UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04367

Columbia Funds Series Trust I

(Exact name of registrant as specified in charter)

One Financial Center, Boston, Massachusetts 02111

(Address of principal executive offices) (Zip code)

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: March 31

Date of reporting period: September 30, 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.

Semiannual Report

September 30, 2009

Equity Funds

n Columbia Blended Equity Fund

n Columbia Energy and Natural Resources Fund

n Columbia Mid Cap Core Fund

n Columbia Select Large Cap Growth Fund

n Columbia Select Opportunities Fund

n Columbia Select Small Cap Fund

n Columbia Value and Restructuring Fund

n Columbia Emerging Markets Fund

n Columbia International Growth Fund

n Columbia Pacific/Asia Fund

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

Table of Contents

Columbia Blended Equity Fund	1
Columbia Energy and Natural Resources Fund	5
Columbia Mid Cap Core Fund	9
Columbia Select Large Cap Growth Fund	13
Columbia Select Opportunities Fund	17
Columbia Select Small Cap Fund	21
Columbia Value and Restructuring Fund	25
Columbia Emerging Markets Fund	29
Columbia International Growth Fund	33
Columbia Pacific/Asia Fund	37
Financial Statements
Investment Portfolios	41
Statements of Assets and Liabilities	80
Statements of Operations	84
Statements of Changes in Net Assets	88
Financial Highlights	102
Notes to Financial Statements	136
Important Information About This Report	153

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

President’s Message

Dear Shareholder:

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. In the third quarter, the S&P 500 Index¹ was up 15.61%. 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 4 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.

Fund Profile – Columbia Blended Equity Fund

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

Summary

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

	+31.25% Class A shares (without sales charge)
	+34.02% S&P 500 Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 31.25% without sales charge. The fund participated in a market rally that caused stock prices to rise sharply during the period, but its return was somewhat lower than the 34.02% return of its benchmark, the S&P 500 Index¹, which includes speculative names that do not meet the fund’s criteria. The average return of funds in its peer group, the Lipper Multi-Cap Core Funds Classification², was 37.06%. While an emphasis on higher-quality stocks detracted from the fund’s relative returns during the period, we believe it will help once the market normalizes to reflect values more representative of company fundamentals.

n The fund benefited most from holdings in the technology, financials, consumer discretionary and industrials sectors. Technology names that were among early beneficiaries of positive economic news included Hewlett-Packard, EMC and Microsoft (1.4%, 1.4%, and 3.7% of net assets, respectively). A recovery in the financial markets buoyed investment banks JPMorgan Chase and Goldman Sachs (1.6% and 1.8% of net assets, respectively). Early signs of economic recovery also helped Starwood Hotels & Resorts and retailers Target and TJX (0.5%, 5.1% and 0.9% of net assets, respectively). Increased corporate spending boosted several industrial names, including General Electric and Parker Hannifin (1.9% and 0.6% of net assets, respectively).

n The fund’s disappointments for the period included Sprint Nextel, which continued to lose subscribers to other providers; agricultural company Monsanto (0.5% of net assets), which experienced weakened demand and reduced pricing for its products; and Burger King, which lost ground when a forecasted turnaround failed to materialize. We sold Burger King and Sprint.

n A positive shift in market sentiment was understandable in view of expectations for an economic recovery, but its speed and magnitude were surprising and we expect market volatility to linger. We continue to draw on three independent and uncorrelated research sources — fundamental research, systematic models and input from the portfolio management team — to take advantage of opportunities arising from market disruptions that often accompany market volatility.

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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Fund Profile (continued) – Columbia Blended Equity Fund

Portfolio Management

Peter Santoro has co-managed the fund since February 2009 and has been associated with the advisor or its predecessors since 2003.

Dhruv V. Toolsidas has co-managed the fund since March 2008 and has been associated with the advisor or its predecessors since 2003.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

2

Performance Information – Columbia Blended Equity Fund

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

Annual operating expense ratio (%)*
Class A	1.27
Class C	2.02
Class Z	1.02

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	21.20
Class C	21.14
Class Z	21.19

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.07
Class C	0.01
Class Z	0.09

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	9,844	9,279
Class C	9,733	9,733
Class Z	9,876	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Blended Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	03/31/08		03/31/08		04/25/85
Sales charge	without	with	without	with	without
6-month (cumulative)	31.25	23.69	30.77	29.77	31.42
1-year	–8.74	–13.99	–9.44	–10.35	–8.56
5-year	1.72	0.52	1.49	1.49	1.79
10-year	–0.16	–0.75	–0.27	–0.27	–0.12

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 are those of the Shares class shares of Blended Equity Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”). The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Fund class commenced operations for Classes A and C and the date on which the Predecessor Fund class commenced operations for Class Z.

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

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

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

3

Understanding Your Expenses – Columbia Blended Equity Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,312.50	1,018.45	7.65	6.68	1.32
Class C	1,000.00	1,000.00	1,307.69	1,014.69	11.98	10.45	2.07
Class Z	1,000.00	1,000.00	1,314.81	1,019.70	6.21	5.42	1.07

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

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

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

4

Fund Profile – Columbia Energy and Natural Resources Fund

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

Summary

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

	+37.84% Class A shares (without sales charge)
	+38.74% S&P North American Natural Resources Sector Index
	+34.02% S&P 500 Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 37.84% without sales charge. The fund’s benchmark, the S&P North American Natural Resources Sector Index¹, returned 38.74% for the period. The average return of its peer group, the Lipper Natural Resources Funds Classification², was 44.09%. While the fund produced solid gains on an absolute basis, its relative performance fell short of its benchmark because of holdings in two non-benchmark utilities companies, which underperformed natural resource companies, and also because of a lack of exposure to forest products companies.

n The fund’s increasing emphasis on energy resource development companies helped drive strong absolute returns during the six months. Investments in exploration and production companies, such as Northern Oil & Gas and EXCO Resources (each 1.7% of net assets), and oil field service companies, such as Weatherford International (2.8% of net assets), all supported performance. Among natural resources investments in the materials sector, the top contributor was Walter Energy (1.5% of net assets), a leading global coal producer.

n Rising crude oil prices accompanied by reduced demand for refined oil products led to shrinking margins in refining and marketing operations, squeezing the profits of the large integrated oil companies. We sold one notable disappointment in the integrated oil group, Exxon Mobil, while reducing the fund’s exposure to other poor-performing companies, including Chevron and Total (2.4% and 2.2% of net assets, respectively). In materials, we liquidated positions in weak-performers Monsanto and Scotts Miracle-Gro. Both were hurt by declining demand for fertilizers.

n Looking ahead, we believe that independent natural gas and oil companies should continue to benefit from rising production volumes and growth in reserves. As a result, we have more exposure than the index to the group. We have emphasized gas producers, because we think that natural gas prices have the potential to rise again after declines over the past six months. At the same time, we believe that major integrated oil companies, which we have underweighted relative to the index, face pressures in refining and marketing operations. In materials, we added emphasis to base metals companies, such as copper, iron ore and coking coal, which we think are positioned to benefit from strong demand in China.

¹ The Standard & Poor’s (S&P) North American Natural Resources Sector Index is a modified market capitalization-weighted equity index designed as a benchmark for U.S. traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper and owners of plantations. 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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

5

Fund Profile (continued) – Columbia Energy and Natural Resources Fund

Portfolio Management

Michael E. Hoover has managed the fund since March 2008 and the predecessor fund since December 1995 and has been associated with the advisor or its predecessors since 1989.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Energy and natural resources stocks have been volatile. They may be affected by rising interest rates and inflation and can also be affected by factors such as natural events (for example, earthquakes or fires) and international politics.

The fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the fund’s value will likely be more volatile than the value of more diversified funds.

6

Performance Information – Columbia Energy and Natural Resources Fund

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

Annual operating expense ratio (%)*
Class A	1.28
Class C	2.03
Class Z	1.03

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	18.76
Class C	18.50
Class Z	18.78

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.01
Class C	0.00
Class Z	0.05

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	32,643	30,776
Class C	32,173	32,173
Class Z	32,756	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Energy and Natural Resources Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	09/28/07		09/28/07		12/31/92
Sales charge	without	with	without	with	without
6-month (cumulative)	37.84	29.92	37.34	36.34	37.92
1-year	–5.14	–10.60	–5.85	–6.79	–4.90
5-year	12.86	11.53	12.53	12.53	12.94
10-year	12.56	11.90	12.40	12.40	12.60

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Energy and Natural Resources Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to September 28, 2007 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Fund class commenced operations for Classes A and C and the date on which the Predecessor Fund class commenced operations for Class Z.

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

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

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

7

Understanding Your Expenses – Columbia Energy and Natural Resources Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,378.38	1,018.90	7.33	6.23	1.23
Class C	1,000.00	1,000.00	1,373.42	1,015.14	11.78	10.00	1.98
Class Z	1,000.00	1,000.00	1,379.19	1,020.16	5.84	4.96	0.98

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

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

8

Fund Profile – Columbia Mid Cap Core Fund

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

Summary

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

	+41.83% Class A shares (without sales charge)
	+45.71% Russell MidCap Index
	+49.51% Russell MidCap Value Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 41.83% without sales charge. The fund participated in the period’s market rally, but its return fell short of the returns of its benchmarks, the Russell MidCap Index and the Russell MidCap Value Index.¹ The benchmarks, which include speculative names that do not meet the fund’s criteria, returned 45.71% and 49.51%, respectively. The fund performed in line with the average return of its peer group, the Lipper Mid Cap Core Funds Classification², which was 41.97%.

n Holdings in the consumer, financials and technology sectors helped drive the fund’s returns. Early signs of economic recovery boosted Starwood Hotels & Resorts, Polo Ralph Lauren, Nordstrom and TJX (0.9%, 0.9%, 0.9%, and 1.0% of net assets, respectively). Increased slot-machine sales buoyed gaming equipment supplier Bally Technologies, and auto parts supplier Autoliv benefited from the U.S. government’s “Cash for Clunkers” program (0.7% and 0.6% of net assets, respectively). Business growth in emerging markets helped cosmetics firm Avon Products, baby formula supplier Mead Johnson Nutrition and cellular operator NII Holdings (1.4%, 0.5%, and 0.8% of net assets, respectively). Regional banks, diversified financials and insurers benefiting from the financial markets recovery included Fifth Third, Ameriprise Financial and Prudential Financial (1.1%, 1.2%, and 1.2% of net assets, respectively). Brocade Communications Systems also rebounded strongly (0.5% of net assets).

n Several holdings had disappointing results. An overabundance of coal hurt pricing at Consolidated Energy. Sprint Nextel continued to lose subscribers to other providers. Website server host Akamai Technology experienced price deterioration as competition heated up, and Burger King lost ground when a forecasted turnaround failed to materialize. We sold all four names.

n A positive shift in market sentiment was understandable as expectations for an economic recovery increased, but its speed and magnitude were surprising and we expect market volatility will linger. Historically, mid-cap stocks have performed well coming out of recessionary periods, and a near-term consolidation trend may benefit mid-caps further. We continue to draw on three independent and uncorrelated research sources — fundamental research, systematic models and input from the portfolio management team — to take advantage of opportunities arising from the market disruptions that often accompany market volatility.

¹ The Russell MidCap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. The Russell MidCap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index. 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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

9

Fund Profile (continued) – Columbia Mid Cap Core Fund

Portfolio Management

Peter Santoro has co-managed the fund since November 2008 and has been associated with the advisor or its predecessors since 2003.

Craig Leopold has co-managed the fund since November 2008 and has been associated with the advisor or its predecessors since 2003.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Stocks of mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. If the manager’s assessment of a company’s prospects is wrong, the price of the company’s stock may not approach the value the manager has placed on it.

10

Performance Information – Columbia Mid Cap Core Fund

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

Annual operating expense ratio (%)*
Class A	1.30
Class C	2.05
Class R	1.55
Class Z	1.05

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	13.50
Class C	13.43
Class R	13.33
Class Z	13.51
Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.03
Class C	0.00	*
Class R	0.02
Class Z	0.04

* Rounds to less than $0.01.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	16,553	15,586
Class C	16,362	16,362
Class R	16,205	n/a
Class Z	16,586	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Mid Cap Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		R	Z
Inception	03/31/08		03/31/08		12/31/04	05/31/96
Sales charge	without	with	without	with	without	without
6-month (cumulative)	41.83	33.70	41.40	40.40	41.72	41.95
1-year	–6.83	–12.19	–7.48	–8.40	–7.17	–6.66
5-year	–1.30	–2.47	–1.50	–1.50	–1.69	–1.23
10-year	5.16	4.54	5.05	5.05	4.95	5.19

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 are those of the Shares class shares of Mid Cap Value and Restructuring, the predecessor to the Fund and a series of Excelsior Funds Trust (the “Predecessor Fund”). The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be lower. The returns of Class R shares shown include the returns of Retirement Shares class shares of the Predecessor Fund for periods after December 30, 2004, and include the returns of Shares class shares of the Predecessor Fund for periods prior to December 31, 2004. The returns shown reflect that Class R shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns shown reflect that Class Z shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher. The inception of the Predecessor Fund is May 31, 1996.

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

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

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

11

Understanding Your Expenses – Columbia Mid Cap Core Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,418.29	1,018.65	7.76	6.48	1.28
Class C	1,000.00	1,000.00	1,413.98	1,014.89	12.28	10.25	2.03
Class R	1,000.00	1,000.00	1,417.19	1,017.40	9.27	7.74	1.53
Class Z	1,000.00	1,000.00	1,419.50	1,019.90	6.25	5.22	1.03

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

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

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

12

Fund Profile – Columbia Select Large Cap Growth Fund

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

Summary

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

	+34.14% Class A shares (without sales charge)
	+32.58% Russell 1000 Growth Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 34.14%, without sales charge. The fund outperformed its benchmark, the Russell 1000 Growth Index¹, which returned 32.58% for the period. Its return was also higher than the 31.35% average return of its peer group, the Lipper Large-Cap Growth Funds Classification². We attribute the fund’s strong performance to stock selection, primarily in health care and telecommunications services, and to a significant underweight in consumer staples.

n In health care, positive stock selection offset the impact of the fund’s overweight in the sector relative to its benchmark. Intuitive Surgical, a robotic surgical device company, and Covance (2.1% of net assets), a contract research organization (CRO), were the two best contributors for the sector. Intuitive Surgical was sold before the end of the period. Eye-care company Alcon (3.2% of net assets) also turned in a strong performance. Returns in telecommunication services were boosted by American Movil (3.2% of net assets), a Latin American wireless operator. The fund had substantially less exposure to the consumer staples sector, which also helped relative performance, as consumer staples generated only mediocre returns.

n Stock selection in consumer discretionary, industrials and materials detracted from results. Many of the fund’s consumer discretionary investments generated solid returns. However, the fund lacked exposure to some of the sector’s strongest performers. Additionally, GameStop and Apollo Group (3.7% and 4.1% of net assets, respectively) were performance laggards. In the industrials sector, First Solar and Expeditors International of Washington (each 2.9% of net assets) produced solid results but trailed the sector’s nearly 35% rise.

n We plan to continue to seek companies that we believe can sustain above-average growth in an environment marked by slow economic and earnings growth. Companies with stronger balance sheets, low debt and strong free cash flow have the potential to gain market share at the expense of weaker competitors in this environment. We believe that could make stock selection even more important than it was during the previous period, when investors demonstrated little name-by-name differentiation. We believe that our focus on strong company fundamentals and selectivity is a good match for the market climate going forward.

¹ The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. 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.

² Lipper, Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

13

Fund Profile (continued) – Columbia Select Large Cap Growth Fund

Portfolio Management

Thomas M. Galvin, lead manager, has managed or co-managed the fund since March 2008 and the predecessor fund since February 2003. He has been associated with the advisor or its predecessors since 2003.

Richard A. Carter has co-managed the fund since March 2009 and has been associated with the advisor or its predecessors since 2003.

Todd D. Herget has co-managed the fund since March 2009 and has been associated with the advisor or its predecessors since 1998.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Investing in growth stocks incurs the possibility of losses because their prices are sensitive to changes in current or expected earnings.

14

Performance Information – Columbia Select Large Cap Growth Fund

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

Annual operating expense ratio (%)*
Class A	1.25
Class C	2.00
Class R	1.50
Class Z	1.00

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	9.47
Class C	9.33
Class R	9.26
Class Z	9.51

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	6,847	6,455
Class C	6,746	6,746
Class R	6,696	n/a
Class Z	6,876	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Select Large Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		R	Z
Inception	09/28/07		09/28/07		12/31/04	10/01/97
Sales charge	without	with	without	with	without	without
6-month (cumulative)	34.14	26.44	33.67	32.67	34.01	34.32
1-year	–0.53	–6.24	–1.27	–2.26	–0.75	–0.31
5-year	4.83	3.59	4.52	4.52	4.36	4.92
10-year	–3.72	–4.28	–3.86	–3.86	–3.93	–3.68

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of Class A and Class C shares shown for periods prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Large Cap Growth Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and also include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses had been reflected, the returns shown for the periods prior to September 28, 2007 would have been lower. The returns of the Class R shares shown for periods prior to March 31, 2008 include the returns of Retirement Shares class shares of the Predecessor Fund for periods after December 30, 2004, and include the returns of Shares class shares of the Predecessor Fund for periods prior to December 31, 2004. The returns shown reflect that Class R shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer class of shares would have been lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer class of shares would have been higher.

Inception date refers to the date on which the Predecessor Fund class commenced operations.

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

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

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

15

Understanding Your Expenses – Columbia Select Large Cap Growth Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,341.38	1,018.70	7.45	6.43	1.27
Class C	1,000.00	1,000.00	1,336.72	1,014.94	11.83	10.20	2.02
Class R	1,000.00	1,000.00	1,340.08	1,017.45	8.92	7.69	1.52
Class Z	1,000.00	1,000.00	1,343.19	1,019.95	5.99	5.16	1.02

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

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

16

Fund Profile – Columbia Select Opportunities Fund

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

Summary

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

	+ 40.54% Class A shares (without sales charge)
	+34.02% S&P 500 Index
	+35.22% Russell 1000 Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 40.54% without sales charge. The fund outperformed its benchmarks, the S&P 500 Index¹ and the Russell 1000 Index², which returned 34.02% and 35.22%, respectively, for the period. The fund’s return was higher than the 37.06% average return of the fund’s peer group, the Lipper Multi-Cap Core Funds Classification³. Both stock selection and the fund’s sector weights contributed to the fund’s strong relative performance.

n The period began just weeks after the end of a major stock market sell-off, and the ensuing rebound from depressed valuations produced strong returns for the six-month period. While the price of oil rose during the period, the energy sector overall lagged the broader market. For the fund, the energy sector was an area of positive relative performance. Cimarex Energy (0.7% of net assets) rose sharply during the period and the fund’s holdings in the Brazilian company Petroleo Brasileiro (0.6% of net assets) also aided performance. The fund also had strong performance from several holdings in the consumer staples area, notably Avon Products, Mead Johnson Nutrition and Herbalife (0.7%, 0.6%, and 0.5% of net assets, respectively). In technology, Apple and Brocade Communications Systems (1.8% and 0.4% of net assets, respectively) were strong performers. In the utilities sector, AES (0.8% of net assets ) rose sharply during the period. While the benchmarks’ financial stocks registered strong returns during the period, the fund’s financial sector holdings did not keep pace with its benchmarks. The relative underperformance from stock selection in the financials sector was partially offset by the fund’s sector weight.

n In our last report, we indicated that we were finding many compelling investment opportunities in the United States. Our purchases since then have included small-to medium-sized companies such as Jo-Ann Stores, CARBO Ceramics and Fifth Third Bancorp (0.6%, 0.7% and 0.8% of net assets, respectively). As the new reporting period begins, we are finding compelling emerging market investments, even after a strong rally in that arena in 2009. Investments in this category include the Indonesian company PT Perusahaan Gas Negara and Brazilian company Hypermarcas (0.5% and 0.6% of net assets, respectively).

¹ The Standard & Poor’s (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

² The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.

³ Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

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.

17

Fund Profile (continued) – Columbia Select Opportunities Fund

Portfolio Management

Emil A. Gjester, lead manager, has co-managed the fund since February 2009 and has been associated with the advisor or its predecessors since 1996.

Jonas Patrikson has co-managed the fund since February 2009 and has been associated with the advisor or its predecessors since 2004.

Michael T. Welter has co-managed the fund since February 2009 and has been associated with the advisor or its predecessors since 2006.

Mary-Ann Ward has co-managed the fund since February 2009 and has been associated with the advisor or its predecessors since 1997.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

18

Performance Information – Columbia Select Opportunities Fund

Performance of a $10,000 investment 03/31/04 – 09/30/09 ($)
Sales charge	without	with
Class A	11,472	10,813
Class C	11,287	11,287
Class Z	11,505	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Select Opportunities Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	09/28/07		09/28/07		03/31/04
Sales charge	without	with	without	with	without
6-month (cumulative)	40.54	32.53	40.00	39.00	40.57
1-year	–8.11	–13.42	–8.81	–9.72	–7.97
5-year	2.69	1.48	2.36	2.36	2.75
Life	2.53	1.43	2.22	2.22	2.58

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

Annual operating expense ratio (%)*
Class A	1.29
Class C	2.04
Class Z	1.04

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	10.68
Class C	10.61
Class Z	10.67
Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.02
Class C	0.00	*
Class Z	0.04

* Rounds to less than 0.01.

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Equity Opportunities Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to September 28, 2007 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Predecessor Fund class commenced operations.

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

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

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

19

Understanding Your Expenses – Columbia Select Opportunities Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,405.41	1,019.40	6.81	5.72	1.13
Class C	1,000.00	1,000.00	1,399.99	1,015.64	11.31	9.50	1.88
Class Z	1,000.00	1,000.00	1,405.71	1,020.66	5.31	4.46	0.88

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

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

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

20

Fund Profile – Columbia Select Small Cap Fund

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

Summary

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

	+45.04% Class A shares (without sales charge)
	+43.95% Russell 2000 Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 45.04% without sales charge. The fund outperformed its benchmark, the Russell 2000 Index¹, which returned 43.95% for the period and also outperformed the average return of its peer group, the Lipper Small- Cap Core Funds Classification², which was 44.31%. Being fully invested when stock prices declined, rather than holding a significant stake in cash, contributed to the fund’s success over its benchmark and peer group. In addition, the portfolio’s concentrated positioning — with fewer than 55 holdings at the end of the period — helped when stocks rebounded.

n The fund benefited from significant overweights in three areas: industrials, materials and consumer discretionary. Stocks in these sectors were severely hurt during the downturn, representing great opportunities at the levels to which they had declined. Specifically, Walter Energy (1.5% of net assets), a coal company, was punished when the markets and commodity prices declined, but rallied strongly later in the period. Kansas City Southern (2.7% of net assets), which transports cars by train, also rose from a low valuation, benefiting from increased car sales, the result of the government-sponsored “Cash for Clunkers” program. Home products retailer Williams-Sonoma (3.3% of net assets) gained, as it was a well-recognized name with a solid balance sheet. On the downside, Aqua America, one of the largest water utilities in the United States, lost ground as investors shifted assets away from more defensive stocks. We sold the position. An underweight in health care also detracted from performance relative to the benchmark.

n We believe that the stock market offers the potential to move higher. A modest pickup in the economy should help companies generate higher revenues, which, when combined with the cost cutting that has already been done, should generate considerable earnings leverage. In this environment, we have added to the fund’s position in banks, an area that was punished hard in the recent market downturn. The fund was underweight in banks, which served the portfolio well when the markets declined sharply in 2008. However, they look more attractive now with their low valuations and the benefit of low interest rates. As a result of these attractive industry factors, we initiated positions in Wintrust Financial and Zions Bancorp (1.8% and 2.5% of net assets respectively) during the period.

¹ The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total capitalization of the Russell 3000 Index. 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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

21

Fund Profile (continued) – Columbia Select Small Cap Fund

Portfolio Management

Douglas H. Pyle has managed the fund since 2008 and has been associated with the advisor or its predecessors since 1999.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

Investments in small-cap stocks may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid than investments in larger companies.

22

Performance Information – Columbia Select Small Cap Fund

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

Annual operating expense ratio (%)*
Class A	1.35
Class C	2.10
Class R	1.60
Class Z	1.10

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	13.17
Class C	12.96
Class R	12.86
Class Z	13.21

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	18,143	17,096
Class C	17,858	17,858
Class R	17,753	n/a
Class Z	18,197	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Select Small Cap Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		R	Z
Inception	09/28/07		09/28/07		12/31/04	12/31/92
Sales charge	without	with	without	with	without	without
6-month (cumulative)	45.04	36.76	44.48	43.48	44.82	45.16
1-year	–8.03	–13.30	–8.86	–9.77	–8.40	–7.88
5-year	1.45	0.25	1.13	1.13	1.01	1.51
10-year	6.14	5.51	5.97	5.97	5.91	6.17

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Small Cap Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to September 28, 2007 would be lower. The returns of the Class R shares shown for periods prior to March 31, 2008 include the returns of Retirement Shares class shares of the Predecessor Fund for periods after December 30, 2004, and include the returns of Shares class shares of the Predecessor Fund for periods prior to December 31, 2004. The returns shown reflect that Class R shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Predecessor Fund class commenced operations.

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

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

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

23

Understanding Your Expenses – Columbia Select Small Cap Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,450.38	1,018.00	8.66	7.13	1.41
Class C	1,000.00	1,000.00	1,444.82	1,014.24	13.24	10.91	2.16
Class R	1,000.00	1,000.00	1,448.22	1,016.75	10.19	8.39	1.66
Class Z	1,000.00	1,000.00	1,451.58	1,019.25	7.13	5.87	1.16

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

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

24

Fund Profile – Columbia Value and Restructuring Fund

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

Summary

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

	+51.18% Class A shares (without sales charge)
	+37.99% Russell 1000 Value Index
	+34.02% S&P 500® Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 51.18% without sales charge. These results were significantly higher than the returns of the fund’s benchmarks, the Russell 1000 Value Index and the S&P 500^® Index¹, which were 37.99% and 34.02%, respectively, for the period. The fund also outperformed the 40.26% average return of its peer group, the Lipper Multi-Cap Value Funds Classification². Stock selection in economically sensitive sectors, such as energy, financials and materials, propelled the fund’s superior performance.

n We emphasized attractively priced stocks, especially those of corporations that are potential candidates for acquisitions, as well as shares of companies taking advantage of explosive growth outside the U.S., particularly in emerging markets. Energy and materials holdings benefited from global growth trends and from rising concerns about inflation. In this regard, shares of Petroleo Brasiliero (5.3% of net assets), the Brazilian oil giant, and coal miners CONSOL Energy and Alpha Natural Resources (3.2% and 3.2% of net assets, respectively) all produced robust returns. Celanese, a global chemical company, and miner Southern Copper (1.9% and 2.5% of net assets, respectively) also outperformed. In the financials sector, Goldman Sachs Group, JPMorgan Chase and commercial insurance giant ACE (2.4%, 1.9% and 3.0% of net assets, respectively) produced solid returns.

n The fund’s few disappointments were stock specific. We invested in agricultural machinery corporation AGCO (1.6% of net assets) because of its emerging markets exposure, but earnings fell short of projections. We retained the investment because we continued to be impressed by its longer-term prospects. Another weak performer, CIT Group, a troubled commercial lender, was sold as it neared bankruptcy reorganization.

n We intend to maintain our focus on globally-oriented companies that offer solid growth prospects, especially from their emerging-market exposure. Stock valuations appear reasonable and several global mergers and acquisitions have been announced recently, boding well for our style. One reason for caution, however, is the push for greater domestic government spending, which could deprive the private sector of needed resources.

¹ The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. 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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

25

Fund Profile (continued) – Columbia Value and Restructuring Fund

Portfolio Management

David J. Williams has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 1987.

Guy W. Pope has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 1993.

J. Nicholas Smith has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 2005.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity investments are affected by stock market fluctuation that occur in response to economic and business developments.

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. The price of the company’s stock may not approach the value the manager has placed on it or may decline.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Some of the countries in which the fund invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

26

Performance Information – Columbia Value and Restructuring Fund

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

Annual operating expense ratio (%)*
Class A	1.19
Class C	1.94
Class R	1.44
Class Z	0.94

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	39.82
Class C	39.82
Class R	39.80
Class Z	39.80

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.23
Class C	0.10
Class R	0.18
Class Z	0.27

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	17,632	16,620
Class C	17,380	17,380
Class R	17,306	n/a
Class Z	17,695	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Value and Restructuring Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		R	Z
Inception	09/28/07		09/28/07		12/31/04	12/31/92
Sales charge	without	with	without	with	without	without
6-month (cumulative)	51.18	42.48	50.65	49.65	50.99	51.40
1-year	–5.23	–10.69	–5.92	–6.85	–5.49	–5.00
5-year	2.30	1.09	2.00	2.00	1.92	2.37
10-year	5.84	5.21	5.68	5.68	5.64	5.87

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for period prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Value and Restructuring Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the period prior to September 28, 2007 would be lower. The returns of the Class R shares shown for period prior to March 31, 2008 include the returns of Retirement Shares class shares of the Predecessor Fund for periods after December 30, 2004, and include the returns of Shares class shares of the Predecessor Fund for periods prior to December 31, 2004. The returns shown reflect that Class R shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Predecessor Fund class commenced operations.

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

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

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

27

Understanding Your Expenses – Columbia Value and Restructuring Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,511.80	1,019.15	7.43	5.97	1.18
Class C	1,000.00	1,000.00	1,506.48	1,015.39	12.13	9.75	1.93
Class R	1,000.00	1,000.00	1,509.89	1,017.90	9.00	7.23	1.43
Class Z	1,000.00	1,000.00	1,514.00	1,020.41	5.86	4.71	0.93

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

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

28

Fund Profile – Columbia Emerging Markets Fund

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

Summary

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

	+60.35% Class A shares (without sales charge)
	+62.90% MSCI Emerging Markets Index (Net)
	+63.21% MSCI Emerging Markets Index (Gross)
	+49.85% MSCI EAFE Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 60.35% without sales charge. The fund’s results were mixed compared to both of its benchmarks. The MSCI EAFE Index¹ returned 49.85% for the period. The MSCI Emerging Markets Index² (net of dividends) returned 62.90% and the MSCI Emerging Market Index (gross of dividends) returned 63.21% for the period. As of August 31, 2009 and going forward, fund performance will only be compared to the index net of dividends, a figure that includes the impact of an estimated withholding tax on dividend reinvestment in its return. The fund fell short of the average return of its peer group, the Lipper Emerging Markets Funds Classification³, which was 66.32%. The fund produced strong results on an absolute basis. Early in the period, when financially weaker corporations led the market’s sharp comeback, its focus on higher-quality companies accounted for a modest shortfall relative to the MSCI Emerging Markets Index. However, the fund’s quality emphasis supported results as the period progressed.

n Emerging markets entered the 2008 global economic slowdown in healthier financial condition than developed markets on the fiscal, household and corporate level. This allowed them to recover faster than developed markets in 2009. Throughout the six-month period, we maintained our focus on well-run, financially sound companies, which stand to benefit from growing consumer classes and spreading industrialization in emerging markets. We overweighted countries that have good long-term growth prospects and were in a position to stimulate their economies through fiscal and monetary means, such as China, Brazil, Indonesia, India and Turkey. While this focus on strong economies generally helped, China was an exception, as it underperformed in the rally after outperforming in the latter half of 2008’s market declines.

n Selections in economically-sensitive areas such as financials and energy added to results. In financials, we overweighted quality banks in countries with sound banking systems. Noteworthy outperformers included Itau Unibanco Holding of Brazil, ICICI Bank of India and Turkiye Garanti Bankasi of Turkey (2.2%, 1.4% and 0.8% of net assets, respectively). In energy, rising crude prices fueled solid results from oil companies Petroleo Brazileiro of Brazil and LUKOIL OAO of Russia (5.2% and 1.9% of net assets, respectively). Holding back results were investments in South African miners AngloGold Ashanti and Harmony Gold Mining (0.4% and 0.2% of net assets, respectively). Their returns lagged those of base metals stocks. The position in China Mobile (1.2% of net assets) also detracted.

¹ The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

² The Morgan Stanley Capital International Emerging Markets Index (MSCI EMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of June 2006, the MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

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.

³ Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

29

Fund Profile (continued) – Columbia Emerging Markets Fund

n We believe that developing economies have the potential to continue to expand, lending support to equity returns from emerging markets. Although stocks no longer sell at the relatively low valuations we witnessed earlier this year, we continue to find a number of attractive opportunities. Going forward, we intend to maintain our strategy, focusing on quality companies benefiting from the long-term secular trends of an emerging middle class in developing economies and the continued industrialization of these countries.

Portfolio Management

Dara J. White, lead manager, has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2006.

Jasmine (Weili) Huang has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2003.

Fred Copper has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since September 2005.

Robert B. Cameron has co-managed the fund since December 2008 and has been associated with the advisor or its predecessors since October 2008.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Some of the countries in which the fund invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

30

Performance Information – Columbia Emerging Markets Fund

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

Annual operating expense ratio (%)*
Class A	2.06
Class C	2.81
Class Z	1.81

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	10.22
Class C	10.15
Class Z	10.21

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.06
Class Z	0.08

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	34,332	32,344
Class C	33,796	33,796
Class Z	34,415	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Emerging Markets Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	09/28/07		09/28/07		01/02/98
Sales charge	without	with	without	with	without
6-month (cumulative)	60.35	51.17	59.59	58.59	60.68
1-year	15.67	9.05	14.82	13.82	15.91
5-year	13.35	12.01	13.00	13.00	13.41
10-year	13.13	12.46	12.95	12.95	13.16

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 include the returns of Class A shares or Class C shares, as applicable, of Emerging Markets Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”), for periods after September 27, 2007, and include the returns of Shares class shares of the Predecessor Fund for periods prior to September 28, 2007. The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to September 28, 2007 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns shown reflect that Class Z shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Predecessor Fund class commenced operations.

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

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

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

31

Understanding Your Expenses – Columbia Emerging Markets Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,603.50	1,015.79	12.07	9.35	1.85
Class C	1,000.00	1,000.00	1,597.48	1,012.03	16.93	13.11	2.60
Class Z	1,000.00	1,000.00	1,608.41	1,017.06	10.46	8.09	1.60

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

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

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

32

Fund Profile – Columbia International Growth Fund

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

Summary

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

	+37.51% Class A shares (without sales charge)
	+41.81% MSCI EAFE Growth Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 37.51% without sales charge. The fund’s benchmark, the MSCI EAFE Growth Index¹, returned 41.81% for the period. The average return of the fund’s peer group, the Lipper International Large-Cap Growth Funds Classification², was 44.21%. During the period, our quantitative models pointed to stocks with momentum characteristics. However, momentum stocks were out of favor during the period and the stocks selected for these characteristics generally accounted for the fund’s underperformance relative to the benchmark. Nevertheless, the fund generated solid returns as the stock market rebounded.

n We moved out of defensive stocks and focused on companies that we believed had the potential do well early in an economic recovery. Many of these companies were engaged in banking, infrastructure development and technology, which were themes in the portfolio. Financials were particularly noteworthy, with the National Bank of Greece and Hongkong Land Holdings (1.3% and 0.7% of net assets, respectively) among the leaders. Both stocks declined sharply during the credit crisis and were attractively valued when we bought them. In addition, Hongkong Land benefited from China’s stimulus plan, which targeted improving the real estate sector. Siemens (1.5% of net assets), a leader in infrastructure development through its power engineering and transmission business, was a top performer. After completing a restructuring program, the company reported increased earnings growth. In technology, Shinko Electric Industries (1.3% of net assets) did well. When we purchased the stock, the outlook for semiconductor companies was poor, and many analysts believed that Shinko would suffer substantial losses. We felt these views were overstated and that the company had the potential to be profitable.

n We are cautiously optimistic about the prospects for the international equity markets going forward. We believe that liquidity in the global markets should help support companies poised to benefit from an economic recovery. Therefore, we plan to continue to focus on the themes of banking, infrastructure development and technology in emerging and developed markets.

¹ The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Growth Index is a subset of the MSCI EAFE Index, and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE Index, and consists of those securities classified by Morgan Stanley Capital International, Inc. (MSCI) as most representing the growth style, such as higher forecasted growth rates, lower book value-to-price ratios, lower forward earnings-to-price ratios and lower dividend yields than securities representing the value style. 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.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

33

Fund Profile (continued) – Columbia International Growth Fund

Portfolio Management

Timothy R. Anderson, lead manager, has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since March 2006.

Fred Copper has co-managed the fund since 2007 and has been associated with the advisor or its predecessors since September 2005.

Jasmine (Weili) Huang has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2003.

Daisuke Nomoto has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since April 2005.

Paul J. DiGiacomo has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since April 2006.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Some of the countries in which the fund invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

34

Performance Information – Columbia International Growth Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	10,994	10,359
Class C	10,869	10,869
Class Z	11,029	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia International Growth Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	03/31/08		03/31/08		07/21/87
Sales charge	without	with	without	with	without
6-month (cumulative)	37.51	29.61	36.99	35.99	37.66
1-year	–6.21	–11.60	–6.94	–7.87	–5.98
5-year	4.10	2.88	3.87	3.87	4.17
10-year	0.95	0.35	0.84	0.84	0.98

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

Annual operating expense ratio (%)*
Class A	1.56
Class C	2.31
Class Z	1.31

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report and includes the expenses incurred by the investment companies in which the fund invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the investment companies, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	12.52
Class C	12.48
Class Z	12.52

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.09
Class Z	0.12

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for all periods prior to March 31, 2008 are those of Shares class shares of International Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”). The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for all periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns of Class Z shares shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher.

Inception date refers to the date on which the Fund class commenced operations for Classes A and C and the date on which the Predecessor Fund class commenced operations for Class Z.

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

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

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

35

Understanding Your Expenses – Columbia International Growth Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,375.12	1,016.90	9.71	8.24	1.63
Class C	1,000.00	1,000.00	1,369.91	1,013.14	14.14	12.01	2.38
Class Z	1,000.00	1,000.00	1,376.58	1,018.15	8.22	6.98	1.38

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

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

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

36

Fund Profile – Columbia Pacific/Asia Fund

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

Summary

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

	+49.90% Class A shares (without sales charge)
	+47.69% MSCI All Country Asia Pacific Index (Net)
	+47.85% MSCI All Country Asia Pacific Index (Gross)
	+49.85% MSCI EAFE Index

Morningstar Style Box^™

Equity Style

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 49.90% without sales charge. The fund outperformed both of its benchmarks. The MSCI EAFE Index¹ returned 49.85% for the period. The MSCI All Country Asia Pacific Index² (gross of dividends) returned 47.85% and the MSCI AC Asia Pacific Index (net of dividends) returned 47.69% for the period. As of August 31, 2009 and going forward, fund performance will only be compared to the index net of dividends, a figure that includes the impact of an estimated withholding tax on dividend reinvestment in its return. The fund’s return was also higher than the 47.64% average return of the fund’s peer group, the Lipper Pacific Region Funds Classification.³ Overweights in China and Thailand, and stock selection in companies that we believe could benefit during an economic recovery, were the main drivers of return.

n Investments in the financials sector were the best performers, with two of the biggest contributors located in India, where the housing market is in the early stages of development. These were LIC Housing Finance and Bank of Baroda, a regional bank (0.7% and 0.8% of net assets, respectively). Solid performance also came from real estate companies in Hong Kong, and Hongkong Land Holdings (1.0% of net assets) is an example. Semiconductors are the foundation for electronics products, and semiconductor companies are often market leaders early in an economic recovery when demand for electronics products picks up. Samsung Electronics and Macronix International (2.7% and 1.0% of net assets, respectively) are examples of semiconductor holdings that provided a performance edge. Venture (1.0% of net assets), a contract manufacturer for the electronics industry, was also noteworthy. Consumer discretionary holdings generated mixed results. Dongfeng Motor Group (1.0% of net assets) had a positive impact, as auto sales in China posted double-digit growth. However, certain defensive stocks did poorly when it appeared that the economy was improving. Jupiter Telecommunications, a cable systems company in Japan, and BEC World, a media company in Thailand, were disappointing, and we sold them.

n The Pacific Asia region had less exposure to the source of the economic downturn, which was the credit crisis in the United States. While the region was affected by a reduction in exports, its domestic economies stayed relatively strong. Looking ahead, we expect the Pacific Asian countries to outperform because they have relatively high economic growth rates and less debt than countries that have had to bailout their financial systems.

¹ The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

² The Morgan Stanley Capital International (MSCI) All Country (AC) Asia Pacific Index tracks the performance of stocks traded on stock exchanges in Pacific Basin countries, including Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.

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.

³ Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

37

Fund Profile (continued) – Columbia Pacific/Asia Fund

Portfolio Management

Fred Copper has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since September 2005.

Daisuke Nomoto has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since April 2005.

Jasmine (Weili) Huang has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2003.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity investments are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Some of the countries in which the fund invests are considered emerging economies, which means there may be greater risks associated with investing there than in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

38

Performance Information – Columbia Pacific/Asia Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	13,089	12,334
Class C	12,938	12,938
Class Z	13,141	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Pacific/Asia Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		C		Z
Inception	03/31/08		03/31/08		12/31/92
Sales charge	without	with	without	with	without
6-month (cumulative)	49.90	41.40	49.37	48.37	50.22
1-year	12.02	5.63	11.04	10.04	12.31
5-year	6.82	5.55	6.57	6.57	6.90
10-year	2.73	2.12	2.61	2.61	2.77

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

Annual operating expense ratio (%)*
Class A	1.81
Class C	2.56
Class Z	1.56

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report and includes the expenses incurred by the investment companies in which the fund invests. Differences in expense ratios disclosed elsewhere in this report may result from including expenses incurred by the investment companies, fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	7.20
Class C	7.14
Class Z	7.21

Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.02
Class Z	0.04

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

The Fund commenced operations on March 31, 2008. The returns of the Class A and Class C shares shown for periods prior to March 31, 2008 are those of the Shares class shares of Pacific/Asia Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. (the “Predecessor Fund”). The returns shown reflect applicable sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for the periods prior to March 31, 2008 would be lower. The returns of the Class Z shares shown for periods prior to March 31, 2008 are those of the Shares class shares of the Predecessor Fund. The returns shown reflect that Class Z shares are sold without sales charges, but have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for periods prior to March 31, 2008 would be higher. The inception of the predecessor fund is December 31, 1992.

Inception date refers to the date on which the Fund class commenced operations for Classes A and C and the date on which the Predecessor Fund class commenced operations for Class Z.

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

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

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

39

Understanding Your Expenses – Columbia Pacific/Asia Fund

Estimating your actual expenses

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

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

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

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

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

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

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,499.01	1,015.99	11.34	9.15	1.81
Class C	1,000.00	1,000.00	1,493.70	1,012.23	16.00	12.91	2.56
Class Z	1,000.00	1,000.00	1,502.22	1,017.25	9.79	7.89	1.56

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 and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds. If these transaction costs were included, your costs would have been higher.

40

Investment Portfolio – Columbia Blended Equity Fund

September 30, 2009 (Unaudited)

Common Stocks – 98.4%

	Shares	Value ($)
Consumer Discretionary – 10.4%
Distributors – 0.6%
Genuine Parts Co.	25,160	957,590
Distributors Total		957,590
Hotels, Restaurants & Leisure – 1.3%
Darden Restaurants, Inc.	18,610	635,159
International Game Technology	30,330	651,488
Starwood Hotels & Resorts Worldwide, Inc.	23,163	765,074
Hotels, Restaurants & Leisure Total		2,051,721
Media – 0.9%
Comcast Corp., Class A	84,950	1,434,805
Gannett Co., Inc.	7,000	87,570
Interpublic Group of Companies, Inc. (a)	1,155	8,686
Media Total		1,531,061
Multiline Retail – 5.1%
Target Corp.	176,400	8,234,352
Multiline Retail Total		8,234,352
Specialty Retail – 2.5%
American Eagle Outfitters, Inc.	57,816	974,778
Lowe’s Companies, Inc.	52,470	1,098,722
Sherwin-Williams Co.	11,350	682,816
TJX Companies, Inc.	37,530	1,394,239
Specialty Retail Total		4,150,555
Consumer Discretionary Total		16,925,279
Consumer Staples – 11.0%
Beverages – 0.6%
Diageo PLC, ADR	16,900	1,039,181
Beverages Total		1,039,181
Food & Staples Retailing – 3.6%
CVS Caremark Corp.	27,480	982,135
Wal-Mart Stores, Inc.	99,560	4,887,400
Food & Staples Retailing Total		5,869,535
Food Products – 1.4%
Dean Foods Co. (a)	32,810	583,690
Kraft Foods, Inc., Class A	61,036	1,603,416
Food Products Total		2,187,106
Household Products – 1.5%
Colgate-Palmolive Co.	16,380	1,249,466
Procter & Gamble Co.	19,800	1,146,816
Household Products Total		2,396,282

	Shares	Value ($)
Personal Products – 0.8%
Avon Products, Inc.	38,210	1,297,612
Personal Products Total		1,297,612
Tobacco – 3.1%
Philip Morris International, Inc.	103,720	5,055,313
Tobacco Total		5,055,313
Consumer Staples Total		17,845,029
Energy – 9.4%
Energy Equipment & Services – 1.3%
Baker Hughes, Inc.	600	25,596
Cameron International Corp. (a)	14,163	535,645
Halliburton Co.	25,950	703,764
Nabors Industries Ltd. (a)	37,230	778,107
Smith International, Inc.	4,000	114,800
Energy Equipment & Services Total		2,157,912
Oil, Gas & Consumable Fuels – 8.1%
Apache Corp.	27,710	2,544,609
Cabot Oil & Gas Corp.	12,593	450,200
Chevron Corp.	37,231	2,622,179
Exxon Mobil Corp.	78,212	5,366,125
Occidental Petroleum Corp.	18,521	1,452,047
Royal Dutch Shell PLC, ADR	12,100	691,999
Oil, Gas & Consumable Fuels Total		13,127,159
Energy Total		15,285,071
Financials – 18.8%
Capital Markets – 6.6%
Ameriprise Financial, Inc.	8,920	324,064
Bank of New York Mellon Corp.	59,142	1,714,527
Credit Suisse Group AG, ADR	15,430	858,679
Goldman Sachs Group, Inc.	15,370	2,833,459
Morgan Stanley	30,034	927,450
Northern Trust Corp.	4,600	267,536
State Street Corp.	72,900	3,834,540
Capital Markets Total		10,760,255
Commercial Banks – 7.1%
Comerica, Inc.	33,300	988,011
Fifth Third Bancorp.	44,200	447,746
KeyCorp	52,800	343,200
Marshall & Ilsley Corp.	88,700	715,809
PNC Financial Services Group, Inc.	47,820	2,323,574
SunTrust Banks, Inc.	71,000	1,601,050
U.S. Bancorp	46,188	1,009,670
Wells Fargo & Co.	143,046	4,031,036
Commercial Banks Total		11,460,096

See Accompanying Notes to Financial Statements.

41

Columbia Blended Equity Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Financials (continued)
Consumer Finance – 0.4%
American Express Co.	1,100	37,290
Discover Financial Services	37,177	603,383
Consumer Finance Total		640,673
Diversified Financial Services – 1.6%
JPMorgan Chase & Co.	59,920	2,625,694
Diversified Financial Services Total		2,625,694
Insurance – 2.2%
ACE Ltd. (a)	17,600	940,896
Hartford Financial Services Group, Inc.	23,500	622,750
Lincoln National Corp.	36,600	948,306
Prudential Financial, Inc.	22,310	1,113,492
Insurance Total		3,625,444
Real Estate Investment Trusts (REITs) – 0.2%
Kimco Realty Corp.	17,900	233,416
Real Estate Investment Trusts (REITs) Total		233,416
Thrifts & Mortgage Finance – 0.7%
Hudson City Bancorp, Inc.	89,200	1,172,980
Thrifts & Mortgage Finance Total		1,172,980
Financials Total		30,518,558
Health Care – 14.8%
Biotechnology – 1.9%
Amgen, Inc. (a)	16,660	1,003,432
Genzyme Corp. (a)	22,100	1,253,733
Gilead Sciences, Inc. (a)	17,780	828,192
Biotechnology Total		3,085,357
Health Care Equipment & Supplies – 1.9%
Baxter International, Inc.	25,180	1,435,512
Hospira, Inc. (a)	18,100	807,260
Medtronic, Inc.	25,590	941,712
Health Care Equipment & Supplies Total		3,184,484
Health Care Providers & Services – 2.2%
Coventry Health Care, Inc. (a)	7,800	155,688
Express Scripts, Inc. (a)	20,590	1,597,372
Medco Health Solutions, Inc. (a)	18,620	1,029,872
UnitedHealth Group, Inc.	30,680	768,227
Health Care Providers & Services Total		3,551,159
Pharmaceuticals – 8.8%
Abbott Laboratories	130,100	6,436,047
Johnson & Johnson	74,992	4,566,263
Pfizer, Inc.	162,156	2,683,682

	Shares	Value ($)
Schering-Plough Corp.	19,100	539,575
Pharmaceuticals Total		14,225,567
Health Care Total		24,046,567
Industrials – 9.2%
Aerospace & Defense – 2.7%
Boeing Co.	1,000	54,150
Honeywell International, Inc.	40,770	1,514,606
Lockheed Martin Corp.	15,377	1,200,636
United Technologies Corp.	26,210	1,596,975
Aerospace & Defense Total		4,366,367
Airlines – 0.1%
Southwest Airlines Co.	25,200	241,920
Airlines Total		241,920
Commercial Services & Supplies – 1.6%
Waste Management, Inc.	87,610	2,612,530
Commercial Services & Supplies Total		2,612,530
Industrial Conglomerates – 2.4%
General Electric Co.	183,430	3,011,921
Textron, Inc.	13,000	246,740
Tyco International Ltd.	19,510	672,705
Industrial Conglomerates Total		3,931,366
Machinery – 1.8%
Dover Corp.	51,100	1,980,636
Parker Hannifin Corp.	18,280	947,635
Machinery Total		2,928,271
Trading Companies & Distributors – 0.6%
W.W. Grainger, Inc.	9,970	890,919
Trading Companies & Distributors Total		890,919
Industrials Total		14,971,373
Information Technology – 19.2%
Communications Equipment – 6.2%
Cisco Systems, Inc. (a)	372,265	8,763,118
CommScope, Inc. (a)	16,140	483,070
QUALCOMM, Inc.	18,630	837,978
Communications Equipment Total		10,084,166
Computers & Peripherals – 6.0%
Apple, Inc. (a)	13,214	2,449,479
EMC Corp. (a)	137,399	2,341,279
Hewlett-Packard Co.	46,400	2,190,544
NCR Corp. (a)	58,227	804,697
Teradata Corp. (a)	69,600	1,915,392
Computers & Peripherals Total		9,701,391

See Accompanying Notes to Financial Statements.

