
0.400% 12/09/09		20,000,000		20,000,000
0.400% 12/10/09		11,500,000		11,500,000
Series 2004 B,
5.000% 08/15/10		2,000,000		2,086,823
Series 2007,
LIQ FAC: Citibank N.A. 0.290% 07/01/13 (09/07/09) (a)(b)		3,575,000		3,575,000
TX Water Development Board
Series 2007 A,
SPA: JPMorgan Chase Bank 0.150% 07/15/19 (09/01/09) (a)(b)		110,035,000		110,035,000
Texas Total				943,553,448
Utah – 1.6%
UT Board of Regents
Series 2008,
LOC: Wells Fargo Bank N.A. 0.300% 08/01/31 (09/07/09) (a)(b)		10,300,000		10,300,000
UT Davis County Housing Authority
PTR Multi-Family Holdings, Inc.,
Series 1997 A, LIQ FAC: FNMA, 0.370% 08/15/39 (09/07/09) (a)(b)		4,240,000		4,240,000
UT Housing Corp.
Multi-Family Housing,
Series 2009 A, LOC: FHLMC 0.390% 04/01/42 (09/07/09) (a)(b)		3,125,000		3,125,000
Series A-CL1,
LIQ FAC: Barclays Bank PLC 0.250% 07/01/38 (09/07/09) (a)(b)		28,955,000		28,955,000
Series B-CL1,
LIQ FAC: Barclays Bank PLC 0.250% 01/01/39 (09/07/09) (a)(b)		29,560,000		29,560,000
UT Intermountain Power Agency
0.350% 10/07/09		10,000,000		10,000,000
0.400% 09/10/09		20,000,000		20,000,000

See Accompanying Notes to Financial Statements.

31

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
UT Puttable Floating Option Tax-Exempt Receipts
Series 2007,
GTY AGMT: Dexia Credit Local 1.350% 06/15/31 (09/07/09) (a)(b)		5,205,000		5,205,000
UT St. George Industrial Development Revenue
Bluff Cove Resort LLC,
Series 2002, LOC: JPMorgan Chase Bank 0.390% 08/01/11 (09/07/09) (a)(b)		580,000		580,000
UT Transit Authority
Series 2006 A,
LOC: Fortis Bank SA 0.100% 06/15/36 (09/01/09) (a)(b)		52,000,000		52,000,000
UT Weber County Housing Authority
Series 2001,
LIQ FAC: FNMA, 0.370% 11/01/39 (09/07/09) (a)(b)		2,630,000		2,630,000
UT West Valley City Industrial Development Revenue
Johnson Matthey, Inc.,
Series 1987, LOC: HSBC Bank USA N.A. 0.200% 12/01/11 (09/01/09) (a)(b)		1,000,000		1,000,000
Utah Total				167,595,000
Vermont – 0.1%
VT Educational & Health Buildings Financing Agency
Fletcher Allen Health Care,
Series 2008 A, LOC: TD Banknorth N.A. 0.210% 12/01/30 (09/07/09) (a)(b)		9,115,000		9,115,000
Vermont Total				9,115,000
Virginia – 2.6%
VA Albermarle County Economic Development Authority
Series 2008 B,
LOC: Branch Banking & Trust 0.260% 10/01/48 (09/07/09) (a)(b)		19,585,000		19,585,000

	Par ($)		Value ($)
VA BB&T Municipal Trust
Series 2008,
LOC: Branch Banking & Trust 0.290% 06/15/15 (09/07/09) (a)(b)		36,845,000		36,845,000
VA Chesapeake Bay Bridge & Tunnel District
Series 2008 A,
LOC: Branch Banking & Trust 0.280% 05/28/21 (09/07/09) (a)(b)		6,500,000		6,500,000
VA Chesapeake Redevelopment & Housing Authority
Great Bridge Apartments LLC,
Series 2008 A, LIQ FAC: FNMA 0.350% 01/15/41 (09/07/09) (a)(b)		18,625,000		18,625,000
VA Hanover County Economic Development Authority
Bon-Secours-Maria Manor,
Series 2008 D2, LOC: U.S. Bank N.A. 0.200% 11/01/25 (09/07/09) (a)(b)		9,730,000		9,730,000
VA Hanover County Industrial Development Authority
Covenant Woods,
Series 1999, LOC: Branch Banking & Trust 0.330% 07/01/29 (09/07/09) (a)(b)		6,995,000		6,995,000
VA Harrisonburg Redevelopment & Housing Authority
Series 2006,
LIQ FAC: FHLMC 0.500% 02/01/26 (09/07/09) (a)(b)		6,800,000		6,800,000
VA Lewistown Commerce Center Community Development Authority
Lewiston Community Center,
Series 2007, GTY AGMT: Wells Fargo & Co. 0.330% 03/01/27 (09/07/09) (a)(b)		4,000,000		4,000,000
VA Norfolk Economic Development Authority
Series 2009 B,
0.700% 11/01/34 (03/03/10) (b)(d)		13,885,000		13,885,000

See Accompanying Notes to Financial Statements.

32

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
VA Public Building Authority
Series 2005 D,
SPA: Dexia Credit Local 0.400% 08/01/25 (09/07/09) (a)(b)		36,150,000		36,150,000
VA Puttable Floating Option Tax-Exempt Receipts
Series 2007,
LIQ FAC: FHLMC 0.350% 10/01/36 (09/07/09) (a)(b)		18,025,000		18,025,000
VA Rockingham County Industrial Development Authority
Sunnyside Presbyterian,
Series 2003, LOC: Branch Banking & Trust 0.330% 12/01/33 (09/07/09) (a)(b)		10,730,000		10,730,000
VA Suffolk Economic Development Authority Hospital Facilities Revenue
Series 2008,
LIQ FAC: Citigroup Financial Products, Inc. 0.340% 05/01/30 (09/07/09) (a)(b)		53,500,000		53,500,000
VA University Health Systems Authority
Series 2008 D,
LOC: Branch Banking & Trust 0.150% 07/01/37 (09/01/09) (a)(b)		10,350,000		10,350,000
VA University
Medical Hospital Authority,
Series 2005 B, LOC: Wachovia Bank N.A. 0.150% 07/01/30 (09/01/09) (a)(b)		22,460,000		22,460,000
VA Winchester Industrial Development Authority
Westminster-Canterbury of Winchester, Inc.,
Series 2005 B, LOC: Branch Banking & Trust 0.330% 01/01/35 (09/07/09) (a)(b)		2,900,000		2,900,000
Virginia Total				277,080,000

	Par ($)		Value ($)
Washington – 0.9%
WA BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.240% 06/01/17 (09/07/09) (a)(b)		16,640,000		16,640,000
WA Deutsche Bank Spears/Lifers Trust
Series 2008:
LIQ FAC: Deutsche Bank AG 0.340% 01/01/28 (09/07/09) (a)(b)		7,085,000		7,085,000
0.340% 01/01/30 (09/07/09) (a)(b)		9,865,000		9,865,000
WA Eclipse Funding Trust
Series 2007,
LOC: U.S. Bank N.A. 0.260% 12/01/31 (09/07/09) (a)(b)		3,380,000		3,380,000
WA Health Care Facilities Authority
Swedish Hospital Medical Center,
Series 2009 C, LOC: U.S. Bank N.A. 0.200% 11/15/39 (09/07/09) (a)(b)		12,000,000		12,000,000
WA Housing Finance Commission
Series 1988,
LOC: Harris Trust & Savings Bank 0.350% 01/01/10 (09/07/09) (b)(f)		11,800,000		11,800,000
Series 2008 B,
LIQ FAC: FHLMC 0.320% 12/01/41 (09/07/09) (a)(b)		7,500,000		7,500,000
Series 2009,
LIQ FAC: State Street Bank & Trust Co. 0.270% 06/01/39 (09/07/09) (a)(b)		6,000,000		6,000,000
WA JPMorgan Chase Putters/Drivers Trust
Series 2008,
LIQ FAC: JPMorgan Chase Bank 0.320% 10/01/16 (09/07/09) (a)(b)(c)		7,505,000		7,505,000
WA Seattle Housing Authority
Bayview Manor Homes,
Series 1994 B, LOC: U.S. Bank N.A. 0.370% 05/01/19 (09/07/09) (a)(b)		1,895,000		1,895,000

See Accompanying Notes to Financial Statements.

33

Columbia Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
WA Seattle
Series 2004,
5.000% 01/01/10		3,165,000		3,206,903
WA State
Series 2006,
LOC: Wells Fargo Bank N.A. 0.290% 12/01/29 (09/07/09) (a)(b)		12,435,000		12,435,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 01/01/16 (09/07/09) (a)(b)(c)		2,885,000		2,885,000
Washington Total				102,196,903
West Virginia – 0.3%
WV Brooke County Commission
Series 2008,
LOC: PNC Bank N.A. 0.290% 12/01/37 (09/07/09) (a)(b)		4,100,000		4,100,000
WV Hospital Finance Authority
Cable Huntington Hospital,
Series 2008 A, LOC: Branch Banking & Trust 0.280% 01/01/34 (09/07/09) (a)(b)		15,000,000		15,000,000
West Virginia University Hospital:
Series 2008 B, LOC: JPMorgan Chase Bank 0.180% 06/01/41 (09/01/09) (a)(b)		3,000,000		3,000,000
Series 2009 A, LOC: Branch Banking & Trust 0.280% 06/01/33 (09/07/09) (a)(b)		7,590,000		7,590,000
West Virginia Total				29,690,000
Wisconsin – 1.4%
WI Appleton Industrial Development
Appleton Center Associates,
Series 1994, LOC: U.S. Bank N.A. 0.370% 12/15/09 (09/07/09) (b)(f)		1,800,000		1,800,000

	Par ($)		Value ($)
WI Health & Educational Facilities Authority
Series 2008 B,
LOC: U.S. Bank N.A. 0.180% 12/01/26 (09/01/09) (a)(b)		16,160,000		16,160,000
WI Housing & Economic Development Authority
Series 2009,
LOC: Wells Fargo Bank N.A. 0.350% 10/01/17 (09/07/09) (a)(b)		12,665,000		12,665,000
WI Milwaukee
Series 2008,
3.000% 09/03/09		60,000,000		60,004,496
Series 2009,
2.000% 06/30/10		25,000,000		25,301,750
WI State
0.300% 09/08/09		20,000,000		20,000,000
WI University Hospitals & Clinics Authority
Series 2008 B,
LOC: U.S. Bank N.A. 0.130% 04/01/34 (09/01/09) (a)(b)		5,800,000		5,800,000
Series 2009 A,
LOC: U.S. Bank N.A. 0.220% 04/01/32 (09/07/09) (a)(b)		4,870,000		4,870,000
Series 2009 B,
LOC: U.S. Bank N.A. 0.200% 04/01/29 (09/07/09) (a)(b)		4,900,000		4,900,000
Wisconsin Total				151,501,246
Total Municipal Bonds (cost of $10,477,802,997)				10,477,802,997
Total Investments – 97.4% (cost of $10,477,802,997) (g)				10,477,802,997
Other Assets & Liabilities, Net – 2.6%				274,572,401
Net Assets – 100.0%				10,752,375,398

See Accompanying Notes to Financial Statements.

34

Columbia Tax-Exempt Reserves

August 31, 2009

Notes to Investment Portfolio:

(a)  Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are secured by a letter of credit or other credit support agreements from banks. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

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

(c)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2009, these securities, which are not illiquid, amounted to $275,515,000, which represents 2.6% of net assets.

(d)  Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

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

(f)  The interest rate shown on floating rate or variable rate securities reflects the rate as of August 31, 2009.

(g)  Cost for federal income tax purposes is $10,477,802,997.

Significant observable inputs (level 2 measurements), including quoted prices for similar securities, interest rates, prepayment speeds and others, were used in determining value for all securities in the Fund's portfolio as of August 31, 2009.

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

Acronym	Name
ALF	Assisted Living Facility
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GTY AGMT	Guaranty Agreement
LIQ FAC	Liquidity Facility
LOC	Letter of Credit
PSFG	Permanent School Fund Guarantee
SPA	Stand-by Purchase Agreement

See Accompanying Notes to Financial Statements.

35

Statement of Assets and Liabilities – Columbia Tax-Exempt ReservesAugust 31, 2009

		($)
Assets	Investments, at amortized cost approximating value		10,477,802,997
	Receivable for:
	Investments sold		281,342,057
	Fund shares sold		121,243
	Interest		22,273,536
	Trustees' deferred compensation plan		39,070
	Prepaid expenses		295,342
	Total Assets		10,781,874,245
Liabilities	Payable to custodian bank		45,515
	Payable for:
	Investments purchased		25,301,750
	Fund shares repurchased		175,238
	Distributions		1,361,634
	Investment advisory fee		1,415,782
	Administration fee		365,875
	Trustees' fees		72,408
	Pricing and bookkeeping fees		88,254
	Custody fee		28,118
	Distribution and service fees		44,229
	Shareholder administration fees		513,302
	Chief compliance officer expenses		860
	Trustees' deferred compensation plan		39,070
	Other liabilities		46,812
	Total Liabilities		29,498,847
	Net Assets		10,752,375,398
Net Assets Consist of	Paid-in capital		10,751,663,886
	Undistributed net investment income		711,512
	Net Assets		10,752,375,398

See Accompanying Notes to Financial Statements.

36

Statement of Assets and Liabilities (continued) – Columbia Tax-Exempt ReservesAugust 31, 2009

Capital Class Shares	Net assets	$	3,922,963,844
	Shares outstanding		3,922,816,781
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	5,587,195,941
	Shares outstanding		5,586,989,326
	Net asset value per share	$	1.00
Liquidity Class Shares	Net assets	$	29,864,573
	Shares outstanding		29,863,465
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	71,050,410
	Shares outstanding		71,047,567
	Net asset value per share	$	1.00
Investor Class Shares	Net assets	$	8,959,602
	Shares outstanding		8,959,278
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	59,498,672
	Shares outstanding		59,496,244
	Net asset value per share	$	1.00
Class A Shares	Net assets	$	24,394,177
	Shares outstanding		24,393,243
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	445,549,036
	Shares outstanding		445,534,442
	Net asset value per share	$	1.00
Retail A Shares	Net assets	$	12,052,309
	Shares outstanding		12,051,857
	Net asset value per share	$	1.00
G-Trust Shares	Net assets	$	590,846,834
	Shares outstanding		590,823,971
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

37

Statement of Operations – Columbia Tax-Exempt ReservesFor the Year Ended August 31, 2009

		($)
Investment Income	Interest		167,342,390
Expenses	Investment advisory fee		18,652,971
	Administration fee		11,225,642
	Distribution fee:
	Investor Class Shares		13,670
	Daily Class Shares		403,201
	Class A Shares		34,488
	Service fee:
	Liquidity Class Shares		157,303
	Adviser Class Shares		377,920
	Investor Class Shares		34,174
	Daily Class Shares		288,001
	Class A Shares		86,220
	Retail A Shares		11,786
	Shareholder administration fee:
	Trust Class Shares		7,246,286
	Class A Shares		34,487
	Institutional Class Shares		181,828
	Transfer agent fee		288,005
	Trustees' fees		12,878
	Pricing and bookkeeping fees		432,598
	Custody fee		229,919
	Chief compliance officer expenses		5,400
	Treasury temporary guarantee program fee		4,058,154
	Other expenses		544,452
	Total Expenses		44,319,383
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(6,391,951	)
	Fees waived by distributor:
	Adviser Class Shares		(4,349	)
	Investor Class Shares		(1,815	)
	Daily Class Shares		(76,803	)
	Class A Shares		(13,184	)
	Fees waived by shareholder service provider—Liquidity Class Shares		(62,921	)
	Expense reductions		(130,799	)
	Net Expenses		37,637,561
	Net Investment Income		129,704,829
	Net realized gain on investments		224,893
	Net Increase Resulting from Operations		129,929,722

See Accompanying Notes to Financial Statements.

38

Statement of Changes in Net Assets – Columbia Tax-Exempt Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		129,704,829			202,957,749
	Net realized gain on investments		224,893			328,299
	Net increase resulting from operations		129,929,722			203,286,048
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(37,480,391	)		(55,784,436	)
	Trust Class Shares		(76,095,002	)		(112,396,546	)
	Liquidity Class Shares		(699,509	)		(2,062,788	)
	Adviser Class Shares		(1,185,699	)		(1,846,850	)
	Investor Class Shares		(117,823	)		(117,453	)
	Daily Class Shares		(734,826	)		(1,117,697	)
	Class A Shares		(240,133	)		(409,266	)
	Institutional Class Shares		(4,820,965	)		(9,607,275	)
	Retail A Shares		(143,801	)		(394,093	)
	G-Trust Shares		(8,186,679	)		(19,223,973	)
	Total distributions to shareholders		(129,704,828	)		(202,960,377	)
	Net Capital Stock Transactions		(201,610,937	)		4,611,932,794
	Total increase (decrease) in net assets		(201,386,043	)		4,612,258,465
Net Assets	Beginning of period		10,953,761,441			6,341,502,976
	End of period		10,752,375,398			10,953,761,441
	Undistributed net investment income at end of period		711,512			496,603

See Accompanying Notes to Financial Statements.

39

Statement of Changes in Net Assets (continued) – Columbia Tax-Exempt Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		9,111,163,233			9,111,163,233			9,809,228,778			9,809,228,778
Distributions reinvested		15,434,361			15,434,361			23,677,640			23,677,640
Redemptions		(7,954,296,464	)		(7,954,296,464	)		(8,960,119,228	)		(8,960,119,228	)
Net increase		1,172,301,130			1,172,301,130			872,787,190			872,787,190
Trust Class Shares
Subscriptions		5,037,349,925			5,037,349,925			6,732,086,329			6,732,086,430
Proceeds received in connection with merger		—			—			2,223,959,222			2,223,903,023
Distributions reinvested		777,856			777,856			1,166,840			1,166,840
Redemptions		(6,137,266,533	)		(6,137,266,533	)		(5,502,389,315	)		(5,502,389,315	)
Net increase (decrease)		(1,099,138,752	)		(1,099,138,752	)		3,454,823,076			3,454,766,978
Liquidity Class Shares
Subscriptions		130,826,360			130,826,360			104,726,927			104,726,927
Distributions reinvested		699,149			699,149			2,042,866			2,042,866
Redemptions		(178,830,304	)		(178,830,304	)		(116,525,248	)		(116,525,248	)
Net decrease		(47,304,795	)		(47,304,795	)		(9,755,455	)		(9,755,455	)
Adviser Class Shares
Subscriptions		839,415,913			839,415,913			278,140,471			278,140,471
Distributions reinvested		1,025,974			1,025,974			1,806,820			1,806,820
Redemptions		(880,361,166	)		(880,361,166	)		(260,690,696	)		(260,690,696	)
Net increase (decrease)		(39,919,279	)		(39,919,279	)		19,256,595			19,256,595
Investor Class Shares
Subscriptions		11,140,661			11,140,661			19,443,247			19,458,747
Distributions reinvested		113,693			113,693			104,754			104,754
Redemptions		(15,508,805	)		(15,508,805	)		(10,530,432	)		(10,530,432	)
Net increase (decrease)		(4,254,451	)		(4,254,451	)		9,017,569			9,033,069
Daily Class Shares
Subscriptions		257,463,626			257,463,626			242,185,188			242,185,188
Distributions reinvested		734,825			734,825			1,117,637			1,117,637
Redemptions		(293,929,146	)		(293,929,146	)		(177,152,193	)		(177,152,193	)
Net increase (decrease)		(35,730,695	)		(35,730,695	)		66,150,632			66,150,632
Class A Shares
Subscriptions		52,821,946			52,821,946			39,537,773			39,537,773
Distributions reinvested		219,839			219,839			383,711			383,711
Redemptions		(55,860,262	)		(55,860,262	)		(27,463,211	)		(27,463,211	)
Net increase (decrease)		(2,818,477	)		(2,818,477	)		12,458,273			12,458,273

See Accompanying Notes to Financial Statements.

40

Statement of Changes in Net Assets (continued) – Columbia Tax-Exempt Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Subscriptions		1,454,560,836			1,454,560,836			1,837,897,368			1,837,897,368
Distributions reinvested		4,750,912			4,750,912			9,418,551			9,418,551
Redemptions		(1,483,343,786	)		(1,483,343,786	)		(1,685,151,729	)		(1,685,151,729	)
Net increase (decrease)		(24,032,038	)		(24,032,038	)		162,164,190			162,164,190
Retail A Shares
Subscriptions		2,128,629			2,128,629			3,213,282			3,213,282
Distributions reinvested		137,150			137,150			382,064			382,064
Redemptions		(5,001,204	)		(5,001,204	)		(5,593,688	)		(5,593,688	)
Net decrease		(2,735,425	)		(2,735,425	)		(1,998,342	)		(1,998,342	)
G-Trust Shares
Subscriptions		505,910,615			505,910,616			673,833,788			673,833,788
Distributions reinvested		470			470			1,138			1,138
Redemptions		(623,889,241	)		(623,889,241	)		(646,765,262	)		(646,765,262	)
Net increase (decrease)		(117,978,156	)		(117,978,155	)		27,069,664			27,069,664

See Accompanying Notes to Financial Statements.

41

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0113			0.0254			0.0347			0.0141			0.0251			0.0125
Less Distributions to Shareholders:
From net investment income		(0.0113	)		(0.0254	)		(0.0347	)		(0.0141	)		(0.0251	)		(0.0125	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.14	%		2.57	%(d)		3.52	%		1.42	%(e)		2.54	%		1.26	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.23	%(f)		0.20	%(f)		0.20	%(f)		0.20	%(f)(g)		0.20	%(f)		0.20	%
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		1.03	%(f)		2.40	%(d)(f)		3.47	%(f)		3.38	%(f)(g)		2.58	%(f)		1.31	%
Net assets, end of period (000s)	$	3,922,964		$	2,750,559		$	1,877,823		$	1,688,338		$	975,386		$	1,049,210

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

42

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0103			0.0244			0.0337			0.0137			0.0241			0.0115
Less Distributions to Shareholders:
From net investment income		(0.0103	)		(0.0244	)		(0.0337	)		(0.0137	)		(0.0241	)		(0.0115	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.04	%		2.47	%(d)		3.42	%		1.38	%(e)		2.44	%		1.15	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.33	%(f)		0.30	%(f)		0.30	%(f)		0.30	%(f)(g)		0.30	%(f)		0.30	%
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		1.05	%(f)		2.24	%(d)(f)		3.37	%(f)		3.27	%(f)(g)		2.43	%(f)		1.15	%
Net assets, end of period (000s)	$	5,587,196		$	6,686,234		$	3,230,990		$	2,684,441		$	2,475,660		$	2,052,864

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

43

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Liquidity Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0098			0.0239			0.0332			0.0135			0.0236			0.0110
Less Distributions to Shareholders:
From net investment income		(0.0098	)		(0.0239	)		(0.0332	)		(0.0135	)		(0.0236	)		(0.0110	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.99	%		2.42	%		3.37	%		1.36	%(d)		2.39	%		1.10	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.38	%(e)		0.35	%(e)		0.35	%(e)		0.35	%(e)(f)		0.35	%(e)		0.35	%
Waiver/Reimbursement		0.15	%		0.16	%		0.16	%		0.17	%(f)		0.17	%		0.18	%
Net investment income		1.11	%(e)		2.36	%(e)		3.31	%(e)		3.25	%(e)(f)		2.32	%(e)		0.92	%
Net assets, end of period (000s)	$	29,865		$	77,169		$	86,926		$	20,549		$	5,292		$	3,392

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

44

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0089			0.0229			0.0322			0.0131			0.0226			0.0100
Less Distributions to Shareholders:
From net investment income		(0.0089	)		(0.0229	)		(0.0322	)		(0.0131	)		(0.0226	)		(0.0100	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.89	%		2.32	%(d)		3.27	%		1.31	%(e)		2.28	%		1.00	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.48	%(f)		0.45	%(f)		0.45	%(f)		0.45	%(f)(g)		0.45	%(f)		0.45	%
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		0.78	%(f)		2.11	%(d)(f)		3.23	%(f)		3.13	%(f)(g)		2.29	%(f)		0.98	%
Net assets, end of period (000s)	$	71,050		$	110,969		$	91,712		$	75,079		$	20,757		$	11,183

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

45

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Investor Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0080			0.0219			0.0312			0.0126			0.0216			0.0090
Less Distributions to Shareholders:
From net investment income		(0.0080	)		(0.0219	)		(0.0312	)		(0.0126	)		(0.0216	)		(0.0090	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.81	%		2.21	%(d)		3.16	%		1.27	%(e)		2.18	%		0.90	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.57	%(f)		0.55	%(f)		0.55	%(f)		0.55	%(f)(g)		0.55	%(f)		0.55	%
Waiver/Reimbursement		0.06	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		0.86	%(f)		1.88	%(d)(f)		3.07	%(f)		2.99	%(f)(g)		2.12	%(f)		0.82	%
Net assets, end of period (000s)	$	8,960		$	13,214		$	4,216		$	7,376		$	7,567		$	11,280

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

46

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Daily Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0062			0.0194			0.0287			0.0116			0.0191			0.0065
Less Distributions to Shareholders:
From net investment income		(0.0062	)		(0.0194	)		(0.0287	)		(0.0116	)		(0.0191	)		(0.0065	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.62	%		1.96	%(d)		2.90	%		1.16	%(e)		1.93	%		0.65	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.76	%(f)		0.80	%(f)		0.80	%(f)		0.80	%(f)(g)		0.80	%(f)		0.80	%
Waiver/Reimbursement		0.12	%		0.06	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		0.64	%(f)		1.56	%(d)(f)		2.86	%(f)		2.76	%(f)(g)		1.88	%(f)		0.63	%
Net assets, end of period (000s)	$	59,499		$	95,228		$	29,191		$	26,833		$	28,871		$	36,441

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

47

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class A Shares	2009			2008			2007			2006 (a)			2006 (b)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0073			0.0209			0.0302			0.0122			0.0206			0.0080
Less Distributions to Shareholders:
From net investment income		(0.0073	)		(0.0209	)		(0.0302	)		(0.0122	)		(0.0206	)		(0.0080	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.73	%		2.11	%(e)		3.06	%		1.23	%(f)		2.08	%		0.80	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.64	%(g)		0.65	%(g)		0.65	%(g)		0.65	%(g)(h)		0.65	%(g)		0.65	%
Waiver/Reimbursement		0.09	%		0.06	%		0.06	%		0.07	%(h)		0.07	%		0.08	%
Net investment income		0.70	%(g)		1.92	%(e)(g)		3.01	%(g)		2.91	%(g)(h)		2.06	%(g)		0.75	%
Net assets, end of period (000s)	$	24,394		$	27,212		$	14,790		$	17,859		$	25,572		$	28,934

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  On August 22, 2005, Investor A Shares were renamed Class A Shares.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

48

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0109			0.0250			0.0343			0.0139			0.0247			0.0121
Less Distributions to Shareholders:
From net investment income		(0.0109	)		(0.0250	)		(0.0343	)		(0.0139	)		(0.0247	)		(0.0121	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.10	%		2.53	%(d)		3.48	%		1.40	%(e)		2.50	%		1.22	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.27	%(f)		0.24	%(f)		0.24	%(f)		0.24	%(f)(g)		0.24	%(f)		0.24	%
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%		0.08	%
Net investment income		1.06	%(f)		2.31	%(d)(f)		3.43	%(f)		3.33	%(f)(g)		2.44	%(f)		1.23	%
Net assets, end of period (000s)	$	445,549		$	469,574		$	307,411		$	269,865		$	123,606		$	89,811

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

49

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
Retail A Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0104			0.0245			0.0338			0.0137			0.0101
Less Distributions to Shareholders:
From net investment income		(0.0104	)		(0.0245	)		(0.0338	)		(0.0137	)		(0.0101	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.05	%		2.48	%		3.43	%		1.38	%(e)		1.01	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.32	%		0.29	%		0.29	%		0.29	%(g)		0.29	%(g)
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%(g)
Net investment income (f)		1.10	%		2.49	%		3.38	%		3.28	%(g)		2.81	%(g)
Net assets, end of period (000s)	$	12,052		$	14,788		$	16,748		$	18,503		$	19,200

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Retail A Shares commenced operations on November, 21, 2005.

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

(d)  Total return represents aggregate total return for the period and assumes reinvestment of all distributions.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

50

Financial Highlights – Columbia Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
G-Trust Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0113			0.0254			0.0347			0.0141			0.0104
Less Distributions to Shareholders:
From net investment income		(0.0113	)		(0.0254	)		(0.0347	)		(0.0141	)		(0.0104	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.14	%		2.57	%		3.52	%		1.42	%(e)		1.04	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.23	%		0.20	%		0.20	%		0.20	%(g)		0.20	%(g)
Waiver/Reimbursement		0.05	%		0.06	%		0.06	%		0.07	%(g)		0.07	%(g)
Net investment income (f)		1.14	%		2.52	%		3.46	%		3.36	%(g)		2.90	%(g)
Net assets, end of period (000s)	$	590,847		$	708,813		$	681,696		$	721,252		$	802,458

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  G-Trust Shares commenced operations on November 21, 2005.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

51

Notes to Financial Statements – Columbia Tax-Exempt Reserves
August 31, 2009

Note 1. Organization

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

Investment Objective

The Fund seeks current income exempt from federal income tax, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers ten classes of shares: Capital Class, Trust Class, Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A, Institutional Class, Retail A and G-Trust shares. Retail A and G-Trust shares are closed to new investors. Each class of shares is offered continuously at net asset value.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October 22, 2009, the date the financial statements were issued, and except as disclosed in Note 10, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Directors continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Fund's Board of Directors has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Directors deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Directors will promptly consider what action, if any, should be initiated.

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

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

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

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

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

Security Transactions

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

52

Columbia Tax-Exempt Reserves, August 31, 2009

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended August 31, 2009, permanent book and tax basis differences resulting primarily from differing treatments for distributions were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income		Accumulated Net Realized Gain			Paid-In Capital
$	214,908	$	(214,908	)	$	—

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
Distributions paid from:	2009		2008
Tax-Exempt Income	$	127,807,009	$	198,013,764
Ordinary Income*		1,821,288		4,675,381
Long-Term Capital Gains		76,531		271,232

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

53

Columbia Tax-Exempt Reserves, August 31, 2009

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Tax-Exempt Income
$	2,112,043

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rate
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

Pricing and Bookkeeping Fees

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

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services

54

Columbia Tax-Exempt Reserves, August 31, 2009

Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Liquidity Class, Investor Class, Daily Class and Class A shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A and Retail A shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.10	%		0.10	%
Daily Class shares		0.35	%		0.35	%
Class A shares		0.10	%		0.10	%
Servicing Plans:
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Class A shares		0.25	%		0.25	%
Adviser Class shares		0.25	%		0.25	%
Retail A shares		0.09	%		0.09	%

*  The Distributor has contractually agreed to waive Distribution Plan fees and/or Servicing Plan fees through December 31, 2010 as a percentage of the Fund's Liquidity Class shares average daily net assets at an annual rate of 0.10%, so that combined fees will not exceed 0.15%. There is no guarantee that this waiver will continue after December 31, 2010.

**  To the extent that the Liquidity Class shares of the Fund make payments pursuant to the Distribution Plan and/or the Servicing Plan, the combined total of such payments may not exceed, on an annual basis, 0.25% of the average daily net assets of the Fund's Liquidity Class shares.

55

Columbia Tax-Exempt Reserves, August 31, 2009

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust has adopted shareholder administration plans ("Administration Plans") for the Class A, Trust Class and Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Class A shares		0.10	%		0.10	%
Trust Class shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses through December 31, 2010, so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Effective December 15, 2008, the Distributor has voluntarily agreed to reimburse certain class-specific Fund expenses (consisting of shareholder servicing, distribution and shareholder administration fees, as applicable) to the extent necessary in order to maintain a minimum annualized net yield of 0.00% for all classes of the Fund. In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class-specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

Under the Distribution Plans for the Liquidity Class shares, the Trust is currently not reimbursing the Distributor for distribution expenses for Liquidity Class shares. Unreimbursed expenses incurred by the Distributor in a given year may not be recovered by the Distributor in subsequent years.

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31:						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	6,391,951	$	4,855,011	$	3,149,826	$	14,396,788	$	—

Fees Paid to Officers and Trustees

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

56

Columbia Tax-Exempt Reserves, August 31, 2009

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statements of Assets and Liabilities.

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in "Trustees' fees" on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Note 5. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $130,799 for the Fund.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a $200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 7. Shares of Beneficial Interest

As of August 31, 2009, 84.1% of the Fund's shares outstanding were beneficially owned by two participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion.

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

Note 8. Significant Risks and Contingencies

United States Department of the Treasury Temporary Guarantee Program for Money Market Funds

On September 28, 2008, the United States Department of the Treasury (the "Treasury") opened a temporary guarantee program (the "Program") for money market mutual funds registered in the United States under the 1940 Act. On March 31, 2009, the Treasury announced the second extension of the Program from April 30, 2009 through September 18, 2009. The Board of Trustees of the Fund approved the Fund's continued participation in the Program.

Similar to the initial phase of the Program, and subject to certain conditions and limitations, share amounts held by investors of the Fund as of the close of business on September 19, 2008 were guaranteed against loss under the Program in the event the market-based net asset value per share was less than $0.995 (i.e., does not round to $1.00, a "guarantee event") and the Fund subsequently liquidated. The Program only covered the amount a shareholder held in the Fund as of the close of business on September 19, 2008, or the

57

Columbia Tax-Exempt Reserves, August 31, 2009

amount a shareholder held if and when a guarantee event occurred, whichever was less.

The Program expired on September 18, 2009 and will not be further extended by the Treasury. Accordingly, effective September 18, 2009, the Program no longer provides any guarantee against any loss to shareholders with respect to Fund shares.

The Fund paid $4,273,568 to the Treasury to participate in the Program. This fee is being expensed over the period from September 19, 2008 to September 18, 2009 and is an extraordinary expense for calculating fee waivers and expense reimbursement discussed in Note 4.

Legal Proceedings

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

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

58

Columbia Tax-Exempt Reserves, August 31, 2009

Note 9. Business Combinations and Mergers

As of the close of business March 24, 2008, Tax-Exempt Money Fund, a series of Excelsior Tax-Exempt Funds, Inc., merged into the Fund. The Fund received a tax-free transfer of assets from Tax-Exempt Money Fund as follows:

Shares Issued		Net Assets Received
	2,223,959,222	$	2,223,903,023

				Net Assets of
				Columbia
Net Assets of Columbia Tax-Exempt Reserves Prior to Combination		Net Assets of Tax-Exempt Money Fund Immediately Prior to Combination		Tax-Exempt Reserves Immediately After Combination
$	10,756,230,307	$	2,223,903,023	$	12,980,133,330

Note 10. Subsequent Event

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

59

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and Shareholders of Columbia Tax-Exempt Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Tax-Exempt Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October 22, 2009

60

Federal Income Tax Information (Unaudited) – Columbia Tax-Exempt Reserves

The Fund hereby designates as a capital gain dividend with respect to the fiscal year ended August 31, 2009, $80,358, or if subsequently determined to be different, the net capital gain of such year.

