N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-5857
Columbia Funds Institutional Trust
(Exact name of registrant as specified in charter)
One Financial Center, Boston, Massachusetts					02111
(Address of principal executive offices)					(Zip code)
James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-617-426-3750
Date of fiscal year end:	July 31
Date of reporting period:		January 31, 2009

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

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

Item 1. Reports to Stockholders.

CMG CORE BOND FUND
CMG SHORT TERM BOND FUND
CMG ULTRA SHORT TERM BOND FUND
CMG HIGH YIELD FUND
PORTFOLIOS OF COLUMBIA FUNDS INSTITUTIONAL TRUST

Semiannual Report
January 31, 2009

NOT FDIC INSURED

May Lose Value

No Bank Guarantee

NOT BANK ISSUED

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. The funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Columbia Management Advisors, LLC ("CMA") is an SEC-registered investment advisor and an indirect, wholly owned subsidiary of Bank of America Corporation and is part of Columbia Management.

Table of Contents

Fund Profile
CMG Core Bond Fund	1
CMG Short Term Bond Fund	5
CMG Ultra Short Term Bond Fund	9
CMG High Yield Fund	13
Financial Statements
Financial Highlights	17
Schedules of Investments	21
Statements of Assets and Liabilities	46
Statements of Operations	47
Statements of Changes in Net Assets	48
Notes to Financial Statements	51
Board Consideration and Approval of Investment Advisory Agreements	64
Summary of Management Fee Evaluation by Independent Fee Consultant	68

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 CMG Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular CMG Fund. References to specific securities should not be construed as a recommendation or investment advice.

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

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Core Bond Fund returned 1.01%. The fund's return was less than the 3.23% return of the Barclays Capital U.S. Aggregate Bond Index.¹ However, the fund surpassed the average return of its peer group, the Lipper Corporate Debt Funds A Rated Classification², which was negative 4.43% over the same period. The strong showing of the index reflects its relatively high concentration in Treasury securities, which outperformed all other fixed-income asset classes during the period. In general, funds that were positioned conservatively tended to outperform during this time of market upheaval.

•  The economy was buffeted by a financial crisis in which widespread credit problems in the banking sector brought lending to a standstill. The fixed-income markets were characterized by an unprecedented shortage of liquidity and a flight to quality that pushed Treasury rates down to historical lows across the entire maturity spectrum. Against this backdrop, the fund's ownership of asset classes such as corporate bonds, mortgages, asset-backed securities and commercial mortgage-backed securities (CMBS) accounted for its underperformance relative to the index.

•  A decision to restructure the fund's non-Treasury positions aided the fund's return. Within our mortgage holdings, we shifted our emphasis to agency-backed issues, which gained explicit backing from the federal government during the period. Within asset-backed holdings, we focused on securities backed by credit cards and by auto companies, leaving the beleaguered major auto makers out of the mix. Finally, the fund targeted seasoned CMBS that were issued when underwriting standards were tougher. In aggregate, these maneuvers added significant value for the period.

•  Looking forward, we believe that the Federal Reserve Board has done all it can do with regard to monetary policy, with short-term interest rates now hovering close to zero. We do, however, expect the Treasury to continue to intervene in other ways to stimulate the economy. To the extent that these initiatives produce more debt, we anticipate a modest inflationary effect and have invested in TIPS – Treasury Inflation Protected Securities — in

¹  The Barclays Capital U.S. Aggregate Bond Index (formerly the Lehman Brothers U.S. 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 investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

anticipation. More generally, we plan to monitor the government's efforts to jump-start the economy and the impact of those efforts on the credit markets.

Portfolio Management

Alexander D. Powers has co-managed the fund since December 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 1996.

Jonathan P. Carlson has co-managed the fund since December 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2007.

Michael Zazzarino has co-managed the fund since December 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2005.

Carl W. Pappo has co-managed the fund since March 2008 and has been associated with the advisor or its predecessors or affiliate organizations since 1993.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Federal National Mortgage Association, 4.000% 02/01/2039*		6.8
Federal National Mortgage Association, 5.500% 06/01/2038*		6.5
Federal National Mortgage Association, 5.000% 06/01/2038*		6.2
Federal National Mortgage Association, 4.500% 02/01/2039*		5.8
Federal National Mortgage Association, 5.000% 09/01/2037*		5.0
Federal National Mortgage Association, 5.000% 04/01/2038*		3.5
U.S. Treasury Notes, 3.750% 11/15/2018		2.9
Federal National Mortgage Association, 5.000% 03/01/2038*		1.7
U.S. Treasury Notes, 0.875% 12/31/2010		1.5
Federal National Mortgage Association, 5.000% 05/01/2038*		1.4

*  Mortgage-backed securities

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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 generally drop, and vice versa.

2

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

Average annual total return as of January 31, 2009 (%)

Inception	6-month (cumulative)		1-year		5-year		Life
CMG Core Bond Fund 09/01/00		1.01		-0.62		3.35		5.06
Barclays Capital U.S. Aggregate Bond Index		3.23		2.59		4.30		5.93

Average annual total return as of December 31, 2008 (%)

Inception	6-month (cumulative)		1-year		5-year		Life
CMG Core Bond Fund 09/01/00		0.28		0.45		3.49		5.09
Barclays Capital U.S. Aggregate Bond Index		4.07		5.24		4.65		6.10

Index performance is from September 1, 2000.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.25% and 0.33%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/2009.

Performance of a $3,000,000 investment, September 1, 2000 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Barclays Capital U.S. 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 investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

3

UNDERSTANDING YOUR EXPENSES – CMG Core Bond Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

1,010.08

1,023.95

1.27

1.28

0.25

Expenses paid during the period are equal to the annualized expense ratio of 0.25%, 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 end of the period would have been reduced.

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

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.

4

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

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Short Term Bond Fund returned 0.02%. The fund underperformed the Merrill Lynch 1-3 Year U.S. Treasury Index,¹ which returned 3.64% during the period. The fund outperformed the average return of its peer group, the Lipper Short Investment Grade Debt Funds Classification², which was negative 3.99%. The period was characterized by a flight to quality in which Treasury securities outperformed all other fixed-income asset classes, and conservatively positioned funds tended to outperform those with greater exposure to riskier market sectors.

•  Although a flight-to-quality mindset was already in evidence when the period began, it intensified as the period wore on. A weakening economy, rising unemployment, tight credit, and the fears generated by high-profile failures, such as the Lehman bankruptcy, created a demand for Treasury securities that pushed yields to historical lows across the entire maturity spectrum, and the Treasury sector outperformed virtually every other fixed income sector. In this environment, the fund's positions in commercial mortgage backed securities (CMBS) hurt relative performance as did exposure to corporate bonds. The fund's investments in the insurance, REIT and brokerage sectors were especially disappointing. The fund responded to the unfolding financial crisis by trimming its corporate bond holdings, a move that aided six-month performance. In particular, investments in the health care, energy and telecommunications sector s outperformed the larger corporate market.

•  We expect the Federal Reserve Board and the U.S. Treasury to continue to take steps aimed at easing the ongoing liquidity crunch, and the new administration is expected to maintain a policy goal of keeping mortgage rates low. Nonetheless, with interest rates at historical lows, we do not anticipate lengthening the duration of the portfolio versus our index. (Duration is a measure of interest rate sensitivity, similar to maturity). We continue to favor high quality corporate bonds and we remain overweight with respect to the banking, utilities and energy sectors. We also carry overweight positions in those securitized sectors that we believe have become over-discounted relative to the quality of the underlying collateral. In general, we believe that the magnitude of the yield advantage offered by non-Treasury investments could benefit the fund's long-term performance once the current economic crisis is resolved and the market returns to a more normal, less risk-averse mentality.

¹  The Merrill Lynch 1-3 Year U.S. Treasury Index tracks the performance of sovereign debt publicly issued in the US domestic market with maturities of 1-3 years and a minimum amount outstanding of $1 billion. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

  As of 01/01/2009, Merrill Lynch & Co., Inc. is a wholly-owned subsidiary of Bank of America Corporation and an affiliate of Columbia Management.

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

Portfolio Management

Leonard A. Aplet has co-managed the fund since February 1998 and has been associated with the advisor or its predecessors or affiliate organizations since 1987.

Ronald Stahl has co-managed the fund since November 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 1998.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Federal Home Loan Mortgage Corp., 5.500% 11/15/2028		2.6
Federal National Mortgage Association, 2.750% 04/11/2011		2.5
Federal National Mortgage Association, 5.000% 01/01/2024*		2.3
U.S. Treasury Notes, 2.750% 10/31/2013		2.0
Federal National Mortgage Association, 5.000% 02/18/2024*		1.9
AmeriCredit Automobile Receivables Trust, 5.420% 05/07/2012		1.8
Federal Home Loan Bank, 5.250% 06/11/2010		1.5
Nissan Auto Receivables Owner Trust, 5.220% 11/15/2011		1.5
USAA Auto Owner Trust, 4.890% 08/15/2012		1.5
Federal Home Loan Mortgage Corp., 5.500% 05/15/2034		1.4

*  Mortgage-backed securities

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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 generally drop, and vice versa.

6

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

Average annual total return as of January 31, 2009 (%)

	Inception 02/02/98	6-month (cumulative)		1-year		5-year		10-year
CMG Short Term Bond Fund			0.02		0.25		3.20		4.37
Merrill Lynch 1-3 Year U.S. Treasury Index			3.64		4.43		3.95		4.64

Average annual total return as of December 31, 2008 (%)

	Inception 02/02/98	6-month (cumulative)		1-year		5-year		10-year
CMG Short Term Bond Fund			-1.30		0.38		3.01		4.31
Merrill Lynch 1-3 Year U.S. Treasury Index			4.42		6.61		4.06		4.71

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 distributionsand do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.25% and 0.30%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/2009.

Performance of a $3,000,000 investment, February 1, 1999 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Merrill Lynch 1-3 Year U.S. Treasury Index tracks the performance of sovereign debt publicly issued in the US domestic market with maturities of 1-3 years and a minimum amount outstanding of $1 billion. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

7

UNDERSTANDING YOUR EXPENSES – CMG Short Term Bond Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

1,000.20

1,023.95

1.26

1.28

0.25

Expenses paid during the period are equal to the annualized expense ratio of 0.25%, 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 end of the period would have been reduced.

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

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.

8

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

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Ultra Short Term Bond Fund returned negative 0.12%. The fund underperformed its benchmark, the Citigroup One-Year U.S. Treasury Bill Index¹, which returned 2.22%. However, it outperformed the average return of its peer group, the Lipper Ultra-Short Obligations Funds Classification², which was negative 3.24%. The fund's conservative orientation aided its performance relative to its peer group at a time when Treasury securities were by far the best performing fixed-income asset class.

•  The market environment in the past six months was challenging for fixed-income investors. Poor financial health among major brokerage firms resulted in illiquidity and bouts of irrationality in trading and pricing. The collapse of Lehman Brothers in September created a new set of fears for investors already cautious because of rising unemployment, lower factory orders and other signs that the economy was in recession. As liquidity dried up, the fund responded by boosting its levels of cash and high quality commercial paper. At one point 15% of net assets were held in overnight paper – more than three times the normal level for these holdings.

•  More generally, the fund adopted a conservative stance and reduced its commitments to corporate bonds and asset-backed securities. This shift in portfolio composition was gradual, as in some cases market illiquidity required us to hold securities until maturity as opposed to selling them in the open market. The impact of this shift in composition on portfolio performance was positive, as the non-Treasury sectors that were reduced underperformed during the period.

•  Looking forward, we do not expect the market's dynamics to change quickly even though the Federal Reserve Board has made unprecedented efforts to inject liquidity and confidence into the marketplace. As a result, we plan to maintain the portfolio's conservative stance and high quality composition. We expect to retain our current focus on industrials and utilities as well as FDIC-insured bonds as opposed to non-guaranteed issuers from the financial sector.

¹  The Citigroup One-Year U.S. Treasury Bill Index consists of a single 1-year U.S. Treasury Bill whose return is tracked until its maturity. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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 similar investment objectives as those of the fund. Lipper makes no adjustments for the effect of sales loads.

9

Portfolio Management

Guy C. Holbrook has managed the fund since March 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 1998.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Federal National Mortgage Association, 4.250% 05/15/2009		3.0
Federal Home Loan Bank, 2.204% 02/19/2010		3.0
Bank One Issuance Trust, 3.940% 04/16/2012		2.0
National City Bank/Cleveland OH, 4.250% 01/29/2010		1.8
E.I. Du Pont de Nemours & Co., 6.875% 10/15/2009		1.6
Federal Home Loan Mortgage Corp., 5.000% 06/11/2009		1.5
Berkshire Hathaway Finance Corp., 1.654% 01/11/2011		1.5
Carmax Auto Owner Trust, 5.150% 02/15/2011		1.2
Pepsi Bottling Holdings, Inc., 5.625% 02/17/2009		1.2
Leek Finance PLC, 1.635% 12/21/2038		1.1

Holdings are calculated as a percentage of net assets, and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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 generally drop, and vice versa.

10

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		Life
CMG Ultra Short Term Bond Fund		03/08/04		-0.12		0.34		2.33
Citigroup One-Year U.S. Treasury Bill Index				2.22		3.41		3.53

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		Life
CMG Ultra Short Term Bond Fund		03/08/04		-0.95		0.32		2.22
Citigroup One-Year U.S. Treasury Bill Index				2.59		4.81		3.60

Index performance is from March 8, 2004.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.25% and 0.32%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/2009.

Performance of a $3,000,000 investment, March 8, 2004 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Citigroup One-Year U.S. Treasury Bill Index consists of a single 1-year U.S. Treasury Bill whose return is tracked until its maturity. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

11

UNDERSTANDING YOUR EXPENSES – CMG Ultra Short Term Bond Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

998.79

1,023.95

1.26

1.28

0.25

Expenses paid during the period are equal to the annualized expense ratio of 0.25%, 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 end of the period would have been reduced.

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

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.

12

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

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG High Yield Fund returned negative 13.36%. It underperformed the JPMorgan Developed BB High Yield Index,¹ which returned negative 10.78%. However, it held up significantly better in a difficult environment than the average fund in its peer group, the Lipper High Current Yields Classification², which returned negative 20.06%. As a general rule, performance during the past six months was a function of credit quality. The fund's overall credit quality was, on average, lower than the BB level of the JPMorgan index, but we believe that the fund was more conservatively oriented than its peer group, which accounted for its ability to stem losses better than its average competitor.

•  The high-yield market faced a very difficult environment over the past six months. Investors shied away from corporate bonds and the high-yield sector, in particular, as the overall illiquidity of the fixed-income markets deepened the risk-averse mindset in the midst of an ongoing credit crisis. Against this backdrop, the fund made a concentrated effort to shed investments in companies with weak operating prospects and replace them with holdings that had the potential to improve the portfolio's credit profile. The fund's holdings in the utility and energy sectors were helpful to relative performance, with Echostar and Amerigas Partners (2.3% and 0.7% of net assets, respectively) posting especially strong showings. Poor performers included asset manager Nuveen Investments (now less than 0.01% of net assets), whose performance suffered in line with other financial companies, and Huntsman International (0.4% of ne t assets), whose bonds lost value when a competitor's planned takeover of the company fell through.

•  Now that the economy has entered into recession, we would not be surprised to see an increase in the corporate default rate. This would represent a significant challenge to the high-yield marketplace. With that in mind, we plan to continue to emphasize conservative, higher quality issues, a stance that we believe should continue to be in the best interests of our shareholders. Our view is that companies that generate solid free cash flow are positioned to endure near-term economic weakness better than those with weaker financial resources. In addition, we believe they offer upside potential when conditions improve.

¹  The JP Morgan Developed BB High Yield Index is designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

Portfolio Management

Kevin L. Cronk has managed the fund since September 2005 and has been associated with the advisor or its predecessors or affiliate organizations since August 1999.

The fund's top ten issuers (as a percentage of net assets) as of January 31, 2009 were:

	(%)
HCA, Inc.		2.9
EchoStar DBS Corp.		2.3
Freeport-McMoRan Copper & Gold, Inc.		1.9
Windstream Corp.		1.9
Chesapeake Energy Corp.		1.8
TXU Energy Co. LLC		1.8
El Paso Corp.		1.6
Qwest Corp.		1.6
DirecTV Holdings LLC		1.5
L-3 Communications Corp.		1.5

Issuers are calculated as a percentage of net assets, and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the issuers breakdown listed. The fund's issuers and their weights within the portfolio may change as market conditions change.

Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments, yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices generally drop, and vice versa.

Investments in high yield or "junk" bonds offer the potential for higher income than investments in investment-grade bonds, but they also have 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.

14

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

Average annual total return as of January 31, 2009 (%)

Inception	6-month (cumulative)		1-year		5-year		10-year
CMG High Yield Fund 07/06/94		-13.36		-13.15		0.70		3.34
JPMorgan Developed BB High Yield Index		-10.78		-11.06		2.12		5.22

Average annual total return as of December 31, 2008 (%)

Inception	6-month (cumulative)		1-year		5-year		10-year
CMG High Yield Fund 07/06/94		-19.06		-19.89		-0.42		2.78
JPMorgan Developed BB High Yield Index		-16.81		-16.81		0.97		4.62

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 distributionsand do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.40% and 0.54%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/2009.

Performance of a $3,000,000 investment, February 1, 1999 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The JPMorgan Developed BB High Yield Index is designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

15

UNDERSTANDING YOUR EXPENSES – CMG High Yield Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

866.41

1,023.19

1.88

2.04

0.40

Expenses paid during the period are equal to the annualized expense ratio of 0.40%, 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 end of the period would have been reduced.

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

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.