42

Columbia Blended Equity Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Information Technology (continued)
Electronic Equipment, Instruments & Components – 0.5%
Corning, Inc.	54,390	832,711
Electronic Equipment, Instruments & Components Total		832,711
Internet Software & Services – 0.1%
Google, Inc., Class A (a)	200	99,170
Internet Software & Services Total		99,170
IT Services – 0.8%
MasterCard, Inc., Class A	6,270	1,267,480
IT Services Total		1,267,480
Semiconductors & Semiconductor Equipment – 2.0%
Avago Technologies Ltd. (a)	11,452	195,485
Intel Corp.	600	11,742
MEMC Electronic Materials, Inc. (a)	1,000	16,630
Novellus Systems, Inc. (a)	32,550	682,899
Texas Instruments, Inc.	57,620	1,365,018
Xilinx, Inc.	39,940	935,395
Semiconductors & Semiconductor Equipment Total		3,207,169
Software – 3.6%
Microsoft Corp.	229,900	5,952,111
Software Total		5,952,111
Information Technology Total		31,144,198
Materials – 1.5%
Chemicals – 1.2%
Celanese Corp., Series A	20,887	522,175
Monsanto Co.	10,522	814,403
Praxair, Inc.	8,500	694,365
Chemicals Total		2,030,943
Metals & Mining – 0.3%
United States Steel Corp.	9,770	433,495
Metals & Mining Total		433,495
Materials Total		2,464,438
Telecommunication Services – 1.2%
Diversified Telecommunication Services – 1.2%
AT&T, Inc.	70,780	1,911,768
Diversified Telecommunication Services Total		1,911,768
Telecommunication Services Total		1,911,768

	Shares	Value ($)
Utilities – 2.9%
Electric Utilities – 0.6%
FPL Group, Inc.	15,114	834,746
Pepco Holdings, Inc.	4,200	62,496
Electric Utilities Total		897,242
Independent Power Producers & Energy Traders – 0.4%
AES Corp. (a)	46,344	686,818
Independent Power Producers & Energy Traders Total		686,818
Multi-Utilities – 1.9%
Integrys Energy Group, Inc.	2,700	96,903
NiSource, Inc.	84,000	1,166,760
PG&E Corp.	22,978	930,379
Public Service Enterprise Group, Inc.	26,228	824,609
Multi-Utilities Total		3,018,651
Utilities Total		4,602,711
Total Common Stocks (cost of $87,649,566)		159,714,992
Short-Term Obligation – 0.3%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 03/15/12, market value $502,313 (repurchase proceeds $487,000)	487,000	487,000
Total Short-Term Obligation (cost of $487,000)		487,000
Total Investments – 98.7% (cost of $88,136,566) (b)		160,201,992
Other Assets & Liabilities, Net – 1.3%		2,063,007
Net Assets – 100.0%		162,264,999

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $88,136,566.

See Accompanying Notes to Financial Statements.

43

Columbia Blended Equity Fund

September 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	16,925,279	$	—	$	—	$	16,925,279
Consumer Staples		17,845,029		—		—		17,845,029
Energy		15,285,071		—		—		15,285,071
Financials		30,518,558		—		—		30,518,558
Health Care		24,046,567		—		—		24,046,567
Industrials		14,971,373		—		—		14,971,373
Information Technology		31,144,198		—		—		31,144,198
Materials		2,464,438		—		—		2,464,438
Telecommunication Services		1,911,768		—		—		1,911,768
Utilities		4,602,711		—		—		4,602,711
Total Common Stocks		159,714,992		—		—		159,714,992
Total Short-Term Obligation		—		487,000		—		487,000
Total Investments	$	159,714,992	$	487,000	$	—	$	160,201,992

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology	19.2
Financials	18.8
Health Care	14.8
Consumer Staples	11.0
Consumer Discretionary	10.4
Energy	9.4
Industrials	9.2
Utilities	2.9
Materials	1.5
Telecommunication Services	1.2
	98.4
Short-Term Obligation	0.3
Other Assets & Liabilities, Net	1.3
	100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

44

Investment Portfolio – Columbia Energy and Natural Resources Fund

September 30, 2009 (Unaudited)

Common Stocks – 95.7%

	Shares	Value ($)
Energy – 64.9%
Energy Equipment & Services – 16.1%
Cameron International Corp. (a)	300,000	11,346,000
Halliburton Co.	600,000	16,272,000
National Oilwell Varco, Inc. (a)	300,000	12,939,000
Oceaneering International, Inc. (a)	150,000	8,512,500
Schlumberger Ltd.	250,000	14,900,000
Transocean Ltd. (a)	175,000	14,967,750
Weatherford International Ltd. (a)	800,000	16,584,000
Energy Equipment & Services Total		95,521,250
Oil, Gas & Consumable Fuels – 48.8%
Alpha Natural Resources, Inc. (a)	250,000	8,775,000
Anadarko Petroleum Corp.	150,000	9,409,500
Apache Corp.	200,000	18,366,000
BP PLC, ADR	100,000	5,323,000
Brigham Exploration Co. (a)	400,000	3,632,000
Chesapeake Energy Corp.	500,000	14,200,000
Chevron Corp.	200,000	14,086,000
Concho Resources, Inc. (a)	200,000	7,264,000
Continental Resources, Inc. (a)	300,000	11,751,000
EOG Resources, Inc.	50,000	4,175,500
EXCO Resources, Inc. (a)	550,000	10,279,500
Hess Corp.	100,000	5,346,000
McMoRan Exploration Co. (a)	400,000	3,020,000
Newfield Exploration Co. (a)	200,000	8,512,000
Northern Oil And Gas, Inc. (a)	1,194,135	10,030,734
Occidental Petroleum Corp.	350,000	27,440,000
Oilsands Quest, Inc. (a)	2,800,000	3,164,000
Peabody Energy Corp.	150,000	5,583,000
PetroHawk Energy Corp. (a)	500,000	12,105,000
Plains Exploration & Production Co. (a)	425,000	11,755,500
Range Resources Corp.	200,000	9,872,000
SandRidge Energy, Inc. (a)	600,000	7,776,000
Southwestern Energy Co. (a)	400,000	17,072,000
Suncor Energy, Inc.	375,000	12,960,000
Total SA, ADR	225,000	13,333,500
Ultra Petroleum Corp. (a)	225,000	11,016,000
Valero Energy Corp.	600,000	11,634,000
XTO Energy, Inc.	300,000	12,396,000
Oil, Gas & Consumable Fuels Total		290,277,234
Energy Total		385,798,484

	Shares	Value ($)
Industrials – 2.4%
Marine – 1.1%
Genco Shipping & Trading Ltd.	300,000	6,234,000
Marine Total		6,234,000
Transportation Infrastructure – 1.3%
Aegean Marine Petroleum Network, Inc.	350,000	7,875,000
Transportation Infrastructure Total		7,875,000
Industrials Total		14,109,000
Materials – 23.4%
Chemicals – 7.8%
Dow Chemical Co.	500,000	13,035,000
Praxair, Inc.	150,000	12,253,500
Sociedad Quimica y Minera de Chile SA, ADR	300,000	11,739,000
Solutia, Inc. (a)	800,000	9,264,000
Chemicals Total		46,291,500
Metals & Mining – 15.6%
Agnico-Eagle Mines Ltd.	200,000	13,570,000
Barrick Gold Corp.	350,000	13,265,000
BHP Billiton Ltd., ADR	250,000	16,502,500
Freeport-McMoRan Copper & Gold, Inc.	225,000	15,437,250
Goldcorp, Inc.	200,000	8,074,000
Steel Dynamics, Inc.	200,000	3,068,000
United States Steel Corp.	200,000	8,874,000
Vale SA, ADR	200,000	4,626,000
Walter Energy, Inc.	150,000	9,009,000
Metals & Mining Total		92,425,750
Materials Total		138,717,250
Utilities – 5.0%
Gas Utilities – 3.3%
EQT Corp.	150,000	6,390,000
Questar Corp.	350,000	13,146,000
Gas Utilities Total		19,536,000
Independent Power Producers & Energy Traders – 1.7%
AES Corp. (a)	700,000	10,374,000
Independent Power Producers & Energy Traders Total		10,374,000
Utilities Total		29,910,000
Total Common Stocks (cost of $468,158,777)		568,534,734

See Accompanying Notes to Financial Statements.

45

Columbia Energy and Natural Resources Fund

September 30, 2009 (Unaudited)

Short-Term Obligation – 9.5%

	Par ($)	Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 09/09/11, market value $57,515,000 (repurchase proceeds $56,387,016)	56,387,000	56,387,000
Total Short-Term Obligation (cost of $56,387,000)		56,387,000
Total Investments – 105.2% (cost of $524,545,777) (b)		624,921,734
Other Assets & Liabilities, Net – (5.2)%		(30,693,945	)
Net Assets – 100.0%		594,227,789

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $524,545,777.

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Energy	$	385,798,484	$	—	$	—	$	385,798,484
Industrials		14,109,000		—		—		14,109,000
Materials		138,717,250		—		—		138,717,250
Utilities		29,910,000		—		—		29,910,000
Total Common Stocks		568,534,734		—		—		568,534,734
Total Short-Term Obligation		—		56,387,000		—		56,387,000
Total Investments	$	568,534,734	$	56,387,000	$	—	$	624,921,734

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Energy	64.9
Materials	23.4
Utilities	5.0
Industrials	2.4
	95.7
Short-Term Obligation	9.5
Other Assets & Liabilities, Net	(5.2	)
	100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

46

Investment Portfolio – Columbia Mid Cap Core Fund

September 30, 2009 (Unaudited)

Common Stocks – 99.9%

	Shares	Value ($)
Consumer Discretionary – 16.6%
Auto Components – 0.6%
Autoliv, Inc.	13,859	465,662
Auto Components Total		465,662
Diversified Consumer Services – 1.0%
Apollo Group, Inc., Class A (a)	11,135	820,315
Diversified Consumer Services Total		820,315
Hotels, Restaurants & Leisure – 4.0%
Bally Technologies, Inc. (a)	14,020	537,947
Carnival Corp.	14,799	492,511
Darden Restaurants, Inc.	20,139	687,344
International Game Technology	35,189	755,860
Starwood Hotels & Resorts Worldwide, Inc.	20,453	675,563
Hotels, Restaurants & Leisure Total		3,149,225
Household Durables – 1.3%
D.R. Horton, Inc.	39,479	450,456
Newell Rubbermaid, Inc.	38,738	607,799
Household Durables Total		1,058,255
Media – 1.3%
DISH Network Corp., Class A (a)	34,254	659,732
Viacom, Inc., Class B (a)	14,226	398,897
Media Total		1,058,629
Multiline Retail – 2.1%
J.C. Penney Co., Inc.	28,906	975,577
Nordstrom, Inc.	22,927	700,191
Multiline Retail Total		1,675,768
Specialty Retail – 4.7%
Advance Auto Parts, Inc.	18,138	712,461
Aeropostale, Inc. (a)	13,140	571,196
American Eagle Outfitters, Inc.	41,098	692,912
Best Buy Co., Inc.	10,853	407,204
TJX Companies, Inc.	20,288	753,699
Urban Outfitters, Inc. (a)	19,793	597,155
Specialty Retail Total		3,734,627
Textiles, Apparel & Luxury Goods – 1.6%
Hanesbrands, Inc. (a)	22,998	492,157
Polo Ralph Lauren Corp.	9,729	745,436
Textiles, Apparel & Luxury Goods Total		1,237,593
Consumer Discretionary Total		13,200,074
Consumer Staples – 6.6%
Beverages – 0.9%
Molson Coors Brewing Co., Class B	13,752	669,447
Beverages Total		669,447

	Shares	Value ($)
Food & Staples Retailing – 0.9%
BJ’s Wholesale Club, Inc. (a)	20,387	738,417
Food & Staples Retailing Total		738,417
Food Products – 1.4%
Dean Foods Co. (a)	30,689	545,958
Hershey Co.	14,591	567,006
Food Products Total		1,112,964
Household Products – 0.9%
Clorox Co.	12,154	714,898
Household Products Total		714,898
Personal Products – 2.5%
Avon Products, Inc.	33,458	1,136,234
Estee Lauder Companies, Inc., Class A	12,828	475,662
Mead Johnson Nutrition Co., Class A	9,104	410,682
Personal Products Total		2,022,578
Consumer Staples Total		5,258,304
Energy – 7.5%
Energy Equipment & Services – 3.5%
Cameron International Corp. (a)	21,082	797,321
Nabors Industries Ltd. (a)	44,389	927,730
Pride International, Inc. (a)	21,823	664,292
Smith International, Inc.	14,598	418,963
Energy Equipment & Services Total		2,808,306
Oil, Gas & Consumable Fuels – 4.0%
Alpha Natural Resources, Inc. (a)	18,861	662,021
Cabot Oil & Gas Corp.	19,840	709,280
Continental Resources, Inc. (a)	15,210	595,776
Hess Corp.	9,834	525,725
Range Resources Corp.	14,166	699,234
Oil, Gas & Consumable Fuels Total		3,192,036
Energy Total		6,000,342
Financials – 19.0%
Capital Markets – 4.5%
Ameriprise Financial, Inc.	26,083	947,595
Greenhill & Co., Inc.	5,324	476,924
Janus Capital Group, Inc.	34,249	485,651
Morgan Stanley	13,066	403,478
Northern Trust Corp.	9,859	573,400
T. Rowe Price Group, Inc.	15,000	685,500
Capital Markets Total		3,572,548
Commercial Banks – 3.3%
BB&T Corp.	23,387	637,062
Fifth Third Bancorp.	84,738	858,396

See Accompanying Notes to Financial Statements.

47

Columbia Mid Cap Core Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Financials (continued)
First Horizon National Corp. (a)	46,120	610,166
TCF Financial Corp.	40,601	529,437
Commercial Banks Total		2,635,061
Consumer Finance – 1.2%
Discover Financial Services	58,280	945,884
Consumer Finance Total		945,884
Insurance – 6.0%
ACE Ltd. (a)	13,626	728,446
Axis Capital Holdings Ltd.	21,423	646,546
Principal Financial Group, Inc.	37,990	1,040,546
Prudential Financial, Inc.	18,356	916,148
Reinsurance Group of America, Inc.	18,304	816,359
XL Capital Ltd., Class A	36,296	633,728
Insurance Total		4,781,773
Real Estate Investment Trusts (REITs) – 4.0%
Alexandria Real Estate Equities, Inc.	9,752	530,021
Entertainment Properties Trust	12,746	435,148
Equity Lifestyle Properties, Inc.	9,629	412,025
Mack-Cali Realty Corp.	13,803	446,251
Mid-America Apartment Communities, Inc.	9,992	450,939
National Retail Properties, Inc.	21,314	457,612
Nationwide Health Properties, Inc.	15,193	470,831
Real Estate Investment Trusts (REITs) Total		3,202,827
Financials Total		15,138,093
Health Care – 8.7%
Biotechnology – 0.7%
Vertex Pharmaceuticals, Inc. (a)	14,618	554,022
Biotechnology Total		554,022
Health Care Equipment & Supplies – 2.0%
Boston Scientific Corp. (a)	54,279	574,814
Cooper Companies, Inc.	16,079	478,029
IDEXX Laboratories, Inc. (a)	10,751	537,550
Health Care Equipment & Supplies Total		1,590,393
Health Care Providers & Services – 3.7%
AmerisourceBergen Corp.	35,159	786,858
CIGNA Corp.	29,355	824,582
Community Health Systems, Inc. (a)	10,243	327,059
Express Scripts, Inc. (a)	5,073	393,563
Laboratory Corp. of America Holdings (a)	9,564	628,355
Health Care Providers & Services Total		2,960,417

	Shares	Value ($)
Life Sciences Tools & Services – 1.0%
Life Technologies Corp. (a)	16,752	779,806
Life Sciences Tools & Services Total		779,806
Pharmaceuticals – 1.3%
Forest Laboratories, Inc. (a)	21,441	631,223
Mylan, Inc. (a)	25,964	415,684
Pharmaceuticals Total		1,046,907
Health Care Total		6,931,545
Industrials – 12.4%
Aerospace & Defense – 1.7%
Goodrich Corp.	9,811	533,130
Precision Castparts Corp.	8,013	816,284
Aerospace & Defense Total		1,349,414
Construction & Engineering – 1.7%
Jacobs Engineering Group, Inc. (a)	17,070	784,366
KBR, Inc.	25,323	589,773
Construction & Engineering Total		1,374,139
Electrical Equipment – 0.9%
Cooper Industries PLC, Class A	17,971	675,170
Electrical Equipment Total		675,170
Industrial Conglomerates – 0.9%
Tyco International Ltd.	21,258	732,976
Industrial Conglomerates Total		732,976
Machinery – 4.9%
Dover Corp.	23,200	899,232
Flowserve Corp.	6,887	678,645
Joy Global, Inc.	9,787	478,976
Navistar International Corp. (a)	15,917	595,614
Parker Hannifin Corp.	16,807	871,275
Timken Co.	17,522	410,540
Machinery Total		3,934,282
Professional Services – 0.9%
Dun & Bradstreet Corp.	9,669	728,269
Professional Services Total		728,269
Road & Rail – 1.4%
Con-way, Inc.	13,397	513,373
Ryder System, Inc.	14,143	552,426
Road & Rail Total		1,065,799
Industrials Total		9,860,049

See Accompanying Notes to Financial Statements.

48

Columbia Mid Cap Core Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Information Technology – 14.7%
Communications Equipment – 1.5%
Brocade Communications Systems, Inc. (a)	54,423	427,765
CommScope, Inc. (a)	26,464	792,067
Communications Equipment Total		1,219,832
Computers & Peripherals – 1.9%
NCR Corp. (a)	58,772	812,229
Teradata Corp. (a)	24,376	670,828
Computers & Peripherals Total		1,483,057
Electronic Equipment, Instruments & Components – 1.3%
Avnet, Inc. (a)	19,232	499,455
Corning, Inc.	35,175	538,529
Electronic Equipment, Instruments & Components Total		1,037,984
IT Services – 3.1%
Accenture PLC, Class A	18,876	703,509
Affiliated Computer Services, Inc., Class A (a)	11,389	616,942
Cognizant Technology Solutions Corp., Class A (a)	17,494	676,318
Fiserv, Inc. (a)	9,816	473,131
IT Services Total		2,469,900
Semiconductors & Semiconductor Equipment – 6.1%
Altera Corp.	33,075	678,368
Amkor Technology, Inc. (a)	62,842	432,353
Analog Devices, Inc.	25,625	706,737
Atmel Corp. (a)	149,162	624,989
KLA-Tencor Corp.	24,217	868,422
Marvell Technology Group Ltd. (a)	45,125	730,574
Novellus Systems, Inc. (a)	39,733	833,598
Semiconductors & Semiconductor Equipment Total		4,875,041
Software – 0.8%
Autodesk, Inc. (a)	27,348	650,883
Software Total		650,883
Information Technology Total		11,736,697
Materials – 5.7%
Chemicals – 1.9%
Celanese Corp., Series A	28,116	702,900
PPG Industries, Inc.	14,434	840,203
Chemicals Total		1,543,103
Containers & Packaging – 2.2%
Crown Holdings, Inc. (a)	21,386	581,700
Owens-Illinois, Inc. (a)	15,970	589,293

	Shares	Value ($)
Packaging Corp. of America	26,928	549,331
Containers & Packaging Total		1,720,324
Metals & Mining – 1.6%
Cliffs Natural Resources, Inc.	11,788	381,460
Steel Dynamics, Inc.	33,419	512,647
United States Steel Corp.	8,608	381,937
Metals & Mining Total		1,276,044
Materials Total		4,539,471
Telecommunication Services – 1.4%
Wireless Telecommunication Services – 1.4%
Millicom International Cellular SA (a)	6,307	458,771
NII Holdings, Inc. (a)	22,203	665,646
Wireless Telecommunication Services Total		1,124,417
Telecommunication Services Total		1,124,417
Utilities – 7.3%
Electric Utilities – 1.1%
FPL Group, Inc.	14,975	827,069
Electric Utilities Total		827,069
Gas Utilities – 1.4%
Questar Corp.	17,856	670,672
UGI Corp.	18,621	466,642
Gas Utilities Total		1,137,314
Independent Power Producers & Energy Traders – 0.8%
AES Corp. (a)	44,251	655,800
Independent Power Producers & Energy Traders Total		655,800
Multi-Utilities – 4.0%
NSTAR	18,036	573,905
PG&E Corp.	21,700	878,633
Sempra Energy	20,468	1,019,511
Xcel Energy, Inc.	38,599	742,645
Multi-Utilities Total		3,214,694
Utilities Total		5,834,877
Total Common Stocks (cost of $63,117,435)		79,623,869

See Accompanying Notes to Financial Statements.

49

Columbia Mid Cap Core Fund

September 30, 2009 (Unaudited)

Short-Term Obligation – 0.3%

	Par ($)	Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 06/29/11, market value $248,063 (repurchase proceeds $241,000)	241,000	241,000
Total Short-Term Obligation (cost of $241,000)		241,000
Total Investments – 100.2% (cost of $63,358,435) (b)		79,864,869
Other Assets & Liabilities, Net – (0.2)%		(173,460	)
Net Assets – 100.0%		79,691,409

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $63,358,435.

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	13,200,074	$	—	$	—	$	13,200,074
Consumer Staples		5,258,304		—		—		5,258,304
Energy		6,000,342		—		—		6,000,342
Financials		15,138,093		—		—		15,138,093
Health Care		6,931,545		—		—		6,931,545
Industrials		9,860,049		—		—		9,860,049
Information Technology		11,736,697		—		—		11,736,697
Materials		4,539,471		—		—		4,539,471
Telecommunication Services		1,124,417		—		—		1,124,417
Utilities		5,834,877		—		—		5,834,877
Total Common Stocks		79,623,869		—		—		79,623,869
Total Short-Term Obligation		—		241,000		—		241,000
Total Investments	$	79,623,869	$	241,000	$	—	$	79,864,869

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Financials	19.0
Consumer Discretionary	16.6
Information Technology	14.7
Industrials	12.4
Health Care	8.7
Energy	7.5
Utilities	7.3
Consumer Staples	6.6
Materials	5.7
Telecommunication Services	1.4
	99.9
Short-Term Obligation	0.3
Other Assets & Liabilities, Net	(0.2	)
	100.0

See Accompanying Notes to Financial Statements.

50

Investment Portfolio – Columbia Select Large Cap Growth Fund

September 30, 2009 (Unaudited)

Common Stocks – 98.3%

	Shares	Value ($)
Consumer Discretionary – 19.2%
Diversified Consumer Services – 4.1%
Apollo Group, Inc., Class A (a)	868,930	64,014,073
Diversified Consumer Services Total		64,014,073
Hotels, Restaurants & Leisure – 2.3%
Carnival Corp.	1,059,941	35,274,837
Hotels, Restaurants & Leisure Total		35,274,837
Internet & Catalog Retail – 5.6%
Amazon.com, Inc. (a)	556,925	51,994,518
Priceline.com, Inc. (a)	209,255	34,698,664
Internet & Catalog Retail Total		86,693,182
Specialty Retail – 7.2%
GameStop Corp., Class A (a)	2,147,620	56,847,501
Staples, Inc.	2,340,690	54,350,822
Specialty Retail Total		111,198,323
Consumer Discretionary Total		297,180,415
Consumer Staples – 4.2%
Food & Staples Retailing – 4.2%
Costco Wholesale Corp.	1,150,062	64,932,501
Food & Staples Retailing Total		64,932,501
Consumer Staples Total		64,932,501
Energy – 3.6%
Energy Equipment & Services – 3.6%
FMC Technologies, Inc. (a)	1,072,849	56,045,632
Energy Equipment & Services Total		56,045,632
Energy Total		56,045,632
Financials – 7.3%
Capital Markets – 3.8%
T. Rowe Price Group, Inc.	1,278,073	58,407,936
Capital Markets Total		58,407,936
Diversified Financial Services – 3.5%
CME Group, Inc.	178,663	55,062,150
Diversified Financial Services Total		55,062,150
Financials Total		113,470,086
Health Care – 29.5%
Biotechnology – 7.9%
Celgene Corp. (a)	1,035,239	57,869,860
Gilead Sciences, Inc. (a)	1,366,242	63,639,552
Biotechnology Total		121,509,412

	Shares	Value ($)
Health Care Equipment & Supplies – 6.8%
Alcon, Inc.	352,320	48,856,214
St. Jude Medical, Inc. (a)	1,464,970	57,148,480
Health Care Equipment & Supplies Total		106,004,694
Health Care Providers & Services – 3.1%
Medco Health Solutions, Inc. (a)	857,830	47,446,577
Health Care Providers & Services Total		47,446,577
Life Sciences Tools & Services – 8.2%
Covance, Inc. (a)	610,977	33,084,405
Illumina, Inc. (a)	1,187,220	50,456,850
QIAGEN N.V. (a)	2,035,651	43,318,653
Life Sciences Tools & Services Total		126,859,908
Pharmaceuticals – 3.5%
Allergan, Inc.	967,672	54,925,063
Pharmaceuticals Total		54,925,063
Health Care Total		456,745,654
Industrials – 5.8%
Air Freight & Logistics – 2.9%
Expeditors International of Washington, Inc.	1,261,282	44,334,062
Air Freight & Logistics Total		44,334,062
Electrical Equipment – 2.9%
First Solar, Inc. (a)	295,316	45,142,004
Electrical Equipment Total		45,142,004
Industrials Total		89,476,066
Information Technology – 22.4%
Communications Equipment – 7.6%
QUALCOMM, Inc.	1,343,414	60,426,762
Research In Motion Ltd. (a)	841,145	56,819,345
Communications Equipment Total		117,246,107
Computers & Peripherals – 4.3%
Apple, Inc. (a)	360,190	66,768,420
Computers & Peripherals Total		66,768,420
Internet Software & Services – 6.9%
Akamai Technologies, Inc. (a)	2,412,400	47,476,032
Google, Inc., Class A (a)	118,539	58,777,563
Internet Software & Services Total		106,253,595
IT Services – 3.6%
MasterCard, Inc., Class A	274,534	55,497,048
IT Services Total		55,497,048
Information Technology Total		345,765,170

See Accompanying Notes to Financial Statements.

51

Columbia Select Large Cap Growth Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Materials – 3.1%
Chemicals – 3.1%
Mosaic Co.	986,890	47,439,802
Chemicals Total		47,439,802
Materials Total		47,439,802
Telecommunication Services – 3.2%
Wireless Telecommunication Services – 3.2%
America Movil SAB de CV, Series L, ADR	1,120,331	49,104,108
Wireless Telecommunication Services Total		49,104,108
Telecommunication Services Total		49,104,108
Total Common Stocks (cost of $1,335,614,822)		1,520,159,434
Short-Term Obligation – 2.2%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 08/01/12, market value $34,643,797 (repurchase proceeds $33,962,009)	33,962,000	33,962,000
Total Short-Term Obligation (cost of $33,962,000)		33,962,000
Total Investments – 100.5% (cost of $1,369,576,822) (b)		1,554,121,434
Other Assets & Liabilities, Net – (0.5)%		(7,677,072	)
Net Assets – 100.0%		1,546,444,362

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $1,369,576,822.

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	297,180,415	$	—	$	—	$	297,180,415
Consumer Staples		64,932,501		—		—		64,932,501
Energy		56,045,632		—		—		56,045,632
Financials		113,470,086		—		—		113,470,086
Health Care		456,745,654		—		—		456,745,654
Industrials		89,476,066		—		—		89,476,066
Information Technology		345,765,170		—		—		345,765,170
Materials		47,439,802		—		—		47,439,802
Telecommunication Services		49,104,108		—		—		49,104,108
Total Common Stocks		1,520,159,434		—		—		1,520,159,434
Total Short-Term Obligation		—		33,962,000		—		33,962,000
Total Investments	$	1,520,159,434	$	33,962,000	$	—	$	1,554,121,434

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Health Care	29.5
Information Technology	22.4
Consumer Discretionary	19.2
Financials	7.3
Industrials	5.8
Consumer Staples	4.2
Energy	3.6
Telecommunication Services	3.2
Materials	3.1
	98.3
Short-Term Obligation	2.2
Other Assets & Liabilities, Net	(0.5	)
	100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

52

Investment Portfolio – Columbia Select Opportunities Fund

September 30, 2009 (Unaudited)

Common Stocks – 98.4%

	Shares	Value ($)
Consumer Discretionary – 10.2%
Auto Components – 0.5%
Nokian Renkaat Oyj	27,837	649,786
Auto Components Total		649,786
Distributors – 0.4%
LKQ Corp. (a)	32,659	605,498
Distributors Total		605,498
Hotels, Restaurants & Leisure – 1.7%
Bally Technologies, Inc. (a)	21,514	825,492
Brinker International, Inc.	39,776	625,677
Burger King Holdings, Inc.	24,605	432,802
WMS Industries, Inc. (a)	10,825	482,362
Hotels, Restaurants & Leisure Total		2,366,333
Leisure Equipment & Products – 0.1%
Polaris Industries, Inc.	3,176	129,517
Leisure Equipment & Products Total		129,517
Media – 1.4%
DIRECTV Group, Inc. (a)	27,219	750,700
John Wiley & Sons, Inc., Class A	15,442	537,073
Time Warner Cable, Inc.	15,255	657,338
Media Total		1,945,111
Multiline Retail – 1.9%
Big Lots, Inc. (a)	30,289	757,831
J.C. Penney Co., Inc.	15,971	539,021
Target Corp.	27,867	1,300,831
Multiline Retail Total		2,597,683
Specialty Retail – 2.9%
Belle International Holdings Ltd.	340,000	345,054
Best Buy Co., Inc.	18,202	682,939
Collective Brands, Inc. (a)	49,200	852,636
Jo-Ann Stores, Inc. (a)	32,712	877,663
Lowe’s Companies, Inc.	34,702	726,660
Urban Outfitters, Inc. (a)	18,094	545,896
Specialty Retail Total		4,030,848
Textiles, Apparel & Luxury Goods – 1.3%
Hanesbrands, Inc. (a)	31,207	667,830
NIKE, Inc., Class B	17,643	1,141,502
Textiles, Apparel & Luxury Goods Total		1,809,332
Consumer Discretionary Total		14,134,108
Consumer Staples – 8.6%
Beverages – 2.5%
Carlsberg A/S, Class B	13,590	989,363

	Shares	Value ($)
Molson Coors Brewing Co., Class B	13,230	644,037
PepsiCo, Inc.	30,993	1,818,049
Beverages Total		3,451,449
Food & Staples Retailing – 1.6%
BJ’s Wholesale Club, Inc. (a)	13,906	503,675
Safeway, Inc.	40,653	801,677
Walgreen Co.	24,613	922,249
Food & Staples Retailing Total		2,227,601
Food Products – 0.9%
Archer-Daniels-Midland Co.	27,739	810,534
Sanderson Farms, Inc.	11,855	446,222
Food Products Total		1,256,756
Household Products – 0.6%
Hypermarcas SA (a)	39,900	781,289
Household Products Total		781,289
Personal Products – 1.8%
Avon Products, Inc.	29,717	1,009,189
Herbalife Ltd.	19,334	632,995
Mead Johnson Nutrition Co., Class A	17,460	787,621
Personal Products Total		2,429,805
Tobacco – 1.2%
Philip Morris International, Inc.	34,785	1,695,421
Tobacco Total		1,695,421
Consumer Staples Total		11,842,321
Energy – 13.8%
Energy Equipment & Services – 5.6%
BJ Services Co.	50,378	978,845
Cameron International Corp. (a)	26,546	1,003,970
CARBO Ceramics, Inc.	19,602	1,010,483
National Oilwell Varco, Inc. (a)	23,360	1,007,517
Noble Corp.	15,179	576,195
Pioneer Drilling Co. (a)	56,170	412,288
Schlumberger Ltd.	12,510	745,596
Tenaris SA, ADR	21,891	779,757
Transocean Ltd. (a)	6,450	551,668
Wellstream Holdings PLC	68,067	663,256
Energy Equipment & Services Total		7,729,575
Oil, Gas & Consumable Fuels – 8.2%
Apache Corp.	10,383	953,471
Cimarex Energy Co.	23,196	1,004,851
Comstock Resources, Inc. (a)	11,914	477,513
Continental Resources, Inc. (a)	12,995	509,014
Devon Energy Corp.	13,121	883,437
EOG Resources, Inc.	11,789	984,499

See Accompanying Notes to Financial Statements.

53

Columbia Select Opportunities Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Energy (continued)
Exxon Mobil Corp.	34,729	2,382,757
Hess Corp.	11,947	638,687
Occidental Petroleum Corp.	18,061	1,415,982
Peabody Energy Corp.	12,651	470,870
Petroleo Brasileiro SA, ADR	19,185	880,592
StatoilHydro ASA, ADR	33,349	751,686
Oil, Gas & Consumable Fuels Total		11,353,359
Energy Total		19,082,934
Financials – 16.1%
Capital Markets – 5.6%
Ameriprise Financial, Inc.	34,645	1,258,653
Charles Schwab Corp.	56,779	1,087,318
Goldman Sachs Group, Inc.	8,967	1,653,067
Invesco Ltd.	35,416	806,068
Morgan Stanley	28,797	889,251
Raymond James Financial, Inc.	39,938	929,757
TD Ameritrade Holding Corp. (a)	33,676	660,723
Waddell & Reed Financial, Inc., Class A	18,587	528,800
Capital Markets Total		7,813,637
Commercial Banks – 3.7%
Fifth Third Bancorp.	110,346	1,117,805
Glacier Bancorp, Inc.	24,396	364,476
TCF Financial Corp.	59,930	781,487
Wells Fargo & Co.	100,507	2,832,288
Commercial Banks Total		5,096,056
Consumer Finance – 0.8%
American Express Co.	31,595	1,071,070
Consumer Finance Total		1,071,070
Diversified Financial Services – 3.0%
Hong Kong Exchanges & Clearing Ltd.	34,400	617,890
JPMorgan Chase & Co.	73,466	3,219,280
Portfolio Recovery Associates, Inc. (a)	6,650	301,444
Diversified Financial Services Total		4,138,614
Insurance – 2.3%
ACE Ltd. (a)	8,991	480,659
Aon Corp.	14,954	608,478
Axis Capital Holdings Ltd.	13,476	406,706
Principal Financial Group, Inc.	23,273	637,447
Prudential Financial, Inc.	21,502	1,073,165
Insurance Total		3,206,455

	Shares	Value ($)
Real Estate Investment Trusts (REITs) – 0.7%
Digital Realty Trust, Inc.	10,764	492,022
Redwood Trust, Inc.	29,951	464,241
Real Estate Investment Trusts (REITs) Total		956,263
Financials Total		22,282,095
Health Care – 10.1%
Biotechnology – 1.1%
Celgene Corp. (a)	10,539	589,130
Gilead Sciences, Inc. (a)	18,464	860,053
Biotechnology Total		1,449,183
Health Care Equipment & Supplies – 2.3%
Baxter International, Inc.	20,031	1,141,967
Covidien PLC	13,289	574,882
Hospira, Inc. (a)	11,703	521,954
NuVasive, Inc. (a)	11,697	488,467
Smith & Nephew PLC, ADR	10,056	453,626
Health Care Equipment & Supplies Total		3,180,896
Health Care Providers & Services – 1.6%
Express Scripts, Inc. (a)	10,614	823,434
Mednax, Inc. (a)	8,797	483,131
UnitedHealth Group, Inc.	35,416	886,817
Health Care Providers & Services Total		2,193,382
Health Care Technology – 0.2%
MedAssets, Inc. (a)	13,587	306,658
Health Care Technology Total		306,658
Life Sciences Tools & Services – 1.1%
Illumina, Inc. (a)	11,798	501,415
Life Technologies Corp. (a)	15,035	699,879
QIAGEN N.V. (a)	17,266	367,421
Life Sciences Tools & Services Total		1,568,715
Pharmaceuticals – 3.8%
Abbott Laboratories	26,046	1,288,496
Allergan, Inc.	13,553	769,268
AstraZeneca PLC, ADR	12,948	582,013
Novo Nordisk A/S, ADR	10,556	664,500
Sanofi-Aventis SA, ADR	36,328	1,342,320
Teva Pharmaceutical Industries Ltd., ADR	12,026	608,034
Pharmaceuticals Total		5,254,631
Health Care Total		13,953,465

See Accompanying Notes to Financial Statements.

54

Columbia Select Opportunities Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Industrials – 11.0%
Aerospace & Defense – 0.7%
United Technologies Corp.	16,487	1,004,553
Aerospace & Defense Total		1,004,553
Air Freight & Logistics – 0.8%
Expeditors International of Washington, Inc.	16,803	590,626
UTI Worldwide, Inc.	39,213	567,804
Air Freight & Logistics Total		1,158,430
Construction & Engineering – 0.9%
EMCOR Group, Inc. (a)	24,619	623,353
Insituform Technologies, Inc., Class A (a)	28,392	543,423
Construction & Engineering Total		1,166,776
Electrical Equipment – 0.3%
GrafTech International Ltd. (a)	30,546	449,026
Electrical Equipment Total		449,026
Industrial Conglomerates – 2.4%
Barloworld Ltd.	61,503	402,283
General Electric Co.	65,371	1,073,392
Siemens AG, ADR	12,707	1,181,243
Tyco International Ltd.	18,157	626,053
Industrial Conglomerates Total		3,282,971
Machinery – 2.8%
Caterpillar, Inc.	17,872	917,370
Dover Corp.	15,158	587,524
Joy Global, Inc.	16,567	810,789
Kubota Corp.	69,000	571,467
Navistar International Corp. (a)	7,955	297,676
Parker Hannifin Corp.	13,942	722,754
Machinery Total		3,907,580
Marine – 1.4%
A.P. Moller – Maersk A/S, Class B	150	1,038,117
Diana Shipping, Inc.	32,095	417,235
Genco Shipping & Trading Ltd.	24,841	516,196
Marine Total		1,971,548
Professional Services – 0.8%
Huron Consulting Group, Inc. (a)	8,988	232,160
Monster Worldwide, Inc. (a)	27,704	484,266
TrueBlue, Inc. (a)	22,829	321,204
Professional Services Total		1,037,630
Road & Rail – 0.9%
Landstar System, Inc.	13,875	528,082
Union Pacific Corp.	12,427	725,115
Road & Rail Total		1,253,197
Industrials Total		15,231,711

	Shares	Value ($)
Information Technology – 18.2%
Communications Equipment – 1.7%
Adtran, Inc.	26,357	647,064
Brocade Communications Systems, Inc. (a)	67,753	532,539
CommScope, Inc. (a)	23,630	707,246
Nokia Oyj, ADR	28,400	415,208
Communications Equipment Total		2,302,057
Computers & Peripherals – 5.3%
Apple, Inc. (a)	13,589	2,518,993
Hewlett-Packard Co.	52,899	2,497,362
International Business Machines Corp.	19,750	2,362,297
Computers & Peripherals Total		7,378,652
Electronic Equipment, Instruments & Components – 1.4%
Agilent Technologies, Inc. (a)	28,672	797,942
Brightpoint, Inc. (a)	45,191	395,421
Tyco Electronics Ltd.	31,658	705,340
Electronic Equipment, Instruments & Components Total		1,898,703
Internet Software & Services – 2.7%
DealerTrack Holdings, Inc. (a)	18,086	342,006
Equinix, Inc. (a)	5,439	500,388
Google, Inc., Class A (a)	3,589	1,779,606
Yahoo!, Inc. (a)	61,906	1,102,546
Internet Software & Services Total		3,724,546
IT Services – 2.0%
Fiserv, Inc. (a)	9,186	442,765
Hewitt Associates, Inc., Class A (a)	16,524	601,969
MasterCard, Inc., Class A	2,456	496,481
Redecard SA	45,200	695,247
Western Union Co.	31,293	592,064
IT Services Total		2,828,526
Semiconductors & Semiconductor Equipment – 2.2%
Amkor Technology, Inc. (a)	44,409	305,534
Atmel Corp. (a)	104,887	439,476
Intel Corp.	61,194	1,197,566
Micron Technology, Inc. (a)	96,264	789,365
Texas Instruments, Inc.	16,223	384,323
Semiconductors & Semiconductor Equipment Total		3,116,264
Software – 2.9%
Microsoft Corp.	132,574	3,432,341
Oracle Corp.	26,007	541,986
Software Total		3,974,327
Information Technology Total		25,223,075

See Accompanying Notes to Financial Statements.

55

Columbia Select Opportunities Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Materials – 6.2%
Chemicals – 1.1%
Albemarle Corp.	12,163	420,840
Monsanto Co.	7,433	575,314
Potash Corp. of Saskatchewan, Inc.	5,945	537,071
Chemicals Total		1,533,225
Construction Materials – 0.4%
Cemex SAB de CV, ADR (a)	48,016	620,367
Construction Materials Total		620,367
Containers & Packaging – 0.4%
Owens-Illinois, Inc. (a)	14,003	516,711
Containers & Packaging Total		516,711
Metals & Mining – 4.3%
Allegheny Technologies, Inc.	11,716	409,943
ArcelorMittal, NY Registered Shares	15,474	574,704
Cliffs Natural Resources, Inc.	15,060	487,341
Freeport-McMoRan Copper & Gold, Inc. (a)	21,111	1,448,426
Kaiser Aluminum Corp.	17,390	632,300
Nucor Corp.	15,067	708,300
Thompson Creek Metals Co., Inc. (a)	71,357	861,279
Vale SA, ADR	33,453	773,768
Metals & Mining Total		5,896,061
Materials Total		8,566,364
Telecommunication Services – 1.3%
Wireless Telecommunication Services – 1.3%
American Tower Corp., Class A (a)	16,893	614,905
Millicom International Cellular SA (a)	7,509	546,205
Mobile TeleSystems OJSC, ADR	11,789	569,055
Wireless Telecommunication Services Total		1,730,165
Telecommunication Services Total		1,730,165
Utilities – 2.9%
Electric Utilities – 1.1%
Entergy Corp.	10,004	798,920
Exelon Corp.	13,449	667,339
Electric Utilities Total		1,466,259
Gas Utilities – 0.4%
PT Perusahaan Gas Negara Tbk	1,679,500	634,177
Gas Utilities Total		634,177

	Shares	Value ($)
Independent Power Producers & Energy Traders – 0.8%
AES Corp. (a)	75,348	1,116,658
Independent Power Producers & Energy Traders Total		1,116,658
Multi-Utilities – 0.6%
Public Service Enterprise Group, Inc.	24,894	782,667
Multi-Utilities Total		782,667
Utilities Total		3,999,761
Total Common Stocks (cost of $103,234,492)		136,045,999
Short-Term Obligation – 1.8%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 03/15/12, market value $2,600,863 (repurchase proceeds $2,548,001)	2,548,000	2,548,000
Total Short-Term Obligation (cost of $2,548,000)		2,548,000
Total Investments – 100.2% (cost of $105,782,492) (b)		138,593,999
Other Assets & Liabilities, Net – (0.2)%		(280,839	)
Net Assets – 100.0%		138,313,160

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $105,782,492.

See Accompanying Notes to Financial Statements.

56

Columbia Select Opportunities Fund

September 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	13,139,268	$	994,840	$	—	$	14,134,108
Consumer Staples		10,852,958		989,363		—		11,842,321
Energy		18,419,678		663,256		—		19,082,934
Financials		21,664,205		617,890		—		22,282,095
Health Care		13,953,465		—		—		13,953,465
Industrials		13,219,844		2,011,867		—		15,231,711
Information Technology		25,223,075		—		—		25,223,075
Materials		8,566,364		—		—		8,566,364
Telecommunication Services		1,730,165		—		—		1,730,165
Utilities		3,365,584		634,177		—		3,999,761
Total Common Stocks		130,134,606		5,911,393		—		136,045,999
Total Short-Term Obligation		—		2,548,000		—		2,548,000
Total Investments	$	130,134,606	$	8,459,393	$	—	$	138,593,999

The Fund’s assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology	18.2
Financials	16.1
Energy	13.8
Industrials	11.0
Consumer Discretionary	10.2
Health Care	10.1
Consumer Staples	8.6
Materials	6.2
Utilities	2.9
Telecommunication Services	1.3
	98.4
Short-Term Obligation	1.8
Other Assets & Liabilities, Net	(0.2	)
	100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

57

Investment Portfolio – Columbia Select Small Cap Fund

September 30, 2009 (Unaudited)

Common Stocks – 99.6%

	Shares	Value ($)
Consumer Discretionary – 16.3%
Automobiles – 2.9%
Thor Industries, Inc.	520,000	16,094,000
Automobiles Total		16,094,000
Diversified Consumer Services – 2.3%
Sotheby’s	720,000	12,405,600
Diversified Consumer Services Total		12,405,600
Hotels, Restaurants & Leisure – 2.1%
P.F. Chang’s China Bistro, Inc. (a)	340,000	11,549,800
Hotels, Restaurants & Leisure Total		11,549,800
Household Durables – 4.2%
Meritage Home Corp. (a)	560,000	11,368,000
Ryland Group, Inc.	560,000	11,799,200
Household Durables Total		23,167,200
Specialty Retail – 4.8%
Hibbett Sports, Inc. (a)	440,000	8,021,200
Williams-Sonoma, Inc.	900,000	18,207,000
Specialty Retail Total		26,228,200
Consumer Discretionary Total		89,444,800
Consumer Staples – 1.3%
Food & Staples Retailing – 1.3%
Whole Foods Market, Inc. (a)	240,000	7,317,600
Food & Staples Retailing Total		7,317,600
Consumer Staples Total		7,317,600
Energy – 7.6%
Energy Equipment & Services – 5.6%
Helix Energy Solutions Group, Inc. (a)	740,000	11,085,200
Helmerich & Payne, Inc.	440,000	17,393,200
Tetra Technologies, Inc. (a)	200,000	1,938,000
Energy Equipment & Services Total		30,416,400
Oil, Gas & Consumable Fuels – 2.0%
Overseas Shipholding Group, Inc.	300,000	11,211,000
Oil, Gas & Consumable Fuels Total		11,211,000
Energy Total		41,627,400
Financials – 19.7%
Capital Markets – 13.0%
Cowen Group, Inc. (a)	240,000	1,708,800
GFI Group, Inc.	1,200,000	8,676,000
Greenhill & Co., Inc.	200,000	17,916,000
KBW, Inc. (a)	580,000	18,687,600

	Shares	Value ($)
Knight Capital Group, Inc., Class A (a)	340,000	7,395,000
Legg Mason, Inc.	540,000	16,756,200
Capital Markets Total		71,139,600
Commercial Banks – 4.3%
Wintrust Financial Corp.	360,000	10,065,600
Zions Bancorporation	760,000	13,657,200
Commercial Banks Total		23,722,800
Real Estate Management & Development – 2.4%
St. Joe Co. (a)	440,000	12,812,800
Real Estate Management & Development Total		12,812,800
Financials Total		107,675,200
Health Care – 2.5%
Health Care Equipment & Supplies – 1.4%
Cooper Companies, Inc.	260,000	7,729,800
Health Care Equipment & Supplies Total		7,729,800
Health Care Providers & Services – 1.1%
Molina Healthcare, Inc. (a)	280,000	5,793,200
Health Care Providers & Services Total		5,793,200
Health Care Total		13,523,000
Industrials – 19.4%
Aerospace & Defense – 1.9%
Innovative Solutions & Support, Inc. (a)(b)	340,000	1,703,400
Triumph Group, Inc.	180,000	8,638,200
Aerospace & Defense Total		10,341,600
Building Products – 4.0%
Quanex Building Products Corp.	580,000	8,328,800
Simpson Manufacturing Co., Inc.	540,000	13,640,400
Building Products Total		21,969,200
Construction & Engineering – 2.2%
Shaw Group, Inc. (a)	380,000	12,194,200
Construction & Engineering Total		12,194,200
Electrical Equipment – 1.5%
Regal-Beloit Corp.	180,000	8,227,800
Electrical Equipment Total		8,227,800
Machinery – 4.6%
Bucyrus International, Inc.	400,000	14,248,000
Kaydon Corp.	340,000	11,022,800
Machinery Total		25,270,800

See Accompanying Notes to Financial Statements.

58

Columbia Select Small Cap Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Industrials (continued)
Marine – 0.9%
Diana Shipping, Inc.	380,000	4,940,000
Marine Total		4,940,000
Professional Services – 1.6%
FTI Consulting, Inc. (a)	200,000	8,522,000
Professional Services Total		8,522,000
Road & Rail – 2.7%
Kansas City Southern (a)	560,000	14,834,400
Road & Rail Total		14,834,400
Industrials Total		106,300,000
Information Technology – 27.1%
Communications Equipment – 8.4%
CommScope, Inc. (a)	380,000	11,373,400
F5 Networks, Inc. (a)	440,000	17,437,200
InterDigital, Inc. (a)	280,000	6,484,800
Plantronics, Inc.	400,000	10,724,000
Communications Equipment Total		46,019,400
Electronic Equipment, Instruments & Components – 2.0%
FLIR Systems, Inc. (a)	240,000	6,712,800
Rogers Corp. (a)	140,000	4,195,800
Electronic Equipment, Instruments & Components Total		10,908,600
IT Services – 4.6%
Forrester Research, Inc. (a)	500,000	13,320,000
Hewitt Associates, Inc., Class A (a)	320,000	11,657,600
IT Services Total		24,977,600
Semiconductors & Semiconductor Equipment – 8.5%
Cabot Microelectronics Corp. (a)	300,000	10,458,000
Power Integrations, Inc.	600,000	19,998,000
Varian Semiconductor Equipment Associates, Inc. (a)	500,000	16,420,000
Semiconductors & Semiconductor Equipment Total		46,876,000
Software – 3.6%
Fair Isaac Corp.	260,000	5,587,400
Manhattan Associates, Inc. (a)	700,000	14,140,000
Software Total		19,727,400
Information Technology Total		148,509,000
Materials – 5.4%
Chemicals – 2.1%
OM Group, Inc. (a)	380,000	11,548,200
Chemicals Total		11,548,200

	Shares	Value ($)
Metals & Mining – 3.3%
Brush Engineered Materials, Inc. (a)	400,000	9,784,000
Walter Energy, Inc.	140,000	8,408,400
Metals & Mining Total		18,192,400
Materials Total		29,740,600
Telecommunication Services – 0.3%
Diversified Telecommunication Services – 0.3%
Iridium Communications, Inc. (a)	140,000	1,577,800
Diversified Telecommunication Services Total		1,577,800
Telecommunication Services Total		1,577,800
Total Common Stocks (cost of $435,190,282)		545,715,400
Short-Term Obligation – 0.8%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 09/24/12, market value $4,170,000 (repurchase proceeds $4,088,001)	4,088,000	4,088,000
Total Short-Term Obligation (cost of $4,088,000)		4,088,000
Total Investments – 100.4% (cost of $439,278,282) (c)		549,803,400
Other Assets & Liabilities, Net – (0.4)%		(2,148,753	)
Net Assets – 100.0%		547,654,647

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions with companies which are or were affiliates during the six months ended September 30, 2009, are as follows:

Security name: Innovative Solutions & Support, Inc.
Shares as of 03/31/09:		1,000,000
Shares purchased:		—
Shares sold:		(660,000	)
Shares as of 09/30/09:		340,000
Dividend income earned:	$	—
Value at end of period:	$	—

(c) Cost for federal income tax purposes is $439,278,282.

See Accompanying Notes to Financial Statements.

59

Columbia Select Small Cap Fund

September 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	89,444,800	$	—	$	—	$	89,444,800
Consumer Staples		7,317,600		—		—		7,317,600
Energy		41,627,400		—		—		41,627,400
Financials		107,675,200		—		—		107,675,200
Health Care		13,523,000		—		—		13,523,000
Industrials		106,300,000		—		—		106,300,000
Information Technology		148,509,000		—		—		148,509,000
Materials		29,740,600		—		—		29,740,600
Telecommunications Services		1,577,800		—		—		1,577,800
Total Common Stocks		545,715,400		—		—		545,715,400
Total Short-Term Obligation		—		4,088,000		—		4,088,000
Total Investments	$	545,715,400	$	4,088,000	$	—	$	549,803,400

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

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology	27.1
Financials	19.7
Industrials	19.4
Consumer Discretionary	16.3
Energy	7.6
Materials	5.4
Health Care	2.5
Consumer Staples	1.3
Telecommunication Services	0.3
	99.6
Short-Term Obligation	0.8
Other Assets & Liabilities, Net	(0.4	)
	100.0

See Accompanying Notes to Financial Statements.