For the fiscal year ended August 31, 2009, 98.7% of the distributions from net investment income of the Fund qualifies as exempt interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

61

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Series Trust, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

62

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation and Mickel Investment Group; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. ("Citigroup"), a company that may through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Columbia Funds or other funds or accounts advised/managed by the Advisor.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

63

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.
Stephen T. Welsh (Born 1957)
One Financial Center Boston, MA 02111 Vice President (since 1996)	President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

64

Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

65

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Columbia Tax-Exempt Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23433-0809 (10/09) 09/93051

Columbia Management^®

Annual Report

August 31, 2009

Columbia Cash Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Investment Portfolio	2
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	15
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Fund Governance	42
Important Information About This Report	45

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500 Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 12 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

Understanding Your Expenses – Columbia Cash Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,001.92		1,023.84		1.36		1.38		0.27
Trust Class Shares		1,000.00		1,000.00		1,001.41		1,023.34		1.87		1.89		0.37
Liquidity Class Shares		1,000.00		1,000.00		1,001.11		1,023.09		2.12		2.14		0.42
Adviser Class Shares		1,000.00		1,000.00		1,000.71		1,022.68		2.52		2.55		0.50
Investor Class Shares		1,000.00		1,000.00		1,000.40		1,022.38		2.82		2.85		0.56
Daily Class Shares		1,000.00		1,000.00		1,000.00		1,022.03		3.18		3.21		0.63
Class A Shares		1,000.00		1,000.00		1,000.20		1,022.18		3.02		3.06		0.60
Class B Shares		1,000.00		1,000.00		1,000.00		1,021.98		3.23		3.26		0.64
Class C Shares		1,000.00		1,000.00		1,000.00		1,021.98		3.23		3.26		0.64
Class Z Shares		1,000.00		1,000.00		1,001.92		1,023.84		1.36		1.38		0.27
Institutional Class Shares		1,000.00		1,000.00		1,001.71		1,023.64		1.56		1.58		0.31
Marsico Shares		1,000.00		1,000.00		1,000.40		1,022.38		2.82		2.85		0.56

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio – Columbia Cash Reserves

August 31, 2009

Certificates of Deposit – 47.3%
	Par ($)		Value ($)
Banco Bilbao Vizcaya Argentaria/NY
0.305% 10/23/09		17,100,000		17,100,122
0.305% 11/10/09		110,000,000		110,001,069
0.320% 10/19/09		132,000,000		132,000,000
0.370% 09/25/09		450,000,000		450,000,000
0.395% 10/01/09		298,500,000		298,501,242
Bank of Montreal
0.300% 09/08/09		382,000,000		382,000,000
0.310% 09/14/09		197,000,000		197,000,000
0.360% 09/16/09		475,000,000		475,000,000
Bank of Tokyo Mitsubishi Ltd. NY
0.340% 11/06/09		391,000,000		391,000,000
0.340% 11/09/09		300,000,000		300,000,000
0.350% 11/20/09		362,000,000		362,000,000
Barclays Bank PLC
0.330% 10/29/09		425,000,000		425,000,000
0.340% 11/02/09		166,000,000		166,000,000
BNP Paribas
0.420% 02/01/10		271,000,000		271,000,000
0.460% 01/22/10		493,750,000		493,750,000
0.600% 11/23/09		300,000,000		300,000,000
0.650% 09/08/09		122,000,000		122,000,000
0.750% 11/13/09		386,000,000		386,000,000
Credit Agricole SA
0.350% 10/20/09		183,000,000		183,002,489
0.360% 10/01/09		140,000,000		140,000,000
0.370% 11/18/09		336,000,000		336,000,000
0.370% 11/20/09		224,000,000		224,000,000
0.400% 11/10/09		195,000,000		195,000,000
0.430% 10/16/09		132,000,000		131,999,998
0.500% 10/08/09		377,000,000		377,000,000
0.520% 09/18/09		230,000,000		230,000,000
Deutsche Bank AG
0.300% 10/26/09		44,000,000		44,000,000
Lloyds TSB Bank PLC/New York
0.465% 10/19/09		698,000,000		698,004,648
0.540% 09/25/09		424,800,000		424,800,000
National Australia Bank Ltd.
0.320% 11/30/09		189,000,000		189,000,000
0.370% 11/10/09		315,000,000		315,000,000
0.380% 09/30/09		160,000,000		160,000,000
0.400% 02/05/10		149,000,000		149,000,000
0.430% 01/12/10		208,000,000		208,000,000
0.680% 11/16/09		165,000,000		165,000,000
Rabobank Nederland NV/NY
0.510% 12/22/09		593,000,000		593,000,000

	Par ($)		Value ($)
Royal Bank of Canada/NY
0.400% 01/11/10		30,000,000		30,000,000
Royal Bank of Scotland PLC NY
0.300% 09/17/09		299,000,000		299,000,000
Royal Bank of Scotland PLC/Greenwich CT
0.250% 09/21/09		100,000,000		100,000,000
0.290% 09/23/09		376,000,000		376,000,000
Societe Generale NY
0.350% 12/17/09		285,000,000		285,000,000
0.420% 11/10/09		384,500,000		384,500,000
0.650% 09/09/09		161,000,000		161,000,000
Sumitomo Mitsui Banking Corp./New York
0.390% 10/14/09		169,750,000		169,750,000
0.390% 10/19/09		70,000,000		70,000,000
0.400% 09/01/09		140,000,000		140,000,000
0.400% 09/29/09		97,000,000		97,000,000
0.410% 10/06/09		136,000,000		136,000,000
0.450% 09/16/09		120,000,000		120,000,000
Svenska Handelsbanken/New York NY
0.310% 10/22/09		602,000,000		602,000,000
0.320% 10/09/09		242,000,000		242,000,000
0.320% 10/19/09		240,000,000		240,000,000
0.350% 09/08/09		365,000,000		365,000,709
0.350% 10/07/09		18,000,000		18,000,719
Toronto Dominion Bank/NY
0.330% 11/17/09		150,000,000		150,000,000
0.400% 02/08/10		29,000,000		29,000,000
0.450% 01/07/10		154,000,000		154,000,000
UBS AG/Stamford Branch
0.340% 12/01/09		193,000,000		193,000,000
0.390% 11/25/09		289,000,000		288,999,988
0.420% 11/25/09		227,000,000		227,000,000
0.475% 11/23/09		305,000,000		305,000,000
0.500% 11/16/09		190,000,000		190,000,000
0.500% 11/17/09		398,000,000		398,000,000
3.415% 09/08/09		9,000,000		9,005,433
Wachovia Bank N.A.
0.410% 01/25/10		16,000,000		15,973,396
0.500% 12/07/09		44,000,000		43,940,722
0.510% 11/27/09		39,000,000		38,951,933
Westpac Banking Corp./NY
0.340% 09/17/09		158,200,000		158,200,000
Total Certificates of Deposit (cost of $16,077,482,468)				16,077,482,468

See Accompanying Notes to Financial Statements.

2

Columbia Cash Reserves

August 31, 2009

Commercial Paper – 26.1%
	Par ($)		Value ($)
American Honda Finance Corp.
0.330% 11/03/09 (a)		47,000,000		46,972,857
0.330% 12/02/09 (a)		103,000,000		102,913,137
0.350% 11/19/09 (a)		26,000,000		25,980,031
0.380% 11/18/09 (a)		45,000,000		44,962,950
Australia & New Zealand Banking Group Ltd.
0.400% 02/08/10 (a)(b)		44,000,000		43,921,778
Barton Capital Corp.
0.300% 11/04/09 (a)(b)		38,000,000		37,979,733
0.310% 10/09/09 (a)(b)		39,000,000		38,987,238
0.320% 10/07/09 (a)(b)		31,046,000		31,036,065
0.330% 10/06/09 (a)(b)		279,959,000		279,869,180
Bryant Park Funding LLC
0.230% 09/21/09 (a)(b)		40,000,000		39,994,889
CBA Delaware Finance, Inc.
0.330% 09/08/09 (a)		173,000,000		172,988,899
Citigroup Funding, Inc.
0.400% 09/01/09 (a)		375,900,000		375,900,000
0.400% 09/03/09 (a)		597,000,000		596,986,733
Danske Corp.
0.240% 09/22/09 (a)(b)		136,697,000		136,677,862
E.ON AG
0.560% 11/16/09 (a)(b)		123,000,000		122,854,587
0.560% 11/18/09 (a)(b)		6,000,000		5,992,720
Fairway Finance LLC
0.290% 11/06/09 (a)(b)		36,808,000		36,788,430
0.320% 10/06/09 (a)(b)		61,762,000		61,742,785
0.340% 10/01/09 (a)(b)		91,057,000		91,031,201
0.350% 09/01/09 (a)(b)		120,568,000		120,568,000
0.350% 09/08/09 (a)(b)		51,000,000		50,996,529
0.350% 09/10/09 (a)(b)		72,753,000		72,746,634
0.360% 09/14/09 (a)(b)		26,015,000		26,011,618
0.360% 10/06/09 (a)(b)		65,116,000		65,093,209
Falcon Asset Securitization Co. LLC
0.210% 09/18/09 (a)(b)		113,000,000		112,988,794
0.290% 09/24/09 (a)(b)		166,000,000		165,969,244
Gemini Securitization Corp. LLC
0.220% 09/22/09 (a)(b)		63,000,000		62,991,915
0.230% 09/18/09 (a)(b)		44,012,000		44,007,220
0.240% 09/09/09 (a)(b)		29,000,000		28,998,453
0.300% 10/16/09 (a)(b)		24,000,000		23,991,000
0.300% 10/27/09 (a)(b)		77,000,000		76,964,067
0.300% 10/28/09 (a)(b)		45,750,000		45,728,269
0.300% 11/02/09 (a)(b)		63,000,000		62,967,450
0.300% 11/05/09 (a)(b)		50,000,000		49,972,917
0.320% 09/02/09 (a)(b)		16,000,000		15,999,858

	Par ($)		Value ($)
0.330% 10/09/09 (a)(b)		45,000,000		44,984,325
0.350% 09/08/09 (a)(b)		217,500,000		217,485,198
0.370% 09/09/09 (a)(b)		142,136,000		142,124,313
0.370% 09/23/09 (a)(b)		100,000,000		99,977,389
0.370% 09/25/09 (a)(b)		95,550,000		95,526,431
0.380% 09/01/09 (a)(b)		88,000,000		88,000,000
0.380% 09/10/09 (a)(b)		34,000,000		33,996,770
General Electric Capital Corp.
0.320% 10/22/09 (a)		572,000,000		571,740,693
General Electric Co.
0.330% 09/23/09 (a)		118,000,000		117,976,203
0.350% 09/23/09 (a)		577,500,000		577,376,479
Gotham Funding Corp.
0.380% 09/09/09 (a)(b)		101,000,000		100,991,471
0.380% 09/10/09 (a)(b)		60,000,000		59,994,300
Grampian Funding LLC
0.400% 09/28/09 (a)(b)		236,500,000		236,429,050
0.500% 11/30/09 (a)(b)		235,500,000		235,205,625
ING US Funding LLC
0.300% 11/02/09 (a)		17,000,000		16,991,217
0.300% 11/03/09 (a)		209,000,000		208,890,275
0.310% 10/28/09 (a)		53,400,000		53,373,789
0.320% 11/10/09 (a)		78,000,000		77,951,467
Liberty Street Funding LLC
0.250% 10/13/09 (a)(b)		9,500,000		9,497,229
0.300% 10/26/09 (a)(b)		44,000,000		43,979,833
0.300% 10/28/09 (a)(b)		29,000,000		28,986,225
0.300% 11/03/09 (a)(b)		24,000,000		23,987,400
0.300% 11/05/09 (a)(b)		70,000,000		69,962,083
0.310% 09/30/09 (a)(b)		18,000,000		17,995,505
0.350% 09/10/09 (a)(b)		53,500,000		53,495,319
0.360% 09/15/09 (a)(b)		44,500,000		44,493,770
LMA Americas LLC
0.240% 09/17/09 (a)(b)		83,300,000		83,291,115
Matchpoint Master Trust
0.300% 09/14/09 (a)(b)		16,000,000		15,998,267
0.300% 10/13/09 (a)(b)		12,000,000		11,995,800
Old Line Funding LLC
0.300% 11/03/09 (a)(b)		33,829,000		33,811,240
Park Avenue Receivables Corp.
0.210% 09/18/09 (a)(b)		62,000,000		61,993,852
0.300% 10/01/09 (a)(b)		90,000,000		89,977,500
Sheffield Receivables Corp.
0.230% 10/05/09 (a)(b)		75,000,000		74,983,708
0.230% 10/07/09 (a)(b)		49,000,000		48,988,730

See Accompanying Notes to Financial Statements.

3

Columbia Cash Reserves

August 31, 2009

Commercial Paper (continued)
	Par ($)		Value ($)
0.300% 09/09/09 (a)(b)		194,000,000		193,987,067
0.300% 11/06/09 (a)(b)		94,000,000		93,948,300
0.300% 11/10/09 (a)(b)		85,000,000		84,950,417
0.300% 11/12/09 (a)(b)		150,000,000		149,910,000
0.310% 10/15/09 (a)(b)		30,000,000		29,988,633
0.330% 09/03/09 (a)(b)		65,000,000		64,998,808
0.330% 09/09/09 (a)(b)		54,000,000		53,996,040
0.330% 10/02/09 (a)(b)		94,000,000		93,973,288
Starbird Funding Corp.
0.230% 09/21/09 (a)(b)		71,000,000		70,990,928
Straight-A Funding LLC
0.270% 10/26/09 (a)(b)		50,089,000		50,068,338
Sumitomo Mitsui Banking Corp./New York
0.410% 10/07/09		20,000,000		20,000,400
Toyota Credit Canada, Inc.
0.400% 11/03/09 (a)		60,000,000		59,958,000
0.450% 12/04/09 (a)		10,000,000		9,988,250
0.450% 12/09/09 (a)		50,000,000		49,938,125
Toyota Motor Credit Corp.
0.300% 11/05/09 (a)		170,000,000		169,907,917
0.300% 11/06/09 (a)		238,000,000		237,869,100
0.330% 12/04/09 (a)		89,000,000		88,923,312
Tulip Funding Corp.
0.240% 09/18/09 (a)(b)		49,453,000		49,447,395
Variable Funding Capital Co. LLC
0.300% 09/01/09 (a)(b)		72,000,000		72,000,000
0.300% 11/06/09 (a)(b)		100,000,000		99,945,000
0.320% 10/14/09 (a)(b)		87,000,000		86,966,747
Victory Receivables Corp.
0.260% 09/16/09 (a)(b)		22,000,000		21,997,617
Total Commercial Paper (cost of $8,865,782,505)				8,865,782,505
Government & Agency Obligations – 13.6%
U.S. Government Agencies – 9.6%
Federal Farm Credit Bank
0.420% 07/20/11 (10/20/09) (d)(e)		135,000,000		134,998,272
Federal Home Loan Bank
0.150% 10/09/09 (c)		18,600,000		18,597,055
0.150% 10/21/09 (c)		23,855,000		23,850,030
0.160% 10/16/09 (c)		35,400,000		35,392,920
0.160% 10/21/09 (c)		87,000,000		86,980,667
0.268% 11/05/10 (11/07/09) (d)(e)		231,000,000		230,918,284

	Par ($)		Value ($)
0.301% 10/29/10 (10/30/09) (d)(e)		108,000,000		107,992,271
0.510% 01/12/10 (c)		179,000,000		178,662,734
Federal Home Loan Mortgage Corp.
0.343% 02/01/11 (11/01/09) (d)(e)		345,000,000		345,059,251
0.541% 01/28/11 (10/30/09) (d)(e)		15,000,000		15,047,643
0.600% 09/14/09 (c)		68,000,000		67,985,267
0.608% 04/07/11 (10/07/09) (d)(e)		493,000,000		493,192,012
0.610% 09/14/09 (c)		340,000,000		339,925,106
0.702% 03/09/11 (09/09/09) (d)(e)		889,000,000		891,990,215
Federal National Mortgage Association
0.420% 12/31/09 (c)		204,000,000		203,712,020
0.570% 09/02/09 (c)		100,000,000		99,998,417
U.S. Government Agencies Total				3,274,302,164
U.S. Government Obligations – 4.0%
U.S. Treasury Bill
0.170% 10/29/09 (c)		126,000,000		125,965,490
0.285% 12/17/09 (c)		240,000,000		239,796,700
0.370% 10/01/09 (c)		242,000,000		241,925,384
0.420% 10/08/09 (c)		242,000,000		241,895,537
U.S. Treasury Note
3.250% 12/31/09 (c)		387,000,000		390,662,364
4.000% 09/30/09 (c)		105,000,000		105,319,848
U.S. Government Obligations Total				1,345,565,323
Total Government & Agency Obligations (cost of $4,619,867,487)				4,619,867,487
Corporate Bonds – 1.6%
Axon Financial Funding LLC
0.252% 11/05/09 (b)(e)(f)(g)(h) (amortized cost of $83,373,551)		83,373,551		36,684,363
0.330% 11/05/09 (b)(e)(f)(g)(h) (amortized cost of $121,102,924)		121,102,924		53,285,286
Issuer Entity LLC
0.459% 11/05/09 (e)(f)(h)(i)(j) (amortized cost of $44,042,335)		44,042,335		11,393,752

See Accompanying Notes to Financial Statements.

4

Columbia Cash Reserves

August 31, 2009

Corporate Bonds (continued)
	Par ($)		Value ($)
Lehman Brothers Holdings, Inc.
2.654% 11/05/09 (f)(h) (amortized cost of $400,000,000)		400,000,000		73,500,000
Victoria Finance LLC
2.065% 11/05/09 (b)(f)(g)(h) (amortized cost of $76,418,876)		76,418,876		38,973,627
2.065% 11/05/09 (b)(f)(g)(h) (amortized cost of $76,452,075)		76,452,075		38,990,558
2.070% 11/05/09 (b)(f)(g)(h) (amortized cost of $78,484,065)		78,484,065		40,026,873
2.472% 11/05/09 (b)(f)(g)(h) (amortized cost of $76,461,514)		76,461,514		38,995,372
2.760% 11/05/09 (b)(f)(g)(h) (amortized cost of $155,320,395)		155,320,395		79,213,402
Wells Fargo & Co.
0.729% 09/15/09 (e)		57,000,000		57,007,279
Wickersham Issuer Entity, LLC
5.000% 11/05/09 (e)(h)(k)(l) (amortized cost of $142,363,311)		142,363,311		97,533,104
Total Corporate Bonds (cost of $1,277,954,188)				565,603,616
Municipal Bonds – 0.1%
Colorado – 0.1%
CO Housing & Finance Authority
Series 2002 A1,
SPA: FHLMC 0.400% 11/01/13 (09/07/09) (d)(m)		2,000,000		2,000,000
Series 2003 A-1,
SPA: FHLB 0.400% 10/01/33 (09/07/09) (d)(m)		10,000,000		10,000,000

	Par ($)		Value ($)
Series 2006 CL1,
SPA: FHLMC 0.400% 11/01/36 (09/07/09) (d)(m)		5,000,000		5,000,000
Colorado Total				17,000,000
Illinois – 0.0%
IL Midwestern University Foundation
Series 2009 A,
LOC: Royal Bank of Canada 0.500% 04/01/44 (09/07/09) (d)(m)		10,000,000		10,000,000
Illinois Total				10,000,000
New Hampshire – 0.0%
NH Health & Education Facilities Authority
Dartmouth College,
Series 2007 C, SPA: JPMorgan Chase Bank 0.320% 06/01/41 (09/07/09) (d)(m)		4,000,000		4,000,000
New Hampshire Total				4,000,000
North Carolina – 0.0%
NC County of Catawba
Series 2009,
LOC: Branch Banking & Trust 0.550% 10/01/34 (09/07/09) (d)(m)		5,350,000		5,350,000
North Carolina Total				5,350,000
Wisconsin – 0.0%
WI Housing & Economic Development Authority
Series 2007 D,
SPA: Fortis Bank SA: 0.420% 09/01/27 (09/02/09) (d)(m)		11,500,000		11,500,000
1.000% 09/01/27 (m)		2,000,000		2,000,000
Wisconsin Total				13,500,000
Total Municipal Bonds (cost of $49,850,000)				49,850,000
Time Deposit – 0.2%
Deutsche Bank AG
0.130% 09/01/09		73,751,000		73,751,000
Total Time Deposit (cost of $73,751,000)				73,751,000

See Accompanying Notes to Financial Statements.

5

Columbia Cash Reserves

August 31, 2009

Repurchase Agreements – 9.3%
	Par ($)		Value ($)
Repurchase agreement with Barclays Capital, dated   08/31/09, due 09/01/09 at 0.380%, collateralized by corporate bonds with various maturities to 08/15/19, market value $692,290,001 (repurchase proceed s $647,006,829)		647,000,000		647,000,000
Repurchase agreement with BNP Paribas, dated   08/31/09, due 09/01/09 at 0.330%, collateralized by corporate bonds with various maturities to 11/15/18, market value $37,450,001 (repurchase proceeds $35, 000,321)		35,000,000		35,000,000
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09 at 0.190%, collateralized by a corporate bond maturing 01/15/11, market value $86,304,242 (repurchase proceeds $84,612,447)		84,612,000		84,612,000
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09 at 0.200%, collateralized by U.S. Government Agency obligations with various maturities to 01/15/30, market value $39,634,286 (rep urchase proceeds $38,857,216)		38,857,000		38,857,000
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09 at 0.210%, collateralized by U.S. Government Agency obligations with various maturities to 08/01/39, market value $80,580,001 (rep urchase proceeds $79,000,461)		79,000,000		79,000,000

	Par ($)		Value ($)
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09 at 0.380%, collateralized by corporate bonds with various maturities to 03/01/19, market value $360,590,000 (repurchase proceeds $ 337,003,557)		337,000,000		337,000,000
Repurchase agreement with Goldman Sachs & Co., dated   08/26/09, due 09/02/09 at 0.250%, collateralized by corporate bonds with various maturities to 04/25/18, market value $167,990,000 (repurchase proceeds $157,001,090)		157,000,000		157,000,000
Repurchase agreement with Greenwich Capital, dated   08/31/09, due 09/01/09 at 0.380%, collateralized by commercial paper with various maturities to 10/27/10, market value $527,103,854 (repurchase proce eds $502,005,299)		502,000,000		502,000,000
Repurchase agreement with JPMorgan Chase Bank, dated   08/31/09, due 09/01/09 at 0.330%, collateralized by corporate bonds with various maturities to 05/16/18, market value $200,094,069 (repurchase proc eeds $187,001,714)		187,000,000		187,000,000
Repurchase agreement with Morgan Stanley, dated   08/31/09, due 09/01/09 at 0.305%, collateralized by corporate bonds with various maturities to 11/23/09, market value $105,917,387 (repurchase proceeds $100,000,847)		100,000,000		100,000,000

See Accompanying Notes to Financial Statements.

6

Columbia Cash Reserves

August 31, 2009

Repurchase Agreements (continued)
	Par ($)		Value ($)
Repurchase agreement with Royal Bank of Canada, dated   08/31/09, due 09/01/09 at 0.330%, collateralized by corporate bonds and commercial paper with various maturities to 08/15/19, market value $478,660,776 (repurchase proceeds $452,710,150)		452,706,000		452,706,000
Repurchase agreement with UBS Securities, Inc., dated   08/31/09, due 09/01/09 at 0.330%, collateralized by corporate bonds with various maturities to 07/12/12, market value $44,944,686 (repurchase proc eeds $42,000,385)		42,000,000		42,000,000
Repurchase agreement with UBS Warburg AG, dated   08/31/09, due 09/01/09 at 0.210%, collateralized by U.S. Government Agency obligations with various maturities to 06/17/10, market value $510,001,518 (r epurchase proceeds $500,002,917)		500,000,000		500,000,000
Total Repurchase Agreements (cost of $3,162,175,000)				3,162,175,000
Other – 1.8%
Capital Support Agreement with Affiliates (n)		—		599,700,000
Total Other (cost of $—)				599,700,000
Total Investments – 100.0% (cost of $34,126,862,648) (o)				34,014,212,076
Other Assets & Liabilities, Net – 0.0%				5,917,651
Net Assets – 100.0%				34,020,129,727

Notes to Investment Portfolio:

(a)  The rate shown represents the discount rate at the date of purchase.

(b)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2009, these securities, which are not illiquid except for those in the following table, amounted to $5,564,362,152, which represents 16.4% of net assets.

Security	Acquisition Date	Acquisition Cost
Axon Financial Funding LLC 0.252% 11/05/09	04/23/07	$	100,000,000
0.330% 11/05/09	05/18/07		50,000,000
Victoria Finance LLC 1.000% 11/05/09	03/13/07		100,000,000
1.000% 11/05/09	03/20/07		100,000,000
1.000% 11/05/09	03/08/07		100,000,000
1.000% 11/05/09	08/27/07		200,000,000
1.000% 11/05/09	07/18/07		100,000,000
		$	750,000,000

(c)  The rate shown represents the annualized yield at the date of purchase.

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

(e)  The interest rate shown on floating rate or variable rate securities reflects the rate at August 31, 2009.

(f)  Security is in default and is a covered security under the Capital Support Agreement.

(g)  Security issued by a structured investment vehicle.

(h)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $508,596,337, which represents 1.5% of net assets.

(i)  Security received in exchange for Security of Ottimo Funding Ltd. on November 2, 2007.

(j)  Columbia Management Advisors, LLC was informed on October 28, 2008 that noteholders have voted in favor of extending the maturity date of this security to November 5, 2009.

(k)  Security is a covered security under the Capital Support Agreement.

(l)  Security received in exchange for security of Thornburg Mortgage Capital Resources, LLC on May 14, 2008.

(m)  Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are secured by a letter of credit or other credit support agreements from banks. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

(n)  See Note 3.

(o)  Cost for federal income tax purposes is $34,133,919,500.

The following table summarizes the inputs used, as of August 31, 2009, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Certificates of Deposit	$	—	$	16,077,482,468	$	—	$	16,077,482,468
Commercial Paper		—		8,865,782,505		—		8,865,782,505
Government & Agency Obligations
U.S. Government Agencies		—		3,274,302,164		—		3,274,302,164
U.S. Government Obligations		—		1,345,565,323		—		1,345,565,323
Total Government & Agency Obligations		—		4,619,867,487		—		4,619,867,487
Corporate Bonds		—		130,507,278		435,096,338		565,603,616
Municipal Bonds		—		49,850,000		—		49,850,000
Time Deposit		—		73,751,000		—		73,751,000
Total Repurchase Agreements		—		3,162,175,000		—		3,162,175,000
Capital Support Agreement		—		—		599,700,000		599,700,000
Total Investments	$	—	$	32,979,415,738	$	1,034,796,338	$	34,014,212,076

See Accompanying Notes to Financial Statements.

7

Columbia Cash Reserves

August 31, 2009

The following table reconciles asset balances for the twelve month period ending August 31, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of August 31, 2008		Accrued Discounts/ Premiums		Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers into Level 3		Net Transfers out of Level 3		Balance as of August 31, 2009
Corporate Bonds	$	1,033,802,164	$	—	$	(37,274,358	)	$	(143,239,990	)	$	—	$	(418,191,478	)	$	—	$	—	$	435,096,338
Capital Support Agreement		77,400,000		—		—			522,300,000			—		—			—		—		599,700,000
Total	$	1,111,202,164	$	—	$	(37,274,358	)	$	379,060,010		$	—	$	(418,191,478	)	$	—	$	—	$	1,034,796,338

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

The change in unrealized appreciation attributable to securities owned at August 31, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $379,060,010. This amount is included in net change in unrealized appreciation (depreciation) on the Statement of Changes in Net Assets.

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

Acronym	Name
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
LOC	Letter of Credit
SPA	Stand-by Purchase Agreement

See Accompanying Notes to Financial Statements.

8

Statement of Assets and Liabilities – Columbia Cash Reserves
August 31, 2009

		($)
Assets	Total investments, at cost		34,126,862,648
	Investment securities , at value		33,414,512,076
	Capital Support Agreement, at value (See Note 3)		599,700,000
	Total investments, at value		34,014,212,076
	Cash		859
	Receivable for:
	Fund shares sold		1,371,521
	Interest		18,650,185
	Expense reimbursement due from investment advisor		18,979
	Trustees' deferred compensation plan		125,510
	Prepaid expenses		1,589,662
	Total Assets		34,035,968,792
Liabilities	Payable for:
	Investments purchased		2,000,000
	Fund shares repurchased		3,471,501
	Distributions		444,207
	Investment advisory fee		4,485,509
	Administration fee		1,184,439
	Transfer agent fee		164,173
	Trustees' fees		200,320
	Pricing and bookkeeping fees		37,159
	Custody fee		200,810
	Distribution and service fee		2,390,711
	Shareholder administration fee		207,225
	Chief compliance officer expenses		2,339
	Reports to shareholders		843,388
	Trustees' deferred compensation plan		125,510
	Other liabilities		81,774
	Total Liabilities		15,839,065
	Net Assets		34,020,129,727
Net Assets Consist of	Paid-in capital		34,185,955,644
	Overdistributed net investment income		(287,073	)
	Accumulated net realized loss		(52,888,272	)
	Unrealized loss on investments, net of Capital Support Agreement (See Note 3)		(112,650,572	)
	Net Assets		34,020,129,727

See Accompanying Notes to Financial Statements.

9

Statement of Assets and Liabilities(continued) – Columbia Cash Reserves
August 31, 2009

Capital Class Shares	Net assets	$	9,410,196,178
	Shares outstanding		9,456,521,664
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	934,915,922
	Shares outstanding		939,518,423
	Net asset value per share	$	1.00
Liquidity Class Shares	Net assets	$	463,144,804
	Shares outstanding		465,424,822
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	6,761,913,549
	Shares outstanding		6,795,201,796
	Net asset value per share	$	1.00
Investor Class Shares	Net assets	$	380,937,056
	Shares outstanding		382,812,374
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	12,642,466,440
	Shares outstanding		12,704,704,082
	Net asset value per share	$	1.00
Class A Shares	Net assets	$	382,034,899
	Shares outstanding		383,915,620
	Net asset value per share	$	1.00
Class B Shares	Net assets	$	46,074,059
	Shares outstanding		46,300,877
	Net asset value per share	$	1.00
Class C Shares	Net assets	$	19,732,593
	Shares outstanding		19,829,735
	Net asset value per share	$	1.00
Class Z Shares	Net assets	$	610,473,737
	Shares outstanding		613,479,040
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	2,349,743,200
	Shares outstanding		2,361,310,760
	Net asset value per share	$	1.00
Marsico Shares	Net assets	$	18,497,290
	Shares outstanding		18,588,350
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

10

Statement of Operations – Columbia Cash Reserves
For the Year Ended August 31, 2009

		($)
Investment Income	Interest		637,198,841
Expenses	Investment advisory fee		65,299,751
	Administration fee		39,603,778
	Distribution fee:
	Investor Class Shares		549,025
	Daily Class Shares		54,086,828
	Class A Shares		472,443
	Class B Shares		439,656
	Class C Shares		196,437
	Service fee:
	Liquidity Class Shares		1,763,500
	Adviser Class Shares		26,934,524
	Investor Class Shares		1,372,562
	Daily Class Shares		38,633,448
	Class A Shares		1,181,109
	Class B Shares		146,552
	Class C Shares		65,479
	Marsico Shares		56,991
	Shareholder administration fee:
	Trust Class Shares		1,402,002
	Class A Shares		472,443
	Class B Shares		58,621
	Class C Shares		26,191
	Institutional Class Shares		1,202,523
	Marsico Shares		22,797
	Pricing and bookkeeping fees		257,522
	Transfer agent fee		1,205,008
	Trustees' fees		16,887
	Custody fee		1,057,497
	Chief compliance officer expenses		14,839
	Treasury temporary guarantee program fee		27,285,990
	Other expenses		3,491,870
	Total Expenses		267,316,273
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(23,852,318	)
	Fees waived by distributor:
	Liquidity Class Shares		(10,016	)
	Adviser Class Shares		(909,867	)
	Investor Class Shares		(127,830	)
	Daily Class Shares		(16,278,238	)
	Class A Shares		(226,459	)
	Class B Shares		(214,455	)
	Class C Shares		(95,439	)
	Marsico Shares		(5,952	)
	Fees waived by shareholder service provider—Liquidity Class Shares		(705,400	)
	Expense reductions		(2,161	)
	Net Expenses		224,888,138
	Net Investment Income		412,310,703
Net Realized and Unrealized Gain (Loss) on Investments	Net realized loss on investments		(37,965,816	)
	Reimbursement by an affiliate for realized loss (See Note 10)		37,274,358
	Net realized loss		(691,458	)
	Change in unrealized appreciation (depreciation) on Capital Support Agreement (See Note 3)		522,300,000
	Change in unrealized depreciation on investments		(469,739,987	)
	Net Gain		51,868,555
	Net Increase Resulting from Operations		464,179,258

See Accompanying Notes to Financial Statements.

11

Statement of Changes in Net Assets – Columbia Cash Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		412,310,703			2,024,227,491
	Net realized loss on investments		(691,458	)		(34,943,334	)
	Change in unrealized appreciation on Capital Support Agreement (See Note 3)		522,300,000			77,400,000
	Change in unrealized appreciation (depreciation) on investments		(469,739,987	)		(242,610,585	)
	Net increase resulting from operations		464,179,258			1,824,073,572
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(114,653,588	)		(430,559,901	)
	Trust Class Shares		(15,998,426	)		(85,408,318	)
	Liquidity Class Shares		(7,514,487	)		(35,125,969	)
	Adviser Class Shares		(111,418,883	)		(591,253,019	)
	Investor Class Shares		(4,972,233	)		(34,496,479	)
	Daily Class Shares		(109,380,955	)		(581,570,093	)
	Class A Shares		(4,461,844	)		(16,601,043	)
	Class B Shares		(241,826	)		(1,204,268	)
	Class C Shares		(105,466	)		(300,457	)
	Class Z Shares		(7,342,677	)		(25,627,939	)
	Institutional Class Shares		(36,028,070	)		(222,004,929	)
	Marsico Shares		(192,249	)		(518,491	)
	Total distributions to shareholders		(412,310,704	)		(2,024,670,906	)
	Net Capital Stock Transactions		(17,305,801,674	)		(14,117,088,586	)
	Total decrease in net assets		(17,253,933,120	)		(14,317,685,920	)
Net Assets	Beginning of period		51,274,062,847			65,591,748,767
	End of period		34,020,129,727			51,274,062,847
	Overdistributed net investment income at end of period		(287,073	)		(287,073	)

See Accompanying Notes to Financial Statements.

12

Statement of Changes in Net Assets(continued) – Columbia Cash Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		33,074,351,160			33,074,351,160			54,830,494,305			54,830,494,305
Proceeds received in connection with merger		—			—			2,459,913,083			2,459,591,802
Distributions reinvested		68,568,221			68,568,221			279,327,694			279,327,694
Redemptions		(34,274,552,135	)		(34,274,552,135	)		(60,980,068,382	)		(60,980,068,382	)
Net decrease		(1,131,632,754	)		(1,131,632,754	)		(3,410,333,300	)		(3,410,654,581	)
Trust Class Shares
Subscriptions		1,642,379,791			1,642,379,791			2,459,787,641			2,459,787,641
Distributions reinvested		364,971			364,971			2,102,529			2,102,529
Redemptions		(2,432,056,175	)		(2,432,056,175	)		(3,471,359,797	)		(3,471,359,797	)
Net decrease		(789,311,413	)		(789,311,413	)		(1,009,469,627	)		(1,009,469,627	)
Liquidity Class Shares
Subscriptions		1,742,785,538			1,742,785,538			4,842,653,451			4,842,653,451
Proceeds received in connection with merger		—			—			11,108			11,106
Distributions reinvested		6,782,187			6,782,187			31,319,692			31,319,692
Redemptions		(2,099,127,636	)		(2,099,127,636	)		(5,279,833,751	)		(5,279,833,751	)
Net decrease		(349,559,911	)		(349,559,911	)		(405,849,500	)		(405,849,502	)
Adviser Class Shares
Subscriptions		20,205,057,181			20,205,057,180			38,387,633,785			38,387,633,785
Proceeds received in connection with merger		—			—			97,929,993			97,912,481
Distributions reinvested		24,564,416			24,564,416			119,023,220			119,023,220
Redemptions		(27,362,097,456	)		(27,362,097,456	)		(43,038,585,704	)		(43,038,585,704	)
Net decrease		(7,132,475,859	)		(7,132,475,860	)		(4,433,998,706	)		(4,434,016,218	)
Investor Class Shares
Subscriptions		727,124,312			727,124,312			1,996,872,360			1,996,872,360
Distributions reinvested		4,643,109			4,643,109			29,704,108			29,704,108
Redemptions		(1,048,383,901	)		(1,048,383,901	)		(2,440,036,822	)		(2,440,036,822	)
Net decrease		(316,616,480	)		(316,616,480	)		(413,460,354	)		(413,460,354	)
Daily Class Shares
Subscriptions		6,245,560,708			6,245,560,708			9,020,342,768			9,020,342,768
Distributions reinvested		109,379,566			109,379,566			581,426,051			581,426,051
Redemptions		(11,457,020,769	)		(11,457,020,769	)		(11,879,424,599	)		(11,879,424,599	)
Net decrease		(5,102,080,495	)		(5,102,080,495	)		(2,277,655,780	)		(2,277,655,780	)
Class A Shares
Subscriptions		680,833,781			680,833,782			1,075,878,884			1,075,878,884
Distributions reinvested		4,376,820			4,376,820			16,323,436			16,323,436
Redemptions		(996,397,567	)		(996,397,567	)		(789,247,258	)		(789,247,258	)
Net increase (decrease)		(311,186,966	)		(311,186,965	)		302,955,062			302,955,062

See Accompanying Notes to Financial Statements.

13

Statement of Changes in Net Assets(continued) – Columbia Cash Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class B Shares
Subscriptions		49,226,519			49,226,519			35,484,337			35,484,337
Distributions reinvested		210,420			210,420			1,048,667			1,048,667
Redemptions		(50,653,921	)		(50,653,930	)		(40,099,052	)		(40,099,064	)
Net decrease		(1,216,982	)		(1,216,991	)		(3,566,048	)		(3,566,060	)
Class C Shares
Subscriptions		38,201,967			38,201,967			26,336,862			26,336,862
Distributions reinvested		95,677			95,677			271,603			271,603
Redemptions		(34,551,194	)		(34,551,194	)		(18,808,365	)		(18,808,365	)
Net increase		3,746,450			3,746,450			7,800,100			7,800,100
Class Z Shares
Subscriptions		226,045,390			226,045,390			261,902,413			261,902,413
Distributions reinvested		7,116,621			7,116,621			24,896,487			24,896,487
Redemptions		(297,008,004	)		(297,008,004	)		(317,741,874	)		(317,741,874	)
Net decrease		(63,845,993	)		(63,845,993	)		(30,942,974	)		(30,942,974	)
Institutional Class Shares
Subscriptions		9,824,013,027			9,824,013,027			16,317,340,780			16,317,340,780
Proceeds received in connection with merger		—			—			217,635,281			217,600,515
Distributions reinvested		33,564,024			33,564,024			200,732,058			200,732,058
Redemptions		(11,965,617,185	)		(11,965,617,185	)		(19,187,123,332	)		(19,187,123,332	)
Net decrease		(2,108,040,134	)		(2,108,040,134	)		(2,451,415,213	)		(2,451,449,979	)
Marsico Shares
Subscriptions		12,108,626			12,108,626			17,607,797			17,607,797
Distributions reinvested		192,249			192,249			518,366			518,366
Redemptions		(15,882,003	)		(15,882,003	)		(8,904,836	)		(8,904,836	)
Net increase (decrease)		(3,581,128	)		(3,581,128	)		9,221,327			9,221,327

See Accompanying Notes to Financial Statements.