16

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	9.88		$	10.03		$	10.05		$	10.42		$	10.36		$	10.38
Income from investment operations:
Net investment income (a)		0.24			0.51			0.52			0.48			0.42			0.37
Net realized and unrealized gain (loss) on investments and futures contacts		(0.15	)		(0.12	)		(0.02	)		(0.33	)		0.09			0.11
Total from investment operations		0.09			0.39			0.50			0.15			0.51			0.48
Less distributions to shareholders:
From net investment income		(0.24	)		(0.54	)		(0.52	)		(0.51	)		(0.45	)		(0.41	)
From net realized gains		-			-			-			(0.01	)		-			(0.09	)
Total distributions to shareholders		(0.24	)		(0.54	)		(0.52	)		(0.52	)		(0.45	)		(0.50	)
Net asset value, end of period	$	9.73		$	9.88		$	10.03		$	10.05		$	10.42		$	10.36
Total return (b)(c)		1.01	%(d)		3.84	%		5.06	%		1.46	%		4.98	%		4.67	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.25	%(e)		0.25	%		0.25	%		0.25	%(f)		0.25	%(f)		0.35	%(f)
Interest expense		-			-	%(g)		-			-			-			-
Net expense		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.35	%
Waiver/Reimbursement		0.09	%(e)		0.08	%		0.13	%		0.10	%		0.06	%		0.25	%
Net investment income		4.96	%(e)		5.07	%		5.07	%		4.65	%(f)		4.01	%(f)		3.54	%(f)
Portfolio turnover rate		124	%(d)		272	%		95	%		109	%		130	%		231	%
Net assets, end of period (000's)	$	79,661		$	88,124		$	67,673		$	56,181		$	79,102		$	32,810

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

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

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

(d)  Not annualized.

(e)  Annualized.

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

(g)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
17

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	11.50		$	11.58		$	11.59		$	11.79		$	11.95		$	12.01
Income from investment operations:
Net investment income (a)		0.28			0.57			0.57			0.50			0.40			0.35
Net realized and unrealized gain (loss) on investments, foreign currency and   futures contracts		(0.28	)		(0.05	)		0.03			(0.14	)		(0.11	)		(0.03	)
Total from investment operations		-			0.52			0.60			0.36			0.29			0.32
Less distributions to shareholders:
From net investment income		(0.30	)		(0.60	)		(0.61	)		(0.56	)		(0.45	)		(0.38	)
Net asset value, end of period	$	11.20		$	11.50		$	11.58		$	11.59		$	11.79		$	11.95
Total return (b)(c)		0.02	%(d)		4.60	%		5.25	%		3.15	%		2.47	%		2.72	%
Ratios to Average Net Assets/Supplemental Data:
Net expense		0.25	%(e)		0.25	%		0.25	%		0.25	%(f)		0.25	%(f)		0.25	%(f)
Waiver/Reimbursement		0.04	%(e)		0.05	%		0.07	%		0.08	%		0.04	%		0.10	%
Net investment income		4.89	%(e)		4.87	%		4.87	%		4.31	%(f)		3.38	%(f)		2.91	%(f)
Portfolio turnover rate		34	%(d)		46	%		67	%		128	%		51	%		79	%
Net assets, end of period (000's)	$	212,379		$	205,543		$	138,432		$	83,984		$	95,842		$	119,125

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

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

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

(d)  Not annualized.

(e)  Annualized.

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

See Accompanying Notes to Financial Statements.
18

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,												Period Ended July 31,
	2009			2008			2007			2006			2005			2004 (a)
Net asset value, beginning of period	$	9.29		$	9.59		$	9.62		$	9.67		$	9.88		$	10.00
Income from investment operations:
Net investment income (b)		0.17			0.43			0.47			0.38			0.24			0.07
Net realized and unrealized loss on investments		(0.18	)		(0.30	)		(0.03	)		(0.02	)		(0.06	)		(0.08	)
Total from investment operations		(0.01	)		0.13			0.44			0.36			0.18			(0.01	)
Less distributions to shareholders:
From net investment income		(0.19	)		(0.43	)		(0.47	)		(0.41	)		(0.36	)		(0.11	)
Return of capital		-			-			-			-	(c)		(0.03	)		-
Total distributions to shareholders		(0.19	)		(0.43	)		(0.47	)		(0.41	)		(0.39	)		(0.11	)
Net asset value, end of period	$	9.09		$	9.29		$	9.59		$	9.62		$	9.67		$	9.88
Total return (d)(e)		(0.12	)%(f)		1.42	%		4.62	%(g)		3.84	%		1.83	%		(0.08	)%(f)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses		0.25	%(h)		0.25	%		0.25	%		0.25	%(i)		0.25	%(i)		0.25	%(h)(i)
Waiver/Reimbursement		0.06	%(h)		0.07	%		0.06	%		0.07	%		0.05	%		0.22	%(h)
Net investment income		3.63	%(h)		4.58	%		4.88	%		3.93	%(i)		2.44	%(i)		1.69	%(h)(i)
Portfolio turnover rate		50	%(f)		69	%		108	%		48	%		75	%		12	%(f)
Net assets, end of period (000's)	$	99,469		$	96,595		$	152,793		$	89,863		$	81,575		$	67,235

(a)  The Fund commenced investment operations on March 8, 2004. Per share data, total return and portfolio turnover reflect activity from that date.

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

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

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

(e)  Had the investment 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)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  Annualized.

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

See Accompanying Notes to Financial Statements.
19

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	7.16		$	7.48		$	7.66		$	8.08		$	8.00		$	7.90
Income from investment operations:
Net investment income (a)		0.25			0.52			0.53			0.50			0.51			0.53
Net realized and unrealized gain (loss) on investments, foreign currency and   credit default swap contracts		(1.21	)		(0.31	)		(0.16	)		(0.38	)		0.11			0.14
Total from investment operations		(0.96	)		0.21			0.37			0.12			0.62			0.67
Less distributions to shareholders:
From net investment income		(0.27	)		(0.53	)		(0.55	)		(0.54	)		(0.54	)		(0.57	)
Net asset value, end of period	$	5.93		$	7.16		$	7.48		$	7.66		$	8.08		$	8.00
Total return (b)(c)		(13.36	)%(d)		2.81	%		4.76	%		1.47	%		7.98	%		8.60	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense		0.40	%(e)		0.40	%		0.40	%		0.40	%(f)		0.40	%(f)		0.40	%(f)
Interest expense		-			-	%(g)		-			-			-			-
Net expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%(f)		0.40	%(f)		0.40	%(f)
Waiver/Reimbursement		0.18	%(e)		0.14	%		0.09	%		0.04	%		0.02	%		0.02	%
Net investment income		8.02	%(e)		7.01	%		6.70	%		6.38	%(f)		6.26	%(f)		6.64	%(f)
Portfolio turnover rate		24	%(d)		37	%		57	%		30	%		39	%		47	%
Net assets, end of period (000's)	$	38,810		$	45,697		$	62,173		$	96,120		$	269,243		$	382,157

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

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

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

(d)  Not annualized.

(e)  Annualized.

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

(g)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
20

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Mortgage-Backed Securities (40.4%)
Federal Home Loan Mortgage Corp. 4.000% 11/01/20	$	192,650	$	193,510
5.000% 11/01/21		1,230		1,261
5.000% 12/01/36		1,163,301		1,182,495
Federal National Mortgage Association 4.901% 04/01/38 (a)		541,747		554,439
5.000% 09/01/37		3,931,987		4,001,779
5.000% 03/01/38		1,324,751		1,348,191
5.000% 04/01/38		2,747,249		2,795,858
5.000% 05/01/38		1,118,093		1,137,876
5.000% 06/01/38		4,845,174		4,930,904
5.000% 01/01/39		600,000		610,616
5.500% 04/01/36		135,495		138,816
5.500% 06/01/38		5,075,924		5,200,051
7.000% 07/01/32		8,094		8,600
TBA: 4.000% 02/01/39 (b)		5,445,000		5,411,819
4.500% 02/01/39 (b)		4,600,000		4,630,185
Government National Mortgage Association 7.000% 01/15/32		5,900		6,277
7.000% 03/15/32		16,122		17,152
7.000% 06/15/32		3,226		3,432
Total Mortgage-Backed Securities (Cost of $31,431,454)				32,173,261
Corporate Fixed-Income Bonds & Notes (23.9%)
Basic Materials (0.7%)
Chemicals (0.4%)
Dow Chemical Co. 5.700% 05/15/18		375,000		298,385
Iron/Steel (0.3%)
Nucor Corp. 5.000% 06/01/13		160,000		162,411
5.850% 06/01/18		105,000		102,127
				264,538
				562,923
Communications (3.5%)
Media (1.2%)
Comcast Corp. 5.700% 05/15/18		40,000		38,891
7.050% 03/15/33		350,000		362,042
Time Warner Cable, Inc. 6.200% 07/01/13		265,000		260,863

	Par		Value
Media (continued)
Time Warner, Inc. 6.875% 05/01/12	$	220,000	$	220,998
Viacom, Inc. 6.125% 10/05/17		100,000		82,964
				965,758
Telecommunication Services (2.3%)
AT&T, Inc. 5.100% 09/15/14		325,000		324,793
British Telecommunications PLC 5.150% 01/15/13		280,000		258,202
Deutsche Telekom International Finance BV 8.500% 06/15/10		205,000		217,051
New Cingular Wireless Services, Inc. 8.750% 03/01/31		250,000		294,743
Telefonica Emisones SAU 5.984% 06/20/11		225,000		232,160
Verizon Wireless Capital LLC 5.550% 02/01/14 (c)		440,000		437,118
8.500% 11/15/18 (c)		95,000		108,994
				1,873,061
				2,838,819
Consumer Cyclical (1.6%)
Entertainment (0.3%)
Walt Disney Co. 4.500% 12/15/13		195,000		200,917
Restaurants (0.3%)
McDonald's Corp. 5.000% 02/01/19		30,000		30,854
5.700% 02/01/39		190,000		196,107
				226,961
Retail (1.0%)
Best Buy Co., Inc. 6.750% 07/15/13		240,000		218,019
CVS Caremark Corp. 5.750% 06/01/17		250,000		250,141
CVS Pass-Through Trust 6.036% 12/10/28 (c)		399,680		305,004
				773,164
				1,201,042

See Accompanying Notes to Financial Statements.
21

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Consumer Non-Cyclical (2.2%)
Beverages (0.4%)
Anheuser-Busch Companies, Inc. 5.950% 01/15/33	$	12,000	$	9,447
Bottling Group LLC 5.125% 01/15/19		100,000		101,047
Coca-Cola Co. 5.750% 03/15/11		4,000		4,236
Diageo Capital PLC 4.375% 05/03/10		75,000		75,489
PepsiCo, Inc. 7.900% 11/01/18		130,000		161,221
				351,440
Food (1.2%)
Campbell Soup Co. 4.500% 02/15/19		140,000		136,244
ConAgra Foods, Inc. 6.750% 09/15/11		150,000		157,042
7.875% 09/15/10		185,000		196,564
Kraft Foods, Inc. 6.500% 08/11/17		240,000		246,461
Kroger Co. 6.200% 06/15/12		185,000		192,832
				929,143
Healthcare Products (0.0%)
Johnson & Johnson 6.625% 09/01/09		7,000		7,189
Household Products/Wares (0.3%)
Fortune Brands, Inc. 5.375% 01/15/16		225,000		195,523
Kimberly-Clark Corp. 5.625% 02/15/12		7,000		7,224
				202,747
Pharmaceuticals (0.3%)
Wyeth 5.500% 02/01/14		250,000		260,720
				1,751,239
Energy (2.1%)
Oil & Gas (0.8%)
Devon Energy Corp. 6.300% 01/15/19		70,000		70,046

	Par		Value
Oil & Gas (continued)
Nexen, Inc. 5.875% 03/10/35	$	250,000	$	175,121
Talisman Energy, Inc. 6.250% 02/01/38		290,000		195,921
Valero Energy Corp. 6.875% 04/15/12		200,000		201,747
				642,835
Oil & Gas Services (0.7%)
Halliburton Co. 5.900% 09/15/18		245,000		262,813
Weatherford International Ltd. 5.150% 03/15/13		255,000		234,860
7.000% 03/15/38		65,000		46,906
				544,579
Pipelines (0.6%)
Energy Transfer Partners LP 6.000% 07/01/13		215,000		202,451
6.625% 10/15/36		200,000		151,796
TransCanada Pipelines Ltd. 6.350% 05/15/67 (a)		190,000		108,125
				462,372
				1,649,786
Financials (9.6%)
Banks (7.4%)
American Express Centurion Bank 5.200% 11/26/10		250,000		241,724
American Express Credit Corp. 5.875% 05/02/13		95,000		91,938
ANZ National International Ltd. 6.200% 07/19/13 (c)		470,000		455,583
Bank of New York Mellon Corp. 5.125% 08/27/13		115,000		117,172
Barclays Bank PLC 7.400% 12/15/09		3,000		3,014
Capital One Financial Corp. 5.500% 06/01/15		400,000		346,402
Citigroup, Inc. 5.000% 09/15/14		475,000		384,252
Credit Suisse First Boston USA, Inc. 4.875% 08/15/10		500,000		504,195
Deutsche Bank AG London 4.875% 05/20/13		450,000		439,904
Goldman Sachs Capital II 5.793% 12/29/49 (a)		170,000		61,049

See Accompanying Notes to Financial Statements.
22

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Banks (continued)
Goldman Sachs Group, Inc. 6.250% 09/01/17	$	115,000	$	106,406
JPMorgan Chase & Co. 6.000% 01/15/18		245,000		245,999
JPMorgan Chase Capital XX 6.550% 09/29/36		20,000		15,147
KeyCorp 6.500% 05/14/13		445,000		428,054
Merrill Lynch & Co., Inc. 6.050% 08/15/12 (f)		475,000		461,831
7.750% 05/14/38 (f)		170,000		161,115
Morgan Stanley 5.750% 10/18/16		235,000		203,067
National Australia Bank Ltd. 5.350% 06/12/13 (c)		250,000		236,939
National City Corp. 3.125% 04/30/09		145,000		143,054
4.900% 01/15/15		10,000		9,187
5.750% 02/01/09		115,000		115,000
6.875% 05/15/19		160,000		139,118
Northern Trust Co. 5.500% 08/15/13		110,000		113,426
6.500% 08/15/18		130,000		135,717
SunTrust Banks, Inc. 6.375% 04/01/11		3,000		3,018
SunTrust Preferred Capital I 5.853% 12/15/11 (a)		240,000		124,800
USB Capital IX 6.189% 04/15/49 (a)		375,000		157,500
Wachovia Capital Trust III 5.800% 03/15/42 (a)		440,000		224,400
Wachovia Corp. 5.500% 05/01/13		230,000		237,053
				5,906,064
Diversified Financial Services (0.3%)
Associates Corp. of North America 6.950% 11/01/18		11,000		9,890
International Lease Finance Corp. 4.875% 09/01/10		170,000		141,176
Lehman Brothers Holdings, Inc. 5.625% 01/24/13 (d)(e)		110,000		15,400
5.750% 07/18/11 (d)(e)		325,000		45,500
6.875% 05/02/18 (d)(e)		30,000		4,200
				216,166

	Par		Value
Insurance (1.4%)
MetLife, Inc. 5.375% 12/15/12	$	20,000	$	19,651
Metropolitan Life Global Funding I 5.125% 04/10/13 (c)		360,000		344,553
New York Life Global Funding 4.650% 05/09/13 (c)		345,000		340,332
Principal Life Income Funding Trusts 5.300% 04/24/13		190,000		182,032
UnitedHealth Group, Inc. 5.250% 03/15/11		250,000		250,716
				1,137,284
Real Estate Investment Trusts (REITs) (0.5%)
Health Care Property Investors, Inc. 6.450% 06/25/12		150,000		117,406
Simon Property Group LP 5.750% 12/01/15		400,000		305,089
				422,495
				7,682,009
Industrials (1.0%)
Aerospace & Defense (0.0%)
Boeing Co. 5.125% 02/15/13		1,000		1,030
Machinery (0.2%)
Caterpillar Financial Services Corp. 5.450% 04/15/18		140,000		130,526
6.200% 09/30/13		15,000		15,734
				146,260
Machinery-Construction & Mining (0.2%)
Caterpillar, Inc. 8.250% 12/15/38		125,000		143,912
Transportation (0.6%)
Burlington Northern Santa Fe Corp. 6.200% 08/15/36		200,000		176,611
Union Pacific Corp. 3.875% 02/15/09		310,000		310,195
				486,806
				778,008

See Accompanying Notes to Financial Statements.
23

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Technology (0.6%)
Software (0.6%)
Oracle Corp. 4.950% 04/15/13	$	460,000	$	485,620
Utilities (2.6%)
Electric (2.0%)
Commonwealth Edison Co. 5.950% 08/15/16		200,000		196,505
6.150% 09/15/17		215,000		212,947
Indiana Michigan Power Co. 5.650% 12/01/15		205,000		180,070
Oncor Electric Delivery Co. 5.950% 09/01/13 (c)		140,000		136,921
Pacific Gas & Electric Co. 5.800% 03/01/37		340,000		336,357
Progress Energy, Inc. 7.750% 03/01/31		200,000		204,726
Southern California Edison Co. 5.000% 01/15/14		350,000		367,773
				1,635,299
Gas (0.6%)
Atmos Energy Corp. 6.350% 06/15/17		175,000		158,167
Sempra Energy 4.750% 05/15/09		300,000		298,286
				456,453
				2,091,752
Total Corporate Fixed-Income Bonds & Notes (Cost of $20,539,657)				19,041,198
Government & Agency Obligations (10.3%)
Foreign Government Obligations (1.7%)
European Investment Bank 4.250% 07/15/13		180,000		191,057
5.125% 05/30/17		295,000		323,885
Kreditanstalt fuer Wiederaufbau 4.500% 07/16/18		425,000		444,850
Province of Quebec 4.625% 05/14/18		435,000		434,354
				1,394,146
U.S. Government Agency (0.8%)
Resolution Funding Corp., Strips (h) 01/15/21 (g)		1,030,000		598,106

	Par		Value
U.S. Government Obligations (7.8%)
U.S. Treasury Bonds 6.125% 11/15/27 (g)	$	350,000	$	454,289
U.S. Treasury Inflation Indexed Notes 1.625% 01/15/18 (g)		1,151,594		1,124,603
U.S. Treasury Notes 0.875% 12/31/10 (g)		1,235,000		1,234,324
1.125% 01/15/12 (g)		40,000		39,747
1.500% 12/31/13 (g)		905,000		891,779
3.750% 11/15/18 (g)		2,160,000		2,326,061
U.S. Treasury Strips (h) 05/15/38 (g)		515,000		182,758
				6,253,561
Total Government & Agency Obligations (Cost of $8,142,387)				8,245,813
Asset-Backed Securities (8.2%)
ABFS Mortgage Loan Trust 4.428% 12/15/33		13,148		12,215
AmeriCredit Automobile Receivables Trust 4.870% 12/06/10		30,466		30,081
Capital One Multi-Asset Execution Trust 4.050% 03/15/13		250,000		245,233
4.850% 11/15/13		285,000		278,792
4.850% 02/18/14		525,000		511,240
Capital One Prime Auto Receivables Trust 4.890% 01/15/12		350,000		347,484
Carmax Auto Owner Trust 5.270% 11/15/12		500,000		447,472
Chase Issuance Trust 4.260% 05/15/13		540,000		542,045
Citibank Credit Card Issuance Trust 5.500% 06/22/12		455,000		461,338
Discover Card Master Trust 5.100% 10/15/13		595,000		576,600
Ford Credit Auto Owner Trust 4.950% 03/15/13		495,000		417,852
5.160% 04/15/13		560,000		472,790
Franklin Auto Trust 5.360% 05/20/16		300,000		280,725
GE Capital Credit Card Master Note Trust 4.130% 06/15/13		350,000		341,546