60

Investment Portfolio – Columbia Value and Restructuring Fund

September 30, 2009 (Unaudited)

Common Stocks – 100.2%

	Shares	Value ($)
Consumer Discretionary – 4.6%
Household Durables – 2.7%
Black & Decker Corp.	2,400,000	111,096,000
Newell Rubbermaid, Inc.	3,740,000	58,680,600
Household Durables Total		169,776,600
Specialty Retail – 1.9%
TJX Companies, Inc.	3,330,000	123,709,500
Specialty Retail Total		123,709,500
Consumer Discretionary Total		293,486,100
Consumer Staples – 7.2%
Food Products – 0.9%
Dean Foods Co. (a)	3,180,000	56,572,200
Food Products Total		56,572,200
Personal Products – 1.9%
Avon Products, Inc.	3,620,000	122,935,200
Personal Products Total		122,935,200
Tobacco – 4.4%
Lorillard, Inc.	3,800,000	282,340,000
Tobacco Total		282,340,000
Consumer Staples Total		461,847,400
Energy – 24.6%
Oil, Gas & Consumable Fuels – 24.6%
Alpha Natural Resources, Inc. (a)(b)	5,900,000	207,090,000
Anadarko Petroleum Corp.	2,303,000	144,467,190
ConocoPhillips	2,980,000	134,576,800
CONSOL Energy, Inc.	4,550,000	205,250,500
Devon Energy Corp.	2,400,000	161,592,000
El Paso Corp.	4,200,000	43,344,000
General Maritime Corp.	575,000	4,450,500
Murphy Oil Corp.	980,000	56,418,600
Noble Energy, Inc.	2,009,000	132,513,640
PetroHawk Energy Corp. (a)	3,940,000	95,387,400
Petroleo Brasileiro SA, ADR	7,470,000	342,873,000
Rosetta Resources, Inc. (a)(c)(d)	2,300,000	33,787,000
W&T Offshore, Inc.	1,800,000	21,078,000
Oil, Gas & Consumable Fuels Total		1,582,828,630
Energy Total		1,582,828,630
Financials – 17.1%
Capital Markets – 6.7%
Apollo Investment Corp. (e)	3,850,000	36,767,500
Goldman Sachs Group, Inc.	832,000	153,379,200

	Shares	Value ($)
Invesco Ltd.	5,780,000	131,552,800
Morgan Stanley	3,620,000	111,785,600
Capital Markets Total		433,485,100
Commercial Banks – 1.4%
PNC Financial Services Group, Inc.	1,880,000	91,349,200
Commercial Banks Total		91,349,200
Diversified Financial Services – 1.9%
JPMorgan Chase & Co.	2,840,000	124,448,800
Diversified Financial Services Total		124,448,800
Insurance – 6.0%
ACE Ltd. (a)	3,608,000	192,883,680
Loews Corp.	2,300,000	78,775,000
MetLife, Inc.	2,640,000	100,504,800
Tower Group, Inc.	675,000	16,463,250
Insurance Total		388,626,730
Real Estate Investment Trusts (REITs) – 1.1%
DiamondRock Hospitality Co. (a)	4,750,000	38,475,000
Host Hotels & Resorts, Inc.	2,400,000	28,248,000
Vintage Wine Trust, Inc. (a)(c)(d)	2,140,500	620,745
Real Estate Investment Trusts (REITs) Total		67,343,745
Financials Total		1,105,253,575
Health Care – 5.4%
Biotechnology – 0.4%
Talecris Biotherapeutics (a)	1,357,913	25,800,347
Biotechnology Total		25,800,347
Health Care Equipment & Supplies – 1.7%
Baxter International, Inc.	1,900,000	108,319,000
Health Care Equipment & Supplies Total		108,319,000
Health Care Providers & Services – 1.7%
AmerisourceBergen Corp.	4,900,000	109,662,000
Health Care Providers & Services Total		109,662,000
Pharmaceuticals – 1.6%
Bristol-Myers Squibb Co.	4,700,000	105,844,000
Pharmaceuticals Total		105,844,000
Health Care Total		349,625,347

See Accompanying Notes to Financial Statements.

61

Columbia Value and Restructuring Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Industrials – 14.7%
Aerospace & Defense – 2.5%
AerCap Holdings NV (a)(b)	5,000,000	45,350,000
United Technologies Corp.	1,950,000	118,813,500
Aerospace & Defense Total		164,163,500
Airlines – 1.3%
Copa Holdings SA, Class A	1,920,000	85,420,800
Airlines Total		85,420,800
Construction & Engineering – 0.8%
AECOM Technology Corp. (a)	1,850,000	50,209,000
Construction & Engineering Total		50,209,000
Industrial Conglomerates – 1.7%
Tyco International Ltd.	3,130,000	107,922,400
Industrial Conglomerates Total		107,922,400
Machinery – 3.5%
AGCO Corp. (a)	3,700,000	102,231,000
Eaton Corp.	2,155,000	121,951,450
Machinery Total		224,182,450
Road & Rail – 4.4%
Ryder System, Inc.	1,825,000	71,284,500
Union Pacific Corp.	3,660,000	213,561,000
Road & Rail Total		284,845,500
Trading Companies & Distributors – 0.5%
RSC Holdings, Inc. (a)	4,300,000	31,261,000
Trading Companies & Distributors Total		31,261,000
Industrials Total		948,004,650
Information Technology – 8.2%
Communications Equipment – 5.3%
CommScope, Inc. (a)	2,800,000	83,804,000
Harris Corp.	5,375,000	202,100,000
Nokia Oyj, ADR	3,900,000	57,018,000
Communications Equipment Total		342,922,000
Computers & Peripherals – 2.9%
International Business Machines Corp.	1,565,000	187,189,650
Computers & Peripherals Total		187,189,650
Information Technology Total		530,111,650
Materials – 12.6%
Chemicals – 4.1%
Celanese Corp., Series A	4,990,000	124,750,000
Lanxess AG	1,960,000	67,503,854
PPG Industries, Inc.	1,280,000	74,508,800
Chemicals Total		266,762,654

	Shares	Value ($)
Metals & Mining – 8.5%
Freeport-McMoRan Copper & Gold, Inc.	1,763,000	120,959,430
Grupo Mexico SAB de CV, Series B (a)	55,000,000	101,385,493
Schnitzer Steel Industries, Inc., Class A	1,475,000	78,543,750
Southern Copper Corp.	5,290,000	162,350,100
Vale SA, ADR	3,650,000	84,424,500
Metals & Mining Total		547,663,273
Materials Total		814,425,927
Telecommunication Services – 4.2%
Diversified Telecommunication Services – 0.6%
Windstream Corp.	3,600,000	36,468,000
Diversified Telecommunication Services Total		36,468,000
Wireless Telecommunication Services – 3.6%
America Movil SAB de CV, Series L, ADR	5,380,000	235,805,400
Wireless Telecommunication Services Total		235,805,400
Telecommunication Services Total		272,273,400
Utilities – 1.6%
Electric Utilities – 1.6%
Enel SpA	7,295,000	46,327,452
Entergy Corp.	725,000	57,898,500
Electric Utilities Total		104,225,952
Utilities Total		104,225,952
Total Common Stocks (cost of $5,391,116,784)		6,462,082,631
Preferred Stock – 0.2%
Financials – 0.2%
Commercial Banks – 0.2%
Wells Fargo & Co., 7.500% (a)	16,000	14,288,000
Commercial Banks Total		14,288,000
Financials Total		14,288,000
Total Preferred Stock (cost of $9,045,069)		14,288,000

See Accompanying Notes to Financial Statements.

62

Columbia Value and Restructuring Fund

September 30, 2009 (Unaudited)

Short-Term Obligation – 0.0%

	Par ($)	Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 07/17/15, market value $918,000 (repurchase proceeds $900,000)	900,000	900,000
Total Short-Term Obligation (cost of $900,000)		900,000
Total Investments – 100.4% (cost of $5,401,061,853) (f)		6,477,270,631
Other Assets & Liabilities, Net – (0.4)%		(28,182,356	)
Net Assets – 100.0%		6,449,088,275

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions with companies which are or were affiliates during the six months ended September 30, 2009, are as follows:

Security name: AerCap Holdings NV
Shares as of 03/31/09:		5,000,000
Shares purchased:		302,369
Shares sold:		(302,369	)
Shares as of 09/30/09:		5,000,000
Dividend income earned:	$	—
Value at end of period:	$	45,350,000

Security name: Alpha Natural Resources, Inc.
Shares as of 03/31/09:		3,875,000
Shares purchased:		125,000
Shares sold:		(213,800	)
Corporate action:		2,113,800
Shares as of 09/30/09:		5,900,000
Dividend income earned:	$	—
Value at end of period:	$	207,090,000

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities, which are not illiquid, except for those in the following table, amounted to $34,407,745, which represents 0.5% of net assets.

Security	Acquisition Date	Shares	Cost		Value
Vintage Wine Trust, Inc.	03/16/2005 - 01/04/2007	2,140,500	$	5,477,730	$	620,745

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $34,407,745, which represents 0.5% of net assets.

(e) Closed-end Management Investment Company.

(f) Cost for federal income tax purposes is $5,401,061,853.

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobser- vable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	293,486,100	$	—	$	—	$	293,486,100
Consumer Staples		461,847,400		—		—		461,847,400
Energy		1,549,041,630		33,787,000		—		1,582,828,630
Financials		1,104,632,830		—		620,745		1,105,253,575
Health Care		349,625,347		—		—		349,625,347
Industrials		948,004,650		—		—		948,004,650
Information Technology		530,111,650		—		—		530,111,650
Materials		746,922,073		67,503,854		—		814,425,927
Telecommunication Services		272,273,400		—		—		272,273,400
Utilities		57,898,500		46,327,452		—		104,225,952
Total Common Stocks		6,313,843,580		147,618,306		620,745		6,462,082,631
Total Preferred Stock		14,288,000		—		—		14,288,000
Total Short-Term Obligation		—		900,000		—		900,000
Total Investments	$	6,328,131,580	$	148,518,306	$	620,745	$	6,477,270,631

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2009		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2009
Common Stocks
Financials	$	791,985	$	—	$	—	$	535,125	$	—	$	(706,365	)	$	—	$	—	$	620,745

See Accompanying Notes to Financial Statements.

63

Columbia Value and Restructuring Fund

September 30, 2009 (Unaudited)

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 September 30, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $535,125. 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 table above, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

At September 30, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Energy	24.6
Financials	17.3
Industrials	14.7
Materials	12.6
Information Technology	8.2
Consumer Staples	7.2
Health Care	5.4
Consumer Discretionary	4.6
Telecommunication Services	4.2
Utilities	1.6
	100.4
Short-Term Obligation	0.0	*
Other Assets & Liabilities, Net	(0.4	)
	100.0

* Round to less than 0.1%

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.

64

Investment Portfolio – Columbia Emerging Markets Fund

September 30, 2009 (Unaudited)

Common Stocks – 94.0%

	Shares	Value ($)
Consumer Discretionary – 9.5%
Auto Components – 1.8%
Hyundai Mobis	35,602	4,979,865
Nokian Renkaat OYJ	65,585	1,530,919
Auto Components Total		6,510,784
Automobiles – 1.2%
Hero Honda Motors Ltd.	46,992	1,645,360
PT Astra International Tbk	851,500	2,932,481
Automobiles Total		4,577,841
Distributors – 0.5%
Li & Fung Ltd.	432,000	1,762,039
Distributors Total		1,762,039
Diversified Consumer Services – 0.8%
MegaStudy Co. Ltd.	14,062	2,883,771
Diversified Consumer Services Total		2,883,771
Hotels, Restaurants & Leisure – 1.7%
Formosa International Hotels Corp.	86,900	1,089,789
Genting Malysia Bhd	2,015,000	1,587,564
Melco Crown Entertainment, Ltd., ADR (a)	115,933	806,894
Shangri-La Asia Ltd.	546,000	1,028,636
Wynn Macau Ltd. (a)	1,500,000	1,950,955
Hotels, Restaurants & Leisure Total		6,463,838
Household Durables – 1.2%
LG Electronics, Inc.	27,010	2,865,694
Woongjin Coway Co., Ltd.	49,920	1,601,434
Household Durables Total		4,467,128
Leisure Equipment & Products – 0.4%
Giant Manufacturing Co., Ltd.	569,800	1,538,525
Leisure Equipment & Products Total		1,538,525
Media – 0.5%
Naspers Ltd.	59,561	2,042,439
Media Total		2,042,439
Multiline Retail – 0.4%
Golden Eagle Retail Group Ltd.	798,000	1,331,677
Multiline Retail Total		1,331,677
Specialty Retail – 0.6%
Belle International Holdings Ltd.	2,361,000	2,396,100
Specialty Retail Total		2,396,100
Textiles, Apparel & Luxury Goods – 0.4%
Ports Design Ltd.	631,000	1,565,794
Textiles, Apparel & Luxury Goods Total		1,565,794
Consumer Discretionary Total		35,539,936

	Shares	Value ($)
Consumer Staples – 3.6%
Beverages – 0.3%
Fomento Economico Mexicano SAB de CV, ADR	31,527	1,199,602
Beverages Total		1,199,602
Food & Staples Retailing – 1.1%
BIM Birlesik Magazalar AS	77,772	3,178,938
Magnit OAO, GDR (b)(c)	59,619	816,780
Food & Staples Retailing Total		3,995,718
Food Products – 0.2%
PT Bisi International Tbk (a)	3,161,000	673,937
Food Products Total		673,937
Household Products – 1.1%
Hindustan Unilever Ltd.	254,919	1,382,407
Hypermarcas SA (a)	141,800	2,776,610
Household Products Total		4,159,017
Tobacco – 0.9%
ITC Ltd.	343,059	1,656,711
KT&G Corp.	28,768	1,742,608
Tobacco Total		3,399,319
Consumer Staples Total		13,427,593
Energy – 9.5%
Oil, Gas & Consumable Fuels – 9.5%
Cairn India Ltd. (a)	362,672	1,970,402
CNOOC Ltd.	3,740,000	5,066,912
Gazprom OAO, ADR	296,236	6,887,487
LUKOIL OAO, ADR	127,515	6,911,313
OGX Petroleo e Gas Participacoes SA	2,900	2,218,035
PT Tambang Batubara Bukit Asam Tbk	1,332,500	1,943,018
Rosneft Oil Co., GDR	740,688	5,576,986
Straits Asia Resources Ltd.	1,530,000	2,290,558
Yanzhou Coal Mining Co., Ltd., Class H	1,700,000	2,428,663
Oil, Gas & Consumable Fuels Total		35,293,374
Energy Total		35,293,374
Financials – 23.9%
Commercial Banks – 15.9%
Banco Bradesco SA, ADR	104,650	2,081,489
Banco Santander Chile, ADR	21,221	1,221,056
Bangkok Bank PCL, Foreign Registered Shares	754,900	2,732,684
Bank of China Ltd., Class H	9,145,000	4,783,918

See Accompanying Notes to Financial Statements.

65

Columbia Emerging Markets Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Financials (continued)
Bank Rakyat Indonesia	2,598,500	2,003,534
China Construction Bank Corp., Class H	8,413,000	6,694,585
CIMB Group Holdings Bhd	753,200	2,407,624
HDFC Bank Ltd., ADR	29,569	3,500,083
ICICI Bank Ltd., ADR	131,891	5,085,717
Industrial & Commercial Bank of China, Class H	7,198,000	5,385,192
Itau Unibanco Holding SA, ADR	397,815	8,015,972
Kasikornbank PCL, Foreign Registered Shares	835,700	2,062,546
National Bank of Pakistan	1,519,000	1,540,754
PT Bank Central Asia Tbk	4,134,000	1,969,421
Shinhan Financial Group Co., Ltd. (a)	94,290	3,773,210
Standard Bank Group Ltd.	192,007	2,486,470
Turkiye Garanti Bankasi AS	781,535	2,969,320
Turkiye Is Bankasi, Class C	161,922	636,743
Commercial Banks Total		59,350,318
Diversified Financial Services – 2.5%
AMMB Holdings Bhd	1,514,000	1,858,353
BM&F BOVESPA SA	497,600	3,668,241
Bolsa Mexicana de Valores SA de CV (a)	1,184,900	1,466,091
Hong Kong Exchanges & Clearing Ltd.	62,700	1,126,212
Metro Pacific Investments Corp. (a)	17,000,000	1,179,890
Diversified Financial Services Total		9,298,787
Insurance – 2.3%
China Life Insurance Co., Ltd., Class H	1,467,000	6,414,911
Ping An Insurance Group Co., Ltd., Class H	271,000	2,138,954
Insurance Total		8,553,865
Real Estate Management & Development – 3.2%
Ayala Land, Inc.	7,084,000	1,713,772
China Overseas Land & Investment Ltd.	1,209,440	2,594,014
China Vanke Co., Ltd., Class B	1,847,380	2,317,174
DLF Ltd.	167,900	1,519,149
SM Prime Holdings, Inc.	6,811,000	1,505,756
Unitech Ltd.	940,490	2,078,298
Real Estate Management & Development Total		11,728,163
Financials Total		88,931,133

	Shares	Value ($)
Health Care – 0.9%
Health Care Providers & Services – 0.1%
Sinopharm Group Co., Class H (a)	116,370	295,203
Health Care Providers & Services Total		295,203
Pharmaceuticals – 0.8%
Pharmstandard, Series S, GDR (a)(b)(c)	24,828	447,401
Richter Gedeon Nyrt.	4,252	883,218
Teva Pharmaceutical Industries Ltd., ADR	37,650	1,903,584
Pharmaceuticals Total		3,234,203
Health Care Total		3,529,406
Industrials – 9.7%
Airlines – 1.2%
Lan Airlines SA, ADR	95,851	1,263,316
Turk Hava Yollari	1,205,516	3,148,610
Airlines Total		4,411,926
Construction & Engineering – 3.2%
Aveng Ltd.	127,262	734,398
CTCI Corp.	4,828,000	4,691,034
Doosan Heavy Industries and Construction Co., Ltd.	38,800	2,212,195
Hyundai Development Co.	42,100	1,525,226
Murray & Roberts Holdings Ltd.	364,477	2,911,749
Construction & Engineering Total		12,074,602
Electrical Equipment – 2.8%
Bharat Heavy Electricals Ltd.	62,112	2,994,116
Harbin Electric, Inc. (a)	115,896	1,956,325
LS Cable Ltd.	24,967	2,175,060
Yingli Green Energy Holding Co., Ltd., ADR (a)	60,600	755,076
Zhuzhou CSR Times Electric Co., Ltd., Class H	1,518,000	2,641,597
Electrical Equipment Total		10,522,174
Industrial Conglomerates – 0.8%
Barloworld Ltd.	432,000	2,825,652
Industrial Conglomerates Total		2,825,652
Road & Rail – 0.6%
All America Latina Logistica SA	295,100	2,275,381
Road & Rail Total		2,275,381

See Accompanying Notes to Financial Statements.

66

Columbia Emerging Markets Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Industrials (continued)
Transportation Infrastructure – 1.1%
China Merchants Holdings International Co., Ltd.	718,000	2,362,940
Cia de Concessoes Rodoviarias	95,000	1,625,339
Transportation Infrastructure Total		3,988,279
Industrials Total		36,098,014
Information Technology – 13.1%
Electronic Equipment, Instruments & Components – 2.9%
HON HAI Precision Industry Co., Ltd.	1,709,099	6,839,015
Suprema, Inc.	71,232	1,191,069
WPG Holdings Co., Ltd.	2,006,000	2,842,077
Electronic Equipment, Instruments & Components Total		10,872,161
Internet Software & Services – 1.3%
NHN Corp. (a)	12,490	1,838,865
Sohu.com, Inc. (a)	16,939	1,165,064
Tencent Holdings Ltd.	111,000	1,784,894
Internet Software & Services Total		4,788,823
IT Services – 1.6%
Infosys Technologies Ltd.	18,700	894,201
Infosys Technologies Ltd., ADR	8,026	389,181
Redecard SA	295,800	4,549,870
IT Services Total		5,833,252
Semiconductors & Semiconductor Equipment – 7.3%
Advanced Semiconductor Engineering, Inc.	2,545,000	2,096,541
Samsung Electronics Co., Ltd.	22,661	15,624,180
Taiwan Semiconductor Manufacturing Co., Ltd.	1,941,190	3,897,093
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	335,114	3,672,850
United Microelectronics Corp.	1,877,000	914,730
United Microelectronics Corp., ADR (a)	233,875	888,725
Semiconductors & Semiconductor Equipment Total		27,094,119
Information Technology Total		48,588,355
Materials – 14.6%
Chemicals – 0.5%
Hyosung Corp.	1,890	108,040
Israel Chemicals Ltd.	159,009	1,826,632
Chemicals Total		1,934,672

	Shares	Value ($)
Construction Materials – 0.9%
PT Indocement Tunggal Prakarsa Tbk	2,851,700	3,115,247
Construction Materials Total		3,115,247
Metals & Mining – 13.2%
Anglo Platinum Ltd. (a)	23,460	2,099,135
AngloGold Ashanti Ltd., ADR	34,687	1,413,842
ArcelorMittal South Africa Ltd.	129,000	2,067,942
BHP Billiton Ltd., ADR	51,302	3,386,445
China Zhongwang Holdings Ltd. (a)	2,870,609	2,795,721
Cia de Minas Buenaventura SA, ADR	32,528	1,145,311
Cia Siderurgica Nacional SA	36,100	1,108,104
Eastern Platinum Ltd. (a)	2,121,500	1,149,274
Freeport-McMoRan Copper & Gold, Inc.	31,839	2,184,474
Gold Fields Ltd., ADR	125,022	1,722,803
Gujarat NRE Coke Ltd.	993,500	1,362,360
Harmony Gold Mining Co., Ltd.	64,816	702,112
Hidili Industry International Development Ltd. (a)	2,107,000	1,951,004
Kumba Iron Ore Ltd.	56,500	1,875,241
Maanshan Iron & Steel, Class H (a)	1,623,784	967,533
Mechel, ADR	96,700	1,738,666
Novolipetsk Steel OJSC, GDR (a)(b)(c)	45,931	1,168,944
POSCO	7,757	3,216,517
Steel Authority Of India Ltd.	511,355	1,802,283
Sterlite Industries India Ltd.	146,046	2,333,970
Tata Steel Ltd.	149,000	1,567,785
Vale SA	494,200	11,490,234
Metals & Mining Total		49,249,700
Materials Total		54,299,619
Telecommunication Services – 7.4%
Diversified Telecommunication Services – 2.1%
Chunghwa Telecom Co., Ltd., ADR	179,324	3,235,005
Vimpel-Communications, ADR (a)	238,120	4,452,844
Diversified Telecommunication Services Total		7,687,849
Wireless Telecommunication Services – 5.3%
America Movil SAB de CV, Series L, ADR	94,764	4,153,506
China Mobile Ltd., ADR	91,543	4,495,677

See Accompanying Notes to Financial Statements.

67

Columbia Emerging Markets Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Telecommunication Services (continued)
Millicom International Cellular SA (a)	21,940	1,595,915
Mobile TeleSystems OJSC, ADR	38,575	1,862,015
MTN Group Ltd.	159,620	2,603,195
Philippine Long Distance Telephone Co., ADR	31,963	1,642,898
SK Telecom Co., Ltd.	17,881	2,778,411
Turkcell Iletisim Hizmet AS, ADR	33,341	595,804
Wireless Telecommunication Services Total		19,727,421
Telecommunication Services Total		27,415,270
Utilities – 1.8%
Gas Utilities – 1.8%
PT Perusahaan Gas Negara Tbk	8,652,000	3,266,985
Xinao Gas Holdings Ltd.	1,752,000	3,469,437
Gas Utilities Total		6,736,422
Utilities Total		6,736,422
Total Common Stocks (cost of $222,548,564)		349,859,122
Preferred Stocks – 6.2%
Consumer Staples – 0.5%
Food & Staples Retailing – 0.5%
Cia Brasileira de Distribuicao Grupo Pao de Acucar	62,000	1,749,831
Food & Staples Retailing Total		1,749,831
Consumer Staples Total		1,749,831
Energy – 5.2%
Oil, Gas & Consumable Fuels – 5.2%
Petroleo Brasileiro SA	977,900	19,319,542
Oil, Gas & Consumable Fuels Total		19,319,542
Energy Total		19,319,542
Materials – 0.5%
Metals & Mining – 0.5%
Usinas Siderurgicas de Minas Gerais SA	79,900	2,106,643
Metals & Mining Total		2,106,643
Materials Total		2,106,643
Total Preferred Stocks (cost of $6,250,074)		23,176,016

Short-Term Obligation – 0.5%

	Par ($)	Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 03/15/12, market value $1,674,375 (repurchase proceeds $1,640,000)	1,640,000	1,640,000
Total Short-Term Obligation (cost of $1,640,000)		1,640,000
Total Investments – 100.7% (cost of $230,438,638) (d)		374,675,138
Other Assets & Liabilities, Net – (0.7)%		(2,572,053	)
Net Assets – 100.0%		372,103,085

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2009, the value of these securities amounted to $2,433,125, which represents 0.7% of net assets.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities, which are not illiquid, amounted to $2,433,125, which represents 0.7% of net assets.

(d) Cost for federal income tax purposes is $230,438,638.

See Accompanying Notes to Financial Statements.

68

Columbia Emerging Markets Fund

September 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	806,894	$	34,733,042	$	—	$	35,539,936
Consumer Staples		3,976,212		9,451,381		—		13,427,593
Energy		21,593,821		13,699,553		—		35,293,374
Financials		25,038,649		63,892,484		—		88,931,133
Health Care		1,903,584		1,625,822		—		3,529,406
Industrials		7,875,437		28,222,577		—		36,098,014
Information Technology		10,665,690		37,922,665		—		48,588,355
Materials		25,339,153		28,960,466		—		54,299,619
Telecommunication Services		22,033,664		5,381,606		—		27,415,270
Utilities		—		6,736,422		—		6,736,422
Total Common Stocks		119,233,104		230,626,018		—		349,859,122
Preferred Stocks
Consumer Staples		1,749,831		—		—		1,749,831
Energy		19,319,542		—		—		19,319,542
Materials		2,106,643		—		—		2,106,643
Total Preferred Stocks		23,176,016		—		—		23,176,016
Total Short-Term Obligation		—		1,640,000		—		1,640,000
Total Investments	$	142,409,120	$	232,266,018	$	—	$	374,675,138

The Fund’s assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

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

The Fund was invested in the following countries at September 30, 2009:

Summary of Securities by Country	Value		% of Total Investments
China	$	67,758,365	18.1
Brazil		62,985,291	16.8
Republic of Korea		48,516,146	12.9
Taiwan		31,705,383	8.5
India		30,182,021	8.1
Russia		29,862,437	8.0
South Africa		23,484,977	6.3
Indonesia		15,904,624	4.2
Turkey		10,529,413	2.8
Mexico		6,819,199	1.8
Hong Kong		6,674,736	1.8
Philippines		6,042,317	1.6
Malaysia		5,853,542	1.6
Thailand		4,795,230	1.3
United States*		3,824,473	1.0
Israel		3,730,216	1.0
Australia		3,386,445	0.9
Chile		2,484,373	0.7
Singapore		2,290,558	0.6
Sweden		1,595,916	0.4
Pakistan		1,540,753	0.4
Finland		1,530,919	0.4
Canada		1,149,274	0.3
Peru		1,145,311	0.3
Hungary		883,219	0.2
	$	374,675,138	100.0

* Includes short-term obligation.

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

Acronym	Name
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See Accompanying Notes to Financial Statements.

69

Investment Portfolio – Columbia International Growth Fund

September 30, 2009 (Unaudited)

Common Stocks – 97.8%

	Shares	Value ($)
Consumer Discretionary – 11.1%
Auto Components – 2.1%
Autoliv, Inc.	31,381	1,054,401
Keihin Corp.	92,200	1,516,168
Stanley Electric Co., Ltd.	66,400	1,335,661
Auto Components Total		3,906,230
Diversified Consumer Services – 0.6%
Benesse Corp.	23,800	1,163,310
Diversified Consumer Services Total		1,163,310
Hotels, Restaurants & Leisure – 2.5%
Compass Group PLC	300,461	1,837,932
OPAP SA	58,135	1,503,321
William Hill PLC	523,816	1,477,215
Hotels, Restaurants & Leisure Total		4,818,468
Media – 0.7%
WPP PLC	159,544	1,371,359
Media Total		1,371,359
Specialty Retail – 3.2%
Fast Retailing Co., Ltd.	11,400	1,437,378
Game Group PLC	458,914	1,172,001
Hennes & Mauritz AB, Class B	20,890	1,173,912
Yamada Denki Co., Ltd.	32,450	2,200,846
Specialty Retail Total		5,984,137
Textiles, Apparel & Luxury Goods – 2.0%
LVMH Moet Hennessy Louis Vuitton SA	11,078	1,115,647
Polo Ralph Lauren Corp.	35,706	2,735,794
Textiles, Apparel & Luxury Goods Total		3,851,441
Consumer Discretionary Total		21,094,945
Consumer Staples – 15.8%
Beverages – 1.5%
Anheuser-Busch InBev NV	29,239	1,336,973
Carlsberg A/S, Class B	20,616	1,500,862
Beverages Total		2,837,835
Food & Staples Retailing – 6.0%
FamilyMart Co., Ltd.	55,900	1,798,406
Koninklijke Ahold NV	220,682	2,655,397
Shoprite Holdings Ltd.	110,633	916,575
Tesco PLC	261,433	1,672,834
Wal-Mart Stores, Inc.	39,737	1,950,689
Woolworths Ltd.	93,830	2,417,580
Food & Staples Retailing Total		11,411,481
Food Products – 5.6%
Danone SA	17,897	1,082,700

	Shares	Value ($)
Nestle SA, Registered Shares	163,447	6,972,610
Toyo Suisan Kaisha Ltd.	37,000	1,002,545
Unilever NV	57,639	1,663,870
Food Products Total		10,721,725
Household Products – 0.5%
Reckitt Benckiser Group PLC	19,723	963,892
Household Products Total		963,892
Tobacco – 2.2%
British American Tobacco PLC	55,853	1,755,354
Japan Tobacco, Inc.	737	2,509,696
Tobacco Total		4,265,050
Consumer Staples Total		30,199,983
Energy – 5.3%
Energy Equipment & Services – 1.8%
Seadrill Ltd. (a)	81,697	1,703,663
Tecnicas Reunidas SA	29,043	1,586,608
Energy Equipment & Services Total		3,290,271
Oil, Gas & Consumable Fuels – 3.5%
BG Group PLC	109,695	1,909,062
INPEX CORP.	189	1,602,710
Total SA	53,883	3,207,737
Oil, Gas & Consumable Fuels Total		6,719,509
Energy Total		10,009,780
Financials – 12.8%
Capital Markets – 3.0%
Credit Suisse Group AG, Registered Shares	17,830	992,422
Investec PLC	196,485	1,438,797
Man Group PLC	226,189	1,199,822
UBS AG, Registered Shares (a)	115,364	2,114,432
Capital Markets Total		5,745,473
Commercial Banks – 6.7%
Banco Santander SA	174,471	2,818,716
National Bank of Greece SA (a)	67,184	2,429,444
Standard Chartered PLC	77,272	1,905,248
Svenska Handelsbanken AB, Class A	93,960	2,401,456
Toronto-Dominion Bank	26,200	1,694,625
Westpac Banking Corp.	65,166	1,501,371
Commercial Banks Total		12,750,860
Diversified Financial Services – 0.4%
Hong Kong Exchanges & Clearing Ltd.	38,900	698,718
Diversified Financial Services Total		698,718

See Accompanying Notes to Financial Statements.

70

Columbia International Growth Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Financials (continued)
Insurance – 0.8%
Brit Insurance Holdings PLC	495,054	1,614,282
Insurance Total		1,614,282
Real Estate Investment Trusts (REITs) – 0.6%
Japan Real Estate Investment Corp.	136	1,109,547
Real Estate Investment Trusts (REITs) Total		1,109,547
Real Estate Management & Development – 1.3%
Hongkong Land Holdings Ltd.	325,000	1,405,285
Leopalace21 Corp.	142,200	1,134,126
Real Estate Management & Development Total		2,539,411
Financials Total		24,458,291
Health Care – 12.0%
Biotechnology – 1.1%
Amgen, Inc. (a)	35,582	2,143,104
Biotechnology Total		2,143,104
Pharmaceuticals – 10.9%
Bayer AG	14,573	1,009,321
GlaxoSmithKline PLC	140,515	2,765,065
Novartis AG, Registered Shares	82,974	4,165,335
Novo-Nordisk A/S, Class B	57,637	3,620,133
Roche Holding AG, Genusschein Shares	33,485	5,420,455
Sanofi-Aventis SA, ADR	55,173	2,038,642
Santen Pharmaceutical Co., Ltd.	45,200	1,661,051
Pharmaceuticals Total		20,680,002
Health Care Total		22,823,106
Industrials – 12.2%
Aerospace & Defense – 0.9%
BAE Systems PLC	288,794	1,611,685
Aerospace & Defense Total		1,611,685
Building Products – 0.8%
Asahi Glass Co., Ltd.	200,000	1,601,951
Building Products Total		1,601,951
Commercial Services & Supplies – 1.0%
Toppan Printing Co., Ltd.	209,000	1,967,208
Commercial Services & Supplies Total		1,967,208
Construction & Engineering – 1.8%
Impregilo SpA	331,985	1,455,262
JGC Corp.	98,000	1,986,101
Construction & Engineering Total		3,441,363

	Shares	Value ($)
Electrical Equipment – 3.3%
ABB Ltd., Registered Shares (a)	87,461	1,757,593
Alstom SA	25,765	1,884,235
Schneider Electric SA	13,329	1,352,180
Sumitomo Electric Industries Ltd.	98,300	1,275,161
Electrical Equipment Total		6,269,169
Industrial Conglomerates – 1.5%
Siemens AG, Registered Shares	29,654	2,748,791
Industrial Conglomerates Total		2,748,791
Machinery – 1.4%
MAN SE	33,048	2,727,966
Machinery Total		2,727,966
Marine – 0.7%
A.P. Moller – Maersk A/S, Class B	201	1,391,077
Marine Total		1,391,077
Transportation Infrastructure – 0.8%
Zhejiang Expressway Co., Ltd., Class H	1,732,000	1,510,638
Transportation Infrastructure Total		1,510,638
Industrials Total		23,269,848
Information Technology – 8.3%
Communications Equipment – 0.3%
Nokia Oyj	45,829	673,991
Communications Equipment Total		673,991
Electronic Equipment, Instruments & Components – 1.1%
FUJIFILM Holdings Corp.	69,100	2,054,948
Electronic Equipment, Instruments & Components Total		2,054,948
Internet Software & Services – 1.0%
Tencent Holdings Ltd.	114,200	1,836,350
Internet Software & Services Total		1,836,350
IT Services – 1.0%
Redecard SA	124,200	1,910,392
IT Services Total		1,910,392
Semiconductors & Semiconductor Equipment – 1.9%
Advanced Semiconductor Engineering, Inc.	1,342,000	1,105,524
Shinko Electric Industries Co., Ltd.	138,600	2,439,033
Semiconductors & Semiconductor Equipment Total		3,544,557
Software – 3.0%
Autonomy Corp. PLC (a)	42,699	1,114,150

See Accompanying Notes to Financial Statements.

71

Columbia International Growth Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Information Technology (continued)
Dassault Systemes SA	16,322	911,292
Nintendo Co., Ltd.	7,900	2,020,011
SAP AG	34,508	1,681,457
Software Total		5,726,910
Information Technology Total		15,747,148
Materials – 12.6%
Chemicals – 3.6%
Hitachi Chemical Co., Ltd.	66,600	1,350,985
Nitto Denko Corp.	46,100	1,402,147
Syngenta AG, Registered Shares	10,138	2,327,480
Tokuyama Corp.	228,000	1,665,415
Chemicals Total		6,746,027
Containers & Packaging – 1.2%
Smurfit Kappa Group PLC	171,940	1,360,116
Toyo Seikan Kaisha Ltd.	52,000	995,675
Containers & Packaging Total		2,355,791
Metals & Mining – 7.8%
Antofagasta PLC	167,437	2,030,538
ArcelorMittal South Africa Ltd.	76,996	1,234,289
BHP Billiton PLC	237,453	6,525,679
China Zhongwang Holdings Ltd. (a)	1,234,800	1,202,587
Rio Tinto Ltd.	47,240	2,457,401
Yamato Kogyo Co., Ltd.	51,800	1,448,389
Metals & Mining Total		14,898,883
Materials Total		24,000,701
Telecommunication Services – 4.2%
Diversified Telecommunication Services – 4.2%
Nippon Telegraph & Telephone Corp.	42,800	1,975,719
Tele2 AB, Class B	158,810	2,111,117
Telefonica SA	145,452	4,014,812
Diversified Telecommunication Services Total		8,101,648
Telecommunication Services Total		8,101,648
Utilities – 3.5%
Electric Utilities – 0.9%
Cia Energetica de Minas Gerais, ADR	110,334	1,677,077
Electric Utilities Total		1,677,077

	Shares	Value ($)
Independent Power Producers & Energy Traders – 0.9%
International Power PLC	390,304	1,805,002
Independent Power Producers & Energy Traders Total		1,805,002
Multi-Utilities – 1.7%
AGL Energy Ltd.	89,056	1,073,308
GDF Suez	23,850	1,066,328
RWE AG	11,658	1,084,130
Multi-Utilities Total		3,223,766
Utilities Total		6,705,845
Total Common Stocks (cost of $161,591,083)		186,411,295
Investment Companies – 1.5%
iShares FTSE/Xinhua China 25 Index Fund	26,405	1,081,021
iShares MSCI EAFE Index Fund	34,242	1,873,037
Total Investment Companies (cost of $2,570,391)		2,954,058
Total Investments – 99.3% (cost of $164,161,474) (b)		189,365,353
Other Assets & Liabilities, Net – 0.7%		1,286,550
Net Assets – 100.0%		190,651,903

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $164,161,474.

See Accompanying Notes to Financial Statements.

72

Columbia International Growth Fund

September 30, 2009 (Unaudited)

The following table summarizes the inputs used, as of September 30, 2009, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	3,790,195	$	17,304,750	$	—	$	21,094,945
Consumer Staples		1,950,689		28,249,294		—		30,199,983
Energy		—		10,009,780		—		10,009,780
Financials		3,099,910		21,358,381		—		24,458,291
Health Care		4,181,746		18,641,360		—		22,823,106
Industrials		—		23,269,848		—		23,269,848
Information Technology		1,910,392		13,836,756		—		15,747,148
Materials		—		24,000,701		—		24,000,701
Telecommunication Services		—		8,101,648		—		8,101,648
Utilities		1,677,077		5,028,768		—		6,705,845
Total Common Stocks		16,610,009		169,801,286		—		186,411,295
Total Investment Company		2,954,058		—		—		2,954,058
Total Investments		19,564,067		169,801,286		—		189,365,353
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		—		303,863		—		303,863
Total	$	19,564,067	$	170,105,149	$	—	$	189,669,216

The Fund’s assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

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

At September 30, 2009, the Fund had entered into the following forward foreign currency exchange contracts:

Foreign Exchange Rate Risk

Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$	8,114,185	$	7,264,185	10/08/09	$	850,000
BRL		203,029		197,098	10/08/09		5,931
CHF		4,327,134		4,179,627	10/08/09		147,507
EUR		6,520,666		6,277,624	10/08/09		243,042
GBP		9,531,120		9,774,062	10/08/09		(242,942	)
JPY		3,064,833		2,919,645	10/08/09		145,188
KRW		764,840		724,617	10/08/09		40,223
MXN		892,797		904,726	10/08/09		(11,929	)
NOK		389,468		347,222	10/08/09		42,246
NZD		198,524		185,350	10/08/09		13,174
SEK		1,958,095		1,769,306	10/08/09		188,789
SGD		2,710,270		2,619,835	10/08/09		90,435
						$	1,511,664

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Depreciation
AUD	$	99,642	$	98,238	10/08/09	$	(1,404	)
BRL		4,063,397		3,610,328	10/08/09		(453,069	)
CAD		1,688,714		1,590,768	10/08/09		(97,946	)
CHF		291,435		284,959	10/08/09		(6,476	)
DKK		3,765,093		3,599,233	10/08/09		(165,860	)
EUR		2,430,616		2,375,902	10/08/09		(54,714	)
GBP		3,108,321		3,193,091	10/08/09		84,770
JPY		1,911,666		1,842,774	10/08/09		(68,892	)
KRW		764,840		699,857	10/08/09		(64,983	)
MXN		892,797		867,283	10/08/09		(25,514	)
NOK		785,686		742,364	10/08/09		(43,322	)
SEK		2,328,627		2,184,167	10/08/09		(144,460	)
TWD		1,241,984		1,222,289	10/08/09		(19,695	)
ZAR		1,448,567		1,302,331	10/08/09		(146,236	)
						$	(1,207,801	)

At September 30, 2009, the Fund was invested in the following countries:

Summary of Securities by Country	Value		% of Total Investments
Japan	$	40,654,184	21.5
United Kingdom		34,169,917	18.0
Switzerland		23,750,329	12.5
France		12,658,762	6.7
Germany		9,251,666	4.9
United States*		8,702,624	4.6
Spain		8,420,135	4.5
Australia		7,449,661	3.9
Sweden		6,740,886	3.5
Denmark		6,512,072	3.4
China		5,630,595	3.0
Netherlands		4,319,267	2.3
Greece		3,932,765	2.1
Brazil		3,587,469	1.9
South Africa		2,150,864	1.1
Hong Kong		2,104,003	1.1
Norway		1,703,663	0.9
Canada		1,694,625	0.9
Italy		1,455,262	0.8
Ireland		1,360,116	0.7
Belgium		1,336,973	0.7
Taiwan		1,105,524	0.6
Finland		673,991	0.4
	$	189,365,353	100.0

* Includes investment companies.

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

Acronym	Name
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwan Dollar
ZAR	South African Rand

See Accompanying Notes to Financial Statements.

73

Investment Portfolio – Columbia Pacific/Asia Fund

September 30, 2009 (Unaudited)

Common Stocks – 97.0%

	Shares	Value ($)
Consumer Discretionary – 11.3%
Auto Components – 0.8%
Nippon Seiki Co., Ltd.	20,000	226,540
Auto Components Total		226,540
Automobiles – 3.4%
Dongfeng Motor Group Co., Ltd., Class H	272,000	284,677
Honda Motor Co., Ltd.	4,200	127,352
Toyota Motor Corp.	15,800	621,824
Automobiles Total		1,033,853
Diversified Consumer Services – 0.7%
Benesse Corp.	4,600	224,841
Diversified Consumer Services Total		224,841
Leisure Equipment & Products – 0.7%
Altek Corp.	108,423	199,163
Leisure Equipment & Products Total		199,163
Media – 0.8%
Daiichikosho Co., Ltd.	19,900	255,598
Media Total		255,598
Specialty Retail – 2.9%
Autobacs Seven Co., Ltd.	6,500	238,350
Chiyoda Co., Ltd.	12,300	175,030
Hikari Tsushin, Inc.	7,500	163,340
USS Co., Ltd.	4,790	283,530
Specialty Retail Total		860,250
Textiles, Apparel & Luxury Goods – 2.0%
LG Fashion Corp.	15,640	352,984
Youngone Corp. (a)	22,048	138,175
Youngone Holdings Co., Ltd.	5,522	105,484
Textiles, Apparel & Luxury Goods Total		596,643
Consumer Discretionary Total		3,396,888
Consumer Staples – 5.6%
Food & Staples Retailing – 2.4%
Lianhua Supermarket Holdings Co., Ltd., Class H	63,017	140,370
Matsumotokiyoshi Holdings Co., Ltd.	8,000	198,948
Seven & I Holdings Co., Ltd.	10,000	238,365
Woolworths Ltd.	5,041	129,884
Food & Staples Retailing Total		707,567
Food Products – 1.2%
China Milk Products Group Ltd. (a)	587,000	209,566
Toyo Suisan Kaisha Ltd.	5,900	159,865
Food Products Total		369,431

	Shares	Value ($)
Personal Products – 0.6%
Mandom Corp.	5,900	168,648
Personal Products Total		168,648
Tobacco – 1.4%
Japan Tobacco, Inc.	81	275,828
KT&G Corp.	2,467	149,437
Tobacco Total		425,265
Consumer Staples Total		1,670,911
Energy – 4.9%
Energy Equipment & Services – 0.9%
Shinko Plantech Co., Ltd.	28,700	279,257
Energy Equipment & Services Total		279,257
Oil, Gas & Consumable Fuels – 4.0%
Australian Worldwide Exploration Ltd.	131,537	314,086
CNOOC Ltd.	105,000	142,253
INPEX CORP.	28	237,438
Oil & Natural Gas Corp., Ltd.	12,749	309,234
Yanzhou Coal Mining Co., Ltd., Class H	126,000	180,007
Oil, Gas & Consumable Fuels Total		1,183,018
Energy Total		1,462,275
Financials – 26.6%
Capital Markets – 1.4%
Macquarie Group Ltd.	4,477	230,589
Tokai Tokyo Financial Holdings	64,000	199,808
Capital Markets Total		430,397
Commercial Banks – 14.8%
Bangkok Bank PCL, Foreign Registered Shares	72,200	261,359
Bank of Baroda	25,194	252,097
Bank of China Ltd., Class H	920,000	481,269
Commonwealth Bank of Australia	14,920	678,404
DBS Group Holdings Ltd.	40,000	374,360
Fukuoka Financial Group, Inc.	49,000	202,274
Industrial & Commercial Bank of China, Class H	574,100	429,514
Mitsubishi UFJ Financial Group, Inc.	30,300	162,083
Siam Commercial Bank PCL, Foreign Registered Shares	102,300	260,267
Sumitomo Mitsui Financial Group, Inc.	10,100	349,637
Sumitomo Trust & Banking Co., Ltd.	35,400	186,112

See Accompanying Notes to Financial Statements.

74

Columbia Pacific/Asia Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Financials (continued)
Westpac Banking Corp.	30,074	692,880
Yamaguchi Financial Group, Inc.	9,000	93,082
Commercial Banks Total		4,423,338
Consumer Finance – 0.6%
Hitachi Capital Corp.	15,900	193,974
Consumer Finance Total		193,974
Insurance – 3.4%
Dongbu Insurance Co., Ltd.	8,800	268,895
Hyundai Marine & Fire Insurance Co., Ltd.	12,750	234,187
QBE Insurance Group Ltd.	18,514	391,618
Tokio Marine Holdings, Inc.	3,800	109,842
Insurance Total		1,004,542
Real Estate Investment Trusts (REITs) – 2.0%
CapitaCommercial Trust	210,000	154,043
Japan Retail Fund Investment Corp.	47	255,046
Kiwi Income Property Trust	256,418	195,856
Real Estate Investment Trusts (REITs) Total		604,945
Real Estate Management & Development – 3.7%
Hongkong Land Holdings Ltd.	67,000	289,705
Huaku Development Co., Ltd.	103,000	260,341
Leopalace21 Corp.	28,300	225,709
Swire Pacific Ltd., Class A	28,700	336,787
Real Estate Management & Development Total		1,112,542
Thrifts & Mortgage Finance – 0.7%
LIC Housing Finance Ltd.	12,223	195,413
Thrifts & Mortgage Finance Total		195,413
Financials Total		7,965,151
Health Care – 3.2%
Health Care Providers & Services – 0.7%
As One Corp.	10,800	204,988
Health Care Providers & Services Total		204,988
Pharmaceuticals – 2.5%
Astellas Pharma, Inc.	5,900	242,442
Santen Pharmaceutical Co., Ltd.	7,800	286,641
Takeda Pharmaceutical Co., Ltd.	5,600	233,275
Pharmaceuticals Total		762,358
Health Care Total		967,346

	Shares	Value ($)
Industrials – 12.6%
Commercial Services & Supplies – 0.8%
Aeon Delight Co., Ltd.	17,400	245,518
Commercial Services & Supplies Total		245,518
Construction & Engineering – 5.4%
COMSYS Holdings Corp.	23,800	259,372
CTCI Corp.	194,000	188,496
Macmahon Holdings Ltd.	507,514	304,791
Monadelphous Group Ltd.	14,763	174,005
NEC Networks & System Integration Corp.	22,000	299,793
Taikisha Ltd.	10,600	141,835
Toyo Engineering Corp.	75,000	253,541
Construction & Engineering Total		1,621,833
Electrical Equipment – 2.5%
Bharat Heavy Electricals Ltd.	5,181	249,751
Harbin Power Equipment Co., Ltd., Class H	186,000	173,715
Sumitomo Electric Industries Ltd.	23,900	310,034
Electrical Equipment Total		733,500
Industrial Conglomerates – 1.0%
Keppel Corp. Ltd.	53,000	302,755
Industrial Conglomerates Total		302,755
Machinery – 0.8%
Sintokogio Ltd.	31,900	241,843
Machinery Total		241,843
Road & Rail – 0.3%
Transport International Holdings Ltd.	32,921	94,162
Road & Rail Total		94,162
Trading Companies & Distributors – 0.6%
ITOCHU Corp.	27,000	177,098
Trading Companies & Distributors Total		177,098
Transportation Infrastructure – 1.2%
Sichuan Expressway Co., Ltd., Class H	280,000	110,151
Zhejiang Expressway Co., Ltd., Class H	278,000	242,470
Transportation Infrastructure Total		352,621
Industrials Total		3,769,330

See Accompanying Notes to Financial Statements.

75

Columbia Pacific/Asia Fund

September 30, 2009 (Unaudited)

Common Stocks (continued)

	Shares	Value ($)
Information Technology – 13.3%
Computers & Peripherals – 0.8%
Wistron Corp.	132,631	246,781
Computers & Peripherals Total		246,781
Electronic Equipment, Instruments & Components – 2.9%
AU Optronics Corp.	110,420	107,334
FUJIFILM Holdings Corp.	8,300	246,832
HON HAI Precision Industry Co., Ltd.	54,745	219,064
Venture Corp., Ltd.	48,000	305,051
Electronic Equipment, Instruments & Components Total		878,281
Internet Software & Services – 0.7%
Tencent Holdings Ltd.	12,000	192,961
Internet Software & Services Total		192,961
Office Electronics – 1.6%
Canon, Inc.	11,600	464,044
Office Electronics Total		464,044
Semiconductors & Semiconductor Equipment – 5.2%
Macronix International	523,000	288,080
Samsung Electronics Co., Ltd.	1,172	808,064
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	17,982	197,083
United Microelectronics Corp., ADR (a)	72,254	274,565
Semiconductors & Semiconductor Equipment Total		1,567,792
Software – 2.1%
Nintendo Co., Ltd.	1,300	332,407
NSD Co., Ltd.	27,400	294,367
Software Total		626,774
Information Technology Total		3,976,633
Materials – 10.4%
Chemicals – 2.9%
Capro Corp.	41,600	308,993
Kansai Paint Co., Ltd.	37,000	286,939
Shin-Etsu Chemical Co., Ltd.	4,500	275,050
Chemicals Total		870,982
Containers & Packaging – 1.1%
Toyo Seikan Kaisha Ltd.	16,200	310,191
Containers & Packaging Total		310,191
Metals & Mining – 6.4%
BHP Billiton Ltd.	20,679	683,347
BlueScope Steel Ltd.	111,250	284,972

	Shares	Value ($)
China Zhongwang Holdings Ltd. (a)	245,600	239,193
Freeport-McMoRan Copper & Gold, Inc.	3,219	220,855
Tokyo Steel Manufacturing Co., Ltd.	21,300	259,298
Yamato Kogyo Co., Ltd.	8,300	232,078
Metals & Mining Total		1,919,743
Materials Total		3,100,916
Telecommunication Services – 4.8%
Diversified Telecommunication Services – 2.3%
Chunghwa Telecom Co., Ltd., ADR	17,677	318,893
Nippon Telegraph & Telephone Corp.	8,100	373,909
Diversified Telecommunication Services Total		692,802
Wireless Telecommunication Services – 2.5%
China Mobile Ltd., ADR	3,631	178,318
Philippine Long Distance Telephone Co., ADR	3,719	191,157
SK Telecom Co., Ltd.	719	111,721
Softbank Corp.	12,700	277,268
Wireless Telecommunication Services Total		758,464
Telecommunication Services Total		1,451,266
Utilities – 4.3%
Electric Utilities – 1.3%
CESC Ltd.	23,846	192,768
Okinawa Electric Power Co., Inc.	3,500	208,471
Electric Utilities Total		401,239
Gas Utilities – 1.6%
Tokyo Gas Co., Ltd.	59,000	244,801
Xinao Gas Holdings Ltd.	114,000	225,751
Gas Utilities Total		470,552
Independent Power Producers & Energy Traders – 0.5%
Energy Development Corp.	1,376,000	136,089
Independent Power Producers & Energy Traders Total		136,089
Water Utilities – 0.9%
Guangdong Investment Ltd.	546,000	267,328
Water Utilities Total		267,328
Utilities Total		1,275,208
Total Common Stocks (cost of $25,550,052)		29,035,924

See Accompanying Notes to Financial Statements.