14

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.04			0.05			0.02			0.04			0.02
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.04			0.05			0.02			0.04			0.02
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.04	)		(0.02	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.13	%(e)		3.72	%(e)		5.30	%		2.08	%(f)		3.62	%		1.59	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.26	%		0.20	%		0.20	%		0.20	%(h)		0.20	%		0.20	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		1.10	%		3.76	%		5.17	%		4.91	%(h)		3.58	%		1.53	%
Net assets, end of period (000s)	$	9,410,196		$	10,543,052		$	13,992,967		$	16,908,924		$	17,884,676		$	18,286,171

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.11)% and 2.73%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

15

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.04			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.04			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.03	%(e)		3.62	%(e)		5.19	%		2.04	%(f)		3.52	%		1.49	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.36	%		0.30	%		0.30	%		0.30	%(h)		0.30	%		0.30	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		1.14	%		3.72	%		5.07	%		4.83	%(h)		3.48	%		1.47	%
Net assets, end of period (000s)	$	934,916		$	1,721,466		$	2,737,087		$	3,897,869		$	3,711,063		$	3,456,700

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.21)% and 2.63%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

16

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Liquidity Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.04			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.04			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.98	%(e)		3.57	%(e)		5.14	%		2.02	%(f)		3.46	%		1.44	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.41	%		0.35	%		0.35	%		0.35	%(h)		0.35	%		0.35	%
Waiver/Reimbursement		0.15	%		0.15	%		0.16	%		0.16	%(h)		0.17	%		0.17	%
Net investment income (g)		1.07	%		3.64	%		5.02	%		4.77	%(h)		3.40	%		1.39	%
Net assets, end of period (000s)	$	463,145		$	811,513		$	1,220,566		$	1,249,962		$	1,041,913		$	1,206,319

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.26)% and 2.58%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

17

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.03			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.03			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.89	%(e)		3.46	%(e)		5.04	%		1.97	%(f)		3.36	%		1.34	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.50	%		0.45	%		0.45	%		0.45	%(h)		0.45	%		0.45	%
Waiver/Reimbursement		0.06	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		1.03	%		3.51	%		4.92	%		4.68	%(h)		3.36	%		1.33	%
Net assets, end of period (000s)	$	6,761,914		$	13,868,350		$	18,357,646		$	15,815,912		$	14,216,339		$	11,085,234

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.35)% and 2.47%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

18

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Investor Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.03			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.03			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.81	%(e)		3.36	%(e)		4.93	%		1.93	%(f)		3.26	%		1.23	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.59	%		0.55	%		0.55	%		0.55	%(h)		0.55	%		0.55	%
Waiver/Reimbursement		0.07	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		0.91	%		3.43	%		4.82	%		4.57	%(h)		3.18	%		1.18	%
Net assets, end of period (000s)	$	380,937		$	696,449		$	1,111,861		$	1,406,932		$	1,659,521		$	1,814,403

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.43)% and 2.37%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

19

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Daily Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.03			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.03			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.65	%(e)		3.10	%(e)		4.67	%		1.82	%(f)		3.00	%		0.98	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.75	%		0.80	%		0.80	%		0.80	%(h)		0.80	%		0.80	%
Waiver/Reimbursement		0.16	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		0.71	%		3.07	%		4.57	%		4.32	%(h)		3.07	%		1.00	%
Net assets, end of period (000s)	$	12,642,466		$	17,730,933		$	20,080,558		$	17,402,205		$	16,936,455		$	9,560,013

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.59)% and 2.12%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

20

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class A Shares	2009			2008			2007 (a)			2006 (b)			2006 (c)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.03			0.05			0.02			0.03			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(d)		—	(d)		—			—			—			—
Total from investment operations		0.01			0.03			0.05			0.02			0.03			0.01
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (e)(f)		0.74	%(g)(h)		3.26	%(g)(h)		4.83	%		1.89	%(i)		3.15	%		1.13	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (j)		0.66	%		0.65	%		0.65	%		0.65	%(k)		0.65	%		0.65	%
Waiver/Reimbursement		0.10	%		0.05	%		0.06	%		0.06	%(k)		0.07	%		0.07	%
Net investment income (j)		0.94	%(h)		3.03	%(h)		4.73	%		4.49	%(k)		3.11	%		1.10	%
Net assets, end of period (000s)	$	382,035		$	692,142		$	391,997		$	315,859		$	251,431		$	256,503

(a)  On May 30, 2007, Market Class shares were exchanged for Class A shares.

(b)  The Fund changed its fiscal year end from March 31 to August 31.

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

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

(e)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(g)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.50)% and 2.27%, respectively.

(h)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(i)  Not annualized.

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

(k)  Annualized.

See Accompanying Notes to Financial Statements.

21

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class B Shares	2009			2008			2007			2006 (a)			2006 (b)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		—	(c)		0.03			0.04			0.02			0.02			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(c)		—	(c)		—			—			—			—
Total from investment operations		—	(c)		0.03			0.04			0.02			0.02			0.01
Less Distributions to Shareholders:
From net investment income		—	(c)		(0.03	)		(0.04	)		(0.02	)		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		0.41	%(f)		2.58	%(f)		4.15	%		1.61	%(g)		2.49	%		0.60	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		0.99	%		1.30	%		1.30	%		1.30	%(i)		1.30	%		1.16	%
Waiver/Reimbursement		0.42	%		0.05	%		0.06	%		0.06	%(i)		0.07	%		0.21	%
Net investment income (h)		0.41	%		2.54	%		4.08	%		3.83	%(i)		2.73	%		0.56	%
Net assets, end of period (000s)	$	46,074		$	47,315		$	51,015		$	56,906		$	57,242		$	22,076

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

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

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.83)% and 1.60%, respectively.

(g)  Not annualized.

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

(i)  Annualized.

See Accompanying Notes to Financial Statements.

22

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class C Shares	2009			2008			2007			2006 (a)			2006 (b)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		—	(c)		0.03			0.04			0.02			0.02			0.01
Net realized and unrealized loss on investments and Capital Support Agreement		—	(c)		—	(c)		—			—			—			—
Total from investment operations		—	(c)		0.03			0.04			0.02			0.02			0.01
Less Distributions to Shareholders:
From net investment income		—	(c)		(0.03	)		(0.04	)		(0.02	)		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		0.41	%(f)		2.58	%(f)(g)		4.18	%		1.61	%(h)		2.49	%		0.60	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (i)		1.00	%		1.30	%		1.30	%		1.30	%(j)		1.30	%		1.18	%
Waiver/Reimbursement		0.41	%		0.05	%		0.06	%		0.06	%(j)		0.07	%		0.19	%
Net investment income (i)		0.40	%		2.33	%(g)		4.08	%		3.87	%(j)		2.59	%		0.55	%
Net assets, end of period (000s)	$	19,733		$	16,015		$	8,282		$	5,752		$	2,915		$	1,543

(a)  The Fund changed its fiscal year end from May 31 to August 31.

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

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

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.84)% and 1.60%, respectively.

(g)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(h)  Not annualized.

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

(j)  Annualized.

See Accompanying Notes to Financial Statements.

23

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
Class Z Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.04			0.05			0.02			0.02
Net realized and unrealized loss on investments and Capital Support Agreement		—	(c)		—	(c)		—			—			—
Total from investment operations		0.01			0.04			0.05			0.02			0.02
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		1.13	%(f)		3.72	%(f)		5.30	%		2.08	%(g)		1.57	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (h)		0.26	%		0.20	%		0.20	%		0.20	%(i)		0.20	%(i)
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(i)		0.07	%(i)
Net investment income (h)		1.15	%		3.67	%		5.18	%		4.92	%(i)		4.29	%(i)
Net assets, end of period (000s)	$	610,474		$	674,440		$	707,426		$	729,504		$	753,395

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Class Z Shares commenced operations on November 18, 2005.

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

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.11)% and 2.73%, respectively.

(g)  Not annualized.

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

(i)  Annualized.

See Accompanying Notes to Financial Statements.

24

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.04			0.05			0.02			0.04			0.02
Net realized and unrealized loss on investments and Capital Support Agreement		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.04			0.05			0.02			0.04			0.02
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.04	)		(0.05	)		(0.02	)		(0.04	)		(0.02	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.09	%(e)		3.68	%(e)		5.25	%		2.06	%(f)		3.58	%		1.55	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.30	%		0.24	%		0.24	%		0.24	%(h)		0.24	%		0.24	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(h)		0.07	%		0.07	%
Net investment income (g)		1.20	%		3.79	%		5.13	%		4.88	%(h)		3.55	%		1.52	%
Net assets, end of period (000s)	$	2,349,743		$	4,450,313		$	6,919,396		$	6,090,241		$	5,988,544		$	4,869,930

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.15)% and 2.69%, respectively.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

25

Financial Highlights – Columbia Cash Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Marsico Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.01			0.03			0.05			0.02			0.03			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		—	(b)		—	(b)		—			—			—			—
Total from investment operations		0.01			0.03			0.05			0.02			0.03			0.01
Less Distributions Declared to Shareholders:
From net investment income		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.01	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.81	%(e)		3.36	%(e)(f)		4.93	%		1.93	%(g)		3.26	%		1.23	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		0.58	%		0.55	%		0.55	%		0.55	%(i)		0.55	%		0.55	%
Waiver/Reimbursement		0.08	%		0.05	%		0.06	%		0.06	%(i)		0.07	%		0.07	%
Net investment income (h)		0.84	%		3.15	%(f)		4.82	%		4.58	%(i)		3.19	%		1.19	%
Net assets, end of period (000s)	$	18,497		$	22,075		$	12,947		$	11,232		$	10,385		$	11,005

(a)  The Fund changed its fiscal year end from March 31 to August 31.

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

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Had affiliates of the investment advisor not reimbursed the Fund for realized losses on securities and not provided capital support, total return at August 31, 2009 and August 31, 2008 would have been (1.43)% and 2.37%, respectively.

(f)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(g)  Not annualized.

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

(i)  Annualized.

See Accompanying Notes to Financial Statements.

26

Notes to Financial Statements – Columbia Cash Reserves
August 31, 2009

Note 1. Organization

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

Investment Objective

The Fund seeks current income, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers twelve classes of shares: Capital Class, Trust Class, Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A, Class B, Class C, Class Z, Institutional Class and Marsico shares. Each class of shares is offered continuously at net asset value. Effective June 22, 2009, the Fund no longer accepts investments in Class B shares from new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund, and exchanges by existing Class B shareholders of other Columbia Funds.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October 22, 2009, the date the financial statements were issued, and except as disclosed in Note 12, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. Securities no longer considered eligible securities in accordance with Rule 2a-7 under the 1940 Act are valued at fair value. The Fund's Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasona ble in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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

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

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

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

27

Columbia Cash Reserves, August 31, 2009

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

Security Transactions

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

Repurchase Agreements

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

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

28

Columbia Cash Reserves, August 31, 2009

experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Capital Support Agreement

The Trust, on behalf of the Fund, has entered into a Capital Support Agreement (the "Agreement") with NB Funding Company LLC (the "Support Provider"), an affiliate of Columbia. Bank of America Corporation ("BOA") has guaranteed to the Fund the payment of any capital contribution that the Support Provider is obligated to make under the Agreement.

The Fund's objective in entering into the Agreement is to enable it to continue to offer and redeem its shares at $1.00 per share by permitting it to maintain its market-based NAV per share at an amount no less than the specific level set forth in the Agreement (the "Minimum NAV Per Share"). The Agreement establishes the basis for the Support Provider to make a capital contribution to the Fund in order to prevent realized losses from the disposition of certain covered securities from causing the Fund's market-based NAV per share to fall below the Minimum NAV Per Share. For purposes of the Agreement, a "capital contribution" is a cash contribution by the Support Provider to the Fund for which the Support Provider does not receive any shares or other consideration from the Fund.

The amount the Support Provider could be required to contribute under the Agreement was limited to $662 million (the "Maximum Contribution Amount") for the Fund as of August 31, 2009. The Agreement requires the Support Provider to make a capital contribution upon the Fund's disposition of a portfolio security that has been subject to an event as specified in paragraph (c)(6)(ii)(A) through (D) of Rule 2a-7 under the 1940 Act (a "Covered Security") at less than its amortized cost (a "Triggering Event"). The Agreement requires the Support Provider to contribute cash in an amount necessary to prevent the Triggering Event from causing the Fund's market-based NAV per share to decline below the Minimum NAV Per Share, subject to the Maximum Contribution Amount.

The Fund treats the Agreement as an asset of the Fund in calculating its market-based NAV. The value of the Agreement may increase or decrease on any day the Fund calculates its market-based NAV per share as a result of changes in the market value of the Covered Securities, or other factors, prior to the actual payment of the capital contribution by the Support Provider to the Fund. In no event will the value of the Agreement exceed the Maximum Contribution Amount.

As of August 31, 2009, the Fund included a potential future contribution in calculating its market-based NAV.

The Fund is required to sell any Covered Securities (i) promptly following any change in the short-term ratings of BOA such that its obligations no longer qualify as First Tier Securities (ii) promptly following determinations by the Board of Trustees of the Fund that the Maximum Contribution Amount is insufficient to support the Fund's Minimum NAV Per Share and that disposition of the Covered Securities is in the best interest of the Fund or (iii) on the business day immediately prior to November 6, 2009; provided that the Fund is not required to complete any such sale if the sale would not result in the payment of a capital contribution.

The Support Provider's obligation to make contributions under the Agreement terminates upon the earliest to occur of (i) November 6, 2009, (ii) payment of the Maximum Contribution Amount or (iii) the Support Provider having made all capital contributions required following a change in the short-term credit ratings of BOA such that its obligations no longer qualify as First Tier Securities.

The following table lists the Covered Securities and includes the par value, amortized cost and fair value at August 31, 2009.

Covered Security	Par Value		Amortized Cost		Fair Value
Axon Financial Funding LLC, 0.252% 11/05/09	$	83,373,551	$	83,373,551	$	36,684,363
Axon Financial Funding LLC, 0.330% 11/05/09		121,102,924		121,102,924		53,285,286
Issuer Entity LLC, 0.459% 11/05/09		44,042,335		44,042,335		11,393,752
Lehman Brothers Holding, Inc., 2.654% 11/05/09		400,000,000		400,000,000		73,500,000

29

Columbia Cash Reserves, August 31, 2009

Covered Security	Par Value		Amortized Cost		Fair Value
Victoria Finance LLC, 2.065% 11/05/09	$	76,418,876	$	76,418,876	$	38,973,627
Victoria Finance LLC, 2.065% 11/05/09		76,452,075		76,452,075		38,990,558
Victoria Finance LLC, 2.070% 11/05/09		78,484,065		78,484,065		40,026,873
Victoria Finance LLC, 2.472% 11/05/09		76,461,514		76,461,514		38,995,372
Victoria Finance LLC, 2.760% 11/05/09		155,320,395		155,320,395		79,213,402
Wickersham Issuer Entity, LLC., 5.000% 11/05/09		142,363,311		142,363,311		97,533,104

At the end of the reporting period, management estimated the fair value of the Agreement to be $599,700,000 (See Note 10).

Subsequent to August 31, 2009, an affiliate of Columbia purchased from the Fund all covered securities holdings of the Fund (see Note 12).

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended August 31, 2009, permanent book and tax basis differences resulting primarily from differing treatments for partnership basis adjustment were identified and reclassified among the components of the Fund's net assets as follows:

Overdistributed Net Investment Income		Accumulated Net Realized Loss		Paid-In Capital
$	1	$	2,196,548	$	(2,196,549	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
Distributions paid from:	2009		2008
Ordinary Income*	$	412,310,704	$	2,024,670,906
Long-Term Capital Gains		—		—

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

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Depreciation*
$	1,440,534	$	—	$	(119,707,424	)

*  The differences between book-basis and tax-basis net unrealized depreciation are primarily due to deferral of losses from wash sales.

Unrealized appreciation and depreciation at August 31, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	79,753
Unrealized depreciation		(119,787,177	)
Net unrealized depreciation	$	(119,707,424	)

The following capital loss carryforwards may be available to reduce taxable income arising from future net realized gains

30

Columbia Cash Reserves, August 31, 2009

on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforwards
	2011	$	1,212,945
	2012		1,218,785
	2013		2,696,673
	2014		10,918,073
	2015		91,495
	2016		485,341
	2017		30,406,895
	Total	$	47,030,207

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of August 31, 2009, post-October capital losses of $49,893 attributed to security transactions were deferred to September 1, 2009.

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

Note 5. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of BOA, provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rate
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

31

Columbia Cash Reserves, August 31, 2009

Pricing and Bookkeeping Fees

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

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses, the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Liquidity Class, Investor Class, Daily Class, Class A, Class B, and Class C shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A, Class B, Class C, and Marsico shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

32

Columbia Cash Reserves, August 31, 2009

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.10	%		0.10	%
Daily Class shares		0.35	%		0.35	%
Class A shares		0.10	%		0.10	%
Class B shares		0.75	%		0.75	%
Class C shares		0.75	%		0.75	%
Servicing Plans:
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Class A shares		0.25	%		0.25	%
Class B shares		0.25	%		0.25	%
Class C shares		0.25	%		0.25	%
Adviser Class shares		0.25	%		0.25	%
Marsico shares		0.25	%		0.25	%

*  The Distributor has contractually agreed to waive Distribution Plan fees and/or Servicing Plan fees through December 31, 2010 as a percentage of the Fund's Liquidity Class shares average daily net assets at an annual rate of 0.10%, so that combined fees will not exceed 0.15%. There is no guarantee that this waiver will continue after December 31, 2010.

**  To the extent that the Liquidity Class shares of the Fund make payments pursuant to the Distribution Plan and/or the Servicing Plan, the combined total of such payments may not exceed, on an annual basis, 0.25% of the average daily net assets of the Liquidity Class shares.

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust has adopted shareholder administration plans ("Administration Plans") for the Trust Class, Class A, Class B, Class C, Marsico and Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Trust Class shares		0.10	%		0.10	%
Class A shares		0.10	%		0.10	%
Class B shares		0.10	%		0.10	%
Class C shares		0.10	%		0.10	%
Marsico shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Funds' other service providers have contractually agreed to bear a portion of the Funds' expenses through December 31, 2010, so that the Funds' ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Funds' custodian, do not exceed the annual rate of 0.20% of each Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Effective December 15, 2008, the Distributor has voluntarily agreed to reimburse certain class-specific Fund expenses (consisting of shareholder servicing, distribution and shareholder administration fees, as applicable) to the extent necessary in order to maintain a minimum annualized net yield of 0.00% for all classes of the Fund. In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class-specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following

33

Columbia Cash Reserves, August 31, 2009

the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

Under the Distribution Plans for the Liquidity Class shares, the Trust is currently not reimbursing the Distributor for distribution expenses for Liquidity Class shares. Unreimbursed expenses incurred by the Distributor in a given year may not be recovered by the Distributor in subsequent years.

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31:						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	23,852,318	$	31,484,601	$	39,962,152	$	95,299,071	$	—

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statement of Assets and Liabilities.

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in "Trustees' fee" on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Note 6. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $2,161 for the Fund.

Note 7. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a

34

Columbia Cash Reserves, August 31, 2009

$200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 8. Shares of Beneficial Interest

As of August 31, 2009, 45.9% of the Fund's shares outstanding were beneficially owned by four participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion.

As of August 31, 2009, one shareholder held 43.5% of the Fund's shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion.

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

Note 9. Significant Risks and Contingencies

Security Risks

Since the third quarter of 2007, the asset-backed commercial paper ("ABCP") market has been under unprecedented pressure and scrutiny as concerns over the subprime mortgage sector are impacting the short-term fixed income markets. ABCP is a type of commercial paper that is backed by a pool of assets. That pool of assets is generally a mix of debt obligations, including, among others, credit card debt, automobile loans and leases, prime and subprime mortgage-backed securities, student loans, trade receivables and other asset-backed securities. Structured investment vehicles (SIVs), a sector of the ABCP market, are special purpose vehicles that primarily buy highly rated, high quality longer-term debt securities and fund themselves by issuing shorter-term senior debt (commercial paper and medium-term notes) and subordinated debt or equity. A number of funds, including the Fund, owned ABCP including commercial paper issued by SIVs. The value of asset-backed securities, including SIVs, may be affected by, among other things, changes in interest rates, the quality of the underlying assets or the market's assessment thereof, factors concerning the interests in and structure of the issuer or the originator of the receivables, or the creditworthiness of the entities that provide any credit enhancements.

Over the past 18 months, the ABCP market has undergone a structural overhaul in response to the slowing economy, the stressed liquidity environment, and the repricing of risk by market participants. Through this evolution, various programs have been introduced by the Federal Reserve and the U.S. Treasury to restore stability, liquidity, and confidence in the money markets. Two of the initiatives with the most direct impacts to issuance and liquidity have been the ABCP Money Market Mutual Fund Liquidity Facility (AMLF) and the Commercial Paper Funding Facility (CPFF). The AMLF program, launched in September 2008, provided an immediate boost to secondary market liquidity by providing a backstop bid to money funds and depository institutions looking to sell ABCP. The program allows ABCP owners to sell Tier-I CP into the program at amortized cost, essentially providing qualified market participants with a source of liquidity that ha s minimum risk. Overall ABCP issuance was significantly lower in 2008, and certain conduit structures (i.e. SIVs) disappeared from the landscape altogether, as market strain forced weaker programs/sponsors out of the market. Under current market conditions, certain securities owned by the Fund may be deemed to be illiquid. "Illiquid securities" are generally those that cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued. This may result in illiquid securities being disposed of at a price different from the recorded value since the market price of illiquid securities generally is more volatile than that of more liquid securities. This illiquidity of certain securities may result in the Fund incurring greater losses on the sale of some securities than under more stable market conditions.

The current market instability has made it more difficult to obtain market quotations on certain securities owned by the Fund. In the absence of observable and reliable market quotations, Fund securities are valued at their "fair value" under procedures established by Columbia. Fair values assigned to the investments by Columbia are based upon available information believed to be reliable, which may be affected by conditions in the financial markets. Different market participants may reach different opinions as to the value of any particular security, based on their varying market outlooks, the market information available to them, and the particular circumstances of their Funds. 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 adjusted as appropriate for liquidity, credit,

35

Columbia Cash Reserves, August 31, 2009

market and/or other risk factors. Multiple inputs from various sources may be used to determine fair value. If a security is valued at a fair value, such value is likely to be different from the last quoted market price for the security.

As of August 31, 2009, 1.5% of the Fund's total investments were valued based on fair values assigned by Columbia ("fair valued securities").

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund is subject to mortgage-related risk. The value of mortgage-backed securities can fall if the owners of the underlying mortgages default or pay off their mortgages sooner than expected, which could happen when interest rates fall, or pay off their mortgages later than expected, which could happen when interest rates rise.

The Fund is subject to asset-backed securities risk. Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing these securities. The value of the Fund's asset-backed securities may also be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the underlying securities or the servicing agent for the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements.

United States Department of the Treasury Temporary Guarantee Program for Money Market Funds

On September 28, 2008, the United States Department of the Treasury (the "Treasury") opened a temporary guarantee program (the "Program") for money market mutual funds registered in the United States under the 1940 Act. On March 31, 2009, the Treasury announced the second extension of the Program from April 30, 2009 through September 18, 2009. The Board of Trustees of the Fund approved the Fund's continued participation in the Program.

Similar to the initial phase of the Program, and subject to certain conditions and limitations, share amounts held by investors of the Fund as of the close of business on September 19, 2008 were guaranteed against loss under the Program in the event the market-based net asset value per share was less than $0.995 (i.e., does not round to $1.00, a "guarantee event") and the Fund subsequently liquidated. The Program only covered the amount a shareholder held in the Fund as of the close of business on September 19, 2008, or the amount a shareholder held if and when a guarantee event occurred, whichever was less.

The Program expired on September 18, 2009 and will not be further extended by the Treasury. Accordingly, effective September 18, 2009, the Program no longer provides any guarantee against any loss to shareholders with respect to Fund shares.

The Fund paid $28,689,968 to the Treasury to participate in the Program. This fee is being expensed over the period from September 19, 2008 to September 18, 2009 and is an extraordinary expense for calculating fee waivers and expense reimbursement discussed in Note 5.

Legal Proceedings

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

36

Columbia Cash Reserves, August 31, 2009

undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Note 10. Market and Security Events

On November 21, 2007, Axon Financial Funding LLC ("Axon") experienced an "automatic liquidation event" as a result of a determination by Axon Asset Management, Inc., as investment manager of Axon, that the remaining assets of Axon were insufficient to fully repay certain liabilities of Axon. The Axon securities were covered securities under the Capital Support Agreement discussed in Note 3. At August 31, 2009, these securities represented 0.3% of the Fund's total investments.

On November 2, 2007, the Fund received securities of Issuer Entity LLC in a taxable exchange for securities of Ottimo Funding Ltd. ("Ottimo"). The Ottimo securities were in default. The Issuer Entity LLC security held by the Fund is a covered security under the Capital Support Agreement discussed in Note 3. At August 31, 2009, this security represented less than 0.1% of the Fund's total investments.

On January 11, 2008, Victoria Finance LLC ("Victoria"), a structured investment vehicle, experienced a mandatory redemption event that resulted in the Victoria medium term notes becoming immediately due and payable. The Victoria notes are in default as a result of non-payment. Columbia, on behalf of the Fund, has been participating in an informal committee of senior creditors with respect to the Victoria notes. The Victoria securities were covered securities under the Capital Support Agreement discussed in Note 3. At August 31, 2009, these securities represented 0.7% of the Fund's total investments.

On February 11, 2008, Whistlejacket Capital Ltd. ("Whistlejacket"), a structured investment vehicle, breached a financial covenant related to the market value of its underlying collateral that resulted in an "enforcement event." As a result of the enforcement event, receivers of Whistlejacket were appointed. On February 15, 2008, the investment manager for Whistlejacket determined that Whistlejacket was insolvent. On February 21, 2008, Whistlejacket was in payment default due to its failure to pay medium term notes that matured on February 15, 2008. On April 17, 2009, an affiliate of Columbia purchased the Whistlejacket securities from the Fund. The purchase price of $196,648,885 was equal to the amortized cost (a price in excess of the security's then fair value) plus

37

Columbia Cash Reserves, August 31, 2009

accrued interest receivable. The excess purchase price over the then current fair value amounted to $37,274,358 and is treated as a reimbursement from an affiliate for losses realized on the securities.

On March 4, 2008, the Thornburg Mortgage Capital Resources LLC ("Thornburg") securities held by the Fund became covered securities under the Capital Support Agreement discussed in Note 3. On April 14, 2008, Thornburg was in payment default due to its failure to pay principal and interest on the Thornburg securities. On May 14, 2008, the Fund received Wickersham Issuer Entity LLC securities in exchange for Thornburg securities. The Wickersham Issuer Entity LLC security was a covered security under the Capital Support Agreement discussed in Note 3. At August 31, 2009, this security represented 0.3% of the total investments of the Fund.

On September 16, 2008, the Lehman Brothers Holdings, Inc. security held by the Fund became a covered security under the Capital Support Agreement discussed in Note 3. At August 31, 2009, this security represented 0.2% of the total investments of the Fund.

As of August 31, 2009, the Fund treated the Capital Support Agreement discussed in Note 3 as an asset with a value of $599,700,000 when calculating its market-based net asset value per share. The maximum value of the asset represented by the Capital Support Agreement for the period from September 1, 2008 through August 31, 2009 was also $599,700,000.

Note 11. Business Combinations and Mergers

On March 10, 2008 Columbia Prime Reserves, another series of the Trust, merged into Columbia Cash Reserves. Columbia Cash Reserves received a tax-free transfer of assets from Columbia Prime Reserves as follows:

Shares Issued		Net Assets Received
	2,775,489,465	$	2,775,115,904

Net Assets of Columbia Cash Reserves Prior to Combination		Net Assets of Columbia Prime Reserves Immediately Prior to Combination		Net Assets of Columbia Cash Reserves Immediately After Combination
$	58,275,905,564	$	2,775,115,904	$	61,051,021,468

Note 12. Subsequent Events

On September 8, 2009, an affiliate of Columbia purchased from the Fund certain covered securities holdings of the Fund at the following purchase price:

Covered Security	Purchase Price
Axon Financial Funding LLC	$	205,279,650
Issuer Entity LLC		44,049,128
Lehman Brothers Holdings, Inc. (par value of $220,000,000 purchased)		220,568,043
Victoria Finance LLC		457,015,973
Wickersham Issuer Entity, LLC		142,601,045

The purchase price of the covered securities was equal to the amortized cost (a price in excess of the security's then fair value) plus accrued interest receivable. As a result of this transaction, the additional amount the Support Provider could be required to contribute under the Fund's Capital Support Agreement (See Note 3) was reduced to $66,200,000 effective September 9, 2009.

On September 22, 2009, an affiliate of Columbia purchased an additional $100,000,000 par value of Lehman Brothers Holdings, Inc. from the Fund. The purchase price of $100,258,202 was equal to the amortized cost (a price in excess of the security's then fair value) plus accrued interest receivable. There was no change to the Maximum Contribution Amount under the Fund's Capital Support Agreement discussed in Note 3, as a result of this transaction.

On October 5, 2009, an affiliate of Columbia purchased the remaining $80,000,000 par value of Lehman Brothers Holdings, Inc. from the Fund. The purchase price of $80,206,561 for these securities was equal to the amortized cost (a price in excess of the security's then fair value) plus

38

Columbia Cash Reserves, August 31, 2009

accrued interest receivable. In addition, on October 8, 2009, an affiliate of Columbia made a capital contribution to the Fund of $21,755,102. As a result of these transactions, the Fund's Capital Support Agreement discussed in Note 3 was terminated effective October 8, 2009.

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

39

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and Shareholders of Columbia Cash Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Cash Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company A ccounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October 22, 2009

40

Federal Income Tax Information (Unaudited) – Columbia Cash Reserves

The Fund designates the maximum amount allowable as qualified interest income for nonresident alien shareholders, as provided in the American Jobs Creation Act of 2004.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

41

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Series Trust, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

42

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation and Mickel Investment Group; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. ("Citigroup"), a company that may through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Columbia Funds or other funds or accounts advised/managed by the Advisor.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

43

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.
Stephen T. Welsh (Born 1957)
One Financial Center Boston, MA 02111 Vice President (since 1996)	President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

44

Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

45

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

PRSRT STD
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Permit NO. 20

Columbia Management^®

Columbia Cash Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23531-0809 (10/09) 09/93054

Columbia Management^®

Annual Report

August 31, 2009

Columbia Treasury Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Investment Portfolio	2
Statement of Assets and Liabilities	5
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	25
Federal Income Tax Information	26
Fund Governance	27
Important Information About This Report	33

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500 Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 9 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

Understanding Your Expenses – Columbia Treasury Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,000.50		1,024.20		1.01		1.02		0.20
Trust Class Shares		1,000.00		1,000.00		1,000.10		1,023.79		1.41		1.43		0.28
Liquidity Class Shares		1,000.00		1,000.00		1,000.00		1,023.69		1.51		1.53		0.30
Adviser Class Shares		1,000.00		1,000.00		1,000.00		1,023.64		1.56		1.58		0.31
Investor Class Shares		1,000.00		1,000.00		1,000.00		1,023.64		1.56		1.58		0.31
Daily Class Shares		1,000.00		1,000.00		1,000.00		1,023.64		1.56		1.58		0.31
Class A Shares		1,000.00		1,000.00		1,000.00		1,023.64		1.56		1.58		0.31
Institutional Class Shares		1,000.00		1,000.00		1,000.40		1,024.00		1.21		1.22		0.24

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio –Columbia Treasury Reserves

August 31, 2009

Government & Agency Obligations – 49.5%
	Par ($)		Value ($)
U.S. Government Obligations – 49.5%
U.S. Treasury Bill
0.180% 10/15/09 (a)		950,000,000		949,791,000
0.260% 02/25/10 (a)		490,000,000		489,373,617
0.300% 09/15/09 (a)		500,000,000		499,941,667
0.305% 09/15/09 (a)		450,000,000		449,946,625
0.370% 10/01/09 (a)		275,000,000		274,915,208
0.375% 10/22/09 (a)		710,000,000		709,622,813
0.390% 10/08/09 (a)		775,000,000		774,689,354
U.S. Treasury Note
2.000% 02/28/10		281,000,000		283,392,775
2.125% 01/31/10		100,000,000		100,783,330
3.125% 11/30/09		280,000,000		282,002,404
3.250% 12/31/09		360,000,000		363,406,851
3.375% 09/15/09		475,000,000		475,570,485
3.375% 10/15/09		385,000,000		386,465,400
3.500% 11/15/09		550,000,000		553,682,827
3.500% 12/15/09		100,000,000		100,944,091
3.500% 02/15/10		153,429,000		155,643,392
3.625% 01/15/10		530,000,000		536,681,951
4.625% 11/15/09		130,000,000		131,164,982
4.750% 02/15/10		148,000,000		150,973,771
U.S. Government Obligations Total				7,668,992,543
Total Government & Agency Obligations (cost of $7,668,992,543)				7,668,992,543
Repurchase Agreements – 50.3%
Repurchase agreement with Barclays Capital, dated   08/31/09, due 09/01/09 at 0.210%, collateralized by U.S. Treasury obligations with various maturities to 01/15/28, market value 610,980,204 (repurchase proceeds 599,003,494)		599,000,000		599,000,000
Repurchase agreement with Barclays Capital, dated   08/31/09, due 09/01/09 at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 09/28/12, market value $540,750,001 (repurchase proceeds $525,003,354)		525,000,000		525,000,000

	Par ($)		Value ($)
Repurchase agreement with BNP Paribas, dated   08/31/09, due 09/01/09 at 0.200%, collateralized by U.S. Treasury obligations with various maturities to 01/15/16, market value $331,500,092 (repurchase pr oceeds $325,001,806)		325,000,000		325,000,000
Repurchase agreement with BNP Paribas, dated   08/31/09, due 09/01/09 at 0.210%, collateralized by U.S. Government Agency obligations with various maturities to 08/15/39, market value $153,000,000 (repurchase proceeds $150,000,875)		150,000,000		150,000,000
Repurchase agreement with BNP Paribas, dated   08/31/09, due 09/01/09 at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 12/09/11, market value $439,127,653 (repurchase proceeds $412,002,632)		412,000,000		412,000,000
Repurchase agreement with Citigroup, Inc., dated   08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury obligations with various maturities to 07/31/13, market value $408,000,037 (repurchase proceeds $400,002,111)		400,000,000		400,000,000
Repurchase agreement with Citigroup, Inc., dated   08/31/09, due 09/01/09 at 0.210%, collateralized by U.S. Government Agency obligations with various maturities to 12/26/12, market value $309,000,000 (repurchase proceeds $300,001,750)		300,000,000		300,000,000

See Accompanying Notes to Financial Statements.

2

Columbia Treasury Reserves

August 31, 2009

Repurchase Agreements (continued)
	Par ($)		Value ($)
Repurchase agreement with Credit Suisse First Boston,   dated 08/31/09, due 09/01/09 at 0.190%, collateralized by a U.S. Government Agency obligation maturing 08/31/14, market value $408,003,442 (repurchase proceeds $400,002,111)		400,000,000		400,000,000
Repurchase agreement with Credit Suisse First Boston,   dated 08/31/09, due 09/01/09 at 0.210%, collateralized by a U.S. Government Agency obligation maturing 12/26/12, market value $102,000,920 (repurchase proceeds $100,000,583)		100,000,000		100,000,000
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09 at 0.200%, collateralized by U.S. Government Agency obligations with various maturities to 07/15/39, market value $204,000,000 (repurchase proceeds $200,001,111)		200,000,000		200,000,000
Repurchase agreement with Deutsche Bank, dated   08/31/09, due 09/01/09, at 0.190%, collateralized by a U.S. Treasury obligation maturing 09/17/09, market value $305,035,147 (Repurchase proceeds $299,055,578)		299,054,000		299,054,000
Repurchase agreement with Goldman Sachs & Co.,   dated 08/31/09, due 09/01/09 at 0.220%, collateralized by a U.S. Government Agency obligation maturing 12/26/12, market value $206,001,259 (repurchase proceeds $200,001,222)		200,000,000		200,000,000

	Par ($)		Value ($)
Repurchase agreement with Greenwich Capital, dated   08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury obligations with various maturities to 01/31/14, market value $846,601,071 (repurchase proceeds $830,004,381)		830,000,000		830,000,000
Repurchase agreement with HSBC Bank USA, dated   08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury obligations with various maturities to 11/15/18, market value $408,002,302 (repurchase proceeds $400,002,111)		400,000,000		400,000,000
Repurchase agreement with JPMorgan Chase Bank,   dated 08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury obligations with various maturities to 11/30/13, market value $816,000,497 (repurchase proceeds $800,004,222)		800,000,000		800,000,000
Repurchase agreement with JPMorgan Chase Bank,   dated 08/31/09, due 09/01/09 at 0.200%, collateralized by U.S. Government Agency obligations with various maturities to 09/15/50, market value $204,000,349 (repurchase proceeds $200,001,111)		200,000,000		200,000,000
Repurchase agreement with Morgan Stanley, dated   08/31/09, due 09/01/09 at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 03/15/11, market value $309,156,810 (repurchase proceeds $300,001,917)		300,000,000		300,000,000

See Accompanying Notes to Financial Statements.

3

Columbia Treasury Reserves

August 31, 2009

Repurchase Agreements (continued)
	Par ($)		Value ($)
Repurchase agreement with Societe Generale, dated   08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury Obligations with various maturities to 02/15/36, market value $510,000,085 (repurchase proceeds $500,002,639)		500,000,000		500,000,000
Repurchase agreement with Societe Generale, dated   08/31/09, due on 09/01/09, at 0.200%, collateralized by U.S. Government Agency obligations with various maturities to 06/20/39, market value $204,000,000 (repurchase proceeds $200,001,111)		200,000,000		200,000,000
Repurchase agreement with UBS Securities, Inc.,   dated 08/31/09, due 09/01/09 at 0.190%, collateralized by U.S. Treasury obligations with various maturities to 04/01/10, market value $408,004,225 (repurchase proceeds $400,002,111)		400,000,000		400,000,000
Repurchase agreement with UBS Warburg AG, dated   08/31/09, due 09/01/09 at 0.230%, collateralized by U.S. Treasury obligations with various maturities to 08/15/12, market value $268,267,836 (repurchase proceeds $262,001,674)		262,000,000		262,000,000
Total Repurchase Agreements (cost of $7,802,054,000)				7,802,054,000
Total Investments – 99.8% (cost of $15,471,046,543) (b)				15,471,046,543
Other Assets & Liabilities, Net – 0.2%				25,298,001
Net Assets – 100.0%				15,496,344,544

Notes to Investment Portfolio:

(a)  The rate shown represents the annualized yield at the date of purchase.

(b)  Cost for federal income tax purposes is $15,471,046,543.

Significant observable inputs (level 2 measurements), including quoted prices for similar securities, interest rates, prepayment speeds and others, were used in determining value for all securities in the Fund's Portfolio as of August 31, 2009.

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

See Accompanying Notes to Financial Statements.