See Accompanying Notes to Financial Statements.
24

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Asset-Backed Securities (continued)
Honda Auto Receivables Owner Trust 4.470% 01/18/12	$	410,000	$	408,983
USAA Auto Owner Trust 4.280% 10/15/12		670,000		664,518
4.900% 02/15/12		468,798		470,474
Total Asset-Backed Securities (Cost of $6,816,496)				6,509,388
Commercial Mortgage-Backed Securities (7.8%)
Bear Stearns Commercial Mortgage Securities 4.680% 08/13/39 (a)		30,000		26,984
4.740% 03/13/40		895,000		820,931
4.750% 02/13/46 (a)		585,000		500,230
4.933% 02/13/42 (a)		480,000		399,348
5.742% 09/11/42 (a)		80,000		58,222
Chase Commercial Mortgage Securities Corp. 6.484% 02/12/16 (a)(c)		400,000		395,930
Commercial Mortgage Pass Through Certificates 5.306% 12/10/46		460,000		321,060
JPMorgan Chase Commercial Mortgage Securities Corp. 5.440% 06/12/47		495,000		303,385
5.447% 06/12/47		539,000		316,524
5.814% 06/12/43 (a)		445,000		307,894
LB-UBS Commercial Mortgage Trust 4.853% 09/15/31		450,000		420,925
5.611% 04/15/41		188,588		170,075
6.462% 03/15/31		405,000		399,116
Morgan Stanley Capital I 4.989% 08/13/42		220,000		182,431
5.168% 01/14/42		230,000		196,003
5.208% 11/14/42 (a)		205,000		168,796
5.328% 11/12/41		350,000		250,858
Morgan Stanley Dean Witter Capital I 4.920% 03/12/35		390,000		357,715
5.980% 01/15/39		295,000		286,372
Wachovia Bank Commercial Mortgage Trust 5.726% 06/15/45		307,188		301,177
Total Commercial Mortgage-Backed Securities (Cost of $7,177,400)				6,183,976

	Par		Value
Collateralized Mortgage Obligations (5.0%)
Agency (2.4%)
Federal Home Loan Mortgage Corp. 3.750% 12/15/11	$	40,262	$	40,510
4.000% 09/15/15		436,410		441,383
4.500% 10/15/18		179,018		182,299
6.500% 10/15/23		80,063		84,687
Government National Mortgage Association 4.430% 04/16/34		90,000		91,658
4.500% 04/16/28		952,136		965,239
4.807% 08/16/32		90,000		92,371
				1,898,147
Non-Agency (2.6%)
Chase Mortgage Finance Corp. 5.999% 03/25/37 (a)		1,269,138		974,206
Countrywide Home Loan Mortgage Pass Through Trust 4.595% 12/19/33 (a)		196,118		160,765
Structured Asset Securities Corp. 5.500% 07/25/33		304,692		283,808
Washington Mutual Alternative Mortgage Pass-Through Certificates 5.500% 10/25/35		790,612		646,077
				2,064,856
Total Collateralized Mortgage Obligations (Cost of $4,454,506)				3,963,003
	Shares
Securities Lending Collateral (8.2%)
State Street Navigator Securities Lending Prime Portfolio (i) (7 day yield of 1.900%)		6,561,635		6,561,635
Total Securities Lending Collateral (Cost of $6,561,635)				6,561,635

See Accompanying Notes to Financial Statements.
25

CMG CORE BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Short-Term Obligation (15.4%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due on 02/02/09, at 0.210%, collateralized by a U.S. Government Agency Obligation maturing 03/15/10, market value of $12,536,438 (repurchase proceeds $12,289,215)	$	12,289,000	$	12,289,000
Total Short-Term Obligation (Cost of $12,289,000)				12,289,000
Total Investments (119.2%) (Cost of $97,412,535) (j)				94,967,274
Obligation to Return Collateral for Securities Loaned (-8.2%)				(6,561,635	)
Other Assets & Liabilities, Net (-11.0%)				(8,744,141	)
Net Assets (100.0%)			$	79,661,498

Notes to Schedule of Investments:

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

(b)  Security purchased on a delayed delivery basis.

(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 January 31, 2009, these securities, which are not illiquid, amounted to $2,761,374, which represents 3.5% of net assets.

(d)  The issuer has filed for bankruptcy protection under Chapter 11 and is in default of certain debt covenants. Income is not being accrued. At January 31, 2009, these securities amounted to $65,100, which represents 0.1% of net assets.

(e)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2009, the value of these securities amounted to $65,100, which represents 0.1% of net assets.

(f)  Investments in affiliates during the six month period ended January 31, 2009:

Securities name:		Merrill Lynch & Co., Inc: 6.050% 08/15/12 7.750% 05/14/38
Par as of 07/31/08:	$	645,000
Purchases:	$	-
Sales:	$	-
Par as of 01/31/09:	$	645,000
Net realized gain (loss)	$	-
Interest income earned:	$	20,956
Value at end of period:	$	622,946

  Merrill Lynch & Co., Inc. became an affiliate on January 1, 2009.

(g)  All or a portion of this security was on loan at January 31, 2009. The total market value of securities on loan at January 31, 2009 is $6,405,987.

(h)  Zero coupon bond.

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

(j)  Cost for federal income tax purposes is $97,462,446.

At January 31, 2009, the asset allocation of the Fund is as follows:

	% of
Asset Allocation	Net Assets
Mortgage-Backed Securities		40.4
Corporate Fixed-Income Bonds & Notes		23.9
Government & Agency Obligations		10.3
Asset-Backed Securities		8.2
Commercial Mortgage-Backed Securities		7.8
Collateralized Mortgage Obligations		5.0
		95.6
Securities Lending Collateral		8.2
Short-Term Obligation		15.4
Obligation to Return Collateral for Securities Loaned		(8.2	)
Other Assets & Liabilities, Net		(11.0	)
		100.0

Acronym	Name
TBA	To Be Announced

See Accompanying Notes to Financial Statements.
26

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (26.0%)
Basic Materials (0.8%)
Chemicals (0.4%)
EI Du Pont de Nemours & Co. 5.000% 07/15/13	$	880,000	$	913,329
Iron/Steel (0.4%)
Nucor Corp. 5.000% 06/01/13		800,000		812,057
				1,725,386
Communications (3.7%)
Media (0.8%)
Comcast Corp. 5.500% 03/15/11		200,000		200,295
5.850% 01/15/10		600,000		607,945
Time Warner Cable, Inc. 6.200% 07/01/13		850,000		836,731
				1,644,971
Telecommunication Services (2.9%)
AT&T, Inc. 6.250% 03/15/11		1,250,000		1,307,590
British Telecommunications PLC 5.150% 01/15/13		700,000		645,504
Deutsche Telekom International Finance BV 8.500% 06/15/10		800,000		847,029
Telefonica Emisones SAU 5.984% 06/20/11		850,000		877,048
Verizon Global Funding Corp. 7.250% 12/01/10		700,000		745,278
Verizon Wireless Capital LLC 5.550% 02/01/14 (a)		1,250,000		1,241,812
Vodafone Group PLC 7.750% 02/15/10		600,000		620,305
				6,284,566
				7,929,537
Consumer Cyclical (0.8%)
Retail (0.8%)
CVS Caremark Corp. 5.750% 08/15/11		677,000		703,026
Target Corp. 6.350% 01/15/11		1,000,000		1,050,546
				1,753,572

	Par		Value
Consumer Non-Cyclical (3.0%)
Beverages (0.9%)
Bottling Group LLC 6.950% 03/15/14	$	1,000,000	$	1,144,593
Diageo Capital PLC 4.375% 05/03/10		750,000		754,894
				1,899,487
Food (0.7%)
ConAgra Foods, Inc. 7.875% 09/15/10		700,000		743,757
Kraft Foods, Inc. 5.625% 08/11/10		625,000		643,215
				1,386,972
Healthcare Services (0.4%)
UnitedHealth Group, Inc. 4.125% 08/15/09		800,000		800,412
Pharmaceuticals (1.0%)
Abbott Laboratories 5.600% 05/15/11		1,100,000		1,177,978
Wyeth 6.950% 03/15/11		940,000		1,003,646
				2,181,624
				6,268,495
Energy (2.0%)
Oil & Gas (1.5%)
Canadian Natural Resources Ltd. 5.450% 10/01/12		600,000		562,628
Conoco Funding Co. 6.350% 10/15/11		1,000,000		1,066,204
Occidental Petroleum Corp. 6.750% 01/15/12		1,000,000		1,053,680
Valero Energy Corp. 6.875% 04/15/12		575,000		580,022
				3,262,534
Oil & Gas Services (0.3%)
Weatherford International Ltd. 5.150% 03/15/13		650,000		598,664

See Accompanying Notes to Financial Statements.
27

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Pipelines (0.2%)
TransCanada Pipelines Ltd. 6.125% 02/19/10	$	350,000	$	355,666
				4,216,864
Financials (10.5%)
Banks (7.3%)
American Express Credit Corp. 5.875% 05/02/13		1,600,000		1,548,430
Bank of New York Mellon Corp. 5.125% 08/27/13		1,200,000		1,222,662
Barclays Bank PLC 7.400% 12/15/09		1,300,000		1,305,860
Capital One Bank 5.750% 09/15/10		1,115,000		1,108,855
Citigroup, Inc. 4.250% 07/29/09		825,000		816,753
Countrywide Home Loans, Inc. 4.125% 09/15/09 (b)		600,000		596,215
Credit Suisse First Boston USA, Inc. 4.875% 08/15/10		1,000,000		1,008,389
Deutsche Bank AG London 4.875% 05/20/13		1,000,000		977,564
Fifth Third Bank 4.200% 02/23/10		1,000,000		991,703
Goldman Sachs Group, Inc. 4.500% 06/15/10		500,000		495,697
JPMorgan Chase & Co. 3.800% 10/02/09		1,500,000		1,498,457
PNC Funding Corp. 4.500% 03/10/10		800,000		790,508
SunTrust Banks, Inc. 4.250% 10/15/09		925,000		917,729
U.S. Bank National Association 6.375% 08/01/11		1,250,000		1,302,272
Wells Fargo & Co. 5.250% 10/23/12		1,050,000		1,057,403
				15,638,497
Diversified Financial Services (0.9%)
General Electric Capital Corp. 4.875% 10/21/10		980,000		990,680
Lehman Brothers Holdings, Inc. 3.950% 11/10/09 (c)(d)		1,100,000		154,000

	Par		Value
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corp. 5.750% 08/28/09	$	750,000	$	765,116
				1,909,796
Insurance (1.4%)
Allstate Corp. 7.200% 12/01/09		1,000,000		1,027,685
American International Group, Inc. 5.375% 10/18/11		850,000		736,193
Berkshire Hathaway Finance Corp. 5.000% 08/15/13		500,000		515,792
Principal Life Income Funding Trusts 5.300% 04/24/13		700,000		670,643
				2,950,313
Real Estate Investment Trusts (REITs) (0.3%)
Simon Property Group LP 4.875% 03/18/10		600,000		574,425
Savings & Loans (0.6%)
Western Financial Bank 9.625% 05/15/12		1,325,000		1,296,238
				22,369,269
Industrials (1.9%)
Aerospace & Defense (0.5%)
United Technologies Corp. 6.500% 06/01/09		970,000		981,585
Machinery (0.8%)
Caterpillar Financial Services Corp. 4.300% 06/01/10		825,000		836,792
John Deere Capital Corp. 4.500% 04/03/13		800,000		791,872
				1,628,664
Miscellaneous Manufacturing (0.1%)
3M Co. 5.125% 11/06/09		225,000		232,268

See Accompanying Notes to Financial Statements.
28

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Transportation (0.5%)
Burlington Northern Santa Fe Corp. 6.750% 07/15/11	$	700,000	$	730,329
Union Pacific Corp. 3.875% 02/15/09		415,000		415,261
				1,145,590
				3,988,107
Technology (1.2%)
Computers (0.4%)
International Business Machines Corp. 4.950% 03/22/11		800,000		841,971
Networking & Telecom Equipment (0.5%)
Cisco Systems, Inc. 5.250% 02/22/11		1,000,000		1,045,877
Software (0.3%)
Oracle Corp. 5.000% 01/15/11		700,000		730,517
				2,618,365
Utilities (2.1%)
Electric (1.9%)
Consolidated Edison Co. of New York 4.700% 06/15/09		1,000,000		1,006,040
Dominion Resources, Inc. 5.125% 12/15/09		450,000		452,886
Exelon Generation Co. LLC 6.950% 06/15/11		800,000		797,264
Ohio Power Co. 5.750% 09/01/13		900,000		880,118
Pacific Gas & Electric Co. 4.200% 03/01/11		850,000		854,946
				3,991,254
Gas (0.2%)
Sempra Energy 4.750% 05/15/09		484,000		481,235
				4,472,489
Total Corporate Fixed-Income Bonds & Notes (Cost of $56,285,847)				55,342,084

	Par		Value
Asset-Backed Securities (20.0%)
AmeriCredit Automobile Receivables Trust 4.630% 06/06/12	$	1,284,947	$	1,176,102
4.870% 12/06/10		219,352		216,580
5.190% 11/06/11		954,141		936,437
5.210% 10/06/11		296,393		289,717
5.420% 08/08/11		2,546,765		2,365,355
5.420% 05/07/12		4,000,000		3,772,192
Americredit Prime Automobile Receivable 5.270% 11/08/11		946,057		942,248
Capital Auto Receivables Asset Trust 3.740% 03/15/11		438,614		426,590
Capital One Auto Finance Trust 5.030% 04/15/12		2,384,303		2,332,133
5.070% 07/15/11		379,886		369,839
Capital One Prime Auto Receivables Trust 5.010% 11/15/11		2,200,000		2,182,697
Cityscape Home Equity Loan Trust 7.380% 07/25/28		429,406		404,381
7.410% 05/25/28		27,240		27,136
CPS Auto Trust 5.040% 09/15/11 (a)		400,000		368,415
Daimler Chrysler Auto Trust 4.980% 02/08/11		689,385		680,400
Fifth Third Auto Trust 4.070% 01/17/12		1,400,000		1,358,958
Ford Credit Auto Owner Trust 5.050% 03/15/10		140,354		140,139
Franklin Auto Trust 5.040% 01/20/11		262,801		263,007
GE Equipment Midticket LLC 4.530% 06/14/11		2,000,000		1,987,136
GS Auto Loan Trust 5.480% 12/15/14		2,000,000		1,940,645
Hyundai Auto Receivables Trust 5.110% 04/15/11		377,933		378,981
IMC Home Equity Loan Trust 7.500% 04/25/26		137,080		136,696
7.520% 08/20/28		435,372		368,181
Nissan Auto Lease Trust 5.200% 05/17/10		1,000,000		994,981
Nissan Auto Receivables Owner Trust 5.220% 11/15/11		3,150,000		3,169,484

See Accompanying Notes to Financial Statements.
29

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Asset-Backed Securities (continued)
Santander Drive Auto Receivables Trust 5.050% 09/15/11	$	244,241	$	239,286
SLM Student Loan Trust 2.056% 03/15/17 (e)		618,398		546,712
2.076% 12/15/20 (e)		1,532,000		1,254,182
Triad Auto Receivables Owner Trust 4.220% 06/12/12		1,701,771		1,541,401
4.880% 04/12/13		3,200,000		2,774,833
UCFC Home Equity Loan 6.315% 04/15/30		250,584		235,210
UPFC Auto Receivables Trust 5.010% 08/15/12		1,323,645		1,194,556
USAA Auto Owner Trust 4.170% 02/15/11		873,359		872,778
4.890% 08/15/12		3,146,742		3,157,228
4.980% 10/15/12		1,125,000		1,129,876
5.070% 06/15/13		750,000		749,469
Wachovia Auto Loan Owner Trust 5.080% 04/20/12 (a)		1,700,000		1,625,709
Total Asset-Backed Securities (Cost of $43,676,410)				42,549,670
Collateralized Mortgage Obligations (16.0%)
Agency (9.2%)
Federal Home Loan Mortgage Corp. 4.000% 09/15/15		280,727		283,516
4.500% 02/15/15		471,560		477,871
4.500% 03/15/21		400,000		408,647
5.000% 09/15/24		407,605		410,645
5.000% 03/15/26		985,166		1,005,175
5.000% 05/15/26		102,702		103,822
5.500% 02/15/25		1,232,438		1,257,955
5.500% 12/15/26		440,548		448,913
5.500% 06/15/28		1,700,000		1,753,509
5.500% 11/15/28		5,425,391		5,529,630
5.500% 10/15/29		516,349		533,117
5.500% 05/15/34		2,983,906		3,039,647
6.000% 06/15/25		740,103		757,467
6.000% 05/15/27		876,164		898,881
Federal National Mortgage Association 4.500% 01/25/29		762,003		766,008
5.500% 07/25/25		996,892		1,015,550
6.000% 06/25/27		880,139		899,594
				19,589,947