76

Columbia Pacific/Asia Fund

September 30, 2009 (Unaudited)

Investment Companies – 2.9%

	Shares	Value ($)
iShares MSCI Emerging Markets Index Fund	8,708	338,828
iShares MSCI Japan Index Fund	34,331	341,250
iShares MSCI Pacific ex-Japan Index Fund	4,204	170,388
Total Investment Companies (cost of $806,528)		850,466
Purchased Call Option – 0.0%
	Units
Volatility Index
Strike Price: $22.50 Expiring: 11/21/09	1,800	10,260
Total Purchased Call Option (cost of $11,197)		10,260
Total Investments – 99.9% (cost of $26,367,777) (b)		29,896,650
Other Assets & Liabilities, Net – 0.1%		32,659
Net Assets – 100.0%		29,929,309

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $26,367,777.

The following table summarizes the inputs used, as of September 30, 2009, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—		$	3,396,888	$	—	$	3,396,888
Consumer Staples		—			1,670,911		—		1,670,911
Energy		—			1,462,275		—		1,462,275
Financials		289,705			7,675,446		—		7,965,151
Health Care		—			967,346		—		967,346
Industrials		—			3,769,330		—		3,769,330
Information Technology		471,648			3,504,985		—		3,976,633
Materials		220,855			2,880,061		—		3,100,916
Telecommunication Services		688,368			762,898		—		1,451,266
Utilities		—			1,275,208		—		1,275,208
Total Common Stocks		1,670,576			27,365,348		—		29,035,924
Total Investment Companies		850,466			—		—		850,466
Total Purchased Call Options		10,260			—		—		10,260
Total Investments		2,531,302			27,365,348		—		29,896,650
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		—			92,324		—		92,324
Written Call Options		(432	)		—		—		(432	)
Total	$	2,530,870		$	27,457,672	$	—	$	29,988,542

The Fund’s assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

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

See Accompanying Notes to Financial Statements.

77

Columbia Pacific/Asia Fund

September 30, 2009 (Unaudited)

Equity Risk

At September 30, 2009, the Fund held the following written call option contracts:

Name of Issuer	Strike Price		Number of Contracts	Expiration Date	Premium		Value
Freeport McMoRan Copper & Gold, Inc. Total written call options (proceeds $560)	$	80.0	16	10/17/09	$	560	$	432

For the six months ended September 30, 2009, transactions in written call option contracts were as follows:

	Number of Contracts		Premium Received
Options outstanding at March 31, 2009	—		$	—
Options written	54			1,486
Options terminated in closing purchase transactions	—			—
Options exercised	(22	)		(638	)
Options expired	(16	)		(288	)
Options outstanding at September 30, 2009	16		$	560

Foreign Exchange Rate Risk

Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation
AUD	$	962,909	$	854,272	10/08/09	$	108,637
IDR		366,430		347,656	10/08/09		18,774
JPY		208,664		201,757	10/08/09		6,907
KRW		61,874		59,661	10/08/09		2,213
MYR		469,973		452,447	10/08/09		17,526
PHP		62,118		59,845	10/08/09		2,273
THB		135,422		132,959	10/08/09		2,463
						$	158,793

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Depreciation
AUD	$	46,734	$	43,873	10/08/09	$	(2,861	)
INR		29,616		29,105	10/08/09		(511	)
JPY		208,664		200,483	10/08/09		(8,181	)
KRW		125,091		114,463	10/08/09		(10,628	)
NZD		129,943		113,310	10/08/09		(16,633	)
PHP		318,964		311,344	10/08/09		(7,620	)
SGD		351,384		339,343	10/08/09		(12,041	)
THB		433,619		431,092	10/08/09		(2,527	)
TWD		297,382		291,915	10/08/09		(5,467	)
						$	(66,469	)

The Fund was invested in the following countries at September 30, 2009:

Summary of Securities by Country	Value		% of Total Investments
Japan	$	12,895,607	43.1
Australia		3,884,577	13.0
China		3,497,542	11.7
South Korea		2,477,939	8.3
Taiwan		2,299,801	7.7
India		1,199,262	4.0
Singapore		1,136,210	3.8
Hong Kong		720,654	2.4
United States*		740,332	2.5
Thailand		521,625	1.7
Philippines		327,245	1.1
New Zealand		195,856	0.7
	$	29,896,650	100.0

* Includes investment companies.

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

Acronym	Name
ADR	American Depositary Receipt
AUD	Australian Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar
THB	Thailand Baht
TWD	New Taiwan Dollar

See Accompanying Notes to Financial Statements.

78

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79

Statements of Assets and Liabilities – Equity Funds

September 30, 2009 (Unaudited)

	($)	($)	($)	($)
	Columbia Blended Equity Fund	Columbia Energy and Natural Resources Fund	Columbia Mid Cap Core Fund	Columbia Select Large Cap Growth Fund
Assets
Unaffiliated investments, at identified cost	88,136,566	524,545,777	63,358,435	1,369,576,822
Affiliated investments, at identified cost	—	—	—	—
Total investments, at identified cost	88,136,566	524,545,777	63,358,435	1,369,576,822
Unaffiliated investments, at value	160,201,992	624,921,734	79,864,869	1,554,121,434
Affiliated investments, at value	—	—	—	—
Total investments, at value	160,201,992	624,921,734	79,864,869	1,554,121,434
Cash	819	274	828	244
Foreign currency (cost of $—, $—, $—, $—, $3, $—, $—, $1,052,948, $244,128 and $124,196, respectively)	—	—	—	—
Unrealized appreciation on forward foreign currency exchange contracts	—	—	—	—
Receivable for:
Investments sold	2,262,336	6,202,130	—	—
Fund shares sold	605	1,809,117	59,483	10,792,069
Dividends	173,558	381,000	85,841	193,107
Interest	—	16	—	10
Foreign tax reclaims	—	14,244	—	352,818
Expense reimbursement due from investment advisor	—	—	9,167	—
Trustees’ deferred compensation plan	5,660	9,616	4,996	13,186
Prepaid expenses	16,129	31,600	14,024	41,273
Other assets	—	—	—	22,001
Total assets	162,661,099	633,369,731	80,039,208	1,565,536,142
Liabilities
Payable to custodian bank	—	—	—	—
Written options, at value (premium of $—, $—, $—, $—, $—, $—, $—, $—, $— and $560, respectively)	—	—	—	—
Unrealized depreciation on forward foreign currency exchange contracts	—	—	—	—
Expense reimbursement due to investment advisor	389	—	—	—
Payable for:
Investments purchased	—	35,226,015	—	16,858,171
Fund shares repurchased	138,372	2,985,066	171,638	1,153,184
Foreign capital gains taxes withheld	—	—	—	—
Investment advisory fee	104,905	282,177	47,735	797,351
Administration fee	16,593	62,224	7,479	168,935
Pricing and bookkeeping fees	8,125	10,384	6,415	11,841
Transfer agent fee	55,903	304,407	45,182	5,232
Trustees’ fees	9,987	5,164	11	14
Audit fee	18,218	18,138	19,861	19,403
Custody fee	9,015	4,362	8,134	2,195
Distribution and service fees	170	17,374	903	58,790
Chief compliance officer expenses	218	270	209	262
Reports to shareholders	8,392	34,361	22,456	102
Loan	—	—	—	—
Interest	143	—	1	—
Trustees’ deferred compensation plan	5,660	9,616	4,996	13,186
Other liabilities	20,010	182,384	12,779	3,114
Total liabilities	396,100	39,141,942	347,799	19,091,780
Net Assets	162,264,999	594,227,789	79,691,409	1,546,444,362

See Accompanying Notes to Financial Statements.

80

($)	($)	($)	($)	($)	($)
Columbia Select Opportunities Fund	Columbia Select Small Cap Fund	Columbia Value and Restructuring Fund	Columbia Emerging Markets Fund	Columbia International Growth Fund	Columbia Pacific/Asia Fund
105,782,492	439,278,282	5,161,642,176	230,438,638	164,161,474	26,367,777
—	—	239,419,677	—	—	—
105,782,492	439,278,282	5,401,061,853	230,438,638	164,161,474	26,367,777
138,593,999	549,803,400	6,224,830,631	374,675,138	189,365,353	29,896,650
—	—	252,440,000	—	—	—
138,593,999	549,803,400	6,477,270,631	374,675,138	189,365,353	29,896,650
561	249	1	771	—	—
3	—	—	1,069,959	248,243	125,098
—	—	—	—	1,851,305	158,793
162,307	2,813,905	—	1,031,929	3,834,029	113,594
2,500	1,141,231	5,504,754	77,524	4,557	289
117,890	140,400	8,613,896	571,143	590,584	155,490
1	1	—	—	—	—
7,846	—	342,058	3,235	334,760	—
8,688	—	—	29,789	34,404	14,299
6,435	9,230	88,798	10,562	7,795	3,909
15,823	34,514	423,617	50,467	31,685	7,457
—	—	—	—	—	—
138,916,053	553,942,930	6,492,243,755	377,520,517	196,302,715	30,475,579
—	—	—	—	25,613	24,304
—	—	—	—	—	432
—	—	—	—	1,547,442	66,469
—	—	—	—	—	—
116,412	5,200,583	25,800,347	2,584,029	1,890,518	76,459
275,005	293,815	8,168,224	439,709	515,802	246,521
—	—	—	1,060,367	—	39,132
90,010	330,832	3,122,192	361,636	172,450	25,509
14,163	57,989	798,246	53,600	29,783	2,349
7,782	10,305	12,419	9,330	9,004	5,190
23,603	263,700	4,174,683	448,191	103,339	10,008
989	1,426	86	12,395	1,831	19
18,735	19,449	21,767	13,433	19,428	8,827
17,776	1,765	302,716	280,991	47,581	24,772
546	6,825	125,857	1,617	271	464
159	261	1,159	200	210	236
16,457	75,966	377,423	108,832	44,579	9,354
—	—	—	—	1,200,000	—
—	—	1,920	102	245	—
6,435	9,230	88,798	10,562	7,795	3,909
14,821	16,137	159,643	32,438	34,921	2,316
602,893	6,288,283	43,155,480	5,417,432	5,650,812	546,270
138,313,160	547,654,647	6,449,088,275	372,103,085	190,651,903	29,929,309

See Accompanying Notes to Financial Statements.

81

Statements of Assets and Liabilities (continued) – Equity Funds

September 30, 2009 (Unaudited)

	($)			($)			($)			($)
	Columbia Blended Equity Fund			Columbia Energy and Natural Resources Fund			Columbia Mid Cap Core Fund			Columbia Select Large Cap Growth Fund
Net Assets Consist of
Paid-in capital		97,282,702			659,215,898			72,785,293			1,661,569,841
Undistributed (overdistributed) net investment income		52,995			26,017			26,151			(2,460,760	)
Accumulated net realized loss		(7,136,124	)		(165,390,083	)		(9,626,469	)		(297,209,331	)
Net unrealized appreciation (depreciation) on:
Investments		72,065,426			100,375,957			16,506,434			184,544,612
Foreign currency translations		—			—			—			—
Written options		—			—			—			—
Foreign capital gains tax		—			—			—			—
Net Assets		162,264,999			594,227,789			79,691,409			1,546,444,362
Class A
Net assets	$	209,178		$	41,780,238		$	656,497		$	308,379,115
Shares outstanding		9,866			2,227,087			48,632			32,557,864
Net asset value per share (a)	$	21.20		$	18.76		$	13.50		$	9.47
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	22.49		$	19.90		$	14.32		$	10.05
Class C
Net assets	$	161,649		$	12,318,211		$	248,570		$	2,125,665
Shares outstanding		7,646			666,018			18,509			227,857
Net asset value and offering price per share (a)	$	21.14		$	18.50		$	13.43		$	9.33
Class R
Net assets		—			—		$	1,451,966		$	36,367
Shares outstanding		—			—			108,899			3,927
Net asset value, offering and redemption price per share		—			—		$	13.33		$	9.26
Class Z
Net assets	$	161,894,172		$	540,129,340		$	77,334,376		$	1,235,903,215
Shares outstanding		7,638,367			28,757,357			5,722,863			129,981,609
Net asset value, offering and redemption price per share	$	21.19		$	18.78		$	13.51		$	9.51

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

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

See Accompanying Notes to Financial Statements.

82

($)			($)			($)			($)			($)			($)
Columbia Select Opportunities Fund			Columbia Select Small Cap Fund			Columbia Value and Restructuring Fund			Columbia Emerging Markets Fund			Columbia International Growth Fund			Columbia Pacific/Asia Fund
	231,725,768			597,821,731			6,995,908,655			235,634,879			312,261,245			50,735,772
	42,269			(538,218	)		1,742,409			2,045,366			1,749,377			165,098
	(126,267,389	)		(160,153,984	)		(1,624,784,161	)		(8,818,688	)		(148,899,194	)		(24,556,646	)
	32,811,507			110,525,118			1,076,208,778			144,236,500			25,203,879			3,528,873
	1,005			—			12,594			65,395			336,596			95,216
	—			—			—			—			—			128
	—			—			—			(1,060,367	)		—			(39,132	)
	138,313,160			547,654,647			6,449,088,275			372,103,085			190,651,903			29,929,309
$	1,564,049		$	13,337,395		$	248,435,970		$	4,706,127		$	347,724		$	788,654
	146,469			1,013,091			6,238,523			460,393			27,768			109,522
$	10.68		$	13.17		$	39.82		$	10.22		$	12.52		$	7.20
	5.75	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
$	11.33		$	13.97		$	42.25		$	10.84		$	13.28		$	7.64
$	282,863		$	954,292		$	65,935,325		$	931,605		$	261,425		$	405,043
	26,668			73,610			1,655,941			91,748			20,943			56,702
$	10.61		$	12.96		$	39.82		$	10.15		$	12.48		$	7.14
	—		$	8,607,436		$	53,926,550			—			—			—
	—			669,079			1,354,896			—			—			—
	—		$	12.86		$	39.80			—			—			—
$	136,466,248		$	524,755,524		$	6,080,790,430		$	366,465,353		$	190,042,754		$	28,735,612
	12,787,335			39,721,173			152,795,214			35,881,197			15,174,558			3,987,680
$	10.67		$	13.21		$	39.80		$	10.21		$	12.52		$	7.21

See Accompanying Notes to Financial Statements.

83

Statements of Operations – Equity Funds

For the Six Months Ended September 30, 2009 (Unaudited)

	($)		($)		($)		($)
	Columbia Blended Equity Fund		Columbia Energy and Natural Resources Fund		Columbia Mid Cap Core Fund		Columbia Select Large Cap Growth Fund
Investment Income
Dividends	1,507,599		3,568,359		557,306		3,948,539
Interest	625		22,083		118		18,857
Foreign taxes withheld	(16,690	)	(82,580	)	(513	)	(162,543	)
Total Investment Income	1,491,534		3,507,862		556,911		3,804,853
Expenses
Investment advisory fee	583,135		1,457,387		241,405		4,182,287
Administration fee	85,947		308,746		31,125		810,680
Distribution fee:
Class C	437		35,532		547		4,852
Class R	—		—		3,330		73
Service fee:
Class A	218		36,192		472		230,972
Class C	146		11,844		182		1,617
Pricing and bookkeeping fees	34,541		55,967		26,319		70,274
Transfer agent fee	43,915		384,365		48,910		710,966
Trustees’ fees	10,582		15,709		9,696		27,343
Custody fee	6,930		8,240		13,295		9,332
Registration fees	17,379		35,677		24,522		74,480
Audit fee	15,625		15,624		17,209		16,693
Reports to shareholders	24,522		74,201		32,298		57,129
Chief compliance officer expenses	366		366		366		457
Other expenses	19,368		36,350		16,087		61,825
Expenses before interest expense	843,111		2,476,200		465,763		6,258,980
Interest expense	350		—		—		—
Total Expenses	843,461		2,476,200		465,763		6,258,980
Fees waived or expenses reimbursed by investment advisor and/or administrator	(11,382	)	—		(76,384	)	—
Expense reductions	—		(7	)	—		(1	)
Net Expenses	832,079		2,476,193		389,379		6,258,979
Net Investment Income (Loss)	659,455		1,031,669		167,532		(2,454,126	)

* Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

84

($)		($)		($)		($)		($)		($)
Columbia Select Opportunities Fund		Columbia Select Small Cap Fund		Columbia Value and Restructuring Fund		Columbia Emerging Markets Fund		Columbia International Growth Fund		Columbia Pacific/Asia Fund
1,113,110		2,132,058		74,601,827		5,454,989		3,831,312		512,496
932		3,787		3,025		2,070		419		55
(27,797	)	—		(1,964,441	)	(591,413	)	(303,438	)	(43,232	)
1,086,245		2,135,845		72,640,411		4,865,646		3,528,293		469,319
521,775		1,696,089		17,256,154		1,826,603		878,046		109,639
74,915		286,142		4,244,038		274,748		151,974		8,041
975		3,250		207,110		2,206		776		1,242
—		18,507		120,033		—		—		—
1,751		12,668		269,706		3,356		357		562
325		1,083		69,037		735		259		414
34,839		53,258		72,105		48,686		38,269		26,962
17,522		410,630		3,551,340		106,960		76,676		12,913
11,795		16,180		142,874		15,573		13,159		8,252
27,738		6,221		398,702		218,867		94,299		58,991
21,768		36,416		135,474		28,630		13,349		15,550
16,142		16,693		19,285		17,357		17,727		19,020
23,239		71,547		562,741		88,563		35,136		19,581
274		366		1,186		274		274		366
25,951		39,449		410,594		42,810		24,564		12,494
779,009		2,668,499		27,460,379		2,675,368		1,344,865		294,027
126		—		8,332		964		375		—
779,135		2,668,499		27,468,711		2,676,332		1,345,240		294,027
(161,199	)	—		—		(122,767	)	(70,162	)	(62,727	)
—	*	(3	)	—		(2	)	—		—
617,936		2,668,496		27,468,711		2,553,563		1,275,078		231,300
468,309		(532,651	)	45,171,700		2,312,083		2,253,215		238,019

See Accompanying Notes to Financial Statements.

85

Statements of Operations (continued) – Equity Funds

For the Six Months Ended September 30, 2009 (Unaudited)

	($)		($)		($)		($)
	Columbia Blended Equity Fund		Columbia Energy and Natural Resources Fund		Columbia Mid Cap Core Fund		Columbia Select Large Cap Growth Fund
Net Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency
Net realized gain (loss) on:
Unaffiliated investments	14,613,670		36,852,608		5,924,023		(38,694,007	)
Affiliated investments	—		—		—		—
Foreign currency transactions and forward foreign currency exchange contracts	(52	)	(39,753	)	43		—
Written options	—		—		—		—
Net realized gain (loss)	14,613,618		36,812,855		5,924,066		(38,694,007	)
Net change in unrealized appreciation (depreciation) on:
Investments	26,533,654		110,185,935		19,437,742		367,076,188
Foreign currency translations and forward foreign currency exchange contracts	87		38,760		(40	)	—
Written options	—		—		—		—
Foreign capital gains tax	—		—		—		—
Net change in unrealized appreciation (depreciation)	26,533,741		110,224,695		19,437,702		367,076,188
Net Gain	41,147,359		147,037,550		25,361,768		328,382,181
Net Increase Resulting from Operations	41,806,814		148,069,219		25,529,300		325,928,055

See Accompanying Notes to Financial Statements.

86

($)		($)		($)		($)		($)		($)
Columbia Select Opportunities Fund		Columbia Select Small Cap Fund		Columbia Value and Restructuring Fund		Columbia Emerging Markets Fund		Columbia International Growth Fund		Columbia Pacific/Asia Fund
5,653,580		(28,292,078	)	(307,263,105	)	26,496,315		(10,957,902	)	(783,664	)
—		(8,154,717	)	(4,156,615	)	—		—		—
(17,107	)	—		(146,709	)	(162,404	)	372,164		103,048
—		—		—		—		—		288
5,636,473		(36,446,795	)	(311,566,429	)	26,333,911		(10,585,738	)	(680,328	)
41,332,828		197,938,741		2,537,032,640		115,560,369		66,549,183		11,881,392
9,572		—		32,010		80,064		66,794		51,318
—		—		—		—		—		128
—		—		—		(1,010,821	)	—		(39,132	)
41,342,400		197,938,741		2,537,064,650		114,629,612		66,615,977		11,893,706
46,978,873		161,491,946		2,225,498,221		140,963,523		56,030,239		11,213,378
47,447,182		160,959,295		2,270,669,921		143,275,606		58,283,454		11,451,397

See Accompanying Notes to Financial Statements.

87

Statements of Changes in Net Assets – Columbia Equity Funds

Increase (Decrease) in Net Assets	Columbia Blended Equity Fund				Columbia Energy and Natural Resources Fund
	(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)
Operations
Net investment income (loss)	659,455		1,885,312		1,031,669		579,329
Net realized gain (loss) on investments and foreign currency transactions	14,613,618		(21,792,871	)	36,812,855		(200,239,054	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations	26,533,741		(82,621,897	)	110,224,695		(127,871,834	)
Net increase (decrease) resulting from operations	41,806,814		(102,529,456	)	148,069,219		(327,531,559	)
Distributions to Shareholders
From net investment income:
Class A	(631	)	(474	)	(29,445	)	—
Class C	(40	)	(19	)	—		—
Class R	—		—		—		—
Class Z	(733,191	)	(1,756,076	)	(1,492,249	)	—
From net realized gains:
Class A	—		(1,523	)	—		(213,683	)
Class C	—		(2,089	)	—		(49,859	)
Class R	—		—		—		—
Class Z	—		(21,465,963	)	—		(11,867,954	)
Total distributions to shareholders	(733,862	)	(23,226,144	)	(1,521,694	)	(12,131,496	)
Net Capital Stock Transactions	(18,944,414	)	(26,011,260	)	86,668,665		(18,201,727	)
Increase from regulatory settlements	25,685		—		35,194		—
Total increase (decrease) in net assets	22,154,223		(151,766,860	)	233,251,384		(357,864,782	)
Net Assets
Beginning of period	140,110,776		291,877,636		360,976,405		718,841,187
End of period	162,264,999		140,110,776		594,227,789		360,976,405
Undistributed (overdistributed) net investment income at end of period	52,995		127,402		26,017		516,042

See Accompanying Notes to Financial Statements.

88

Columbia Mid Cap Core Fund				Columbia Select Large Cap Growth Fund				Columbia Select Opportunities Fund
(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)
167,532		931,792		(2,454,126	)	(3,690,244	)	468,309		2,255,306
5,924,066		(15,557,397	)	(38,694,007	)	(177,939,043	)	5,636,473		(131,808,483	)
19,437,702		(80,732,239	)	367,076,188		(309,588,130	)	41,342,400		(46,488,945	)
25,529,300		(95,357,844	)	325,928,055		(491,217,417	)	47,447,182		(176,042,122	)
(741	)	(876	)	—		—		(3,802	)	(10,165	)
(29	)	(144	)	—		—		(52	)	(914	)
(1,910	)	(5,496	)	—		—		—		—
(238,423	)	(793,378	)	—		—		(519,550	)	(2,305,877	)
—		(59	)	—		—		—		(20,990	)
—		(43	)	—		—		—		(2,859	)
—		(4,852	)	—		—		—		—
—		(546,197	)	—		—		—		(5,524,841	)
(241,103	)	(1,351,045	)	—		—		(523,404	)	(7,865,646	)
(10,546,740	)	(85,989,212	)	402,846,152		367,737,435		(44,416,010	)	(69,072,002	)
—		—		—		13,882		—		—
14,741,457		(182,698,101	)	728,774,207		(123,466,100	)	2,507,768		(252,979,770	)
64,949,952		247,648,053		817,670,155		941,136,255		135,805,392		388,785,162
79,691,409		64,949,952		1,546,444,362		817,670,155		138,313,160		135,805,392
26,151		99,722		(2,460,760	)	(6,634	)	42,269		97,364

See Accompanying Notes to Financial Statements.

89

Statements of Changes in Net Assets (continued) – Columbia Equity Funds

Increase (Decrease) in Net Assets	Columbia Select Small Cap Fund				Columbia Value and Restructuring Fund
	(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)
Operations
Net investment income (loss)	(532,651	)	(1,726,692	)	45,171,700		112,153,414
Net realized gain (loss) on investments, written options, foreign currency transactions and forward foreign currency exchange contracts	(36,446,795	)	(122,425,320	)	(311,566,429	)	(1,176,931,945	)
Net change in unrealized appreciation (depreciation) on investments, written options, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax	197,938,741		(155,761,126	)	2,537,064,650		(3,893,787,563	)
Net increase (decrease) resulting from operations	160,959,295		(279,913,138	)	2,270,669,921		(4,958,566,094	)
Distributions to Shareholders
From net investment income:
Class A	—		—		(1,428,030	)	(2,899,712	)
Class C	—		—		(160,131	)	(292,782	)
Class R	—		—		(255,130	)	(480,565	)
Class Z	—		—		(42,427,775	)	(108,747,976	)
From net realized gains:
Class A	—		(303,623	)	—		(83,311	)
Class C	—		(70,804	)	—		(18,779	)
Class R	—		(241,850	)	—		(18,992	)
Class Z	—		(20,518,422	)	—		(3,904,858	)
Total distributions to shareholders	—		(21,134,699	)	(44,271,066	)	(116,446,975	)
Net Capital Stock Transactions	51,439,652		(52,896,968	)	(370,841,652	)	563,439,037
Redemption Fees	—		—		—		—
Increase from Regulatory Settlements	18,764		146,495		—		47,297
Total increase (decrease) in net assets	212,417,711		(353,798,310	)	1,855,557,203		(4,511,526,735	)
Net Assets
Beginning of period	335,236,936		689,035,246		4,593,531,072		9,105,057,807
End of period	547,654,647		335,236,936		6,449,088,275		4,593,531,072
Undistributed (overdistributed) net investment income at end of period	(538,218	)	(5,567	)	1,742,409		841,775

See Accompanying Notes to Financial Statements.

90

Columbia Emerging Markets Fund				Columbia International Growth Fund				Columbia Pacific/Asia Fund
(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)
2,312,083		5,544,814		2,253,215		7,046,287		238,019		882,424
26,333,911		(36,231,703	)	(10,585,738	)	(139,221,928	)	(680,328	)	(23,610,363	)
114,629,612		(315,836,860	)	66,615,977		(105,883,949	)	11,893,706		(8,320,223	)
143,275,606		(346,523,749	)	58,283,454		(238,059,590	)	11,451,397		(31,048,162	)
(18,098	)	—		(2,219	)	(289	)	(1,477	)	(594	)
—		—		—		(19	)	—		(45	)
—		—		—		—		—		—
(3,205,864	)	—		(2,044,589	)	(1,132,296	)	(176,814	)	(480,114	)
—		(513,878	)	—		(3,433	)	—		(5,615	)
—		(84,665	)	—		(602	)	—		(1,401	)
—		—		—		—		—		—
—		(137,101,297	)	—		(35,191,377	)	—		(14,738,370	)
(3,223,962	)	(137,699,840	)	(2,046,808	)	(36,328,016	)	(178,291	)	(15,226,139	)
(6,526,146	)	(293,665,421	)	(31,819,068	)	(195,593,367	)	(6,356,964	)	(46,647,878	)
6,585		55,618		667		9,839		184		576
—		—		4,667		150,489		79,506		—
133,532,083		(777,833,392	)	24,422,912		(469,820,645	)	4,995,832		(92,921,603	)
238,571,002		1,016,404,394		166,228,991		636,049,636		24,933,477		117,855,080
372,103,085		238,571,002		190,651,903		166,228,991		29,929,309		24,933,477
2,045,366		2,957,245		1,749,377		1,542,970		165,098		105,370

See Accompanying Notes to Financial Statements.

91

Statements of Changes in Net Assets – Capital Stock Activity

	Columbia Blended Equity Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	5,368		99,615		13,948		264,716
Distributions reinvested	32		631		84		1,996
Redemptions	(5,489	)	(99,185	)	(4,425	)	(90,083	)
Net increase (decrease)	(89	)	1,061		9,607		176,629
Class C
Subscriptions	4,628		87,965		3,298		69,597
Distributions reinvested	2		40		79		2,108
Redemptions	(536	)	(9,779	)	(173	)	(2,626	)
Net increase	4,094		78,226		3,204		69,079
Class Z
Subscriptions	98,254		1,824,859		1,069,699		25,352,681
Distributions reinvested	19,868		387,351		461,476		12,021,012
Redemptions	(1,112,568	)	(21,235,911	)	(3,046,571	)	(63,630,661	)
Net decrease	(994,446	)	(19,023,701	)	(1,515,396	)	(26,256,968	)

See Accompanying Notes to Financial Statements.

92

	Columbia Energy and Natural Resources Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	1,298,815		21,860,907		1,521,512		31,235,608
Distributions reinvested	1,416		27,181		6,524		202,507
Redemptions	(309,288	)	(5,198,906	)	(500,903	)	(9,514,854	)
Net increase	990,943		16,689,182		1,027,133		21,923,261
Class C
Subscriptions	309,854		5,041,073		499,658		9,008,275
Distributions reinvested	—		—		1,512		46,686
Redemptions	(77,497	)	(1,285,108	)	(123,945	)	(2,327,141	)
Net increase	232,357		3,755,965		377,225		6,727,820
Class Z
Subscriptions	7,248,520		120,386,253		10,770,648		238,912,602
Distributions reinvested	66,461		1,134,657		318,342		9,884,506
Redemptions	(3,328,273	)	(55,297,392	)	(14,257,674	)	(295,649,916	)
Net increase (decrease)	3,986,708		66,223,518		(3,168,684	)	(46,852,808	)

See Accompanying Notes to Financial Statements.

93

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

	Columbia Mid Cap Core Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	28,819		359,792		29,193		324,419
Distributions reinvested	63		705		92		917
Redemptions	(2,266	)	(26,206	)	(7,816	)	(81,226	)
Net increase	26,616		334,291		21,469		244,110
Class C
Subscriptions	11,449		138,718		7,728		79,136
Distributions reinvested	2		24		17		187
Redemptions	—		—		(1,234	)	(13,294	)
Net increase	11,451		138,742		6,511		66,029
Class R
Subscriptions	19,563		230,008		42,244		582,981
Distributions reinvested	175		1,910		763		10,348
Redemptions	(32,299	)	(377,989	)	(33,133	)	(405,611	)
Net increase (decrease)	(12,561	)	(146,071	)	9,874		187,718
Class Z
Subscriptions	367,538		4,311,685		911,865		14,180,439
Distributions reinvested	9,681		112,000		38,775		586,253
Redemptions	(1,309,253	)	(15,297,387	)	(7,724,000	)	(101,253,761	)
Net decrease	(932,034	)	(10,873,702	)	(6,773,360	)	(86,487,069	)

See Accompanying Notes to Financial Statements.

94

	Columbia Select Large Cap Growth Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	22,384,425		190,968,179		13,464,242		95,140,472
Redemptions	(1,792,126	)	(15,570,141	)	(1,688,190	)	(12,586,524	)
Net increase	20,592,299		175,398,038		11,776,052		82,553,948
Class C
Subscriptions	138,195		1,186,276		144,439		1,322,856
Redemptions	(19,626	)	(159,723	)	(56,309	)	(424,734	)
Net increase	118,569		1,026,553		88,130		898,122
Class R
Subscriptions	577		4,904		21,445		229,371
Redemptions	(26	)	(208	)	(20,076	)	(138,787	)
Net increase	551		4,696		1,369		90,584
Class Z
Subscriptions	39,360,391		335,124,111		70,056,832		674,697,263
Redemptions	(12,835,163	)	(108,707,246	)	(49,639,020	)	(390,502,482	)
Net increase	26,525,228		226,416,865		20,417,812		284,194,781

See Accompanying Notes to Financial Statements.

95

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

	Columbia Select Opportunities Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	26,170		236,674		245,159		3,043,457
Distributions reinvested	374		3,447		2,140		25,070
Redemptions	(24,010	)	(226,759	)	(126,113	)	(1,000,311	)
Net increase	2,534		13,362		121,186		2,068,216
Class C
Subscriptions	1,351		12,503		51,047		626,053
Distributions reinvested	2		17		216		2,718
Redemptions	(6,319	)	(55,548	)	(21,565	)	(175,467	)
Net increase (decrease)	(4,966	)	(43,028	)	29,698		453,304
Class Z
Subscriptions	257,910		2,386,820		6,840,043		81,210,244
Distributions reinvested	12,732		118,650		192,085		2,503,567
Redemptions	(5,135,853	)	(46,891,814	)	(17,201,779	)	(155,307,333	)
Net decrease	(4,865,211	)	(44,386,344	)	(10,169,651	)	(71,593,522	)

See Accompanying Notes to Financial Statements.

96

	Columbia Select Small Cap Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	404,200		4,499,365		1,329,317		18,172,202
Distributions reinvested	—		—		19,688		303,392
Redemptions	(126,135	)	(1,432,089	)	(826,731	)	(8,579,057	)
Net increase	278,065		3,067,276		522,274		9,896,537
Class C
Subscriptions	11,982		138,901		38,874		527,059
Distributions reinvested	—		—		4,609		70,656
Redemptions	(56,804	)	(581,963	)	(55,600	)	(595,536	)
Net increase (decrease)	(44,822	)	(443,062	)	(12,117	)	2,179
Class R
Subscriptions	101,246		1,131,761		343,592		4,176,248
Distributions reinvested	—		—		15,995		241,850
Redemptions	(87,383	)	(978,020	)	(138,198	)	(1,724,888	)
Net increase	13,863		153,741		221,389		2,693,210
Class Z
Subscriptions	9,588,539		108,265,182		11,301,343		145,607,901
Distributions reinvested	—		—		695,997		10,732,107
Redemptions	(5,227,259	)	(59,603,485	)	(18,522,626	)	(221,828,902	)
Net increase (decrease)	4,361,280		48,661,697		(6,525,286	)	(65,488,894	)

See Accompanying Notes to Financial Statements.

97

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

	Columbia Value and Restructuring Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	1,444,963		49,617,143		7,544,325		350,530,429
Distributions reinvested	38,713		1,357,432		82,462		2,837,030
Redemptions	(1,406,354	)	(48,182,747	)	(2,943,227	)	(92,566,890	)
Net increase	77,322		2,791,828		4,683,560		260,800,569
Class C
Subscriptions	286,972		9,959,824		1,655,495		78,563,854
Distributions reinvested	3,888		131,442		8,192		252,762
Redemptions	(157,928	)	(5,520,180	)	(402,283	)	(12,919,203	)
Net increase	132,932		4,571,086		1,261,404		65,897,413
Class R
Subscriptions	171,372		5,786,510		1,094,672		47,511,730
Distributions reinvested	7,348		255,130		14,870		499,301
Redemptions	(244,014	)	(8,223,071	)	(337,014	)	(13,176,051	)
Net increase (decrease)	(65,294	)	(2,181,431	)	772,528		34,834,980
Class Z
Subscriptions	14,227,378		482,651,673		60,774,982		2,515,699,893
Distributions reinvested	930,618		32,680,373		2,397,249		88,424,717
Redemptions	(26,644,204	)	(891,355,181	)	(70,849,326	)	(2,402,218,535	)
Net increase (decrease)	(11,486,208	)	(376,023,135	)	(7,677,095	)	201,906,075

See Accompanying Notes to Financial Statements.

98

	Columbia Emerging Markets Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	365,834		3,173,626		230,578		3,009,480
Distributions reinvested	1,990		16,016		38,222		484,281
Redemptions	(50,273	)	(417,815	)	(208,280	)	(1,853,707	)
Net increase	317,551		2,771,827		60,520		1,640,054
Class C
Subscriptions	61,070		521,560		36,604		332,966
Distributions reinvested	—		—		6,377		80,541
Redemptions	(7,462	)	(65,337	)	(35,521	)	(339,357	)
Net increase	53,608		456,223		7,460		74,150
Class Z
Subscriptions	5,762,403		49,033,049		10,504,267		91,945,466
Distributions reinvested	309,384		2,484,351		7,919,385		100,338,612
Redemptions	(7,150,157	)	(61,271,596	)	(49,364,298	)	(487,663,703	)
Net decrease	(1,078,370	)	(9,754,196	)	(30,940,646	)	(295,379,625	)

See Accompanying Notes to Financial Statements.

99

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

	Columbia International Growth Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	4,290		49,250		27,985		339,801
Distributions reinvested	207		2,196		212		3,722
Redemptions	(1,293	)	(14,674	)	(4,165	)	(42,238	)
Net increase	3,204		36,772		24,032		301,285
Class C
Subscriptions	4,735		52,732		16,682		172,894
Distributions reinvested	—		—		36		621
Redemptions	(1,042	)	(9,713	)	—		—
Net increase	3,693		43,019		16,718		173,515
Class Z
Subscriptions	856,491		9,291,134		1,961,918		26,327,271
Distributions reinvested	51,661		548,127		710,211		12,442,903
Redemptions	(3,752,089	)	(41,738,120	)	(18,489,612	)	(234,838,341	)
Net decrease	(2,843,937	)	(31,898,859	)	(15,817,483	)	(196,068,167	)

See Accompanying Notes to Financial Statements.

100

	Columbia Pacific/Asia Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	77,180		491,319		34,723		185,444
Distributions reinvested	237		1,440		767		6,209
Redemptions	(4,094	)	(26,923	)	(353	)	(1,671	)
Net increase	73,323		465,836		35,137		189,982
Class C
Subscriptions	7,575		47,233		58,001		299,319
Distributions reinvested	—		—		179		1,446
Redemptions	(615	)	(3,477	)	(9,500	)	(39,521	)
Net increase	6,960		43,756		48,680		261,244
Class Z
Subscriptions	65,457		415,201		150,707		1,071,918
Distributions reinvested	13,143		79,780		773,939		6,268,905
Redemptions	(1,165,873	)	(7,361,537	)	(8,354,699	)	(54,439,927	)
Net decrease	(1,087,273	)	(6,866,556	)	(7,430,053	)	(47,099,104	)

See Accompanying Notes to Financial Statements.

101

Financial Highlights – Columbia Blended Equity Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	16.21		$	28.76		$	28.76
Income from Investment Operations:
Net investment income (loss) (b)		0.05			0.12			—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		5.01			(10.40	)		—	(c)
Total from investment operations		5.06			(10.28	)		—	(c)
Less Distributions to Shareholders:
From net investment income		(0.07	)		(0.13	)		—
From net realized gains		—			(2.14	)		—
Total distributions to shareholders		(0.07	)		(2.27	)		—
Increase from Regulatory Settlements		—	(c)		—			—
Net Asset Value, End of Period	$	21.20		$	16.21		$	28.76
Total return (d)(e)		31.25	%(f)		(38.73	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.32	%(h)		1.30	%(g)		1.35	%(g)(h)
Interest expense (i)		—	%(h)		—	%		—	%(h)
Net expenses		1.32	%(h)		1.30	%(g)		1.35	%(g)(h)
Waiver/Reimbursement		0.01	%(h)		0.05	%		0.09	%(h)
Net investment income (loss)		0.53	%(h)		0.66	%(g)		(1.32	)%(g)(h)
Portfolio turnover rate		43	%(f)		41	%		10	%(f)
Net assets, end of period (000s)	$	209		$	161		$	10

(a) The Fund’s Class A shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

102

Financial Highlights – Columbia Blended Equity Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	16.17		$	28.76		$	28.76
Income from Investment Operations:
Net investment loss (b)		(0.02	)		—	(c)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		5.00			(10.43	)		—	(c)
Total from investment operations		4.98			(10.43	)		—	(c)
Less Distributions to Shareholders:
From net investment income		(0.01	)		(0.02	)		—
From net realized gains		—			(2.14	)		—
Total distributions to shareholders		(0.01	)		(2.16	)		—
Increase from Regulatory Settlements		—	(c)		—			—
Net Asset Value, End of Period	$	21.14		$	16.17		$	28.76
Total return (d)(e)		30.77	%(f)		(39.20	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		2.07	%(h)		2.05	%(g)		2.10	%(g)(h)
Interest expense (i)		—	%(h)		—	%		—	%(h)
Net expenses		2.07	%(h)		2.05	%(g)		2.10	%(g)(h)
Waiver/Reimbursement		0.01	%(h)		0.05	%		0.09	%(h)
Net investment loss		(0.18	)%(h)		(0.02	)%(g)		(2.07	)%(g)(h)
Portfolio turnover rate		43	%(f)		41	%		10	%(f)
Net assets, end of period (000s)	$	162		$	57		$	10

(a) The Fund’s Class C shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

103

Financial Highlights – Columbia Blended Equity Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)
Net Asset Value, Beginning of Period	$	16.20		$	28.76		$	35.36		$	37.27		$	36.12		$	33.64
Income from Investment Operations:
Net investment income (c)		0.08			0.19			0.23			0.25			0.19			0.30
Net realized and unrealized gain (loss) on investments and foreign currency		5.00			(10.43	)		0.47			3.61			3.67			2.66
Total from investment operations		5.08			(10.24	)		0.70			3.86			3.86			2.96
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.18	)		(0.29	)		(0.23	)		(0.21	)		(0.28	)
From net realized gains		—			(2.14	)		(7.01	)		(5.54	)		(2.50	)		(0.20	)
Total distributions to shareholders		(0.09	)		(2.32	)		(7.30	)		(5.77	)		(2.71	)		(0.48	)
Increase from Regulatory Settlements		—	(d)		—			—			—			—			—
Net Asset Value, End of Period	$	21.19		$	16.20		$	28.76		$	35.36		$	37.27		$	36.12
Total return (e)(f)		31.42	%(g)		(38.61	)%		0.35	%(h)		10.66	%		11.10	%		8.85	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.07	%(j)		1.05	%(i)		1.11	%(i)		1.10	%(i)		1.08	%(i)		1.05	%(i)
Interest expense		—	%(j)(k)		—	%(k)		0.01	%		—			—			—
Net expenses		1.07	%(j)		1.05	%(i)		1.10	%(i)		1.10	%(i)		1.08	%(i)		1.05	%(i)
Waiver/Reimbursement		0.01	%(j)		0.05	%		0.13	%		0.11	%		0.13	%		0.19	%
Net investment income		0.85	%(j)		0.85	%(i)		0.66	%(i)		0.68	%(i)		0.53	%(i)		0.86	%(i)
Portfolio turnover rate		43	%(g)		41	%		10	%		10	%		22	%		19	%
Net assets, end of period (000s)	$	161,894		$	139,892		$	291,858		$	401,023		$	460,309		$	466,903

(a) On March 31, 2008, Shares class of Blended Equity Fund, a series of Excelsior Funds, Inc., was reorganized into Class Z. The financial information of the Fund’s Class Z includes the financial information of Blended Equity Fund’s Shares class.

(b) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(g) Not annualized.

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

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

104

Financial Highlights – Columbia Energy and Natural Resources Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	13.62		$	25.49		$	27.64
Income from Investment Operations:
Net investment income (loss) (b)		0.01			(0.01	)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		5.14			(11.46	)		1.72
Total from investment operations		5.15			(11.47	)		1.72
Less Distributions to Shareholders:
From net investment income		(0.01	)		—			—
From net realized gains		—			(0.40	)		(3.87	)
Total distributions to shareholders		(0.01	)		(0.40	)		(3.87	)
Increase from Regulatory Settlements		—	(c)		—			—
Net Asset Value, End of Period	$	18.76		$	13.62		$	25.49
Total return (e)		37.84	%(f)		(45.88	)%(d)		6.82	%(d)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.23	%(h)		1.24	%		1.07	%(h)
Interest expense		—			—			—	%(h)(i)
Net expenses (g)		1.23	%(h)		1.24	%		1.07	%(h)
Waiver/Reimbursement		—			0.04	%		0.05	%(h)
Net investment income (loss) (g)		0.15	%(h)		(0.03	)%		(0.02	)%(h)
Portfolio turnover rate		252	%(f)		484	%		198	%(f)
Net assets, end of period (000s)	$	41,780		$	16,842		$	5,328

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

105

Financial Highlights – Columbia Energy and Natural Resources Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	13.47		$	25.40		$	27.64
Income from Investment Operations:
Net investment loss (b)		(0.05	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currency		5.08			(11.40	)		1.73
Total from investment operations		5.03			(11.53	)		1.63
Less Distributions to Shareholders:
From net realized gains		—			(0.40	)		(3.87	)
Increase from Regulatory Settlements		—	(c)		—			—
Net Asset Value, End of Period	$	18.50		$	13.47		$	25.40
Total return (e)		37.34	%(f)		(46.29	)%(d)		6.45	%(d)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.98	%(h)		1.99	%		1.82	%(h)
Interest expense		—			—			—	%(h)(i)
Net expenses (g)		1.98	%(h)		1.99	%		1.82	%(h)
Waiver/Reimbursement		—			0.04	%		0.05	%(h)
Net investment loss (g)		(0.59	)%(h)		(0.73	)%		(0.78	)%(h)
Portfolio turnover rate		252	%(f)		484	%		198	%(f)
Net assets, end of period (000s)	$	12,318		$	5,843		$	1,433

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

106

Financial Highlights – Columbia Energy and Natural Resources Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)
Net Asset Value, Beginning of Period	$	13.66		$	25.49		$	23.30		$	25.99		$	22.34		$	16.45
Income from Investment Operations:
Net investment income (loss) (c)		0.04			0.02			0.01			0.06			—	(d)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency		5.13			(11.45	)		6.08			2.50			9.04			6.99
Total from investment operations		5.17			(11.43	)		6.09			2.56			9.04			7.01
Less Distributions to Shareholders:
From net investment income		(0.05	)		—			(0.03	)		(0.06	)		—			(0.05	)
From net realized gains		—			(0.40	)		(3.87	)		(5.19	)		(5.39	)		(1.07	)
Total distributions to shareholders		(0.05	)		(0.40	)		(3.90	)		(5.25	)		(5.39	)		(1.12	)
Increase from Regulatory Settlements		—	(d)		—			—			—			—			—
Net Asset Value, End of Period	$	18.78		$	13.66		$	25.49		$	23.30		$	25.99		$	22.34
Total return (e)		37.92	%(f)		(45.72	)%(g)		26.84	%(g)		10.84	%(g)		41.42	%		43.97	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.98	%(i)		0.99	%		1.07	%		1.12	%		1.13	%		1.10	%
Interest expense		—			—			—	%(j)		—			—			—
Net expenses (h)		0.98	%(i)		0.99	%		1.07	%		1.12	%		1.13	%		1.10	%
Waiver/Reimbursement		—			0.04	%		0.04	%		0.01	%		—			0.05	%
Net investment income (loss) (h)		0.46	%(i)		0.11	%		0.05	%		0.25	%		(0.01	)%		0.12	%
Portfolio turnover rate		252	%(f)		484	%		198	%		279	%		234	%		111	%
Net assets, end of period (000s)	$	540,129		$	338,292		$	712,080		$	497,676		$	522,506		$	292,333

(a) On March 31, 2008, Shares class of Energy and Natural Resources Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of Energy and Natural Resources Fund’s Shares class.

(b) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(f) Not annualized.

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

(h) The benefits derived from expense reductions had an impact of less than 0.01% except for the year ended March 31, 2007, which had an impact of 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

107

Financial Highlights – Columbia Mid Cap Core Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	9.54		$	18.29		$	18.29
Income from Investment Operations:
Net investment income (loss) (b)		0.01			0.08			—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		3.98			(8.72	)		—	(c)
Total from investment operations		3.99			(8.64	)		—	(c)
Less Distributions to Shareholders:
From net investment income		(0.03	)		(0.07	)		—
From net realized gains		—			(0.04	)		—
Total distributions to shareholders		(0.03	)		(0.11	)		—
Net Asset Value, End of Period	$	13.50		$	9.54		$	18.29
Total return (d)(e)		41.83	%(f)		(47.44	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.28	%(g)		1.26	%(h)		1.10	%(g)(h)
Interest expense		—			—	%(i)		—	%(g)(i)
Net expenses		1.28	%(g)		1.26	%(h)		1.10	%(g)(h)
Waiver/Reimbursement		0.21	%(g)		0.05	%		0.05	%(g)
Net investment income (loss)		0.23	%(g)		0.81	%(h)		(1.10	)%(g)(h)
Portfolio turnover rate		86	%(f)		111	%		16	%(f)
Net assets, end of period (000s)	$	656		$	210		$	10

(a) The Fund’s Class A shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

(e) Had the investment 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) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

108

Financial Highlights – Columbia Mid Cap Core Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	9.50		$	18.29		$	18.29
Income from Investment Operations:
Net investment loss (b)		(0.03	)		(0.01	)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		3.96			(8.72	)		—	(c)
Total from investment operations		3.93			(8.73	)		—	(c)
Less Distributions to Shareholders:
From net investment income		—	(c)		(0.02	)		—
From net realized gains		—			(0.04	)		—
Total distributions to shareholders		—	(c)		(0.06	)		—
Net Asset Value, End of Period	$	13.43		$	9.50		$	18.29
Total return (d)(e)		41.40	%(f)		(47.83	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		2.03	%(g)		2.01	%(h)		1.85	%(g)(h)
Interest expense		—			—	%(i)		—	%(g)(i)
Net expenses		2.03	%(g)		2.01	%(h)		1.85	%(g)(h)
Waiver/Reimbursement		0.21	%(g)		0.05	%		0.05	%(g)
Net investment loss		(0.54	)%(g)		(0.06	)%(h)		(1.85	)%(g)(h)
Portfolio turnover rate		86	%(f)		111	%		16	%(f)
Net assets, end of period (000s)	$	249		$	67		$	10

(a) The Fund’s Class C shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

109

Financial Highlights – Columbia Mid Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)(c)
Net Asset Value, Beginning of Period	$	9.42		$	18.10		$	21.48		$	19.62		$	16.78		$	17.26
Income from Investment Operations:
Net investment income (loss) (d)		(0.01	)		0.02			(0.03	)		0.70			(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		3.94			(8.61	)		(2.55	)		1.16			2.90			(0.47	)
Total from investment operations		3.93			(8.59	)		(2.58	)		1.86			2.84			(0.48	)
Less Distributions to Shareholders:
From net investment income		(0.02	)		(0.05	)		(0.29	)		—			—			—
From net realized gains		—			(0.04	)		(0.51	)		—	(e)		—			—
Total distributions to shareholders		(0.02	)		(0.09	)		(0.80	)		—	(e)		—			—
Net Asset Value, End of Period	$	13.33		$	9.42		$	18.10		$	21.48		$	19.62		$	16.78
Total return (f)		41.72	%(g)(h)		(47.62	)%(g)		(12.56	)%(g)		9.48	%(g)		16.92	%		(3.01	)%(g)(h)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		1.53	%(i)		1.51	%(j)		1.60	%(j)		1.61	%(j)		1.46	%(j)		1.56	%(i)(j)
Interest expense		—			—	%(k)		—	%(k)		—			—			—
Net expenses		1.53	%(i)		1.51	%(j)		1.60	%(j)		1.61	%(j)		1.46	%(j)		1.56	%(i)(j)
Waiver/Reimbursement		0.21	%(i)		0.05	%		0.04	%		0.03	%		—			0.10	%(i)
Net investment income (loss)		(0.04	)%(i)		0.14	%(j)		(0.13	)%(j)		3.38	%(j)		(0.34	)%(j)		(0.13	)%(i)(j)
Portfolio turnover rate		86	%(h)		111	%		16	%		25	%		23	%		28	%(h)
Net assets, end of period (000s)	$	1,452		$	1,145		$	2,020		$	1,097		$	1		$	1

(a) On March 31, 2008, Retirement Shares class of Mid Cap Value and Restructuring Fund, a series of Excelsior Funds Trust, was reorganized into the Fund’s Class R shares. The financial information of the Fund’s Class R shares includes the financial information of Mid Cap Value and Restructuring Fund’s Retirement Shares class.