4

Statement of Assets and Liabilities – Columbia Treasury ReservesAugust 31, 2009

		($)
Assets	Repurchase agreements, at cost approximating value		7,802,054,000
	Investments, at amortized cost approximating value		7,668,992,543
	Total investments, at cost approximating value		15,471,046,543
	Cash		269
	Receivable for:
	Fund shares sold		37,860
	Interest		28,121,088
	Trustees' deferred compensation plan		89,670
	Prepaid expenses		145,652
	Total Assets		15,499,441,082
Liabilities	Payable for:
	Fund shares repurchased		15,443
	Distributions		22,693
	Investment advisory fee		2,087,728
	Administration fee		548,753
	Pricing and bookkeeping fees		15,267
	Trustees' fees		129,166
	Custody fee		47,943
	Shareholder administration fee		115,650
	Chief compliance officer expenses		2,305
	Trustees' deferred compensation plan		89,670
	Other liabilities		21,920
	Total Liabilities		3,096,538
	Net Assets		15,496,344,544
Net Assets Consist of	Paid-in capital		15,498,146,430
	Overdistributed net investment income		(126,440	)
	Accumulated net realized loss		(1,675,446	)
	Net Assets		15,496,344,544

See Accompanying Notes to Financial Statements.

5

Statement of Assets and Liabilities (continued) – Columbia Treasury ReservesAugust 31, 2009

Capital Class Shares	Net assets	$	5,696,275,014
	Shares outstanding		5,697,803,311
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	857,335,950
	Shares outstanding		857,555,047
	Net asset value per share	$	1.00
Liquidity Class Shares	Net assets	$	413,066,122
	Shares outstanding		413,169,845
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	5,266,200,314
	Shares outstanding		5,267,653,400
	Net asset value per share	$	1.00
Investor Class Shares	Net assets	$	79,398,665
	Shares outstanding		79,420,537
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	1,153,304,909
	Shares outstanding		1,153,600,258
	Net asset value per share	$	1.00
Class A Shares	Net assets	$	200,804,942
	Shares outstanding		200,856,050
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	1,829,958,628
	Shares outstanding		1,830,437,065
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

6

Statement of Operations – Columbia Treasury ReservesFor the Year Ended August 31, 2009

		($)
Investment Income	Interest		115,484,552
Expenses	Investment advisory fee		40,223,182
	Administration fee		24,241,655
	Distribution fee:
	Investor Class Shares		234,501
	Daily Class Shares		5,806,681
	Class A Shares		264,267
	Service fee:
	Liquidity Class Shares		1,783,590
	Adviser Class Shares		21,526,291
	Investor Class Shares		586,253
	Daily Class Shares		4,147,630
	Class A Shares		660,692
	Shareholder administration fee:
	Trust Class Shares		1,292,775
	Institutional Class Shares		1,152,896
	Class A Shares		264,243
	Transfer agent fee		1,180,173
	Pricing and bookkeeping fees		155,382
	Trustees' fees		27,916
	Custody fee		480,410
	Chief compliance officer expenses		11,797
	Other expenses		1,236,025
	Total Expenses		105,276,359
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(15,343,681	)
	Expenses waived by the distributor:
	Liquidity Class Shares		(384,410	)
	Adviser Class Shares		(11,497,287	)
	Daily Class Shares		(7,592,574	)
	Investor Class Shares		(519,079	)
	Trust Class Shares		(359,794	)
	Institutional Class Shares		(268,621	)
	Class A Shares		(804,968	)
	Expenses waived by the shareholder service provider:
	Liquidity Class Shares		(713,436	)
	Expense reductions		(270,156	)
	Net Expenses		67,522,353
	Net Investment Income		47,962,199
	Net Increase Resulting from Operations		47,962,199

See Accompanying Notes to Financial Statements.

7

Statement of Changes in Net Assets – Columbia Treasury Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		47,962,199			706,368,824
	Net increase resulting from operations		47,962,199			706,368,824
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(26,523,741	)		(293,834,552	)
	Trust Class Shares		(1,680,300	)		(23,559,029	)
	Liquidity Class Shares		(1,183,781	)		(22,561,967	)
	Adviser Class Shares		(11,125,063	)		(249,041,716	)
	Investor Class Shares		(260,395	)		(6,378,338	)
	Daily Class Shares		(915,859	)		(22,810,944	)
	Class A Shares		(304,315	)		(12,167,078	)
	Institutional Class Shares		(5,967,903	)		(76,107,021	)
	Total distributions to shareholders		(47,961,357	)		(706,460,645	)
	Net Capital Stock Transactions		(12,991,729,083	)		6,697,593,009
	Total increase (decrease) in net assets		(12,991,728,241	)		6,697,501,188
Net Assets	Beginning of period		28,488,072,785			21,790,571,597
	End of period		15,496,344,544			28,488,072,785
	Overdistributed net investment income at end of period		(126,440	)		(247,200	)

See Accompanying Notes to Financial Statements.

8

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

	Columbia Treasury Reserves
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		55,543,785,108			55,543,785,108			46,506,164,468			46,506,164,468
Distributions reinvested		16,479,823			16,479,823			221,233,824			221,233,824
Redemptions		(61,300,536,458	)		(61,300,536,458	)		(42,622,193,979	)		(42,622,193,979	)
Net increase (decrease)		(5,740,271,527	)		(5,740,271,527	)		4,105,204,313			4,105,204,313
Trust Class Shares
Subscriptions		1,902,255,042			1,902,255,042			1,261,006,799			1,261,006,799
Distributions reinvested		9,385			9,385			95,412			95,412
Redemptions		(2,009,724,830	)		(2,009,724,830	)		(1,002,635,770	)		(1,002,635,770	)
Net increase (decrease)		(107,460,403	)		(107,460,403	)		258,466,441			258,466,441
Liquidity Class Shares
Subscriptions		1,843,408,407			1,843,408,407			4,729,939,661			4,729,939,661
Distributions reinvested		762,717			762,717			17,636,055			17,636,055
Redemptions		(2,427,098,445	)		(2,427,098,444	)		(4,502,358,828	)		(4,502,358,828	)
Net increase (decrease)		(582,927,321	)		(582,927,320	)		245,216,888			245,216,888
Adviser Class Shares
Subscriptions		19,684,782,552			19,684,782,552			37,619,961,443			37,619,961,443
Distributions reinvested		1,264,031			1,264,031			23,986,127			23,986,127
Redemptions		(24,844,510,258	)		(24,844,510,258	)		(36,281,122,784	)		(36,281,122,784	)
Net increase (decrease)		(5,158,463,675	)		(5,158,463,675	)		1,362,824,786			1,362,824,786
Investor Class Shares
Subscriptions		904,786,168			904,786,168			1,602,253,184			1,602,253,184
Distributions reinvested		202,806			202,806			4,490,348			4,490,348
Redemptions		(1,060,565,131	)		(1,060,565,130	)		(1,591,877,417	)		(1,591,877,417	)
Net increase (decrease)		(155,576,157	)		(155,576,156	)		14,866,115			14,866,115
Daily Class Shares
Subscriptions		3,100,924,600			3,100,924,599			1,780,163,246			1,780,163,246
Distributions reinvested		915,722			915,722			22,806,261			22,806,261
Redemptions		(3,107,706,571	)		(3,107,706,571	)		(1,526,029,801	)		(1,526,029,801	)
Net increase (decrease)		(5,866,249	)		(5,866,250	)		276,939,706			276,939,706
Class A Shares
Subscriptions		387,286,858			387,286,858			2,130,113,062			2,130,113,062
Distributions reinvested		13,041			13,041			370,578			370,578
Redemptions		(563,706,159	)		(563,706,158	)		(2,401,825,242	)		(2,401,825,242	)
Net decrease		(176,406,260	)		(176,406,259	)		(271,341,602	)		(271,341,602	)
Institutional Class Shares
Subscriptions		7,410,701,114			7,410,701,114			16,051,106,440			16,051,106,440
Distributions reinvested		5,178,378			5,178,378			55,434,661			55,434,661
Redemptions		(8,480,636,985	)		(8,480,636,985	)		(15,401,124,739	)		(15,401,124,739	)
Net increase (decrease)		(1,064,757,493	)		(1,064,757,493	)		705,416,362			705,416,362

See Accompanying Notes to Financial Statements.

9

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0022			0.0282			0.0503			0.0202			0.0345			0.0144
Less Distributions to Shareholders:
From net investment income		(0.0022	)		(0.0282	)		(0.0503	)		(0.0202	)		(0.0345	)		(0.0144	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.22	%		2.85	%		5.14	%		2.04	%(d)		3.50	%		1.45	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.19	%		0.20	%		0.20	%		0.20	%(f)		0.20	%		0.20	%
Waiver/Reimbursement		0.06	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.24	%		2.80	%		4.98	%		4.83	%(f)		3.51	%		1.41	%
Net assets, end of period (000s)	$	5,696,275		$	11,436,408		$	7,331,951		$	2,254,712		$	2,283,858		$	1,570,292

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

10

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0015			0.0272			0.0493			0.0198			0.0335			0.0134
Less Distributions to Shareholders:
From net investment income		(0.0015	)		(0.0272	)		(0.0493	)		(0.0198	)		(0.0335	)		(0.0134	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.15	%		2.75	%		5.04	%		2.00	%(d)		3.40	%		1.35	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.27	%		0.30	%		0.30	%		0.30	%(f)		0.30	%		0.30	%
Waiver/Reimbursement		0.08	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.13	%		2.62	%		4.92	%		4.74	%(f)		3.35	%		1.31	%
Net assets, end of period (000s)	$	857,336		$	964,875		$	706,054		$	753,036		$	658,693		$	656,083

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

11

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Liquidity Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0012			0.0267			0.0488			0.0196			0.0330			0.0129
Less Distributions to Shareholders:
From net investment income		(0.0012	)		(0.0267	)		(0.0488	)		(0.0196	)		(0.0330	)		(0.0129	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.12	%		2.70	%(d)		4.99	%		1.98	%(e)		3.35	%		1.30	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.29	%		0.35	%		0.35	%		0.35	%(g)		0.35	%		0.35	%
Waiver/Reimbursement		0.21	%		0.15	%		0.16	%		0.16	%(g)		0.16	%		0.17	%
Net investment income (f)		0.17	%		2.53	%(d)		4.86	%		4.68	%(g)		3.31	%		1.32	%
Net assets, end of period (000s)	$	413,066		$	995,952		$	750,842		$	463,198		$	428,929		$	413,480

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

12

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income (loss)		0.0011			0.0257			0.0478			0.0192			0.0320			0.0119
Less Distributions to Shareholders:
From net investment income		(0.0011	)		(0.0257	)		(0.0478	)		(0.0192	)		(0.0320	)		(0.0119	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.11	%		2.60	%		4.88	%		1.93	%(d)		3.24	%		1.20	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.31	%		0.45	%		0.45	%		0.45	%(f)		0.45	%		0.45	%
Waiver/Reimbursement		0.19	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.13	%		2.50	%		4.77	%		4.58	%(f)		3.30	%		1.20	%
Net assets, end of period (000s)	$	5,266,200		$	10,424,598		$	9,062,032		$	7,525,633		$	7,418,032		$	4,608,621

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

13

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Investor Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income (loss)		0.0010			0.0247			0.0468			0.0188			0.0310			0.0109
Less Distributions to Shareholders:
From net investment income		(0.0010	)		(0.0247	)		(0.0468	)		(0.0188	)		(0.0310	)		(0.0109	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.10	%		2.50	%		4.78	%		1.89	%(d)		3.14	%		1.10	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.32	%		0.55	%		0.55	%		0.55	%(f)		0.55	%		0.55	%
Waiver/Reimbursement		0.28	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.11	%		2.42	%		4.68	%		4.49	%(f)		3.05	%		1.02	%
Net assets, end of period (000s)	$	79,399		$	234,962		$	219,797		$	180,073		$	230,999		$	368,396

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

14

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Daily Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income (loss)		0.0007			0.0222			0.0443			0.0177			0.0285			0.0085
Less Distributions to Shareholders:
From net investment income		(0.0007	)		(0.0222	)		(0.0443	)		(0.0177	)		(0.0285	)		(0.0085	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.07	%		2.25	%		4.52	%		1.79	%(d)		2.88	%		0.85	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.34	%		0.79	%		0.80	%		0.80	%(f)		0.80	%		0.80	%
Waiver/Reimbursement		0.51	%		0.06	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.06	%		2.11	%		4.42	%		4.24	%(f)		3.06	%		0.83	%
Net assets, end of period (000s)	$	1,153,305		$	1,159,298		$	882,296		$	648,576		$	710,078		$	256,064

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

15

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class A Shares	2009			2008			2007 (a)			2006 (b)			2006 (c)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income (loss)		0.0009			0.0237			0.0458			0.0184			0.0300			0.0099
Less Distributions to Shareholders:
From net investment income		(0.0009	)		(0.0237	)		(0.0458	)		(0.0184	)		(0.0300	)		(0.0099	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		0.09	%		2.40	%		4.67	%		1.85	%(f)		3.04	%		1.00	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.34	%		0.65	%		0.65	%		0.65	%(h)		0.65	%		0.65	%
Waiver/Reimbursement		0.36	%		0.05	%		0.06	%		0.06	%(h)		0.06	%		0.07	%
Net investment income (g)		0.12	%		2.53	%		4.57	%		4.39	%(h)		3.05	%		0.95	%
Net assets, end of period (000s)	$	200,805		$	377,207		$	647,929		$	593,733		$	707,503		$	632,569

(a)  On May 30, 2007, Market Class shares were exchanged for Class A shares.

(b)  The Fund changed its fiscal year end from March 31 to August 31.

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

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

16

Financial Highlights – Columbia Treasury Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0019			0.0278			0.0499			0.0201			0.0341			0.0140
Less Distributions to Shareholders:
From net investment income		(0.0019	)		(0.0278	)		(0.0499	)		(0.0201	)		(0.0341	)		(0.0140	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.19	%		2.81	%		5.10	%		2.02	%(d)		3.46	%		1.41	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.22	%		0.24	%		0.24	%		0.24	%(f)		0.24	%		0.24	%
Waiver/Reimbursement		0.07	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.07	%
Net investment income (e)		0.21	%		2.68	%		4.96	%		4.81	%(f)		3.51	%		1.42	%
Net assets, end of period (000s)	$	1,829,959		$	2,894,773		$	2,189,669		$	1,313,381		$	1,036,381		$	439,022

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

17

Notes to Financial Statements – Columbia Treasury Reserves
August 31, 2009

Note 1. Organization

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

Investment Objective

The Fund seeks current income, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers eight classes of shares: Capital Class, Trust Class, Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A, and Institutional Class shares. Each class of shares is offered continuously at net asset value. The Fund is closed to purchases by new investors and new accounts. For the period January 6, 2009 through April 15, 2009, the Fund was also closed to additional purchases by existing investors.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October 22, 2009, the date the financial statements were issued, and except as disclosed in Note 9, noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Fund's Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates fr om $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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

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

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

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

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific

18

Columbia Treasury Reserves, August 31, 2009

identification method for both financial statement and federal income tax purposes.

Repurchase Agreements

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

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

19

Columbia Treasury Reserves, August 31, 2009

For the year ended August 31, 2009, permanent book and tax basis differences resulting primarily from differing treatments for net operating losses were identified and reclassified among the components of the Fund's net assets as follows:

Overdistributed Net Investment Income		Accumulated Net Realized Loss		Paid-In Capital
$	119,918	$	16,507	$	(136,425	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
Distributions paid from:	2009		2008
Ordinary Income*	$	47,961,357	$	706,460,645

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
$	—	$	—

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

Year of Expiration		Capital Loss Carryforwards
	2010	$	20,714
	2011		7,012
	2012		422,339
	2013		711,196
	2014		514,185
	Total	$	1,675,446

Capital loss carryforwards of $16,507 expired during the year ended August 31, 2009.

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

20

Columbia Treasury Reserves, August 31, 2009

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rate
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

Pricing and Bookkeeping Fees

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

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Liquidity Class, Investor Class, Daily Class and Class A shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Liquidity Class, Adviser Class,

21

Columbia Treasury Reserves, August 31, 2009

Investor Class, Daily Class and Class A shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.10	%		0.10	%
Daily Class shares		0.35	%		0.35	%
Class A shares		0.10	%		0.10	%
Servicing Plans:
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Class A shares		0.25	%		0.25	%
Adviser Class shares		0.25	%		0.25	%

*  The Distributor has contractually agreed to waive Distribution Plan fees and/or Servicing Plan fees through December 31, 2010 as a percentage of the Fund's Liquidity Class shares average daily net assets at an annual rate of 0.10%, so that combined fees will not exceed 0.15%. There is no guarantee that this waiver will continue after December 31, 2010.

**  To the extent that the Liquidity Class shares of the Fund make payments pursuant to the Distribution Plan and/or the Servicing Plan, the total of such payments may not exceed, on an annual basis, 0.25% of the average daily net assets of the Fund's Liquidity Class shares.

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust has adopted shareholder administration plans ("Administration Plans") for the Class A, Trust Class and Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Class A shares		0.10	%		0.10	%
Trust Class shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses through December 31, 2010, so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Columbia and/or the Distributor have voluntarily agreed to waive fees and/or reimburse the Fund for expenses to the extent necessary to maintain a minimum annualized net yield. For the period from September 1, 2008 to September 16, 2008, the minimum annualized net yield for all classes of the Fund was maintained at 0.10%; for the period from September 17, 2008 to September 29, 2008, the minimum annualized net yield for all classes of the Fund was maintained at 0.05% and for the period from September 30, 2008, to December 14, 2008, the minimum annualized net yield for all classes of the Fund was maintained at 0.01%. Effective December 15, 2008 to August 31, 2009, the minimum annualized net yield for all classes of the Fund is being maintained at 0.00%.

In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

22

Columbia Treasury Reserves, August 31, 2009

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

Under the Distribution Plans for the Liquidity Class shares, the Trust is currently not reimbursing the Distributor for distribution expenses for Liquidity Class shares. Unreimbursed expenses incurred by the Distributor in a given year may not be recovered by the Distributor in subsequent years.

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31,						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	13,656,317	$	14,300,715	$	9,040,320	$	36,997,352	$	—

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statements of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statements of Assets and Liabilities.

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in "Trustees' fees" on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Note 5. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $270,156 for the Fund.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a $200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

23

Columbia Treasury Reserves, August 31, 2009

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 7. Shares of Beneficial Interest

As of August 31, 2009, 79.1% of the Fund's shares outstanding were beneficially owned by four participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion.

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

Note 8. Significant Risks and Contingencies

Legal Proceedings

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

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Note 9. Subsequent Event

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

24

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Treasury Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Treasury Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Co mpany Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October 22, 2009

25

Federal Income Tax Information (Unaudited) – Columbia Treasury Reserves

The Fund designates the maximum amount allowable as qualified interest income for nonresident alien shareholders, as provided in the American Jobs Creation Act of 2004.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

26

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Series Trust, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)`	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

27

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation and Mickel Investment Group; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. ("Citigroup"), a company that may through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Columbia Funds or other funds or accounts advised/managed by the Advisor.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

28

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.
Stephen T. Welsh (Born 1957)
One Financial Center Boston, MA 02111 Vice President (since 1996)	President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

29

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Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

33

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Columbia Treasury Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23434-0809 (10/09) 09/93057

Columbia Management^®

Annual Report

August 31, 2009

Columbia New York Tax-Exempt Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Financial Statements
Investment Portfolio	2
Statement of Assets and Liabilities	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	29
Federal Income Tax Information	30
Fund Governance	31
Important Information About This Report	37

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500® Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 10 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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

Understanding Your Expenses – Columbia New York Tax-Exempt Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,002.22		1,024.00		1.21		1.22		0.24
Trust Class Shares		1,000.00		1,000.00		1,001.71		1,023.49		1.72		1.73		0.34
Adviser Class Shares		1,000.00		1,000.00		1,001.11		1,022.89		2.32		2.35		0.46
Class A Shares		1,000.00		1,000.00		1,000.50		1,022.23		2.97		3.01		0.59
Daily Class Shares		1,000.00		1,000.00		1,000.20		1,021.88		3.33		3.36		0.66
Institutional Class Shares		1,000.00		1,000.00		1,002.02		1,023.79		1.41		1.43		0.28
Retail A Shares		1,000.00		1,000.00		1,001.71		1,023.49		1.72		1.73		0.34
G-Trust Shares		1,000.00		1,000.00		1,002.22		1,024.00		1.21		1.22		0.24

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio –Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds – 99.6%
	Par ($)		Value ($)
New York – 98.9%
NY Addison Central School District
Series 2009,
3.750% 01/21/10		3,050,000		3,073,305
NY Bank of New York Municipal Certificates Trust
Series 2007,
LOC: Bank of New York 0.500% 02/15/36 (11/15/09) (a)(b)		17,150,000		17,150,000
NY Broome County Industrial Development Agency
James Johnston Memorial Nursing Home,
Series 2003, LOC: Sovereign Bank FSB LOC: Bank of New York 0.280% 02/01/29 (09/07/09) (a)(b)		1,845,000		1,845,000
NY Chenango County Industrial Development Agency
Grace View Manor Nursing Home,
Series 2003, LOC: Sovereign Bank FSB LOC: Bank of New York 0.280% 02/01/29 (09/07/09) (a)(b)		3,455,000		3,455,000
NY Clifton Park Industrial Development Agency
Community School of Naples, Inc.,
Series 2006, LIQ FAC: FHLMC 0.200% 05/01/31 (09/07/09) (a)(b)		4,210,000		4,210,000
NY Dormitory Authority
Catholic Health System,
Series 2008, LOC: HSBC Bank USA N.A. 0.200% 07/01/34 (09/07/09) (a)(b)		2,470,000		2,470,000
Le Moyne College,
Series 2009, LOC: TD Banknorth N.A. 0.240% 01/01/39 (09/07/09) (a)(b)		5,000,000		5,000,000
New York Law School,
Series 2009 B, LOC: TD Bank N.A. 0.150% 07/01/38 (09/07/09) (a)(b)		4,500,000		4,500,000

	Par ($)		Value ($)
New York Public Library:
Series 1999 A, LOC: TD Bank N.A. 0.170% 07/01/28 (09/07/09) (a)(b)		6,185,000		6,185,000
Series 1999 B,
LOC: TD Bank N.A. 0.170% 07/01/28 (09/07/09) (a)(b)		10,575,000		10,575,000
Pratt Institute,
Series 2009 B, LOC: TD Bank N.A. 0.250% 07/01/34 (09/07/09) (a)(b)		9,760,000		9,760,000
Samaritan Medical Center,
Series 2009 B, LOC: HSBC Bank USA N.A. 0.300% 11/01/36 (09/07/09) (a)(b)		10,300,000		10,300,000
Series 2003 D,
LOC: Royal Bank of Canada 0.210% 02/15/31 (09/07/09) (a)(b)		3,000,000		3,000,000
Series 2007 A,
LIQ FAC: Citibank N.A. 0.290% 03/15/37 (09/07/09) (a)(b)(c)		12,600,000		12,600,000
Series 2009:
LIC FAC: Citibank N.A. 0.290% 03/15/35 (09/07/09) (a)(b)(c)		11,330,000		11,330,000
LIQ FAC: Morgan Stanley Municipal Funding
0.340% 08/15/24 (09/07/09) (a)(b)(c)		7,920,000		7,920,000
Sisters of Charity Hospital,
Series 2006 C, LOC: HSBC Bank USA N.A. 0.200% 07/01/22 (09/07/09) (a)(b)		5,900,000		5,900,000
Wagner College,
Series 2009, LOC: TD Bank N.A. 0.230% 07/01/38 (09/07/09) (a)(b)		4,000,000		4,000,000
NY Dutchess County Industrial Development Agency
Marist College:
Series 1999 A, LOC: JPMorgan Chase Bank 0.250% 07/01/28 (09/07/09) (a)(b)		3,410,000		3,410,000

See Accompanying Notes to Financial Statements.

2

Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2005 A,
LOC: Bank of New York 0.250% 07/01/35 (09/07/09) (a)(b)		8,255,000		8,255,000
Trinity-Pawling School Corp.,
Series 2002, LOC: PNC Bank N.A. 0.290% 10/01/32 (09/07/09) (a)(b)		2,955,000		2,955,000
NY Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.250% 11/15/13 (09/07/09) (a)(b)		2,500,000		2,500,000
NY Environmental Facilities Corp.
Series 2008,
LIQ FAC: JPMorgan Chase Bank 0.300% 12/15/15 (09/07/09) (a)(b)		3,625,000		3,625,000
NY Housing Finance Agency
Series 2009 A:
1.750% 03/15/10		1,265,000		1,273,658
LOC: Wachovia Bank N.A.: 0.190% 05/01/42 (09/07/09) (a)(b)		36,710,000		36,710,000
0.230% 05/01/42 (09/07/09) (a)(b)		4,200,000		4,200,000
NY Liverpool Central School District
Series 2009,
2.250% 07/09/10		4,970,000		5,016,027
NY Livingston County Industrial Development Agency
Nicholas H. Noyes Memorial Hospital,
Series 2007 A, LOC: HSBC Bank USA N.A. 0.200% 07/01/19 (09/07/09) (a)(b)		2,267,000		2,267,000
NY Local Government Assistance Corp.
Series 1995 D,
LOC: Societe Generale 0.180% 04/01/25 (09/07/09) (a)(b)		11,340,000		11,340,000
Series 1995 F,
LOC: Societe Generale 0.150% 04/01/25 (09/07/09) (a)(b)		11,600,000		11,600,000
Series 1995 G,
LOC: Bank of Nova Scotia 0.170% 04/01/25 (09/07/09) (a)(b)		1,135,000		1,135,000

	Par ($)		Value ($)
Series 2006,
GTY AGMT: Dexia Credit Local 1.320% 04/01/21 (09/07/09) (a)(b)		5,225,000		5,225,000
Series 2008 B,
SPA: Dexia Credit Local 0.500% 04/01/21 (09/07/09) (a)(b)		28,290,000		28,290,000
NY Marlboro Central School District
Series 2008,
3.250% 12/17/09		8,600,000		8,618,429
NY Metropolitan Transportation Authority
Series 2005 G2,
LOC: BNP Paribas 0.160% 11/01/26 (09/01/09) (a)(b)		7,100,000		7,100,000
Series 2006 A,
LIQ FAC: Citibank N.A. 0.440% 11/15/35 (09/07/09) (a)(b)		10,000,000		10,000,000
Series 2008 A,
4.000% 11/15/09		1,250,000		1,257,496
Series 2008 B-1,
LOC: Scotiabank 0.200% 11/01/34 (09/07/09) (a)(b)		7,400,000		7,400,000
Series 2008 B-2,
LOC: BNP Paribas 0.200% 11/01/34 (09/07/09) (a)(b)		8,125,000		8,125,000
Series 2008 B-3,
LOC: Lloyds TSB Bank PLC 0.200% 11/01/34 (09/07/09) (a)(b)		7,800,000		7,800,000
Series 2008 G1,
LOC: Bank of Nova Scotia 0.170% 11/01/26 (09/07/09) (a)(b)		38,100,000		38,100,000
Series 2009,
SPA: Citibank N.A. 0.290% 05/01/15 (09/07/09) (a)(b)(c)		11,385,000		11,385,000
NY Monroe County Industrial Development Agency
Association for the Blind,
Series 2008 B, LOC: JPMorgan Chase Bank 0.500% 02/01/38 (09/07/09) (a)(b)		1,900,000		1,900,000

See Accompanying Notes to Financial Statements.

3

Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Cherry Ridge Independent Living,
Series 2005, LOC: HSBC Bank USA N.A. 0.160% 01/01/35 (09/07/09) (a)(b)		2,190,000		2,190,000
Monroe Community College Association, Inc.,
Series 2002 A, LOC: JPMorgan Chase Bank 0.210% 01/15/32 (09/07/09) (a)(b)		2,550,000		2,550,000
Nazareth College of Rochester,
Series 2008, LOC: JPMorgan Chase Bank 0.300% 04/01/38 (09/07/09) (a)(b)		4,300,000		4,300,000
St. Ann's Nursing Home Co.,
Series 2000, LOC: HSBC Bank USA N.A. 0.200% 07/01/30 (09/07/09) (a)(b)		4,755,000		4,755,000
St. Ann's Nursing Home for the Aged,
Series 2000, LOC: HSBC Bank USA N.A. 0.200% 07/01/30 (09/07/09) (a)(b)		9,625,000		9,625,000
NY Morrisville-Eaton Central School District
Series 2009,
2.250% 07/08/10		3,576,258		3,606,201
NY Mortgage Agency
Series 2008,
SPA: Dexia Credit Local 0.300% 04/01/47 (09/07/09) (a)(b)		6,565,000		6,565,000
NY New York City Cultural Trust
Lincoln Center for Performing Arts,
Series 2008 B-1, LOC: U.S. Bank N.A. 0.190% 11/01/38 (09/07/09) (a)(b)		3,750,000		3,750,000
Manhattan School of Music,
Series 2009 A, LOC: Wells Fargo Bank N.A. 0.210% 10/01/29 (09/07/09) (a)(b)		6,000,000		6,000,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 07/01/11 (09/07/09) (a)(b)		1,600,000		1,600,000

	Par ($)		Value ($)
NY New York City Housing Development Corp.
201 Pearl LLC,
Series 2006 A, Guarantor: FNMA 0.150% 10/15/41 (09/07/09) (a)(b)		20,000,000		20,000,000
East 124th Street LLC,
Series 2008, Guarantor: FHLMC 0.170% 11/01/46 (09/07/09) (a)(b)		5,000,000		5,000,000
James West Ninety LLC,
Series 2002 A, Guarantor: FNMA 0.180% 06/15/32 (09/07/09) (a)(b)		3,637,500		3,637,500
Multi-Family Housing,
96th Street Associates LP, Series 1997 A, Guarantor: FNMA 0.180% 11/15/19 (09/07/09) (a)(b)		48,080,000		48,080,000
Series 2008 M,
1.200% 11/01/13 (12/22/09) (b)(d)		12,400,000		12,400,000
NY New York City Industrial Development Agency
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 07/01/10 (09/07/09) (a)(b)		6,940,000		6,940,000
NY New York City Municipal Water Finance Authority
Series 2001 F2,
SPA: JPMorgan Chase Bank 0.230% 06/15/33 (09/07/09) (a)(b)		2,000,000		2,000,000
Series 2005 AA-3,
SPA: Dexia Credit Local 0.520% 06/15/32 (09/07/09) (a)(b)		26,850,000		26,850,000
Series 2008 B-2,
SPA: Lloyds TSB Bank PLC 0.120% 06/15/24 (09/01/09) (a)(b)		11,515,000		11,515,000
Series 2008 B-4,
SPA: BNP Paribas 0.190% 06/15/23 (09/07/09) (a)(b)		5,200,000		5,200,000
Series 2008 C,
4.000% 06/15/10		4,040,000		4,150,776

See Accompanying Notes to Financial Statements.

4

Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008:
LIQ FAC: Citibank N.A. 0.290% 06/15/12 (09/07/09) (a)(b)		3,700,000		3,700,000
LIQ FAC: Citigroup Financial Products 0.290% 12/15/33 (09/07/09) (a)(b)(c)		3,900,000		3,900,000
LIQ FAC: JPMorgan Chase Bank 0.300% 06/15/10 (09/07/09) (a)(b)		100,000		100,000
NY New York City Transitional Finance Authority
Series 2002 2A,
LIQ FAC: Dexia Credit Local 0.120% 11/01/22 (09/01/09) (a)(b)		16,385,000		16,385,000
Series 2002 3-F,
SPA: Royal Bank of Canada 0.120% 11/01/22 (09/01/09) (a)(b)		3,600,000		3,600,000
Series 2002 3-H,
SPA: Royal Bank of Canada 0.110% 11/01/22 (09/01/09) (a)(b)		13,000,000		13,000,000
Series 2009,
SPA: Citibank N.A. 0.290% 05/01/12 (09/03/09) (a)(b)(c)		11,050,000		11,050,000
NY New York City
Series 1993 E4,
LOC: Fortis Bank SA/NV: 0.120% 08/01/21 (09/01/09) (a)(b)		13,950,000		13,950,000
0.120% 08/01/22 (09/01/09) (a)(b)		4,355,000		4,355,000
Series 1995 F-3,
LOC: Morgan Guaranty Trust 0.220% 02/15/13 (09/07/09) (a)(b)		1,900,000		1,900,000
Series 2002 C5,
LOC: Bank of New York 0.170% 08/01/20 (09/07/09) (a)(b)		14,835,000		14,835,000
Series 2006 I-4,
LOC: Bank of New York 0.210% 04/01/36 (09/07/09) (a)(b)		10,900,000		10,900,000
Series 2008 K08,
SPA: Wachovia Bank N.A. 0.270% 08/01/20 (09/07/09) (a)(b)		6,635,000		6,635,000

	Par ($)		Value ($)
Series 2008 L-6,
SPA: Wachovia Bank N.A. 0.150% 04/01/32 (09/01/09) (a)(b)		6,600,000		6,600,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 06/01/20 (09/07/09) (a)(b)(c)		7,080,000		7,080,000
NY Norwood-Norfolk Central School District
Series 2009,
2.250% 06/25/10		5,271,645		5,311,739
NY Oceanside Union Free School District
Series 2009,
2.000% 06/23/10		4,000,000		4,049,215
NY Onondaga County Industrial Development Agency
Syracuse University,
Series 2008 B, LOC: JPMorgan Chase Bank 0.200% 07/01/37 (09/07/09) (a)(b)		9,320,000		9,320,000
NY Power Authority
Series 1985,
LIQ FAC: Bank of Nova Scotia: 0.600% 03/01/16 (09/02/09) (a)(b)		2,500,000		2,500,000
0.600% 03/01/20 (09/01/09) (a)(b)		34,250,000		34,250,000
NY Reset Optional Certificates Trust II-R
Series 2006,
LIQ FAC: Citibank N.A. 0.290% 10/01/14 (09/07/09) (a)(b)		3,240,000		3,240,000
NY Riverhead Industrial Development Authority
Peconic Bay Medical Center,
Series 2006 A, LOC: HSBC Bank USA N.A. 0.200% 07/01/31 (09/07/09) (a)(b)		7,630,000		7,630,000
NY South Country Central School District of Brookhaven
Series 2009,
2.500% 08/26/10		12,000,000		12,157,449
NY South Huntington Union Free School District
Series 2009,
3.000% 09/15/09		905,000		905,693

See Accompanying Notes to Financial Statements.

5

Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
NY Syracuse Industrial Development Agency
Syracuse University:
Series 2005 A, LOC: JPMorgan Chase Bank 0.200% 12/01/35 (09/07/09) (a)(b)		11,000,000		11,000,000
Series 2005 B, LOC: JPMorgan Chase Bank 0.200% 12/01/35 (09/07/09) (a)(b)		11,400,000		11,400,000
NY Thruway Authority Revenue
Series 2003,
5.000% 03/15/10		6,055,000		6,187,467
NY Tobacco Settlement Financing Corp.
Series 2006,
GTY AGMT: Merrill Lynch & Co., SPA: Merrill Lynch International Bank 0.490% 06/01/20 (09/07/09) (a)(b)(e)		32,000,000		32,000,000
NY Tompkins County Industrial Development Agency
Cornell University,
Series 2008 A2, SPA: JPMorgan Chase Bank 0.090% 07/01/37 (09/01/09) (a)(b)		5,005,000		5,005,000
NY Triborough Bridge & Tunnel Authority
Series 2005 A,
SPA: Dexia Credit Local 0.550% 11/01/35 (09/07/09) (a)(b)		12,165,000		12,165,000
Series 2008 A,
LOC: Societe Generale 0.320% 01/01/32 (09/07/09) (a)(b)		3,830,000		3,830,000
Series 2009 A1,
2.000% 11/15/38 (09/07/09) (b)(d)		5,000,000		5,025,955
NY Troy Industrial Development Authority
Rensselaer Polytechnic Institute,
Series 2002 D, LOC: Northern Trust Co. 0.220% 09/01/42 (09/07/09) (a)(b)		13,250,000		13,250,000

	Par ($)		Value ($)
NY Urban Development Corp.
Series 2004 A3A,
SPA: Dexia Credit Local 0.300% 03/15/33 (09/07/09) (a)(b)		25,405,000		25,405,000
Series 2004 A3C,
SPA: Dexia Credit Local 0.300% 03/15/33 (09/07/09) (a)(b)		11,450,000		11,450,000
Series 2007,
LIQ FAC: Citigroup Financial Products 0.290% 01/01/14 (09/07/09) (a)(b)		18,460,000		18,460,000
Series 2008 A5,
LOC: TD Banknorth N.A. 0.150% 01/01/30 (09/07/09) (a)(b)		22,900,000		22,900,000
Series 2009,
LIQ FAC: Citibank N.A.: 0.290% 12/15/24 (09/07/09) (a)(b)(c)		2,540,000		2,540,000
0.290% 03/01/28 (09/07/09) (a)(b)(c)		2,500,000		2,500,000
NY Westchester County Industrial Development
Westchester Jewish Community,
Series 1998, LOC: Chase Manhattan Bank 0.520% 10/01/28 (09/07/09) (a)(b)		855,000		855,000
NY Yonkers Industrial Development Agency
Consumers Union of the U.S., Inc.,
Series 2005, LOC: JPMorgan Chase Bank 0.190% 06/01/36 (09/07/09) (a)(b)		23,350,000		23,350,000
New York Total				948,152,910
Puerto Rico – 0.7%
PR Commonwealth of Puerto Rico Highway & Transportation Authority
Series 2008,
LOC: Dexia Credit Local 1.000% 01/01/28 (09/07/09) (a)(b)		1,690,000		1,690,000

See Accompanying Notes to Financial Statements.

6

Columbia New York Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
PR Commonwealth of Puerto Rico
Series 2007 A8,
LOC: Wachovia Bank N.A. 0.180% 07/01/34 (09/07/09) (a)(b)		4,520,000		4,520,000
Puerto Rico Total				6,210,000
Total Municipal Bonds (cost of $954,362,910)				954,362,910
Total Investments – 99.6% (cost of $954,362,910)(f)				954,362,910
Other Assets & Liabilities, Net – 0.4%				3,915,185
Net Assets – 100.0%				958,278,095

Notes to Investment Portfolio:

(a) Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are secured by a letter of credit or other credit support agreements from banks. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2009, these securities, which are not illiquid, amounted to $70,305,000, which represents 7.3% of net assets.

(d) Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

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

(f)  Cost for federal income tax purposes is $954,362,910.