	Par		Value
Non-Agency (6.8%)
Chase Mortgage Finance Corp. 5.681% 03/25/37 (e)	$	730,997	$	631,394
5.999% 03/25/37 (e)		1,493,103		1,146,125
Countrywide Alternative Loan Trust 5.250% 08/25/35		988,390		680,409
5.500% 02/25/36		1,795,761		1,216,412
Countrywide Home Loan Mortgage Pass Through Trust 5.471% 01/25/36 (e)		942,028		695,771
6.000% 12/25/36		394,159		372,610
JPMorgan Mortgage Trust 5.687% 04/25/37 (e)		642,449		489,724
5.754% 04/25/36 (e)		1,233,154		866,584
6.040% 10/25/36 (e)		2,387,014		1,713,657
MASTR Asset Securitization Trust 5.750% 05/25/36		1,042,024		994,327
PNC Mortgage Securities Corp. 0.110% 04/28/27 (e)		4,224		3,759
Residential Accredit Loans, Inc. 5.750% 01/25/36		204,033		143,361
SACO I, Inc. 7.000% 08/25/36 (a)		64,991		58,492
Structured Adjustable Rate Mortgage Loan Trust 5.814% 07/25/36 (e)		1,889,244		994,290
Structured Asset Securities Corp. 5.750% 04/25/33		511,735		459,169
Washington Mutual Mortgage Pass-Through Certificates 5.627% 11/25/36 (e)		1,626,980		1,309,120
5.849% 07/25/37 (e)		2,255,420		1,240,257
Wells Fargo Mortgage Backed Securities Trust 5.240% 04/25/36 (e)		430,167		331,916
6.000% 07/25/37		1,195,911		962,281
				14,309,658
Total Collateralized Mortgage Obligations (Cost of $38,985,749)				33,899,605
Government & Agency Obligations (12.4%)
Foreign Government Obligations (1.2%)
Morocco Government AID Bond 1.678% 05/01/23 (e)		290,000		278,159
Province of Ontario 3.125% 09/08/10		1,300,000		1,312,522
Province of Quebec 5.000% 07/17/09		875,000		885,144
				2,475,825

See Accompanying Notes to Financial Statements.
30

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Government & Agency Obligations (continued)
U.S. Government Agencies (7.3%)
Federal Farm Credit Bank 2.700% 09/23/09	$	1,350,000	$	1,366,636
Federal Home Loan Bank 3.375% 02/27/13 (f)		2,100,000		2,181,463
5.250% 06/11/10 (f)		3,015,000		3,175,302
Federal Home Loan Mortgage Corp. 3.125% 10/25/10 (g)		135,000		138,985
Federal National Mortgage Association 2.750% 04/11/11 (f)		5,250,000		5,330,761
4.625% 06/01/10		1,700,000		1,772,605
5.000% 04/20/09		1,400,000		1,413,210
5.375% 08/15/09 (g)		100,000		102,525
				15,481,487
U.S. Government Obligations (3.9%)
Regions Bank 3.250% 12/09/11 (j)		2,000,000		2,055,742
U.S. Treasury Inflation Indexed Bond 3.500% 01/15/11 (f)		1,954,064		1,998,640
U.S. Treasury Notes 2.750% 10/31/13 (f)		4,000,000		4,179,064
				8,233,446
Total Government & Agency Obligations (Cost of $25,543,479)				26,190,758
Mortgage-Backed Securities (10.7%)
Federal Home Loan Mortgage Corp. 4.500% 03/01/21		1,337,381		1,356,902
5.000% 06/01/22		817,345		837,015
5.500% 01/01/21		298,716		308,582
5.500% 07/01/21		79,596		82,162
5.500% 08/01/21		854,735		882,297
5.500% 09/01/21		659,129		680,383
5.500% 01/01/22		651,918		672,904
5.500% 03/01/22		683,197		705,190
5.500% 05/01/22		2,750,001		2,838,680
6.000% 11/01/14		3,612		3,771
6.000% 08/01/21		355,368		370,205
6.000% 02/01/22		355,103		369,909
6.000% 08/01/22		443,081		461,555
6.000% 10/01/22		699,162		728,314
6.000% 01/15/24		279,133		284,542

	Par		Value
Mortgage-Backed Securities (continued)
Federal National Mortgage Association 5.000% 12/25/17	$	2,351,420	$	2,406,195
5.000% 01/01/24		4,857,000		4,976,732
5.500% 11/01/21		284,940		294,040
6.000% 03/01/09		6,184		6,153
6.000% 05/01/09		87,913		88,872
6.000% 05/25/30		73,991		74,814
TBA 5.000% 02/01/24 (h)		4,000,000		4,092,500
Small Business Administration 0.875% 03/25/22 (e)		68,132		67,110
0.875% 06/25/22 (e)		156,122		153,768
Total Mortgage-Backed Securities (Cost of $22,513,098)				22,742,595
Commercial Mortgage-Backed Securities (6.3%)
Bear Stearns Commercial Mortgage Securities, Inc. 3.869% 02/11/41		2,300,640		2,293,925
CS First Boston Mortgage Securities Corp. 4.512% 07/15/37		800,000		756,720
5.017% 08/15/38		350,000		331,211
First Union National Bank Commercial Mortgage 7.841% 05/17/32		1,922,892		1,942,315
JPMorgan Chase Commercial Mortgage Securities Corp. 4.914% 07/12/37		1,225,025		1,202,993
5.538% 02/12/49		1,538,926		1,489,603
JPMorgan Commercial Mortgage Finance Corp. 6.812% 01/15/30		700,000		699,698
LB-UBS Commercial Mortgage Trust 4.243% 10/15/29		1,000,000		956,322
5.642% 12/15/25		163,690		161,652
Merrill Lynch Mortgage Trust 4.446% 09/12/42		356,308		355,145
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.549% 06/12/50		1,571,535		1,516,865
Prudential Securities Secured Financing Corp. 7.602% 06/16/31 (e)		1,700,000		1,704,079
Total Commercial Mortgage-Backed Securities (Cost of $13,631,075)				13,410,528

See Accompanying Notes to Financial Statements.
31

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Securities Lending Collateral (7.0%)
State Street Navigator Securities Lending Prime Portfolio (i) (7 day yield of 1.900%)		14,890,015	$	14,890,015
Total Securities Lending Collateral (Cost of $14,890,015)				14,890,015
	Par
Short-Term Obligation (9.7%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.210%, collateralized by a U.S. Government Agency Obligation maturing 07/28/11, market value $21,049,448 (repurchase p roceeds $20,633,361)	$	20,633,000	$	20,633,000
Total Short-Term Obligation (Cost of $20,633,000)				20,633,000
Total Investments (108.1%) (Cost of $236,158,673) (k)				229,658,255
Obligation to Return Collateral for Securities Loaned (-7.0%)				(14,890,015	)
Other Assets & Liabilities, Net (-1.1%)				(2,389,288	)
Net Assets (100.0%)			$	212,378,952

Notes to Schedule of Investments:

(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2009, these securities, which are not illiquid, amounted to $3,294,428, which represents 1.6% of net assets.

(b)  Investments in affiliates during the six month period ended January 31, 2009:

Security name:		Countrywide Home Loans, Inc. 4.125% 09/15/09
Par as of 07/31/08:	$	600,000
Par purchased:	$	-
Par sold:	$	-
Par as of 01/31/09:	$	600,000
Net realized gain (loss):	$	-
Interest income earned:	$	12,375
Value at end of period:	$	596,215

(c)  The issuer filed for bankruptcy protection under Chapter 11 and is in default of certain debt covenants. Income is not being accrued. At January 31, 2009, the market value of this security amounted to $154,000 which represents 0.1% of net assets.

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2009, the value of this security was $154,000, which represents 0.1% of net assets.

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

(f)  All or a portion of this security was on loan at January 31, 2009. The total market value of securities on loan at January 31, 2009 is $14,595,772.

(g)  All or a portion of this security is pledged for collateral for open futures contracts. At January 31, 2009, the market value of this security pledged amounted to $190,034.

(h)  Security purchased on a delayed delivery basis.

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

(j)  Security guaranteed by the Federal Deposit Insurance Corporation under the Temporary Liquidity Guarantee Program.

(k)  Cost for federal income tax purposes is $236,637,153.

See Accompanying Notes to Financial Statements.
32

CMG SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

At January 31, 2009, the Fund held the following open long futures contracts:

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
5 Year U.S. Treasury Notes		88	$	10,399,125	$	10,356,579	Mar-2009	$	42,546

At January 31, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		26.0
Asset-Backed Securities		20.0
Collateralized Mortgage Obligations		16.0
Government & Agency Obligations		12.4
Mortgage-Backed Securities		10.7
Commercial Mortgage-Backed Securities		6.3
		91.4
Securities Lending Collateral		7.0
Short-Term Obligation		9.7
Obligation to Return Collateral for Securities Loaned		(7.0	)
Other Assets & Liabilities, Net		(1.1	)
		100.0

Acronym	Name
TBA	To Be Announced

See Accompanying Notes to Financial Statements.
33

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (34.8%)
Basic Materials (2.6%)
Chemicals (2.6%)
E.I. Du Pont de Nemours & Co. 6.875% 10/15/09	$	1,500,000	$	1,559,013
Lubrizol Corp. 4.625% 10/01/09		1,000,000		999,326
				2,558,339
Communications (2.9%)
Media (1.6%)
Comcast Cable Communications LLC 6.875% 06/15/09		1,000,000		1,009,870
Walt Disney Co. 2.289% 09/10/09 (a)		580,000		576,626
				1,586,496
Telecommunications (1.3%)
Cisco Systems, Inc. 2.233% 02/20/09 (a)		500,000		499,843
Deutsche Telekom International Finance BV 1.678% 03/23/09 (a)		800,000		795,836
				1,295,679
				2,882,175
Consumer Cyclical (0.5%)
Retail (0.5%)
Wal-Mart Stores, Inc. 6.875% 08/10/09		500,000		513,369
Consumer Non-Cyclical (5.7%)
Beverages (1.7%)
Coca-Cola Enterprises, Inc. 3.293% 08/03/09 (a)		675,000		663,296
Diageo Finance BV 1.588% 03/30/09 (a)		1,000,000		996,153
				1,659,449
Food (3.0%)
Kraft Foods, Inc. 4.125% 11/12/09		1,000,000		1,002,101
Pepsi Bottling Holdings, Inc. 5.625% 02/17/09 (b)		1,150,000		1,151,859
Safeway, Inc. 1.816% 03/27/09 (a)		800,000		798,875
				2,952,835

	Par		Value
Healthcare Services (1.0%)
UnitedHealth Group Inc. 2.297% 03/02/09 (a)	$	1,000,000	$	999,313
				5,611,597
Energy (0.4%)
Oil & Gas (0.4%)
Conoco Funding Co. 6.350% 10/15/11		400,000		426,482
Financials (17.2%)
Banks (9.6%)
American Express Centurion Bank 5.200% 11/26/10		750,000		725,173
Capital One Bank USA 5.000% 06/15/09		800,000		791,797
Citigroup, Inc. 4.125% 02/22/10		850,000		816,577
Credit Suisse USA, Inc. 6.125% 11/15/11		785,000		799,335
Comerica Bank 2.303% 08/24/11 (a)		1,000,000		718,131
Deutsche Bank AG London 4.875% 05/20/13		625,000		610,978
Goldman Sachs Group, Inc. 2.886% 02/06/12 (a)		1,000,000		853,799
6.650% 05/15/09 (c)		500,000		495,000
HSBC Finance Corp. 2.598% 08/09/11 (a)		850,000		728,948
JPMorgan Chase & Co. 4.600% 01/17/11		750,000		754,476
Merrill Lynch & Co., Inc. 4.250% 02/08/10 (e)		800,000		782,993
Morgan Stanley 1.393% 01/18/11 (a)		1,000,000		870,690
National Westminster Bank PLC 7.375% 10/01/09		641,000		630,282
				9,578,179
Commercial Banks (3.1%)
KeyBank NA 7.000% 02/01/11		500,000		494,536
National City Bank/ Cleveland OH 4.250% 01/29/10		1,800,000		1,786,345
Westpac Banking Corp. 1.409% 01/25/10 (a)(b)		772,000		770,880
				3,051,761

See Accompanying Notes to Financial Statements.
34

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Corporate Fixed-Income Bonds & Notes (continued)
Diversified Financial Services (2.0%)
General Electric Capital Corp. 1.209% 01/26/11 (a)	$	1,000,000	$	949,774
John Deere Capital Corp. 2.739% 08/19/10 (a)		1,000,000		961,119
Lehman Brothers Holdings, Inc. 2.871% 03/23/09 (c)(d)		750,000		105,000
				2,015,893
Insurance (1.5%)
Berkshire Hathaway Finance Corp. 1.654% 01/11/11 (a)		1,500,000		1,477,863
Savings & Loans (1.0%)
Wachovia Mortgage FSB 2.342% 03/02/09 (a)		1,000,000		997,018
				17,120,714
Industrials (1.0%)
Transportation (1.0%)
Union Pacific Corp. 3.875% 02/15/09		1,000,000		1,000,630
Information Technology (1.5%)
Computers (1.5%)
Hewlett-Packard Co. 2.006% 06/15/09 (a)		1,000,000		999,184
International Business Machines Corp. 4.375% 06/01/09		500,000		501,848
				1,501,032
Utilities (3.0%)
Electric (2.0%)
Consolidated Edison Co. of New York, Inc. 4.700% 06/15/09		500,000		503,020
7.150% 12/01/09		500,000		515,700
Duke Energy Carolinas LLC 4.500% 04/01/10		1,000,000		1,007,769
				2,026,489

	Par		Value
Gas (1.0%)
Sempra Energy 4.750% 05/15/09	$	1,000,000	$	994,288
				3,020,777
Total Corporate Fixed-Income Bonds & Notes (Cost of $36,086,925)				34,635,115
Asset-Backed Securities (17.3%)
Advanta Business Card Master Trust 5.300% 05/21/12		1,000,000		974,624
AmeriCredit Automobile Receivables Trust 3.930% 10/06/11		254,126		234,831
5.190% 11/06/11		894,507		877,909
5.210% 10/06/11		357,100		349,057
5.420% 08/08/11		1,121,217		1,041,351
Bank One Issuance Trust 3.940% 04/16/12		2,000,000		2,010,548
Bay View Auto Trust 4.550% 02/25/14		531,533		531,232
5.010% 06/25/14		229,997		229,989
Capital One Prime Auto Receivables Trust 4.990% 09/15/10		96,978		96,981
Carmax Auto Owner Trust 5.150% 02/15/11		1,225,923		1,210,853
Centex Home Equity 6.540% 01/25/32 (a)		174,126		9,889
CIT Equipment Collateral 5.070% 02/20/10		299,808		299,392
5.160% 02/20/13		600,000		598,659
Citibank Credit Card Issuance Trust 5.300% 05/20/11		1,000,000		1,003,893
CNH Equipment Trust 5.200% 06/15/10		70,282		70,253
5.200% 08/16/10		212,680		212,479
Drive Auto Receivables Trust 5.300% 07/15/11 (b)		129,941		129,512
5.490% 04/15/11 (b)		34,994		34,892
Ford Credit Floorplan Master Owner Trust 0.513% 06/15/11 (a)		700,000		677,702
GMAC Mortgage Corp. Loan Trust 6.310% 05/25/36		177,466		158,867

See Accompanying Notes to Financial Statements.
35

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Asset-Backed Securities (continued)
GS Auto Loan Trust 4.450% 05/17/10	$	24,070	$	24,075
Household Automotive Trust 5.280% 09/17/11		728,013		715,938
5.300% 11/17/11		809,649		790,082
5.430% 06/17/11		372,278		366,222
Long Beach Auto Receivables Trust 4.972% 10/15/11		624,671		610,422
5.170% 08/15/11		679,352		665,830
Nomura Asset Acceptance Corp. 0.529% 01/25/36 (a)(b)		59,948		49,376
Residential Funding Mortgage Securities II, Inc. 0.509% 09/25/35 (a)		13,073		12,922
Santander Drive Auto Receivables Trust 5.050% 09/15/11		488,481		478,572
Triad Auto Receivables Owner Trust 4.220% 06/12/12		481,452		436,081
4.280% 06/14/10		16,443		16,416
4.770% 01/12/11		119,412		118,448
5.260% 11/14/11		736,247		713,465
5.410% 08/12/11		543,527		529,530
World Omni Auto Receivables Trust 4.130% 03/15/11		925,000		915,314
Total Asset-Backed Securities (cost of $17,662,589)				17,195,606
Government & Agency Obligations (9.8%)
Foreign Government Obligations (0.5%)
Svensk Exportkredit AB 4.000% 06/15/10		500,000		511,990
U.S. Government Agencies (9.3%)
Federal Farm Credit Bank 2.750% 05/04/10		1,000,000		1,018,826
Federal Home Loan Bank 2.204% 02/19/10 (a)(f)		3,000,000		3,004,077
2.435% 03/09/09		50,000		50,095
5.000% 02/26/09		127,500		127,884
Federal Home Loan Mortgage Corp. 4.250% 07/15/09		500,000		508,359
5.000% 06/11/09 (f)		1,500,000		1,523,961

	Par		Value
Federal National Mortgage Association 4.250% 05/15/09	$	3,000,000	$	3,031,140
				9,264,342
Total Government & Agency Obligations (Cost of $9,757,155)				9,776,332
Collateralized Mortgage Obligations (4.7%)
Agency (1.8%)
Federal Home Loan Mortgage Corp. 4.000% 05/15/14		16,722		16,746
4.000% 07/15/24		76,523		76,567
4.500% 11/15/16		168,975		171,257
5.000% 07/15/14		59,259		59,275
5.000% 11/15/15		92,431		93,760
5.000% 02/15/16		326,283		331,846
5.000% 05/15/26		166,964		168,785
5.500% 02/15/24		136,991		138,219
Federal National Mortgage Association 4.500% 03/25/13		9,938		9,925
5.500% 11/25/26		648,553		660,032
6.000% 01/25/31		4,888		4,881
				1,731,293
Non-Agency (2.9%)
Axon Financial Funding Ltd. 5.960% 04/04/17 (a)(b)(c)(g)(h)		1,750,000		17,500
Bear Stearns Alt-A Trust 0.609% 12/25/46 (a)		721,086		145,706
Granite Master Issuer PLC 0.519% 12/17/54 (a)(c)		750,000		112,500
Indymac Index Mortgage Loan Trust 0.629% 04/25/37 (a)		290,824		42,884
JPMorgan Mortgage Trust 5.500% 04/25/36		259,610		237,291
Kildare Securities Ltd. 2.249% 12/10/43 (a)(b)		805,976		767,243
Leek Finance PLC 1.635% 12/21/38 (a)(b)		1,464,720		1,071,582
Opteum Mortgage Acceptance Corp. 5.470% 12/25/35 (a)		4,433		4,393