(b) Per share data for the year ended March 31, 2006 and the period ended March 31, 2005 were audited by other auditors.

(c) Mid Cap Value and Restructuring Fund’s Retirement Shares commenced operations on December 31, 2004. Per share data and total return reflect activity from that date.

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

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

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

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

(h) Not annualized.

(i) Annualized.

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

110

Financial Highlights – Columbia Mid Cap Core Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)(b)			2007			2006 (c)			2005 (c)
Net Asset Value, Beginning of Period	$	9.55		$	18.29		$	21.61		$	19.64		$	16.77		$	15.75
Income from Investment Operations:
Net investment income (d)		0.03			0.09			0.10			0.23			—	(e)		0.23
Net realized and unrealized gain (loss) on investments and foreign currency		3.97			(8.71	)		(2.59	)		1.75			2.90			1.02
Total from investment operations		4.00			(8.62	)		(2.49	)		1.98			2.90			1.25
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.08	)		(0.32	)		(0.01	)		(0.03	)		(0.23	)
From net realized gains		—			(0.04	)		(0.51	)		—	(e)		—			—
Total distributions to shareholders		(0.04	)		(0.12	)		(0.83	)		(0.01	)		(0.03	)		(0.23	)
Net Asset Value, End of Period	$	13.51		$	9.55		$	18.29		$	21.61		$	19.64		$	16.77
Total return (f)		41.95	%(g)(h)		(47.32	)%(h)		(12.08	)%(h)		10.07	%		17.32	%		7.93	%(h)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.03	%(i)		1.01	%(j)		1.10	%(j)		1.13	%(j)		1.13	%(j)		1.06	%(j)
Interest expense		—			—	%(k)		—	%(k)		—			—			—
Net expenses		1.03	%(i)		1.01	%(j)		1.10	%(j)		1.13	%(j)		1.13	%(j)		1.06	%(j)
Waiver/Reimbursement		0.21	%(i)		0.05	%		0.04	%		—			—			0.10	%
Net investment income		0.46	%(i)		0.59	%(j)		0.47	%(j)		1.12	%(j)		0.02	%(j)		1.42	%(j)
Portfolio turnover rate		86	%(g)		111	%		16	%		25	%		23	%		28	%
Net assets, end of period (000s)	$	77,334		$	63,528		$	245,608		$	294,452		$	237,531		$	214,844

(a) On March 31, 2008, Shares class of Mid Cap Value and Restructuring Fund, a series of Excelsior Funds Trust, was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of Mid Cap Value and Restructuring Fund’s Shares class.

(b) On March 31, 2008, Mid Cap Value and Restructuring Fund’s Institutional Shares class was reorganized into the Fund’s Class Z.

(c) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(g) Not annualized.

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

(i) Annualized.

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

111

Financial Highlights – Columbia Select Large Cap Growth Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	7.06		$	11.30		$	12.18
Income from Investment Operations:
Net investment loss (b)		(0.03	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss) on investments		2.44			(4.18	)		(0.83	)
Total from investment operations		2.41			(4.24	)		(0.88	)
Increase from Regulatory Settlements		—			—	(c)		—
Net Asset Value, End of Period	$	9.47		$	7.06		$	11.30
Total return (f)		34.14	%(e)		(37.52	)%(d)		(7.22	)%(d)(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.27	%(h)		1.28	%		1.16	%(h)
Interest expense		—			—	%(i)		—
Net expenses (g)		1.27	%(h)		1.28	%		1.16	%(h)
Waiver/Reimbursement		—			0.05	%		0.05	%(h)
Net investment loss (g)		(0.64	)%(h)		(0.77	)%		(0.92	)%(h)
Portfolio turnover rate		13	%(e)		58	%		39	%(e)
Net assets, end of period (000s)	$	308,379		$	84,493		$	2,141

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

112

Financial Highlights – Columbia Select Large Cap Growth Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	6.98		$	11.26		$	12.18
Income from Investment Operations:
Net investment loss (b)		(0.06	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss) on investments		2.41			(4.16	)		(0.83	)
Total from investment operations		2.35			(4.28	)		(0.92	)
Increase from Regulatory Settlements		—			—	(c)		—
Net Asset Value, End of Period	$	9.33		$	6.98		$	11.26
Total return (d)		33.67	%(e)		(38.01	)%(f)		(7.55	)%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		2.02	%(h)		2.03	%		1.91	%(h)
Interest expense		—			—	%(i)		—
Net expenses (g)		2.02	%(h)		2.03	%		1.91	%(h)
Waiver/Reimbursement		—			0.05	%		0.05	%(h)
Net investment loss (g)		(1.37	)%(h)		(1.37	)%		(1.59	)%(h)
Portfolio turnover rate		13	%(e)		58	%		39	%(e)
Net assets, end of period (000s)	$	2,126		$	763		$	238

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

113

Financial Highlights – Columbia Select Large Cap Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)(c)
Net Asset Value, Beginning of Period	$	6.91		$	11.09		$	10.45		$	9.82		$	8.02		$	8.49
Income from Investment Operations:
Net investment loss (d)		(0.04	)		(0.07	)		(0.14	)		(0.12	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		2.39			(4.11	)		0.78			0.75			1.91			(0.44	)
Total from investment operations		2.35			(4.18	)		0.64			0.63			1.80			(0.47	)
Increase from Regulatory Settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	9.26		$	6.91		$	11.09		$	10.45		$	9.82		$	8.02
Total return (h)		34.01	%(g)		(37.69	)%(f)		6.12	%(f)		6.42	%(f)		22.44	%(f)		(5.54	)%(f)(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.52	%(j)		1.53	%		1.66	%		1.69	%		1.70	%		1.55	%(j)
Interest expense		—			—	%(k)		—			—			—			—
Net expenses (i)		1.52	%(j)		1.53	%		1.66	%		1.69	%		1.70	%		1.55	%(j)
Waiver/Reimbursement		—			0.05	%		0.04	%		0.01	%		0.29	%		0.23	%(j)
Net investment loss (i)		(0.87	)%(j)		(0.80	)%		(1.22	)%		(1.18	)%		(1.20	)%		(1.45	)%(j)
Portfolio turnover rate		13	%(g)		58	%		39	%		33	%		24	%		25	%(g)
Net assets, end of period (000s)	$	36		$	23		$	22		$	3		$	3		$	1

(a) On March 31, 2008, Retirement Shares class of Large Cap Growth Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class R. The financial information of the Fund’s Class R shares includes the financial information of Large Cap Growth Fund’s Retirement Shares class.

(b) Per share data for the year ended March 31, 2006 and the period ended March 31, 2005 were audited by other auditors.

(c) Retirement Shares commenced operations on December 31, 2004. Per share data and total return reflect activity from that date.

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

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

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

(g) Not annualized.

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

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

114

Financial Highlights – Columbia Select Large Cap Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)(b)			2007			2006 (c)			2005 (c)
Net Asset Value, Beginning of Period	$	7.08		$	11.30		$	10.60		$	9.91		$	8.04		$	7.71
Income from Investment Operations:
Net investment loss (d)		(0.02	)		(0.03	)		(0.08	)		(0.07	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		2.45			(4.19	)		0.78			0.76			1.91			0.38
Total from investment operations		2.43			(4.22	)		0.70			0.69			1.87			0.33
Increase from Regulatory Settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	9.51		$	7.08		$	11.30		$	10.60		$	9.91		$	8.04
Total return (f)		34.32	%(g)		(37.35	)%(h)		6.60	%(h)		6.96	%		23.26	%(h)		4.28	%(h)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.02	%(j)		1.03	%		1.16	%		1.20	%		1.10	%		1.05	%
Interest expense		—			—	%(k)		—			—			—			—
Net expenses (i)		1.02	%(j)		1.03	%		1.16	%		1.20	%		1.10	%		1.05	%
Waiver/Reimbursement		—			0.05	%		0.04	%		—			0.13	%		0.23	%
Net investment loss (i)		(0.37	)%(j)		(0.38	)%		(0.69	)%		(0.68	)%		(0.48	)%		(0.59	)%
Portfolio turnover rate		13	%(g)		58	%		39	%		33	%		24	%		25	%
Net assets, end of period (000s)	$	1,235,903		$	732,391		$	938,734		$	718,424		$	552,194		$	210,060

(a) On March 31, 2008, Shares class of Large Cap Growth Fund, a series of Excelsior Funds, Inc., was reorganized into Class Z. The financial information of Class Z includes the financial information of Large Cap Growth Fund’s Shares class.

(b) On March 31, 2008, Large Cap Growth Fund’s Institutional Shares class was reorganized into the Fund’s Class Z.

(c) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(g) Not annualized.

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

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

115

Financial Highlights – Columbia Select Opportunities Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	7.62		$	13.96		$	15.80
Income from Investment Operations:
Net investment income (b)		0.02			0.06			0.04
Net realized and unrealized gain (loss) on investments and foreign currency		3.06			(6.13	)		(1.43	)
Total from investment operations		3.08			(6.07	)		(1.39	)
Less Distributions to Shareholders:
From net investment income		(0.02	)		(0.08	)		(0.04	)
From net realized gains		—			(0.19	)		(0.41	)
Total distributions to shareholders		(0.02	)		(0.27	)		(0.45	)
Net Asset Value, End of Period	$	10.68		$	7.62		$	13.96
Total return (c)(d)		40.54	%(e)		(44.24	)%		(9.07	)%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.13	%(g)		1.07	%		1.05	%(g)
Interest expense		—	%(g)(h)		—	%(h)		—
Net expenses (f)		1.13	%(g)		1.07	%		1.05	%(g)
Waiver/Reimbursement		0.23	%(g)		0.23	%		0.17	%(g)
Net investment income (f)		0.40	%(g)		0.63	%		0.55	%(g)
Portfolio turnover rate		77	%(e)		63	%		27	%(e)
Net assets, end of period (000s)	$	1,564		$	1,097		$	318

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

116

Financial Highlights – Columbia Select Opportunities Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	7.58		$	13.93		$	15.80
Income from Investment Operations:
Net investment income (loss) (b)		(0.02	)		—	(c)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		3.05			(6.13	)		(1.46	)
Total from investment operations		3.03			(6.13	)		(1.46	)
Less Distributions to Shareholders:
From net investment income		—	(c)		(0.03	)		—
From net realized gains		—			(0.19	)		(0.41	)
Total distributions to shareholders		—	(c)		(0.22	)		(0.41	)
Net Asset Value, End of Period	$	10.61		$	7.58		$	13.93
Total return (d)(e)		40.00	%(f)		(44.69	)%		(9.47	)%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.88	%(h)		1.82	%		1.80	%(h)
Interest expense		—	%(h)(i)		—	%(i)		—
Net expenses (g)		1.88	%(h)		1.82	%		1.80	%(h)
Waiver/Reimbursement		0.23	%(h)		0.23	%		0.17	%(h)
Net investment income (loss) (g)		(0.34	)%(h)		(0.03	)%		0.01	%(h)
Portfolio turnover rate		77	%(f)		63	%		27	%(f)
Net assets, end of period (000s)	$	283		$	240		$	27

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

117

Financial Highlights – Columbia Select Opportunities Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)(b)			2007			2006 (c)			2005 (c)
Net Asset Value, Beginning of Period	$	7.62		$	13.96		$	14.17		$	12.70		$	10.98		$	10.00
Income from Investment Operations:
Net investment income (d)		0.03			0.09			0.10			0.07			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		3.06			(6.14	)		0.21			1.47			1.70			0.95
Total from investment operations		3.09			(6.05	)		0.31			1.54			1.77			1.03
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.10	)		(0.11	)		(0.07	)		(0.05	)		(0.04	)
From net realized gains		—			(0.19	)		(0.41	)		—			—			(0.01	)
Total distributions to shareholders		(0.04	)		(0.29	)		(0.52	)		(0.07	)		(0.05	)		(0.05	)
Net Asset Value, End of Period	$	10.67		$	7.62		$	13.96		$	14.17		$	12.70		$	10.98
Total return (e)(f)		40.57	%(g)		(44.11	)%		1.89	%		12.18	%		16.16	%		10.30	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		0.88	%(i)		0.82	%		1.05	%		1.04	%		1.05	%		1.05	%
Interest expense		—	%(i)(j)		—	%(j)		—			—			—			—
Net expenses (h)		0.88	%(i)		0.82	%		1.05	%		1.04	%		1.05	%		1.05	%
Waiver/Reimbursement		0.23	%(i)		0.23	%		0.17	%		0.20	%		0.26	%		0.54	%
Net investment income (h)		0.68	%(i)		0.75	%		0.64	%		0.56	%		0.57	%		0.74	%
Portfolio turnover rate		77	%(g)		63	%		27	%		11	%		17	%		13	%
Net assets, end of period (000s)	$	136,466		$	134,468		$	388,441		$	277,877		$	132,406		$	43,579

(a) On March 31, 2008, Shares class of Equity Opportunities Fund, a series of Excelsior Funds Trust, was reorganized into the Fund’s Class Z. The financial information of Fund’s Class Z includes the financial information of Equity Opportunities Fund’s Share class.

(b) On March 31, 2008, Equity Opportunities Fund’s Institutional Shares class was reorganized into the Fund’s Class Z.

(c) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01% except for the year ended March 31, 2007, which had an impact of 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

118

Financial Highlights – Columbia Select Small Cap Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	9.08		$	16.15		$	21.11
Income from Investment Operations:
Net investment loss (b)		(0.03	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss) on investments		4.12			(6.53	)		(3.43	)
Total from investment operations		4.09			(6.59	)		(3.48	)
Less Distributions to Shareholders:
From net realized gains		—			(0.48	)		(1.48	)
Increase from Regulatory Settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	13.17		$	9.08		$	16.15
Total return (d)		45.04	%(e)		(42.02	)%(f)		(17.38	)%(e)(f)(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.41	%(i)		1.36	%		1.20	%(i)
Interest expense		—			—	%(j)		—	%(i)(j)
Net expenses (h)		1.41	%(i)		1.36	%		1.20	%(i)
Waiver/Reimbursement		—			0.04	%		0.05	%(i)
Net investment loss (h)		(0.50	)%(i)		(0.47	)%		(0.67	)%(i)
Portfolio turnover rate		38	%(e)		67	%		73	%(e)
Net assets, end of period (000s)	$	13,337		$	6,671		$	3,436

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

119

Financial Highlights – Columbia Select Small Cap Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	8.97		$	16.10		$	21.11
Income from Investment Operations:
Net investment loss (b)		(0.07	)		(0.17	)		(0.12	)
Net realized and unrealized gain (loss) on investments		4.06			(6.48	)		(3.41	)
Total from investment operations		3.99			(6.65	)		(3.53	)
Less Distributions to Shareholders:
From net realized gains		—			(0.48	)		(1.48	)
Increase from Regulatory Settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	12.96		$	8.97		$	16.10
Total return (d)		44.48	%(e)		(42.53	)%(f)		(17.63	)%(e)(f)(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.16	%(i)		2.11	%		1.95	%(i)
Interest expense		—			—	%(j)		—	%(i)(j)
Net expenses (h)		2.16	%(i)		2.11	%		1.95	%(i)
Waiver/Reimbursement		—			0.04	%		0.05	%(i)
Net investment loss (h)		(1.20	)%(i)		(1.31	)%		(1.42	)%(i)
Portfolio turnover rate		38	%(e)		67	%		73	%(e)
Net assets, end of period (000s)	$	954		$	1,063		$	2,101

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

120

Financial Highlights – Columbia Select Small Cap Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)(c)
Net Asset Value, Beginning of Period	$	8.88		$	15.86		$	18.98		$	19.12		$	16.12		$	17.00
Income from Investment Operations:
Net investment loss (d)		(0.04	)		(0.10	)		(0.21	)		(0.22	)		(0.19	)		(0.04	)
Net realized and unrealized gain (loss) on investments		4.02			(6.40	)		(1.43	)		1.34			4.08			(0.84	)
Total from investment operations		3.98			(6.50	)		(1.64	)		1.12			3.89			(0.88	)
Less Distributions to Shareholders:
From net realized gains		—			(0.48	)		(1.48	)		(1.26	)		(0.89	)		—
Increase from Regulatory Settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	12.86		$	8.88		$	15.86		$	18.98		$	19.12		$	16.12
Total return (f)		44.82	%(g)		(42.22	)%(h)		(9.66	)%(h)(i)		6.23	%		24.83	%		(5.23	)%(g)(h)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (j)		1.66	%(k)		1.61	%		1.70	%		1.74	%		1.56	%		1.55	%(k)
Interest expense		—			—	%(l)		—	%(l)		—			—			—
Net expenses (j)		1.66	%(k)		1.61	%		1.70	%		1.74	%		1.56	%		1.55	%(k)
Waiver/Reimbursement		—			0.04	%		0.04	%		—			—			0.03	%(k)
Net investment loss (j)		(0.71	)%(k)		(0.80	)%		(1.13	)%		(1.21	)%		(1.13	)%		(1.28	)%(k)
Portfolio turnover rate		38	%(g)		67	%		73	%		52	%		65	%		61	%(g)
Net assets, end of period (000s)	$	8,607		$	5,819		$	6,881		$	1,827		$	1		$	1

(a) On March 31, 2008, Retirement Shares class of Small Cap Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class R. The financial information of the Fund’s Class R includes the financial information of Small Cap Fund’s Retirement Shares class.

(b) Per share data for the year ended March 31, 2006 and the period ended March 31, 2005 were audited by other auditors.

(c) Small Cap Fund’s Retirement Shares commenced operations on December 31, 2004. Per share data and total return reflect activity from that date.

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

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

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

(g) Not annualized.

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

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

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

121

Financial Highlights – Columbia Select Small Cap Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)
Net Asset Value, Beginning of Period	$	9.10		$	16.15		$	19.21		$	19.23		$	16.14		$	14.59
Income from Investment Operations:
Net investment loss (c)		(0.01	)		(0.04	)		(0.12	)		(0.12	)		(0.11	)		(0.10	)
Net realized and unrealized gain (loss) on investments		4.12			(6.53	)		(1.46	)		1.36			4.09			1.65
Total from investment operations		4.11			(6.57	)		(1.58	)		1.24			3.98			1.55
Less Distributions to Shareholders:
From net realized gains		—			(0.48	)		(1.48	)		(1.26	)		(0.89	)		—
Increase from Regulatory Settlements		—	(d)		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	13.21		$	9.10		$	16.15		$	19.21		$	19.23		$	16.14
Total return (e)		45.16	%(f)		(41.89	)%(g)		(9.22	)%(g)(h)		6.83	%		25.37	%(g)		10.62	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (i)		1.16	%(j)		1.11	%		1.20	%		1.22	%		1.09	%		1.05	%
Interest expense		—			—	%(k)		—	%(k)		—			—			—
Net expenses (i)		1.16	%(j)		1.11	%		1.20	%		1.22	%		1.09	%		1.05	%
Waiver/Reimbursement		—			0.04	%		0.04	%		—			0.02	%		0.03	%
Net investment loss (i)		(0.22	)%(j)		(0.31	)%		(0.63	)%		(0.66	)%		(0.64	)%		(0.64	)%
Portfolio turnover rate		38	%(f)		67	%		73	%		52	%		65	%		61	%
Net assets, end of period (000s)	$	524,756		$	321,684		$	676,616		$	694,765		$	599,389		$	488,221

(a) On March 31, 2008, Shares class of Small Cap Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of Small Cap Fund’s Shares class.

(b) Per share data for the year ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(f) Not annualized.

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

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

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

(j) Annualized.

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

122

Financial Highlights – Columbia Value and Restructuring Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	26.51		$	52.25		$	58.58
Income from Investment Operations:
Net investment income (b)		0.23			0.51			0.24
Net realized and unrealized gain (loss) on investments, foreign currency and written options		13.31			(25.72	)		(5.70	)
Total from investment operations		13.54			(25.21	)		(5.46	)
Less Distributions to Shareholders:
From net investment income		(0.23	)		(0.51	)		(0.36	)
From net realized gains		—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.23	)		(0.53	)		(0.87	)
Increase from Regulatory Settlements		—			—	(c)		—
Net Asset Value, End of Period	$	39.82		$	26.51		$	52.25
Total return (d)		51.18	%(e)		(48.51	)%(f)		(9.41	)%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.18	%(g)		1.14	%(h)		1.02	%(g)(h)
Interest expense		—	%(g)(i)		—	%(i)		—
Net expenses		1.18	%(g)		1.14	%(h)		1.02	%(g)(h)
Waiver/Reimbursement		—			0.04	%		0.05	%(g)
Net investment income		1.33	%(g)		1.35	%(h)		0.83	%(g)(h)
Portfolio turnover rate		2	%(e)		12	%		11	%(e)
Net assets, end of period (000s)	$	248,436		$	163,338		$	77,209

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

(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) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

123

Financial Highlights – Columbia Value and Restructuring Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	26.51		$	52.23		$	58.58
Income from Investment Operations:
Net investment income (b)		0.10			0.23			0.04
Net realized and unrealized gain (loss) on investments, foreign currency and written options		13.31			(25.73	)		(5.68	)
Total from investment operations		13.41			(25.50	)		(5.64	)
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.20	)		(0.20	)
From net realized gains		—			(0.02	)		(0.51	)
Total distributions to shareholders		(0.10	)		(0.22	)		(0.71	)
Increase from Regulatory Settlements		—			—	(c)		—
Net Asset Value, End of Period	$	39.82		$	26.51		$	52.23
Total return (d)		50.65	%(e)		(48.89	)%(f)		(9.72	)%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.93	%(g)		1.89	%(h)		1.77	%(g)(h)
Interest expense		—	%(g)(i)		—	%(i)		—
Net expenses		1.93	%(g)		1.89	%(h)		1.77	%(g)(h)
Waiver/Reimbursement		—			0.04	%		0.05	%(g)
Net investment income		0.57	%(g)		0.63	%(h)		0.07	%(g)(h)
Portfolio turnover rate		2	%(e)		12	%		11	%(e)
Net assets, end of period (000s)	$	65,935		$	40,380		$	13,665

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

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

(e) Not annualized.

(f) 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) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

124

Financial Highlights – Columbia Value and Restructuring Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,												Period Ended March 31,
Class R Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)(c)
Net Asset Value, Beginning of Period	$	26.50		$	52.23		$	54.30		$	49.35		$	41.49		$	42.43
Income from Investment Operations:
Net investment income (loss) (d)		0.19			0.41			0.33			0.22			0.42			(0.04	)
Net realized and unrealized gain (loss) on investments, foreign currency and written options		13.29			(25.72	)		(1.41	)		4.98			7.81			(0.90	)
Total from investment operations		13.48			(25.31	)		(1.08	)		5.20			8.23			(0.94	)
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.40	)		(0.48	)		(0.25	)		(0.37	)		—
From net realized gains		—			(0.02	)		(0.51	)		—			—			—
Total distributions to shareholders		(0.18	)		(0.42	)		(0.99	)		(0.25	)		(0.37	)		—
Increase from Regulatory Settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	39.80		$	26.50		$	52.23		$	54.30		$	49.35		$	41.49
Total return (f)		50.99	%(g)		(48.65	)%(h)		(2.11	)%(h)		10.58	%		19.95	%		(2.58	)%(g)(h)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.43	%(i)		1.39	%(j)		1.35	%(j)		1.55	%(j)		1.56	%(j)		1.57	%(i)(j)
Interest expense		—	%(i)(k)		—	%(k)		—			—			—			—
Net expenses		1.43	%(i)		1.39	%(j)		1.35	%(j)		1.55	%(j)		1.56	%(j)		1.57	%(i)(j)
Waiver/Reimbursement		—			0.04	%		0.04	%		—			—			0.02	%(i)
Net investment income (loss)		1.09	%(i)		1.05	%(j)		0.60	%(j)		0.43	%(j)		0.90	%(j)		(0.35	)%(i)(j)
Portfolio turnover rate		2	%(g)		12	%		11	%		13	%		12	%		8	%(g)
Net assets, end of period (000s)	$	53,927		$	37,637		$	33,826		$	2,926		$	896		$	1

(a) On March 31, 2008, Retirement Shares class of Value and Restructuring Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class R. The financial information of the Fund’s Class R includes the financial information of Value and Restructuring Fund’s Retirement Shares class.

(b) Per share data for the years ended March 31, 2006 and the period ended March 31, 2005 were audited by other auditors.

(c) Value and Restructuring Fund’s Retirement Shares commenced operations on December 31, 2004. Per share data and total return reflect activity from that date.

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

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

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

(g) Not annualized.

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

(i) Annualized.

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

125

Financial Highlights – Columbia Value and Restructuring Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)(b)			2007			2006 (c)			2005 (c)
Net Asset Value, Beginning of Period	$	26.49		$	52.22		$	54.33		$	49.36		$	41.40		$	37.57
Income from Investment Operations:
Net investment income (d)		0.27			0.61			0.60			0.45			0.53			0.34
Net realized and unrealized gain (loss) on investments, foreign currency and written options		13.31			(25.71	)		(1.47	)		5.00			7.88			3.83
Total from investment operations		13.58			(25.10	)		(0.87	)		5.45			8.41			4.17
Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.61	)		(0.73	)		(0.48	)		(0.45	)		(0.34	)
From net realized gains		—			(0.02	)		(0.51	)		—			—			—
Total distributions to shareholders		(0.27	)		(0.63	)		(1.24	)		(0.48	)		(0.45	)		(0.34	)
Increase from Regulatory Settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	39.80		$	26.49		$	52.22		$	54.33		$	49.36		$	41.40
Total return (f)		51.40	%(g)		(48.39	)%(h)		(1.74	)%(h)		11.14	%		20.45	%		11.16	%(h)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.93	%(i)		0.89	%(j)		1.02	%(j)		1.05	%(j)		1.05	%(j)		1.07	%(j)
Interest expense		—	%(i)(k)		—	%(k)		—			—			—			—
Net expenses		0.93	%(i)		0.89	%(j)		1.02	%(j)		1.05	%(j)		1.05	%(j)		1.07	%(j)
Waiver/Reimbursement		—			0.04	%		0.04	%		—			—			0.02	%
Net investment income		1.59	%(i)		1.47	%(j)		1.07	%(j)		0.90	%(j)		1.18	%(j)		0.87	%(j)
Portfolio turnover rate		2	%(g)		12	%		11	%		13	%		12	%		8	%
Net assets, end of period (000s)	$	6,080,790		$	4,352,176		$	8,980,358		$	7,767,713		$	6,230,754		$	4,469,075

(a) On March 31, 2008, Shares class of Value and Restructuring Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of Value and Restructuring Fund’s Shares class.

(b) On March 31, 2008, Value and Restructuring Fund’s Institutional Shares class was reorganized into the Fund’s Class Z.

(c) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

(g) Not annualized.

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

(i) Annualized.

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

126

Financial Highlights – Columbia Emerging Markets Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	6.42		$	14.96		$	17.77
Income from Investment Operations:
Net investment income (b)		0.04			0.07			0.04	(c)
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.82			(6.36	)		(1.63	)
Total from investment operations		3.86			(6.29	)		(1.59	)
Less Distributions to Shareholders:
From net investment income		(0.06	)		—			(0.06	)
From net realized gains		—			(2.26	)		(1.16	)
Total distributions to shareholders		(0.06	)		(2.26	)		(1.22	)
Redemption Fees:
Redemption fees added to paid-in-capital (b)		—	(d)		0.01			—	(d)
Net Asset Value, End of Period	$	10.22		$	6.42		$	14.96
Total return (e)(f)		60.35	%(g)		(49.44	)%		(9.80	)%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.85	%(i)		1.95	%		1.85	%(i)
Interest expense		—	%(i)(j)		0.01	%		—	%(i)(j)
Net expenses (h)		1.85	%(i)		1.96	%		1.85	%(i)
Waiver/Reimbursement		0.07	%(i)		0.18	%		0.05	%(i)
Net investment income (h)		0.91	%(i)		0.71	%		0.46	%(i)
Portfolio turnover rate		53	%(g)		82	%		29	%(g)
Net assets, end of period (000s)	$	4,706		$	917		$	1,231

(a) The Predecessor Fund’s Class A shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

(c) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

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

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

(g) Not annualized.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

127

Financial Highlights – Columbia Emerging Markets Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	6.36		$	14.94		$	17.77
Income from Investment Operations:
Net investment income (loss) (b)		0.01			—	(c)		(0.04	)(d)
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.78			(6.33	)		(1.61	)
Total from investment operations		3.79			(6.33	)		(1.65	)
Less Distributions to Shareholders:
From net investment income		—			—			(0.02	)
From net realized gains		—			(2.26	)		(1.16	)
Total distributions to shareholders		—			(2.26	)		(1.18	)
Redemption Fees:
Redemption fees added to paid-in-capital (b)		—	(c)		0.01			—	(c)
Net Asset Value, End of Period	$	10.15		$	6.36		$	14.94
Total return (e)(f)		59.59	%(g)		(49.82	)%		(10.11	)%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.60	%(i)		2.70	%		2.60	%(i)
Interest expense		—	%(i)(j)		0.01	%		—	%(i)(j)
Net expenses (h)		2.60	%(i)		2.71	%		2.60	%(i)
Waiver/Reimbursement		0.07	%(i)		0.18	%		0.05	%(i)
Net investment income (loss) (h)		0.23	%(i)		(0.01	)%		(0.44	)%(i)
Portfolio turnover rate		53	%(g)		82	%		29	%(g)
Net assets, end of period (000s)	$	932		$	242		$	458

(a) The Predecessor Fund’s Class C shares commenced operations on September 28, 2007. Per share data and total return reflect activity from that date.

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

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

(d) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

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

(g) Not annualized.

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

128

Financial Highlights – Columbia Emerging Markets Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)(b)			2007			2006 (c)			2005 (c)
Net Asset Value, Beginning of Period	$	6.42		$	14.94		$	14.06		$	12.60		$	8.73		$	7.67
Income from Investment Operations:
Net investment income (d)		0.06			0.11			0.12	(e)		0.07			0.10			0.12
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.81			(6.38	)		2.04			2.16			3.87			1.18
Total from investment operations		3.87			(6.27	)		2.16			2.23			3.97			1.30
Less Distributions to Shareholders:
From net investment income		(0.08	)		—			(0.12	)		(0.08	)		(0.10	)		(0.08	)
From net realized gains		—			(2.26	)		(1.16	)		(0.69	)		—			(0.16	)
Total distributions to shareholders		(0.08	)		(2.26	)		(1.28	)		(0.77	)		(0.10	)		(0.24	)
Redemption Fees:
Redemption fees added to paid-in-capital (d)		—	(f)		0.01			—	(f)		—	(f)		—	(f)		—	(f)
Net Asset Value, End of Period	$	10.21		$	6.42		$	14.94		$	14.06		$	12.60		$	8.73
Total return (g)(h)		60.68	%(i)		(49.37	)%		14.31	%		17.98	%		45.85	%		17.07	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (j)		1.60	%(k)		1.70	%		1.85	%		1.85	%		1.81	%		1.70	%
Interest expense		—	%(k)(l)		0.01	%		—	%(l)		—			—			—
Net expenses (j)		1.60	%(k)		1.71	%		1.85	%		1.85	%		1.81	%		1.70	%
Waiver/Reimbursement		0.07	%(k)		0.18	%		0.04	%		0.05	%		0.11	%		0.20	%
Net investment income (j)		1.46	%(k)		1.01	%		0.73	%		0.50	%		1.00	%		1.44	%
Portfolio turnover rate		53	%(i)		82	%		29	%		16	%		7	%		21	%
Net assets, end of period (000s)	$	366,465		$	237,412		$	1,014,715		$	1,092,481		$	996,666		$	433,168

(a) On March 31, 2008, Shares class of Emerging Markets Fund, a series of Excelsior Funds, Inc., was reorganized into Class Z. The financial information of the Fund’s Class Z includes the financial information of Emerging Markets Fund’s Shares class.

(b) On March 31, 2008, Emerging Markets Fund’s Institutional Shares class was reorganized into the Fund’s Class Z.

(c) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

(e) Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

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

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

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

(i) Not annualized.

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

(k) Annualized.

(l) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

129

Financial Highlights – Columbia International Growth Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	9.18		$	18.80		$	18.80
Income from Investment Operations:
Net investment income (b)		0.12			0.13			—	(c)
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.31			(8.58	)		—	(c)
Total from investment operations		3.43			(8.45	)		—	(c)
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.04	)		—
From net realized gains		—			(1.13	)		—
Total distributions to shareholders		(0.09	)		(1.17	)		—
Redemption Fees:
Redemption fees added to paid-in-capital (b)(c)		—			—			—
Increase from Regulatory Settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	12.52		$	9.18		$	18.80
Total return (d)(e)		37.51	%(f)		(47.91	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.63	%(i)		1.68	%		1.75	%(i)
Interest expense		—	%(g)(i)		0.01	%		—	%(g)(i)
Net expenses (h)		1.63	%(i)		1.69	%		1.75	%(i)
Waiver/Reimbursement		0.07	%(i)		0.04	%		0.06	%(i)
Net investment income (loss) (h)		2.08	%(i)		1.21	%		(1.75	)%(i)
Portfolio turnover rate		63	%(f)		133	%		68	%(f)
Net assets, end of period (000s)	$	348		$	226		$	10

(a) The Fund’s Class A shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Rounds to less than 0.01%.

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

(i) Annualized.

See Accompanying Notes to Financial Statements.

130

Financial Highlights – Columbia International Growth Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	9.11		$	18.80		$	18.80
Income from Investment Operations:
Net investment income (b)		0.08			0.12			—	(c)
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.29			(8.64	)		—	(c)
Total from investment operations		3.37			(8.52	)		—	(c)
Less Distributions to Shareholders:
From net investment income		—			(0.04	)		—
From net realized gains		—			(1.13	)		—
Total distributions to shareholders		—			(1.17	)		—
Redemption Fees:
Redemption fees added to paid-in-capital (b)(c)		—			—			—
Increase from Regulatory Settlements		—	(c)		—	(c)		—
Net Asset Value, End of Period	$	12.48		$	9.11		$	18.80
Total return (d)(e)		36.99	%(f)		(48.31	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		2.38	%(i)		2.43	%		2.50	%(i)
Interest expense		—	%(i)(g)		0.01	%		—	%(i)(g)
Net expenses (h)		2.38	%(i)		2.44	%		2.50	%(i)
Waiver/Reimbursement		0.07	%(i)		0.04	%		0.06	%(i)
Net investment income (loss) (h)		1.36	%(i)		1.16	%		(2.50	)%(i)
Portfolio turnover rate		63	%(f)		133	%		68	%(f)
Net assets, end of period (000s)	$	261		$	157		$	10

(a) The Fund’s Class C shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Rounds to less than 0.01%.

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

(i) Annualized.

See Accompanying Notes to Financial Statements.

131

Financial Highlights – Columbia International Growth Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)
Net Asset Value, Beginning of Period	$	9.20		$	18.80		$	19.06		$	16.51		$	13.05		$	11.28
Income from Investment Operations:
Net investment income (c)		0.14			0.26			0.12	(d)		0.09			0.07			0.06
Net realized and unrealized gain (loss) on investments, foreign currency and foreign capital gains tax		3.30			(8.69	)		(0.30	)		2.54			3.51			1.71
Total from investment operations		3.44			(8.43	)		(0.18	)		2.63			3.58			1.77
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.04	)		(0.08	)		(0.08	)		(0.12	)		—	(e)
From net realized gains		—			(1.13	)		—			—			—			—
Total distributions to shareholders		(0.12	)		(1.17	)		(0.08	)		(0.08	)		(0.12	)		—	(e)
Redemption Fees:
Redemption fees added to paid-in-capital (c)(e)		—			—			—			—			—			—
Increase from Regulatory Settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	12.52		$	9.20		$	18.80		$	19.06		$	16.51		$	13.05
Total return (f)(g)		37.66	%(h)		(47.80	)%		(0.95	)%		16.03	%		27.70	%		15.71	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (i)		1.38	%(j)		1.43	%		1.50	%		1.50	%		1.50	%		1.50	%
Interest expense		—	%(j)(k)		0.01	%		—	%(k)		—			—			—
Net expenses (i)		1.38	%(j)		1.44	%		1.50	%		1.50	%		1.50	%		1.50	%
Waiver/Reimbursement		0.07	%(j)		0.04	%		0.04	%		0.06	%		0.08	%		0.11	%
Net investment income (i)		2.44	%(j)		1.81	%		0.59	%		0.49	%		0.52	%		0.52	%
Portfolio turnover rate		63	%(h)		133	%		68	%		28	%		26	%		66	%
Net assets, end of period (000s)	$	190,043		$	165,846		$	636,030		$	636,941		$	522,284		$	240,322

(a) On March 31, 2008, Shares class of International Fund, a series of Excelsior Funds, Inc., was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of International Fund’s Shares class.

(b) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

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

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

(h) Not annualized.

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

(j) Annualized

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

132

Financial Highlights – Columbia Pacific/Asia Fund

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

Class A Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	4.82		$	9.42		$	9.42
Income from Investment Operations:
Net investment income (b)		0.06			0.11			—	(c)
Net realized and unrealized gain (loss) on investments, foreign currency, foreign capital gains tax and written options		2.32			(3.35	)		—	(c)
Total from investment operations		2.38			(3.24	)		—	(c)
Less Distributions to Shareholders:
From net investment income		(0.02	)		(0.04	)		—
From net realized gains		—			(1.32	)		—
Total distributions to shareholders		(0.02	)		(1.36	)		—
Redemption Fees:
Redemption fees added to paid-in-capital (b)(c)		—			—			—
Increase from Regulatory Settlements		0.02			—			—
Net Asset Value, End of Period	$	7.20		$	4.82		$	9.42
Total return (d)(e)		49.90	%(f)		(40.21	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.81	%(g)		1.90	%(h)		1.82	%(g)(h)
Interest expense		—			0.01	%		—	%(g)(i)
Net expenses		1.81	%(g)		1.91	%(h)		1.82	%(g)(h)
Waiver/Reimbursement		0.43	%(g)		0.11	%		0.05	%(g)
Net investment income (loss)		1.73	%(g)		1.94	%(h)		(0.80	)%(g)(h)
Portfolio turnover rate		46	%(f)		111	%		68	%(f)
Net assets, end of period (000s)	$	789		$	175		$	10

(a) The Fund’s Class A shares commenced operation on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

133

Financial Highlights – Columbia Pacific/Asia Fund

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

Class C Shares	(Unaudited) Six Months Ended September 30, 2009			Year Ended March 31, 2009			Period Ended March 31, 2008 (a)
Net Asset Value, Beginning of Period	$	4.78		$	9.42		$	9.42
Income from Investment Operations:
Net investment income (b)		0.02			0.04			—	(c)
Net realized and unrealized gain (loss) on investments, foreign currency, foreign capital gains tax and written options		2.32			(3.32	)		—	(c)
Total from investment operations		2.34			(3.28	)		—	(c)
Less Distributions to Shareholders:
From net investment income		—			(0.04	)		—
From net realized gains		—			(1.32	)		—
Total distributions to shareholders		—			(1.36	)		—
Redemption Fees:
Redemption fees added to paid-in-capital (b)(c)		—			—			—
Increase from Regulatory Settlements		0.02			—			—
Net Asset Value, End of Period	$	7.14		$	4.78		$	9.42
Total return (d)(e)		49.37	%(f)		(40.69	)%		0.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		2.56	%(g)		2.65	%(h)		2.57	%(g)(h)
Interest expense		—			0.01	%		—	%(g)(i)
Net expenses		2.56	%(g)		2.66	%(h)		2.57	%(g)(h)
Waiver/Reimbursement		0.43	%(g)		0.11	%		0.05	%(g)
Net investment income (loss)		0.76	%(g)		0.87	%(h)		(1.55	)%(g)(h)
Portfolio turnover rate		46	%(f)		111	%		68	%(f)
Net assets, end of period (000s)	$	405		$	238		$	10

(a) The Fund’s Class C shares commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f) Not annualized.

(g) Annualized.

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

134

Financial Highlights – Columbia Pacific/Asia Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008 (a)			2007			2006 (b)			2005 (b)
Net Asset Value, Beginning of Period	$	4.83		$	9.42		$	11.72		$	11.61		$	8.88		$	8.44
Income from Investment Operations:
Net investment income (c)		0.05			0.10			0.05			—	(d)		0.02			0.03
Net realized and unrealized gain (loss) on investments, foreign currency, foreign capital gains tax and written options		2.35			(3.33	)		0.11			0.50			2.82			0.42
Total from investment operations		2.40			(3.23	)		0.16			0.50			2.84			0.45
Less Distributions to Shareholders:
From net investment income		(0.04	)		(0.04	)		(0.08	)		—			(0.11	)		(0.01	)
From net realized gains		—			(1.32	)		(2.38	)		(0.39	)		—			—
Total distributions to shareholders		(0.04	)		(1.36	)		(2.46	)		(0.39	)		(0.11	)		(0.01	)
Redemption Fees:
Redemption fees added to paid-in-capital (c)(d)		—			—			—			—			—			—
Increase from Regulatory Settlements		0.02			—			—			—			—			—
Net Asset Value, End of Period	$	7.21		$	4.83		$	9.42		$	11.72		$	11.61		$	8.88
Total return (e)		50.22	%(f)(g)		(40.10	)%(f)		(1.11	)%(f)(h)		4.40	%		32.35	%(f)		5.32	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.56	%(i)		1.65	%(j)		1.57	%(j)		1.61	%(j)		1.59	%(j)		1.50	%(j)
Interest expense		—			0.01	%		—	%(k)		—			—			—
Net expenses		1.56	%(i)		1.66	%(j)		1.57	%(j)		1.61	%(j)		1.59	%(j)		1.50	%(j)
Waiver/Reimbursement		0.43	%(i)		0.11	%		0.04	%		—			0.03	%		0.14	%
Net investment income (loss)		1.63	%(i)		1.33	%(j)		0.39	%(j)		(0.04	)%(j)		0.22	%(j)		0.35	%(j)
Portfolio turnover rate		46	%(g)		111	%		68	%		92	%		68	%		90	%
Net assets, end of period (000s)	$	28,736		$	24,521		$	117,835		$	213,132		$	243,964		$	134,579

(a) On March 31, 2008, Shares class of Pacific/Asia Fund, a series of Excelsior Funds, Inc. was reorganized into the Fund’s Class Z. The financial information of the Fund’s Class Z includes the financial information of Pacific/Asia Fund’s Shares class.

(b) Per share data for the years ended March 31, 2006 and 2005 were audited by other auditors.

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

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

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

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

(g) Not annualized.

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

(i) Annualized.

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

135

Notes to Financial Statements – Equity Funds

September 30, 2009 (Unaudited)

Note 1. Organization

Columbia Funds Series Trust I (the “Trust”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Information presented in these financial statements pertains to the following funds (each, a “Fund” and collectively, the “Funds”), each a series of the Trust:

Columbia Blended Equity Fund

Columbia Energy and Natural Resources Fund

Columbia Mid Cap Core Fund

Columbia Select Large Cap Growth Fund

Columbia Select Opportunities Fund

Columbia Select Small Cap Fund

Columbia Value and Restructuring Fund

Columbia Emerging Markets Fund

Columbia International Growth Fund

Columbia Pacific/Asia Fund

Each Fund is diversified, with the exception of Columbia Energy and Natural Resources Fund, which is non-diversified.

Investment Objectives

Each Fund sees long-term capital appreciation.

Fund Shares

The Trust may issue an unlimited number of shares. Columbia Blended Equity Fund, Columbia Energy and Natural Resources Fund, Columbia Select Opportunities Fund, Columbia Emerging Markets Fund, Columbia International Growth Fund and Columbia Pacific/Asia Fund each offer three classes of shares: Class A, Class C and Class Z. Columbia Mid Cap Core Fund, Columbia Select Large Cap Growth Fund, Columbia Select Small Cap Fund, and Columbia Value and Restructuring Fund each offer four classes of shares: Class A, Class C, Class R and Class Z. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within one year after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within one year after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in each Fund’s prospectus.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain ratios have been reclassified on the Financial Highlights to conform to the current period financial statement presentation. The changes have no effect on the ratios.

Management has evaluated the events and transactions that have occurred through November 20, 2009, the date the financial statements were issued, and except as disclosed in Note 14, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

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

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

Investments in other open-end investment companies are valued at net asset value.

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

136

Equity Funds

September 30, 2009 (Unaudited)

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

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

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

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

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

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

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:

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

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

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

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

Security Transactions

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

Management is required to provide disclosures regarding the Funds’ derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

Each Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC (“Columbia”), the Funds’ investment advisor, has determined are creditworthy. Each Fund, through its

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custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. 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 each Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights.

Foreign Currency Transactions and Translations

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

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

Income Recognition

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

Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Funds become aware of such, net of any non-reclaimable tax withholdings.

Distributions received from real estate investment trusts (REITs) in excess of their income are recorded as a reduction of the cost of the related investments. If the Funds no longer own the applicable securities, any distributions received in excess of income are recorded as realized gains.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Capital Gains Taxes

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

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for each Fund except Columbia Emerging Markets Fund, Columbia International Growth Fund and Columbia Pacific/Asia Fund, each of which declares and pays distributions from net investment income semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

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Indemnification

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2009 was as follows:

	Ordinary Income*		Long-Term Capital Gains
Columbia Blended Equity Fund	$	1,781,713	$	21,444,431
Columbia Energy and Natural Resources Fund		6,431,347		5,700,149
Columbia Mid Cap Core Fund		825,208		525,837
Columbia Select Large Cap Growth Fund		—		—
Columbia Select Opportunities Fund		2,348,282		5,517,364
Columbia Select Small Cap Fund		—		21,134,698
Columbia Value and Restructuring Fund		112,804,416		3,642,559
Columbia Emerging Markets Fund		78,116		137,621,724
Columbia International Growth Fund		1,206,331		35,121,685
Columbia Pacific/ Asia Fund		1,153,529		14,072,610

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
Columbia Blended Equity Fund	$	72,182,920	$	(117,494	)	$	72,065,426
Columbia Energy and Natural Resources Fund		108,102,070		(7,726,113	)		100,375,957
Columbia Mid Cap Core Fund		16,963,451		(457,017	)		16,506,434
Columbia Select Large Cap Growth Fund		242,200,824		(57,656,212	)		184,544,612
Columbia Select Opportunities Fund		33,298,989		(487,482	)		32,811,507
Columbia Select Small Cap Fund		126,085,313		(15,560,195	)		110,525,118
Columbia Value and Restructuring Fund		1,874,032,479		(797,823,701	)		1,076,208,778
Columbia Emerging Markets Fund		144,803,839		(567,339	)		144,236,500
Columbia International Growth Fund		32,966,444		(7,762,565	)		25,203,879
Columbia Pacific/Asia Fund		5,364,767		(1,835,894	)		3,528,873

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The following capital loss carryforwards, determined as of March 31, 2009, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2011		2012		2013		2014		2017		Total
Columbia Blended Equity Fund	$	—	$	—	$	—	$	—	$	1,117,134	$	1,117,134
Columbia Energy and Natural Resources Fund		—		—		—		—		62,348,309		62,348,309
Columbia Mid Cap Core Fund		—		—		—		—		8,285,858		8,285,858
Columbia Select Large Cap Growth Fund		58,065,667		22,030,449		480,165		—		98,833,717		179,409,998
Columbia Select Opportunities Fund		—		—		—		—		21,622,838		21,622,838
Columbia Select Small Cap Fund		—		—		—		—		13,761,705		13,761,705
Columbia Value and Restructuring Fund		—		—		—		—		579,007,867		579,007,867
Columbia Emerging Markets Fund		—		1,393,609		—		36,739		5,702,177		7,132,525
Columbia International Growth Fund		2,840,733		—		—		—		24,554,073		27,394,806
Columbia Pacific/Asia Fund		—		—		—		—		9,165,902		9,165,902

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”) provides investment advisory services to the Funds.

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In rendering investment advisory services to the Funds, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on each Fund’s average daily net assets at the following annual rates:

	First $500 Million		$500 Million to $750 Million		$750 Million to $1 Billion		$1 Billion to $1.5 Billion		$1.5 Billion to $3 Billion		$3 Billion to $6 Billion		$6 Billion to $10 Billion		Over $10 Billion
Columbia Blended Equity Fund	0.75	%	0.57	%	0.57	%	0.52	%	0.47	%	0.45	%	0.43	%	0.43	%
Columbia Energy and Natural Resources Fund	0.60	%	0.60	%	0.60	%	0.52	%	0.47	%	0.45	%	0.43	%	0.43	%
Columbia Mid Cap Core Fund	0.65	%	0.65	%	0.65	%	0.57	%	0.52	%	0.52	%	0.52	%	0.52	%
Columbia Select Large Cap Growth Fund	0.75	%	0.75	%	0.75	%	0.52	%	0.47	%	0.45	%	0.43	%	0.43	%
Columbia Select Opportunities Fund	0.75	%	0.57	%	0.57	%	0.52	%	0.47	%	0.45	%	0.43	%	0.43	%
Columbia Select Small Cap Fund	0.75	%	0.75	%	0.75	%	0.62	%	0.62	%	0.62	%	0.62	%	0.62	%
Columbia Value and Restructuring Fund	0.60	%	0.60	%	0.60	%	0.60	%	0.60	%	0.60	%	0.60	%	0.43	%
Columbia Emerging Markets Fund	1.15	%	1.15	%	1.00	%	0.67	%	0.62	%	0.57	%	0.52	%	0.52	%
Columbia International Growth Fund	0.95	%	0.62	%	0.62	%	0.57	%	0.52	%	0.50	%	0.48	%	0.48	%
Columbia Pacific/Asia Fund	0.75	%	0.75	%	0.75	%	0.67	%	0.62	%	0.57	%	0.52	%	0.52	%

For the six month period ended September 30, 2009, the annualized effective investment advisory fee rates for the Funds, as a percentage of each Fund’s average daily net assets, were as follows:

	Annualized Effective Fee Rate
Columbia Blended Equity Fund	0.75	%
Columbia Energy and Natural Resources Fund	0.60	%
Columbia Mid Cap Core Fund	0.65	%
Columbia Select Large Cap Growth Fund	0.72	%
Columbia Select Opportunities Fund	0.75	%
Columbia Select Small Cap Fund	0.75	%
Columbia Value and Restructuring Fund	0.60	%
Columbia Emerging Markets Fund	1.15	%
Columbia International Growth Fund	0.95	%
Columbia Pacific/Asia Fund	0.75	%

BOA 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 (“Transaction”) includes a sale of the part of the asset management business that advises long-term mutual funds, including the Funds. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Administration Fee

Columbia provides administrative and other services to the Funds. Under the administration agreement, Columbia is entitled to receive an administration fee, computed daily and paid monthly, based on each Fund’s average daily net assets at the annual rates listed below less the fees payable by the Funds as described under the Pricing and Bookkeeping Fees note below:

	Annual Fee Rate
Columbia Blended Equity Fund	0.15	%
Columbia Energy and Natural Resources Fund	0.15	%
Columbia Mid Cap Core Fund	0.15	%
Columbia Select Large Cap Growth Fund	0.15	%
Columbia Select Opportunities Fund	0.15	%
Columbia Select Small Cap Fund	0.15	%

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	Annual Fee Rate
Columbia Value and Restructuring Fund	0.15	%
Columbia Emerging Markets Fund	0.20	%
Columbia International Growth Fund	0.20	%
Columbia Pacific/Asia Fund	0.20	%

Pricing and Bookkeeping Fees

The Funds have 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 Funds. The Funds have also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the “State Street Agreements”) with State Street and Columbia pursuant to which State Street provides accounting services to the Funds. Under the State Street Agreements, each Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of each Fund for the month. The aggregate fee per Fund will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket expenses and charges.