Significant observable inputs (level 2 measurements), including quoted prices for similar securities, interest rates, prepayment speeds and others, were used in determining value for all securities in the Fund's portfolio as of August 31, 2009.

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

Acronym	Name
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GTY AGMT	Guaranty Agreement
LIQ FAC	Liquidity Facility
LOC	Letter of Credit
SPA	Stand-by Purchase Agreement

See Accompanying Notes to Financial Statements.

7

Statement of Assets and Liabilities – Columbia New York Tax-Exempt ReservesAugust 31, 2009

		($)
Assets	Investments, at amortized cost approximating value		954,362,910
	Cash		3,284
	Receivable for:
	Investments sold		2,955,000
	Fund shares sold		113,000
	Interest		1,157,942
	Expense reimbursement due from investment advisor		40,712
	Trustees' deferred compensation plan		644
	Prepaid expenses		40,450
	Total Assets		958,673,942
Liabilities	Payable for:
	Distributions		29,363
	Investment advisory fee		125,947
	Pricing and bookkeeping fees		28,667
	Administration fee		21,918
	Transfer agent fee		2,912
	Trustees' fees		33,191
	Audit fee		51,821
	Custody fee		3,682
	Distribution and service fees		786
	Shareholder administration fees		63,580
	Chief compliance officer expenses		184
	Trustees' deferred compensation plan		644
	Other liabilities		33,152
	Total Liabilities		395,847
	Net Assets		958,278,095
Net Assets Consist of	Paid-in capital		958,089,702
	Undistributed net investment income		163,612
	Accumulated net realized gain		24,781
	Net Assets		958,278,095

See Accompanying Notes to Financial Statements.

8

Statement of Assets and Liabilities(continued) – Columbia New York Tax-Exempt ReservesAugust 31, 2009

Capital Class Shares	Net assets	$	133,679,803
	Shares outstanding		133,647,298
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	645,196,502
	Shares outstanding		645,039,825
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	4,819,409
	Shares outstanding		4,818,237
	Net asset value per share	$	1.00
Class A Shares	Net assets	$	34,694,369
	Shares outstanding		34,686,052
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	10,495
	Shares outstanding		10,493
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	119,387,984
	Shares outstanding		119,359,076
	Net asset value per share	$	1.00
Retail A Shares	Net assets	$	55,701
	Shares outstanding		55,688
	Net asset value per share	$	1.00
G-Trust Shares	Net assets	$	20,433,832
	Shares outstanding		20,428,859
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

9

Statement of Operations – Columbia New York Tax-Exempt ReservesFor the Year Ended August 31, 2009

		($)
Investment Income	Interest		15,725,809
Expenses	Investment advisory fee		1,812,227
	Administration fee		962,417
	Distribution fee:
	Class A Shares		47,593
	Daily Class Shares		217
	Service fee:
	Adviser Class Shares		31,198
	Class A Shares		118,982
	Daily Class Shares		155
	Retail A Shares		59
	Shareholder administration fee:
	Trust Class Shares		773,094
	Class A Shares		47,594
	Institutional Class Shares		53,792
	Pricing and bookkeeping fees		206,687
	Transfer agent fee		15,401
	Trustees' fees		20,206
	Custody fee		19,427
	Chief compliance officer expenses		1,090
	Treasury temporary guarantee program fee		477,883
	Other expenses		212,707
	Total Expenses		4,800,729
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(826,799	)
	Fees waived by distributor:
	Trust Class Shares		(563	)
	Adviser Class Shares		(1,033	)
	Class A Shares		(19,696	)
	Daily Class Shares		(96	)
	Retail A Shares		(—	)*
	Expense reductions		(6,524	)
	Net Expenses		3,946,018
	Net Investment Income		11,779,791
	Net realized gain on investments		24,781
	Net Increase Resulting from Operations		11,804,572

*Rounds to less than $1.

See Accompanying Notes to Financial Statements.

10

Statement of Changes in Net Assets – Columbia New York Tax-Exempt Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		11,779,791			15,058,987
	Net realized gain on investments		24,781			148,346
	Net increase resulting from operations		11,804,572			15,207,333
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(2,416,400	)		(3,076,885	)
	Trust Class Shares		(7,178,169	)		(6,258,826	)
	Adviser Class Shares		(126,063	)		(213,228	)
	Class A Shares		(344,210	)		(1,015,460	)
	Daily Class Shares		(75	)		(201	)
	Institutional Class Shares		(1,386,489	)		(3,965,367	)
	Retail A Shares		(564	)		(1,518	)
	G-Trust Shares		(327,820	)		(528,029	)
	Total distributions to shareholders		(11,779,790	)		(15,059,514	)
	Net Capital Stock Transactions		(470,556,149	)		1,035,049,061
	Total increase (decrease) in net assets		(470,531,367	)		1,035,196,880
Net Assets	Beginning of period		1,428,809,462			393,612,582
	End of period		958,278,095			1,428,809,462
	Undistributed net investment income at end of period		163,612			15,265

See Accompanying Notes to Financial Statements.

11

Statement of Changes in Net Assets (continued) – Columbia New York Tax-Exempt Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		585,702,714			585,702,714			718,652,350			718,652,349
Distributions reinvested		526,845			526,845			801,197			801,197
Redemptions		(824,694,247	)		(824,694,247	)		(409,934,566	)		(409,934,566	)
Net increase (decrease)		(238,464,688	)		(238,464,688	)		309,518,981			309,518,980
Trust Class Shares
Subscriptions		1,045,587,908			1,045,586,880			957,474,387			957,474,387
Proceeds received in connection with merger		—			—			731,753,800			731,798,904
Distributions reinvested		357,663			357,663			475,731			475,731
Redemptions		(1,131,499,265	)		(1,131,499,265	)		(999,171,543	)		(999,171,543	)
Net increase (decrease)		(85,553,694	)		(85,554,722	)		690,532,375			690,577,479
Adviser Class Shares
Subscriptions		19,301,883			19,301,883			22,639,323			22,639,324
Distributions reinvested		121,454			121,454			210,412			210,412
Redemptions		(29,639,636	)		(29,639,636	)		(15,292,105	)		(15,292,105	)
Net increase (decrease)		(10,216,299	)		(10,216,299	)		7,557,630			7,557,631
Class A Shares
Subscriptions		69,052,132			69,052,132			200,361,280			200,361,280
Distributions reinvested		344,198			344,198			1,015,419			1,015,419
Redemptions		(137,645,739	)		(137,645,739	)		(142,305,509	)		(142,305,509	)
Net increase (decrease)		(68,249,409	)		(68,249,409	)		59,071,190			59,071,190
Daily Class Shares
Subscriptions		200,506			200,506			—			—
Distributions reinvested		75			75			201			201
Redemptions		(200,524	)		(200,524	)		—			—
Net increase		57			57			201			201
Institutional Class Shares
Subscriptions		203,867,967			203,867,967			396,868,507			396,868,507
Distributions reinvested		1,383,477			1,383,477			3,924,670			3,924,670
Redemptions		(267,185,450	)		(267,185,450	)		(442,554,669	)		(442,554,669	)
Net decrease		(61,934,006	)		(61,934,006	)		(41,761,492	)		(41,761,492	)
Retail A Shares
Subscriptions		2,500			2,500			11,000			11,000
Distributions reinvested		564			564			1,518			1,518
Redemptions		(13,107	)		(13,107	)		(10,800	)		(10,800	)
Net increase (decrease)		(10,043	)		(10,043	)		1,718			1,718
G-Trust Shares
Subscriptions		27,607,008			27,607,008			33,044,183			33,044,184
Redemptions		(33,734,047	)		(33,734,047	)		(22,960,830	)		(22,960,830	)
Net increase (decrease)		(6,127,039	)		(6,127,039	)		10,083,353			10,083,354

See Accompanying Notes to Financial Statements.

12

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0104			0.0245			0.0346			0.0141			0.0251			0.0125
Less Distributions to Shareholders:
From net investment income		(0.0104	)		(0.0245	)		(0.0346	)		(0.0141	)		(0.0251	)		(0.0125	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.04	%		2.48	%(d)		3.51	%		1.42	%(e)		2.53	%		1.26	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.24	%(f)		0.20	%(f)		0.20	%(f)		0.20	%(f)(g)		0.20	%(f)		0.20	%
Waiver/Reimbursement		0.07	%		0.08	%		0.11	%		0.14	%(g)		0.14	%		0.33	%
Net investment income		1.15	%(f)		2.18	%(d)(f)		3.46	%(f)		3.38	%(f)(g)		2.66	%(f)		1.20	%
Net assets, end of period (000s)	$	133,680		$	372,166		$	62,595		$	44,563		$	24,804		$	2,852

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

13

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0094			0.0235			0.0336			0.0137			0.0241			0.0115
Less Distributions to Shareholders:
From net investment income		(0.0094	)		(0.0235	)		(0.0336	)		(0.0137	)		(0.0241	)		(0.0115	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.95	%		2.38	%(d)		3.41	%		1.38	%(e)		2.43	%		1.16	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.34	%(f)		0.30	%(f)		0.30	%(f)		0.30	%(f)(g)		0.30	%(f)		0.30	%
Waiver/Reimbursement		0.07	%		0.08	%		0.11	%		0.14	%(g)		0.14	%		0.33	%
Net investment income		0.93	%(f)		1.72	%(d)(f)		3.36	%(f)		3.27	%(f)(g)		2.46	%(f)		1.23	%
Net assets, end of period (000s)	$	645,197		$	730,700		$	40,066		$	31,364		$	27,216		$	12,627

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

14

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,			Period Ended August 24,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006 (b)			2003 (c)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0080			0.0220			0.0321			0.0131			0.0220			0.0025
Less Distributions to Shareholders:
From net investment income		(0.0080	)		(0.0220	)		(0.0321	)		(0.0131	)		(0.0220	)		(0.0025	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		0.81	%(f)		2.23	%(f)		3.25	%		1.31	%(g)		2.22	%(g)		0.25	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.48	%(h)		0.45	%(h)		0.45	%(h)		0.45	%(h)(i)		0.45	%(h)(i)		0.45	%(i)
Waiver/Reimbursement		0.08	%		0.08	%		0.11	%		0.14	%(i)		0.14	%(i)		0.78	%(i)
Net investment income		1.01	%(f)(h)		2.11	%(f)(h)		3.20	%(h)		3.11	%(h)(i)		2.44	%(h)(i)		0.68	%(i)
Net assets, end of period (000s)	$	4,819		$	15,037		$	7,477		$	4,695		$	3,262		$	—

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Advisor Class Shares re-commenced operations on April 14, 2005.

(c)  Advisor Class Shares re-commenced operations on April 14, 2003 and were fully redeemed on August 24, 2003.

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(g)  Not annualized.

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

(i)  Annualized.

See Accompanying Notes to Financial Statements.

15

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Class A Shares	2009			2008			2007 (a)			2006 (b)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0065			0.0200			0.0301			0.0122			0.0206			0.0080
Less Distributions to Shareholders:
From net investment income		(0.0065	)		(0.0200	)		(0.0301	)		(0.0122	)		(0.0206	)		(0.0080	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.65	%		2.02	%(e)		3.05	%		1.23	%(f)		2.07	%		0.80	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.65	%(g)		0.65	%(g)		0.65	%(g)		0.65	%(g)(h)		0.65	%(g)		0.65	%
Waiver/Reimbursement		0.11	%		0.08	%		0.11	%		0.14	%(h)		0.14	%		0.33	%
Net investment income		0.72	%(g)		1.82	%(e)(g)		3.01	%(g)		2.92	%(g)(h)		2.07	%(g)		0.82	%
Net assets, end of period (000s)	$	34,694		$	102,951		$	43,867		$	37,820		$	29,726		$	11,469

(a)  On May 30, 2007, Market Class shares were renamed Class A shares.

(b)  The Fund changed its fiscal year end from March 31 to August 31.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

16

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,						Period Ended August 31,
Daily Class Shares	2009			2008			2007 (a)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0055			0.0195			0.0232
Less Distributions to Shareholders:
From net investment income		(0.0055	)		(0.0195	)		(0.0232	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.55	%(d)		1.96	%		2.34	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.69	%		0.80	%		0.81	%(g)
Waiver/Reimbursement		0.22	%		0.08	%		0.11	%(g)
Net investment income (f)		0.12	%(d)		1.85	%		2.90	%(g)
Net assets, end of period (000s)	$	10		$	10		$	10

(a)  Daily Class Shares re-commenced operations on November 1, 2006.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

17

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0100			0.0241			0.0342			0.0140			0.0247			0.0121
Less Distributions to Shareholders:
From net investment income		(0.0100	)		(0.0241	)		(0.0342	)		(0.0140	)		(0.0247	)		(0.0121	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.01	%		2.44	%		3.47	%		1.40	%(d)		2.49	%		1.22	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.28	%(e)		0.24	%(e)		0.24	%(e)		0.24	%(e)(f)		0.24	%(e)		0.24	%
Waiver/Reimbursement		0.07	%		0.08	%		0.11	%		0.14	%(f)		0.14	%		0.33	%
Net investment income		1.03	%(e)		2.44	%(e)		3.42	%(e)		3.32	%(e)(f)		2.53	%(e)		1.30	%
Net assets, end of period (000s)	$	119,388		$	181,320		$	223,065		$	154,605		$	208,614		$	74,101

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

18

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
Retail A Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0094			0.0236			0.0336			0.0137			0.0100
Less Distributions to Shareholders:
From net investment income		(0.0094	)		(0.0236	)		(0.0336	)		(0.0137	)		(0.0100	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.95	%		2.38	%		3.41	%		1.38	%(e)		1.01	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.34	%		0.30	%		0.30	%		0.30	%(g)		0.30	%(g)
Waiver/Reimbursement		0.07	%		0.08	%		0.11	%		0.14	%(g)		0.14	%(g)
Net investment income (f)		0.96	%		2.36	%		3.36	%		3.28	%(g)		2.77	%(g)
Net assets, end of period (000s)	$	56		$	66		$	64		$	80		$	74

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Retail A Shares commenced operations on November, 21, 2005.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

19

Financial Highlights – Columbia New York Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
G-Trust Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0104			0.0245			0.0346			0.0141			0.0104
Less Distributions to Shareholders:
From net investment income		(0.0104	)		(0.0245	)		(0.0346	)		(0.0141	)		(0.0104	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		1.05	%		2.48	%		3.51	%		1.42	%(e)		1.04	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.24	%		0.20	%		0.20	%		0.20	%(g)		0.20	%(g)
Waiver/Reimbursement		0.07	%		0.08	%		0.11	%		0.14	%(g)		0.14	%(g)
Net investment income (f)		1.08	%		2.35	%		3.45	%		3.38	%(g)		2.89	%(g)
Net assets, end of period (000s)	$	20,434		$	26,560		$	16,468		$	17,548		$	17,664

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  G-Trust shares commenced operations on November 21, 2005.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

20

Notes to Financial Statements – Columbia New York Tax-Exempt ReservesAugust 31, 2009

Note 1. Organization

Columbia New York Tax-Exempt Reserves (the "Fund"), a series of Columbia Funds Series Trust (the "Trust"), is a non-diversified fund. The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Investment Objective

The Fund seeks current income exempt from federal income tax and New York individual income tax, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers eight classes of shares: Capital Class, Trust Class, Adviser Class, Class A, Daily Class, Institutional Class, Retail A and G-Trust shares. Retail A and G-Trust shares are closed to new investors. Each class of shares is offered continuously at net asset value.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October 22, 2009, the date the financial statements were issued, and except as disclosed in Note 10, noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Fund's Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates fr om $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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

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

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

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

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

21

Columbia New York Tax-Exempt Reserves, August 31, 2009

Security Transactions

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

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended August 31, 2009, permanent book and tax basis differences resulting primarily from differing treatments for distributions were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income		Accumulated Net Realized Gain			Paid-In Capital
$	148,346	$	(148,346	)	$	—

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

22

Columbia New York Tax-Exempt Reserves, August 31, 2009

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
	2009		2008
Tax-Exempt Income	$	11,634,347	$	15,011,644
Ordinary Income*		86,200		47,870
Long-Term Capital Gains		59,243		—

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

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
$	192,975	$	24,781	$	—

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rates
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rates
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

Pricing and Bookkeeping Fees

The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund.

23

Columbia New York Tax-Exempt Reserves, August 31, 2009

Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Daily Class and Class A shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Adviser Class, Daily Class, Class A and Retail A shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Daily Class shares		0.35	%		0.35	%
Class A shares		0.10	%		0.10	%
Servicing Plans:
Adviser Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Class A shares		0.25	%		0.25	%
Retail A shares		0.10	%		0.10	%

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust has adopted shareholder administration plans ("Administration Plans") for the Class A, Trust Class and

24

Columbia New York Tax-Exempt Reserves, August 31, 2009

Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Class A shares		0.10	%		0.10	%
Trust Class shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses through December 31, 2010, so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Effective December 15, 2008, the Distributor has voluntarily agreed to reimburse certain class-specific Fund expenses (consisting of shareholder servicing, distribution and shareholder administration fees, as applicable) to the extent necessary in order to maintain a minimum annualized net yield of 0.00% for all classes of the Fund. In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class-specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31:						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	826,799	$	605,663	$	383,647	$	1,816,109	$	—

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statement of Assets and Liabilities.

25

Columbia New York Tax-Exempt Reserves, August 31, 2009

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in "Trustees' fees" on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Note 5. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $6,524 for the Fund.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a $200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 7. Shares of Beneficial Interest

As of August 31, 2009, 81.0% of the Fund's shares outstanding were beneficially owned by two participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion.

As of August 31, 2009, the Fund had one shareholder that held 10.4% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion.

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

Note 8. Significant Risks and Contingencies

Geographic Concentration Risk

The Fund had greater than 5% of its total net assets at August 31, 2009 invested in debt obligations issued by New York and its political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of this state's municipal securities than are municipal bond funds that are not concentrated to the same extent in these issuers.

United States Department of the Treasury Temporary Guarantee Program for Money Market Funds

On September 28, 2008, the United States Department of the Treasury (the "Treasury") opened a temporary guarantee program (the "Program") for money market mutual funds registered in the United States under the 1940 Act. On March 31, 2009, the Treasury announced the second extension of the Program from April 30, 2009 through September 18, 2009. The Board of Trustees of the Fund approved the Fund's continued participation in the Program.

Similar to the initial phase of the Program, and subject to certain conditions and limitations, share amounts held by investors of the Fund as of the close of business on September 19, 2008 were guaranteed against loss under the Program in the event the market-based net asset value per share was less than $0.995 (i.e., does not round to $1.00, a "guarantee event") and the Fund subsequently liquidated. The Program only covered the amount a shareholder held in the Fund as of the close of business on September 19, 2008, or the

26

Columbia New York Tax-Exempt Reserves, August 31, 2009

amount a shareholder held if and when a guarantee event occurred, whichever was less.

The Program expired on September 18, 2009 and will not be further extended by the Treasury. Accordingly, effective September 18, 2009, the Program no longer provides any guarantee against any loss to shareholders with respect to Fund shares.

The Fund paid $501,911 to the Treasury to participate in the Program. This fee is being expensed over the period from September 19, 2008 to September 18, 2009 and is an extraordinary expense for calculating fee waivers and expense reimbursement discussed in Note 4.

Legal Proceedings

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

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Note 9. Business Combinations and Mergers

As of March 24, 2008, New York Tax-Exempt Money Fund, a series of Excelsior Tax-Exempt Funds, Inc. merged into the

27

Columbia New York Tax-Exempt Reserves, August 31, 2009

Fund. The Fund received a tax-free transfer of assets from New York Tax-Exempt Money Fund as follows:

Shares Issued		Net Assets Received
	731,753,800	$	731,798,904

				Net Assets of
				Columbia
Net Assets of Columbia New York Tax-Exempt Reserves Prior to Combination		Net Assets of New York Tax-Exempt Money Fund Immediately Prior to Combination		New York Tax-Exempt Reserves Immediately After Combination
$	440,208,267	$	731,798,904	$	1,172,007,171

Note 10. Subsequent Event

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

28

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and Shareholders of Columbia New York Tax-Exempt Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia New York Tax-Exempt Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of th e Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October 22, 2009

29

Federal Income Tax Information(Unaudited) – Columbia New York Tax-Exempt Reserves

For the fiscal year ended August 31, 2009, 99.9% of the distributions from net investment income of the Fund qualifies as exempt interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

30

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Complex, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

31

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation, Chairman—The Daniel-Mickel Foundation; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Fund because he serves as a Director of Citigroup, Inc. and Citibank, N.A. Citigroup, Inc., through its subsidiaries and affiliates, may engage from time-to-time in brokerage execution, principal transactions and/or lending relationships with the Columbia Funds or other funds or accounts advised/managed by Columbia Management Advisors, LLC.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

32

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.

33

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Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

37

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Columbia New York Tax-Exempt Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23435-0809 (10/09) 09/93183

Columbia Management^®

Annual Report

August 31, 2009

Columbia California Tax-Exempt Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Financial Statements
Investment Portfolio	2
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	31
Federal Income Tax Information	32
Fund Governance	33
Important Information About This Report	37

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500® Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 9 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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

Understanding Your Expenses – Columbia California Tax-Exempt Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,001.71		1,023.95		1.26		1.28		0.25
Trust Class Shares		1,000.00		1,000.00		1,001.21		1,023.44		1.77		1.79		0.35
Liquidity Class Shares		1,000.00		1,000.00		1,000.91		1,023.19		2.02		2.04		0.40
Adviser Class Shares		1,000.00		1,000.00		1,000.50		1,022.79		2.42		2.45		0.48
Investor Class Shares		1,000.00		1,000.00		1,000.30		1,022.53		2.67		2.70		0.53
Daily Class Shares		1,000.00		1,000.00		1,000.00		1,022.23		2.97		3.01		0.59
Institutional Class Shares		1,000.00		1,000.00		1,001.51		1,023.74		1.46		1.48		0.29

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio –Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds – 99.9%
	Par ($)		Value ($)
California – 99.2%
CA ABAG Finance Authority for Nonprofit Corporations
Series 2008, AMT,
LIQ FAC: Citigroup Financial Products 0.450% 12/01/09 (09/07/09) (a)(b)		5,720,000		5,720,000
CA Affordable Housing Agency
RHA Properties,
Series 2003 A, LIQ FAC: FNMA 0.230% 09/15/33 (09/07/09) (a)(b)		8,545,000		8,545,000
CA Alameda County Industrial Development Authority
York Fabrication, Inc.,
Series 1996 A, AMT, LOC: BNP Paribas 0.470% 11/01/26 (09/07/09) (a)(b)		5,000,000		5,000,000
CA BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust: 0.240% 09/01/26 (09/07/09) (a)(b)		9,130,000		9,130,000
0.240% 07/01/33 (09/07/09) (a)(b)		12,135,000		12,135,000
0.290% 08/01/28 (09/07/09) (a)(b)		26,305,000		26,305,000
CA Chino Basin Regional Financing Authority
Inland Empire Utilities Agency,
Series 2008 B, LOC: Dexia Credit Local 0.350% 06/01/32 (09/07/09) (a)(b)		10,700,000		10,700,000
CA Contra Costa County
Multi-Family Housing:
Delta Square - Oxford LP, Series 1999 - H, LIQ FAC: FNMA 0.290% 10/15/29 (09/07/09) (a)(b)		10,555,000		10,555,000
Series 2007, AMT, GTY AGMT: Goldman Sachs 0.340% 07/01/47 (09/07/09) (a)(b)		12,495,000		12,495,000

	Par ($)		Value ($)
CA Corona
Multi-Family Housing,
Country Hills Apartments, Series 1995 A, LIQ FAC: FHLMC 0.210% 02/01/25 (09/07/09) (a)(b)		6,115,000		6,115,000
CA County of Santa Clara
Series 2007, AMT,
GTY AGMT: Goldman Sachs 0.340% 12/15/26 (09/07/09) (a)(b)		12,300,000		12,300,000
CA Covina Redevelopment Agency
Shadowhills Apartments, Inc.,
Series 1994 A, LIQ FAC: FNMA 0.210% 12/01/15 (09/07/09) (a)(b)		7,375,000		7,375,000
CA Daly City Housing Development Finance Agency
Serramonte Ridge LLC,
Series 1999 A, 0.210% 10/15/29 (09/07/09) (b)(c)		6,700,000		6,700,000
CA Department of Water Resources
Power Supply Revenue:
Series 2002 C-4, LOC: JPMorgan Chase Bank, LOC: California State Teachers' Retirement System 0.200% 05/01/22 (09/07/09) (a)(b)		290,000		290,000
Series 2005 F-2, LOC: JPMorgan Chase Bank, LOC: Societe General 0.120% 05/01/20 (09/01/09) (a)(b)		22,665,000		22,665,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 12/01/11 (09/07/09) (a)(b)		3,840,000		3,840,000
Series 2009,
LIQ FAC: Morgan Stanley 0.290% 12/01/28 (09/07/09) (a)(b)(d)		11,910,000		11,910,000

See Accompanying Notes to Financial Statements.

2

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Deutsche Bank Spears/Lifers Trust
Series 2007,
GTY AGMT: Deutsche Bank AG: 0.310% 08/01/23 (09/07/09) (a)(b)		2,905,000		2,905,000
0.310% 08/01/28 (09/07/09) (a)(b)		5,585,000		5,585,000
0.310% 08/01/29 (09/07/09) (a)(b)		16,385,000		16,385,000
0.310% 08/01/32 (09/07/09) (a)(b)		7,240,000		7,240,000
0.310% 08/01/35 (09/07/09) (a)(b)		5,230,000		5,230,000
0.310% 08/01/36 (09/07/09) (a)(b)		5,365,000		5,365,000
0.310% 09/01/37 (09/07/09) (a)(b)		8,900,000		8,900,000
0.310% 09/01/38 (09/07/09) (a)(b)		9,055,000		9,055,000
0.320% 06/01/27 (09/07/09) (a)(b)		10,845,000		10,845,000
0.320% 12/01/30 (09/07/09) (a)(b)		38,360,000		38,360,000
0.320% 09/01/31 (09/07/09) (a)(b)		13,460,000		13,460,000
0.320% 02/01/37 (09/07/09) (a)(b)		15,210,000		15,210,000
0.320% 06/01/47 (09/07/09) (a)(b)		32,985,000		32,985,000
0.410% 09/01/36 (09/07/09) (a)(b)		46,065,000		46,065,000
Series 2008,
GTY AGMT: Deutsche Bank AG: 0.310% 09/01/29 (09/07/09) (a)(b)		4,040,000		4,040,000
0.310% 10/01/31 (09/07/09) (a)(b)		17,264,000		17,264,000
0.310% 07/01/32 (09/07/09) (a)(b)(d)		1,870,000		1,870,000
0.310% 06/01/35 (09/07/09) (a)(b)		1,640,000		1,640,000
0.340% 11/01/38 (09/07/09) (a)(b)		2,705,000		2,705,000
CA Duarte Redevelopment Agency
Certificates of Participation:
Johnson Duarte Partners, Series 1984 B, LOC: General Electric Capital Corp. 0.220% 12/01/19 (09/07/09) (a)(b)		5,000,000		5,000,000

	Par ($)		Value ($)
Piken Duarte Partners, Series 1984 A, LOC: General Electric Capital Corp. 0.220% 12/01/19 (09/07/09) (a)(b)		7,000,000		7,000,000
CA Eclipse Funding Trust
Series 2006,
LOC: U.S. Bank N.A. 0.210% 10/01/34 (09/07/09) (a)(b)		5,290,000		5,290,000
Series 2007,
LOC: U.S. Bank N.A. 0.210% 09/01/33 (09/07/09) (a)(b)		47,480,000		47,480,000
CA Educational Facilities Authority
Series 2000 A,
LIQ FAC: Societe Generale 0.270% 10/01/27 (09/07/09) (a)(b)		14,275,000		14,275,000
Series 2008,
LIQ FAC: Citigroup Financial Products 0.290% 09/15/32 (09/07/09) (a)(b)		5,695,000		5,695,000
CA El Dorado Irrigation District & El Dorado Water Agency
Series 2008 AD,
LOC: Dexia Credit Local 0.350% 03/01/36 (09/07/09) (a)(b)		79,450,000		79,450,000
CA Foothill Eastern Transportation Corridor Agency
Series 1995 A:
Escrowed to Maturity 7.050% 01/01/10		10,000,000		10,198,558
Pre-refunded 01/01/10, 7.150% 01/01/13 (01/01/10) (b)		2,000,000		2,080,229
Series 1995,
Pre-refunded 01/01/10, 7.100% 01/01/11 (01/01/10) (b)		15,000,000		15,599,270
CA Foothill-De Anza Community College District
Series 2007,
GTY AGMT: Wells Fargo & Co. 0.330% 08/01/31 (09/07/09) (a)(b)		10,075,000		10,075,000

See Accompanying Notes to Financial Statements.

3

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)

	Par ($)		Value ($)
CA Fresno
Multi-Family Housing,
Wasatch Pool Holdings LLC, Series 2001 A, LIQ FAC: FNMA 0.210% 02/15/31 (09/07/09) (a)(b)		5,095,000		5,095,000
CA Golden Gate Bridge Highway
0.300% 10/07/09		30,500,000		30,500,000
CA Golden State Tobacco Securitization Corp.
Series 2009,
LIQ FAC: Citibank N.A. 0.540% 03/01/14 (09/07/09) (a)(b)(d)		31,800,000		31,800,000
CA Golden West Schools Financing Authority
Series 2005,
GTY AGMT: Dexia Credit Local 1.300% 09/01/24 (09/07/09) (a)(b)		5,640,000		5,640,000
CA Hayward
Multi-Family Housing,
Santa Clara Associates LLC, Series 1998 A, AMT, LIQ FAC: FNMA 0.360% 03/15/33 (09/07/09) (a)(b)		7,300,000		7,300,000
CA Health Facilities Financing Authority
Children's Hospital of Orange County:
Series 2009 B, LOC: U.S. Bank N.A. 0.210% 11/01/38 (09/07/09) (a)(b)		7,100,000		7,100,000
Series 2009 C,
LOC: U.S. Bank N.A. 0.210% 11/01/38 (09/07/09) (a)(b)		7,100,000		7,100,000
Series 2009 D,
LOC: U.S. Bank N.A. 0.210% 11/01/34 (09/07/09) (a)(b)		4,000,000		4,000,000
CA Hemet Unified School District
Certificates of Participation,
Series 2006, LOC: State Street Bank & Trust 0.280% 10/01/36 (09/07/09) (a)(b)		6,000,000		6,000,000

	Par ($)		Value ($)
CA Indio Multi-Family Housing Revenue
Series 1996 A,
LIQ FAC: FNMA 0.210% 08/01/26 (09/07/09) (a)(b)		5,650,000		5,650,000
CA Infrastructure & Economic Development Bank
0.250% 10/06/09		7,000,000		7,000,000
0.600% 09/03/09		2,000,000		2,000,000
0.700% 12/03/09		2,000,000		2,000,000
American National Red Cross,
Series 2008, LOC: U.S. Bank NA 0.190% 09/01/34 (09/07/09) (a)(b)		9,000,000		9,000,000
Pacific Gas & Electric Co.,
Series 2008, AMT, LOC: Wells Fargo Bank N.A. 0.290% 11/01/26 (09/07/09) (a)(b)		35,785,000		35,785,000
Series 2007,
0.500% 10/01/47 (04/01/10) (b)(c)		8,700,000		8,700,000
SRI International,
Series 2003 A, LOC: Wells Fargo Bank N.A. 0.180% 09/01/28 (09/07/09) (a)(b)		4,715,000		4,715,000
Traditional Baking, Inc.,
Series 2003, AMT, LOC: U.S. Bank N.A. 0.400% 08/01/28 (09/07/09) (a)(b)		1,895,000		1,895,000
CA Inland Valley Development Agency
Series 1997,
LOC: Union Bank of California N.A. 0.250% 03/01/27 (09/07/09) (a)(b)		10,000,000		10,000,000
CA Livermore Redevelopment Agency
Series 2009,
LOC: FNMA 0.230% 07/15/39 (09/07/09) (a)(b)		5,000,000		5,000,000
CA Loma Linda Hospital Revenue
Series 2007 B-1,
LOC: Union Bank of California N.A. 0.200% 12/01/37 (09/07/09) (a)(b)		31,200,000		31,200,000

See Accompanying Notes to Financial Statements.

4

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Los Angeles Community Redevelopment Agency
Forest City Southpark,
Multi-Family Housing, Series 1985, LIQ FAC: FNMA 0.200% 12/15/24 (09/07/09) (a)(b)		6,385,000		6,385,000
CA Los Angeles County Community Development Commission
Willowbrook Partnership,
Series 1985, LOC: Wells Fargo Bank N.A. 0.200% 11/01/15 (09/07/09) (a)(b)		4,300,000		4,300,000
CA Los Angeles County
Series 2009,
2.500% 06/30/10		134,045,000		135,914,493
CA Los Angeles Department of Airports
Series 2002 C-1,
LOC: BNP Paribas 0.200% 05/15/20 (09/07/09) (a)(b)		19,500,000		19,500,000
CA Los Angeles Department of Water & Power
Series 2001 B-1,
0.150% 07/01/34 (09/07/09) (b)(c)		10,700,000		10,700,000
Series 2001 B-3,
0.110% 07/01/34 (09/01/09) (b)(c)		18,485,000		18,485,000
Series 2001 B-8,
0.150% 07/01/34 (09/07/09) (b)(c)		30,725,000		30,725,000
Series 2002 A-2,
SPA: JPMorgan Chase Bank 0.200% 07/01/35 (09/07/09) (a)(b)		25,700,000		25,700,000
Series 2002 A-5,
SPA: Lloyds TSB Bank PLC 0.160% 07/01/35 (09/07/09) (a)(b)		29,400,000		29,400,000
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 07/01/15 (09/07/09) (a)(b)		5,390,000		5,390,000
CA Los Angeles Metro Transportation
0.700% 09/09/09		33,684,000		33,684,000

	Par ($)		Value ($)
CA Los Angeles Unified School District
Series 1997 A,
LOC: Bank of New York 0.190% 12/01/17 (09/07/09) (a)(b)		1,830,000		1,830,000
CA Los Angeles
Series 2008 B,
LOC: Bank of Nova Scotia 0.250% 06/01/28 (09/07/09) (a)(b)		12,170,000		12,170,000
CA Manteca Redevelopment Agency
Series 2005,
LOC: State Street Bank & Trust Co. 0.140% 10/01/42 (09/01/09) (a)(b)		20,500,000		20,500,000
CA Menlo Park Community Development Agency
Series 2006,
LOC: State Street Bank & Trust Co. 0.140% 01/01/31 (09/01/09) (a)(b)		14,000,000		14,000,000
CA Metropolitan Water District of Southern California
Waterworks Revenue,
Series 2008, LIQ FAC: Citibank N.A. 0.290% 04/01/12 (09/07/09) (a)(b)		5,525,000		5,525,000
CA Morgan Hill Unified School District
Series 2008 A,
LIQ FAC: Societe Generale 0.310% 08/01/25 (09/07/09) (a)(b)		5,000,000		5,000,000
CA Municipal Finance Authority
La Sierra University,
Series 2008 B, LOC: Wells Fargo Bank N.A. 0.280% 08/01/20 (09/07/09) (a)(b)		3,900,000		3,900,000
CA Northern California Gas Authority No. 1
Series 2007,
GTY AGMT: Goldman Sachs 0.340% 07/01/27 (09/07/09) (a)(b)		76,795,000		76,795,000
CA Northern California Power Agency
Series 2008 A,
LOC: Dexia Credit Local 0.350% 07/01/32 (09/07/09) (a)(b)		34,350,000		34,350,000

See Accompanying Notes to Financial Statements.

5

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Oakland Redevelopment Agency
Multi-Family Housing,
Series 2005, AMT, LIQ FAC: FHLMC 0.610% 10/01/50 (09/07/09) (a)(b)		150,695,000		150,695,000
CA Oakland-Alameda County Coliseum Authority
Series 2000 C-2,
LOC: Bank of New York, LOC: California State Teachers' Retirement System 0.150% 02/01/25 (09/07/09) (a)(b)		25,940,000		25,940,000
CA Orange County Apartment Development Authority
WLCO LF Partners,
Series 1998 G-2, LIQ FAC: FNMA 0.230% 11/15/28 (09/07/09) (a)(b)		17,500,000		17,500,000
CA Oxnard Financing Authority
Series 2008 A,
LOC: Societe Generale 0.310% 06/01/34 (09/07/09) (a)(b)		9,710,000		9,710,000
CA Pleasanton Multi-Family Housing
Greenbriar Bernal Apartments LP,
Series 2001 A, AMT, LIQ FAC: FNMA 0.320% 09/15/34 (09/07/09) (a)(b)		2,900,000		2,900,000
CA Pollution Control Financing Authority
Amador Valley Industries LLC,
Series 2005 A, AMT, LOC: Wells Fargo Bank N.A. 0.420% 06/01/15 (09/07/09) (a)(b)		4,650,000		4,650,000
Marborg Industries,
Series 2006 A, AMT, LOC: Wachovia Bank N.A. 0.420% 06/01/35 (09/07/09) (a)(b)		4,800,000		4,800,000
Sierra Pacific Industries, Inc.,
Series 1993, LOC: Wells Fargo Bank N.A. 0.300% 02/01/13 (09/07/09) (a)(b)		13,400,000		13,400,000

	Par ($)		Value ($)
CA Puttable Floating Option Tax-Exempt Receipts
Series 2007, AMT:
LIQ FAC: FHLMC 0.610% 10/01/31 (09/07/09) (a)(b)		27,565,000		27,565,000
LIQ FAC: FHLMC 0.610% 12/01/46 (09/07/09) (a)(b)		80,351,000		80,351,000
Series 2007:
GTY AGMT: Dexia Credit Local 1.300% 02/01/18 (09/07/09) (a)(b)		5,690,000		5,690,000
Insured: FGIC, GTY AGMT: Dexia Credit Local 0.710% 12/01/35 (09/07/09) (a)(b)		10,300,000		10,300,000
LOC: Dexia Credit Local 1.300% 03/01/16 (09/07/09) (a)(b)		13,330,000		13,330,000
Series 2008, AMT,
GTY AGMT: FHLMC: 0.480% 09/01/30 (09/07/09) (a)(b)		4,185,000		4,185,000
0.630% 06/08/29 (09/07/09) (a)(b)		5,775,000		5,775,000
0.630% 05/01/30 (09/07/09) (a)(b)(d)		7,210,000		7,210,000
0.630% 11/01/42 (09/07/09) (a)(b)		7,390,000		7,390,000
0.630% 01/01/43 (09/07/09) (a)(b)		8,310,000		8,310,000
0.630% 05/01/44 (09/07/09) (a)(b)		12,265,000		12,265,000
0.630% 03/01/45 (09/07/09) (a)(b)		6,535,000		6,535,000
0.630% 02/01/49 (09/07/09) (a)(b)		3,485,000		3,485,000
Series 2008,
GTY AGMT: FHLMC 0.630% 04/01/44 (09/07/09) (a)(b)		16,350,000		16,350,000
CA RBC Municipal Products, Inc. Trust
Series 2008 E5,
LOC: Royal Bank of Canada 0.340% 12/01/09 (09/07/09) (a)(b)		13,785,000		13,785,000
CA Regents of University
0.300% 09/24/09		15,000,000		15,000,000

See Accompanying Notes to Financial Statements.