See Accompanying Notes to Financial Statements.
36

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Collateralized Mortgage Obligations (continued)
Washington Mutual, Inc. 4.834% 10/25/35 (a)	$	500,759	$	409,406
6.250% 07/25/36		119,207		96,651
				2,905,156
Total Collateralized Mortgage Obligations (Cost of $8,226,210)				4,636,449
Mortgage-Backed Securities (1.4%)
Federal Home Loan Mortgage Corp. 5.063% 02/01/36 (a)		949,123		945,549
Federal National Mortgage Association 4.843% 03/01/34 (a)		410,900		413,912
Total Mortgage-Backed Securities (Cost of $1,356,220)				1,359,461
Municipal Bond (0.5%)
LA Public Facilities Authority Cleco Power LLC Series 2008, 7.000% 12/01/38 (a)		500,000		504,560
Total Municipal Bond (Cost of $500,000)				504,560
	Shares
Securities Lending Collateral (4.3%)
State Street Navigator Securities Lending Prime Portfolio (i) (7 day yield of 1.900%)		4,354,425		4,354,425
Total Securities Lending Collateral (Cost of $4,354,425)				4,354,425
	Par
Short-Term Obligations (29.9%)
Commercial Paper (22.6%)
ABN Amro Bank NV Chicago 3.080% 03/09/09	$	1,000,000		1,000,000
Banco Bilbao Vizcaya 2.230% 02/12/09		2,000,000		2,000,000
Barclays Bank PLC 3.080% 04/21/09 (j)		1,000,000		1,003,923
Barton Capital Corp. 1.520% 02/24/09		1,500,000		1,498,543

	Par		Value
Commercial Paper (continued)
Chariot Funding LLC 0.400% 02/20/09	$	1,500,000	$	1,499,683
Danske Corp. 1.450% 03/17/09		1,500,000		1,497,342
Fairway Finance Corp. 0.530% 04/17/09		1,000,000		997,767
Gemini Securitization Corp., LLC 2.850% 02/09/09		500,000		499,683
Gotham Funding Corp. 1.550% 03/12/09		1,500,000		1,497,481
Harris Trust & Savings 1.710% 10/30/09		1,000,000		998,579
Nordea North America, Inc. 2.100% 03/05/09		2,000,000		1,996,267
Oakland Alameda County College 0.850% 02/02/09		1,000,000		1,000,000
Sheffield Receivable 0.300% 02/17/09		1,000,000		999,867
Thames Asset Global Securitization, Inc. 0.900% 03/12/09		1,000,000		999,025
UBS AG Stamford Branch 1.600% 03/17/09		1,500,000		1,500,000
1.570% 03/18/09		1,000,000		1,000,000
UBS Finance (Delaware) 1.390% 04/06/09		1,000,000		998,229
Victory Receivables 0.500% 02/11/09		1,500,000		1,499,792
				22,486,181
U.S. Government Agencies (5.0%)
Federal Home Loan Bank (k) 07/20/09		2,000,000		1,995,426
Federal Home Loan Mortgage Corp. (k) 02/23/09		3,000,000		2,995,233
				4,990,659
Repurchase Agreement (1.0%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.210%, collateralized by a U.S. Government Agency Obligation maturing 06/28/10, market value $996,093 (repurchase proceeds $976,017)		976,000		976,000

See Accompanying Notes to Financial Statements.
37

CMG ULTRA SHORT TERM BOND FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Short-Term Obligations (continued)
Variable Rate Demand Notes (1.3%)
CA Los Angeles Community College District Series 2008 F-2, 3.049% 08/01/09	$	1,275,000	$	1,282,879
Total Short-Term Obligations (Cost of $29,725,064)				29,735,719
Total Investments (102.7%) (Cost of $107,668,588) (l)				102,197,667
Obligation to Return Collateral for Securities Loaned (-4.3%)				(4,354,425	)
Other Assets & Liabilities, Net (1.6%)				1,626,161
Net Assets (100.0%)			$	99,469,403

Notes to Schedule of Investments:

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

(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2009, these securities, which are not illiquid except for the following, amounted to $3,992,844, which represents 4.0% of net assets.

Security	Acquisition Date		Par		Cost		Value
Axon Financial Funding Ltd., 5.960% 04/04/17		04/04/07	$	1,750,000	$	1,750,000	$	17,500

(c)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $730,000, which represents 0.7% of net assets.

(d)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At January 31, 2009, the value of this security amounted to $105,000, which represents 0.1% of net assets.

(e)  Investments in affiliates during the six month period ended January 31, 2009:

Security name:		Merrill Lynch & Co., Inc., 4.250% 02/08/10
Par as of 07/31/08:	$	800,000
Par purchased:	$	-
Par sold:	$	-
Par as of 01/31/09:	$	800,000
Net realized gain :	$	-
Interest income earned:	$	2,724
Value at end of period:	$	782,993

  Merrill Lynch & Co., Inc. became an affiliate on January 1, 2009.

(f)  All or a portion of this security was on loan at January 31, 2009. The total market value of securities on loan at January 31, 2009 is $4,265,322.

(g)  The issuer is in default of certain debt covenants. Income is not being accrued. At January 31, 2009, the value of these securities amounted to $17,500, which represents less than 0.1% of net assets.

(h)  Security issued by a structured investment vehicle.

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

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

(k)  Zero coupon bond.

(l)  Cost for federal income tax purposes is $107,855,719.

At January 31, 2009, the asset allocation of the Fund is as follows:

Asset Allocation	% of Net Assets
Corporate Fixed-Income Bonds & Notes		34.8
Asset-Backed Securities		17.3
Government & Agency Obligations		9.8
Collateralized Mortgage Obligations		4.7
Mortgage-Backed Securities		1.4
Municipal Bond		0.5
		68.5
Securities Lending Collateral		4.3
Obligation to Return Collateral for Securities Loaned		(4.3	)
Short-Term Obligations		29.9
Other Assets & Liabilities, Net		1.6
		100.0

See Accompanying Notes to Financial Statements.
38

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (86.5%)
Basic Materials (8.4%)
Chemicals (1.7%)
Agricultural Chemicals (1.1%)
Mosaic Co. 7.625% 12/01/16 (b)	$	305,000	$	286,700
Terra Capital, Inc. 7.000% 02/01/17		175,000		159,250
				445,950
Chemicals-Diversified (0.6%)
Huntsman International LLC 6.875% 11/15/13 (b)	EUR	165,000		82,394
7.875% 11/15/14		260,000		135,200
				217,594
				663,544
Forest Products & Paper (1.8%)
Paper & Related Products (1.8%)
Cascades, Inc. 7.250% 02/15/13		250,000		141,250
Domtar Corp. 7.125% 08/15/15		405,000		295,650
Georgia-Pacific Corp. 8.000% 01/15/24		300,000		219,000
NewPage Corp. 10.000% 05/01/12		70,000		26,950
				682,850
Iron/Steel (2.4%)
Steel-Producers (2.4%)
Russel Metals, Inc. 6.375% 03/01/14		300,000		234,000
Steel Dynamics, Inc. 7.750% 04/15/16 (b)		500,000		400,000
United States Steel Corp. 7.000% 02/01/18		445,000		318,990
				952,990
Metals & Mining (2.5%)
Diversified Minerals (0.6%)
FMG Finance Ltd. 10.625% 09/01/16 (b)		365,000		237,250

	Par (a)		Value
Metal-Diversified (1.9%)
Freeport-McMoRan Copper & Gold, Inc. 8.375% 04/01/17 (c)	$	880,000	$	730,400
				967,650
				3,267,034
Communications (16.1%)
Media (6.4%)
Broadcast Services/Programs (0.4%)
Liberty Media LLC 8.250% 02/01/30		365,000		178,317
Cable TV (4.8%)
Cablevision Systems Corp. 8.000% 04/15/12		115,000		110,975
CSC Holdings, Inc. 7.625% 04/01/11		270,000		268,650
DirecTV Holdings LLC 6.375% 06/15/15		635,000		596,900
EchoStar DBS Corp. 6.625% 10/01/14 (c)		975,000		887,250
				1,863,775
Multimedia (1.2%)
Lamar Media Corp. 7.250% 01/01/13		165,000		135,713
Quebecor Media, Inc. 7.750% 03/15/16		415,000		325,775
				461,488
				2,503,580
Telecommunication Services (9.7%)
Cellular Telecommunications (2.2%)
Digicel Ltd. 9.250% 09/01/12 (b)		220,000		193,600
MetroPCS Wireless, Inc. 9.250% 11/01/14		265,000		245,456
Nextel Communications, Inc. 7.375% 08/01/15		380,000		178,600
Wind Acquisition Financial SA 10.750% 12/01/15 (b)		250,000		222,500
				840,156
Satellite Telecommunications (1.5%)
Inmarsat Finance PLC 7.625% 06/30/12		65,000		60,775
10.375% 11/15/12		240,000		237,600

See Accompanying Notes to Financial Statements.
39

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (continued)
Satellite Telecommunications (continued)
Intelsat Corp. 9.250% 06/15/16 (b)	$	305,000	$	279,075
				577,450
Telecommunication Equipment (0.5%)
Lucent Technologies, Inc. 6.450% 03/15/29		515,000		172,525
Telecommunication Services (0.5%)
Time Warner Telecom Holdings, Inc. 9.250% 02/15/14		220,000		201,300
Telephone-Integrated (5.0%)
Citizens Communications Co. 7.875% 01/15/27		585,000		433,632
Qwest Communications International, Inc. 7.500% 02/15/14		230,000		196,650
Qwest Corp. 7.500% 10/01/14		580,000		527,800
7.500% 06/15/23		100,000		74,000
Windstream Corp. 7.000% 03/15/19		250,000		221,250
8.625% 08/01/16		510,000		502,350
				1,955,682
				3,747,113
				6,250,693
Consumer Cyclical (6.3%)
Apparel (0.5%)
Apparel Manufacturers (0.5%)
Levi Strauss & Co. 9.750% 01/15/15		235,000		193,581
Auto Parts & Equipment (1.1%)
Auto/Truck Parts & Equipment-Original (0.2%)
TRW Automotive, Inc. 7.000% 03/15/14 (b)		175,000		83,125
Auto/Truck Parts & Equipment-Replacement (0.1%)
Commercial Vehicle Group, Inc. 8.000% 07/01/13		100,000		45,000

	Par (a)		Value
Rubber-Tires (0.8%)
Goodyear Tire & Rubber Co. 8.625% 12/01/11	$	81,000	$	77,355
9.000% 07/01/15		255,000		235,238
				312,593
				440,718
Entertainment (0.3%)
Music (0.3%)
WMG Acquisition Corp. 7.375% 04/15/14		210,000		133,350
Home Builders (0.8%)
Building-Residential/Commercial (0.8%)
KB Home 5.875% 01/15/15		450,000		308,250
Lodging (1.6%)
Casino Hotels (0.7%)
MGM Mirage 7.500% 06/01/16		490,000		264,600
Gambling (Non-Hotel) (0.9%)
Mashantucket Western Pequot Tribe 8.500% 11/15/15 (b)		370,000		127,650
Seminole Indian Tribe of Florida 7.804% 10/01/20 (b)		260,000		208,192
				335,842
				600,442
Retail (2.0%)
Retail-Apparel/Shoe (0.7%)
Phillips-Van Heusen Corp. 7.250% 02/15/11		170,000		159,375
8.125% 05/01/13		95,000		85,975
				245,350
Retail-Hypermarkets (0.3%)
New Albertson's, Inc. 8.000% 05/01/31		165,000		127,050

See Accompanying Notes to Financial Statements.
40

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (continued)
Retail-Propane Distributors (1.0%)
AmeriGas Partners LP 7.125% 05/20/16	$	305,000	$	280,600
7.250% 05/20/15		90,000		83,250
Inergy LP/Inergy Finance Corp. 8.750% 03/01/15 (b)		25,000		23,625
				387,475
				759,875
				2,436,216
Consumer Non-Cyclical (12.7%)
Agriculture (0.7%)
Tobacco (0.7%)
Reynolds American, Inc. 7.625% 06/01/16		305,000		266,120
Beverages (1.2%)
Beverages-Wine/Spirits (1.2%)
Constellation Brands, Inc. 8.125% 01/15/12		465,000		461,512
Biotechnology (0.7%)
Medical-Biomedical/Gene (0.7%)
Bio-Rad Laboratories, Inc. 7.500% 08/15/13		305,000		277,550
Commercial Services (3.0%)
Commercial Services (0.6%)
Iron Mountain, Inc. 8.000% 06/15/20		270,000		249,750
Funeral Services & Related Items (0.9%)
Service Corp. International 6.750% 04/01/16		100,000		89,750
7.375% 10/01/14		265,000		253,075
				342,825
Private Corrections (1.5%)
Corrections Corp. of America 6.250% 03/15/13		415,000		403,587
GEO Group, Inc. 8.250% 07/15/13		200,000		176,000
				579,587
				1,172,162

	Par (a)		Value
Food (1.1%)
Food-Dairy Products (0.4%)
Dean Foods Co. 7.000% 06/01/16	$	175,000	$	161,875
Food-Meat Products (0.2%)
Smithfield Foods, Inc. 7.750% 07/01/17		105,000		71,138
Food-Miscellaneous/Diversified (0.5%)
Del Monte Corp. 6.750% 02/15/15		225,000		211,500
				444,513
Healthcare Products (0.6%)
Medical Products (0.6%)
Biomet, Inc. PIK, 10.375% 10/15/17		255,000		226,950
Healthcare Services (3.3%)
Medical-Hospitals (3.3%)
Community Health Systems, Inc. 8.875% 07/15/15		190,000		182,875
HCA, Inc. 9.250% 11/15/16		270,000		257,850
PIK, 9.625% 11/15/16 (c)		1,015,000		852,600
				1,293,325
Household Products/Wares (0.3%)
Consumer Products-Miscellaneous (0.3%)
American Greetings Corp. 7.375% 06/01/16		190,000		110,200
Pharmaceuticals (1.8%)
Medical-Drugs (0.8%)
Elan Finance PLC 6.149% 11/15/11 (d)		110,000		81,400
8.875% 12/01/13		225,000		162,000
Warner Chilcott Corp. 8.750% 02/01/15		70,000		65,450
				308,850

See Accompanying Notes to Financial Statements.
41

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (continued)
Pharmacy Services (1.0%)
Omnicare, Inc. 6.750% 12/15/13	$	410,000	$	378,225
				687,075
				4,939,407
Energy (15.6%)
Coal (2.0%)
Arch Western Finance LLC 6.750% 07/01/13		500,000		473,750
Massey Energy Co. 6.875% 12/15/13		350,000		306,250
				780,000
Oil & Gas (8.9%)
Oil & Gas Drilling (0.4%)
Pride International, Inc.
7.375% 07/15/14		180,000		172,800
Oil Companies-Exploration & Production (7.6%)
Chesapeake Energy Corp. 6.375% 06/15/15		790,000		667,550
9.500% 02/15/15		50,000		49,000
Cimarex Energy Co. 7.125% 05/01/17		210,000		181,650
KCS Energy, Inc. 7.125% 04/01/12		200,000		174,000
Newfield Exploration Co. 6.625% 09/01/14		345,000		308,775
6.625% 04/15/16		185,000		163,725
OPTI Canada, Inc. 8.250% 12/15/14		485,000		223,100
PetroHawk Energy Corp. 7.875% 06/01/15 (b)		175,000		146,562
Pioneer Natural Resources Co. 5.875% 07/15/16		185,000		143,581
Quicksilver Resources, Inc. 7.125% 04/01/16		420,000		289,800
Range Resources Corp. 7.500% 05/15/16		335,000		314,900
Southwestern Energy Co. 7.500% 02/01/18 (b)		305,000		288,225
				2,950,868

	Par (a)		Value
Oil Refining & Marketing (0.9%)
Frontier Oil Corp. 8.500% 09/15/16	$	130,000	$	123,500
Tesoro Corp. 6.625% 11/01/15		295,000		231,944
				355,444
				3,479,112
Pipelines (4.7%)
Atlas Pipeline Partners LP 8.125% 12/15/15		255,000		173,400
Colorado Interstate Gas Co. 6.800% 11/15/15		116,000		108,170
El Paso Corp. 6.875% 06/15/14		430,000		396,675
7.250% 06/01/18		140,000		128,100
El Paso Performance-Linked Trust 7.750% 07/15/11 (b)		110,000		105,325
Kinder Morgan Finance Co. ULC 5.700% 01/05/16		485,000		418,313
MarkWest Energy Partners LP 6.875% 11/01/14		320,000		233,600
8.500% 07/15/16		70,000		51,275
Williams Companies, Inc. 7.625% 07/15/19		50,000		47,625
8.125% 03/15/12		150,000		148,500
				1,810,983
				6,070,095
Financials (1.4%)
Diversified Financial Services (0.3%)
Special Purpose Entity (0.3%)
Goldman Sachs Capital II 5.793% 12/29/49 (d)		300,000		107,733
Insurance (0.6%)
Property/Casualty Insurance (0.6%)
Crum & Forster Holdings Corp. 7.750% 05/01/17		290,000		218,950
Real Estate Investment Trusts (REITs) (0.5%)
REITS-Hotels (0.5%)
Host Marriott LP 6.375% 03/15/15		260,000		208,000
				534,683

See Accompanying Notes to Financial Statements.
42

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (continued)
Industrials (15.6%)
Aerospace & Defense (2.4%)
Aerospace/Defense-Equipment (0.9%)
BE Aerospace, Inc. 8.500% 07/01/18	$	315,000	$	296,100
Moog, Inc. 7.250% 06/15/18 (b)		55,000		49,225
				345,325
Electronics-Military (1.5%)
L-3 Communications Corp. 5.875% 01/15/15		160,000		146,400
6.375% 10/15/15		480,000		450,000
				596,400
				941,725
Electrical Components & Equipment (1.0%)
Wire & Cable Products (1.0%)
Belden, Inc. 7.000% 03/15/17		175,000		133,000
General Cable Corp. 3.810% 04/01/15 (d)		145,000		97,150
7.125% 04/01/17		215,000		172,000
				402,150
Electronics (0.6%)
Electronic Components-Miscellaneous (0.6%)
Flextronics International Ltd. 6.250% 11/15/14		300,000		231,750
Environmental Control (1.5%)
Non-Hazardous Waste Disposal (1.5%)
Allied Waste North America, Inc. 7.125% 05/15/16		580,000		565,500
Machinery-Construction & Mining (1.0%)
Machinery-Construction & Mining (1.0%)
Terex Corp. 8.000% 11/15/17		455,000		377,650
Machinery-Diversified (1.1%)
Machinery-General Industry (1.1%)
Manitowoc Co., Inc. 7.125% 11/01/13		250,000		200,000