The Funds have 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 Funds reimburse 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 Funds 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 Funds.

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

An annual minimum account balance fee of $20 may apply to certain accounts with a value below each Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statements of Operations. For the six month period ended September 30, 2009, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution 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 Funds’ shares. For the six month period ended September 30, 2009, the Distributor has retained net underwriting discounts on the sale of Class A shares and received net CDSC fees on Class A and Class C share redemptions as follows:

	Front-End Sales Charge		CDSC
	Class A		Class A		Class C
Columbia Blended Equity Fund	$	—	$	—	$	54
Columbia Energy and Natural Resources Fund		24,630		116		2,299
Columbia Mid Cap Core Fund		384		—		—
Columbia Select Large Cap Growth Fund		6,680		—		4
Columbia Select Opportunities Fund		335		—		42

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	Front-End Sales Charge		CDSC
	Class A		Class A		Class C
Columbia Select Small Cap Fund	$	625	$	—	$	31
Columbia Value and Restructuring Fund		26,510		4,589		15,094
Columbia Emerging Markets Fund		5,088		—		89
Columbia International Growth Fund		144		—		—
Columbia Pacific/Asia Fund		304		—		28

The Trust has adopted distribution and shareholder servicing plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, which require the payment of distribution and service fees. The fees are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors. The Plans require the payment of a monthly service fee to the Distributor at the annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of each Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the annual rate of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares, respectively, of each Fund.

Fee Waivers and Expense Reimbursements

Effective August 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Funds’ expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds’ custodian, do not exceed the following annual rates, based on each Fund’s average daily net assets:

	Annual Rate
Columbia Blended Equity Fund	1.00	%
Columbia Energy and Natural Resources Fund	1.20	%
Columbia Mid Cap Core Fund	1.05	%
Columbia Select Large Cap Growth Fund	1.00	%
Columbia Select Opportunities Fund	1.00	%

	Annual Rate
Columbia Select Small Cap Fund	1.10	%
Columbia Value and Restructuring Fund	1.00	%
Columbia Emerging Markets Fund	1.40	%
Columbia International Growth Fund	1.15	%
Columbia Pacific/Asia Fund	1.40	%

Prior to August 1, 2009, Columbia contractually agreed to bear a portion of the Funds’ expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds’ custodian, did not exceed the following annual rates, based on each Fund’s average daily net assets:

	Annual Rate
Columbia Blended Equity Fund	1.10	%
Columbia Energy and Natural Resources Fund	1.25	%
Columbia Mid Cap Core Fund	1.02	%
Columbia Select Large Cap Growth Fund	1.08	%
Columbia Select Opportunities Fund	0.82	%
Columbia Select Small Cap Fund	1.25	%
Columbia Value and Restructuring Fund	0.98	%
Columbia Emerging Markets Fund	1.70	%
Columbia International Growth Fund	1.50	%
Columbia Pacific/Asia Fund	1.65	%

Fees Paid to Officers and Trustees

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

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The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Funds’ assets.

As a result of fund mergers, certain Funds assumed the liabilities of the deferred compensation plan of the acquired fund, which are included in “Trustees’ fees” on the Statements 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 Funds’ assets.

Other Related Party Transactions

In connection with the purchase and sale of its securities during the period, the Funds used one or more brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the six month period ended September 30, 2009 were as follows:

	Amount
Columbia Energy and Natural Resources Fund	$	13,500
Columbia Mid Cap Core Fund		1,972
Columbia Select Large Cap Growth Fund		25,593
Columbia Select Opportunities Fund		2,162
Columbia Value and Restructuring Fund		10,227

Note 5. Custody Credits

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

For the six month period ended September 30, 2009, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Energy and Natural Resources Fund	$	7
Columbia Select Large Cap Growth Fund		1

	Custody Credits
Columbia Select Opportunities Fund	$	—	*
Columbia Select Small Cap Fund		3
Columbia Emerging Markets Fund		2

* Rounds to less than $1.00.

Note 6. Objectives and Strategies for Investing in Derivatives

Objectives

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

In pursuit of the Funds’ investment objectives, the Funds are exposed to the following market risks:

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

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

Options — Columbia Pacific/Asia Fund wrote covered call options to decrease the Fund’s exposure to equity risk and to increase return on instruments. A written covered call option becomes more valuable as the price of the underlying instruments depreciate relative to the strike price.

Writing put options tends to increase a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or

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closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. Each Fund, as writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid market. The Funds’ custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

Each Fund may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. The Funds may pay a premium, which is included in the Funds’ Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If a Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

Forward Foreign Currency Exchange Contracts — Columbia International Growth Fund and Columbia Pacific/ Asia Fund entered into forward foreign currency exchange contracts to shift their investment exposure from one currency to another. These Funds used forward contracts to shift their U.S. dollar exposure in order to achieve a representative weighted mix of major currencies in their benchmarks and/or to recover an underweight country exposure in their portfolios.

Columbia International Growth Fund and Columbia Pacific/ Asia Fund entered into forward foreign currency contracts for the purpose of shifting foreign currency exposure back to U.S. dollars.

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

The following table is a summary of the value of the Funds’ derivative instruments as of September 30, 2009.

	Fair Value of Derivative Instruments
	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities			Statements of Assets and Liabilities
	Fair Value			Fair Value
Funds	Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		Written Options	Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
Columbia International Growth Fund	$	1,851,305	$—	$1,547,442
Columbia Pacific/Asia Fund		158,793	432	66,469

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The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2009.

		Amount of Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Funds	Risk Exposure	Written Options	Forward Foreign Currency Exchange Contracts		Written Options	Forward Foreign Currency Exchange Contracts
Columbia International Growth Fund	Equity	$—	$	444,118	—	$	667
Columbia Pacific/Asia Fund	Equity	288		108,640	128		46,427

Note 7. Portfolio Information

For the six month period ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Funds were as follows:

	Purchases		Sales
Columbia Blended Equity Fund	$	65,008,592	$	83,713,529
Columbia Energy and Natural Resources Fund		1,225,047,142		1,135,355,967
Columbia Mid Cap Core Fund		63,390,816		73,843,808
Columbia Select Large Cap Growth Fund		544,383,274		149,214,528
Columbia Select Opportunities Fund		104,173,662		147,683,903
Columbia Select Small Cap Fund		225,613,327		170,749,656
Columbia Value and Restructuring Fund		113,200,740		449,090,578
Columbia Emerging Markets Fund		166,526,270		166,969,753
Columbia International Growth Fund		113,200,740		146,525,771
Columbia Pacific/Asia Fund		13,119,360		19,158,697

Note 8. Redemption-in-Kind

Sales of securities for Columbia Value and Restructuring Fund include the value of securities delivered through an in-kind redemption of certain fund shares on July 10, 2009. Any realized gain on securities delivered through an in-kind redemption of fund shares is not taxable to the Fund. The value of securities and realized gain on securities delivered through an in-kind redemption of fund shares aggregated $104,650,659 and $12,737,100, respectively.

Note 9. Regulatory Settlements

As of September 30, 2009, the following Funds had received payments relating to certain regulatory settlements with third parties that the Funds had participated in during the period. The payments that have been included in “Increase from regulatory settlements” on the Statements of Changes in Net Assets are as follows:

	Amount
Columbia Blended Equity Fund	$	25,685
Columbia Energy and Natural Resources Fund		35,194
Columbia Select Small Cap Fund		18,764
Columbia International Growth Fund		4,667
Columbia Pacific/Asia Fund		79,506

Note 10. Redemption Fees

Columbia Emerging Markets Fund, Columbia International Growth Fund and Columbia Pacific/Asia Fund each may impose a 2.00% redemption fee on the proceeds of fund shares that are redeemed within 60 days of purchase. The redemption fees are designed to offset brokerage commissions and other costs associated with short term trading of fund shares. The redemption fees, which are retained by the Funds, are accounted for as an addition to paid-in capital and are allocated to each class based on the relative net assets at the time of the redemption. For the six month period ended September 30, 2009, the Funds assessed redemption fees as follows:

Columbia Emerging Markets Fund	$	6,585
Columbia International Growth Fund		667
Columbia Pacific/Asia Fund		184

146

Equity Funds

September 30, 2009 (Unaudited)

Note 11. Line of Credit

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

Interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended September 30, 2009, the average daily loan balance outstanding on days where borrowing existed, and the weighted average interest rate of each Fund that borrowed were as follows:

	Average Borrowings		Weighted Average Interest Rate
Columbia Blended Equity Fund	$	1,242,857	0.725	%
Columbia Select Opportunities Fund		1,575,000	0.720	%
Columbia Value and Restructuring Fund		4,797,619	0.736	%
Columbia Emerging Markets Fund		3,972,727	0.728	%
Columbia International Growth Fund		1,787,500	0.736	%

Note 12. Shares of Beneficial Interest

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. The percentages of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia Blended Equity Fund	45.4
Columbia Energy and Natural Resources Fund	19.2
Columbia Mid Cap Core Fund	50.0
Columbia Select Large Cap Growth Fund	67.8
Columbia Select Opportunities Fund	79.6
Columbia Select Small Cap Fund	53.0
Columbia Value and Restructuring Fund	13.2
Columbia Emerging Markets Fund	25.7
Columbia International Growth Fund	80.6
Columbia Pacific/Asia Fund	62.1

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, over which BOA and/or any of its affiliates did not have investment discretion. The number of accounts and the percentages of shares of beneficial interest outstanding held therein are as follows:

	Number of Shareholders	% of Shares Outstanding Held
Columbia Blended Equity Fund	1	17.3
Columbia Energy and Natural Resources Fund	1	28.6
Columbia Mid Cap Core Fund	1	19.7
Columbia Select Opportunities Fund	1	10.9
Columbia Select Small Cap Fund	1	9.4
Columbia Value and Restructuring Fund	2	40.7
Columbia Emerging Markets Fund	3	44.7
Columbia International Growth Fund	1	10.3
Columbia Pacific/Asia Fund	1	14.6

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

147

Equity Funds

September 30, 2009 (Unaudited)

Note 13. Significant Risks and Contingencies

Non-Diversification Risk

As a non-diversified mutual fund, Columbia Energy and Natural Resources Fund is permitted to invest a greater percentage of its total assets in the securities of fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Foreign Securities Risk

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

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

Geographic Concentration Risk

Because Columbia Pacific/Asia Fund’s investments are concentrated in the Asia/Pacific region, events within the region will have a greater effect on the Fund than if the Fund were more geographically diversified. In addition, events in any one country within the region may impact the other countries or the region as a whole. Markets in the region can experience significant volatility due to social, regulatory and political uncertainties.

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 entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 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 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 $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

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 Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) (“Columbia”), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the “Distributor”), the Trustees of the Columbia Funds, Bank of

148

Equity Funds

September 30, 2009 (Unaudited)

America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court’s memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants’ motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 (“ICA”) and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the “CDSC Lawsuit”). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

Note 14. Subsequent Events

On October 15, 2009, the committed line of credit discussed in Note 11 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective November 1, 2009, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

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Important Information About This Report

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

The funds mail one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of the Equity Funds listed on the front cover.

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

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

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 a 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.

153

One Financial Center

Boston, MA 02111-2621

Equity Funds

Semiannual Report, September 30, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiafunds.com

SHC-44/24715-0909(11/09) 09/95454

Semiannual Report

September 30, 2009

Columbia Intermediate Bond Fund

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

Table of Contents

Fund Profile	1
Performance Information	3
Understanding Your Expenses	4
Financial Statements
Investment Portfolio	5
Statement of Assets and Liabilities	23
Statement of Operations	25
Statement of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	33
Important Information About This Report	45

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

President’s Message

Dear Shareholder:

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. In the third quarter, the S&P 500 Index¹ was up 15.61%. 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 4 of the Notes to Financial Statements for additional information.

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.

Past performance is no guarantee of future results.

Fund Profile – Columbia Intermediate Bond Fund

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

Summary

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

	+16.42% Class A Shares (without sales charge)
	+5.59% Barclays Capital Aggregate Bond Index

Morningstar Style Box^TM

Fixed Income Maturity

The Morningstar Style Box^TM reveals a fund’s investment strategy. For fixed-income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate or long). Information shown is based on the most recent data provided by Morningstar.

Summary

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 16.42% without sales charge. The fund’s return comfortably outdistanced the 5.59% return of its benchmark, the Barclays Capital Aggregate Bond Index¹, for the same period. The fund also outperformed the average return of its peer group, the Lipper Intermediate Investment Grade Debt Funds Classification², which was 11.46% for the period. The fund’s greater weight in high-yield and investment-grade corporate issues, two areas that recorded exceptional gains, explains most of its strong outperformance of the benchmark. The fund was also underweight in Treasuries, which proved beneficial to return. We believe that the fund’s security selection in investment-grade corporate debt and high yield accounted for its outperformance relative to its peer group average.

n As economic anxiety abated last spring, bond investors did an about face, moving out of safer havens to seek higher returns in riskier assets. Early in this period, we took advantage of exceptionally low valuations to expand investment-grade and high-yield credits and to augment financial holdings. In insurance, Liberty Mutual and Principal Life (0.6% and 0.9% of net assets, respectively) rebounded sharply from depressed levels that seemed unrealistic. Distressed securities, including non-agency mortgages and subordinated auto company debt, made important contributions to return as lower-rated issues delivered some of the period’s largest gains. We also overweighted pipeline companies, a move that benefited returns thanks to sharp price rises in Kinder Morgan Energy Partners and Energy Transfer Partners (0.8 and 0.5% of net assets, respectively).

n The last six months produced the biggest value increase in investment-grade and high-yield bonds within memory, and the best gains may be behind us. But we believe today’s healthy coupons provide fair compensation for investors, given the low default risk among investment-grade issues. Over the next year, we believe that yields have the potential to continue to decline and prices on corporate issues to rise, narrowing the yield advantage that corporates provide currently over Treasury issues. Life insurance and subordinated bank debt still appear to offer good value, as do certain mortgage bonds backed by commercial property. We may scale back the fund’s credit exposure over upcoming months.

¹ The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

² Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

1

Fund Profile (continued) – Columbia Intermediate Bond Fund

Portfolio Management

Carl W. Pappo, lead manager for the fund, has co-managed the fund since March 2005 and has been associated with the advisor or its predecessors since 1993.

Kevin Cronk has co-managed the fund since March 2003 and has been associated with the advisor or its predecessors since 1999.

Lee Reddin has co-managed the fund since June 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2000.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for this fund may differ from that presented for other Columbia Funds.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yield and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Investments in high-yield securities (commonly known as “junk bonds”) offer the potential for high current income and attractive total return but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a junk bond issuer’s ability to make principal and interest payments. Rising interest rates tend to lower the value of all bonds. High-yield bonds issued by foreign entities have greater potential risks, including less regulation, currency fluctuations, economic instability and political developments.

2

Performance Information – Columbia Intermediate Bond Fund

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

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	17,677	16,833
Class B	16,696	16,696
Class C	16,887	16,887
Class R	17,515	n/a
Class Z	18,098	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Intermediate Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Annual operating expense ratio (%)*
Class A	0	.99
Class B	1	.64
Class C	1	.64
Class R	1	.14
Class Z	0	.64

* The annual operating expense ratio is as stated in the fund’s prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
As of 09/30/09 ($)
Class A	8.76
Class B	8.76
Class C	8.76
Class R	8.76
Class Z	8.76
Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.21
Class B	0.18
Class C	0.19
Class R	0.20
Class Z	0.22

Average annual total return as of 09/30/09 (%)
Share class	A		B		C		R	Z
Inception	07/31/00		02/01/02		02/01/02		01/23/06	12/05/78
Sales charge	without	with	without	with	without	with	without	without
6-month (cumulative)	16.42	12.62	15.99	12.99	16.07	15.07	16.27	16.56
1-year	15.72	11.93	14.87	11.87	15.03	14.03	15.43	16.01
5-year	4.29	3.29	3.52	3.52	3.67	3.67	4.10	4.55
10-year	5.86	5.35	5.26	5.26	5.38	5.38	5.76	6.11

The “with sales charge” returns include the maximum initial sales charge of 3.25% for Class A shares and the applicable contingent deferred sales charge of 3.00% in the first year, declining to 1.00% in the fourth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower. Prior to August 22, 2005, new purchases of Class A shares had a maximum initial sales charge of 4.75%. The 5 & 10 year average annual total returns with sales charge as of 09/30/09 include the previous sales charge of 4.75%. The 6-month (cumulative) return and 1-year return with sales charge as of 09/30/09 include the new sales charge of 3.25%.

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

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

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

Class A share performance information includes returns of Class Z shares (the oldest existing share class) for periods prior to July 31, 2000. Class B and Class C share performance information includes returns of Class A shares for the period from July 31, 2000 through February 1, 2002, and the returns of Class Z shares for periods prior thereto. Class R share performance information includes returns of Class A shares for the period from July 31, 2000 through January 22, 2006, and the returns of Class Z shares for periods prior thereto. These returns shown for these share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses, such as distribution and service (Rule 12b-1) fees, between Class Z or Class A shares, as applicable, and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer classes of shares would have been lower. Class A shares were initially offered on July 31, 2000; Class B and Class C shares were initially offered on February 1, 2002; Class R shares were initially offered on January 23, 2006; and Class Z shares were initially offered on December 5, 1978.

3

Understanding Your Expenses – Columbia Intermediate Bond Fund

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account generally will be subject to a $20 annual fee.

This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,164.20	1,020.56	4.88	4.56	0.90
Class B	1,000.00	1,000.00	1,159.89	1,016.80	8.93	8.34	1.65
Class C	1,000.00	1,000.00	1,160.69	1,017.55	8.12	7.59	1.50
Class R	1,000.00	1,000.00	1,162.69	1,019.30	6.23	5.82	1.15
Class Z	1,000.00	1,000.00	1,165.60	1,021.81	3.53	3.29	0.65

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 Class A and Class C expenses, Class A and Class C account value at the end of the period would have been reduced.

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

4

Investment Portfolio – Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 54.3%

		Par ($) (a)	Value ($)
Basic Materials – 2.1%
Chemicals – 0.5%
Chemtura Corp.
6.875% 06/01/16 (b)		745,000	782,250
Dow Chemical Co.
8.550% 05/15/19		4,330,000	4,867,552
Huntsman International LLC
6.875% 11/15/13 (c)	EUR	205,000	266,988
7.875% 11/15/14		855,000	797,287
INEOS Group Holdings PLC
8.500% 02/15/16 (c)		1,140,000	541,500
INVISTA
9.250% 05/01/12 (c)		1,070,000	1,070,000
Lubrizol Corp.
6.500% 10/01/34		2,475,000	2,584,826
Terra Capital, Inc.
7.000% 02/01/17		480,000	500,400
Chemicals Total			11,410,803
Forest Products & Paper – 0.2%
Cascades, Inc.
7.250% 02/15/13		635,000	622,300
Clearwater Paper Corp.
10.625% 06/15/16 (c)		240,000	259,500
Domtar Corp.
7.125% 08/15/15		385,000	377,300
Georgia-Pacific Corp.
8.000% 01/15/24		1,355,000	1,341,450
NewPage Corp.
10.000% 05/01/12		455,000	300,300
11.375% 12/31/14 (c)		375,000	368,438
PE Paper Escrow GmbH
12.000% 08/01/14 (c)		560,000	604,800
Westvaco Corp.
8.200% 01/15/30		465,000	456,102
Forest Products & Paper Total			4,330,190
Iron/Steel – 0.8%
ArcelorMittal
9.850% 06/01/19		3,120,000	3,690,348
Nucor Corp.
5.000% 06/01/13		6,545,000	6,961,380
5.850% 06/01/18		4,800,000	5,256,394
Russel Metals, Inc.
6.375% 03/01/14		385,000	345,056

	Par ($) (a)	Value ($)
Steel Dynamics, Inc.
8.250% 04/15/16 (c)	1,120,000	1,125,600
United States Steel Corp.
7.000% 02/01/18	740,000	710,675
Iron/Steel Total		18,089,453
Metals & Mining – 0.6%
FMG Finance Ltd.
10.625% 09/01/16 (c)	1,050,000	1,162,875
Freeport-McMoRan Copper & Gold, Inc.
8.250% 04/01/15	6,075,000	6,462,281
8.375% 04/01/17	2,175,000	2,313,656
Noranda Aluminium Holding Corp.
PIK,
7.163% 11/15/14 (11/16/09) (d)(e)	700,468	324,276
Teck Resources Ltd.
10.750% 05/15/19	1,170,000	1,360,125
Vedanta Resources PLC
9.500% 07/18/18 (c)	490,000	482,650
Metals & Mining Total		12,105,863
Basic Materials Total		45,936,309
Communications – 5.7%
Advertising – 0.0%
Interpublic Group of Companies, Inc.
6.250% 11/15/14	165,000	156,131
10.000% 07/15/17 (c)	180,000	194,400
Advertising Total		350,531
Media – 2.0%
Cengage Learning Acquisitions, Inc.
10.500% 01/15/15 (c)	1,425,000	1,346,625
Charter Communications Holdings II LLC
10.250% 09/15/10 (f)	850,000	908,573
Charter Communications Operating LLC/Charter Communications Operating Capital
10.375% 04/30/14 (c)(f)	905,000	923,100
CMP Susquehanna Corp.
3.440% 05/15/14 (11/15/09) (e)(g)	38,000	17,100
Comcast Corp.
6.550% 07/01/39	4,260,000	4,552,347
6.950% 08/15/37	16,950,000	18,918,946

See Accompanying Notes to Financial Statements.

5

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Communications (continued)
Media (continued)
CSC Holdings, Inc.
8.500% 04/15/14 (c)	1,365,000	1,433,250
DirecTV Holdings LLC
6.375% 06/15/15	5,280,000	5,346,000
DISH DBS Corp.
6.625% 10/01/14	1,750,000	1,701,875
7.875% 09/01/19 (c)(h)	440,000	444,400
Liberty Media LLC
8.250% 02/01/30	640,000	528,000
Local TV Finance LLC
PIK,
9.250% 06/15/15 (c)	630,000	197,041
News America, Inc.
6.400% 12/15/35	4,835,000	4,877,441
6.550% 03/15/33	1,300,000	1,330,549
Sirius XM Radio, Inc.
9.750% 09/01/15 (c)	825,000	841,500
Media Total		43,366,747
Telecommunication Services – 3.7%
AT&T, Inc.
5.625% 06/15/16	5,295,000	5,696,133
6.550% 02/15/39	4,005,000	4,366,419
BellSouth Corp.
5.200% 09/15/14	13,080,000	14,161,546
British Telecommunications PLC
5.150% 01/15/13	3,360,000	3,500,465
5.950% 01/15/18	12,855,000	13,021,974
Citizens Communications Co.
7.875% 01/15/27	1,280,000	1,168,000
Cricket Communications, Inc.
9.375% 11/01/14	1,200,000	1,218,000
Crown Castle International Corp.
9.000% 01/15/15	470,000	492,325
Digicel Group Ltd.
8.875% 01/15/15 (c)	1,675,000	1,557,750
GeoEye, Inc.
9.625% 10/01/15 (c)(h)	560,000	567,000
Global Crossing Ltd.
12.000% 09/15/15 (c)	795,000	834,750

	Par ($) (a)	Value ($)
Hellas Telecommunications Luxembourg II
6.259% 01/15/15 (10/15/09) (c)(d)(e)	250,000	38,750
Inmarsat Finance II PLC
(i) 11/15/12 (10.375% 11/15/09)	1,000,000	1,035,000
Intelsat Jackson Holdings Ltd.
11.250% 06/15/16	2,560,000	2,739,200
Lucent Technologies, Inc.
6.450% 03/15/29	1,915,000	1,457,794
MetroPCS Wireless, Inc.
9.250% 11/01/14	1,190,000	1,216,775
Nextel Communications, Inc.
7.375% 08/01/15	1,340,000	1,202,650
Nielsen Finance LLC/Nielsen Finance Co.
11.500% 05/01/16	980,000	1,029,000
NII Capital Corp.
10.000% 08/15/16 (c)	345,000	358,800
Nordic Telephone Co. Holdings ApS
8.875% 05/01/16 (c)	800,000	828,000
Orascom Telecom Finance SCA
7.875% 02/08/14 (c)	280,000	267,400
Quebecor Media, Inc.
7.750% 03/15/16	1,295,000	1,282,050
Qwest Communications International, Inc.
7.500% 02/15/14	1,020,000	1,007,250
Qwest Corp.
7.500% 10/01/14	475,000	479,750
7.500% 06/15/23	1,125,000	1,023,750
SBA Telecommunications, Inc.
8.250% 08/15/19 (c)	325,000	334,750
Sprint Capital Corp.
6.875% 11/15/28	320,000	267,200
Syniverse Technologies, Inc.
7.750% 08/15/13	485,000	449,231
Telefonica Emisiones SAU
6.221% 07/03/17	2,880,000	3,179,255
6.421% 06/20/16	4,340,000	4,874,111
Time Warner Telecom Holdings, Inc.
9.250% 02/15/14	640,000	659,200
Verizon Communications, Inc.
6.250% 04/01/37	1,825,000	1,898,891

See Accompanying Notes to Financial Statements.

6

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

		Par ($) (a)	Value ($)
Communications (continued)
Telecommunication Services (continued)
Virgin Media Finance PLC
9.500% 08/15/16		1,190,000	1,252,475
West Corp.
11.000% 10/15/16		990,000	982,575
Wind Acquisition Finance SA
10.750% 12/01/15 (c)		305,000	335,500
11.750% 07/15/17 (c)		1,765,000	1,990,037
11.750% 07/15/17 (c)	EUR	380,000	617,241
Windstream Corp.
8.625% 08/01/16		1,405,000	1,436,612
Telecommunication Services Total			78,827,609
Communications Total			122,544,887
Consumer Cyclical – 3.0%
Airlines – 0.2%
Continental Airlines, Inc.
6.940% 10/15/13		580,189	545,378
7.461% 04/01/15		4,593,402	4,283,347
Airlines Total			4,828,725
Apparel – 0.1%
Levi Strauss & Co.
9.750% 01/15/15		970,000	1,008,800
Apparel Total			1,008,800
Auto Manufacturers – 0.0%
General Motors Corp.
7.200% 01/15/11 (b)		735,000	112,088
8.375% 07/15/33 (b)		1,405,000	228,312
Auto Manufacturers Total			340,400
Auto Parts & Equipment – 0.1%
Goodyear Tire & Rubber Co.
9.000% 07/01/15		704,000	730,400
10.500% 05/15/16		225,000	244,125
TRW Automotive, Inc.
7.000% 03/15/14 (c)		645,000	586,950
Auto Parts & Equipment Total			1,561,475
Entertainment – 0.1%
American Casino & Entertainment Properties LLC
11.000% 06/15/14 (c)		595,000	529,550
Boyd Gaming Corp.
6.750% 04/15/14		425,000	380,375
7.125% 02/01/16		325,000	286,000

	Par ($) (a)	Value ($)
Jacobs Entertainment, Inc.
9.750% 06/15/14	555,000	505,744
Six Flags, Inc.
9.625% 06/01/14 (b)	287,000	53,095
WMG Acquisition Corp.
7.375% 04/15/14	620,000	593,650
WMG Holdings Corp.
(i) 12/15/14 (12/15/09) (e) (9.500% 12/15/09)	540,000	519,750
Entertainment Total		2,868,164
Home Builders – 0.1%
D.R. Horton, Inc.
5.625% 09/15/14	1,250,000	1,206,250
KB Home
5.875% 01/15/15	965,000	909,512
Ryland Group, Inc.
8.400% 05/15/17	315,000	337,838
Standard Pacific Corp.
7.000% 08/15/15	430,000	376,250
Home Builders Total		2,829,850
Leisure Time – 0.0%
Royal Caribbean Cruises Ltd.
7.500% 10/15/27	700,000	546,000
Leisure Time Total		546,000
Lodging – 0.3%
Harrah’s Operating Co., Inc.
10.000% 12/15/18 (c)	577,000	458,715
11.250% 06/01/17 (c)	310,000	313,100
Harrah’s Operating Escrow LLC/Harrah’s Escrow Corp.
11.250% 06/01/17 (c)	585,000	601,087
Host Hotels & Resorts LP
6.750% 06/01/16	705,000	669,750
Majestic Star LLC
9.750% 01/15/11 (j)	580,000	60,900
Mashantucket Western Pequot Tribe
8.500% 11/15/15 (c)	1,395,000	505,687
MGM Mirage
6.750% 09/01/12	1,220,000	1,021,750
Pinnacle Entertainment, Inc.
7.500% 06/15/15	330,000	292,050
8.625% 08/01/17 (c)	400,000	402,000

See Accompanying Notes to Financial Statements.

7

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Consumer Cyclical (continued)
Lodging (continued)
Seminole Indian Tribe of Florida
7.804% 10/01/20 (c)	570,000	486,575
Snoqualmie Entertainment Authority
4.680% 02/01/14 (02/01/10) (c)(d)(e)	90,000	44,100
9.125% 02/01/15 (c)	640,000	339,200
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18	665,000	627,594
Lodging Total		5,822,508
Retail – 2.1%
AmeriGas Partners LP
7.125% 05/20/16	475,000	456,000
7.250% 05/20/15	335,000	326,625
Best Buy Co., Inc.
6.750% 07/15/13	8,350,000	8,945,438
CVS Pass-Through Trust
5.298% 01/11/27 (c)	5,248,121	4,738,063
6.036% 12/10/28	4,588,985	4,423,552
8.353% 07/10/31 (c)	9,105,426	10,134,157
Dollar General Corp.
PIK,
11.875% 07/15/17	1,000,000	1,125,000
Inergy LP/Inergy Finance Corp.
8.250% 03/01/16	345,000	346,725
8.750% 03/01/15 (c)	525,000	539,438
Limited Brands, Inc.
8.500% 06/15/19 (c)	645,000	674,755
Macy’s Retail Holdings, Inc.
5.350% 03/15/12	1,250,000	1,216,730
McDonald’s Corp.
5.000% 02/01/19	1,250,000	1,330,380
5.700% 02/01/39	6,475,000	7,010,275
Phillips-Van Heusen Corp.
8.125% 05/01/13	335,000	340,863
Rite Aid Corp.
9.500% 06/15/17	1,150,000	931,500
Starbucks Corp.
6.250% 08/15/17	2,515,000	2,691,850
Toys R US, Inc.
7.375% 10/15/18	1,135,000	987,450
Retail Total		46,218,801
Consumer Cyclical Total		66,024,723

	Par ($) (a)	Value ($)
Consumer Non-cyclical – 5.3%
Beverages – 1.4%
Anheuser-Busch InBev Worldwide, Inc.
7.750% 01/15/19 (c)(k)	17,560,000	20,778,046
8.000% 11/15/39 (c)	5,235,000	6,774,252
8.200% 01/15/39 (c)	2,105,000	2,775,735
Constellation Brands, Inc.
8.125% 01/15/12	485,000	485,000
Cott Beverages, Inc.
8.000% 12/15/11	485,000	481,969
Beverages Total		31,295,002
Biotechnology – 0.3%
Bio-Rad Laboratories, Inc.
7.500% 08/15/13	390,000	399,750
Genentech, Inc.
4.400% 07/15/10	5,200,000	5,336,723
Biotechnology Total		5,736,473
Commercial Services – 0.3%
ACE Cash Express, Inc.
10.250% 10/01/14 (c)	280,000	187,950
ARAMARK Corp.
8.500% 02/01/15	1,000,000	1,008,750
Ashtead Holdings PLC
8.625% 08/01/15 (c)	695,000	667,200
Corrections Corp. of America
6.250% 03/15/13	440,000	433,400
GEO Group, Inc.
8.250% 07/15/13	600,000	606,000
Iron Mountain, Inc.
8.000% 06/15/20	830,000	834,150
Rental Service Corp.
9.500% 12/01/14	775,000	747,875
Service Corp. International
6.750% 04/01/16	320,000	313,600
7.000% 06/15/17	750,000	731,250
United Rentals North America, Inc.
6.500% 02/15/12	380,000	380,950
Commercial Services Total		5,911,125
Food – 1.1%
Campbell Soup Co.
4.500% 02/15/19	6,025,000	6,182,216
ConAgra Foods, Inc.
7.000% 10/01/28	9,420,000	10,422,100

See Accompanying Notes to Financial Statements.

8

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Consumer Non-cyclical (continued)
Food (continued)
Del Monte Corp.
6.750% 02/15/15	425,000	419,688
JBS USA LLC/JBS USA Finance, Inc.
11.625% 05/01/14 (c)	1,065,000	1,144,875
Kroger Co.
8.000% 09/15/29	1,435,000	1,837,357
New Albertsons, Inc.
8.000% 05/01/31	575,000	516,062
Pinnacle Foods Finance LLC
9.250% 04/01/15	925,000	938,875
Reddy Ice Holdings, Inc.
(i) 11/01/12 (10.500% 11/01/09)	340,000	260,950
Smithfield Foods, Inc.
10.000% 07/15/14 (c)	815,000	855,750
Tyson Foods, Inc.
10.500% 03/01/14	510,000	577,575
Food Total		23,155,448
Healthcare Products – 0.1%
Biomet, Inc.
PIK,
10.375% 10/15/17	1,890,000	2,008,125
Healthcare Products Total		2,008,125
Healthcare Services – 0.8%
Community Health Systems, Inc.
8.875% 07/15/15	1,320,000	1,353,000
DaVita, Inc.
7.250% 03/15/15	445,000	440,550
HCA, Inc.
9.250% 11/15/16	30,000	31,012
PIK,
9.625% 11/15/16	4,091,000	4,254,640
Health Net, Inc.
6.375% 06/01/17	755,000	664,400
Healthsouth Corp.
10.750% 06/15/16	440,000	477,400
Roche Holdings, Inc.
6.000% 03/01/19 (c)	4,150,000	4,619,527
U.S. Oncology Holdings, Inc.
PIK,
6.428% 03/15/12 (03/15/10) (d)(e)	460,000	398,893

	Par ($) (a)	Value ($)
U.S. Oncology, Inc.
9.125% 08/15/17 (c)	490,000	515,725
WellPoint, Inc.
7.000% 02/15/19	4,150,000	4,717,542
Healthcare Services Total		17,472,689
Household Products/Wares – 0.3%
American Greetings Corp.
7.375% 06/01/16	460,000	440,450
Fortune Brands, Inc.
5.125% 01/15/11	5,705,000	5,850,232
Jostens IH Corp.
7.625% 10/01/12	475,000	475,594
Household Products/Wares Total		6,766,276
Pharmaceuticals – 1.0%
Abbott Laboratories
5.600% 05/15/11	1,000,000	1,070,036
Elan Finance PLC/Elan Finance Corp.
4.440% 11/15/11 (11/15/09) (d)(e)	205,000	199,875
8.875% 12/01/13	765,000	770,738
Novartis Securities Investment Ltd.
5.125% 02/10/19	9,710,000	10,336,868
Omnicare, Inc.
6.750% 12/15/13	760,000	735,300
6.875% 12/15/15	85,000	81,600
Valeant Pharmaceuticals International
8.375% 06/15/16 (c)	620,000	629,300
Warner Chilcott Corp.
8.750% 02/01/15	880,000	902,000
Wyeth
5.500% 02/01/14	1,640,000	1,791,055
5.500% 02/15/16	5,985,000	6,530,832
Pharmaceuticals Total		23,047,604
Consumer Non-cyclical Total		115,392,742
Diversified – 0.0%
Diversified Holding Companies – 0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125% 02/15/13	495,000	476,437
Diversified Holding Companies Total		476,437
Diversified Total		476,437

See Accompanying Notes to Financial Statements.

9

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Energy – 7.3%
Coal – 0.1%
Arch Western Finance LLC
6.750% 07/01/13	940,000	924,725
Massey Energy Co.
6.875% 12/15/13	1,360,000	1,312,400
Coal Total		2,237,125
Oil & Gas – 3.2%
Canadian Natural Resources Ltd.
6.250% 03/15/38	2,835,000	3,020,230
Chesapeake Energy Corp.
6.375% 06/15/15	1,760,000	1,634,600
9.500% 02/15/15	160,000	168,400
Cimarex Energy Co.
7.125% 05/01/17	860,000	799,800
Compton Petroleum Corp.
7.625% 12/01/13	580,000	437,900
Connacher Oil & Gas Ltd.
11.750% 07/15/14 (c)	660,000	702,900
Devon Energy Corp.
6.300% 01/15/19	2,675,000	2,951,279
Forest Oil Corp.
8.500% 02/15/14 (c)	1,020,000	1,027,650
Frontier Oil Corp.
8.500% 09/15/16	440,000	450,450
Gazprom International SA
7.201% 02/01/20 (c)	4,178,396	4,303,748
Hess Corp.
7.300% 08/15/31	3,975,000	4,468,429
Marathon Oil Corp.
7.500% 02/15/19	975,000	1,124,591
Newfield Exploration Co.
6.625% 04/15/16	1,230,000	1,205,400
Nexen, Inc.
5.875% 03/10/35	8,210,000	7,519,243
7.500% 07/30/39	7,665,000	8,346,557
OPTI Canada, Inc.
8.250% 12/15/14	1,265,000	980,375
Penn Virginia Corp.
10.375% 06/15/16	435,000	469,800
PetroHawk Energy Corp.
7.875% 06/01/15	1,430,000	1,408,550

	Par ($) (a)	Value ($)
Qatar Petroleum
5.579% 05/30/11 (c)	1,091,248	1,122,338
Quicksilver Resources, Inc.
7.125% 04/01/16	1,135,000	984,613
Range Resources Corp.
7.500% 05/15/16	315,000	315,000
Ras Laffan Liquefied Natural Gas Co., Ltd. II
5.298% 09/30/20 (c)	3,400,000	3,404,114
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.832% 09/30/16 (c)	2,230,000	2,318,241
Southwestern Energy Co.
7.500% 02/01/18	500,000	505,000
Talisman Energy, Inc.
5.850% 02/01/37 (k)	4,150,000	3,991,657
7.750% 06/01/19	11,309,000	13,297,405
Tesoro Corp.
6.625% 11/01/15	730,000	675,250
United Refining Co.
10.500% 08/15/12	435,000	374,100
Oil & Gas Total		68,007,620
Oil & Gas Services – 1.1%
Seitel, Inc.
9.750% 02/15/14	320,000	217,600
Smith International, Inc.
9.750% 03/15/19	5,920,000	7,304,351
Weatherford International Ltd.
5.150% 03/15/13	6,960,000	7,310,728
7.000% 03/15/38	8,415,000	9,071,984
Oil & Gas Services Total		23,904,663
Pipelines – 2.9%
Atlas Pipeline Partners LP
8.125% 12/15/15	610,000	491,050
El Paso Corp.
6.875% 06/15/14	750,000	735,000
7.250% 06/01/18	705,000	693,430
Enbridge Energy Partners LP
7.500% 04/15/38	4,875,000	5,567,494
Energy Transfer Partners LP
6.000% 07/01/13	9,700,000	10,279,953
Kinder Morgan Energy Partners LP
5.625% 02/15/15	3,225,000	3,461,683
5.800% 03/01/21	4,095,000	4,159,869

See Accompanying Notes to Financial Statements.

10

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Energy (continued)
Pipelines (continued)
Kinder Morgan Energy Partners LP (continued)
6.500% 09/01/39	6,010,000	6,113,793
6.950% 01/15/38	3,945,000	4,237,242
Kinder Morgan Finance Co. ULC
5.700% 01/05/16	895,000	852,488
MarkWest Energy Partners LP
6.875% 11/01/14	190,000	178,600
8.500% 07/15/16	820,000	811,800
ONEOK Partners LP
6.850% 10/15/37	2,205,000	2,379,208
Plains All American Pipeline LP/PAA Finance Corp.
5.750% 01/15/20	1,505,000	1,516,646
6.500% 05/01/18	7,035,000	7,535,160
6.650% 01/15/37	2,840,000	2,991,332
8.750% 05/01/19	1,795,000	2,154,723
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (d)(e)	10,470,000	9,173,196
Williams Companies, Inc.
7.875% 09/01/21	230,000	248,782
Pipelines Total		63,581,449
Energy Total		157,730,857
Financials – 20.0%
Banks – 11.5%
Bank of New York Mellon Corp.
5.450% 05/15/19	9,485,000	10,252,887
Barclays Bank PLC
5.000% 09/22/16	7,245,000	7,337,504
7.375% 06/29/49 (12/01/11) (c)(d)(e)	2,645,000	2,314,375
Capital One Capital IV
6.745% 02/17/37 (d)	10,990,000	8,352,400
Capital One Capital V
10.250% 08/15/39	8,470,000	9,359,519
Capital One Financial Corp.
7.375% 05/23/14	1,070,000	1,194,135
Chinatrust Commercial Bank
5.625% 12/29/49 (03/17/15) (c)(d)(e)	2,350,000	1,968,421

	Par ($) (a)	Value ($)
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (c)	12,075,000	11,949,915
Citigroup, Inc.
4.125% 02/22/10	4,915,000	4,964,494
Comerica Bank
0.336% 06/30/10 (10/30/09) (d)(e)	2,000,000	1,961,602
5.200% 08/22/17	5,445,000	4,650,999
5.750% 11/21/16	1,660,000	1,501,790
Deutsche Bank AG London
4.875% 05/20/13	1,300,000	1,384,718
Fifth Third Bank
4.200% 02/23/10	6,550,000	6,602,263
Goldman Sachs Group, Inc.
6.000% 05/01/14	4,620,000	5,024,416
HSBC Capital Funding LP
9.547% 12/31/49 (c)(d)	10,500,000	10,605,000
JPMorgan Chase Capital XVII
5.850% 08/01/35	7,550,000	6,682,822
JPMorgan Chase Capital XX
6.550% 09/29/36	12,190,000	11,321,487
KeyBank NA
5.800% 07/01/14	4,054,000	3,930,154
Keycorp
6.500% 05/14/13 (k)	17,345,000	17,755,626
Lloyds TSB Group PLC
6.267% 12/31/49 (c)(d)	6,600,000	3,762,000
M&I Marshall & Ilsley Bank
5.300% 09/08/11	4,070,000	3,849,207
Merrill Lynch & Co., Inc.
5.450% 02/05/13 (l)	15,000,000	15,553,815
5.700% 05/02/17 (k)(l)	9,940,000	9,732,682
6.050% 08/15/12 (l)	1,500,000	1,599,731
6.150% 04/25/13 (l)	5,090,000	5,385,724
7.750% 05/14/38 (l)	5,160,000	5,814,902
National City Bank of Cleveland
6.200% 12/15/11	1,590,000	1,697,850
National City Bank of Kentucky
6.300% 02/15/11	2,830,000	2,949,064
National City Corp.
4.900% 01/15/15	625,000	632,541
6.875% 05/15/19	2,535,000	2,752,206

See Accompanying Notes to Financial Statements.

11

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Financials (continued)
Banks (continued)
Northern Trust Co.
6.500% 08/15/18	12,500,000	14,272,700
Northern Trust Corp.
5.500% 08/15/13 (k)	5,525,000	6,056,301
USB Capital IX
6.189% 04/15/42 (d)	12,450,000	9,555,375
Wachovia Capital Trust III
5.800% 03/15/42 (03/15/11) (d)(e)	12,045,000	8,311,050
Wachovia Corp.
5.500% 05/01/13	2,765,000	2,958,470
5.750% 02/01/18	1,175,000	1,243,568
Westpac Banking Corp.
4.200% 02/27/15	22,155,000	22,517,943
Zions Bancorporation
7.750% 09/23/14	135,000	120,825
Banks Total		247,880,481
Diversified Financial Services – 2.7%
American General Finance Corp.
6.900% 12/15/17	480,000	335,703
Ameriprise Financial, Inc.
7.300% 06/28/19	4,965,000	5,473,277
CDX North America High Yield
8.875% 06/29/13 (c)	4,350,000	4,089,000
Discover Financial Services
10.250% 07/15/19	2,940,000	3,365,030
E*Trade Financial Corp.
PIK,
12.500% 11/30/17	350,000	373,917
Eaton Vance Corp.
6.500% 10/02/17	7,890,000	8,521,389
Ford Motor Credit Co.
5.700% 01/15/10	2,000,000	1,999,426
Ford Motor Credit Co., LLC
7.500% 08/01/12	360,000	345,660
7.800% 06/01/12	1,815,000	1,754,109
8.000% 12/15/16	725,000	672,630
Fund American Companies, Inc.
5.875% 05/15/13	4,535,000	4,332,648
General Electric Capital Corp.
6.000% 08/07/19 (k)	5,310,000	5,386,682

	Par ($) (a)	Value ($)
GMAC, Inc.
6.875% 09/15/11 (c)	1,445,000	1,365,525
8.000% 11/01/31 (c)	1,423,000	1,145,515
International Lease Finance Corp.
4.875% 09/01/10	10,907,000	10,227,418
5.650% 06/01/14	2,024,000	1,553,485
Lazard Group LLC
7.125% 05/15/15	500,000	504,989
Lehman Brothers Holdings, Inc.
5.625% 01/24/13 (b)(g)	23,065,000	4,094,037
6.875% 05/02/18 (b)(g)	1,685,000	299,088
Nuveen Investments, Inc.
10.500% 11/15/15 (c)	810,000	700,650
PF Export Receivables Master Trust
3.748% 06/01/13 (c)	1,512,713	1,473,452
Reliance Intermediate Holdings LP
9.500% 12/15/19 (c)	445,000	439,437
Sears Roebuck Acceptance Corp.
7.000% 02/01/11	270,000	269,325
Diversified Financial Services Total		58,722,392
Insurance – 4.2%
Asurion Corp.
6.746% 07/02/15 (10/13/09) (d)(e)(m)	810,000	771,100
Berkshire Hathaway Finance Corp.
4.850% 01/15/15	5,000,000	5,380,140
Crum & Forster Holdings Corp.
7.750% 05/01/17	630,000	579,600
HUB International Holdings, Inc.
10.250% 06/15/15 (c)	440,000	409,750
ING Groep NV
5.775% 12/29/49 (12/08/15) (d)(e)	9,465,000	6,057,600
Liberty Mutual Group, Inc.
7.500% 08/15/36 (c)	6,805,000	5,746,510
10.750% 06/15/58 (06/15/58) (c)(d)(e)	7,985,000	7,585,750
Lincoln National Corp.
6.200% 12/15/11	4,500,000	4,705,038
8.750% 07/01/19	6,345,000	7,338,418
MetLife Capital Trust X
9.250% 04/08/38 (c)(d)	14,950,000	15,548,000

See Accompanying Notes to Financial Statements.

12

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Financials (continued)
Insurance (continued)
MetLife, Inc.
10.750% 08/01/39	6,405,000	7,718,025
Principal Life Income Funding Trusts
5.300% 04/24/13	17,865,000	18,327,453
Provident Companies, Inc.
7.000% 07/15/18	190,000	182,658
Prudential Financial, Inc.
4.750% 06/13/15	3,210,000	3,206,296
Unum Group
7.125% 09/30/16	6,685,000	6,763,856
USI Holdings Corp.
9.750% 05/15/15 (c)	325,000	288,031
Insurance Total		90,608,225
Real Estate Investment Trusts (REITs) – 1.6%
Brandywine Operating Partnership LP
7.500% 05/15/15	9,400,000	9,404,305
Duke Realty LP
7.375% 02/15/15	6,520,000	6,724,363
8.250% 08/15/19	6,645,000	6,938,157
HCP, Inc.
7.072% 06/08/15	2,530,000	2,538,060
Health Care Property Investors, Inc.
5.625% 05/01/17	3,765,000	3,414,332
Highwoods Properties, Inc.
5.850% 03/15/17	2,005,000	1,765,872
Liberty Property LP
5.500% 12/15/16	5,075,000	4,572,017
Real Estate Investment Trusts (REITs) Total		35,357,106
Savings & Loans – 0.0%
Washington Mutual Bank
5.125% 01/15/15 (j)	20,444,000	51,110
Washington Mutual Preferred Funding Delaware
6.534% 03/29/49 (03/15/11) (c)(d)(e)(j)	2,725,000	27,250
Savings & Loans Total		78,360
Financials Total		432,646,564

	Par ($) (a)	Value ($)
Industrials – 3.9%
Aerospace & Defense – 0.5%
BE Aerospace, Inc.
8.500% 07/01/18	800,000	820,000
Boeing Co.
6.000% 03/15/19	3,890,000	4,363,448
L-3 Communications Corp.
6.375% 10/15/15	960,000	969,600
Raytheon Co.
5.500% 11/15/12	800,000	878,106
7.200% 08/15/27	1,730,000	2,153,025
Sequa Corp.
11.750% 12/01/15 (c)	965,000	762,350
Systems 2001 Asset Trust
6.664% 09/15/13 (c)	1,327,056	1,359,808
TransDigm, Inc.
7.750% 07/15/14	90,000	89,325
7.750% 07/15/15 (c)(h)	345,000	341,550
Aerospace & Defense Total		11,737,212
Air Transportation – 0.1%
Air 2 US
8.027% 10/01/19 (c)	2,111,889	1,488,881
Air Transportation Total		1,488,881
Building Materials – 0.1%
Nortek, Inc.
10.000% 12/01/13	365,000	372,300
Owens Corning
6.500% 12/01/16	515,000	502,481
Texas Industries, Inc.
7.250% 07/15/13	385,000	369,600
7.250% 07/15/13	85,000	81,600
Building Materials Total		1,325,981
Electrical Components & Equipment – 0.1%
Belden, Inc.
7.000% 03/15/17	645,000	613,556
General Cable Corp.
7.125% 04/01/17	715,000	700,700
Electrical Components & Equipment Total		1,314,256
Electronics – 0.0%
Flextronics International Ltd.
6.250% 11/15/14	543,000	522,638
Electronics Total		522,638

See Accompanying Notes to Financial Statements.