6

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
CA Riverside County Asset Leasing Corp.
Series 2008 A,
LOC: Union Bank of California N.A. 0.220% 11/01/32 (09/07/09) (a)(b)		17,000,000		17,000,000
CA Roseville
Series 2008 A,
LOC: Dexia Credit Local 0.550% 02/01/35 (09/07/09) (a)(b)		27,000,000		27,000,000
CA Sacramento County Sanitation District
Series 2008 A,
LOC: Societe Generale: 0.310% 12/01/35 (09/07/09) (a)(b)		18,450,000		18,450,000
0.310% 12/01/35 (09/07/09) (a)(b)(d)		2,500,000		2,500,000
Series 2008 E,
LOC: U.S. Bank N.A. 0.200% 12/01/40 (09/07/09) (a)(b)		5,000,000		5,000,000
CA Sacramento County
Multi-Family Housing,
Riverpoint-714 LLC, Series 2007 B, LOC: FNMA 0.210% 08/15/27 (09/07/09) (a)(b)		10,000,000		10,000,000
CA Sacramento Municipal Utility Department
0.300% 10/07/09		90,500,000		90,500,000
0.300% 10/09/09		50,000,000		50,000,000
CA Sacramento Suburban Water District
Series 2009 A,
LOC: Sumitomo Mitsui Banking 0.270% 11/01/34 (09/02/09) (a)(b)		5,000,000		5,000,000
CA San Bernardino County Housing Authority
Multi-Family Housing:
Indian Knoll Apartments, Series 1985 A, LIQ FAC: FNMA 0.290% 05/15/31 (09/07/09) (a)(b)		3,580,000		3,580,000
Reche Canyon Apartments, Series 1985 B, LIQ FAC: FNMA 0.290% 05/15/30 (09/07/09) (a)(b)		3,500,000		3,500,000

	Par ($)		Value ($)
CA San Bernardino Flood Control District
Series 2008,
LOC: UBS Warburg 0.200% 08/01/37 (09/07/09) (a)(b)		6,400,000		6,400,000
CA San Diego County Water Authority
0.500% 09/10/09		19,035,000		19,035,000
CA San Diego Housing Authority
Multi-Family Housing:
Bay Vista Housing Partners LP, Series 2008 A, AMT, LIQ FAC: FNMA 0.310% 02/15/38 (09/07/09) (a)(b)		4,900,000		4,900,000
Swift Real Estate Partners, Series 2004 C, LIQ FAC: FNMA 0.240% 01/15/35 (09/07/09) (a)(b)		11,915,000		11,915,000
CA San Diego Public Facilities Financing Authority
Series 2008 A,
LOC: Societe Generale 0.310% 05/15/29 (09/07/09) (a)(b)		4,815,000		4,815,000
CA San Francisco City & County Redevelopment Agency
Multi-Family Housing:
Fillmore Center: Series 1992 A, LIQ FAC: FHLMC 0.290% 12/01/17 (09/07/09) (a)(b)		30,100,000		30,100,000
Series 1992, AMT, LIQ FAC: FHLMC 0.310% 12/01/17 (09/07/09) (a)(b)		3,000,000		3,000,000
South Harbor, Series 1986, LOC: Credit Local de France 0.600% 12/01/16 (09/07/09) (a)(b)		5,000,000		5,000,000
CA San Joaquin County
0.320% 09/10/09		45,500,000		45,500,000
CA San Jose Financing Authority Lease
Series 2008 A,
LOC: Bank of Nova Scotia, LOC: California State Teachers' Retirement System 0.150% 06/01/39 (09/07/09) (a)(b)		4,730,000		4,730,000

See Accompanying Notes to Financial Statements.

7

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008,
LIQ FAC: Citibank N.A. 0.290% 06/01/11 (09/07/09) (a)(b)		12,005,000		12,005,000
CA San Jose Multi-Family Housing
Evans Lane Apartments LP,
Series 2008 B, LOC: FHLMC 0.300% 07/01/38 (09/07/09) (a)(b)		12,950,000		12,950,000
Fairfield Trestles LP,
Series 2004 A, AMT, LIQ FAC: FHLMC 0.430% 03/01/37 (09/07/09) (a)(b)		7,325,000		7,325,000
Fairfield Turnleaf Apartments,
Series 2003 A, AMT, LIQ FAC: FHLMC 0.370% 06/01/36 (09/07/09) (a)(b)		10,960,000		10,960,000
CA San Jose
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 09/07/34 (09/07/09) (a)(b)		24,700,000		24,700,000
CA School Cash Reserve Program Authority
Series 2009 A-10:
2.500% 07/01/10		16,580,000		16,839,839
LOC: U.S. Bank N.A. 2.500% 07/01/10		13,380,000		13,597,572
CA Southern Public Power Authority
Power Project Revenue,
Series 1991, LOC: Lloyds TSB Bank PLC 0.900% 07/01/19 (09/07/09) (a)(b)		56,000,000		56,000,000
Series 2008 A,
LOC: JPMorgan Chase Bank 0.240% 07/01/17 (09/07/09) (a)(b)		7,995,000		7,995,000
Series 2008 B,
LOC: Dexia Credit Local 0.350% 07/01/17 (09/07/09) (a)(b)		12,135,000		12,135,000
CA Statewide Communities Development Authority
0.300% 10/15/09		25,000,000		25,000,000
0.350% 12/08/09 (c)		10,000,000		10,000,000

	Par ($)		Value ($)
Hanna Boys Center,
Series 2002, LOC: Northern Trust Co. 0.320% 12/31/32 (09/07/09) (a)(b)		5,000,000		5,000,000
Kaiser Foundation Hospitals:
Series 2008 C, 3.000% 04/01/34 (04/01/10) (b)(c)		16,000,000		16,235,562
Series 2009, 3.000% 04/01/43 (10/01/09) (b)(c)		5,000,000		5,075,323
Kaiser Permanente,
Series 2004 M, 0.210% 04/01/38 (09/07/09) (b)(c)		14,315,000		14,315,000
Multi-Family Housing,
Bay Vista at Meadow Park LP, Series 2003 1, AMT, LIQ FAC: FNMA 0.300% 12/15/37 (09/07/09) (a)(b)		7,300,000		7,300,000
Plan Nine Partners LLC,
Series 2005 A, LOC: Union Bank of California N.A. 0.280% 02/01/35 (09/07/09) (a)(b)		13,415,000		13,415,000
Series 2007 29-G, AMT,
GTY AGMT: Goldman Sachs 0.340% 05/01/39 (09/07/09) (a)(b)		9,835,000		9,835,000
Series 2007, AMT:
GTY AGMT: Citigroup Financial Products: 1.340% 02/01/14 (09/07/09) (a)(b)		9,550,000		9,550,000
1.340% 07/01/15 (09/07/09) (a)(b)		9,425,000		9,425,000
LIQ FAC: FHLMC 0.610% 02/01/53 (09/07/09) (a)(b)		58,995,000		58,995,000
Series 2008 14-G,
GTY AGMT: Goldman Sachs 0.310% 05/15/25 (09/07/09) (a)(b)		18,035,000		18,035,000
Series 2008 R,
LIQ FAC: Citibank N.A. 0.440% 09/01/34 (09/07/09) (a)(b)(d)		10,035,000		10,035,000

See Accompanying Notes to Financial Statements.

8

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Series 2008, AMT:
GTY AGMT: Citigroup Financial Products 1.280% 06/01/34 (09/07/09) (a)(b)		13,400,000		13,400,000
LIQ FAC: Citigroup Financial Products 0.450% 07/01/14 (09/07/09) (a)(b)		7,555,000		7,555,000
Series 2008:
GTY AGMT: Citigroup Financial Products 0.840% 03/01/34 (09/07/09) (a)(b)		34,450,000		34,450,000
GTY AGMT: Wells Fargo Bank N.A. 0.330% 07/01/30 (09/07/09) (a)(b)		5,007,500		5,007,500
LIQ FAC: Citibank N.A.: 0.440% 04/01/26 (09/07/09) (a)(b)		4,900,000		4,900,000
0.440% 11/15/32 (09/07/09) (a)(b)		6,860,000		6,860,000
LOC: JPMorgan Chase Bank 0.200% 09/01/29 (09/07/09) (a)(b)		1,985,000		1,985,000
Varenna Care Center LP,
Series 2006, LOC: FHLB 0.260% 02/15/41 (09/07/09) (a)(b)		5,700,000		5,700,000
CA State
Series 2004 A-5,
LOC: Citibank N.A., LOC: California State Teachers' Retirement System 0.150% 05/01/34 (09/01/09) (a)(b)		7,600,000		7,600,000
Series 2004 B-2,
LOC: Citibank N.A., LOC: State Street Bank & Trust, Co. 0.120% 05/01/34 (09/01/09) (a)(b)		10,225,000		10,225,000
Series 2004 B-3,
LOC: Citibank N.A., LOC: State Street Bank & Trust Co. 0.160% 05/01/34 (09/01/09) (a)(b)		48,050,000		48,050,000
Series 2004,
GTY AGMT: Dexia Credit Local 1.300% 04/01/17 (09/07/09) (a)(b)		6,065,000		6,065,000
Series 2005,
GTY AGMT: Dexia Credit Local 1.300% 02/01/25 (09/07/09) (a)(b)		10,440,000		10,440,000

	Par ($)		Value ($)
Series 2007 A,
LOC: Societe Generale 0.310% 06/01/37 (09/07/09) (a)(b)		24,840,000		24,840,000
Series 2007:
GTY AGMT: Wells Fargo Bank N.A. 0.330% 12/01/37 (09/07/09) (a)(b)		14,663,000		14,663,000
Insured: FSA, LIQ FAC: Citibank N.A. 0.440% 02/01/10 (09/07/09) (a)(b)		640,000		640,000
Series 2008 A,
LOC: Societe Generale 0.310% 06/01/26 (09/07/09) (a)(b)		8,155,000		8,155,000
Series 2008:
GTY AGMT: Wells Fargo Bank N.A. 0.330% 04/01/38 (09/07/09) (a)(b)		18,800,500		18,800,500
LOC: Dexia Credit Local 1.000% 08/01/27 (09/07/09) (a)(b)		88,695,000		88,695,000
CA Union City
Multi-Family Housing,
Series 2007, GTY AGMT: Goldman Sachs 0.310% 12/15/26 (09/07/09) (a)(b)		7,970,000		7,970,000
CA University of California
Series 2001,
Pre-refunded 9/01/09 5.000% 09/01/31 (09/01/09) (b)		5,000,000		5,050,000
Series 2008,
LIQ FAC: Citibank N.A.: 0.290% 05/15/31 (09/07/09) (a)(b)		6,880,000		6,880,000
0.440% 05/01/16 (09/07/09) (a)(b)		7,045,000		7,045,000
CA West Hills Community College District
Series 2008,
LOC: Union Bank of California N.A. 0.280% 07/01/33 (09/07/09) (a)(b)		14,925,000		14,925,000
California Total				2,922,435,846

See Accompanying Notes to Financial Statements.

9

Columbia California Tax-Exempt Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Puerto Rico – 0.7%
PR Commonwealth of Puerto Rico Electric Power Authority
Series 2007 A,
LIQ FAC: Citibank N.A. 0.440% 07/01/26 (09/07/09) (a)(b)		3,000,000		3,000,000
PR Commonwealth of Puerto Rico Puttable Floating Option Tax-Exempt Receipts
Series 2007,
GTY AGMT: Dexia Credit Local 1.370% 08/01/42 (09/07/09) (a)(b)		3,750,000		3,750,000
PR Commonwealth of Puerto Rico Sales Tax Financing Corp.
Series 2009,
LIQ FAC: Citibank N.A. 0.340% 08/01/39 (09/07/09) (a)(b)(d)		7,395,000		7,395,000
PR Commonwealth of Puerto Rico
Series 2007 A8,
LOC: Wachovia Bank N.A. 0.180% 07/01/34 (09/07/09) (a)(b)		5,480,000		5,480,000
Puerto Rico Total				19,625,000
Total Municipal Bonds (cost of $2,942,060,846)				2,942,060,846
Total Investments – 99.9% (cost of $2,942,060,846)(e)				2,942,060,846
Other Assets & Liabilities, Net – 0.1%				2,193,956
Net Assets – 100.0%				2,944,254,802

Notes to Investment Portfolio:

(a)  Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are secured by a letter of credit or other credit support agreements from banks. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

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

(c)  Variable rate obligations have long dated final maturities, however, their effective maturity is within 397 days in accordance with its demand feature. These securities are puttable upon not more than one, seven or thirty business days' notice. Put bonds and notes have a demand feature that matures within one year. The interest rate is changed periodically and the interest rate reflects the rate at August 31, 2009.

(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2009, these securities, which are not illiquid, amounted to $72,720,000, which represents 2.5% of net assets.

(e)  Cost for federal income tax purposes is $2,942,060,846.

  Significant observable inputs (level 2 measurements), including quoted prices for similar securities, interest rates, prepayment speeds and others, were used in determining value for all securities in the Fund's portfolio as of August 31, 2009.

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

Acronym	Name
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Financial Security Assurance, Inc.
GIC	Guaranteed Investment Contract
GTY AGMT	Guaranty Agreement
LIQ FAC	Liquidity Facility
LOC	Letter of Credit
SPA	Stand-by Purchase Agreement

See Accompanying Notes to Financial Statements.

10

Statement of Assets and Liabilities – Columbia California Tax-Exempt ReservesAugust 31, 2009

		($)
Assets	Investments, at amortized cost approximating value		2,942,060,846
	Cash		2,622
	Receivable for:
	Fund shares sold		100,000
	Interest		3,352,113
	Prepaid expenses		122,834
	Total Assets		2,945,638,415
Liabilities	Expense reimbursement due to investment advisor		15,098
	Payable for:
	Fund shares repurchased		280,000
	Distributions		73,015
	Investment advisory fee		394,115
	Administration fee		93,430
	Pricing and bookkeeping fees		41,470
	Transfer agent fee		8,603
	Trustees' fees		40,786
	Custody fee		8,077
	Distribution and service fees		284,799
	Shareholder administration fee		66,560
	Chief compliance officer expenses		603
	Other liabilities		77,057
	Total Liabilities		1,383,613
	Net Assets		2,944,254,802
Net Assets Consist of	Paid-in capital		2,944,671,968
	Undistributed net investment income		972,012
	Accumulated net realized loss		(1,389,178	)
	Net Assets		2,944,254,802

See Accompanying Notes to Financial Statements.

11

Statement of Assets and Liabilities(continued) – Columbia California Tax-Exempt ReservesAugust 31, 2009

Capital Class Shares	Net assets	$	366,449,536
	Shares outstanding		366,510,789
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	585,898,943
	Shares outstanding		585,993,855
	Net asset value per share	$	1.00
Liquidity Class Shares	Net assets	$	477,798
	Shares outstanding		477,892
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	309,195,035
	Shares outstanding		309,248,309
	Net asset value per share	$	1.00
Investor Class Shares	Net assets	$	188,903,703
	Shares outstanding		188,934,482
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	1,045,608,618
	Shares outstanding		1,045,782,152
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	447,721,169
	Shares outstanding		447,794,218
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

12

Statement of Operations – Columbia California Tax-Exempt Reserves
For the Year Ended August 31, 2009

		($)
Investment Income	Interest		60,227,421
Expenses	Investment advisory fee		6,700,793
	Administration fee		3,922,026
	Distribution fee:
	Investor Class Shares		255,838
	Daily Class Shares		5,457,665
	Service fee:
	Liquidity Class Shares		14,037
	Adviser Class Shares		1,500,775
	Investor Class Shares		639,594
	Daily Class Shares		3,898,332
	Shareholder administration fee:
	Trust Class Shares		705,762
	Institutional Class Shares		253,503
	Pricing and bookkeeping fees		257,729
	Transfer agent fee		41,244
	Trustees' fees		10,140
	Custody fee		80,192
	Chief compliance officer expenses		2,614
	Treasury temporary guarantee program fee		1,947,155
	Other expenses		298,766
	Total Expenses		25,986,165
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(2,336,606	)
	Fees waived by distributor:
	Liquidity Class Shares		(4	)
	Adviser Class Shares		(41,417	)
	Investor Class Shares		(76,795	)
	Daily Class Shares		(1,703,463	)
	Fees waived by shareholder service provider—Liquidity Class Shares		(5,614	)
	Expense reductions		(43,892	)
	Net Expenses		21,778,374
	Net Investment Income		38,449,047
	Net realized loss on investments		(1,168,873	)
	Net Increase Resulting from Operations		37,280,174

See Accompanying Notes to Financial Statements.

13

Statement of Changes in Net Assets – Columbia California Tax-Exempt Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		38,449,047			97,158,501
	Net realized gain (loss) on investments		(1,168,873	)		191,230
	Net increase resulting from operations		37,280,174			97,349,731
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(7,963,211	)		(17,697,814	)
	Trust Class Shares		(6,751,850	)		(13,252,704	)
	Liquidity Class Shares		(100,321	)		(1,348,000	)
	Adviser Class Shares		(5,351,018	)		(13,021,901	)
	Investor Class Shares		(1,960,580	)		(5,161,068	)
	Daily Class Shares		(9,718,849	)		(30,973,219	)
	Institutional Class Shares		(6,603,218	)		(15,712,135	)
	Total distributions to shareholders		(38,449,047	)		(97,166,841	)
	Net Capital Stock Transactions		(2,357,921,639	)		1,287,019,179
	Total increase (decrease) in net assets		(2,359,090,512	)		1,287,202,069
Net Assets	Beginning of period		5,303,345,314			4,016,143,245
	End of period		2,944,254,802			5,303,345,314
	Undistributed net investment income at end of period		972,012			751,707

See Accompanying Notes to Financial Statements.

14

Statement of Changes in Net Assets(continued) – Columbia California Tax-Exempt Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		1,358,516,302			1,358,516,302			2,863,240,549			2,863,240,549
Distributions reinvested		5,523,559			5,523,559			11,769,863			11,769,863
Redemptions		(1,854,843,684	)		(1,854,843,684	)		(2,574,920,371	)		(2,574,920,371	)
Net increase (decrease)		(490,803,823	)		(490,803,823	)		300,090,041			300,090,041
Trust Class Shares
Subscriptions		694,589,205			694,589,205			956,443,026			956,443,026
Distributions reinvested		167,154			167,154			427,059			427,059
Redemptions		(870,655,288	)		(870,655,288	)		(719,902,080	)		(719,902,080	)
Net increase (decrease)		(175,898,929	)		(175,898,929	)		236,968,005			236,968,005
Liquidity Class Shares
Subscriptions		6,618,121			6,618,121			60,661,838			60,661,838
Distributions reinvested		92,116			92,116			1,329,988			1,329,988
Redemptions		(39,470,120	)		(39,470,120	)		(94,786,318	)		(94,786,318	)
Net decrease		(32,759,883	)		(32,759,883	)		(32,794,492	)		(32,794,492	)
Adviser Class Shares
Subscriptions		547,664,282			547,664,282			834,102,061			834,102,061
Distributions reinvested		5,350,155			5,350,155			13,019,297			13,019,297
Redemptions		(917,679,333	)		(917,679,333	)		(672,050,919	)		(672,050,919	)
Net increase (decrease)		(364,664,896	)		(364,664,896	)		175,070,439			175,070,439
Investor Class Shares
Subscriptions		623,579,995			623,579,995			671,430,562			671,430,562
Distributions reinvested		1,959,724			1,959,724			5,158,365			5,158,365
Redemptions		(698,716,946	)		(698,716,946	)		(703,961,979	)		(703,961,979	)
Net decrease		(73,177,227	)		(73,177,227	)		(27,373,052	)		(27,373,052	)
Daily Class Shares
Subscriptions		1,781,303,199			1,781,303,199			2,247,112,843			2,247,112,843
Distributions reinvested		9,718,848			9,718,848			30,970,029			30,970,029
Redemptions		(2,517,314,681	)		(2,517,314,682	)		(2,044,259,347	)		(2,044,259,347	)
Net increase (decrease)		(726,292,634	)		(726,292,635	)		233,823,525			233,823,525
Institutional Class Shares
Subscriptions		897,574,191			897,574,191			1,270,014,097			1,270,014,097
Distributions reinvested		6,600,718			6,600,718			15,707,816			15,707,816
Redemptions		(1,398,499,155	)		(1,398,499,155	)		(884,487,200	)		(884,487,200	)
Net increase (decrease)		(494,324,246	)		(494,324,246	)		401,234,713			401,234,713

See Accompanying Notes to Financial Statements.

15

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0100			0.0242			0.0340			0.0139			0.0250			0.0123
Less Distributions to Shareholders:
From net investment income		(0.0100	)		(0.0242	)		(0.0340	)		(0.0139	)		(0.0250	)		(0.0123	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		1.00	%		2.45	%		3.45	%		1.40	%(d)		2.53	%		1.24	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.24	%(e)		0.20	%(e)		0.20	%(e)		0.20	%(e)(f)		0.20	%(e)		0.20	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		1.13	%(e)		2.37	%(e)		3.40	%(e)		3.32	%(e)(f)		2.59	%(e)		1.21	%
Net assets, end of period (000s)	$	366,450		$	857,425		$	557,296		$	509,181		$	431,530		$	105,823

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

16

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0090			0.0232			0.0330			0.0135			0.0240			0.0113
Less Distributions to Shareholders:
From net investment income		(0.0090	)		(0.0232	)		(0.0330	)		(0.0135	)		(0.0240	)		(0.0113	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.90	%		2.35	%		3.35	%		1.36	%(d)		2.42	%		1.14	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.34	%(e)		0.30	%(e)		0.30	%(e)		0.30	%(e)(f)		0.30	%(e)		0.30	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		0.96	%(e)		2.23	%(e)		3.30	%(e)		3.22	%(e)(f)		2.41	%(e)		1.15	%
Net assets, end of period (000s)	$	585,899		$	761,991		$	525,007		$	517,340		$	470,430		$	339,137

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

17

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Liquidity Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0085			0.0227			0.0325			0.0133			0.0235			0.0108
Less Distributions to Shareholders:
From net investment income		(0.0085	)		(0.0227	)		(0.0325	)		(0.0133	)		(0.0235	)		(0.0108	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.85	%(g)		2.30	%		3.30	%		1.34	%(d)		2.37	%		1.09	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.39	%(e)		0.35	%(e)		0.35	%(e)		0.35	%(e)(f)		0.35	%(e)		0.35	%
Waiver/Reimbursement		0.15	%		0.15	%		0.16	%		0.16	%(f)		0.16	%		0.18	%
Net investment income		1.79	%(e)(g)		2.41	%(e)		3.27	%(e)		3.17	%(e)(f)		2.39	%(e)		1.37	%
Net assets, end of period (000s)	$	478		$	33,242		$	66,038		$	27,557		$	35,797		$	16,585

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

(g)  The relationship of the Class' net investment income ratio to total return may be affected by changes in the Class' relative net assets during the fiscal period.

See Accompanying Notes to Financial Statements.

18

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0076			0.0217			0.0315			0.0129			0.0225			0.0098
Less Distributions to Shareholders:
From net investment income		(0.0076	)		(0.0217	)		(0.0315	)		(0.0129	)		(0.0225	)		(0.0098	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.76	%		2.20	%		3.19	%		1.30	%(d)		2.27	%		0.98	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.48	%(e)		0.45	%(e)		0.45	%(e)		0.45	%(e)(f)		0.45	%(e)		0.45	%
Waiver/Reimbursement		0.06	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		0.88	%(e)		2.09	%(e)		3.15	%(e)		3.08	%(e)(f)		2.19	%(e)		1.01	%
Net assets, end of period (000s)	$	309,195		$	674,000		$	498,926		$	376,973		$	260,633		$	593,136

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

19

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Investor Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0068			0.0207			0.0305			0.0125			0.0215			0.0088
Less Distributions to Shareholders:
From net investment income		(0.0068	)		(0.0207	)		(0.0305	)		(0.0125	)		(0.0215	)		(0.0088	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.68	%		2.09	%		3.09	%		1.25	%(d)		2.17	%		0.88	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.56	%(e)		0.55	%(e)		0.55	%(e)		0.55	%(e)(f)		0.55	%(e)		0.55	%
Waiver/Reimbursement		0.08	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		0.77	%(e)		2.08	%(e)		3.05	%(e)		2.98	%(e)(f)		2.13	%(e)		0.85	%
Net assets, end of period (000s)	$	188,904		$	262,145		$	289,499		$	205,499		$	225,846		$	244,229

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

20

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Daily Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0054			0.0182			0.0280			0.0114			0.0190			0.0063
Less Distributions to Shareholders:
From net investment income		(0.0054	)		(0.0182	)		(0.0280	)		(0.0114	)		(0.0190	)		(0.0063	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.54	%		1.84	%		2.84	%		1.15	%(d)		1.91	%		0.63	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.73	%(e)		0.80	%(e)		0.80	%(e)		0.80	%(e)(f)		0.80	%(e)		0.80	%
Waiver/Reimbursement		0.16	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		0.62	%(e)		1.76	%(e)		2.80	%(e)		2.73	%(e)(f)		1.94	%(e)		0.63	%
Net assets, end of period (000s)	$	1,045,609		$	1,772,303		$	1,538,428		$	1,394,667		$	1,357,176		$	742,981

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

21

Financial Highlights – Columbia California Tax-Exempt Reserves

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

	Year Ended August 31,									Period Ended August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0096			0.0238			0.0336			0.0138			0.0246			0.0119
Less Distributions to Shareholders:
From net investment income		(0.0096	)		(0.0238	)		(0.0336	)		(0.0138	)		(0.0246	)		(0.0119	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.96	%		2.41	%		3.41	%		1.39	%(d)		2.49	%		1.20	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.28	%(e)		0.24	%(e)		0.24	%(e)		0.24	%(e)(f)		0.24	%(e)		0.24	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.06	%(f)		0.06	%		0.08	%
Net investment income		1.04	%(e)		2.28	%(e)		3.34	%(e)		3.28	%(e)(f)		2.63	%(e)		1.16	%
Net assets, end of period (000s)	$	447,721		$	942,240		$	540,951		$	688,499		$	660,513		$	83,596

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

22

Notes to Financial Statements – Columbia California Tax-Exempt Reserves
August 31, 2009

Note 1. Organization

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

Investment Objective

The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers seven classes of shares: Capital Class, Trust Class, Liquidity Class, Adviser Class, Investor Class, Daily Class and Institutional Class shares. Each class of shares is offered continuously at net asset value.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October22, 2009, the date the financial statements were issued, and except as disclosed in Note 9, noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Fund's Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates fr om $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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

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

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

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

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

Security Transactions

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

23

Columbia California Tax-Exempt Reserves, August 31, 2009

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended August 31, 2009, permanent book and tax basis differences resulting primarily from differing treatments for distributions were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income		Accumulated Net Realized Loss			Paid-In Capital
$	220,305	$	(220,305	)	$	—

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
	2009		2008
Tax-Exempt Income	$	38,172,943	$	94,654,104
Ordinary Income*		276,104		2,327,321
Long-Term Capital Gains		—		185,416

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

24

Columbia California Tax-Exempt Reserves, August 31, 2009

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
$	1,045,027	$	—	$	—

Under current tax rules, certain capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of August 31, 2009, post-October capital losses of $1,389,178 attributed to security transactions were deferred to September 1, 2009.

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of

the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rates
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rates
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

Pricing and Bookkeeping Fees

The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street Agreements") with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Under the State Street Agreements, the Fund pays State

25

Columbia California Tax-Exempt Reserves, August 31, 2009

Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Liquidity Class, Investor Class and Daily Class shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Liquidity Class, Adviser Class, Investor Class and Daily Class shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.10	%		0.10	%
Daily Class shares		0.35	%		0.35	%
Servicing Plans:
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Adviser Class shares		0.25	%		0.25	%

*  The Distributor has contractually agreed to waive Distribution Plan fees and/or Servicing Plan fees through December 31, 2010 as a percentage of the Fund's Liquidity Class shares average daily net assets at an annual rate of 0.10%, so that combined fees will not exceed 0.15%. There is no guarantee that this waiver will continue after December 31, 2010.

26

Columbia California Tax-Exempt Reserves, August 31, 2009

**  To the extent that the Liquidity Class shares of the Fund make payments pursuant to the Distribution Plan and/or the Servicing Plan, the combined total of such payments may not exceed, on an annual basis, 0.25% of the average daily net assets of the Fund's Liquidity Class shares.

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust has adopted shareholder administration plans ("Administration Plans") for the Trust Class and Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Trust Class shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses through December 31, 2010, so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Effective December 15, 2008, the Distributor has voluntarily agreed to reimburse certain class-specific Fund expenses (consisting of shareholder servicing, distribution and shareholder administration fees, as applicable) to the extent necessary in order to maintain a minimum annualized net yield of 0.00% for all classes of the Fund. In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class-specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

Under the Distribution Plans for the Liquidity Class shares, the Trust is currently not reimbursing the Distributor for distribution expenses for Liquidity Class shares. Unreimbursed expenses incurred by the Distributor in a given year may not be recovered by the Distributor in subsequent years.

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31:						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	2,336,606	$	2,513,573	$	2,284,293	$	7,134,472	$	—

Fees Paid to Officers and Trustees

All officers of the Fund are employees of Columbia or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays

27

Columbia California Tax-Exempt Reserves, August 31, 2009

its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statement of Assets and Liabilities.

Note 5. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $43,892 for the Fund.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a $200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 7. Shares of Beneficial Interest

As of August 31, 2009, 23.0% of the Fund's shares outstanding were beneficially owned by one participant account over which BOA and/or any of its affiliates had either sole or joint investment discretion.

As of August 31, 2009, the Fund had one shareholder that held 66.1% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion.

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

Note 8. Significant Risks and Contingencies

Geographic Concentration Risk

The Fund had greater than 5% of its total net assets at August 31, 2009 invested in debt obligations issued by California and its political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of this state's municipal securities than are municipal bond funds that are not concentrated to the same extent in these issuers.

United States Department of the Treasury Temporary Guarantee Program for Money Market Funds

On September 28, 2008, the United States Department of the Treasury (the "Treasury") opened a temporary guarantee program (the "Program") for money market mutual funds registered in the United States under the 1940 Act. On March 31, 2009, the Treasury announced the second extension of the Program from April 30, 2009 through September 18, 2009. The Board of Trustees of the Fund approved the Fund's continued participation in the Program.

28

Columbia California Tax-Exempt Reserves, August 31, 2009

Similar to the initial phase of the Program, and subject to certain conditions and limitations, share amounts held by investors of the Fund as of the close of business on September 19, 2008 were guaranteed against loss under the Program in the event the market-based net asset value per share was less than $0.995 (i.e., does not round to $1.00, a "guarantee event") and the Fund subsequently liquidated. The Program only covered the amount a shareholder held in the Fund as of the close of business on September 19, 2008, or the amount a shareholder held if and when a guarantee event occurred, whichever was less.

The Program expired on September 18, 2009 and will not be further extended by the Treasury. Accordingly, effective September 18, 2009, the Program no longer provides any guarantee against any loss to shareholders with respect to Fund shares.

The Fund paid $2,050,513 to the Treasury to participate in the Program. This fee is being expensed over the period from September 19, 2008 to September 18, 2009 and is an extraordinary expense for calculating fee waivers and expense reimbursement discussed in Note 4.

Legal Proceedings

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

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the

29

Columbia California Tax-Exempt Reserves, August 31, 2009

Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Note 9. Subsequent Event

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

30

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and Shareholders of Columbia California Tax-Exempt Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia California Tax-Exempt Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October22, 2009

31

Federal Income Tax Information (Unaudited) – Columbia California Tax-Exempt Reserves

For the fiscal year ended August 31, 2009, 99.9% of the distributions from net investment income of the Fund qualifies as exempt interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

32

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Complex, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)`	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

33

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation, Chairman—The Daniel-Mickel Foundation; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Fund because he serves as a Director of Citigroup, Inc. and Citibank, N.A. Citigroup, Inc., through its subsidiaries and affiliates, may engage from time-to-time in brokerage execution, principal transactions and/or lending relationships with the Columbia Funds or other funds or accounts advised/managed by Columbia Management Advisors, LLC.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

34

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.

35

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Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

37

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Columbia California Tax-Exempt Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23532-0809 (10/09) 09/93186

Columbia Management^®

Annual Report

August 31, 2009

Columbia Government Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Financial Statements
Investment Portfolio	2
Statement of Assets and Liabilities	4
Statement of Operations	6
Statement of Changes in Net Assets	7
Financial Highlights	10
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	28
Federal Income Tax Information	29
Fund Governance	30
Important Information About This Report	33

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500® Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 9 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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

Understanding Your Expenses – Columbia Government Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,000.71		1,024.20		1.01		1.02		0.20
Trust Class Shares		1,000.00		1,000.00		1,000.30		1,023.74		1.46		1.48		0.29
Liquidity Class Shares		1,000.00		1,000.00		1,000.10		1,023.59		1.61		1.63		0.32
Adviser Class Shares		1,000.00		1,000.00		1,000.00		1,023.49		1.71		1.73		0.34
Investor Class Shares		1,000.00		1,000.00		1,000.00		1,023.44		1.76		1.79		0.35
Daily Class Shares		1,000.00		1,000.00		1,000.00		1,023.44		1.76		1.79		0.35
Class A Shares		1,000.00		1,000.00		1,000.00		1,023.44		1.76		1.79		0.35
Institutional Class Shares		1,000.00		1,000.00		1,000.50		1,024.00		1.21		1.22		0.24
Retail A Shares		1,000.00		1,000.00		1,000.30		1,023.79		1.41		1.43		0.28
G-Trust Shares		1,000.00		1,000.00		1,000.71		1,024.20		1.01		1.02		0.20

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio –Columbia Government Reserves

August 31, 2009

Government & Agency Obligations – 99.9%
	Par ($)		Value ($)
U.S. Government Agencies – 89.4%
Federal Farm Credit Bank
0.141% 09/03/09 (a)		44,000,000		44,000,015
Federal Home Loan Bank
0.110% 09/01/09 (b)		716,414,000		716,414,000
0.125% 09/18/09 (b)		86,561,000		86,555,890
0.130% 09/18/09 (b)		14,645,000		14,644,101
0.140% 09/23/09 (b)		350,000,000		349,970,056
0.140% 10/23/09 (b)		100,981,000		100,960,579
0.145% 10/23/09 (b)		60,950,000		60,937,234
0.150% 10/23/09 (b)		150,000,000		149,967,500
0.150% 10/28/09 (b)		218,095,000		218,043,202
0.160% 10/07/09 (b)		200,000,000		199,968,000
0.160% 10/21/09 (b)		75,250,000		75,233,278
0.160% 11/12/09 (b)		43,400,000		43,386,112
0.160% 11/13/09 (b)		46,551,000		46,535,897
0.165% 09/04/09 (b)		143,568,000		143,566,026
0.170% 09/02/09 (b)		575,000,000		574,997,285
0.170% 09/04/09 (b)		273,000,000		272,996,132
0.170% 09/09/09 (b)		100,000,000		99,996,222
0.170% 11/13/09 (b)		25,307,000		25,298,276
0.170% 11/18/09 (b)		51,020,000		51,001,208
0.180% 09/02/09 (b)		147,290,000		147,289,264
0.180% 09/09/09 (b)		100,000,000		99,996,000
0.180% 09/18/09 (b)		201,250,000		201,232,894
0.180% 09/25/09 (b)		39,350,000		39,345,278
0.180% 10/02/09 (b)		165,000,000		164,974,425
0.180% 10/09/09 (b)		237,100,000		237,054,951
0.181% 12/28/09 (09/28/09) (a)(c)		165,000,000		164,975,645
0.185% 09/23/09 (b)		175,000,000		174,980,215
0.190% 09/02/09 (b)		118,469,000		118,468,375
0.190% 09/09/09 (b)		100,000,000		99,995,778
0.190% 09/16/09 (b)		375,000,000		374,970,312
0.190% 10/09/09 (b)		42,000,000		41,991,577
0.190% 10/15/09 (b)		20,000,000		19,995,356
0.190% 10/28/09 (b)		99,850,000		99,819,962
0.190% 11/02/09 (b)		215,000,000		214,929,647
0.195% 09/23/09 (b)		350,000,000		349,958,292
0.195% 10/09/09 (b)		29,055,000		29,049,020
0.200% 09/01/09 (b)		30,954,000		30,954,000
0.200% 09/02/09 (b)		49,273,000		49,272,726
0.200% 09/09/09 (b)		329,650,000		329,635,349
0.200% 09/10/09 (b)		126,515,000		126,508,674
0.200% 09/15/09 (b)		275,000,000		274,978,611
0.200% 09/16/09 (b)		215,000,000		214,982,083
0.200% 10/01/09 (b)		150,000,000		149,975,000
0.200% 10/02/09 (b)		158,572,000		158,544,690
0.200% 10/19/09 (b)		880,000,000		879,765,333
0.200% 10/23/09 (b)		280,000,000		279,919,111

	Par ($)		Value ($)
0.200% 10/30/09 (b)		663,335,000		663,117,574
0.200% 11/04/09 (b)		325,000,000		324,884,444
0.200% 11/06/09 (b)		165,500,000		165,439,317
0.205% 11/04/09 (b)		350,000,000		349,872,444
0.210% 09/11/09 (b)		150,000,000		149,991,250
0.210% 09/16/09 (b)		263,149,000		263,125,974
0.210% 09/18/09 (b)		300,000,000		299,970,250
0.210% 10/09/09 (b)		323,000,000		322,928,402
0.210% 10/16/09 (b)		378,600,000		378,500,617
0.210% 10/20/09 (b)		250,498,000		250,426,399
0.210% 10/23/09 (b)		300,000,000		299,909,000
0.210% 10/28/09 (b)		129,000,000		128,957,107
0.210% 11/02/09 (b)		50,000,000		49,981,917
0.210% 11/06/09 (b)		225,000,000		224,913,375
0.210% 12/15/09 (b)		150,000,000		149,908,125
0.213% 09/18/09 (a)		97,000,000		96,999,907
0.214% 09/14/09 (a)		150,000,000		149,999,738
0.220% 09/16/09 (b)		250,000,000		249,977,083
0.220% 10/20/09 (b)		300,000,000		299,910,167
0.220% 10/27/09 (b)		100,000,000		99,965,778
0.220% 12/07/09 (b)		73,625,000		73,581,357
0.220% 12/11/09 (b)		260,000,000		259,839,522
0.220% 12/18/09 (b)		150,000,000		149,901,000
0.222% 11/23/09 (a)		250,000,000		250,019,036
0.225% 10/14/09 (b)		225,000,000		224,939,531
0.226% 09/04/09 (a)		220,000,000		220,000,000
0.230% 09/23/09 (b)		308,800,000		308,756,596
0.235% 10/20/09 (b)		26,000,000		25,991,684
0.235% 10/21/09 (b)		15,500,000		15,494,941
0.240% 12/08/09 (b)		221,170,000		221,025,502
0.245% 10/19/09 (b)		63,000,000		62,979,420
0.250% 09/03/09 (b)		159,420,000		159,417,786
0.268% 11/05/10 (11/07/09) (a)(c)		510,000,000		509,819,589
0.310% 12/03/09		200,000,000		199,994,799
0.320% 01/20/10 (b)		253,000,000		252,983,133
0.323% 10/23/09 (a)		43,885,000		43,894,386
0.330% 10/21/09 (b)		215,267,000		215,168,336
0.330% 12/09/09 (b)		97,000,000		96,911,972
0.350% 01/11/10 (10/11/09) (a)(c)		140,000,000		140,036,806
0.388% 01/08/10 (10/08/09) (a)(c)		150,000,000		150,018,683
0.435% 10/13/09 (a)		61,000,000		61,018,470
0.449% 12/15/09 (09/15/09) (a)(c)		100,000,000		99,993,089
0.460% 10/05/09 (b)		297,000,000		296,870,970
0.468% 12/11/09 (09/11/09) (a)(c)		47,000,000		47,000,000
0.500% 01/26/10 (b)		50,000,000		49,897,917
0.538% 10/05/09 (a)		330,000,000		330,000,000

See Accompanying Notes to Financial Statements.