	Par (a)		Value
Machinery-General Industry (continued)
Westinghouse Air Brake Technologies Corp. 6.875% 07/31/13	$	250,000	$	226,250
				426,250
Miscellaneous Manufacturing (2.2%)
Diversified Manufacturing Operators (1.8%)
Bombardier, Inc. 6.300% 05/01/14 (b)		475,000		384,750
Koppers Holdings, Inc. (e) 11/15/14 (9.875% 11/15/09)		145,000		119,806
Trinity Industries, Inc. 6.500% 03/15/14		220,000		184,800
				689,356
Miscellaneous Manufacturing (0.4%)
American Railcar Industries, Inc. 7.500% 03/01/14		215,000		149,425
				838,781
Packaging & Containers (2.6%)
Containers-Metal/Glass (2.6%)
Crown Americas LLC & Crown Americas Capital Corp. 7.750% 11/15/15		370,000		373,700
Owens-Illinois, Inc. 7.500% 05/15/10		405,000		409,050
Silgan Holdings, Inc. 6.750% 11/15/13		270,000		244,350
				1,027,100
Transportation (3.2%)
Transportation-Marine (1.9%)
Navios Maritime Holdings, Inc. 9.500% 12/15/14		200,000		117,000
Stena AB 7.500% 11/01/13		460,000		325,450
Teekay Corp. 8.875% 07/15/11		310,000		278,225
				720,675
Transportation-Railroad (0.6%)
Kansas City Southern de Mexico SA de CV 7.375% 06/01/14		280,000		240,800

See Accompanying Notes to Financial Statements.
43

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par (a)		Value
Corporate Fixed-Income Bonds & Notes (continued)
Transportation-Services (0.7%)
Bristow Group, Inc. 7.500% 09/15/17	$	400,000	$	292,000
				1,253,475
				6,064,381
Utilities (10.4%)
Electric (10.4%)
Electric-Generation (4.0%)
AES Corp. 7.750% 03/01/14		305,000		290,512
8.000% 10/15/17		265,000		249,100
Edison Mission Energy 7.000% 05/15/17		575,000		534,750
Intergen NV 9.000% 06/30/17 (b)		525,000		488,250
				1,562,612
Electric-Integrated (2.9%)
CMS Energy Corp. 6.875% 12/15/15		185,000		169,185
Ipalco Enterprises, Inc. 7.250% 04/01/16 (b)		285,000		263,625
TXU Energy Co. LLC 3.906% 10/10/14 (d)(f)		561,071		390,225
3.961% 10/10/14 (d)(f)		5,000		3,478
5.888% 10/10/14 (d)(f)		421,429		293,104
				1,119,617
Independent Power Producer (3.5%)
Dynegy Holdings, Inc. 7.125% 05/15/18		445,000		318,175
Mirant North America LLC 7.375% 12/31/13		490,000		472,850
NRG Energy, Inc. 7.375% 02/01/16		230,000		219,075
NSG Holdings LLC/NSG Holdings, Inc. 7.750% 12/15/25 (b)		415,000		336,150
				1,346,250
				4,028,479
Total Corporate Fixed-Income Bonds & Notes (Cost of $40,424,085)				33,590,988

	Par (a)		Value
Municipal Bond (0.4%)
Virginia (0.4%)
VA Tobacco Settlement Financing Corp. Series 2007 A1, 6.706% 06/01/46	$	275,000	$	150,906
Total Municipal Bond (Cost of $274,976)				150,906
Convertible Bond (0.1%)
Industrials (0.1%)
General Cable Corp. 0.875% 11/15/13		85,000		54,400
Total Convertible Bond (Cost of $45,308)				54,400
Short-Term Obligation (10.6%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.210%, collateralized by a U.S. Government Agency Obligation maturing 06/28/10, market value $4,179,483 (repurchase proceeds $4,094,072)		4,094,000		4,094,000
Total Short-Term Obligation (Cost of $4,094,000)				4,094,000
Total Investments (97.6%) (Cost of $44,838,369) (g)				37,890,294
Other Assets & Liabilities, Net (2.4%)				920,057
Net Assets (100.0%)			$	38,810,351

See Accompanying Notes to Financial Statements.
44

CMG HIGH YIELD FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

Notes to Schedule of Investments:

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

(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2009, these securities, which are not illiquid except for the following, amounted to $4,206,223, which represents 10.8% of net assets.

Security	Acquisition Date		Par		Cost		Value
Seminole Indian Tribe of Florida 7.804% 10/01/20		09/26/07	$	260,000	$	263,643	$	208,192

(c)  A portion of these securities are pledged as collateral fora credit default swap contract. At January 31, 2009, the market value of the pledged securities amounted to$2,323,000.

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

(e)  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.

(f)  Loan participation agreement.

(g)  Cost for federal income tax purposes is $45,013,699.

Forward foreign currency exchange contract outstanding on January 31, 2009 is:

Forward Foreign Currency Exchange Contract to Sell		Value		Aggregate Face Value		Settlement Date		Unrealized Appreciation
	EUR	$	79,365	$	81,670		02/19/09	$	2,305

The following table shows the undiscounted maximum potential payment by the Fund as the seller of credit protection in a credit default swap contract:

Type of Reference Assets On Which the Fund Sold Credit Protection	Total Maximum Potential Payment For Selling Credit Protection (Undiscounted)		Amount Recoverable(1)		Reference Asset Rating Range(2)
High Yield Indexes	$	1,980,000	$	–	BB to B

(1)  The Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

(2)  The reference asset rating range represents the Standard & Poor's equivalent of the ratings of all the securities included in the index. The lower the reference asset rating, the greater the likelihood of default of the securities in the index.

At January 31, 2009, the asset allocation of the Fund was as follows:

Asset Allocation	% of Net Assets
Communications		16.1
Industrials		15.7
Energy		15.6
Consumer Non-Cyclical		12.7
Utilities		10.4
Basic Materials		8.4
Consumer Cyclical		6.3
Financials		1.4
Municipal Bond		0.4
		87.0
Short-Term Obligation		10.6
Other Assets & Liabilities, Net		2.4
		100.0

Acronym	Name
	EUR	Eur	o
PIK		Payment-In-Kind

At January 31, 2009, the Fund had entered into the following
credit default swap contract:

Swap Counterparty	Referenced Obligation	Receive Buy/Sell Protection	Fixed Rate			Expiration Date		Notional Amount		Upfront Premiums Received		Value of Contract
JPMorgan	CDX.NA.HY.11	Sell		5.000	%		12/20/13	$	1,980,000	$	486,750	$	(500,698	)

See Accompanying Notes to Financial Statements.
45

STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2009 (Unaudited)

	CMG Core Bond Fund			CMG Short Term Bond Fund			CMG Ultra Short Term Bond Fund			CMG High Yield Fund
ASSETS:
Unaffiliated investments, at identified cost	$	84,475,316		$	214,931,481		$	105,898,344		$	40,744,369
Repurchase agreements, at cost		12,289,000			20,633,000			976,000			4,094,000
Affiliated investments, at identified cost		648,219			594,192			794,244			-
Total investments, at cost		97,412,535			236,158,673			107,668,588			44,838,369
Unaffiliated investments, at value (including securities on loan of   6,405,987, $14,595,772,  $$4,265,322 and $-, respectively)	$	82,055,328		$	208,429,040		$	100,438,674		$	33,796,294
Repurchase agreement, at value		12,289,000			20,633,000			976,000			4,094,000
Affiliated investments, at value		622,946			596,215			782,993			-
Total investments, at value		94,967,274			229,658,255			102,197,667			37,890,294
Cash		160			22			10,002			1,972
Unrealized appreciation on forward foreign currency exchange contract		-			-			-			2,305
Receivable for:
Investments sold		2,417,378			-			-			2,751,822
Fund shares sold		50,000			2,329,999			1,383,929			-
Interest		515,770			1,460,524			541,547			747,121
Securities lending		6,811			14,142			1,885			-
Expense reimbursement due from investment advisor		4,710			5,180			5,160			5,978
Trustees' deferred compensation plan		8,336			10,073			8,440			12,157
Total Assets		97,970,439			233,478,195			104,148,630			41,411,649
LIABILITIES:
Collateral on securities loaned		6,561,635			14,890,015			4,354,425			-
Open credit default swap contract (Upfront premiums received $486,750)		-			-			-			500,698
Payable for:
Investments purchased		1,272,942			1,242,562			-			1,928,476
Investments purchased on a delayed delivery basis		10,217,258			4,109,444			-			-
Fund shares repurchased		27,000			20,000			-			-
Futures variation margin		-			7,563			-			-
Distributions		176,261			747,981			264,841			118,971
Investment advisory fee		17,141			42,817			19,605			12,456
Trustees' fees		2,678			1,209			2,281			2,906
Audit fee		24,134			23,255			23,257			25,569
Legal fee		1,556			4,324			6,378			65
Trustees' deferred compensation plan		8,336			10,073			8,440			12,157
Total liabilities		18,308,941			21,099,243			4,679,227			2,601,298
NET ASSETS	$	79,661,498		$	212,378,952		$	99,469,403		$	38,810,351
NET ASSETS CONSIST OF:
Paid-in capital	$	85,885,659		$	224,651,519		$	108,984,023		$	66,279,812
Overdistributed net investment income		(40,800	)		(662,238	)		(294,703	)		(269,513	)
Accumulated net realized loss		(3,738,100	)		(5,152,457	)		(3,748,996	)		(20,239,005	)
Net unrealized appreciation (depreciation) on:
Investments		(2,445,261	)		(6,500,418	)		(5,470,921	)		(6,948,075	)
Foreign currency translations		-			-			-			2,187
Credit default swap contracts		-			-			-			(15,055	)
Futures contracts		-			42,546			-			-
NET ASSETS	$	79,661,498		$	212,378,952		$	99,469,403		$	38,810,351
Shares of capital stock outstanding		8,190,272			18,969,072			10,946,839			6,544,080
Net asset value, offering and redemption price per share	$	9.73		$	11.20		$	9.09		$	5.93

See Accompanying Notes to Financial Statements.
46

STATEMENTS OF OPERATIONS

For the Six Months Ended January 31, 2009 (Unaudited)

	CMG Core Bond Fund			CMG Short Term Bond Fund			CMG Ultra Short Term Bond Fund			CMG High Yield Fund
INVESTMENT INCOME:
Interest	$	2,020,041		$	5,089,484		$	2,033,039		$	1,640,460
Interest from affiliates		20,956			12,375			2,724			-
Securities lending		43,036			58,089			23,729			-
Total investment income		2,084,033			5,159,948			2,059,492			1,640,460
Expenses:
Investment advisory fee		100,018			250,858			132,739			77,892
Trustees' fees		9,266			9,202			8,396			7,350
Audit fee		19,731			20,471			18,995			22,617
Other expenses		5,132			7,956			7,020			5,459
Total expenses		134,147			288,487			167,150			113,318
Fees waived or expenses reimbursed by investment advisor		(33,953	)		(37,569	)		(34,492	)		(35,223	)
Net expenses		100,194			250,918			132,658			78,095
Net investment income		1,983,839			4,909,030			1,926,834			1,562,365
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY, FUTURES CONTRACTS AND CREDIT DEFAULT SWAP CONTRACTS:
Net realized gain (loss) on:
Investments		(507,885	)		(161,449	)		(97,397	)		(3,661,638	)
Foreign currency transactions and forward foreign currency   exchange contracts		-			-			-			30,384
Futures contracts		-			80,324			-			-
Credit default swap contracts		-			-			-			1,107
Net realized loss		(507,885	)		(81,125	)		(97,397	)		(3,630,147	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,097,293	)		(5,109,484	)		(2,309,368	)		(3,928,495	)
Foreign currency translations and forward foreign currency   exchange contracts		-			-			-			1,430
Futures contracts		-			42,546			-			-
Credit default swap contracts		-			-			-			(15,055	)
Net change in unrealized appreciation (depreciation)		(1,097,293	)		(5,066,938	)		(2,309,368	)		(3,942,120	)
Net loss		(1,605,178	)		(5,148,063	)		(2,406,765	)		(7,572,267	)
NET INCREASE (DECREASE) RESULTING FROM   OPERATIONS	$	378,661		$	(239,033	)	$	(479,931	)	$	(6,009,902	)

See Accompanying Notes to Financial Statements.
47

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Core Bond Fund						CMG Short Term Bond Fund
	(Unaudited) Six Months Ended January 31, 2009			Year Ended July 31, 2008			(Unaudited) Six Months Ended January 31, 2009			Year Ended July 31, 2008
Increase (decrease) in net assets
Operations:
Net investment income	$	1,983,839		$	4,470,337		$	4,909,030		$	8,177,268
Net realized gain (loss) on investments and futures   contracts		(507,885	)		(998,360	)		(81,125	)		38,391
Net change in unrealized appreciation (depreciation) on   investments and futures   contracts		(1,097,293	)		(458,717	)		(5,066,938	)		(1,030,404	)
Net increase (decrease) resulting from operations		378,661			3,013,260			(239,033	)		7,185,255
Distributions to shareholders:
From net investment income		(2,008,701	)		(4,651,794	)		(5,293,875	)		(8,705,705	)
Net capital stock transactions		(6,832,748	)		22,089,503			12,368,405			68,632,114
Total increase (decrease) in net assets		(8,462,788	)		20,450,969			6,835,497			67,111,664
NET ASSETS:
Beginning of period		88,124,286			67,673,317			205,543,455			138,431,791
End of period	$	79,661,498		$	88,124,286		$	212,378,952		$	205,543,455
Overdistibuted net investment income at end of period	$	(40,800	)	$	(15,938	)	$	(662,238	)	$	(277,393	)

See Accompanying Notes to Financial Statements.
48

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Ultra Short Term Bond Fund						CMG High Yield Fund
	(Unaudited) Six Months Ended January 31, 2009			Year Ended July 31, 2008			(Unaudited) Six Months Ended January 31, 2009			Year Ended July 31, 2008
Increase (decrease) in net assets
Operations:
Net investment income	$	1,926,834		$	5,578,370		$	1,562,365		$	3,737,639
Net realized gain (loss) on investments, foreign currency   transactions, forward foreign   currency exchange   contracts and credit default   swap contracts		(97,397	)		(1,876,094	)		(3,630,147	)		(2,410,581	)
Net change in unrealized appreciation (depreciation) on   investments, foreign currency   translations, forward foreign   currency exchange   contracts and credit   default swap contracts		(2,309,368	)		(2,191,777	)		(3,942,120	)		263,527
Net increase (decrease) resulting from operations		(479,931	)		1,510,499			(6,009,902	)		1,590,585
Distributions to shareholders:
From net investment income		(2,150,863	)		(5,705,300	)		(1,693,575	)		(3,778,512	)
Net capital stock transactions		5,505,179			(52,002,839	)		816,512			(14,287,932	)
Total increase (decrease) in net assets		2,874,385			(56,197,640	)		(6,886,965	)		(16,475,859	)
NET ASSETS:
Beginning of period		96,595,018			152,792,658			45,697,316			62,173,175
End of period	$	99,469,403		$	96,595,018		$	38,810,351		$	45,697,316
Overdistibuted net investment income at end of period	$	(294,703	)	$	(70,674	)	$	(269,513	)	$	(138,303	)

See Accompanying Notes to Financial Statements.
49

STATEMENTS OF CHANGES IN NET ASSETS - CAPITAL STOCK ACTIVITY

	CMG Core Bond Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,056,814			10,253,619			4,024,573			40,729,229
Distributions reinvested		78,449			754,864			156,722			1,588,459
Redemptions		(1,867,985	)		(17,841,231	)		(2,008,322	)		(20,228,185	)
Net increase (decrease)		(732,722	)		(6,832,748	)		2,172,973			22,089,503
	CMG Short Term Bond Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		6,259,149			70,438,649			10,954,738			127,068,209
Distributions reinvested		49,273			550,959			115,417			1,341,771
Redemptions		(5,219,925	)		(58,621,203	)		(5,139,763	)		(59,777,866	)
Net increase		1,088,497			12,368,405			5,930,392			68,632,114
	CMG Ultra Short Term Bond Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		5,658,223			52,117,825			4,274,964			40,228,402
Distributions reinvested		9,181			83,698			88,630			835,828
Redemptions		(5,116,327	)		(46,696,344	)		(9,893,831	)		(93,067,069	)
Net increase (decrease)		551,077			5,505,179			(5,530,237	)		(52,002,839	)
	CMG High Yield Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		909,756			5,553,846			1,692,130			12,887,905
Distributions reinvested		139,696			839,512			261,129			1,950,122
Redemptions		(887,425	)		(5,576,846	)		(3,886,936	)		(29,125,959	)
Net increase (decrease)		162,027			816,512			(1,933,677	)		(14,287,932	)

See Accompanying Notes to Financial Statements.
50

NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Note 1.  Organization

Columbia Funds Institutional Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Information presented in these financial statements pertains only to the following diversified funds (individually referred to as a "Fund", collectively referred to as the "Funds"):

  CMG Core Bond Fund
  CMG Short Term Bond Fund
  CMG Ultra Short Term Bond Fund
  CMG High Yield Fund

Shares of the Funds are available for purchase by institutional investors investing directly in the Funds, by institutional investors investing in the Funds as an advisory client of Columbia Management Advisors, LLC ("Columbia"), the Funds' investment adviser, and by institutional investors investing in the Funds as an advisory client of Bank of America, N.A. Please see the Funds' prospectuses for further details, including applicable investment minimums.

Investment objectives. CMG Core Bond Fund seeks to provide investors a high level of current income consistent with capital preservation. CMG Short Term Bond Fund seeks to provide investors a high level of current income consistent with a high degree of stability of principal. CMG Ultra Short Term Bond Fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital. CMG High Yield Fund seeks a high level of current income. Capital appreciation is a secondary objective of the CMG High Yield Fund when consistent with a high level of current income.

Fund shares. The Trust may issue an unlimited number of shares of beneficial interest which are offered continuously at net asset value.

Note 2.  Significant accounting policies

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

51

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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

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

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.

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. The 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.