13

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Industrials (continued)
Engineering & Construction – 0.0%
Esco Corp.
8.625% 12/15/13 (c)	380,000	372,400
Engineering & Construction Total		372,400
Environmental Control – 0.0%
Clean Harbors, Inc.
7.625% 08/15/16 (c)	455,000	465,806
Environmental Control Total		465,806
Machinery – 0.7%
Caterpillar Financial Services Corp.
4.250% 02/08/13	8,735,000	8,997,469
6.200% 09/30/13	835,000	924,749
Caterpillar, Inc.
8.250% 12/15/38	4,625,000	6,309,101
Machinery Total		16,231,319
Machinery-Construction & Mining – 0.0%
Terex Corp.
8.000% 11/15/17	960,000	880,800
Machinery-Construction & Mining Total		880,800
Machinery-Diversified – 0.1%
CPM Holdings, Inc.
10.625% 09/01/14 (c)	605,000	624,663
Manitowoc Co., Inc.
7.125% 11/01/13	785,000	679,025
Machinery-Diversified Total		1,303,688
Miscellaneous Manufacturing – 0.7%
American Railcar Industries, Inc.
7.500% 03/01/14	505,000	469,650
Bombardier, Inc.
6.300% 05/01/14 (c)	1,175,000	1,133,875
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14	7,565,000	8,939,023
Koppers Holdings, Inc.
(i) 11/15/14 (11/15/09) (e) (9.875% 11/15/09)	625,000	626,563
TriMas Corp.
9.875% 06/15/12	830,000	749,075
Trinity Industries, Inc.
6.500% 03/15/14	645,000	638,550
Tyco International Finance SA
4.125% 10/15/14	765,000	762,345

	Par ($) (a)	Value ($)
Tyco International Ltd./Tyco International Finance SA
6.875% 01/15/21	1,465,000	1,644,398
Miscellaneous Manufacturing Total		14,963,479
Packaging & Containers – 0.2%
Berry Plastics Holding Corp.
8.875% 09/15/14	615,000	585,787
BWAY Corp.
10.000% 04/15/14 (c)	475,000	502,313
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15	505,000	513,837
Crown Americas LLC & Crown Americas Capital Corp. II
7.625% 05/15/17 (c)	280,000	282,800
Graham Packaging Co., LP/GPC Capital Corp. I
9.875% 10/15/14	235,000	241,463
Graphic Packaging International, Inc.
9.500% 06/15/17 (c)	175,000	185,938
Owens-Brockway Glass Container, Inc.
6.750% 12/01/14	825,000	816,750
Solo Cup Co.
8.500% 02/15/14	700,000	668,500
Packaging & Containers Total		3,797,388
Transportation – 1.4%
BNSF Funding Trust I
6.613% 12/15/55 (01/15/26) (d)(e)	4,401,000	4,092,930
Bristow Group, Inc.
7.500% 09/15/17	560,000	532,000
Burlington Northern Santa Fe Corp.
4.700% 1810/01/19	4,155,000	4,204,478
7.125% 12/15/10	3,900,000	4,117,117
7.950% 08/15/30	2,375,000	3,021,978
Navios Maritime Holdings, Inc.
9.500% 12/15/14	730,000	689,850
PHI, Inc.
7.125% 04/15/13	420,000	394,275
RailAmerica, Inc.
9.250% 07/01/17 (c)	290,000	303,775
Ship Finance International Ltd.
8.500% 12/15/13	505,000	481,644

See Accompanying Notes to Financial Statements.

14

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Industrials (continued)
Transportation (continued)
Stena AB
7.500% 11/01/13	535,000	496,212
Teekay Corp.
8.875% 07/15/11	315,000	324,056
TFM SA de CV
9.375% 05/01/12	825,000	837,375
Union Pacific Corp.
5.700% 08/15/18	4,875,000	5,258,502
6.650% 01/15/11	4,595,000	4,858,592
Transportation Total		29,612,784
Industrials Total		84,016,632
Technology – 1.7%
Computers – 0.1%
Seagate Technology International
10.000% 05/01/14 (c)	265,000	289,513
Sungard Data Systems, Inc.
9.125% 08/15/13	1,375,000	1,388,750
Computers Total		1,678,263
Networking & Telecom Equipment – 0.4%
Cisco Systems, Inc.
5.900% 02/15/39	7,710,000	8,345,867
Networking & Telecom Equipment Total		8,345,867
Semiconductors – 0.1%
Amkor Technology, Inc.
9.250% 06/01/16	815,000	839,450
Freescale Semiconductor, Inc.
12.500% 12/15/14 (m)	548,840	550,212
Semiconductors Total		1,389,662
Software – 1.1%
Oracle Corp.
4.950% 04/15/13	6,000,000	6,493,872
5.000% 01/15/11 (k)	7,210,000	7,540,787
6.500% 04/15/38 (k)	9,120,000	10,571,284
Software Total		24,605,943
Technology Total		36,019,735
Utilities – 5.3%
Electric – 4.5%
AES Corp.
7.750% 03/01/14	595,000	599,463
8.000% 10/15/17	575,000	578,594

	Par ($) (a)	Value ($)
American Electric Power Co., Inc.
5.250% 06/01/15	7,973,000	8,341,074
CMS Energy Corp.
6.875% 12/15/15	320,000	320,833
Commonwealth Edison Co.
5.900% 03/15/36	4,565,000	4,851,481
5.950% 08/15/16	6,495,000	7,081,628
6.150% 09/15/17	600,000	663,008
6.950% 07/15/18	6,020,000	6,818,240
Consolidated Edison Co. of New York, Inc.
6.750% 04/01/38	12,415,000	14,840,494
DTE Energy Co.
7.625% 05/15/14	4,025,000	4,442,831
Dynegy Holdings, Inc.
7.125% 05/15/18	1,195,000	920,150
Edison Mission Energy
7.000% 05/15/17	440,000	367,400
Energy Future Holdings Corp.
PIK,
11.250% 11/01/17	1,662,400	1,019,259
Exelon Generation Co. LLC
6.200% 10/01/17	370,000	403,805
FPL Energy American Wind LLC
6.639% 06/20/23 (c)	2,801,533	2,752,114
FPL Energy National Wind LLC
5.608% 03/10/24 (c)	595,312	555,319
Intergen NV
9.000% 06/30/17 (c)	910,000	937,300
Ipalco Enterprises, Inc.
7.250% 04/01/16 (c)	520,000	521,300
MidAmerican Energy Holdings Co.
5.875% 10/01/12	5,500,000	5,992,398
Mirant Americas Generation LLC
8.500% 10/01/21	1,030,000	896,100
Mirant North America LLC
7.375% 12/31/13	90,000	89,550
Niagara Mohawk Power Corp.
4.881% 08/15/19 (c)	9,510,000	9,682,407
NRG Energy, Inc.
7.375% 02/01/16	955,000	923,962
NSG Holdings LLC/NSG Holdings, Inc.
7.750% 12/15/25 (c)	635,000	568,325

See Accompanying Notes to Financial Statements.

15

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Utilities (continued)
Oglethorpe Power Corp.
6.974% 06/30/11	481,000	487,623
Oncor Electric Delivery Co.
5.950% 09/01/13	6,535,000	7,072,295
Pepco Holdings, Inc.
0.986% 06/01/10 (12/01/09) (d)(e)	5,000,000	4,962,195
Southern California Edison Co.
5.000% 01/15/16	4,500,000	4,809,456
Southern Co.
4.150% 05/15/14	2,325,000	2,401,783
Tenaska Alabama II Partners LP
6.125% 03/30/23 (c)	2,913,626	2,672,057
Texas Competitive Electric Holdings Co. LLC
PIK,
10.500% 11/01/16	1,527,000	956,284
Electric Total		97,528,728
Gas – 0.8%
Atmos Energy Corp.
6.350% 06/15/17	4,065,000	4,409,163
8.500% 03/15/19	5,910,000	7,296,279
Centerpoint Energy, Inc.
5.950% 02/01/17	310,000	302,636
Nakilat, Inc.
6.067% 12/31/33 (c)	3,480,000	3,173,377
Sempra Energy
6.500% 06/01/16	2,490,000	2,752,553
Gas Total		17,934,008
Utilities Total		115,462,736
Total Corporate Fixed-Income Bonds & Notes (cost of $1,160,354,595)		1,176,251,622
Mortgage-Backed Securities – 20.5%
Federal Home Loan Mortgage Corp.
5.000% 08/01/35	31,781,093	32,954,345
6.000% 11/01/37	11,606,885	12,278,634
12.000% 07/01/20	58,277	61,043
Federal National Mortgage Association
4.500% 05/01/39	29,556,390	29,978,185
5.000% 02/01/36	61,886,202	64,151,495
5.000% 05/01/36	23,922,445	24,798,106

	Par ($) (a)	Value ($)
5.000% 03/01/37	11,843,302	12,252,759
5.000% 04/01/38	73,335,994	75,871,434
5.000% 01/01/39	33,588,892	34,748,268
5.000% 04/01/39	16,860,595	17,440,881
5.500% 02/01/37	3,000,199	3,144,271
5.500% 05/01/38	35,387,685	37,087,031
5.500% 06/01/38	21,776,057	22,811,554
6.000% 01/01/14	166,367	178,311
6.000% 01/01/24	94,858	100,720
6.000% 03/01/24	121,925	129,441
6.000% 02/01/37	32,775,806	34,744,403
6.000% 03/01/38	24,504,314	25,886,663
6.500% 10/01/28	520,727	563,545
6.500% 12/01/31	575,501	621,385
6.500% 08/01/36	13,550,785	14,514,726
Government National Mortgage Association
4.625% 07/20/25 (10/01/09) (d)(e)	55,408	56,779
9.000% 06/15/16	1,910	2,087
9.000% 08/15/16	1,500	1,639
9.000% 10/15/16	3,244	3,545
Total Mortgage-Backed Securities (cost of $422,752,679)		444,381,250
Commercial Mortgage-Backed Securities – 7.7%
Bear Stearns Commercial Mortgage Securities
5.201% 12/11/38	3,710,000	3,441,484
5.422% 09/11/42	8,368,213	8,655,613
5.742% 09/11/42 (10/01/09) (d)(e)	5,190,000	4,856,749
5.903% 09/11/38 (10/01/09) (d)(e)	1,290,000	1,252,378
6.480% 02/15/35	7,156,000	7,421,521
Citigroup Commercial Mortgage Trust
5.413% 10/15/49	5,750,000	5,571,463
Credit Suisse Mortgage Capital Certificates
5.912% 06/15/39 (10/01/09) (d)(e)	2,825,000	2,230,233
First Union National Bank Commercial Mortgage Trust
5.585% 02/12/34	490,158	492,301
GE Capital Commercial Mortgage Corp.
5.189% 07/10/39 (10/01/09) (d)(e)	14,000,000	14,205,204

See Accompanying Notes to Financial Statements.

16

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Commercial Mortgage-Backed Securities (continued)

	Par ($) (a)	Value ($)
GMAC Commercial Mortgage Securities, Inc.
5.667% 05/10/40 (10/01/09) (d)(e)	8,970,000	9,356,557
Greenwich Capital Commercial Funding Corp.
6.116% 07/10/38 (10/01/09) (d)(e)	6,085,000	5,567,162
GS Mortgage Securities Corp. II
5.999% 08/10/45 (10/01/09) (d)(e)	6,455,000	5,334,848
JPMorgan Chase Commercial Mortgage Securities Corp.
5.440% 06/12/47	4,800,000	4,124,140
5.716% 02/15/51	11,160,000	8,138,682
5.814% 06/12/43 (10/01/09) (d)(e)	2,735,000	2,579,412
LB-UBS Commercial Mortgage Trust
4.853% 09/15/31	5,270,000	5,403,265
6.510% 12/15/26	4,712,331	4,870,618
Morgan Stanley Capital I
5.378% 11/14/42 (10/01/09) (d)(e)	5,555,000	5,568,233
5.447% 02/12/44 (10/01/09) (d)(e)	3,637,000	3,107,040
Morgan Stanley Dean Witter Capital I
4.180% 03/12/35	5,439,366	5,522,387
4.920% 03/12/35	4,065,000	4,113,612
6.390% 07/15/33	8,883,348	9,259,535
Structured Asset Securities Corp.
I.O.,
2.171% 02/25/28 (10/01/09) (d)(e)	2,882,485	133
Wachovia Bank Commercial Mortgage Trust
0.415% 03/15/42 (10/01/09) (c)(d)(e)	427,912,092	2,759,263
3.989% 06/15/35	11,930,000	11,878,183
5.037% 03/15/42	5,000,000	5,049,104
5.412% 07/15/41 (10/01/09) (d)(e)	1,910,000	1,906,656
5.466% 01/15/45 (10/01/09) (d)(e)	10,000,000	7,398,354
5.609% 03/15/45 (10/01/09) (d)(e)	2,305,000	1,706,762
5.765% 07/15/45 (10/01/09) (d)(e)	9,245,000	8,300,977

	Par ($) (a)	Value ($)
5.926% 05/15/43 (10/01/09) (d)(e)	6,375,000	6,126,576
Total Commercial Mortgage-Backed Securities (cost of $158,584,551)		166,198,445
Asset-Backed Securities – 5.5%
American Express Credit Account Master Trust
0.593% 12/15/14 (10/15/09) (c)(d)(e)	3,810,000	3,562,350
0.633% 01/15/13 (10/15/09) (c)(d)(e)	3,850,000	3,784,020
Bay View Auto Trust
5.310% 06/25/14	3,500,000	3,509,094
Capital Auto Receivables Asset Trust
5.310% 06/15/12	9,000,000	8,876,095
Chase Issuance Trust
0.993% 06/15/12 (10/15/09) (d)(e)	5,500,000	5,517,555
Citicorp Residential Mortgage Securities, Inc.
5.892% 03/25/37 (10/01/09) (d)(e)	11,000,000	8,958,887
6.080% 06/25/37 (10/01/09) (d)(e)	11,000,000	10,077,297
Citigroup Mortgage Loan Trust, Inc.
5.517% 08/25/35 (10/01/09) (d)(e)	3,775,000	277,591
5.598% 03/25/36 (10/01/09) (d)(e)	1,815,014	1,644,517
5.666% 08/25/35 (10/01/09) (d)(e)	2,330,000	140,129
Countrywide Asset-Backed Certificates
0.356% 06/25/21 (10/26/09) (d)(e)(g)	1,027,153	832,589
5.813% 05/25/37 (10/01/09) (d)(e)	7,377,719	2,644,603
Discover Card Master Trust
0.563% 01/15/13 (10/15/09) (d)(e)	4,000,000	3,910,278
Ford Credit Auto Owner Trust
5.160% 04/15/13	5,000,000	5,284,360
5.680% 06/15/12	5,422,000	5,667,700
5.690% 11/15/12	6,000,000	6,364,292
Franklin Auto Trust
5.360% 05/20/16	4,720,000	4,742,267

See Accompanying Notes to Financial Statements.

17

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Asset-Backed Securities (continued)

	Par ($) (a)	Value ($)
GE Capital Credit Card Master Note Trust
4.130% 06/15/13	9,725,000	9,888,363
GE Equipment Small Ticket LLC
5.120% 06/22/15 (c)	1,315,878	1,220,793
Green Tree Financial Corp.
6.870% 01/15/29	1,164,903	1,101,182
Harley-Davidson Motorcycle Trust
5.540% 04/15/15	4,600,000	3,988,224
JPMorgan Auto Receivables Trust
5.610% 12/15/14 (c)	1,448,301	1,423,390
Origen Manufactured Housing
3.790% 12/15/17	31,131	31,059
Renaissance Home Equity Loan Trust
5.355% 11/25/35 (10/01/09) (d)(e)	4,750,000	1,230,289
Small Business Administration Participation Certificates
4.570% 06/01/25	3,158,283	3,306,298
5.390% 12/01/25	817,817	879,182
5.570% 03/01/26	3,014,192	3,269,370
5.780% 08/01/27	5,105,353	5,499,982
Wachovia Auto Loan Owner Trust
5.650% 02/20/13	8,000,000	7,659,344
WFS Financial Owner Trust
4.760% 05/17/13	4,000,000	4,006,496
Total Asset-Backed Securities (cost of $135,660,454)		119,297,596
Government & Agency Obligations – 5.1%
U.S. Government Obligations – 5.1%
U.S. Treasury Bonds
4.250% 05/15/39	12,360,000	12,786,803
U.S. Treasury Notes
1.000% 07/31/11 (n)	2,840,000	2,848,100
1.000% 09/30/11	5,370,000	5,374,194
2.375% 09/30/14	29,785,000	29,861,845
3.125% 05/15/19	530,000	521,511
3.625% 08/15/19	58,440,000	59,983,167
U.S. Government Obligations Total		111,375,620
Total Government & Agency Obligations (cost of $110,832,815)		111,375,620

Collateralized Mortgage Obligations – 2.2%

	Par ($) (a)	Value ($)
Agency – 1.0%
Federal Home Loan Mortgage Corp. REMICS
4.000% 03/15/19	7,075,000	7,170,843
5.000% 03/15/28	14,646,809	15,260,678
Federal National Mortgage Association REMICS
9.250% 03/25/18	65,210	73,457
Agency Total		22,504,978
Non-Agency – 1.2%
American Mortgage Trust
8.445% 09/27/22	8,423	5,108
Countrywide Alternative Loan Trust
5.500% 09/25/35	6,370,368	438,388
GSMPS Mortgage Loan Trust
7.750% 09/19/27 (c)(d)	651,864	629,621
JPMorgan Mortgage Trust
5.729% 05/25/36 (10/01/09) (d)(e)	8,206,240	6,238,797
Nomura Asset Acceptance Corp.
0.346% 08/25/36 (10/26/09) (d)(e)	2,434,165	1,880,235
5.515% 01/25/36 (10/01/09) (d)(e)	7,904,967	4,636,457
6.138% 03/25/47 (10/01/09) (e)	9,500,000	5,833,045
Wells Fargo Mortgage Backed Securities Trust
6.296% 10/25/37 (10/01/09) (d)(e)	7,494,228	5,683,453
Non-Agency Total		25,345,104
Total Collateralized Mortgage Obligations (cost of $63,836,979)		47,850,082
Municipal Bonds – 1.1%
California – 0.7%
CA Los Angeles Community College District
Series 2008 F-1,
5.000% 08/01/33	6,200,000	6,600,334
CA State
Series 2009,
7.550% 04/01/39	8,400,000	9,371,796
California Total		15,972,130

See Accompanying Notes to Financial Statements.

18

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Municipal Bonds (continued)

	Par ($) (a)	Value ($)
New York – 0.4%
NY Triborough Bridge & Tunnel Authority
Series 2008 C,
5.000% 11/15/38	7,500,000	8,044,650
New York Total		8,044,650
Total Municipal Bonds (cost of $21,772,205)		24,016,780
	Shares
Common Stock – 0.0%
Industrials – 0.0%
Airlines – 0.0%
UAL Corp. (o)	1,493	13,765
Airlines Total		13,765
Industrials Total		13,765
Total Common Stock (cost of $53,240)		13,765
	Units
Warrants – 0.0%
Financials – 0.0%
CNB Capital Trust I Expires 03/23/19(g)(o)	10,127	101
Financials Total		101
Total Warrants (cost of $101)		101
	Shares
Preferred Stock – 0.0%
Communications – 0.0%
Media – 0.0%
CMP Susquehanna Radio Holdings Corp., Series A (c)(d)(g)	8,862	89
Media Total		89
Communications Total		89
Total Preferred Stock (cost of $89)		89

	Par ($) (a)	Value ($)
Short-Term Obligation – 2.4%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Government Agency obligation maturing 08/01/12, market value $52,636,377 (repurchase proceeds $51,601,014)	51,601,000	51,601,000
Total Short-Term Obligation (cost of $51,601,000)		51,601,000
Total Investments – 98.8% (cost of $2,125,448,708) (p)		2,140,986,350
Other Assets & Liabilities, Net – 1.2%		25,612,667
Net Assets – 100.0%		2,166,599,017

Notes to Investment Portfolio:

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

(b) The issuer has filed for bankruptcy protection under Chapter 11 and is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of these securities amounted to $5,568,870, which represents 0.3% of net assets.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities, which are not illiquid, except for the following, amounted to $202,947,351, which represents 9.4% of net assets.

Security	Acquisition Date	Par/Shares		Cost		Value
CMP Susquehanna Radio Holdings Corp., Series A	03/26/09		8,862	$	89	$	89
Local TV Finance LLC, PIK
9.250% 06/15/15	05/07/07- 06/15/09	$	630,000	$	547,456	$	197,041
Orascom Telecom Finance SCA
7.875% 02/08/14	02/01/07	$	280,000	$	280,000	$	267,400
Qatar Petroleum
5.579% 05/30/11	05/19/06	$	1,091,248	$	1,091,248	$	1,122,338
Ras Laffan Liquefied Natural Gas Co., Ltd. II
5.298% 09/30/20	01/07/08	$	3,400,000	$	3,247,748	$	3,404,114
Seminole Indian Tribe of Florida
7.804% 10/01/20	09/26/07	$	570,000	$	578,930	$	486,575
Systems 2001 Asset Trust
6.664% 09/15/13	06/01/04	$	1,327,056	$	1,327,056	$	1,359,808
						$	6,837,365

See Accompanying Notes to Financial Statements.

19

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

(d) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2009.

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

(f) The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is being accrued. At September 30, 2009, the value of these securities amounted to $1,831,673, which represents 0.1% of net assets.

(g) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $5,243,004, which represents 0.2% of net assets.

(h) Security purchased on a delayed delivery basis.

(i) Step bond. This security is currently not paying coupon. Shown parenthetically is the next coupon rate to be paid and the date the security will begin accruing at this rate.

(j) The issuer is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of these securities amounted to $139,260, which represents less than 0.1% of net assets.

(k) This security or a portion of this security is pledged as collateral for open credit default swaps. At September 30, 2009, the total market value of securities pledged amounted to $23,404,410.

(l) Investments in affiliates during the six months ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc., 5.450% 02/05/13

Par as of 03/31/09:	$	15,000,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	15,000,000
Net realized gain (loss):	$	—
Interest income earned:	$	408,750
Value at end of period:	$	15,553,815

Security name: Merrill Lynch & Co., Inc., 5.700% 05/02/17

Par as of 03/31/09:	$	9,940,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	9,940,000
Net realized gain (loss):	$	—
Interest income earned:	$	283,290
Value at end of period:	$	9,732,682

Security name: Merrill Lynch & Co., Inc., 6.050%, 08/15/12

Par as of 03/31/09:	$	1,500,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	1,500,000
Net realized gain (loss):	$	—
Interest income earned:	$	45,375
Value at end of period:	$	1,599,731

Security name: Merrill Lynch & Co., Inc., 6.150% 04/25/13

Par as of 03/31/09:	$	5,090,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	5,090,000
Net realized gain (loss):	$	—
Interest income earned:	$	156,518
Value at end of period:	$	5,385,724

Security name: Merrill Lynch & Co., Inc., 7.750% 05/14/38

Par as of 03/31/09:	$	5,160,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	5,160,000
Net realized gain (loss):	$	—
Interest income earned:	$	199,950
Value at end of period:	$	5,814,902

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

(m) Loan participation agreement.

(n) All of this security with a market value of $2,848,100 is pledged as collateral for open futures contracts.

(o) Non-income producing security.

(p) Cost for federal income tax purposes is $2,126,782,741.

The following table summarizes the inputs used, as of September 30, 2009 in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobser- vable Inputs (Level 3)		Total
Corporate Fixed-Income Bonds & Notes
Basic Materials	$	—	$	45,936,309	$	—	$	45,936,309
Communications		—		122,527,787		17,100		122,544,887
Consumer Cyclical		—		61,195,998		4,828,725		66,024,723
Consumer Non-Cyclical		—		115,392,742		—		115,392,742
Diversified		—		476,437		—		476,437
Energy		—		157,730,857		—		157,730,857
Financials		—		432,646,564		—		432,646,564
Industrials		—		84,016,632		—		84,016,632
Technology		—		36,019,735		—		36,019,735
Utilities		—		115,462,736		—		115,462,736
Total Corporate Fixed-Income Bonds & Notes		—		1,171,405,797		4,845,825		1,176,251,622
Total Mortgage-Backed Securities		—		444,381,250		—		444,381,250
Total Commercial Mortgage-Backed Securities		—		166,198,445		—		166,198,445
Total Asset-Backed Securities		—		119,297,596		—		119,297,596
Government & Agency Obligations
U.S. Government Obligations		111,375,620		—		—		111,375,620
Total Government & Agency Obligations		111,375,620		—		—		111,375,620
Collateralized Mortgage Obligations
Agency		—		22,504,978		—		22,504,978
Non–Agency		—		25,345,104		—		25,345,104
Total Collateralized Mortgage Obligations		—		47,850,082		—		47,850,082
Total Municipal Bonds		—		24,016,780		—		24,016,780
Common Stock
Industrials		13,765		—		—		13,765

See Accompanying Notes to Financial Statements.

20

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobser- vable Inputs (Level 3)		Total
Total Common Stocks	$	13,765		$	—		$	—	$	13,765
Preferred Stock
Communications		—			—			89		89
Total Preferred Stock		—			—			89		89
Warrants
Financials		—			—			101		101
Total Warrants		—			—			101		101
Total Short-Term Obligation		—			51,601,000			—		51,601,000
Total Investments		111,389,385			2,024,750,950			4,846,015		2,140,986,350
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		—			(126	)		—		(126	)
Unrealized Appreciation (Depreciation) on Credit Default Swap Contracts		—			(4,587,050	)		—		(4,587,050	)
Unrealized Appreciation (Depreciation) on Futures Contracts		(2,532,996	)		—			—		(2,532,996	)
Total	$	108,856,389		$	2,020,163,774		$	4,846,015	$	2,133,866,178

The Fund’s assets assigned to the Level 2 input category include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation.

The following table reconciles asset balances for the six month period ending September 30, 2009, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of March 31, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2009
Asset-Backed Securities
Asset Backed
Other Asset Backed	$	1,224,679	$	—	$	—	$	56,275		$	—	$	(448,364	)	$	—	$	(832,590	)	$	—
Corporate Fixed-Income Bonds & Notes
Communications
Media		17,100		314		—		(314	)		—		—			—		—			17,100
Consumer Cyclical
Airlines		3,391,731		—		24,646		1,172,561			—		(251,923	)		491,710		—			4,828,725
Industrials
Air Transportation		1,277,128		—		—		421,916			—		(210,163	)		—		(1,488,881	)		—
Preferred Stock
Communications
Media		89		—		—		—			—		—			—		—			89
Warrants
Financials
Banks		101		—		—		—			—		—			—		—			101
Total	$	5,910,828	$	314	$	24,646	$	1,650,438		$	—	$	(910,450	)	$	491,710	$	(2,321,471	)	$	4,846,015

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 September 30, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $1,172,246. 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.

See Accompanying Notes to Financial Statements.

21

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Forward foreign currency exchange contracts outstanding on September 30, 2009 are:

Foreign Exchange Rate Risk

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
EUR	$	263,401	$	263,062	10/14/09	$	(339	)
EUR		556,069		556,282	10/15/09		213
						$	(126	)

At September 30, 2009, the Fund has entered into the following credit default swap contracts:

Credit Risk

Swap Counterparty	Referenced Obligation	Receive Buy/Sell Protection	Fixed Rate		Expiration Date	Notional Amount		Upfront Premium Paid (Received)			Value of Contract
Barclays Capital	The Home Depot, Inc. 5.875% 12/16/36	Buy	2.930	%	12/20/13	$	21,545,000	$	—		$	(2,079,478	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy	1.000	%	09/20/14		9,600,000		33,371			32,814
Barclays Capital	D.R. Horton, Inc. 5.375% 06/15/12	Buy	1.000	%	09/20/14		9,600,000		408,024			(98,003	)
Barclays Capital	Toll Brothers, Inc. 5.150% 05/15/15	Buy	1.000	%	09/20/14		11,510,000		90,419			(10,406	)
Barclays Capital	Macy’s, Inc. 7.450% 07/15/17	Buy	5.000	%	06/20/14		6,215,000		(252,784	)		(340,880	)
Barclays Capital	HSBC Finance Corp. 7.000% 05/15/12	Buy	5.000	%	06/20/14		3,730,000		(152,913	)		(453,435	)
Barclays Capital	Limited Brands, Inc. 7.450% 07/15/17	Buy	5.000	%	09/20/14		8,000,000		(651,131	)		(233,299	)
JPMorgan	Macy’s, Inc. 7.450% 07/15/17	Buy	1.000	%	06/20/14		12,840,000		1,074,833			(75,850	)
JPMorgan	D.R. Horton, Inc. 5.375% 06/15/12	Buy	1.000	%	09/20/14		11,510,000		454,441			(83,415	)
Morgan Stanley	The Home Depot, Inc. 5.875% 12/16/36	Buy	3.350	%	12/20/13		8,000,000		—			(908,612	)
Morgan Stanley	Limited Brands, Inc. 7.450% 07/15/17	Buy	5.000	%	09/20/14		10,000,000		(768,013	)		(336,486	)
											$	(4,587,050	)

At September 30, 2009, cash of $5,890,000 was pledged as collateral for open credit default swap contracts.

At September 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure/Type

Interest Rate Risk	Number of Contracts	Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
10-Year U.S. Treasury Notes	588	$	69,576,938	$	68,283,411	Dec-09	$	1,293,527

At September 30, 2009, the Fund held the following open short futures contracts:

Risk Exposure/Type

Interest Rate Risk	Number of Contracts	Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
30-Year U.S. Treasury Bonds	1,483	$	179,999,125	$	176,172,602	Dec-09	$	(3,826,523	)

At September 30, 2009, cash of $1,150,000 was pledged as collateral for open futures contracts.

At September 30, 2009, asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes	54.3
Mortgage-Backed Securities	20.5
Commercial Mortgage-Backed Securities	7.7
Asset-Backed Securities	5.5
Government & Agency Obligations	5.1
Collateralized Mortgage Obligations	2.2
Municipal Bonds	1.1
Common Stock	0.0	*
Warrants	0.0	*
Preferred Stock	0.0	*
	96.4
Short-Term Obligation	2.4
Other Assets & Liabilities, Net	1.2
	100.0

* Represents less than 0.1% of net assets.

Acronym	Name
EUR	Euro
I.O.	Interest Only
PIK	Payment-In-Kind
REMICS	Real Estate Mortgage Investment Conduits

See Accompanying Notes to Financial Statements.

22

Statement of Assets and Liabilities – Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

		($)
Assets	Unaffiliated investments, at identified cost	2,089,194,921
	Affiliated investments, at identified cost	36,253,787
	Total investments, at identified cost	2,125,448,708
	Unaffiliated investments, at value	2,102,899,496
	Affiliated investments, at value	38,086,854
	Total investments, at value	2,140,986,350
	Cash	844
	Cash collateral for open credit default swap contracts	5,890,000
	Cash collateral for open futures contracts	1,150,000
	Open credit default swap contracts	32,814
	Credit default swap contracts premiums paid	1,969,641
	Unrealized appreciation on forward foreign currency exchange contracts	213
	Receivable for:
	Investments sold	58,212,114
	Fund shares sold	2,734,936
	Interest	23,285,276
	Futures variation margin	389,125
	Foreign tax reclaims	34,106
	Trustees’ deferred compensation plan	95,693
	Other assets	815,047
	Total Assets	2,235,596,159
Liabilities	Open credit default swap contracts	4,619,864
	Credit default swap contracts premiums received	1,768,500
	Unrealized depreciation on forward foreign currency exchange contracts	339
	Payable for:
	Investments purchased	51,847,262
	Investments purchased on a delayed delivery basis	1,360,637
	Fund shares repurchased	3,187,643
	Distributions	4,590,168
	Investment advisory fee	562,610
	Administration fee	263,307
	Pricing and bookkeeping fees	19,699
	Transfer agent fee	507,767
	Trustees’ fees	250
	Custody fee	11,472
	Distribution and service fees	86,724
	Chief compliance officer expenses	380
	Trustees’ deferred compensation plan	95,693
	Other liabilities	74,827
	Total Liabilities	68,997,142
	Net Assets	2,166,599,017
Net Assets Consist of	Paid-in capital	2,245,454,449
	Undistributed net investment income	10,043,427
	Accumulated net realized loss	(95,956,927	)
	Net unrealized appreciation (depreciation) on:
	Investments	15,537,642
	Foreign currency translations	374
	Credit swap default contracts	(5,946,952	)
	Futures contracts	(2,532,996	)
	Net Assets	2,166,599,017

See Accompanying Notes to Financial Statements.

23

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

September 30, 2009 (Unaudited)

Class A	Net assets	$	162,336,405
	Shares outstanding		18,536,273
	Net asset value per share	$	8.76	(a)
	Maximum sales charge		3.25	%
	Maximum offering price per share ($8.76/0.9675)	$	9.05	(b)
Class B	Net assets	$	36,509,221
	Shares outstanding		4,168,807
	Net asset value and offering price per share	$	8.76	(a)
Class C	Net assets	$	33,477,348
	Shares outstanding		3,822,583
	Net asset value and offering price per share	$	8.76	(a)
Class R	Net assets	$	1,670,701
	Shares outstanding		190,768
	Net asset value, offering and redemption price per share	$	8.76
Class Z	Net assets	$	1,932,605,342
	Shares outstanding		220,672,957
	Net asset value, offering and redemption price per share	$	8.76

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

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

See Accompanying Notes to Financial Statements.

24

Statement of Operations – Columbia Intermediate Bond Fund

For the Six Months Ended September 30, 2009 (Unaudited)

		($)
Investment Income	Interest	62,418,332
	Interest from affiliates	1,093,883
	Securities lending	13,417
	Dollar roll fee income	342,641
	Total Investment Income	63,868,273
Expenses	Investment advisory fee	3,292,714
	Administration fee	1,534,564
	Distribution fee:
	Class A	78,367
	Class B	137,591
	Class C	120,681
	Class R	4,663
	Service fee:
	Class A	195,801
	Class B	45,830
	Class C	40,220
	Pricing and bookkeeping fees	94,866
	Transfer agent fee	1,361,737
	Trustees’ fees	62,284
	Custody fee	33,669
	Chief compliance officer expenses	705
	Other expenses	270,494
	Expenses before interest expense	7,274,186
	Interest expense	35
	Total Expenses	7,274,221
	Fees waived by Distributor – Class A	(78,367	)
	Fees waived by Distributor – Class C	(24,154	)
	Expense reductions	(6	)
	Net Expenses	7,171,694
	Net Investment Income	56,696,579
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Credit Default Swap Contracts and Foreign Currency	Net realized gain (loss) on:
	Investments	4,976,559
	Foreign currency transactions and forward foreign currency exchange contracts	(38,730	)
	Credit default swap contracts	(9,004,022	)
	Futures contracts	4,032,753
	Net realized loss	(33,440	)
	Net change in unrealized appreciation (depreciation) on:
	Investments	259,674,038
	Foreign currency translations and forward foreign currency exchange contracts	3,662
	Credit default swap contracts	(2,356,019	)
	Futures contracts	(994,361	)
	Net change in unrealized appreciation (depreciation)	256,327,320
	Net Gain	256,293,880
	Net Increase Resulting from Operations	312,990,459

See Accompanying Notes to Financial Statements.

25

Statement of Changes in Net Assets – Columbia Intermediate Bond Fund

Increase (Decrease) in Net Assets		(Unaudited) Six Months Ended September 30, 2009 ($)		Year Ended March 31, 2009 ($)
Operations	Net investment income	56,696,579		124,197,647
	Net realized loss on investments, futures contracts, credit default swap contracts, foreign currency transactions and forward foreign currency exchange contracts	(33,440	)	(83,818,928	)
	Net change in unrealized appreciation (depreciation) on investments, futures contracts, credit default swap contracts, foreign currency translations and forward foreign currency exchange contracts	256,327,320		(195,085,329	)
	Net increase (decrease) resulting from operations	312,990,459		(154,706,610	)
Distributions to Shareholders	From net investment income:
	Class A	(4,064,243	)	(9,455,771	)
	Class B	(816,422	)	(2,075,339	)
	Class C	(738,654	)	(1,548,169	)
	Class R	(45,968	)	(86,795	)
	Class Z	(49,434,782	)	(109,356,195	)
	From net realized gains:
	Class A	—		(428,610	)
	Class B	—		(112,718	)
	Class C	—		(77,526	)
	Class R	—		(3,556	)
	Class Z	—		(4,770,651	)
	Total distributions to shareholders	(55,100,069	)	(127,915,330	)
	Net Capital Stock Transactions	(26,100,157	)	(344,521,048	)
	Increase from regulatory settlements	16,217		—
	Total increase (decrease) in net assets	231,806,450		(627,142,988	)
Net Assets	Beginning of period	1,934,792,567		2,561,935,555
	End of period	2,166,599,017		1,934,792,567
	Undistributed net investment income at end of period	10,043,427		8,446,917

See Accompanying Notes to Financial Statements.

26

Statement of Changes in Net Assets – Capital Stock Activity

	Columbia Intermediate Bond Fund
	(Unaudited) Six Months Ended September 30, 2009				Year Ended March 31, 2009
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	1,879,676		15,582,348		5,724,124		46,402,459
Distributions reinvested	449,946		3,748,559		1,139,701		9,237,323
Redemptions	(3,677,473	)	(30,182,355	)	(10,781,223	)	(86,748,875	)
Net decrease	(1,347,851	)	(10,851,448	)	(3,917,398	)	(31,109,093	)
Class B
Subscriptions	129,779		1,066,218		609,747		4,920,689
Distributions reinvested	73,943		615,650		204,400		1,659,409
Redemptions	(861,893	)	(7,048,500	)	(2,429,542	)	(19,594,906	)
Net decrease	(658,171	)	(5,366,632	)	(1,615,395	)	(13,014,808	)
Class C
Subscriptions	346,206		2,873,183		1,157,218		9,303,741
Distributions reinvested	58,579		488,025		137,760		1,115,502
Redemptions	(647,748	)	(5,311,362	)	(1,498,243	)	(12,062,419	)
Net decrease	(242,963	)	(1,950,154	)	(203,265	)	(1,643,176	)
Class R
Subscriptions	60,772		503,882		108,792		860,902
Distributions reinvested	2,944		24,670		5,099		41,108
Redemptions	(108,705	)	(916,952	)	(62,638	)	(496,769	)
Net increase (decrease)	(44,989	)	(388,400	)	51,253		405,241
Class Z
Subscriptions	24,729,723		204,509,670		48,434,868		396,931,752
Distributions reinvested	2,770,430		23,107,162		6,663,306		54,039,194
Redemptions	(28,547,786	)	(235,160,355	)	(92,954,379	)	(750,130,158	)
Net decrease	(1,047,633	)	(7,543,523	)	(37,856,205	)	(299,159,212	)

See Accompanying Notes to Financial Statements.

27

Financial Highlights – Columbia Intermediate Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class A Shares	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.72		$	8.71		$	8.84		$	8.74		$	8.96		$	9.27
Income from Investment Operations:
Net investment income (a)		0.22			0.43			0.43			0.42			0.39			0.39
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		1.03			(0.97	)		(0.13	)		0.11			(0.20	)		(0.25	)
Total from investment operations		1.25			(0.54	)		0.30			0.53			0.19			0.14
Less Distributions to Shareholders:
From net investment income		(0.21	)		(0.43	)		(0.43	)		(0.43	)		(0.41	)		(0.42	)
From net realized gains		—			(0.02	)		—			—			—			(0.03	)
Total distributions to shareholders		(0.21	)		(0.45	)		(0.43	)		(0.43	)		(0.41	)		(0.45	)
Increase from regulatory settlements		—	(b)		—			—			—			—			—
Net Asset Value, End of Period	$	8.76		$	7.72		$	8.71		$	8.84		$	8.74		$	8.96
Total return (c)(d)		16.42	%(e)		(6.34	)%		3.48	%		6.21	%(f)		2.12	%		1.55	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		0.90	%(h)		0.89	%		0.88	%		0.87	%		0.89	%		0.94	%
Interest expense		—	%(h)(i)		—	%(i)		—			—			—			—
Net expenses (g)		0.90	%(h)		0.89	%		0.88	%		0.87	%		0.89	%		0.94	%
Waiver/Reimbursement		0.10	%(h)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (g)		5.34	%(h)		5.33	%		4.88	%		4.83	%		4.36	%		4.31	%
Portfolio turnover rate		65	%(e)		137	%		266	%		150	%		126	%		40	%
Net assets, end of period (000s)	$	162,336		$	153,435		$	207,215		$	206,147		$	199,376		$	168,213

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

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

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

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

28

Financial Highlights – Columbia Intermediate Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class B Shares	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.72		$	8.71		$	8.84		$	8.74		$	8.96		$	9.27
Income from Investment Operations:
Net investment income (a)		0.19			0.37			0.36			0.36			0.32			0.32
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		1.03			(0.97	)		(0.12	)		0.10			(0.20	)		(0.25	)
Total from investment operations		1.22			(0.60	)		0.24			0.46			0.12			0.07
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.37	)		(0.37	)		(0.36	)		(0.34	)		(0.35	)
From net realized gains		—			(0.02	)		—			—			—			(0.03	)
Total distributions to shareholders		(0.18	)		(0.39	)		(0.37	)		(0.36	)		(0.34	)		(0.38	)
Increase from regulatory settlements		—	(b)		—			—			—			—			—
Net Asset Value, End of Period	$	8.76		$	7.72		$	8.71		$	8.84		$	8.74		$	8.96
Total return (c)		15.99	%(d)		(7.04	)%		2.72	%		5.42	%(e)		1.36	%		0.80	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.65	%(g)		1.64	%		1.63	%		1.62	%		1.64	%		1.69	%
Interest expense		—	%(g)(h)		—	%(h)		—			—			—			—
Net expenses (f)		1.65	%(g)		1.64	%		1.63	%		1.62	%		1.64	%		1.69	%
Net investment income (f)		4.61	%(g)		4.59	%		4.14	%		4.08	%		3.61	%		3.56	%
Portfolio turnover rate		65	%(d)		137	%		266	%		150	%		126	%		40	%
Net assets, end of period (000s)	$	36,509		$	37,247		$	56,087		$	63,617		$	74,332		$	89,564

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

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

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

(d) Not annualized.

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

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

29

Financial Highlights – Columbia Intermediate Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class C Shares	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.72		$	8.71		$	8.84		$	8.74		$	8.96		$	9.27
Income from Investment Operations:
Net investment income (a)		0.20			0.39			0.37			0.37			0.34			0.34
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		1.03			(0.98	)		(0.12	)		0.11			(0.20	)		(0.26	)
Total from investment operations		1.23			(0.59	)		0.25			0.48			0.14			0.08
Less Distributions to Shareholders:
From net investment income		(0.19	)		(0.38	)		(0.38	)		(0.38	)		(0.36	)		(0.36	)
From net realized gains		—			(0.02	)		—			—			—			(0.03	)
Total distributions to shareholders		(0.19	)		(0.40	)		(0.38	)		(0.38	)		(0.36	)		(0.39	)
Increase from regulatory settlements		—	(b)		—			—			—			—			—
Net Asset Value, End of Period	$	8.76		$	7.72		$	8.71		$	8.84		$	8.74		$	8.96
Total return (c)(d)		16.07	%(e)		(6.91	)%		2.87	%		5.58	%(f)		1.51	%		0.95	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.50	%(h)		1.49	%		1.48	%		1.47	%		1.49	%		1.54	%
Interest expense		—	%(h)(i)		—	%(i)		—			—			—			—
Net expenses (g)		1.50	%(h)		1.49	%		1.48	%		1.47	%		1.49	%		1.54	%
Waiver/Reimbursement		0.15	%(h)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income (g)		4.75	%(h)		4.74	%		4.28	%		4.23	%		3.76	%		3.71	%
Portfolio turnover rate		65	%(e)		137	%		266	%		150	%		126	%		40	%
Net assets, end of period (000s)	$	33,477		$	31,372		$	37,164		$	35,458		$	39,641		$	46,693

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

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

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

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

30

Financial Highlights – Columbia Intermediate Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,									Period Ended March 31,
Class R Shares	2009			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	7.72		$	8.71		$	8.84		$	8.74		$	8.91
Income from Investment Operations:
Net investment income (b)		0.21			0.41			0.40			0.39			0.06
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		1.03			(0.97	)		(0.12	)		0.12			(0.15	)
Total from investment operations		1.24			(0.56	)		0.28			0.51			(0.09	)
Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.41	)		(0.41	)		(0.41	)		(0.08	)
From net realized gains		—			(0.02	)		—			—			—
Total distributions to shareholders		(0.20	)		(0.43	)		(0.41	)		(0.41	)		(0.08	)
Increase from regulatory settlements		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	8.76		$	7.72		$	8.71		$	8.84		$	8.74
Total return (d)		16.27	%(e)		(6.58	)%		3.24	%		5.94	%(f)		(1.06	)%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.15	%(h)		1.14	%		1.13	%		1.12	%		1.30	%(h)
Interest expense		—	%(h)(i)		—	%(i)		—			—			—
Net expenses (g)		1.15	%(h)		1.14	%		1.13	%		1.12	%		1.30	%(h)
Net investment income (g)		5.09	%(h)		5.11	%		4.60	%		4.45	%		3.25	%(h)
Portfolio turnover rate		65	%(e)		137	%		266	%		150	%		126	%(e)
Net assets, end of period (000s)	$	1,671		$	1,819		$	1,606		$	42		$	10

(a) Class R shares were initially offered on January 23, 2006.

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

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

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

(e) Not annualized.

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

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

(h) Annualized.

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

31

Financial Highlights – Columbia Intermediate Bond Fund

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

	(Unaudited) Six Months Ended September 30,			Year Ended March 31,
Class Z Shares	2009			2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.72		$	8.71		$	8.84		$	8.74		$	8.96		$	9.27
Income from Investment Operations:
Net investment income (a)		0.23			0.45			0.45			0.45			0.41			0.41
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts and credit default swap contracts		1.03			(0.97	)		(0.13	)		0.10			(0.20	)		(0.25	)
Total from investment operations		1.26			(0.52	)		0.32			0.55			0.21			0.16
Less Distributions to Shareholders:
From net investment income		(0.22	)		(0.45	)		(0.45	)		(0.45	)		(0.43	)		(0.44	)
From net realized gains		—			(0.02	)		—			—			—			(0.03	)
Total distributions to shareholders		(0.22	)		(0.47	)		(0.45	)		(0.45	)		(0.43	)		(0.47	)
Increase from regulatory settlements		—	(b)		—			—			—			—			—
Net Asset Value, End of Period	$	8.76		$	7.72		$	8.71		$	8.84		$	8.74		$	8.96
Total return (c)		16.56	%(d)		(6.11	)%		3.74	%		6.48	%(e)		2.37	%		1.80	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.65	%(g)		0.64	%		0.63	%		0.62	%		0.64	%		0.69	%
Interest expense		—	%(g)(h)		—	%(h)		—			—			—			—
Net expenses (f)		0.65	%(g)		0.64	%		0.63	%		0.62	%		0.64	%		0.69	%
Net investment income (f)		5.59	%(g)		5.58	%		5.13	%		5.08	%		4.63	%		4.56	%
Portfolio turnover rate		65	%(d)		137	%		266	%		150	%		126	%		40	%
Net assets, end of period (000s)	$	1,932,605		$	1,710,920		$	2,259,863		$	1,894,798		$	1,379,320		$	877,193

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

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

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

(d) Not annualized.

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

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

32

Notes to Financial Statements – Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Note 1. Organization

Columbia Intermediate Bond Fund (the “Fund”), a series of Columbia Funds Series Trust I (the “Trust”), is a diversified portfolio. The Trust is a Massachusetts business 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 total return, consisting of current income and capital appreciation.

Fund Shares

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

Class A shares are subject to a maximum front-end sales charge of 3.25% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within one year after purchase. Class B shares are subject to a maximum CDSC of 3.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within one year after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Fund’s prospectuses.

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 November 20, 2009, the date the financial statements were issued, and except as disclosed in Note 13, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

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

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

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

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

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

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Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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

Credit default swap contracts are marked to market daily based upon quotations from market makers. Quotations obtained from independent pricing services use information provided by market makers.

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

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

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

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:

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

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

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

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

Security Transactions

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

Management is required to provide disclosures regarding the Fund’s derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

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. Columbia is

34

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund will hold and maintain in a segregated account until the settlement date, cash or liquid securities in an amount equal to the forward purchase price.

The Fund’s policy is to record the components of mortgage dollar rolls using “to be announced” mortgage-backed securities. For financial reporting and tax purposes, the Fund treats mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund’s right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the investment advisor’s ability to predict correctly interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund holds until the settlement date, in a segregated account, cash or liquid securities in an amount equal to the delayed delivery commitment.

Stripped Securities

Stripped mortgage-backed securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an interest-only security. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that the Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Foreign Currency Transactions and Translations

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

35

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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

Income Recognition

Interest income is recorded on an accrual basis and includes accretion of discounts, amortization of premiums and paydown gains and losses. Fee income attributable to mortgage dollar roll transactions is recorded on the accrual basis over the term of the transaction. The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Indemnification

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

Note 3. Federal Tax Information

The tax character of distributions paid during the year ended March 31, 2009 was as follows:

Distributions paid from:
Ordinary Income*	$	127,915,330

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	114,448,640
Unrealized depreciation		(100,245,031	)
Net unrealized appreciation	$	14,203,609

The following capital loss carryforwards, determined as of March 31, 2009, 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
2017	$45,710,830

36

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”) provides investment advisory services to the Fund.

In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund’s average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $1 billion	0.35%
$1 billion to $1.5 billion	0.30%
$1.5 billion to $3 billion	0.29%
$3 billion to $6 billion	0.28%
Over $6 billion	0.27%

For the six month period ended September 30, 2009, the Fund’s annualized effective investment advisory fee rate was 0.32% of the Fund’s average daily net assets.

BOA 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 (“Transaction”) includes a sale of the part of the asset management business that advises long-term mutual funds, including the Fund. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee at the annual rate of 0.15% of the Fund’s average daily net assets.

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 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.

37

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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 $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the six month period ended September 30, 2009, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution 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. For the six month period ended September 30, 2009, the Distributor has retained net underwriting discounts of $5,325 on sales of the Fund’s Class A shares and received net CDSC fees of $13,756 and $1,186 on Class B and Class C share redemptions, respectively.

The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act (the “Plans”) which require the payment of a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class B and Class C shares of the Fund. The Plans also require the payment of a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class B, Class C and Class R shares, respectively. The Distributor has voluntarily agreed to waive a portion of the distribution and service fees for Class A shares of the Fund so that the combined fee will not exceed 0.25% annually of Class A average daily net assets. The Distributor has also voluntarily agreed to waive a portion of the distribution and service fees for Class C shares so that the combined fee will not exceed 0.85% annually of Class C average daily net assets. These arrangements may be modified or terminated by the Distributor at any time.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Fee Waivers and Expense Reimbursements

Columbia has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed 0.70% of the Fund’s average daily net assets on an annualized basis. Columbia, in its discretion, may revise or discontinue this arrangement at any time.

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.

38

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund’s assets.

Note 5. Custody Credits

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

For the six month period ended September 30, 2009, these custody credits reduced total expenses by $6 for the Fund.

Note 6. Objectives and Strategies for Investing in Derivatives Instruments

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

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

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

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

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

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

Forward Foreign Currency Exchange Contracts

The Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another.

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

39

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

Credit Default Swaps

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

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

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

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

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

Futures Contracts

The Fund entered into interest rate futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark.

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

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

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

The following table is a summary of the value of the Fund’s derivative instruments as of September 30, 2009.

Fair Value of Derivative Instruments
Asset-derivatives				Liability-derivatives
Statement of Assets and Liabilities	Fair Value			Statement of Assets and Liabilities	Fair Value
Futures Variation Margin	$	389,125	*	—	—
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		213		Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	339
Credit Default Swaps/Premiums		2,002,455		Credit Default Swaps/Premiums	6,388,364

* Includes only the current day’s variation margin.

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Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

The effect of derivative instruments on the Statement of Operations for the six month period ended September 30, 2009.

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Risk Exposure	Forward Foreign Currency Exchange Contracts			Credit Default Swap Contracts			Futures Contracts
Foreign Exchange Rate	$	(48,158	)	$	—		$	—
Credit		—			(9,004,022	)		—
Interest Rate		—			—			4,032,753

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure	Forward Foreign Currency Exchange Contracts		Credit Default Swap Contracts			Futures Contracts
Foreign Exchange Rate	$	3,315	$	—		$	—
Credit		—		(2,356,019	)		—
Interest Rate		—		—			(994,361	)

Note 7. Portfolio Information

For the six month period ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $1,298,506,991 and $1,405,199,293, respectively, of which $522,287,419 and $573,905,396, respectively, were U.S. Government securities.

Note 8. Regulatory Settlements

During the six month period ended September 30, 2009, the Fund received payments of $16,217 relating to certain regulatory settlements with third parties that the Fund had participated in during the period. The payments have been included in “Increase from regulatory settlements” on the Statement of Changes in Net Assets.