2

Columbia Government Reserves

August 31, 2009

Government & Agency Obligations (continued)
	Par ($)		Value ($)
0.540% 01/29/10		130,000,000		129,997,164
2.250% 10/02/09		47,850,000		47,932,596
3.750% 01/08/10		25,000,000		25,309,164
4.375% 09/11/09		19,060,000		19,081,200
5.000% 09/18/09		189,000,000		189,413,100
U.S. Government Agencies Total				18,144,100,198
U.S. Government Obligations – 10.5%
U.S. Treasury Bill
0.170% 10/01/09 (d)		280,000,000		279,960,333
0.185% 09/24/09 (d)		175,000,000		174,979,316
0.190% 09/24/09 (d)		100,000,000		99,987,861
0.200% 11/19/09 (d)		460,000,000		459,798,111
0.290% 11/27/09 (d)		270,000,000		269,810,775
0.295% 11/27/09 (d)		200,000,000		199,857,417
3.375% 09/15/09		178,000,000		178,216,932
3.375% 10/15/09		475,000,000		476,810,429
U.S. Government Obligations Total				2,139,421,174
Total Government & Agency Obligations (cost of $20,283,521,372)				20,283,521,372
Total Investments – 99.9% (cost of $20,283,521,372)(e)				20,283,521,372
Other Assets & Liabilities, Net – 0.1%				11,322,120
Net Assets – 100.0%				20,294,843,492

Notes to Investment Portfolio:

(a)  The interest rate shown on floating rate or variable rate securities reflects the rate at August 31, 2009.

(b)  The rate shown represents the discount rate at the date of purchase.

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

(d)  The rate shown represents the annualized yield at the date of purchase.

(e)  Cost for federal income tax purposes is $20,283,521,372.

Significant observable inputs (level 2 measurements), including quoted prices for similar securities, interest rates, prepayment speeds and others, were used in determining value for all securities in the Fund's portfolio as of August 31, 2009.

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

See Accompanying Notes to Financial Statements.

3

Statement of Assets and Liabilities – Columbia Government Reserves
August 31, 2009

		($)
Assets	Investments, at amortized cost approximating value		20,283,521,372
	Cash		50,045,658
	Receivable for:
	Fund shares sold		47,962
	Interest		15,448,379
	Trustees' deferred compensation plan		36,265
	Prepaid expenses		106,075
	Total Assets		20,349,205,711
Liabilities	Payable for:
	Investments purchased		50,045,104
	Fund shares repurchased		137,077
	Distributions		95,852
	Investment advisory fee		2,779,307
	Administration fee		729,482
	Trustees' fees		74,015
	Pricing and bookkeeping fees		25,460
	Custody fee		58,075
	Shareholder administration fee		279,556
	Chief compliance officer expenses		3,300
	Trustees' deferred compensation plan		36,265
	Other liabilities		98,726
	Total Liabilities		54,362,219
	Net Assets		20,294,843,492
Net Assets Consist of	Paid-in capital		20,295,448,229
	Undistributed net investment income		187,375
	Accumulated net realized loss		(792,112	)
	Net Assets		20,294,843,492

See Accompanying Notes to Financial Statements.

4

Statement of Assets and Liabilities(continued) – Columbia Government Reserves
August 31, 2009

Capital Class Shares	Net assets	$	11,711,497,847
	Shares outstanding		11,711,926,735
	Net asset value per share	$	1.00
Trust Class Shares	Net assets	$	2,678,357,785
	Shares outstanding		2,678,452,210
	Net asset value per share	$	1.00
Liquidity Class Shares	Net assets	$	864,212,693
	Shares outstanding		864,243,606
	Net asset value per share	$	1.00
Adviser Class Shares	Net assets	$	1,047,966,734
	Shares outstanding		1,048,004,528
	Net asset value per share	$	1.00
Investor Class Shares	Net assets	$	117,298,032
	Shares outstanding		117,302,424
	Net asset value per share	$	1.00
Daily Class Shares	Net assets	$	1,022,641,588
	Shares outstanding		1,022,678,150
	Net asset value per share	$	1.00
Class A Shares	Net assets	$	13,776,833
	Shares outstanding		13,777,329
	Net asset value per share	$	1.00
Institutional Class Shares	Net assets	$	2,667,448,677
	Shares outstanding		2,667,546,414
	Net asset value per share	$	1.00
Retail A Shares	Net assets	$	42,037,590
	Shares outstanding		42,039,075
	Net asset value per share	$	1.00
G-Trust Shares	Net assets	$	129,605,713
	Shares outstanding		129,610,540
	Net asset value per share	$	1.00

See Accompanying Notes to Financial Statements.

5

Statement of Operations – Columbia Government Reserves
For the Year Ended August 31, 2009

		($)
Investment Income	Interest		257,184,887
Expenses	Investment advisory fee		43,240,374
	Administration fee		26,123,253
	Distribution fee:
	Investor Class Shares		188,550
	Daily Class Shares		3,943,961
	Class A Shares		17,456
	Service fee:
	Liquidity Class Shares		3,082,354
	Adviser Class Shares		5,498,987
	Investor Class Shares		471,375
	Daily Class Shares		2,817,115
	Class A Shares		43,641
	Retail A Shares		43,921
	Shareholder administration fee:
	Trust Class Shares		3,021,831
	Class A Shares		17,455
	Institutional Class Shares		1,462,049
	Transfer agent fee		1,353,713
	Pricing and bookkeeping fees		192,126
	Trustees' fees		25,907
	Custody fee		327,843
	Chief compliance officer expenses		13,272
	Other expenses		1,128,117
	Total Expenses		93,013,300
	Fees waived or expenses reimbursed by investment advisor and/or administrator		(14,732,652	)
	Fees waived by distributor:
	Trust Class Shares		(172,839	)
	Liquidity Class Shares		(155,130	)
	Adviser Class Shares		(755,620	)
	Investor Class Shares		(167,866	)
	Daily Class Shares		(2,726,614	)
	Class A Shares		(25,017	)
	Institutional Class Shares		(22,287	)
	Retail A Shares		(2,205	)
	Fees waived by shareholder service provider—Liquidity Class Shares		(1,232,941	)
	Expense reductions		(18,897	)
	Net Expenses		73,001,232
	Net Investment Income		184,183,655
	Net realized gain on investments		276,561
	Net Increase Resulting from Operations		184,460,216

See Accompanying Notes to Financial Statements.

6

Statement of Changes in Net Assets – Columbia Government Reserves

		Year Ended August 31,
Increase (Decrease) in Net Assets		2009 ($)			2008 ($)
Operations	Net investment income		184,183,655			418,935,109
	Net realized gain on investments		276,561			19,229
	Net increase resulting from operations		184,460,216			418,954,338
Distributions to Shareholders	From net investment income:
	Capital Class Shares		(116,740,522	)		(205,511,953	)
	Trust Class Shares		(16,872,399	)		(24,955,610	)
	Liquidity Class Shares		(7,478,425	)		(36,377,012	)
	Adviser Class Shares		(12,597,500	)		(52,699,576	)
	Investor Class Shares		(793,744	)		(7,996,913	)
	Daily Class Shares		(4,040,164	)		(24,916,560	)
	Class A Shares		(70,637	)		(371,697	)
	Institutional Class Shares		(24,051,861	)		(56,674,389	)
	Retail A Shares		(321,364	)		(1,807,772	)
	G-Trust Shares		(1,206,539	)		(7,646,095	)
	Total distributions to shareholders		(184,173,155	)		(418,957,577	)
	Net Capital Stock Transactions		3,772,839,052			8,664,466,601
	Total increase in net assets		3,773,126,113			8,664,463,362
Net Assets	Beginning of period		16,521,717,379			7,857,254,017
	End of period		20,294,843,492			16,521,717,379
	Undistributed net investment income at end of period		187,375			176,875

See Accompanying Notes to Financial Statements.

7

Statement of Changes in Net Assets(continued) – Columbia Government Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Capital Class Shares
Subscriptions		72,641,479,960			72,641,479,961			31,566,786,431			31,566,786,430
Distributions reinvested		84,698,916			84,698,916			163,214,671			163,214,671
Redemptions		(68,661,500,920	)		(68,661,500,920	)		(27,370,387,922	)		(27,370,387,923	)
Net increase		4,064,677,956			4,064,677,957			4,359,613,180			4,359,613,178
Trust Class Shares
Subscriptions		4,236,113,102			4,236,113,102			3,555,887,705			3,555,887,705
Proceeds received in connection with merger		—			—			625,626,854			625,596,614
Distributions reinvested		409,629			409,629			761,821			761,821
Redemptions		(3,506,493,596	)		(3,506,493,596	)		(2,441,384,321	)		(2,441,384,321	)
Net increase		730,029,135			730,029,135			1,740,892,059			1,740,861,819
Liquidity Class Shares
Subscriptions		2,726,358,345			2,726,358,345			3,898,819,837			3,898,819,837
Distributions reinvested		6,629,959			6,629,959			29,841,701			29,841,701
Redemptions		(3,094,237,685	)		(3,094,237,685	)		(3,422,610,204	)		(3,422,610,204	)
Net increase (decrease)		(361,249,381	)		(361,249,381	)		506,051,334			506,051,334
Adviser Class Shares
Subscriptions		7,780,606,023			7,780,606,024			6,030,581,925			6,030,581,925
Distributions reinvested		5,284,526			5,284,526			17,498,309			17,498,309
Redemptions		(8,558,644,996	)		(8,558,644,996	)		(5,606,620,363	)		(5,606,620,363	)
Net increase (decrease)		(772,754,447	)		(772,754,446	)		441,459,871			441,459,871
Investor Class Shares
Subscriptions		859,135,994			859,135,994			3,646,726,575			3,646,726,575
Distributions reinvested		668,522			668,522			6,646,468			6,646,468
Redemptions		(850,164,391	)		(850,164,391	)		(3,891,721,546	)		(3,891,721,547	)
Net increase (decrease)		9,640,125			9,640,125			(238,348,503	)		(238,348,504	)
Daily Class Shares
Subscriptions		2,731,861,843			2,731,861,842			3,610,991,206			3,610,991,206
Distributions reinvested		4,040,163			4,040,163			24,915,014			24,915,014
Redemptions		(2,611,801,815	)		(2,611,801,815	)		(3,457,333,549	)		(3,457,333,549	)
Net increase		124,100,191			124,100,190			178,572,671			178,572,671
Class A Shares
Subscriptions		28,238,628			28,238,628			80,214,170			80,214,171
Distributions reinvested		60,651			60,651			288,546			288,546
Redemptions		(25,632,244	)		(25,632,244	)		(82,867,711	)		(82,867,711	)
Net increase (decrease)		2,667,035			2,667,035			(2,364,995	)		(2,364,994	)
Institutional Class Shares
Subscriptions		11,407,623,260			11,407,623,260			7,748,301,289			7,748,301,289
Distributions reinvested		21,690,760			21,690,760			55,320,511			55,320,511
Redemptions		(11,379,502,843	)		(11,379,502,843	)		(6,082,969,216	)		(6,082,969,216	)
Net increase		49,811,177			49,811,177			1,720,652,584			1,720,652,584

See Accompanying Notes to Financial Statements.

8

Statement of Changes in Net Assets(continued) – Columbia Government Reserves

	Capital Stock Activity
	Year Ended August 31, 2009						Year Ended August 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Retail A Shares
Subscriptions		7,909,531			7,909,531			10,390,388			10,390,388
Distributions reinvested		315,303			315,303			1,776,636			1,776,636
Redemptions		(20,780,152	)		(20,780,152	)		(14,477,481	)		(14,477,481	)
Net decrease		(12,555,318	)		(12,555,318	)		(2,310,457	)		(2,310,457	)
G-Trust Shares
Subscriptions		310,208,907			310,208,907			370,559,956			370,559,956
Distributions reinvested		32,837			32,837			154,181			154,181
Redemptions		(371,769,166	)		(371,769,166	)		(410,435,038	)		(410,435,038	)
Net decrease		(61,527,422	)		(61,527,422	)		(39,720,901	)		(39,720,901	)

See Accompanying Notes to Financial Statements.

9

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Capital Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0071			0.0334			0.0508			0.0204			0.0348			0.0152
Less Distributions to Shareholders:
From net investment income		(0.0071	)		(0.0334	)		(0.0508	)		(0.0204	)		(0.0348	)		(0.0152	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.71	%		3.39	%(d)		5.20	%		2.06	%(e)		3.53	%		1.53	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.20	%		0.20	%		0.20	%		0.20	%(g)		0.20	%		0.20	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.07	%
Net investment income (f)		0.68	%		3.08	%(d)		5.08	%		4.89	%(g)		3.50	%		1.51	%
Net assets, end of period (000s)	$	11,711,498		$	7,646,775		$	3,287,530		$	1,671,184		$	1,306,727		$	1,132,047

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

10

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Trust Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0061			0.0324			0.0498			0.0200			0.0338			0.0142
Less Distributions to Shareholders:
From net investment income		(0.0061	)		(0.0324	)		(0.0498	)		(0.0200	)		(0.0338	)		(0.0142	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.61	%		3.29	%(d)		5.10	%		2.01	%(e)		3.43	%		1.43	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.29	%		0.30	%		0.30	%		0.30	%(g)		0.30	%		0.30	%
Waiver/Reimbursement		0.06	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.07	%
Net investment income (f)		0.56	%		2.44	%(d)		4.98	%		4.76	%(g)		3.44	%		1.50	%
Net assets, end of period (000s)	$	2,678,358		$	1,948,302		$	207,516		$	300,750		$	387,210		$	250,281

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

11

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Liquidity Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0057			0.0319			0.0493			0.0198			0.0333			0.0137
Less Distributions to Shareholders:
From net investment income		(0.0057	)		(0.0319	)		(0.0493	)		(0.0198	)		(0.0333	)		(0.0137	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.57	%		3.23	%(d)		5.04	%		1.99	%(e)		3.38	%		1.38	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.34	%		0.35	%		0.35	%		0.35	%(g)		0.35	%		0.35	%
Waiver/Reimbursement		0.16	%		0.15	%		0.16	%		0.17	%(g)		0.17	%		0.17	%
Net investment income (f)		0.61	%		2.93	%(d)		4.93	%		4.73	%(g)		3.40	%		1.41	%
Net assets, end of period (000s)	$	864,213		$	1,225,417		$	719,348		$	890,545		$	687,275		$	410,737

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

12

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Adviser Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0051			0.0309			0.0483			0.0194			0.0323			0.0127
Less Distributions to Shareholders:
From net investment income		(0.0051	)		(0.0309	)		(0.0483	)		(0.0194	)		(0.0323	)		(0.0127	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.51	%		3.13	%(d)		4.94	%		1.95	%(e)		3.28	%		1.28	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.42	%		0.45	%		0.45	%		0.45	%(g)		0.45	%		0.45	%
Waiver/Reimbursement		0.08	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.07	%
Net investment income (f)		0.57	%		2.97	%(d)		4.83	%		4.64	%(g)		3.28	%		1.23	%
Net assets, end of period (000s)	$	1,047,967		$	1,820,646		$	1,378,942		$	1,119,732		$	1,026,932		$	804,271

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

13

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Investor Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0046			0.0299			0.0473			0.0189			0.0313			0.0117
Less Distributions to Shareholders:
From net investment income		(0.0046	)		(0.0299	)		(0.0473	)		(0.0189	)		(0.0313	)		(0.0117	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.46	%		3.03	%		4.84	%		1.91	%(d)		3.17	%		1.18	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (e)		0.46	%		0.55	%		0.55	%		0.55	%(f)		0.55	%		0.55	%
Waiver/Reimbursement		0.14	%		0.05	%		0.06	%		0.07	%(f)		0.07	%		0.07	%
Net investment income (e)		0.42	%		2.99	%		4.74	%		4.51	%(f)		3.11	%		1.10	%
Net assets, end of period (000s)	$	117,298		$	107,656		$	345,746		$	373,641		$	364,023		$	460,841

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  Not annualized.

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

(f)  Annualized.

See Accompanying Notes to Financial Statements.

14

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Daily Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0036			0.0274			0.0448			0.0179			0.0288			0.0092
Less Distributions to Shareholders:
From net investment income		(0.0036	)		(0.0274	)		(0.0448	)		(0.0179	)		(0.0288	)		(0.0092	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.36	%		2.77	%(d)		4.57	%		1.80	%(e)		2.92	%		0.93	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.56	%		0.80	%		0.80	%		0.80	%(g)		0.80	%		0.80	%
Waiver/Reimbursement		0.29	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.07	%
Net investment income (f)		0.36	%		2.57	%(d)		4.48	%		4.26	%(g)		3.06	%		0.94	%
Net assets, end of period (000s)	$	1,022,642		$	898,522		$	719,973		$	540,518		$	591,846		$	304,322

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

15

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Class A Shares	2009			2008			2007 (a)			2006 (b)			2006 (c)			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0043			0.0290			0.0463			0.0185			0.0303			0.0107
Less Distributions to Shareholders:
From net investment income		(0.0043	)		(0.0290	)		(0.0463	)		(0.0185	)		(0.0303	)		(0.0107	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (d)(e)		0.43	%		2.94	%		4.73	%		1.86	%(f)		3.07	%		1.08	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (g)		0.51	%		0.65	%		0.65	%		0.65	%(h)		0.65	%		0.65	%
Waiver/Reimbursement		0.19	%		0.05	%		0.06	%		0.07	%(h)		0.07	%		0.07	%
Net investment income (g)		0.41	%		2.84	%		4.63	%		4.44	%(h)		2.98	%		1.13	%
Net assets, end of period (000s)	$	13,777		$	11,110		$	13,497		$	24,002		$	16,903		$	31,654

(a)  On May 30, 2007, Market Class shares were exchanged for Class A shares.

(b)  The Fund changed its fiscal year end from March 31 to August 31.

(c)  On August 22, 2005, Investor A shares were renamed Class A shares.

(d)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(f)  Not annualized.

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

(h)  Annualized.

See Accompanying Notes to Financial Statements.

16

Financial Highlights – Columbia Government Reserves

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

										Period Ended
	Year Ended August 31,									August 31,			Year Ended March 31,
Institutional Class Shares	2009			2008			2007			2006 (a)			2006			2005
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0067			0.0330			0.0504			0.0202			0.0344			0.0148
Less Distributions to Shareholders:
From net investment income		(0.0067	)		(0.0330	)		(0.0504	)		(0.0202	)		(0.0344	)		(0.0148	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (b)(c)		0.67	%		3.35	%(d)		5.16	%		2.04	%(e)		3.49	%		1.49	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (f)		0.24	%		0.24	%		0.24	%		0.24	%(g)		0.24	%		0.24	%
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.07	%(g)		0.07	%		0.07	%
Net investment income (f)		0.66	%		2.98	%(d)		5.04	%		4.82	%(g)		3.56	%		1.45	%
Net assets, end of period (000s)	$	2,667,449		$	2,617,573		$	897,083		$	193,420		$	186,164		$	186,374

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(d)  The relationship of the class' net investment income ratio to total return may be affected by changes in the class' relative net assets during the fiscal period.

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

17

Financial Highlights – Columbia Government Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
Retail A Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0062			0.0325			0.0499			0.0200			0.0146
Less Distributions to Shareholders:
From net investment income		(0.0062	)		(0.0325	)		(0.0499	)		(0.0200	)		(0.0146	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.62	%		3.30	%		5.11	%		2.02	%(e)		1.47	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.29	%		0.29	%		0.29	%		0.29	%(g)		0.29	%(g)
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.07	%(g)		0.07	%(g)
Net investment income (f)		0.66	%		3.27	%		4.99	%		4.77	%(g)		4.06	%(g)
Net assets, end of period (000s)	$	42,038		$	54,591		$	56,879		$	63,573		$	68,003

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  Retail A shares commenced operations on November, 21, 2005.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

18

Financial Highlights – Columbia Government Reserves

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

	Year Ended August 31,									Period Ended August 31,			Period Ended March 31,
G-Trust Shares	2009			2008			2007			2006 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from Investment Operations:
Net investment income		0.0071			0.0334			0.0508			0.0204			0.0149
Less Distributions to Shareholders:
From net investment income		(0.0071	)		(0.0334	)		(0.0508	)		(0.0204	)		(0.0149	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (c)(d)		0.71	%		3.39	%		5.20	%		2.06	%(e)		1.50	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		0.20	%		0.20	%		0.20	%		0.20	%(g)		0.20	%(g)
Waiver/Reimbursement		0.05	%		0.05	%		0.06	%		0.07	%(g)		0.07	%(g)
Net investment income (f)		0.75	%		3.40	%		5.08	%		4.88	%(g)		4.14	%(g)
Net assets, end of period (000s)	$	129,606		$	191,126		$	230,740		$	261,651		$	246,188

(a)  The Fund changed its fiscal year end from March 31 to August 31.

(b)  G-Trust shares commenced operations on November 21, 2005.

(c)  Total return represents aggregate total return for the period indicated and assumes reinvestment of all distributions.

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

(e)  Not annualized.

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

(g)  Annualized.

See Accompanying Notes to Financial Statements.

19

Notes to Financial Statements – Columbia Government Reserves
August 31, 2009

Note 1. Organization

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

Investment Objective

The Fund seeks current income, consistent with capital preservation and maintenance of a high degree of liquidity.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers ten classes of shares: Capital Class, Trust Class, Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A, Institutional Class, Retail A and G-Trust shares. Retail A and G-Trust shares are closed to new investors. Each class of shares is offered continuously at net asset value.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through October 22, 2009, the date the financial statements were issued, and except as disclosed in Note 9, noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Fund's Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Fund's Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates fr om $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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

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

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

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

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

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific

20

Columbia Government Reserves, August 31, 2009

identification method for both financial statement and federal income tax purposes.

Income Recognition

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

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

Note 3. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

The tax character of distributions paid during the years ended August 31, 2009 and August 31, 2008 was as follows:

	August 31,
Distributions paid from:	2009		2008
Ordinary Income*	$	184,173,155	$	418,957,577

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

As of August 31, 2009, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-term Capital Gains
$	311,931	$	—

21

Columbia Government Reserves, August 31, 2009

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

Year of Expiration		Capital Loss Carryforward
2013	$	43,389
2014		748,723
Total	$	792,112

Capital loss carryforwards of $276,561 were utilized during the year ended August 31, 2009.

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Fund. Columbia receives a monthly investment advisory fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $175 billion		0.15	%
$175 billion to $225 billion		0.13	%
Over $225 billion		0.08	%

Columbia has contractually agreed to limit the combined investment advisory fee and administration fee for the Fund to an annual rate of 0.19% of the Fund's average net assets through December 31, 2010. There is no guarantee that this expense limitation will continue after December 31, 2010.

For the year ended August 31, 2009, the Fund's effective advisory fee rate, net of fee waivers, was 0.15% of the Fund's average daily net assets.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee, calculated based on the combined average net assets of the Fund and certain other money market funds advised by Columbia, at the following annual rates, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below:

Average Daily Net Assets	Annual Fee Rate
First $125 billion		0.10	%
$125 billion to $175 billion		0.05	%
Over $175 billion		0.02	%

Pricing and Bookkeeping Fees

The Fund has entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank & Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund has also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the "State Street

22

Columbia Government Reserves, August 31, 2009

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

The Fund has entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provides services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provides oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimburses Columbia for out-of-pocket expenses.

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Fund and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The Transfer Agent is entitled to receive a fee for its services, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on assets held in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

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

An annual minimum account balance fee of up to $20 may apply to certain accounts with a value below the Fund's minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended August 31, 2009, no minimum account balance fees were charged by the Fund.

Distribution and Service Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund's shares.

The Trust has adopted distribution plans ("Distribution Plans") for the Liquidity Class, Investor Class, Daily Class and Class A shares of the Fund. The Distribution Plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares.

The Trust also has adopted shareholder servicing plans ("Servicing Plans") for the Liquidity Class, Adviser Class, Investor Class, Daily Class, Class A and Retail A shares of the Fund. The Servicing Plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided.

A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Distribution Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Investor Class shares		0.10	%		0.10	%
Daily Class shares		0.35	%		0.35	%
Class A shares		0.10	%		0.10	%

23

Columbia Government Reserves, August 31, 2009

Servicing Plans:	Current Rate (after fee waivers)			Plan Limit
Liquidity Class shares		0.15	%*		0.25	%**
Adviser Class shares		0.25	%		0.25	%
Investor Class shares		0.25	%		0.25	%
Daily Class shares		0.25	%		0.25	%
Class A shares		0.25	%		0.25	%
Retail A shares		0.09	%		0.09	%

*  The Distributor has contractually agreed to waive Distribution Plan fees and/or Servicing Plan fees through December 31, 2010 as a percentage of the Fund's Liquidity Class shares average daily net assets at an annual rate of 0.10%, so that combined fees will not exceed 0.15%. There is no guarantee that this waiver will continue after December 31, 2010.

**  To the extent that the Liquidity Class shares of the Fund make payments pursuant to the Distribution Plan and/or the Servicing Plan, the combined total of such payments may not exceed, on an annual basis, 0.25% of the average daily net assets of the Fund's Liquidity Class shares.

Shareholder Administration Fees

The Distributor is the principal underwriter of the Fund's shares.

The Trust also has adopted shareholder administration plans ("Administration Plans") for the Trust Class, Class A and Institutional Class shares of the Fund. Under the Administration Plans, the Fund may pay servicing agents that have entered into a shareholder administration agreement with the Trust for certain shareholder support services that are provided to holders of the classes' shares. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of BOA and the Distributor.

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

Administration Plans:	Current Rate			Plan Limit
Trust Class shares		0.10	%		0.10	%
Class A shares		0.10	%		0.10	%
Institutional Class shares		0.04	%		0.04	%

Fee Waivers and Expense Reimbursements

Columbia and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses through December 31, 2010, so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any) after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets. There is no guarantee that this expense limitation will continue after December 31, 2010.

Effective December 15, 2008, the Distributor has voluntarily agreed to reimburse certain class-specific Fund expenses (consisting of shareholder servicing, distribution and shareholder administration fees, as applicable) to the extent necessary in order to maintain a minimum annualized net yield of 0.00% for all classes of the Fund. In addition, Columbia has voluntarily agreed to reimburse certain Fund expenses (consisting of advisory and administration fees) to the extent necessary to maintain such yield in the event the Distributor's reimbursement of class-specific Fund expenses is fully utilized. These reimbursements are voluntary and may be modified or discontinued by the Distributor or Columbia at any time.

Columbia is entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such fee waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense limitation in effect at the time of recovery.

Under the Distribution Plans for the Liquidity Class shares, the Trust is currently not reimbursing the Distributor for distribution expenses for Liquidity Class shares. Unreimbursed expenses incurred by the Distributor in a given year may not be recovered by the Distributor in subsequent years.

24

Columbia Government Reserves, August 31, 2009

At August 31, 2009, the amounts potentially recoverable by Columbia pursuant to this arrangement are as follows:

Amount of potential recovery expiring August 31:						Total potential		Amount recovered during the year
2012		2011		2010		recovery		ended 8/31/09
$	14,732,652	$	7,400,332	$	3,707,245	$	25,840,229	$	—

Fees Paid to Officers and Trustees

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

The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Treasury Reserves, another portfolio of the Trust. The expense for the deferred compensation plan, which includes trustees' fees deferred during the current period as well as any gains or losses on the trustees' deferred compensation balances as a result of market fluctuations, is included in "Trustees' fees" on the Statement of Operations. The liability for the deferred compensation plan is included in "Trustees' fees" on the Statement of Assets and Liabilities.

As a result of a fund merger, the Fund assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in "Trustees' fees" on the Statement of Assets and Liabilities. The deferred compensation plan may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets.

Note 5. Custody Credits

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

For the year ended August 31, 2009, these custody credits reduced total expenses by $18,897 for the Fund.

Note 6. Line of Credit

The Fund and other affiliated funds participate in a $200,000,000 uncommitted, unsecured line of credit provided by State Street. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.75% or the overnight LIBOR Rate plus 0.75%. A one-time structuring fee of $10,000 is also accrued and apportioned to each fund participating in the line of credit based on the average net assets of the participating funds. In addition, if the line of credit is extended for an additional period after the expiration date, an annual administration fee of $10,000 may be charged and apportioned among the participating funds. Prior to December 18, 2008, the Fund and other affiliated funds participated in a $200,000,000 uncommitted, unsecured line of credit provided by State Street under similar terms. Interest was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%.

For the year ended August 31, 2009, the Fund did not borrow under these arrangements.

Note 7. Significant Risks and Contingencies

Legal Proceedings

Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York

25

Columbia Government Reserves, August 31, 2009

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

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

Civil Litigation

In connection with the events that resulted in the NYAG Settlement and SEC Order, various parties filed suits against Bank of America Corporation and certain of its affiliates, including Banc of America Capital Management, LLC ("BACAP," now known as Columbia Management Advisors, LLC) and BACAP Distributors, LLC (now known as Columbia Management Distributors, Inc.) (collectively "BAC"), Nations Funds Trust (now known as Columbia Funds Series Trust) and its Board of Trustees. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred these cases and cases against other mutual fund companies based on similar allegations to the United States District Court in Maryland for consolidated or coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Nations Funds Trust, the Trustees, BAC and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Nations Funds Trust against BAC and others that asserts claims under federal securities laws and state common law. Nations Funds Trust is a nominal defendant in this action.

On February 25, 2005, BAC and other defendants filed motions to dismiss the claims in the pending cases. On December 15, 2005, BAC and others entered into a Stipulation of Settlement of the direct and derivative claims brought on behalf of the Nations Funds shareholders. The settlement is subject to court approval. If the settlement is approved, BAC would pay settlement administration costs and fees to plaintiffs' counsel as approved by the court. The stipulation has not yet been presented to the court for approval.

Note 8. Business Combinations and Mergers

As of March 24, 2008, Treasury Money Fund, a series of Excelsior Funds, Inc., merged into the Fund. The Fund received a tax-free transfer of assets from Treasury Money Fund in exchange for Trust Class Shares of the Fund as follows:

Shares Issued		Net Assets Received
	625,626,854	$	625,596,614

Net Assets of Treasury Money Fund Prior to Combination		Net Assets of Columbia Government Reserves Immediately Prior to Combination		Net Assets of Columbia Government Reserves Immediately After Combination
$	625,596,614	$	15,702,562,508	$	16,328,159,122

26

Columbia Government Reserves, August 31, 2009

Note 9. Subsequent Event

Bank of America Corporation, the indirect parent company of Columbia, entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction does not include a sale of the part of the asset management business that advises the Fund.

27

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Government Reserves

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Government Reserves (the "Fund") (a series of Columbia Funds Series Trust) at August 31, 2009, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
October 22, 2009

28

Federal Income Tax Information(Unaudited) – Columbia Government Reserves

The Fund designates the maximum amount allowable as qualified interest income for nonresident alien shareholders, as provided in the American Jobs Creation Act of 2004.

The Fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

29

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Columbia Funds Complex, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Complex.

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 66; no other directorships held.
William P. Carmichael (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1999)	Retired. Oversees 66; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—Spectrum Brands, Inc. (consumer products); Director—Simmons Company (bedding); Director—The Finish Line (sportswear).
William A. Hawkins (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	President and Chief Executive Officer—California General Bank, N.A., from January 2008 through current; President, Retail Banking—IndyMac Bancorp, Inc., from September 1999 to August 2003; oversees 66; no other directorships held.
R. Glenn Hilliard (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)	Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—Conseco, Inc. (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 66; Director—Conseco, Inc. (insurance).
John J. Nagorniak (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2008)	Retired. President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 66; Director—MIT Investment Company; Trustee—MIT 401k Plan; Trustee and Chairman—Research Foundation of CFA Institute.

30

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2003)	President—Micco Corporation, Chairman—The Daniel-Mickel Foundation; oversees 66; Board Member—Piedmont Natural Gas.

Interested Trustee

Name, Address and Age, Position with Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Anthony M. Santomero (Born 1946)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee1 (since 2008)	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 1972 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through December 2007; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, 2000 through April 2006; oversees 66; Director—Renaissance Reinsurance Ltd; Director—Penn Mutual Life Insurance Company; Director—Citigroup.

¹  Mr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Fund because he serves as a Director of Citigroup, Inc. and Citibank, N.A. Citigroup, Inc., through its subsidiaries and affiliates, may engage from time-to-time in brokerage execution, principal transactions and/or lending relationships with the Columbia Funds or other funds or accounts advised/managed by Columbia Management Advisors, LLC.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)	Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000—December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds

31

Fund Governance (continued)

Officers (continued)

Name, Address and Year of Birth, Position with Columbia Funds, Year First Elected or Appointed to Office	Principal Occupation(s) During Past Five Years
James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)	Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.
Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)	Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.
Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)	Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.
Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Treasurer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.
Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer (since 2008)	Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.
Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)	Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.
Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)	Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.

32

Important Information About This Report

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

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

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

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

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Advisors, LLC
100 Federal Street
Boston, MA 02110

33

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Columbia Government Reserves

Annual Report, August 31, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/23436-0809 (10/09) 09/93189

Columbia Management^®

Annual Report

August 31, 2009

Columbia Municipal Reserves

NOT FDIC INSURED	May Lose Value
NOT BANK ISSUED	No Bank Guarantee

Table of Contents

Understanding Your Expenses	1
Financial Statements
Investment Portfolio	2
Statement of Assets and Liabilities	30
Statement of Operations	32
Statement of Changes in Net Assets	33
Financial Highlights	35
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	50
Federal Income Tax Information	51
Fund Governance	52
Important Information About This Report	57

An investment in money market mutual funds is not a bank deposit, and is not insured or guaranteed by Bank of America, N.A. or any of its affiliates or by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Please see the prospectuses for a complete discussion of investments in money market funds.

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. As of the June 30 market close, the S&P 500® Index¹ was trading at nearly 16.6 times its 2009 Wall Street consensus earnings estimates with a sharp increase of nearly 36% since March 9. More mixed economic news has yet to provide the all-clear signal for investors, although economic activity has started to firm up. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 9 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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

Understanding Your Expenses – Columbia Municipal Reserves

As a fund shareholder, you incur ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

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

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing costs of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund.

Estimating your actual expenses

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

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

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

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

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

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

03/01/09 – 08/31/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Capital Class Shares		1,000.00		1,000.00		1,002.72		1,024.05		1.16		1.17		0.23
Trust Class Shares		1,000.00		1,000.00		1,002.22		1,023.54		1.67		1.68		0.33
Liquidity Class Shares		1,000.00		1,000.00		1,002.02		1,023.29		1.92		1.94		0.38
Adviser Class Shares		1,000.00		1,000.00		1,001.51		1,022.79		2.42		2.45		0.48
Investor Class Shares		1,000.00		1,000.00		1,001.01		1,022.28		2.93		2.96		0.58
Daily Class Shares		1,000.00		1,000.00		1,000.30		1,021.63		3.58		3.62		0.71
Class Z Shares		1,000.00		1,000.00		1,002.72		1,024.05		1.16		1.17		0.23
Institutional Class Shares		1,000.00		1,000.00		1,002.52		1,023.84		1.36		1.38		0.27

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

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

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds.