On August 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"). SFAS 157 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 under SFAS 157 are described below:

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

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

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

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

52

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

The following tables summarize the inputs used, as of January 31, 2009, in valuing each Funds' assets:
CMG Core Bond Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	22,857,201	$	-
Level 2—Other Significant Observable Inputs		72,110,073		-
Level 3—Significant Unobservable Inputs		-		-

Total	$	94,967,274	$	-
CMG Short Term Bond Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1—Quoted Prices	$	21,067,719	$	42,546
Level 2—Other Significant Observable Inputs		208,528,285		-
Level 3—Significant Unobservable Inputs		62,251		-

Total $ 229,658,255 $ 42,546

*Other financial instruments consist of futures contracts which are not included in the Schedule of Investments.

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

	Investments in Securities			Other Financial Instruments
Balance as of July 31, 2008	$	76,207		$	-
Accretion of Discounts/Amortization of Premiums		23			-
Realized gain (loss)		126			-
Change in unrealized depreciation		(6,737	)		-
Net purchases/sales		(7,368	)		-
Transfers into and/or out of Level 3		-			-

Balance as of January 31, 2009 $ 62,251 $ -

The change in unrealized losses attributable to securities owned at January 31, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $6,737. This amount is included in net change in unrealized depreciation on the Statement of Changes in Net Assets.

53

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

CMG Ultra Short Term Bond Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	4,354,425	$	-
Level 2—Other Significant Observable Inputs		97,218,242		-
Level 3—Significant Unobservable Inputs		625,000		-

Total $ 102,197,667 $ -

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

	Investments in Securities			Other Financial Instruments
Balance as of July 31, 2008	$	1,774,238		$	-
Accretion of Discounts/Amortization of Premiums		-			-
Realized gain		804			-
Change in unrealized depreciation		(550,150	)		-
Net sales		(195,929	)		-
Transfers out of Level 3		(403,963	)		-

Balance as of January 31, 2009 $ 625,000 $ -

The change in unrealized losses attributable to securities owned at January 31, 2009 which were valued using significant unobservable inputs (Level 3) amounted to $549,069. This amount is included in net change in unrealized depreciation on the Statement of Changes in Net Assets.

CMG High Yield Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1—Quoted Prices	$	-	$	-
Level 2—Other Significant Observable Inputs		37,890,294		(498,393	)
Level 3—Significant Unobservable Inputs		-		-

Total $ 37,890,294 $ (498,393 )

*Other financial instruments consist of a forward foreign currency exchange contract and a credit default swap contract which are not included in the Schedule of Investments.

The tables reconciling asset balances for which significant unobservable inputs (Level3) were used in determining value reflect fiscal year to date activity for any securities for which Level 3 inputs were used at either the beginning or the end of the current fiscal period.

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.

54

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities–an amendment of FASB Statement No. 133 ("SFAS 161"), was issued. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires additional discussion about the reporting entity'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. Management is evaluating the impact the application of SFAS 161 will have on the Funds' financial stateme nt disclosures.

In September 2008, FASB Staff Position 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45 and Clarification of the Effective Date of FASB Statement No. 161 ("Amendment"), was issued and is effective for annual and interim reporting periods ending after November 15, 2008. The Amendment requires enhanced disclosures regarding a fund's credit derivatives and hybrid financial instruments containing embedded credit derivatives.

Futures contracts. The Funds may invest in futures for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.

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 by Columbia of the future direction of interest rates. Any of these risks may involve amounts exceeding the variation margin recorded in the Funds' Statements of Assets and Liabilities at any given time.

Upon entering into a futures contract, a 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 a 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. A Fund recognizes a realized gain or loss when the contract is closed or expires.

Forward foreign currency exchange contracts. 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 trade and settlement date 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 hedge 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 hedge the Funds' investments against currency 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.

Repurchase agreements. Each Fund may engage in repurchase agreement transactions with institutions that Columbia has determined are creditworthy. Each Fund, through its 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 or restrictions

55

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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.

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

Credit default swaps. The Funds may engage in credit default swap transactions for hedging purposes or to seek to increase total return. 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 Funds may receive an upfront payment as the protection seller or make an upfront payment as the protection buyer.

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. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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 Funds' Statement of Assets and Liabilities. Periodic payments received or made are recorded as realized gain or loss and premiums received or made are amortized on the Statements of Operations. Gains or losses are realized as a result of a credit event or termination of the contract. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Funds' custodian in compliance with the terms of the swap contract.

By entering into these agreements, the Funds could be exposed to risks in excess of the amounts recorded on the Statements of Assets and Liabilities. Risks include the possibility that there will be no liquid market for these agreements, or that the counterparty to an agreement will default on its obligation to perform.

Delayed delivery securities. Each 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 Funds to subsequently invest at less advantageous prices. Each Fund holds until the settlement date, in a segregated account, cash or liquid securities in an amount equal to the delayed delivery commitment.

Treasury inflation protected securities. The Funds may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically for inflation based on a monthly published index. Interest payments are based on the inflation-adjusted principal at the time the interest is paid. These adjustments are recorded as interest income on the Statements of Operations.

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

56

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

greater than anticipated prepayments of principal, a 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 a Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Foreign currency translations and transactions. 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 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 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. 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.

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.

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 taxable income 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.

Distributions to shareholders. Distributions from net investment income are declared daily and distributed 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, 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.

57

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Note 3.  Federal tax information

The tax character of distributions paid during the year ended July 31, 2008 was as follows:

	Ordinary Income*		Long-Term Capital Gains
CMG Core Bond Fund	$	4,651,794	$	-
CMG Short Term Bond Fund		8,705,705		-
CMG Ultra Short Term Bond Fund		5,705,300		-
CMG High Yield Fund		3,778,512		-

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

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

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Depreciation
CMG Core Bond Fund	$	1,463,221	$	(3,958,393	)	$	(2,495,172	)
CMG Short Term Bond Fund		1,687,409		(8,666,307	)		(6,978,898	)
CMG Ultra Short Term Bond Fund		240,957		(5,899,009	)		(5,658,052	)
CMG High Yield Fund		153,691		(7,277,096	)		(7,123,405	)

The following capital loss carryforwards, determined as of July 31, 2008, 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
	2009		2010		2012		2013		2014		2015		2016		Total
CMG Core Bond Fund	$	-	$	-	$	-	$	-	$	304,526	$	1,461,747	$	399,785	$	2,166,058
CMG Short Term Bond Fund		-		2,365,257		19,156		25,391		989,127		899,128		650,370		4,948,429
CMG Ultra Short Term Bond Fund		-		-		29,640		47,961		627,248		685,751		213,699		1,604,299
CMG High Yield Fund		6,776,032		2,987,019		-		-		-		3,691,106		835,787		14,289,944

Under current tax rules, certain capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of July 31, 2008, post-October capital losses attributed to security transactions were deferred to August 1, 2008, as follows:

	Capital Losses
CMG Core Bond Fund	$	958,625
CMG Short Term Bond Fund		57,876
CMG Ultra Short Term Bond Fund		2,047,300
CMG High Yield Fund		2,310,873

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines 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 is

58

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any effect on the Funds' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, 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. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantl y change in the next twelve months.

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, administrative and other services to the Funds. 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. Each Fund's investment advisory fee is a unified fee. Columbia, out of the unified fee it receives from the Funds, pays all accounting fees, legal fees, transfer agent fees, custody fees, expenses of the Chief Compliance Officer, the commitment fee for the line of credit (see Note 6) and miscellaneous expenses of the Funds. The unified fee does not include brokerage fees, taxes, fees and expenses of the independent Trustees (including legal counsel fees), audit fees, interest expense associated with any borrowings by the Funds or extraordinary expenses, if any. The unified fees are paid monthly to Columbia based on each Fund's average daily net assets at the following annual rates:

CMG Core Bond Fund	0.25	%
CMG Short Term Bond Fund	0.25	%
CMG Ultra Short Term Bond Fund	0.25	%
CMG High Yield Fund	0.40	%

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.

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. The pricing and bookkeeping fees for each Fund are payable by Columbia.

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 fees for the Funds are payable by Columbia. 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 or Columbia.

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 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.

59

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Fee waivers and expense reimbursements. Columbia has contractually agreed to waive its management fee and, to the extent necessary, bear other expenses of each Fund through November 30, 2009, so that the ordinary operating expenses incurred by the Funds will not exceed the following annual rates (exclusive of any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds' custodian, based on each Fund's average daily net assets:

CMG Core Bond Fund	0.25	%
CMG Short Term Bond Fund	0.25	%
CMG Ultra Short Term Bond Fund	0.25	%
CMG High Yield Fund	0.40	%

There is no guarantee that these arrangements will continue after November 30, 2009.

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, are charged their pro-rata share of the expenses associated with the Chief Compliance Officer. The expenses of the Chief Compliance Officer charged to each Fund are payable by Columbia.

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.

Note 5.  Portfolio information

For the six month period ended January 31, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Funds were as follows:

	U.S. Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
CMG Core Bond Fund	$	81,830,737	$	92,035,918	$	14,797,755	$	13,833,626
CMG Short Term Bond Fund		40,009,005		29,208,082		27,925,387		35,458,703
CMG Ultra Short Term Bond Fund		6,942,774		6,280,055		29,997,635		38,625,863
CMG High Yield Fund		-		-		9,853,443		8,472,437

Note 6.  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. Prior to October 16, 2008, the Funds and other affiliated funds participated in a $350,000,000 committed, unsecured revolving line of credit and a $150,000,000 uncommitted,

60

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

unsecured line of credit, both provided by State Street. Interest on the committed line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets. Interest on the uncommitted line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%. State Street charged an annual operations agency fee of $40,000 for the committed line of credit and was able to charge an annual administration fee of $15,000 for the uncommitted line of credit. The commitment fee, the operations agency fee and the administration fee were accrued and apportioned among the participating funds pro rata based on their relative net assets.< /p>

For the six month period ended January 31, 2009, the Funds did not borrow under these arrangements.

Note 7.  Securities lending

Each 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 Funds and any additional required collateral is delivered to the Funds 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 Funds. Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Funds. The Funds bear the risk of loss with respect to the investment of collateral.

Note 8. Shares of beneficial interest

As of January 31, 2009, the Funds had shareholders 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
CMG Core Bond Fund		89.5
CMG Short Term Bond Fund		95.8
CMG Ultra Short Term Bond Fund		98.6
CMG High Yield Fund		78.9

As of January 31, 2009, CMG Core Bond Fund had one account holder that held 10.4% of the shares outstanding over which BOA and/or any of its affiliates did not have investment discretion.

As of January 31, 2009, CMG High Yield Fund had one account holder that held 12.4% of the shares outstanding over which BOA and/or any of its affiliates did not have investment discretion.

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

61

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Note 9. Significant risks and contingencies

Sector focus risk. Certain Funds may focus their investments in certain sectors, subjecting them 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.

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.

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 Funds 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 i n greater volatility.

Legal proceedings. CMG Funds are not named as parties to any regulatory proceedings or litigation. 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,

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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 inde pendence 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 America Corporation and others as d efendants. 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.

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BOARD CONSIDERATION AND APPROVAL OF
ADVISORY AGREEMENTS

The Advisory Fees and Expenses Committee of the Board of Trustees meets several times annually to review the advisory agreements (collectively, the "Agreements") of the funds for which the Trustees serve as trustees (each a "fund") and to determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements. In addition, the full Board, including the Independent Trustees, considers matters bearing on the Agreements at most of its other meetings throughout the year and meets regularly with senior management of the funds and Columbia, the funds' investment adviser, including the senior manager of each investment area within Columbia. Through the Board's Investment Oversight Committees, Trustees also meet with selected fund portfolio managers, research analysts and traders at various times throughout the year.

The Trustees receive and review all materials that they, their legal counsel or Columbia believe to be reasonably necessary for the Trustees to evaluate the Agreements and to determine whether to approve the continuation of the Agreements. Those materials generally include, among other items, (i) information on the investment performance of each fund relative to the performance of peer groups of mutual funds and the fund's performance benchmarks, and additional information assessing performance on a risk-adjusted basis, (ii) information on each fund's advisory fees and other expenses, including information comparing the fund's expenses to those of peer groups of mutual funds and information about any applicable expense caps and fee "breakpoints," (iii) information about the profitability of the Agreements to Columbia, including potential "fall-out" or ancillary benefits that Columbia and its affiliates may receive as a result of their relationships with the funds and (iv) information obtained through Columbia's response to a questionnaire prepared at the request of the Trustees by counsel to the funds and independent legal counsel to the Independent Trustees. The Trustees also consider other information such as (v) Columbia's financial results and financial condition, (vi) each fund's investment objective and strategies and the size, education and experience of Columbia's investment staffs and their use of technology, external research and trading cost measurement tools, (vii) the allocation of the funds' brokerage and the use of "soft" commission dollars to pay for research products and services, (viii) Columbia's resources devoted to, and its record of compliance with, the funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies and legal and regulatory requirements, (ix) Columbia's response to various legal and regulatory proceedings since 2003 and to the recent peri od of volatility in the securities markets and (x) the economic outlook generally and for the mutual fund industry in particular. In addition, the Advisory Fees and Expenses Committee confers with the funds' independent fee consultant and reviews materials relating to the funds' relationships with Columbia provided by the independent fee consultant. Throughout the process, the Trustees have the opportunity to ask questions of and to request additional materials from Columbia and to consult with the independent fee consultant and independent legal counsel to the Independent Trustees.

The Board of Trustees most recently approved the continuation of the Agreements at its October, 2008 meeting, following meetings of the Advisory Fees and Expenses Committee held in February, April, August, September and October, 2008. In considering whether to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, did not identify any single factor as determinative, and each weighed various factors as he or she deemed appropriate. The Trustees considered the following matters in connection with their approval of the continuation of the Agreements:

The nature, extent and quality of the services provided to the funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by Columbia and its affiliates to the funds and the resources dedicated to the funds by Columbia and its affiliates. Among other things, the Trustees considered (i) Columbia's ability (including its personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes) to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals; (ii) the portfolio management services provided by those investment professionals; and (iii) the trade execution services provided on behalf of the funds. For each fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund tha t is part of a family of funds offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing those and related factors, the Trustees concluded, within the context of their overall

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conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the continuation of the Agreements.

Investment performance of the funds and Columbia. The Trustees reviewed information about the performance of each fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each fund to the performance of peer groups of mutual funds and performance benchmarks. The Trustees also reviewed a description of the third party's methodology for identifying each fund's peer group for purposes of performance and expense comparisons. The Trustees also considered additional information that the Advisory Fees and Expenses Committee requested from Columbia relating to funds that presented relatively weaker performance and/or relatively higher expenses. In the case of each fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Truste es concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant continuation of the fund's Agreements. Those factors varied from fund to fund, but included one or more of the following: (i) that the fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the fund's investment strategy and policies and that the fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the fund's investment strategy; (iii) that the fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; (iv) that Columbia had taken or was taking steps designed to help improve the fund's investment performance, including, but not limited to, replacing portfolio managers or modifying investment strategies ; and (v) that Columbia proposed to waive advisory fees or cap the expenses of the fund.

The Trustees noted the performance of each fund through April 30, 2008 relative to that of a peer group selected by an independent third-party data provider for purposes of performance comparisons. Specifically, CMG Core Bond Fund's performance was in the second quintile (where the best performance would be in the first quintile) for the one-, three- and ten-year periods, and in the first quintile for the three-year period; CMG Short Term Bond Fund's performance was in the first quintile for the one-, three-, five- and ten-year periods; Columbia Ultra Short Term Bond Fund's performance was in the third quintile for the one- and five-year periods, and in the second quintile for the three-year period; and CMG High Yield Fund's performance was in the first quintile for the one- and ten-year periods, in the fourth quintile for the three-year period, and in the fifth quintile for the five-year period.

The Trustees also considered Columbia's performance and reputation generally, the funds' performance as a fund family generally, and Columbia's historical responsiveness to Trustee concerns about performance and Columbia's willingness to take steps intended to improve performance. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of each fund and Columbia was sufficient, in light of other considerations, to warrant the continuation of the Agreement(s) pertaining to that fund.

The costs of the services provided and profits realized by Columbia and its affiliates from their relationships with the funds. The Trustees considered the fees charged to the funds for advisory services as well as the total expense levels of the funds. That information included comparisons (provided by management and by an independent third-party data provider) of each fund's advisory fees and total expense levels to those of the fund's peer groups and information about the advisory fees charged by Columbia to comparable institutional accounts. In considering the fees charged to those accounts, the Trustees took into account, among other things, management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such busine ss for Columbia, and the additional resources required to manage mutual funds effectively. In evaluating each fund's advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the fund. The Trustees considered existing advisory fee breakpoints, and Columbia's use of advisory fee waivers and expense caps, which benefited a

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number of the funds. The Trustees also noted management's stated justification for the fees charged to the funds, which included information about the investment performance of the funds and the services provided to the funds.

The Trustees considered each fund's total expenses and actual management fees relative to those of a peer group selected by an independent third-party data provider for the purposes of expense comparisons. Specifically, CMG Core Bond Fund's total expenses and actual management fees were in the first quintile (where the lowest fees and expenses would be in the first quintile); CMG Short Term Bond Fund's total expenses and actual management fees were in the first quintile; CMG Ultra Short Term Bond's total expenses and actual management fees were in the first quintile; and CMG High Yield Fund's total expenses and actual management fees were in the first quintile.

The Trustees also considered the compensation directly or indirectly received by Columbia and its affiliates from their relationships with the funds. The Trustees reviewed information provided by management as to the profitability to Columbia and its affiliates of their relationships with each fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant funds, the expense level of each fund, and whether Columbia had implemented breakpoints and/or expense caps with respect to the fund.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each fund, and the related profitability to Columbia and its affiliates of their relationships with the fund, supported the continuation of the Agreement(s) pertaining to that fund.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision by Columbia of services to each fund, to groups of related funds, and to Columbia's investment advisory clients as a whole and whether those economies were shared with the funds through breakpoints in the investment advisory fees or other means, such as fee waivers/expense reductions and additional investments by Columbia in investment, trading and compliance resources. The Trustees noted that many of the funds benefited from breakpoints, fee waivers/expense caps, or both. In considering those issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to Columbia and its affiliates of their relationships with the funds, as discussed above.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the funds supported the continuation of the Agreements.