Note 9. Line of Credit

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

Interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 0.50% or the overnight LIBOR Rate plus 0.50%. In addition, an annual operations agency fee of $20,000, an amendment fee of 0.02% and a commitment fee of 0.12% per annum are accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended September 30, 2009, the average daily loan balance outstanding on days where borrowing existed was $1,700,000 at a weighted average interest rate of 0.741%.

Note 10. Securities Lending

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

Note 11. Shares of Beneficial Interest

As of September 30, 2009, 46.6% 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. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

As of September 30, 2009, the Fund had two shareholders that collectively held 14.6% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

41

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

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

Note 12. Significant Risks and Contingencies

Sector Focus Risk

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

High-Yield Securities Risk

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

Asset-Backed Securities Risk

The value of asset-backed securities may be affected by, among other factors, changes in interest rates, the market’s assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, factors concerning the interests in and structure of the issuer or the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Mortgage-Backed Securities Risk

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

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 entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 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 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 $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

42

Columbia Intermediate Bond Fund

September 30, 2009 (Unaudited)

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

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 Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) (“Columbia”), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the “Distributor”), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court’s memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants’ motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 (“ICA”) and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the “CDSC Lawsuit”). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

Note 13. Subsequent Events

On October 15, 2009, the committed line of credit discussed in Note 9 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective November 1, 2009, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

43

[THIS PAGE INTENTIONALLY LEFT BLANK]

44

Important Information About This Report

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

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 Intermediate Bond Fund.

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

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

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.

45

One Financial Center

Boston, MA 02111-2621

Columbia Intermediate Bond Fund

Semiannual Report, September 30, 2009

©2009 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiafunds.com

SHC-44/24714-0909 (11/09) 09/95452

Semiannual Report

September 30, 2009

Columbia Income Fund

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

Table of contents

Fund Profile	1
Performance Information	3
Understanding Your Expenses	4
Financial Statements
Investment Portfolio	5
Statement of Assets and Liabilities	22
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	31
Important Information About This Report	45

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

President’s Message

Dear Shareholder:

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. In the third quarter, the S&P 500 Index¹ was up 15.61%. 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 4 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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.

Fund Profile – Columbia Income Fund

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

Summary

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

	+25.88% Class A shares     (without sales charge)
	+16.94% Barclays Capital Credit Bond Index
	+20.33% Blended Benchmark
	+4.98% Barclays Capital Intermediate Government/Credit Bond Index
	+14.15% Barclays Capital Intermediate Credit Bond Index

Morningstar Style Box^™

Fixed Income Maturity

The Morningstar Style Box^™ reveals a fund’s investment strategy. For fixed-income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate or long). Information shown is based on the most recent data provided by Morningstar.

Summary

n Effective June 19, 2009, the fund changed its primary benchmark to the Barclays Capital Credit Bond Index.¹ The fund’s secondary benchmark was changed to a blended benchmark², a weighted custom composite established by the advisor consisting of 85% Barclays Capital Credit Bond Index and 15% JPMorgan Global High Yield Index.³ Prior to June 19, 2009, the Barclays Capital Intermediate Government/Credit Bond Index and the Barclays Capital Intermediate Credit Bond Index⁴ were the fund’s primary and secondary benchmarks, respectively. We believe that the new benchmarks more accurately reflect the strategy of the fund.

n For the six-month period that ended September 30, 2009, the fund’s Class A shares returned 25.88% without sales charge. The fund’s new benchmarks, the Barclays Capital Credit Bond Index and the blended benchmark, returned 16.94% and 20.33%, respectively, for the same period. The fund’s former indices, the Barclays Capital Intermediate Government/Credit Bond Index and the Barclays Capital Intermediate Credit Bond Index, returned 4.98% and 14.15%, respectively. The average return of the fund’s peer group, the Lipper Corporate Debt Funds BBB-Rated Classification⁵, was 22.16%. The fund outperformed its benchmarks because it had greater exposure to high-yield and investment-grade corporate bonds, sectors that experienced dramatic gains. We believe that the fund outperformed its peer group average because it had more exposure to high-yield issues.

n Corporate bonds, which have historically made up most of the fund’s portfolio, rallied strongly amid signs that the recession was ending. Our decisions to add to financial holdings late last year and to expand investment-grade and high-yield commitments early in 2009 were especially beneficial in this environment. Outstanding performers included subordinated bank obligations and pipeline bonds. JPMorgan Chase (1.1% of net assets) led results among financials. Kinder Morgan Energy Partners and Energy Transfer Partners (1.5% and 0.4% of net assets, respectively) were standouts among pipeline companies, a BBB sector that correlates with high-yield bonds. Lower-quality issues staged the biggest comebacks, aiding fund holdings among non-agency mortgages and subordinated automobile debt. Life insurance issues, depressed by liquidity concerns that we thought were overdone, recovered, with MetLife, Liberty Mutual Group and Principal Life (1.2%, 1.0% and 1.1% of net assets, respectively) adding nicely to returns.

¹ The Barclays Capital Credit Bond Index is an index of publicly issued investment grade, corporate securities and dollar-denominated SEC registered global debentures.

² A weighted custom composite of the Barclays Capital Credit Bond Index (85%) and JPMorgan Global High Yield Index (15%) established by the advisor.

³ The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.

⁴ The Barclays Capital Intermediate Government/Credit Bond Index is an index that tracks the performance of intermediate term U.S. government and corporate bonds. The Barclays Capital Intermediate Credit Bond Index is the intermediate component of the U.S. Credit Index. The U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

⁵ Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

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

1

Fund Profile (continued) – Columbia Income Fund

n The last six months produced the biggest value increase in investment-grade and high-yield bonds within memory — and the best gains may be behind us. But we believe that today’s healthy coupons provide fair compensation for investors, given the low default risk among investment grade issues. Over the next year, we believe that yields have the potential to continue to decline and prices to rise on corporate issues, narrowing the yield advantage that corporates provide over Treasury issues. Life insurance and subordinated bank debt still appear to offer good value, as do certain mortgage bonds backed by commercial property.

Portfolio Management

Carl W. Pappo, lead manager of the fund, has co-managed the fund since 2005 and has been associated with the advisor or its predecessors since 1993.

Kevin L. Cronk has co-managed the fund since 2003 and has been associated with the advisor or its predecessors since 1999.

Portfolio holdings and characteristics are subject to change periodically and may not be representative of current holdings and characteristics. The outlook for the fund may differ from those presented for other Columbia Funds.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yield and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Investments in high-yield or “junk” bonds offer the potential for higher income than investments in investment-grade bonds, but also involve a higher degree of risk. Changes in economic conditions or other circumstances may adversely affect a high-yield bond issuer’s ability to make timely principal and interest payments.

2

Performance Information – Columbia Income Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)
Sales charge	without	with
Class A	18,102	17,247
Class B	17,150	17,150
Class C	17,333	17,333
Class Z	18,588	n/a

The table above shows the change in value of a hypothetical $10,000 investment in each share class of Columbia Income Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Average annual total return as of 09/30/09 (%)
Share class	A		B		C		Z
Inception	07/31/00		07/15/02		07/15/02		03/05/86
Sales charge	without	with	without	with	without	with	without
6-month (cumulative)	25.88	19.89	25.42	20.42	25.51	24.51	26.04
1-year	22.04	16.30	21.14	16.14	21.32	20.32	22.33
5-year	4.00	3.00	3.23	2.90	3.38	3.38	4.26
10-year	6.11	5.60	5.54	5.54	5.65	5.65	6.40

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

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

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

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

Class A, Class B and Class C are newer classes of shares. Class A share performance information includes the returns of Class Z shares (the oldest existing share class) for periods prior to its inception. Class B and Class C share performance information includes returns of Class A shares for the period from July 31, 2000 through July 14, 2002, and the returns of Class Z shares for periods prior thereto. These returns reflect differences in sales charges, but have not been restated to reflect any differences in expenses (such as distribution and service (Rule 12b-1) fees) between Class Z shares and the newer classes of shares or between Class A shares and Class B shares and Class C shares. If differences in expenses had been reflected, the returns shown for periods prior to the inception of the newer classes of shares would have been lower, since the newer classes of shares are subject to varying distribution and service (Rule 12b-1) fees. Class A shares were initially offered on July 31, 2000, Class B shares and Class C shares were initially offered on July 15, 2002, and Class Z shares were initially offered on March 5, 1986.

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

Annual operating expense ratio (%)*
Class A	0.98
Class B	1.73
Class C	1.73
Class Z	0.73

* The annual operating expense ratio is as stated in the fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios.

Net asset value per share
as of 09/30/09 ($)
Class A	9.29
Class B	9.29
Class C	9.29
Class Z	9.29
Distributions declared per share
04/01/09 – 09/30/09 ($)
Class A	0.27
Class B	0.23
Class C	0.24
Class Z	0.28

3

Understanding Your Expenses – Columbia Income Fund

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

Analyzing your fund’s expenses by share class

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

Compare with other funds

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

Estimating your actual expenses

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

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

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

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

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

If the value of your account falls below the minimum initial investment requirement applicable to you, your account generally will be subject to a $20 annual fee.

This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

04/01/09 – 09/30/09
	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
Class A	1,000.00	1,000.00	1,258.81	1,020.31	5.38	4.81	0.95
Class B	1,000.00	1,000.00	1,254.19	1,016.55	9.61	8.59	1.70
Class C	1,000.00	1,000.00	1,255.10	1,017.30	8.76	7.84	1.55
Class Z	1,000.00	1,000.00	1,260.41	1,021.56	3.97	3.55	0.70

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

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

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

4

Investment Portfolio – Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes – 90.7%

		Par ($) (a)	Value ($)
Basic Materials – 2.9%
Chemicals – 1.0%
Chemtura Corp.
6.875% 06/01/16 (b)		460,000	483,000
Dow Chemical Co.
8.550% 05/15/19		1,440,000	1,618,770
Huntsman International LLC
6.875% 11/15/13 (c)	EUR	170,000	221,405
7.875% 11/15/14		475,000	442,937
Ineos Group Holdings PLC
8.500% 02/15/16 (c)		685,000	325,375
INVISTA
9.250% 05/01/12 (c)		640,000	640,000
Lubrizol Corp.
6.500% 10/01/34		1,310,000	1,368,130
Terra Capital, Inc.
7.000% 02/01/17		315,000	328,388
Chemicals Total			5,428,005
Forest Products & Paper – 0.5%
Cascades, Inc.
7.250% 02/15/13		410,000	401,800
Clearwater Paper Corp.
10.625% 06/15/16 (c)		145,000	156,781
Domtar Corp.
7.125% 08/15/15		255,000	249,900
Georgia-Pacific Corp.
8.000% 01/15/24		855,000	846,450
NewPage Corp.
10.000% 05/01/12		285,000	188,100
11.375% 12/31/14 (c)		230,000	225,975
PE Paper Escrow GmbH
12.000% 08/01/14 (c)		330,000	356,400
Westvaco Corp.
8.200% 01/15/30		280,000	274,642
Forest Products & Paper Total			2,700,048
Iron/Steel – 0.5%
ArcelorMittal
9.850% 06/01/19		165,000	195,163
Nucor Corp.
5.000% 06/01/13		1,280,000	1,361,431
Russel Metals, Inc.
6.375% 03/01/14		225,000	201,656

	Par ($) (a)	Value ($)
Steel Dynamics, Inc.
8.250% 04/15/16 (c)	665,000	668,325
United States Steel Corp.
7.000% 02/01/18	500,000	480,186
Iron/Steel Total		2,906,761
Metals & Mining – 0.9%
FMG Finance Ltd.
10.625% 09/01/16 (c)	615,000	681,113
Freeport-McMoRan Copper & Gold, Inc.
8.250% 04/01/15	1,300,000	1,382,875
8.375% 04/01/17	1,280,000	1,361,600
Noranda Aluminium Holding Corp.
PIK,
7.163% 11/15/14 (11/16/09) (d)(e)	355,461	164,558
Teck Resources Ltd.
10.750% 05/15/19	655,000	761,437
Vedanta Resources PLC
9.500% 07/18/18 (c)	350,000	344,750
Metals & Mining Total		4,696,333
Basic Materials Total		15,731,147
Communications – 12.0%
Advertising – 0.0%
Interpublic Group of Companies, Inc.
6.250% 11/15/14	100,000	94,625
10.000% 07/15/17 (c)	105,000	113,400
Advertising Total		208,025
Media – 3.1%
Cengage Learning Acquisitions, Inc
10.500% 01/15/15 (c)	860,000	812,700
Charter Communications Holdings II LLC
10.250% 09/15/10 (f)	655,000	699,950
Charter Communications Operating LLC/Charter Communications Operating Capital
10.375% 04/30/14 (c)(f)	545,000	555,900
CMP Susquehanna Corp.
3.440% 05/15/14 (11/15/09) (d)(e)(g)	30,000	13,500
Comcast Corp.
6.550% 07/01/39	1,860,000	1,987,644
6.950% 08/15/37	5,080,000	5,670,103

See Accompanying Notes to Financial Statements.

5

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Communications (continued)
Media (continued)
CSC Holdings, Inc.
8.500% 04/15/14 (c)	680,000	714,000
8.500% 06/15/15 (c)	85,000	89,250
DirecTV Holdings LLC
6.375% 06/15/15	1,120,000	1,134,000
DISH DBS Corp.
6.625% 10/01/14	1,080,000	1,050,300
7.875% 09/01/19 (c)(h)	260,000	262,600
Liberty Media LLC
8.250% 02/01/30	410,000	338,250
Local TV Finance LLC
PIK,
9.250% 06/15/15 (c)	241,500	75,532
News America, Inc.
6.400% 12/15/35	1,780,000	1,795,625
6.550% 03/15/33	500,000	511,750
Sirius XM Radio, Inc.
9.750% 09/01/15 (c)	510,000	520,200
Media Total		16,231,304
Telecommunication Services – 8.9%
AT&T, Inc.
5.625% 06/15/16	1,645,000	1,769,620
6.550% 02/15/39	1,960,000	2,136,874
BellSouth Corp.
5.200% 09/15/14	2,255,000	2,441,459
British Telecommunications PLC
5.150% 01/15/13	3,575,000	3,724,453
5.950% 01/15/18	7,375,000	7,470,794
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14 (c)	5,135,000	5,549,297
Citizens Communications Co.
7.875% 01/15/27	755,000	688,938
Cricket Communications, Inc.
9.375% 11/01/14	705,000	715,575
Crown Castle International Corp.
9.000% 01/15/15	290,000	303,775
Digicel Group Ltd.
8.875% 01/15/15 (c)	985,000	916,050
GeoEye, Inc.
9.625% 10/01/15 (c)(h)	330,000	334,125

	Par ($) (a)	Value ($)
Global Crossing Ltd.
12.000% 09/15/15 (c)	495,000	519,750
Hellas Telecommunications Luxembourg II
6.259% 01/15/15 (10/15/09) (c)(d)(e)	245,000	37,975
Inmarsat Finance II PLC
10.375% 11/15/12	530,000	548,550
Inmarsat Finance PLC
7.625% 06/30/12	150,000	150,375
Intelsat Jackson Holdings Ltd.
11.250% 06/15/16	1,560,000	1,669,200
Lucent Technologies, Inc.
6.450% 03/15/29	1,135,000	864,019
MetroPCS Wireless, Inc.
9.250% 11/01/14	735,000	751,537
Nextel Communications, Inc.
7.375% 08/01/15	815,000	731,463
Nielsen Finance LLC/Nielsen Finance Co.
11.500% 05/01/16	595,000	624,750
NII Capital Corp.
10.000% 08/15/16 (c)	210,000	218,400
Nordic Telephone Co. Holdings ApS
8.875% 05/01/16 (c)	430,000	445,050
Orascom Telecom Finance SCA
7.875% 02/08/14 (c)	220,000	210,100
Quebecor Media, Inc.
7.750% 03/15/16	815,000	806,850
Qwest Communications International, Inc.
7.500% 02/15/14	560,000	553,000
Qwest Corp.
7.500% 10/01/14	320,000	323,200
7.500% 06/15/23	715,000	650,650
SBA Telecommunications, Inc.
8.250% 08/15/19 (c)	205,000	211,150
Sprint Capital Corp.
6.875% 11/15/28	215,000	179,525
Syniverse Technologies, Inc.
7.750% 08/15/13	280,000	259,350
Telefonica Emisiones SAU
6.221% 07/03/17	760,000	838,970
6.421% 06/20/16	3,125,000	3,509,584

See Accompanying Notes to Financial Statements.

6

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

		Par ($) (a)	Value ($)
Communications (continued)
Telecommunication Services (continued)
Time Warner Telecom Holdings, Inc.
9.250% 02/15/14		390,000	401,700
Verizon Communications, Inc.
8.950% 03/01/39		2,000,000	2,739,930
Virgin Media Finance PLC
9.500% 08/15/16		740,000	778,850
West Corp.
11.000% 10/15/16		565,000	560,763
Wind Acquisition Finance SA
10.750% 12/01/15 (c)		65,000	71,500
11.750% 07/15/17 (c)	EUR	225,000	365,471
11.750% 07/15/17 (c)		1,030,000	1,161,325
Windstream Corp.
8.625% 08/01/16		850,000	869,125
Telecommunication Services Total			47,103,072
Communications Total			63,542,401
Consumer Cyclical – 5.5%
Airlines – 0.6%
Continental Airlines, Inc.
7.461% 04/01/15		3,308,846	3,085,499
Airlines Total			3,085,499
Apparel – 0.1%
Levi Strauss & Co.
9.750% 01/15/15		600,000	624,000
Apparel Total			624,000
Auto Manufacturers – 0.0%
General Motors Corp.
7.200% 01/15/11 (b)		390,000	59,475
8.375% 07/15/33 (b)		810,000	131,625
Auto Manufacturers Total			191,100
Auto Parts & Equipment – 0.2%
Goodyear Tire & Rubber Co.
9.000% 07/01/15		430,000	446,125
10.500% 05/15/16		130,000	141,050
TRW Automotive, Inc.
7.000% 03/15/14 (c)		405,000	368,550
Auto Parts & Equipment Total			955,725
Entertainment – 0.4%
American Casino & Entertainment Properties LLC
11.000% 06/15/14 (c)		355,000	315,950

	Par ($) (a)	Value ($)
Boyd Gaming Corp.
6.750% 04/15/14	425,000	380,375
7.125% 02/01/16	40,000	35,200
Jacobs Entertainment, Inc.
9.750% 06/15/14	360,000	328,050
Pinnacle Entertainment, Inc.
7.500% 06/15/15	215,000	190,275
8.625% 08/01/17 (c)	310,000	311,550
Six Flags, Inc.
9.625% 06/01/14 (b)	259,000	47,915
WMG Acquisition Corp.
7.375% 04/15/14	390,000	373,425
WMG Holdings Corp.
(i) 12/15/14 (9.500% 12/15/09)	345,000	332,062
Entertainment Total		2,314,802
Home Builders – 0.3%
D.R. Horton, Inc.
5.625% 09/15/14	480,000	463,200
5.625% 01/15/16	185,000	172,975
KB Home
5.875% 01/15/15	605,000	570,213
Ryland Group, Inc.
8.400% 05/15/17	180,000	193,050
Standard Pacific Corp.
7.000% 08/15/15	275,000	240,625
Home Builders Total		1,640,063
Leisure Time – 0.1%
Royal Caribbean Cruises Ltd.
7.500% 10/15/27	440,000	343,200
Leisure Time Total		343,200
Lodging – 0.6%
Harrah’s Operating Co., Inc.
10.000% 12/15/18 (c)	282,000	224,190
11.250% 06/01/17 (c)	150,000	151,500
Harrahs Operating Escrown LLC/Harrahs Escrow Corp.
11.250% 06/01/17 (c)	385,000	395,587
Host Hotels & Resorts LP
6.750% 06/01/16	435,000	413,250
Majestic Star LLC
9.750% 01/15/11 (j)	480,000	50,400

See Accompanying Notes to Financial Statements.

7

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Consumer Cyclical (continued)
Lodging (continued)
Mashantucket Western Pequot Tribe
8.500% 11/15/15 (c)	485,000	175,813
MGM Mirage
6.750% 09/01/12	735,000	615,562
Seminole Indian Tribe of Florida
7.804% 10/01/20 (c)	565,000	482,307
Snoqualmie Entertainment Authority
4.680% 02/01/14 (02/01/10) (c)(d)(e)	70,000	34,300
9.125% 02/01/15 (c)	240,000	127,200
Starwood Hotels & Resorts Worldwide, Inc.
6.750% 05/15/18	460,000	434,125
Lodging Total		3,104,234
Retail – 3.2%
AmeriGas Partners LP
7.125% 05/20/16	465,000	446,400
7.250% 05/20/15	75,000	73,125
Best Buy Co., Inc.
6.750% 07/15/13	2,960,000	3,171,078
CVS Pass-Through Trust
5.298% 01/11/27 (c)	1,934,557	1,746,540
6.036% 12/10/28	2,000,087	1,927,984
8.353% 07/10/31 (c)	3,934,382	4,378,888
Dollar General Corp.
PIK,
11.875% 07/15/17	585,000	658,125
Inergy LP/Inergy Finance Corp.
8.250% 03/01/16	205,000	206,025
8.750% 03/01/15 (c)	320,000	328,800
Limited Brands, Inc.
8.500% 06/15/19 (c)	415,000	434,144
Macy’s Retail Holdings, Inc.
5.350% 03/15/12	645,000	627,833
McDonald’s Corp.
5.700% 02/01/39	1,460,000	1,580,695
Phillips-Van Heusen Corp.
8.125% 05/01/13	210,000	213,675
Rite Aid Corp.
9.500% 06/15/17	705,000	571,050

	Par ($) (a)	Value ($)
Starbucks Corp.
6.250% 08/15/17	120,000	128,438
Toys R US, Inc.
7.375% 10/15/18	675,000	587,250
Retail Total		17,080,050
Consumer Cyclical Total		29,338,673
Consumer Non-Cyclical – 7.8%
Beverages – 1.0%
Anheuser-Busch InBev Worldwide, Inc.
7.750% 01/15/19 (c)(k)	535,000	633,044
8.000% 11/15/39 (c)	2,270,000	2,937,450
8.200% 01/15/39 (c)	755,000	995,572
Constellation Brands, Inc.
8.125% 01/15/12	313,000	313,000
Cott Beverages, Inc.
8.000% 12/15/11	305,000	303,094
Beverages Total		5,182,160
Biotechnology – 0.6%
Bio-Rad Laboratories, Inc.
7.500% 08/15/13	290,000	297,250
Genentech, Inc.
4.400% 07/15/10	2,900,000	2,976,250
Biotechnology Total		3,273,500
Commercial Services – 0.7%
ACE Cash Express, Inc.
10.250% 10/01/14 (c)	220,000	147,675
ARAMARK Corp.
8.500% 02/01/15	585,000	590,119
Ashtead Holdings PLC
8.625% 08/01/15 (c)	455,000	436,800
Corrections Corp. of America
6.250% 03/15/13	315,000	310,275
GEO Group, Inc.
8.250% 07/15/13	355,000	358,550
Iron Mountain, Inc.
8.000% 06/15/20	450,000	452,250
Rental Service Corp.
9.500% 12/01/14	425,000	410,125
Service Corp. International
6.750% 04/01/16	325,000	318,500
7.000% 06/15/17	75,000	73,125

See Accompanying Notes to Financial Statements.

8

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Consumer Non-Cyclical (continued)
Commercial Services (continued)
United Rentals North America, Inc.
6.500% 02/15/12	340,000	340,850
Commercial Services Total		3,438,269
Food – 1.9%
Campbell Soup Co.
4.500% 02/15/19	2,140,000	2,195,841
ConAgra Foods, Inc.
7.000% 10/01/28	2,560,000	2,832,333
Del Monte Corp.
6.750% 02/15/15	270,000	266,625
JBS USA LLC/JBS USA Finance, Inc.
11.625% 05/01/14 (c)	685,000	736,375
Kroger Co.
8.000% 09/15/29	1,716,000	2,197,146
New Albertsons, Inc.
8.000% 05/01/31	375,000	336,563
Pinnacle Foods Finance LLC
9.250% 04/01/15	535,000	543,025
Reddy Ice Holdings, Inc.
10.500% 11/01/12	280,000	214,900
Smithfield Foods, Inc.
10.000% 07/15/14 (c)	470,000	493,500
Tyson Foods, Inc.
10.500% 03/01/14	325,000	368,062
Food Total		10,184,370
Healthcare Products – 0.2%
Biomet, Inc.
PIK,
10.375% 10/15/17	1,100,000	1,168,750
Healthcare Products Total		1,168,750
Healthcare Services – 1.5%
Community Health Systems, Inc.
8.875% 07/15/15	810,000	830,250
DaVita, Inc.
7.250% 03/15/15	295,000	292,050
HCA, Inc.
9.250% 11/15/16	295,000	304,956
PIK,
9.625% 11/15/16	1,772,000	1,842,880

	Par ($) (a)	Value ($)
Health Net, Inc.
6.375% 06/01/17	465,000	409,200
Healthsouth Corp.
10.750% 06/15/16	270,000	292,950
Roche Holdings, Inc.
6.000% 03/01/19 (c)	1,470,000	1,636,315
U.S. Oncology Holdings, Inc.
PIK,
6.428% 03/15/12 (03/15/10) (d)(e)	341,000	295,701
U.S. Oncology, Inc.
9.125% 08/15/17 (c)	310,000	326,275
WellPoint, Inc.
7.000% 02/15/19	1,485,000	1,688,084
Healthcare Services Total		7,918,661
Household Products/Wares – 0.1%
American Greetings Corp.
7.375% 06/01/16	255,000	244,162
Jostens IH Corp.
7.625% 10/01/12	275,000	275,344
Household Products/Wares Total		519,506
Pharmaceuticals – 1.8%
Abbott Laboratories
5.600% 05/15/11	1,000,000	1,070,036
Elan Finance PLC
4.440% 11/15/11 (11/15/09) (d)(e)	265,000	258,375
8.875% 12/01/13	280,000	282,100
Novartis Securities Investment Ltd.
5.125% 02/10/19	3,525,000	3,752,570
Omnicare, Inc.
6.750% 12/15/13	440,000	425,700
6.875% 12/15/15	50,000	48,000
Valeant Pharmaceuticals International
8.375% 06/15/16 (c)	390,000	395,850
Warner Chilcott Corp.
8.750% 02/01/15	635,000	650,875
Wyeth
6.500% 02/01/34	2,500,000	2,926,230
Pharmaceuticals Total		9,809,736
Consumer Non-Cyclical Total		41,494,952

See Accompanying Notes to Financial Statements.

9

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Diversified – 0.1%
Diversified Holding Companies – 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125% 02/15/13	305,000	293,563
Diversified Holding Companies Total		293,563
Diversified Total		293,563
Energy – 12.0%
Coal – 0.3%
Arch Western Finance LLC
6.750% 07/01/13	660,000	649,275
Massey Energy Co.
6.875% 12/15/13	810,000	781,650
Coal Total		1,430,925
Oil & Gas – 6.0%
Canadian Natural Resources Ltd.
6.250% 03/15/38	1,825,000	1,944,240
Chesapeake Energy Corp.
6.375% 06/15/15	1,085,000	1,007,694
9.500% 02/15/15	90,000	94,725
Cimarex Energy Co.
7.125% 05/01/17	545,000	506,850
Compton Petroleum Corp.
7.625% 12/01/13	360,000	271,800
Connacher Oil & Gas Ltd.
11.750% 07/15/14 (c)	440,000	468,600
Devon Energy Corp.
6.300% 01/15/19	1,150,000	1,268,774
Forest Oil Corp.
8.500% 02/15/14 (c)	650,000	654,875
Frontier Oil Corp.
8.500% 09/15/16	230,000	235,463
Gazprom International SA
7.201% 02/01/20 (c)	1,949,918	2,008,416
Hess Corp.
7.300% 08/15/31	3,275,000	3,681,536
Marathon Oil Corp.
6.000% 07/01/12	320,000	349,889
7.500% 02/15/19	505,000	582,481
Newfield Exploration Co.
6.625% 04/15/16	775,000	759,500

	Par ($) (a)	Value ($)
Nexen, Inc.
5.875% 03/10/35	2,200,000	2,014,901
7.500% 07/30/39	1,190,000	1,295,812
OPTI Canada, Inc.
8.250% 12/15/14	775,000	600,625
Penn Virginia Corp.
10.375% 06/15/16	255,000	275,400
PetroHawk Energy Corp.
7.875% 06/01/15	855,000	842,175
Qatar Petroleum
5.579% 05/30/11 (c)	466,725	480,022
Quicksilver Resources, Inc.
7.125% 04/01/16	715,000	620,262
Range Resources Corp.
7.500% 05/15/16	205,000	205,000
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.832% 09/30/16 (c)	640,000	665,325
5.838% 09/30/27 (c)	1,200,000	1,179,816
Southwestern Energy Co.
7.500% 02/01/18	300,000	303,000
Talisman Energy, Inc.
5.850% 02/01/37 (k)	3,615,000	3,477,070
7.750% 06/01/19	4,666,000	5,486,399
Tesoro Corp.
6.625% 11/01/15	450,000	416,250
United Refining Co.
10.500% 08/15/12	270,000	232,200
Oil & Gas Total		31,929,100
Oil & Gas Services – 0.7%
Seitel, Inc.
9.750% 02/15/14	215,000	146,200
Smith International, Inc.
9.750% 03/15/19	1,480,000	1,826,087
Weatherford International Ltd.
7.000% 03/15/38	1,780,000	1,918,970
Oil & Gas Services Total		3,891,257
Pipelines – 5.0%
Atlas Pipeline Partners LP
8.125% 12/15/15	355,000	285,775
El Paso Corp.
6.875% 06/15/14	350,000	343,000
7.250% 06/01/18	515,000	506,548

See Accompanying Notes to Financial Statements.

10

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Energy (continued)
Pipelines (continued)
Enbridge Energy Partners LP
7.500% 04/15/38	1,925,000	2,198,446
Energy Transfer Partners LP
6.000% 07/01/13	2,000,000	2,119,578
Kinder Morgan Energy Partners LP
5.625% 02/15/15	1,185,000	1,271,967
5.800% 03/01/21	2,650,000	2,691,979
6.500% 09/01/39	2,120,000	2,156,612
6.950% 01/15/38	1,765,000	1,895,749
Kinder Morgan Finance Co. ULC
5.700% 01/05/16	490,000	466,725
MarkWest Energy Partners LP
6.875% 11/01/14	205,000	192,700
8.500% 07/15/16	455,000	450,450
ONEOK Partners LP
6.850% 10/15/37	1,090,000	1,176,117
Plains All American Pipeline LP
5.750% 01/15/20	530,000	534,101
6.500% 05/01/18	4,100,000	4,391,494
6.650% 01/15/37	2,635,000	2,775,409
8.750% 05/01/19	630,000	756,254
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (d)(e)	2,775,000	2,431,291
Williams Companies, Inc.
7.875% 09/01/21	145,000	156,841
Pipelines Total		26,801,036
Energy Total		64,052,318
Financials – 31.9%
Banks – 17.3%
Barclays Bank PLC
5.000% 09/22/16	2,470,000	2,501,537
7.375% 06/29/49 (c)(d)	900,000	787,500
Capital One Capital IV
6.745% 02/17/37 (d)	6,680,000	5,076,800
Capital One Capital V
10.250% 08/15/39	1,535,000	1,696,206
Capital One Financial Corp.
5.700% 09/15/11	960,000	1,002,920
7.375% 05/23/14	255,000	284,584

	Par ($) (a)	Value ($)
Chinatrust Commercial Bank
5.625% 12/29/49 (03/29/49) (c)(d)(e)	825,000	691,041
Citigroup, Inc.
4.125% 02/22/10	1,590,000	1,606,011
6.875% 03/05/38	1,460,000	1,464,425
8.125% 07/15/39	4,525,000	5,065,235
Comerica Bank
0.336% 06/30/10 (10/30/09) (d)(e)	900,000	882,721
5.200% 08/22/17	2,200,000	1,879,192
5.750% 11/21/16	2,985,000	2,700,509
HSBC Capital Funding LP
9.547% 12/31/49 (c)(d)	2,700,000	2,727,000
HSBC Holdings PLC
6.800% 06/01/38	2,000,000	2,244,218
JPMorgan Chase Capital XVII
5.850% 08/01/35	1,950,000	1,726,027
JPMorgan Chase Capital XX
6.550% 09/29/36	4,705,000	4,369,778
KeyBank NA
5.800% 07/01/14	1,695,000	1,643,219
Keycorp
6.500% 05/14/13 (k)	3,485,000	3,567,504
Lloyds TSB Group PLC
6.267% 12/31/49 (11/14/16) (c)(d)(e)	2,935,000	1,672,950
M&I Marshall & Ilsley Bank
5.300% 09/08/11	1,765,000	1,669,250
Merrill Lynch & Co., Inc.
5.700% 05/02/17 (k)(l)	10,285,000	10,070,486
6.050% 08/15/12 (l)	670,000	714,546
7.750% 05/14/38 (l)	2,635,000	2,969,432
Morgan Stanley
5.625% 09/23/19	3,420,000	3,362,883
7.300% 05/13/19	1,010,000	1,111,277
National City Bank of Cleveland
6.200% 12/15/11	575,000	614,002
National City Bank of Kentucky
6.300% 02/15/11	1,020,000	1,062,913
National City Corp.
6.875% 05/15/19	1,840,000	1,997,657

See Accompanying Notes to Financial Statements.

11

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Financials (continued)
Banks (continued)
Northern Trust Co.
6.500% 08/15/18	3,720,000	4,247,555
Northern Trust Corp.
5.500% 08/15/13	2,005,000	2,197,807
SunTrust Preferred Capital I
5.853% 12/31/49 (d)	545,000	354,250
USB Capital IX
6.189% 04/15/42 (d)	4,840,000	3,714,700
Wachovia Capital Trust III
5.800% 03/15/42 (03/15/11) (d)(e)	6,880,000	4,747,200
Wachovia Corp.
4.375% 06/01/10	1,225,000	1,251,429
Westpac Banking Corp.
4.200% 02/27/15	7,800,000	7,927,780
Zions Bancorporation
7.750% 09/23/14	85,000	76,075
Banks Total		91,678,619
Diversified Financial Services – 4.2%
American General Finance Corp.
6.900% 12/15/17	305,000	213,311
Ameriprise Financial, Inc.
7.300% 06/28/19	2,095,000	2,309,469
CDX North America High Yield
8.875% 06/29/13 (c)	1,740,000	1,635,600
Discover Financial Services
10.250% 07/15/19	1,090,000	1,247,579
E*Trade Financial Corp.
PIK,
12.500% 11/30/17	240,000	256,400
Eaton Vance Corp.
6.500% 10/02/17	2,230,000	2,408,454
Ford Motor Credit Co., LLC
7.500% 08/01/12	210,000	201,635
7.800% 06/01/12	1,025,000	990,612
8.000% 12/15/16	425,000	394,301
Fund American Companies, Inc.
5.875% 05/15/13	1,557,000	1,487,527
General Electric Capital Corp.
6.000% 08/07/19 (k)	2,100,000	2,130,326

	Par ($) (a)	Value ($)
GMAC, Inc.
6.875% 09/15/11 (c)	855,000	807,975
8.000% 11/01/31 (c)	885,000	712,425
International Lease Finance Corp.
4.875% 09/01/10	2,418,000	2,267,342
5.625% 09/15/10	1,750,000	1,669,985
5.650% 06/01/14	681,000	522,689
Lazard Group LLC
7.125% 05/15/15	310,000	313,093
Lehman Brothers Holdings, Inc.
5.625% 01/24/13 (b)(g)	8,075,000	1,433,312
6.875% 05/02/18 (b)(g)	600,000	106,500
Nuveen Investments, Inc.
10.500% 11/15/15 (c)	420,000	363,300
PF Export Receivables Master Trust
3.748% 06/01/13 (c)	483,137	470,598
Reliance Intermediate Holdings LP
9.500% 12/15/19 (c)	360,000	355,500
Sears Roebuck Acceptance Corp.
7.000% 02/01/11	170,000	169,575
Diversified Financial Services Total		22,467,508
Insurance – 8.3%
Asurion Corp.
6.746% 07/02/15 (10/13/09) (d)(e)(m)	365,000	347,472
Crum & Forster Holdings Corp.
7.750% 05/01/17	415,000	381,800
HUB International Holdings, Inc.
10.250% 06/15/15 (c)	340,000	316,625
ING Groep NV
5.775% 12/29/49 (12/08/15) (d)(e)	5,149,000	3,295,360
Liberty Mutual Group, Inc.
7.500% 08/15/36 (c)	4,010,000	3,386,260
10.750% 06/15/58 (c)(d)	2,200,000	2,090,000
Lincoln National Corp.
8.750% 07/01/19	4,550,000	5,262,380
MetLife Capital Trust X
9.250% 04/08/38 (04/08/38) (c)(d)(e)	4,935,000	5,132,400
MetLife, Inc.
6.750% 06/01/16	5,415,000	6,043,183
10.750% 08/01/39	465,000	560,325

See Accompanying Notes to Financial Statements.

12

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Financials (continued)
Insurance (continued)
Principal Life Income Funding Trusts
5.300% 04/24/13	5,875,000	6,027,080
Provident Companies, Inc.
7.000% 07/15/18	120,000	115,363
Prudential Financial, Inc.
4.500% 07/15/13	1,580,000	1,591,126
4.750% 06/13/15	1,075,000	1,073,759
7.375% 06/15/19	5,160,000	5,758,612
Unum Group
7.125% 09/30/16	2,435,000	2,463,723
USI Holdings Corp.
9.750% 05/15/15 (c)	215,000	190,544
Insurance Total		44,036,012
Real Estate Investment Trusts (REITs) – 2.1%
Brandywine Operating Partnership LP
7.500% 05/15/15	3,075,000	3,076,408
Duke Realty LP
7.375% 02/15/15	2,145,000	2,212,233
8.250% 08/15/19	2,395,000	2,500,660
HCP, Inc.
7.072% 06/08/15	745,000	747,374
Highwoods Properties, Inc.
5.850% 03/15/17	830,000	731,009
Liberty Property LP
5.500% 12/15/16	2,155,000	1,941,418
Real Estate Investment Trusts (REITs) Total		11,209,102
Savings & Loans – 0.0%
Washington Mutual Bank
5.125% 01/15/15 (j)	6,350,000	15,875
Washington Mutual Preferred Funding Delaware
6.534% 03/29/49 (03/15/11) (c)(d)(e)(j)	1,075,000	10,750
Savings & Loans Total		26,625
Financials Total		169,417,866
Industrials – 6.4%
Aerospace & Defense – 0.9%
BE Aerospace, Inc.
8.500% 07/01/18	535,000	548,375

	Par ($) (a)	Value ($)
Boeing Co.
6.000% 03/15/19	1,300,000	1,458,222
L-3 Communications Corp.
6.375% 10/15/15	690,000	696,900
Raytheon Co.
5.500% 11/15/12	1,000,000	1,097,632
Sequa Corp.
11.750% 12/01/15 (c)	625,000	493,750
Systems 2001 Asset Trust
6.664% 09/15/13 (c)	423,841	434,302
TransDigm, Inc.
7.750% 07/15/14	55,000	54,587
7.750% 07/15/14 (c)	220,000	217,800
Aerospace & Defense Total		5,001,568
Air Transportation – 0.1%
Air 2 US
8.027% 10/01/19 (c)	449,814	317,119
Air Transportation Total		317,119
Building Materials – 0.2%
Nortek, Inc.
10.000% 12/01/13	210,000	214,200
Owens Corning
6.500% 12/01/16	315,000	307,343
Texas Industries, Inc.
7.250% 07/15/13	305,000	292,800
Building Materials Total		814,343
Electrical Components & Equipment – 0.1%
Belden, Inc.
7.000% 03/15/17	380,000	361,475
General Cable Corp.
7.125% 04/01/17	345,000	338,100
Electrical Components & Equipment Total		699,575
Electronics – 0.1%
Flextronics International Ltd.
6.250% 11/15/14	351,000	337,838
Electronics Total		337,838
Engineering & Construction – 0.0%
Esco Corp.
8.625% 12/15/13 (c)	270,000	264,600
Engineering & Construction Total		264,600

See Accompanying Notes to Financial Statements.

13

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Industrials (continued)
Environmental Control – 0.1%
Clean Harbors, Inc.
7.625% 08/15/16 (c)	270,000	276,413
Environmental Control Total		276,413
Machinery – 0.9%
Caterpillar Financial Services Corp.
4.250% 02/08/13	2,625,000	2,703,876
Caterpillar, Inc.
8.250% 12/15/38	1,700,000	2,319,021
Machinery Total		5,022,897
Machinery-Construction & Mining – 0.1%
Terex Corp.
8.000% 11/15/17	555,000	509,212
Machinery-Construction & Mining Total		509,212
Machinery-Diversified – 0.2%
CPM Holdings, Inc.
10.625% 09/01/14 (c)	375,000	387,187
Manitowoc Co., Inc.
7.125% 11/01/13	560,000	484,400
Machinery-Diversified Total		871,587
Miscellaneous Manufacturing – 1.2%
American Railcar Industries, Inc.
7.500% 03/01/14	310,000	288,300
Bombardier, Inc.
6.300% 05/01/14 (c)	755,000	728,575
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14	2,670,000	3,154,949
Koppers Holdings, Inc.
(i) 11/15/14 (9.875% 11/15/09)	395,000	395,988
TriMas Corp.
9.875% 06/15/12	460,000	415,150
Trinity Industries, Inc.
6.500% 03/15/14	420,000	415,800
Tyco International Finance SA
4.125% 10/15/14	285,000	284,011
Tyco International Ltd./Tyco International Finance SA
6.875% 01/15/21	520,000	583,677
Miscellaneous Manufacturing Total		6,266,450
Packaging & Containers – 0.4%
Berry Plastics Holding Corp.
8.875% 09/15/14	355,000	338,137

	Par ($) (a)	Value ($)
BWAY Corp.
10.000% 04/15/14 (c)	265,000	280,237
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15	295,000	300,162
Crown Americas LLC & Crown Americas Capital Corp. II
7.625% 05/15/17 (c)	155,000	156,550
Graham Packaging Co., LP/GPC Capital Corp. I
9.875% 10/15/14	155,000	159,263
Graphic Packaging International, Inc.
9.500% 06/15/17 (c)	115,000	122,188
Owens-Brockway Glass Container, Inc.
6.750% 12/01/14	175,000	173,250
8.250% 05/15/13	350,000	357,875
Solo Cup Co.
8.500% 02/15/14	405,000	386,775
Packaging & Containers Total		2,274,437
Transportation – 2.1%
BNSF Funding Trust I
6.613% 12/15/55 (01/15/26) (d)(e)	1,730,000	1,608,900
Bristow Group, Inc.
7.500% 09/15/17	300,000	285,000
Burlington Northern Santa Fe Corp.
4.700% 10/01/19	1,415,000	1,431,850
7.950% 08/15/30	945,000	1,202,429
Navios Maritime Holdings, Inc.
9.500% 12/15/14	455,000	429,975
PHI, Inc.
7.125% 04/15/13	315,000	295,706
RailAmerica, Inc.
9.250% 07/01/17 (c)	170,000	178,075
Ship Finance International Ltd.
8.500% 12/15/13	220,000	209,825
Stena AB
7.500% 11/01/13	315,000	292,163
Teekay Corp.
8.875% 07/15/11	210,000	216,038
TFM SA de CV
9.375% 05/01/12	460,000	466,900

See Accompanying Notes to Financial Statements.

14

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Industrials (continued)
Transportation (continued)
Union Pacific Corp.
5.700% 08/15/18	2,410,000	2,599,587
6.650% 01/15/11	2,010,000	2,125,304
Transportation Total		11,341,752
Industrials Total		33,997,791
Technology – 2.4%
Computers – 0.2%
Seagate Technology International
10.000% 05/01/14 (c)	150,000	163,875
Sungard Data Systems, Inc.
9.125% 08/15/13	800,000	808,000
Computers Total		971,875
Networking Products – 0.6%
Cisco Systems, Inc.
5.900% 02/15/39	2,800,000	3,030,925
Networking Products Total		3,030,925
Semiconductors – 0.1%
Amkor Technology, Inc.
9.250% 06/01/16	470,000	484,100
Freescale Semiconductor, Inc.
12.500% 12/15/14 (12/01/09) (d)(e)(m)	192,769	193,251
Semiconductors Total		677,351
Software – 1.5%
Oracle Corp.
5.000% 01/15/11 (k)	2,200,000	2,300,934
6.500% 04/15/38 (k)	4,860,000	5,633,381
Software Total		7,934,315
Technology Total		12,614,466
Utilities – 9.7%
Electric – 8.3%
AES Corp.
7.750% 03/01/14	175,000	176,312
8.000% 10/15/17	630,000	633,937
American Electric Power Co., Inc.
5.250% 06/01/15	1,825,000	1,909,251
CMS Energy Corp.
6.875% 12/15/15	205,000	205,534

	Par ($) (a)	Value ($)
Commonwealth Edison Co.
5.900% 03/15/36	690,000	733,302
5.950% 08/15/16	1,515,000	1,651,835
6.150% 09/15/17	2,100,000	2,320,527
6.950% 07/15/18	2,710,000	3,069,341
Consolidated Edison Co. of New York, Inc.
6.750% 04/01/38	2,145,000	2,564,064
Dominion Resources Inc.
8.875% 01/15/19	2,000,000	2,530,388
DTE Energy Co.
7.625% 05/15/14	955,000	1,054,138
Dynegy Holdings, Inc.
7.125% 05/15/18	700,000	539,000
Edison Mission Energy
7.000% 05/15/17	285,000	237,975
Energy Future Holdings Corp.
PIK,
11.250% 11/01/17	1,037,400	636,056
Exelon Generation Co. LLC
6.200% 10/01/17	1,000,000	1,091,364
FPL Energy American Wind LLC
6.639% 06/20/23 (c)	907,649	891,638
FPL Energy National Wind LLC
5.608% 03/10/24 (c)	174,129	162,431
Intergen NV
9.000% 06/30/17 (c)	565,000	581,950
Ipalco Enterprises, Inc.
7.250% 04/01/16 (c)	315,000	315,787
Kansas City Power & Light Co.
7.150% 04/01/19	3,915,000	4,574,153
MidAmerican Energy Holdings Co.
5.875% 10/01/12	2,700,000	2,941,723
Mirant Americas Generation LLC
8.500% 10/01/21	685,000	595,950
Mirant North America LLC
7.375% 12/31/13	130,000	129,350
Niagara Mohawk Power Corp.
4.881% 08/15/19 (c)	3,665,000	3,731,443
NRG Energy, Inc.
7.375% 02/01/16	630,000	609,525
7.375% 01/15/17	60,000	58,050

See Accompanying Notes to Financial Statements.

15

Columbia Income Fund

September 30, 2009 (Unaudited)

Corporate Fixed-Income Bonds & Notes (continued)

	Par ($) (a)	Value ($)
Utilities (continued)
Electric (continued)
NSG Holdings LLC/NSG Holdings, Inc.
7.750% 12/15/25 (c)	390,000	349,050
Oncor Electric Delivery Co.
5.950% 09/01/13	3,460,000	3,744,474
7.250% 01/15/33	1,800,000	2,224,512
Southern Co.
4.150% 05/15/14	1,010,000	1,043,355
Tenaska Alabama II Partners LP
6.125% 03/30/23 (c)	987,303	905,446
Texas Competitive Electric Holdings Co. LLC
PIK,
10.500% 11/01/16	947,843	593,587
Windsor Financing LLC
5.881% 07/15/17 (c)	1,770,718	1,336,467
Electric Total		44,141,915
Gas – 1.4%
Atmos Energy Corp.
6.350% 06/15/17	1,585,000	1,719,194
8.500% 03/15/19	2,145,000	2,648,142
Centerpoint Energy, Inc.
5.950% 02/01/17	210,000	205,011
Nakilat, Inc.
6.067% 12/31/33 (c)	1,485,000	1,354,157
Sempra Energy
6.500% 06/01/16	1,120,000	1,238,096
Gas Total		7,164,600
Utilities Total		51,306,515
Total Corporate Fixed-Income Bonds & Notes (cost of $473,219,265)		481,789,692
Asset-Backed Securities – 4.8%
AmeriCredit Automobile Receivables Trust
3.930% 10/06/11	760,480	768,230
Bay View Auto Trust
4.550% 02/25/14	43,562	43,724
5.310% 06/25/14	1,110,000	1,112,884
Citicorp Residential Mortgage Securities, Inc.
5.892% 03/25/37 (10/01/09) (d)(e)	3,300,000	2,687,666

	Par ($) (a)	Value ($)
6.080% 06/25/37 (10/01/09) (d)(e)	4,000,000	3,664,472
Citigroup Mortgage Loan Trust, Inc.
5.517% 08/25/35 (10/01/09) (d)(e)	1,200,000	88,241
5.598% 03/25/36 (10/01/09) (d)(e)	636,847	577,023
5.666% 08/25/35 (10/01/09) (d)(e)	1,000,000	60,141
Countrywide Asset-Backed Certificates
0.356% 06/25/21 (10/26/09) (d)(e)(g)	479,338	388,542
Ford Credit Auto Owner Trust
5.470% 09/15/12	4,000,000	4,161,048
5.680% 06/15/12	1,500,000	1,567,973
5.690% 11/15/12	3,000,000	3,182,146
GE Equipment Small Ticket LLC
5.120% 06/22/15 (c)	328,970	305,198
Green Tree Financial Corp.
6.870% 01/15/29	414,705	392,021
Harley-Davidson Motorcycle Trust
5.540% 04/15/15	1,400,000	1,213,808
JPMorgan Auto Receivables Trust
5.610% 12/15/14 (c)	607,679	597,227
Residential Asset Mortgage Products, Inc.
4.120% 06/25/33 (10/01/09) (d)(e)	251,576	132,033
Small Business Administration Participation Certificates
5.570% 03/01/26	873,410	947,351
Wachovia Auto Loan Owner Trust
5.650% 02/20/13	2,500,000	2,393,545
WFS Financial Owner Trust
4.760% 05/17/13	1,200,000	1,201,949
Total Asset-Backed Securities (cost of $28,630,551)		25,485,222
Government & Agency Obligations – 1.5%
Foreign Government Obligation – 0.2%
Federal Republic of Brazil
6.000% 01/17/17	1,000,000	1,082,000
Foreign Government Obligation Total		1,082,000

See Accompanying Notes to Financial Statements.

16

Columbia Income Fund

September 30, 2009 (Unaudited)

Government & Agency Obligations (continued)

	Par ($) (a)	Value ($)
U.S. Government Obligations – 1.3%
U.S. Treasury Bonds
4.250% 05/15/39	3,345,000	3,460,506
U.S. Treasury Notes
1.000% 08/31/11	1,860,000	1,863,270
3.625% 08/15/19	1,375,000	1,411,308
3.125% 05/15/19	185,000	182,037
U.S. Government Obligations Total		6,917,121
Total Government & Agency Obligations (cost of $7,810,643)		7,999,121
Commercial Mortgage-Backed Securities – 1.2%
Bear Stearns Commercial Mortgage Securities
5.903% 09/11/38 (10/01/09) (d)(e)	3,750,000	3,640,634
Credit Suisse Mortgage Capital Certificates
5.912% 06/15/39 (10/01/09) (d)(e)	695,000	548,677
GMAC Commercial Mortgage Securities, Inc.
5.667% 05/10/40 (10/01/09) (d)(e)	1,230,000	1,283,006
GS Mortgage Securities Corp. II
5.999% 08/10/45 (10/01/09) (d)(e)	940,000	776,879
Total Commercial Mortgage-Backed Securities (cost of $4,463,451)		6,249,196
Municipal Bond – 0.5%
California – 0.5%