1

Investment Portfolio –Columbia Municipal Reserves

August 31, 2009

Municipal Bonds – 93.9%
	Par ($)		Value ($)
Alabama – 1.3%
AL Albertville Industrial Development Board
Series 2007, AMT,
LOC: JPMorgan Chase & Co. 0.580% 03/01/18 (09/07/09) (a)(b)		9,595,000		9,595,000
AL Decatur Industrial Development Board
Amoco Chemical Co.,
Series 1995, AMT, 0.120% 05/01/25 (09/01/09) (b)(c)		9,600,000		9,600,000
BP PLC,
Series 2001, AMT, 0.120% 11/01/35 (09/01/09) (b)(c)		13,400,000		13,400,000
AL Housing Finance Authority
Multi-Family Housing,
Series 2007, AMT, GTY AGMT: Citigroup Financial Products 1.340% 10/01/17 (09/07/09) (a)(b)		7,325,000		7,325,000
AL Montgomery Industrial Development Board
General Electric Co.,
Series 2006, AMT, 0.160% 05/01/21 (09/01/09) (b)(c)		8,000,000		8,000,000
AL West Jefferson Industrial Development Board
Alabama Power Co.,
Series 2008, AMT, 2.000% 12/01/38 (12/10/09) (b)(c)		60,000,000		60,000,000
Alabama Total				107,920,000
Alaska – 0.3%
AK Valdez
BP PLC,
Series 2003 A, 0.080% 06/01/37 (09/01/09) (b)(c)		23,000,000		23,000,000
Alaska Total				23,000,000

	Par ($)		Value ($)
Arizona – 0.8%
AZ Maricopa County Industrial Development Authority
Series 2003 A, AMT,
LOC: Wells Fargo Bank N.A. 0.430% 12/01/39 (09/07/09) (a)(b)		920,000		920,000
Series 2005, AMT,
GTY AGMT: FHLMC 0.650% 01/01/36 (09/07/09) (a)(b)		7,230,000		7,230,000
AZ Phoenix Industrial Development Authority
Phoenix Broadway Associates,
Series 2003 A, AMT, LOC: Wells Fargo Bank N.A. 0.430% 06/01/31 (09/07/09) (a)(b)		4,605,000		4,605,000
Series 2007, AMT,
GTY AGMT: Citigroup Financial Products: 1.340% 10/01/18 (09/07/09) (a)(b)		7,025,000		7,025,000
1.340% 01/01/20 (09/07/09) (a)(b)		10,840,000		10,840,000
Spring Air Mattress Co.,
Series 1999, AMT, LOC: Bank One N.A. 2.920% 04/01/19 (09/07/09) (a)(b)		820,000		820,000
AZ Pima County Industrial Development Authority
Multi-Family Housing,
Urban Council LP, Series 2007 A, AMT, LIQ FAC: FNMA 0.380% 12/15/37 (09/07/09) (a)(b)		6,825,000		6,825,000
AZ School District
Series 2009,
2.000% 07/30/10		33,925,000		34,370,873
Arizona Total				72,635,873
Arkansas – 0.1%
AR Lowell Industrial Development
Little Rock Newspapers, Inc.,
Series 1996, AMT, LOC: JPMorgan Chase Bank 0.650% 06/01/31 (09/07/09) (a)(b)		6,500,000		6,500,000
Arkansas Total				6,500,000

See Accompanying Notes to Financial Statements.

2

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
California – 6.6%
CA ABAG Finance Authority for Nonprofit Corp.
Miramar Apartments,
Series 2000 A, AMT, 0.300% 03/15/33 (09/07/09) (b)(c)		15,000,000		15,000,000
CA BB&T Municipal Trust
Series 2007,
LOC: Branch Banking & Trust 0.290% 08/01/29 (09/07/09) (a)(b)		12,135,000		12,135,000
CA Department of Water Resources
Power Supply Revenue,
Series 2005 F-2, LOC: JPMorgan Chase Bank, LOC: Societe Generale 0.120% 05/01/20 (09/01/09) (a)(b)		1,640,000		1,640,000
Series 2002 B-1
LOC: Bank of New York LOC: California State Teachers' Retirement System 0.100% 05/01/22 (09/01/09) (a)(b)		214,680,000		214,680,000
CA Infrastructure & Economic Development Bank
Pacific Gas & Electric Co.,
Series 2008, AMT, LOC: Wells Fargo Bank N.A. 0.290% 11/01/26 (09/07/09) (a)(b)		26,115,000		26,115,000
CA Los Angeles Department of Water & Power
Series 2001 B-3,
0.110% 07/01/34 (09/01/09) (b)(c)		39,315,000		39,315,000
CA Metropolitan Water District of Southern California
Series 2004 A-2,
SPA: JPMorgan Chase Bank 0.150% 07/01/23 (09/07/09) (a)(b)		38,035,000		38,035,000
CA Oakland-Alameda County Coliseum Authority
Series 2000 C-2,
LOC: Bank of New York, LOC: California State Teachers' Retirement System 0.150% 02/01/25 (09/07/09) (a)(b)		23,160,000		23,160,000

	Par ($)		Value ($)
CA Pollution Control Financing Authority
Pacific Gas & Electric Corp.,
Series 1996 E, LOC: Bank One N.A. 0.100% 11/01/26 (09/01/09) (a)(b)		5,000,000		5,000,000
Series 1996,
LOC: JPMorgan Chase Bank 0.150% 11/01/26 (09/01/09) (a)(b)		21,700,000		21,700,000
CA Puttable Floating Option Tax-Exempt Receipts
Series 2007, AMT,
LIQ FAC: FHLMC 0.610% 10/01/31 (09/07/09) (a)(b)		41,220,000		41,220,000
CA Statewide Communities Development Authority
0.300% 10/15/09		25,000,000		25,000,000
0.350% 12/08/09		10,000,000		10,000,000
John Muir Health,
Series 2008 B, LOC: UBS AG 0.100% 08/15/36 (09/03/09) (a)(b)		3,030,000		3,030,000
Kaiser Foundation Hospitals:
Series 2008 C, 3.000% 04/01/34 (04/01/10) (b)(c)		16,000,000		16,235,562
Series 2009, 3.000% 04/01/43 (10/01/09) (b)(c)		12,000,000		12,180,775
Series 2001, AMT,
GTY AGMT: Merrill Lynch & Co. SPA: FHLMC 0.610% 07/01/15 (09/07/09) (a)(b)(d)		8,255,000		8,255,000
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products: 0.990% 06/01/34 (09/07/09) (a)(b)		27,620,000		27,620,000
1.330% 07/06/34 (09/07/09) (a)(b)		14,255,000		14,255,000
CA Turlock Irrigation District
Certificates of Participation,
Series 2001, LOC: Societe Generale 0.100% 01/01/31 (09/01/09) (a)(b)		11,300,000		11,300,000
California Total				565,876,337

See Accompanying Notes to Financial Statements.

3

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Colorado – 3.4%
CO BB&T Municipal Trust
Series 2007, AMT,
LOC: Branch Banking & Trust 0.290% 11/15/24 (09/07/09) (a)(b)		10,220,000		10,220,000
CO Boulder County
Boulder Medical Center, Inc.,
Series 1998, AMT, LOC: Wells Fargo Bank N.A. 0.430% 01/01/17 (09/07/09) (a)(b)		2,060,000		2,060,000
CO Collegeinvest
Series 2008 A, AMT,
LOC: Lloyds TSB Bank PLC 0.380% 12/01/42 (09/07/09) (a)(b)		35,000,000		35,000,000
CO Denver City & County Airport
Series 2002 C, AMT,
LOC: Lloyds TSB Bank PLC 0.380% 11/15/25 (09/07/09) (a)(b)		23,550,000		23,550,000
Series 2007, AMT,
GTY AGMT: Goldman Sachs 0.370% 04/01/47 (09/07/09) (a)(b)		10,405,089		10,405,089
CO Deutsche Bank Spears/Lifers Trust
Series 2008, AMT,
GTY AGMT: Deutsche Bank AG 0.370% 11/15/18 (09/07/09) (a)(b)		4,180,000		4,180,000
CO General Fund Revenue
Series 2009 A,
2.000% 06/25/10		60,000,000		60,753,070
CO Housing & Finance Authority
Series 2004 A-2, AMT,
SPA: Dexia Credit Local 0.700% 11/01/26 (09/07/09) (a)(b)		50,000,000		50,000,000
Series 2005 A-2, AMT,
SPA: Dexia Credit Local 0.700% 11/01/27 (09/07/09) (a)(b)		23,200,000		23,200,000
Series 2006 G, AMT,
GTY AGMT: Goldman Sachs 0.370% 12/01/36 (09/07/09) (a)(b)		12,162,103		12,162,103

	Par ($)		Value ($)
Series 2007, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 10/01/32 (09/07/09) (a)(b)		8,905,000		8,905,000
Series 2008 A-3, AMT,
SPA: Dexia Credit Local 0.700% 05/01/38 (09/07/09) (a)(b)		31,000,000		31,000,000
Terrace Park LP,
Series 2007, AMT, LOC: U.S. Bank N.A. 0.340% 09/01/25 (09/07/09) (a)(b)		11,800,000		11,800,000
CO Pitkin County Industrial Development Revenue
Aspen Skiing Co.,
Series 1994 B, AMT, LOC: JPMorgan Chase Bank 0.320% 04/01/14 (09/01/09) (a)(b)		4,300,000		4,300,000
Colorado Total				287,535,262
Delaware – 3.6%
DE Eagle Tax-Exempt Trust
Series 2008, AMT,
LIQ FAC: FHLB 0.390% 04/15/49 (09/07/09) (a)(b)		292,710,000		292,710,000
DE New Castle County
Fairfield English VLG LLC,
Series 2005, AMT, LIQ FAC: FNMA 0.340% 09/15/38 (09/07/09) (a)(b)		8,200,000		8,200,000
Flight Safety International, Inc.,
Series 2002, AMT, GTY AGMT: Berkshire Hathaway, Inc. 0.580% 12/01/32 (09/07/09) (a)(b)		5,185,000		5,185,000
Delaware Total				306,095,000
District of Columbia – 1.1%
DC Housing Finance Agency
Multi-Family Housing,
Series 2008, AMT, GTY AGMT: Citigroup Financial Products 0.470% 05/01/10 (09/07/09) (a)(b)		5,000,000		5,000,000

See Accompanying Notes to Financial Statements.

4

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
DC Metropolitan Washington Airports Authortity
Series 2008, AMT,
LIQ FAC: JPMorgan Chase Bank 0.560% 10/01/14 (09/07/09) (a)(b)		12,790,000		12,790,000
DC Reset Optional Certificates Trust II-R
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 08/01/25 (09/07/09) (a)(b)		28,925,000		28,925,000
DC
0.300% 09/08/09		15,500,000		15,500,000
Series 2008,
2.500% 09/30/09		30,000,000		30,033,302
District of Columbia Total				92,248,302
Florida – 5.6%
FL BB&T Municipal Trust
Series 2007, AMT,
LOC: Branch Banking & Trust 0.290% 10/01/37 (09/07/09) (a)(b)		10,120,000		10,120,000
FL Brevard County Industrial Development
Pivotal Utility Holdings,
Series 2005, AMT, LOC: Wells Fargo Bank N.A. 0.430% 10/01/24 (09/07/09) (a)(b)		17,000,000		17,000,000
FL Broward County Housing Finance Authority
Series 2006, AMT,
GTY AGMT: Goldman Sachs 0.370% 06/01/46 (09/07/09) (a)(b)		72,515,000		72,515,000
FL Collier County Industrial Development Authority
Allete, Inc.,
Series 2006, AMT, LOC: Wells Fargo Bank N.A. 0.380% 10/01/25 (09/07/09) (a)(b)		7,000,000		7,000,000
FL Development Finance Corp.
Center Court I LLC,
Series 2009, LOC: Branch Banking & Trust 0.330% 08/01/29 (09/03/09) (a)(b)		2,060,000		2,060,000

	Par ($)		Value ($)
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 03/01/33 (09/07/09) (a)(b)		19,800,000		19,800,000
FL Housing Finance Corp.
Brentwood Club on Millenia,
Series 2002 A1, AMT, LOC: FNMA 0.330% 01/15/35 (09/07/09) (a)(b)		10,545,000		10,545,000
Cove at St. Andrews Partners,
Series 2003 E-1, AMT, LIQ FAC: FNMA 0.330% 06/15/36 (09/07/09) (a)(b)		8,115,000		8,115,000
Series 2006, AMT,
GTY AGMT: Goldman Sachs 0.370% 06/01/46 (09/07/09) (a)(b)		29,995,000		29,995,000
Series 2008 CE, AMT,
GTY AGMT: Citigroup Financial Products 1.330% 07/06/34 (09/07/09) (a)(b)		7,920,000		7,920,000
Tuscany Lakes Ltd.:
Series 2002 1, AMT, LIQ FAC: FNMA 0.390% 11/15/35 (09/07/09) (a)(b)		3,500,000		3,500,000
Series 2006 K3, AMT,
LIQ FAC: FNMA 0.390% 11/15/35 (09/07/09) (a)(b)		2,500,000		2,500,000
FL Jacksonville
Series 2008 B,
LOC: Wachovia Bank N.A. 0.280% 10/01/27 (09/07/09) (a)(b)		11,000,000		11,000,000
FL JEA Electric System Revenue
Series 2008 3C-2,
SPA: JPMorgan Chase Bank 0.170% 10/01/34 (09/03/09) (a)(b)		21,435,000		21,435,000
Series 2008 3C-3,
SPA: Lloyds TSB Bank PLC 0.220% 10/01/38 (09/03/09) (a)(b)		13,255,000		13,255,000
FL Miami-Dade County
0.950% 09/08/09		3,002,000		3,002,000

See Accompanying Notes to Financial Statements.

5

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
FL Orange County Housing Finance Authority
Cove at Lady Lake Apartments,
Series 2005 A, AMT, 0.340% 05/15/38 (09/07/09) (b)(c)		9,600,000		9,600,000
Lee Vista Club Partners,
Series 2004 A, AMT, LIQ FAC: FNMA 0.340% 05/15/37 (09/07/09) (a)(b)		15,200,000		15,200,000
Marbella Cove II LP,
Series 2007 B, AMT, LOC: FHLB 0.340% 06/15/42 (09/07/09) (a)(b)		9,500,000		9,500,000
Multi-Family Housing,
Fox Chase Partners, Ltd., Series 2002 E, AMT, 0.340% 08/15/35 (09/07/09) (b)(c)		8,640,000		8,640,000
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products: 1.030% 12/06/35 (09/07/09) (a)(b)		9,900,000		9,900,000
1.040% 10/02/35 (09/07/09) (a)(b)		13,665,000		13,665,000
FL Puttable Floating Option Tax-Exempt Receipts
Series 2008, AMT,
GTY AGMT: FHLMC: 0.670% 07/01/39 (09/07/09) (a)(b)		8,690,000		8,690,000
0.670% 03/01/50 (09/07/09) (a)(b)		4,750,000		4,750,000
FL Sunshine Governmental Financing Commission
0.350% 09/09/09		38,510,000		38,510,000
0.400% 10/08/09		25,000,000		25,000,000
0.750% 09/10/09		21,000,000		21,000,000
1.000% 09/03/09		75,255,000		75,255,000
Florida Total				479,472,000
Georgia – 3.4%
GA Atlanta Metropolitan Rapid Transit Authority
0.650% 09/03/09		30,000,000		30,000,000
GA Atlanta Urban Residential Finance Authority
Series 2005, AMT,
GTY AGMT: Merrill Lynch & Co., SPA: FHLMC 0.650% 12/01/30 (09/07/09) (a)(b)(d)		4,695,000		4,695,000

	Par ($)		Value ($)
GA Bacon Industrial Building Authority
D. L. Lee & Sons, Inc.,
Series 2004, AMT, LOC: Branch Banking & Trust 0.430% 09/01/24 (09/07/09) (a)(b)		7,095,000		7,095,000
GA Columbia County Development Authority
Multi-Family Housing,
Westwood Club Apartment Project, Series 2002, AMT, LIQ FAC: FNMA 0.360% 11/15/35 (09/07/09) (a)(b)		7,360,000		7,360,000
GA Decatur County & Bainbridge Development Authority
Rand Group Ltd.,
Series 2007, AMT, LOC: National City Bank 0.560% 01/01/27 (09/07/09) (a)(b)		8,285,000		8,285,000
GA East Point Housing Authority Multi-Family Revenue
Village Highlands Apartments Project,
Series 2004, AMT, LIQ FAC: FHLMC 0.430% 07/01/37 (09/07/09) (a)(b)		12,400,000		12,400,000
GA Fulton County Development Authority
OBH, Inc.,
Series 1999 B, AMT, 0.580% 12/01/28 (09/07/09) (b)(c)		9,350,000		9,350,000
GA George L. Smith lI Congress Center Authority
Series 2008, AMT,
LIQ FAC: Citibank N.A. 0.520% 01/01/18 (09/07/09) (a)(b)(e)		14,825,000		14,825,000
GA Gordon County Development Authority
Nance Carpet & Rug, Inc.,
Series 2006, AMT, LOC: Branch Banking & Trust 0.530% 10/01/21 (09/07/09) (a)(b)		2,285,000		2,285,000
GA Houston County Development Authority
Clean Control Corp.,
Series 2000, AMT, LOC: Branch Banking & Trust 0.430% 06/01/20 (09/07/09) (a)(b)		1,925,000		1,925,000

See Accompanying Notes to Financial Statements.

6

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
GA Kennesaw Development Authority Housing
Alta Ridenour LLC,
Series 2008, AMT, LOC: FHLMC 0.400% 10/01/43 (09/07/09) (a)(b)		7,350,000		7,350,000
GA Municipal Electric Authority
Series 2009 A:
1.250% 05/07/10		15,000,000		15,040,430
2.000% 06/21/10		6,000,000		6,072,760
GA Municipal Gas Authority
Series 2008 D,
1.000% 12/16/09		25,000,000		25,071,151
Series 2008,
2.500% 12/16/09		88,500,000		88,791,454
GA Puttable Floating Option Tax-Exempt Receipts
Series 2008, AMT,
GTY AGMT: FHLMC: 0.670% 12/01/37 (09/07/09) (a)(b)		12,965,000		12,965,000
0.670% 12/01/43 (09/07/09) (a)(b)		11,905,000		11,905,000
0.670% 04/01/46 (09/07/09) (a)(b)		9,295,000		9,295,000
GA Richmond County Development Authority
Stonegate Club Apartments Project,
Series 2002, AMT, LIQ FAC: FNMA 0.360% 11/15/35 (09/07/09) (a)(b)		5,155,000		5,155,000
GA Savannah Economic Development Authority
Series 2007, AMT,
LOC: Branch Banking & Trust 0.430% 11/01/27 (09/07/09) (a)(b)		4,855,000		4,855,000
GA Union County Development Authority
Applewood Doors & Windows,
Series 2005, AMT, LOC: Branch Banking & Trust 0.530% 12/01/22 (09/07/09) (a)(b)		3,265,000		3,265,000
GA Wayne County Industrial Development Authority
Absorption Corp.,
Series 2004, AMT, LOC: Branch Banking & Trust 0.430% 09/01/19 (09/07/09) (a)(b)		3,300,000		3,300,000
Georgia Total				291,285,795

	Par ($)		Value ($)
Hawaii – 0.5%
HI Housing Finance & Development Corp.
Series 2008 AMT,
GTY AGMT: Citigroup Financial Products 1.180% 03/01/35 (09/07/09) (a)(b)		44,550,000		44,550,000
Hawaii Total				44,550,000
Idaho – 1.2%
ID Eagle Industrial Development Corp.
Rose Cottage LLC,
Series 2001, AMT, LOC: Wells Fargo Bank N.A. 0.530% 09/01/21 (09/07/09) (a)(b)		3,540,000		3,540,000
ID Housing & Finance Association
Single Family Mortgage:
Series 2004 A-1, AMT, LIQ FAC: Lloyds TSB Bank PLC 0.400% 07/01/35 (09/07/09) (a)(b)		8,750,000		8,750,000
Series 2007 D-1, AMT, LIQ FAC: Lloyds TSB Bank PLC 0.400% 07/01/38 (09/07/09) (a)(b)		5,000,000		5,000,000
Series 2007 E-1, AMT, LIQ FAC: Lloyds TSB Bank PLC 0.400% 07/01/38 (09/07/09) (a)(b)		24,000,000		24,000,000
Series 2007, AMT, LIQ FAC: Lloyds TSB Bank PLC 0.400% 07/01/38 (09/07/09) (a)(b)		8,820,000		8,820,000
ID State
Series 2009,
2.500% 06/30/10		50,000,000		50,864,931
Idaho Total				100,974,931
Illinois – 2.6%
IL Chicago Enterprise Zone
Gas Plus, Inc.,
Series 2002, AMT, LOC: Northern Trust Co. 0.820% 11/01/22 (09/07/09) (a)(b)		1,150,000		1,150,000

See Accompanying Notes to Financial Statements.

7

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
IL Chicago Industrial Development
Flying Food Fare Midway,
Series 1999, AMT, LOC: Harris Trust & Savings Bank 0.780% 12/01/28 (09/07/09) (a)(b)		4,500,000		4,500,000
Series 2001, AMT,
LOC: Wells Fargo Bank N.A. 0.570% 10/01/31 (09/07/09) (a)(b)		4,706,000		4,706,000
IL Chicago Multi-Family Housing
Concordia Place Apartments LP,
Series 2003, AMT, LOC: Harris Trust & Savings Bank 0.520% 07/01/34 (09/07/09) (a)(b)		12,820,000		12,820,000
Lincoln Village LLC,
Series 2006, AMT, LOC: Harris N.A. 0.390% 06/01/40 (09/07/09) (a)(b)		5,277,000		5,277,000
North Larabee LP,
Series 2001 A, AMT, LOC: Harris Trust & Savings Bank 0.780% 04/01/36 (09/07/09) (a)(b)		4,410,000		4,410,000
Renaissance St. Luke LP,
Series 2004 A, AMT, LOC: Harris Trust & Savings Bank 0.780% 01/01/39 (09/07/09) (a)(b)		3,615,000		3,615,000
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products: 1.000% 07/15/33 (09/07/09) (a)(b)		27,715,000		27,715,000
1.340% 01/15/33 (09/07/09) (a)(b)		9,405,000		9,405,000
1.340% 07/15/33 (09/07/09) (a)(b)		27,165,000		27,165,000
IL Chicago O'Hare International Airport
Series 2005 D,
LOC: Dexia Credit Local 0.370% 01/01/35 (09/02/09) (a)(b)		11,000,000		11,000,000
IL Chicago Single Family Mortgage
Series 2007, AMT,
SPA: Wachovia Bank N.A. 0.370% 12/01/38 (09/07/09) (a)(b)		3,575,000		3,575,000

	Par ($)		Value ($)
Series 2008, AMT,
SPA: Bank of New York 0.370% 06/01/43 (09/07/09) (a)(b)(e)		3,895,000		3,895,000
IL Chicago Solid Waste Disposal Facility
Groot Industries, Inc.,
Series 1995, AMT, LOC: Bank One N.A. 1.320% 12/01/15 (09/07/09) (a)(b)		800,000		800,000
IL Des Plaines Industrial Development
MMP Properties LLC,
Series 1998, AMT, LOC: JPMorgan Chase Bank 2.320% 10/01/18 (09/07/09) (a)(b)		1,485,000		1,485,000
IL Development Finance Authority Industrial Development
Campagna-Turano Bakery,
Series 2000, AMT, LOC: Bank One N.A. 1.420% 08/01/25 (09/07/09) (a)(b)		2,760,000		2,760,000
Clingan Steel, Inc.,
Series 2003, AMT, LOC: Bank One N.A. 1.420% 12/01/23 (09/07/09) (a)(b)		1,835,000		1,835,000
Engineered Polymer,
Series 1995, AMT, LOC: Wachovia Bank N.A. 0.580% 08/01/15 (09/07/09) (a)(b)		7,800,000		7,800,000
Forty Foot High Realty LLC,
Series 2002, AMT, LOC: National City Bank 0.560% 12/01/27 (09/07/09) (a)(b)		3,865,000		3,865,000
Knead Dough Baking Co.,
Series 2000, AMT, LOC: Bank One N.A. 1.420% 09/01/25 (09/07/09) (a)(b)		545,000		545,000
Rainbow Graphics, Inc.,
Series 2003, AMT, LOC: Bank One N.A. 1.420% 08/01/23 (09/07/09) (a)(b)		1,820,000		1,820,000

See Accompanying Notes to Financial Statements.

8

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Tajon Warehousing Corp.,
Series 1990 A, AMT, LOC: Bank One Kentucky N.A. 0.710% 01/01/10 (09/07/09) (a)(b)		3,100,000		3,100,000
IL Development Finance Authority
Affordable Housing,
Lake Towers Associates II LP, Series 1997, AMT, LIQ FAC: FHLMC 0.560% 10/01/23 (09/07/09) (a)(b)		8,565,000		8,565,000
Groot Industries, Inc.,
Series 2003, AMT, LOC: Bank One N.A. 1.320% 12/01/23 (09/07/09) (a)(b)		4,275,000		4,275,000
Jewish Council Youth Service,
Series 2003, LOC: Harris Trust & Savings Bank 0.360% 09/01/28 (09/07/09) (a)(b)		1,045,000		1,045,000
IL Educational Facilities Authority
University of Chicago,
Series 2001 B-2, 0.520% 07/01/36 (08/26/10) (b)(c)		12,500,000		12,500,000
IL Finance Authority Industrial Development
Barton Manufacturing, Inc.,
Series 2005, AMT, LOC: National City Bank 0.660% 11/01/18 (09/07/09) (a)(b)		2,245,000		2,245,000
Merug LLC,
Series 2004 A, AMT, LOC: JPMorgan Chase Bank 1.420% 12/01/18 (09/07/09) (a)(b)		1,800,000		1,800,000
IL Finance Authority
Multi-Family Housing,
Waterton Vistas II LLC, Series 2004, AMT, LIQ FAC: FNMA 0.410% 10/15/34 (09/07/09) (a)(b)		8,500,000		8,500,000

	Par ($)		Value ($)
Villagebrook LP,
Series 2005, AMT, LIQ FAC: FHLMC 0.420% 05/01/35 (09/07/09) (a)(b)		5,605,000		5,605,000
IL Housing Development Authority
Multi-Family Housing:
Mattoon Towers Associates II, Series 2004, AMT, LOC: FHLB 0.510% 01/01/34 (09/07/09) (a)(b)		3,105,000		3,105,000
Pontiac Tower Associates III,
Series 2005, AMT, LOC: Harris N.A. 0.540% 09/01/35 (09/07/09) (a)(b)		3,645,000		3,645,000
Sterling Towers Associates II,
Series 2001, AMT, LOC: Harris N.A. 0.520% 10/01/35 (09/07/09) (a)(b)		3,675,000		3,675,000
IL Puttable Floating Option Tax-Exempt Receipts
Series 2008, AMT:
GTY AGMT: FHLMC 0.670% 01/01/44 (09/07/09) (a)(b)		4,340,000		4,340,000
LIQ FAC: FHLMC 0.670% 01/01/44 (09/07/09) (a)(b)		3,940,000		3,940,000
IL Skokie Industrial Development
Series 2003, AMT,
LOC: JPMorgan Chase Bank 0.680% 12/01/33 (09/07/09) (a)(b)		2,400,000		2,400,000
IL Upper River Valley Development Authority
Advanced Drainage Systems,
Series 2002, AMT, LOC: National City Bank 0.560% 07/01/14 (09/07/09) (a)(b)		3,325,000		3,325,000
IL Will County Exempt Facilities Revenue
BP Amoco Chemical Co.,
Series 2003, AMT, GTY AGMT: BP PLC 0.120% 07/01/33 (09/01/09) (a)(b)		1,800,000		1,800,000

See Accompanying Notes to Financial Statements.

9

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Exxon Mobil Corp.,
Series 2001, AMT, 0.120% 06/01/26 (09/01/09) (b)(c)		10,000,000		10,000,000
Illinois Total				224,008,000
Indiana – 5.6%
IN Allen County Multi-Family Housing Redevelopment
Woodland Crest Hill,
Series 2002, AMT, LOC: Bank One N.A. 1.420% 08/01/17 (09/07/09) (a)(b)		2,100,000		2,100,000
IN Bond Bank
Series 2009 A,
SPA: JPMorgan Chase & Co. 2.000% 01/06/10		16,000,000		16,079,925
Series 2009,
2.000% 01/05/10		20,000,000		20,061,411
IN DeKalb County
Series 2003, AMT,
LOC: National City Bank of Indiana 0.560% 10/01/13 (09/07/09) (a)(b)		3,020,000		3,020,000
IN Elkhart Economic Development
Crossroads Apartments LLC,
Series 1998 A, AMT, LOC: FHLB 2.120% 04/01/28 (09/07/09) (a)(b)		695,000		695,000
Series 2006, AMT,
LOC: National City Bank of Indiana 0.560% 07/01/26 (09/07/09) (a)(b)		3,315,000		3,315,000
Vahala Foam Enterprises,
Series 2002, AMT, LOC: Bank One N.A. 1.420% 09/01/17 (09/07/09) (a)(b)		1,100,000		1,100,000
IN Finance Authority
Floyd Memorial Hospital & Health,
Series 2008, LOC: Branch Banking & Trust 0.200% 03/01/36 (09/01/09) (a)(b)		10,620,000		10,620,000

	Par ($)		Value ($)
Parkview Health System,
Series 2009 B, LOC: National City Bank 0.260% 11/01/39 (09/02/09) (a)(b)		8,250,000		8,250,000
IN Garrett Economic Development
Series 2005, AMT,
LOC: National City Bank 0.560% 01/01/21 (09/07/09) (a)(b)		4,725,000		4,725,000
IN Gibson County Pollution Control
Toyota Motor Manufacturing:
Series 1997, AMT, 0.340% 10/01/27 (09/07/09) (b)(c)		10,000,000		10,000,000
Series 1998, AMT, 0.340% 01/01/28 (09/07/09) (b)(c)		10,000,000		10,000,000
Series 1999, AMT, 0.340% 01/01/29 (09/07/09) (b)(c)		10,000,000		10,000,000
Series 2000 A, AMT, 0.340% 01/01/30 (09/07/09) (b)(c)		10,000,000		10,000,000
Series 2001 B, AMT: 0.340% 09/01/31 (09/07/09) (b)(c)		10,000,000		10,000,000
GTY AGMT: Toyota Motor Credit Corp. 0.340% 02/01/31 (09/07/09) (a)(b)		10,000,000		10,000,000
IN Housing & Community Development Authority
Series 2008, AMT,
SPA: Royal Bank of Canada 0.310% 07/01/39 (09/07/09) (a)(b)		21,250,000		21,250,000
IN Indianapolis Local Public Improvement Bond Bank
Series 2009 A,
0.780% 01/15/10		10,125,000		10,125,000
IN Jeffersonville Economic Development
Series 2003, AMT,
LOC: National City Bank of Kentucky 0.560% 04/01/23 (09/07/09) (a)(b)		4,100,000		4,100,000
IN Mount Vernon Pollution Control
General Electric Co.,
Series 1998, AMT, 0.160% 11/01/18 (09/01/09) (b)(c)		10,000,000		10,000,000

See Accompanying Notes to Financial Statements.

10

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
IN Reset Optional Certificates Trust II-R
Series 2007, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 10/26/17 (09/07/09) (a)(b)		133,785,000		133,785,000
IN Rockport Pollution Control
AK Steel Corp.,
Series 1997 A, AMT, LOC: PNC Bank N.A. 0.390% 12/01/27 (09/07/09) (a)(b)		10,000,000		10,000,000
IN Rockport
AK Steel Corp.,
Series 1998 A, AMT, LOC: PNC Bank N.A. 0.390% 12/01/28 (09/07/09) (a)(b)		10,000,000		10,000,000
Series 1999 A, AMT,
LOC: PNC Bank N.A. 0.390% 06/01/29 (09/07/09) (a)(b)		10,000,000		10,000,000
IN St. Joseph County Economic Development
Pine Oak Apartments LP,
Series 1997 A, AMT, LOC: FHLB 2.120% 06/01/27 (09/07/09) (a)(b)		2,365,000		2,365,000
South Bend Medical Foundation, Inc.,
Series 2000, LOC: National City Bank 0.340% 08/01/20 (09/07/09) (a)(b)		13,450,000		13,450,000
University of Notre Dame,
Series 2005, 0.170% 03/01/40 (09/03/09) (b)(c)		96,000,000		96,000,000
IN Whiting Environmental Facilities
BP PLC,
Series 2002 C, AMT, 0.120% 07/01/34 (09/01/09) (b)(c)		20,000,000		20,000,000
IN Whiting
BP PLC,
Series 2002 B, AMT, 0.120% 12/01/35 (09/01/09) (b)(c)		7,000,000		7,000,000
Indiana Total				478,041,336

	Par ($)		Value ($)
Iowa – 1.0%
IA Clinton Industrial Development
Series 2004, AMT,
LOC: Northern Trust Co. 0.620% 12/01/22 (09/07/09) (a)(b)		3,700,000		3,700,000
Sethness Products Co.,
Series 1996, AMT, LOC: Northern Trust Co. 0.620% 09/01/11 (09/07/09) (a)(b)		1,300,000		1,300,000
IA Finance Authority Industrial Development
US Filter Operating Services, Inc.,
Series 2001 A, AMT, LOC: Societe Generale 0.440% 11/01/17 (09/07/09) (a)(b)		4,770,000		4,770,000
IA Finance Authority
Series 2009 A,
2.500% 06/23/10		18,000,000		18,282,030
Single Family Mortgage:
Series 2005 E, AMT, SPA: State Street Bank & Trust Co. 0.370% 01/01/36 (09/07/09) (a)(b)		4,500,000		4,500,000
Series 2006 C, AMT, SPA: State Street Bank & Trust Co. 0.370% 01/01/36 (09/07/09) (a)(b)		12,000,000		12,000,000
Series 2007 N, AMT, SPA: FHLB 0.350% 01/01/39 (09/07/09) (a)(b)		7,300,000		7,300,000
Series 2008 F, AMT, SPA: FHLB 0.370% 01/01/39 (09/07/09) (a)(b)		6,000,000		6,000,000
Series 2008, AMT, SPA: FHLB 0.370% 01/01/39 (09/07/09) (a)(b)		28,070,000		28,070,000
IA West Burlington Industrial Development
Borhi Oil Hydraulic,
Series 2001 B, AMT, LOC: Bank One N.A. 1.420% 01/01/11 (09/07/09) (a)(b)		300,000		300,000
Iowa Total				86,222,030

See Accompanying Notes to Financial Statements.

11

Columbia Municipal Reserves

August 31, 2009

Municipal Bonds (continued)
	Par ($)		Value ($)
Kansas – 0.5%
KS Development Finance Authority
Boulevard Apartments, LLC,
Series 2008 B, AMT, LOC: Wells Fargo Bank N.A. 0.430% 03/01/43 (09/07/09) (a)(b)		25,000,000		25,000,000
Exempt Facilities,
Seaboard Farms, Inc., Series 1995 A, AMT, LOC: Bank of New York 0.500% 12/01/25 (09/07/09) (a)(b)		9,200,000		9,200,000
KS Munimae Trust
Series 2001-5, AMT,
LIQ FAC: FHLMC 4.000% 01/14/26 (01/07/10) (b)		1,210,000		1,210,000
Series 2001-6, AMT,
LIQ FAC: FHLMC 4.000% 07/14/26 (01/07/10) (b)		1,930,000		1,930,000
KS Wichita Airport Authority
Berkshire Hathaway, Inc.,
Series 2003 A, AMT, GTY AGMT: Berkshire Hathaway, Inc. 0.580% 11/01/31 (09/07/09) (a)(b)		2,860,000		2,860,000
Kansas Total				40,200,000
Kentucky – 1.4%
KY Campbellsville-Taylor County Industrial Development
Airguard Industrial, Inc.,
Series 2001, AMT, LOC: Northern Trust Co. 0.620% 05/01/31 (09/07/09) (a)(b)		7,410,000		7,410,000
KY Christian County Industrial Building
Audubon Area Community Services,
Series 2004, LOC: Branch Banking & Trust 0.330% 01/01/29 (09/07/09) (a)(b)		3,200,000		3,200,000
KY Daviess County Industrial Building Revenue
Series 2003, AMT,
LOC: National City Bank of Kentucky 0.560% 05/01/18 (09/07/09) (a)(b)		3,040,000		3,040,000

	Par ($)		Value ($)
KY Economic Development Finance Authority
Series 2009 B-1,
LOC: JPMorgan Chase Bank 0.110% 08/15/38 (09/01/09) (a)(b)		27,755,000		27,755,000
Series 2009 B-2,
LOC: JPMorgan Chase Bank 0.120% 08/15/38 (09/01/09) (a)(b)		3,655,000		3,655,000
KY Hopkinsville Industrial Building
Comefri USA, Inc.,
Series 2006, AMT, LOC: Branch Banking & Trust 0.530% 06/01/26 (09/07/09) (a)(b)		3,230,000		3,230,000
KY Housing Corp.
Highlands Court Apartments,
Series 2007, AMT, LOC: National City Bank 0.390% 12/15/37 (09/07/09) (a)(b)		4,000,000		4,000,000
Series 2005 B, AMT,
SPA: BNP Paribas 0.360% 07/01/32 (09/07/09) (a)(b)		12,290,000		12,290,000
Series 2005 L, AMT,
SPA: BNP Paribas 0.360% 07/01/36 (09/07/09) (a)(b)		12,900,000		12,900,000
Series 2006 C, AMT,
SPA: BNP Paribas 0.360% 07/01/36 (09/07/09) (a)(b)		15,425,000		15,425,000
Series 2006 I, AMT,
SPA: BNP Paribas 0.360% 01/01/32 (09/07/09) (a)(b)		20,755,000		20,755,000
Series 2008, AMT,
GTY AGMT: Citigroup Financial Products 1.340% 04/03/36 (09/07/09) (a)(b)		5,460,000