Other Factors. The Trustees also considered other factors, which included but were not limited to the following:

n  the extent to which each fund had operated in accordance with its investment objective and investment restrictions, the nature and scope of the compliance programs of the funds and Columbia and the compliance-related resources that Columbia and its affiliates were providing to the funds;

n  the nature, quality, cost and extent of administrative and shareholder services overseen and performed by Columbia and its affiliates, both under the Agreements and under separate agreements for the provision of transfer agency and administrative services;

n  so-called "fall-out benefits" to Columbia and its affiliates, such as the engagement of its affiliates to provide distribution, brokerage and transfer agency services to the funds, and the benefits of research made available to Columbia by reason of brokerage commissions generated by the funds' securities transactions, as well as possible

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conflicts of interest associated with those fall-out and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor those possible conflicts of interest; and

n  the report provided by the funds' independent fee consultant, which included information about and analysis of the funds' fees, expenses and performance.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel and the independent fee consultant, the Trustees, including the Independent Trustees, approved the continuance of each of the Agreements through October 31, 2009.

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SUMMARY OF MANAGEMENT FEE EVALUATION BY
INDEPENDENT FEE CONSULTANT

[EXCERPTS FROM:] REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc. November 3, 2008

I. Overview

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees...to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees...using...an annual independent written evaluation prepared by or under the direction of...the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees with CMA, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds, which are also referred as the "Funds."

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

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

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

C. Organization of the Annual Evaluation

This report, like last year's, focuses on the six factors and contains a section for each factor except that CMA's costs and profits from managing the Funds have been combined into a single section. In addition to a discussion of these factors, the report offers recommendations to improve the fee review process in future years. A review of the status of recommendations made in the 2007 Report is being provided separately with the materials for the October meeting.

II. Summary of Findings

A. General

1.  Based upon my examination of the information supplied by CMG in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fees for each Atlantic Fund.

2.  In my view, the process by which the proposed management fees of the Funds have been negotiated in 2008 thus far has been, to the extent practicable, at arms' length and reasonable and consistent with the AOD.

B. Nature and Quality of Services, Including Performance

3.  The performance of the Funds has been relatively strong in recent years. Based upon 1-, 3-, 5-, and 10-year returns through April 30, 2008, at least half of all the Funds were in the first and second performance quintiles in each of the four performance periods and, at most, only 11% were in the fifth quintile in any one performance period. Both equity and fixed-income funds posted strong performance relative to comparable funds.

4.  Performance rankings were similar in 2007 and 2008, although last year's were slightly stronger. Despite the stability in the distribution of rankings in the two years, at least half the Funds changed quintile rankings between the two years in at least one of the 1-, 3-, and 5-year performance periods.

5.  The performance of the actively managed equity Funds against their benchmarks was very strong. At least 57% and as many as 73% posted net returns exceeding their benchmarks over the 1-, 3-, and 5-year periods. In contrast, gross and net returns of fixed-income Funds typically fell short of their benchmarks.

6.  Atlantic equity Funds' overall performance adjusted for risk also was strong. Based upon 3-year returns, nearly 80% of the equity Funds had a combination of risk-adjusted and unadjusted returns that placed them in the top half of their performance universes. Only about one-fifth of the fixed income Funds posted high returns and low risk relative to comparable funds. About two-thirds of the fixed-income Funds took on more risk than the typical fund in their performance universes.

7.  The industry-standard procedure used by Lipper that includes all share classes in the performance universe tends to bias a Fund's ranking upward within that universe. The bias occurs because either no-12b-1 fee or low-12b-1 fee share classes of the Atlantic Funds are compared with funds in performance universes that include all share classes of multi-class funds with 12b-1 fees of up to 100 basis points. Correcting this bias by limiting the performance universe to classes of comparable funds with low or no 12b-1 fees (a "filtered universe") lowers the relative performance for the Funds, but their performance, on the whole, remains strong. The filtering process, however, did identify two Funds for further review that had not been designated review funds using unfiltered universes.

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8.  A small number of Funds have consistently underperformed over the past four years. The exact number depends on the criteria used to evaluate longer-term performance. For example, the one-year returns of one Fund have been in the fourth or fifth performance quintiles in each of the past four years; there are six Funds whose three-year returns have been in the fourth or fifth quintile over the past four years.

9.  The services performed by CMG professionals beyond portfolio management, such as compliance, legal, information technology, risk management, finance and fund administration, are critical to the success of the Funds and appear to be of high quality.

C. Management Fees Charged by Other Mutual Fund Companies

10.  The Funds' management fees and total expenses are generally low relative to those of their peers. Only 21% of the Funds ranked in the two most expensive quintiles for actual management fees, and only 23% in those quintiles for total expenses.

11.  The highest concentration of low-expense Funds is found among the equity and tax-exempt fixed income Funds. The 12 former Excelsior Funds have relatively high fees and expenses, with half of those Funds ranking in either the fourth or fifth quintiles. The higher actual management fee rankings of certain Excelsior Funds are due in part to fee schedules that are higher than standard Columbia Fund fee schedules at current asset levels. After discussion with the Trustees, CMA is proposing to lower the management fees on three of these Funds.

12.  The distribution of expense rankings is similar in 2007 and 2008, while management fee rankings improved markedly in 2008. Part of the improvement reflects expense limitations introduced last year for the state intermediate municipal bond Funds.

13.  The management fees of the Atlantic Funds are generally in line with those of Columbia Funds supervised by the Nations Board of Trustees (the "Nations Funds"). In investment categories in which the Atlantic Funds have higher average fees, the difference principally arises out of differences in asset size.

D. Trustees' Fee and Performance Evaluation Process

14.  The Trustees' evaluation process identified 17 Funds in 2008 for further review based upon their relative performance or expenses or both. When compared in filtered universes, two more Funds met the criteria for further review. CMG provided further information about those Funds to assist the Trustees in their evaluation.

E. Potential Economies of Scale

15.  CMG presented to the Trustees its analysis of the sources and sharing of potential economies of scale. CMG views economies of scale as arising at the complex level and would regard estimates of scale economies for individual funds as unreliable. In its analysis, CMG did not identify specific sources of economies of scale or provide any estimates of any economies of scale that might arise from future asset growth. CMG's analysis included measures taken by the Trustees and CMG that seek to share any potential economies of scale through breakpoints in management fee schedules, expense reimbursements, fee waivers, enhanced shareholder services, fund mergers, and operational consolidation.

16.  An examination of the contractual fee schedules for five Atlantic Funds shows that they are generally in line with those of their competitors, in terms of number and extent of fee breakpoints. A similar examination last year of five different Funds led to the same conclusion.

F. Management Fees Charged to Institutional Clients

17.  CMG has provided Trustees with comparisons of mutual fund management fees and institutional fees based upon standardized fee schedules and upon actual fees. The results show that, consistent with industry practice, institutional fees are generally lower than the Funds' management fees. However, because the services provided and risks borne by the manager are more extensive for mutual funds compared to institutional accounts, the differences are of limited value in assisting the Trustees in their review of the reasonableness of the Funds' management fees.

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G. Revenues, Expenses, and Profits

18.  The activity-based cost allocation methodology ("ABC") employed by CMG to allocate costs, both direct and indirect, for purposes of calculating Fund profitability is thoughtful and detailed. This year, CMG proposed a change to the method by which indirect expenses are allocated. Under this "hybrid" method, indirect costs relating to fund management are allocated among the Funds 50% by assets and 50% per Fund. Allocating indirect expenses equally to each Fund has an intuitive logic, as each Fund regardless of size has certain expenses, such as preparing and printing prospectuses and financial statements.

19.  The materials provided on CMG's revenues and expenses with respect to the Funds and the methodology underlying their construction form a sufficient basis for Trustees to evaluate the expenses and profitability of the Funds.

20.  In 2007, CMG's complex-wide pre-tax margins on the Atlantic Funds were slightly below industry medians, based on limited data available for publicly held mutual fund managers. However, as is to be expected in a complex now comprising 75 Funds (including former Excelsior Funds), some Atlantic Funds have relatively high pre-tax profit margins, when calculated solely with respect to management revenues and expenses, while other Atlantic Funds operate at a loss. There is a positive relationship between fund size and profitability, with smaller funds generally operating at a loss.

21.  CMG pays a fixed percentage of its management fee revenues to an affiliate, U.S. Trust, Bank of America Private Wealth Management, to compensate it for services it performs with respect to Atlantic Fund assets held for the benefit of its customers. Based on our analysis of the services provided by this affiliate, we have concluded that all payments other than those for sub-transfer agent or sub-accounting services should be treated as a distribution expense.

III. Recommendations

1)  Criteria for review. The Trustees may wish to consider modifying the criteria for classifying a fund as a "Review Fund" to include criteria that focus exclusively on performance without regard to expense or fee levels. For example, a fund whose one-year or three-year performance was median or below for four consecutive years could be treated as a Review Fund. When we applied such criteria to the Funds, several additional Funds would have been added to the list of Review Funds.

2)  Profitability data. CMG should present to the Trustees each year the profitability of each Fund, each investment style and each complex (of which Atlantic is one) calculated as follows:

a.  Management-only profitability should be calculated without reference to any Private Bank expense.

b.  Profitability excluding distribution (which essentially covers the management and transfer agency functions) should be adjusted by removing from the expense calculation any portion of the Private Bank payment not attributable to the performance by the Private Bank of sub-transfer agency or sub-accounting functions.

c.  Total profitability, including distribution: No adjustment for Private Bank expenses should be made, because all such expenses represent legitimate fund expenses to be taken into account in calculating CMG's profit margin including distribution.

d.  Distribution only: This should include all Private Bank expenses other than those attributable to sub-transfer agency services.

Therefore, the following data need not be provided:

1.  Adjusting total profitability data for Private Bank expenses

2.  Adjusting profitability excluding distribution by backing out all Private Bank expenses.

3)  Potential economies of scale. CMG and the IFC should continue to work on methods for more precisely quantifying to the extent possible the sources and magnitude of any economies of scale as CMG's mutual fund assets under management increase, to the extent that the data allows for meaningful year-over-year comparisons. The framework suggested in Section IV.D.4 may prove to be a useful model for such an analysis.

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4)  Competitive breakpoint analysis. As part of the annual fee evaluation process, the breakpoints of a select group of Atlantic Funds (which would differ each year) should continue to be compared to those of industry rivals to ensure that the Funds' breakpoint schedules remain within industry norms. As breakpoint schedules change relatively little each year, performing such a comparison for each Atlantic Fund each year would not be an efficient use of Trustee and CMG resources.

5)  Cost allocation methodology. CMG's point that the current ABC system of allocating indirect expenses creates anomalous results in several cases, including sub-advised Funds, is well-taken. We would like to work with CMG over the forthcoming year on alternatives to the current system of allocating indirect expenses that (1) resolve the anomalies, (2) limit the amount of incremental effort on CMG's part and (3) remain faithful to the general principle that expenses should be allocated by time and effort to the extent reasonably possible.

6)  Management fee disparities. CMG and the Atlantic Trustees, as part of any future study of management fees, should analyze the differences in management fee schedules, principally arising out of the reorganization of the former Excelsior Funds as Atlantic Funds. As part of that analysis, CMG should provide an explanation for any significant fee differences among comparable funds across fund families managed by CMA, such as differences in the management styles of different Funds included the same Lipper category. Finally, whenever CMG proposes a management fee change or an expense cap for any mutual fund managed by CMA that is comparable to any Atlantic Fund, CMG should provide the Trustees with sufficient information about the proposal to allow the Trustees to assess the applicability of the proposed change to the relevant Atlantic Fund or Funds.

7)  Tax-exempt Fund expense data. The expense rankings of certain tax-exempt Funds were adversely affected by including certain investment-related interest expenses that Lipper excluded in calculating the expense ratios of competitors. We recommend that CMG follow the Lipper practice and exclude such interest expenses from data submitted to Lipper to avoid unfairly disadvantaging the tax-exempt Funds.

8)  Reduction of volume of paper documents submitted. The effort to rationalize and simplify the data presented to the Trustees and the process by which that data was prepared and organized was regarded as a success by all parties. We should continue to look for opportunities to reduce and simplify the presentation of 15(c) data, especially in the area of Fund profitability. The Fund "Dashboard" volume presents a large volume of Fund data on a single page. If it is continued, the Trustees may wish to consider receiving the underlying Lipper data on CD, rather than the current paper volumes.

* * *

Respectfully submitted,
Steven E. Asher

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- TRANSFER AGENT -

COLUMBIA MANAGEMENT SERVICES, INC.
P.O. BOX 8081
BOSTON, MASSACHUSETTS 02266-8081

SHC-44/5757-0109 (03/09) 09-73945

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 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 the fund, contact your Columbia Management representative or financial advisor or go to www.columbiamanagement.com.

©2009 Columbia Management Distributors, Inc.
One Financial Center, Boston, MA 02111-2621

CMG ENHANCED S&P 500^® INDEX FUND
CMG LARGE CAP GROWTH FUND
CMG LARGE CAP VALUE FUND
CMG MID CAP GROWTH FUND
CMG MID CAP VALUE FUND
CMG SMALL CAP GROWTH FUND
CMG SMALL CAP VALUE FUND
CMG SMALL/MID CAP FUND
CMG INTERNATIONAL STOCK FUND
PORTFOLIOS OF COLUMBIA FUNDS INSTITUTIONAL TRUST

Semiannual Report
January 31, 2009

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

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. The funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Columbia Management Advisors, LLC ("CMA") is an SEC-registered investment advisor and an indirect, wholly-owned subsidiary of Bank of America Corporation and is part of Columbia Management.

Table of Contents

Fund Profile
CMG Enhanced S&P 500® Index Fund	1
CMG Large Cap Growth Fund	5
CMG Large Cap Value Fund	9
CMG Mid Cap Growth Fund	13
CMG Mid Cap Value Fund	17
CMG Small Cap Growth Fund	21
CMG Small Cap Value Fund	25
CMG Small/Mid Cap Fund	29
CMG International Stock Fund	33
Financial Statements
Financial Highlights	37
Schedules of Investments	46
Statements of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	92
Notes to Financial Statements	100
Board Consideration and Approval of Advisory Agreements	113
Summary of Management Fee Evaluation by Independent Fee Consultant	117

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 CMG Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular CMG Fund. References to specific securities should not be construed as a recommendation or investment advice.

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

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Enhanced S&P 500^® Index Fund returned negative 32.65%. In an environment of sharply declining stock prices and weak economic conditions, the fund held up somewhat better than the S&P 500 Index,¹ which returned negative 33.95%, and the average fund in its peer group, the Lipper Large-Cap Core Funds Classification,² which returned negative 33.92% over the same period. Stock selection in the financials, energy and consumer discretionary sectors aided performance relative to the index, as did industry allocation decisions within those sectors. Stock selection within the materials, utilities and industrial sectors hampered returns relative to the index.

•  Within the financials sector, the fund had less exposure than the index to diversified financials and regional banks, and no exposure to some of the worst performing names within those groups, which helped the fund sidestep some steep declines. In the energy sector, performance was negative in absolute terms. However, a decision to overweight integrated oil and gas companies, such as Chevron (2.3% of net assets), and underweight oil and gas equipment and service companies, helped the fund stem some losses as the former held up better than the latter in an environment of falling oil prices. In the consumer discretionary sector, which was a poor performer overall, a decision to overweight Apollo Group (0.7% of net assets), an educational services company, was rewarded. A slumping economy increased demand for supplemental educational services and the stock returned more than 30% for the period.

  Within the materials sector, a brutal reversal in commodity prices hurt Freeport-McMoRan Copper & Gold (no longer held), and the fund's overweight relative to the index detracted from returns. An overweight in Ryder System (0.8% of net assets), a trucking company, in the industrials sector amplified the impact of the stock's significant decline in the portfolio. The utilities sector held up better than most other sectors as investors were attracted to its relative stability and dividend payments. However, the fund had less exposure than the index to the sector, which detracted from performance.

•  With consumer spending in decline and job losses on the rise, the outlook for the US economy is cloudy, at best, through the middle of 2009. However, history shows that during previous economic cycles the stock market has risen well before an economic recovery takes

¹  The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization US stocks. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

  "Standard & Poor's" and "S&P" are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by the Advisor. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

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

hold. Investors have tended to move into riskier assets while the economy was still in recession because they anticipated a recovery and a more favorable environment for riskier asset classes. And when the stock market turns around, it has historically produced quick and substantial gains. Consider, for example, that even though the economy was still in the throes of major recessions in 1982 and 1991, the Standard & Poor's 500 Index gained more than 21% and 30%, respectively, for those same years. There's no guarantee that history will repeat itself. However, if you have a long-term plan for investing—and the patience to stay with it during volatile times—history is on your side.

Portfolio Management

Brian M. Condon has managed the fund since 2009 and has been associated with the advisor or its predecessors or affiliate organizations since 2009.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Exxon Mobil		5.2
Procter & Gamble		2.5
Microsoft		2.3
Johnson & Johnson		2.3
Chevron		2.3
AT&T		2.0
International Business Machines		1.9
Boston Scientific		1.8
Pfizer		1.6
Amgen		1.5

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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

Investing in the fund also includes market risk and tracking error risk. Unlike the S&P 500 Index, the fund incurs administrative expenses and transaction costs in trading stocks. The composition of the S&P 500 Index and the stocks held by the fund will diverge.

2

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Enhanced S&P 500® Index Fund		05/05/03		-32.65		-38.13		-3.59		0.38
S&P 500 Index				-33.95		-38.63		-4.24		-0.07

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Enhanced S&P 500® Index Fund		05/05/03		-27.72		-36.77		-1.75		1.81
S&P 500 Index				-28.48		-37.00		-2.19		1.49

Index performance is from May 5, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.25% and 0.30%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, May 5, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization US stocks. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

3

UNDERSTANDING YOUR EXPENSES – CMG Enhanced S&P 500^® Index Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

673.49

1,023.95

1.05

1.28

0.25

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.25%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

4

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

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Large Cap Growth Fund returned negative 35.79%. By comparison, the Russell 1000 Growth Index¹ and the Lipper Large-Cap Growth Funds Classification² average returned negative 34.31% and negative 35.61%, respectively. Stocks fell sharply across all sectors, hurt by a slowing global economy, deteriorating housing market and tight credit. Although there was no place to find shelter in a declining market, we kept our focus on large-cap companies with above-average earnings growth, attractive stock valuations, strong competitive positions and solid balance sheets, favoring companies less sensitive to the economic slowdown.

•  Investments in the energy, financials and industrials sectors hurt performance. Slowing global demand resulted in a dramatic decline in oil and gas prices, which, in turn, pressured energy stock prices. Among the biggest detractors were Schlumberger, an oil field service company, and Transocean, an offshore driller (1.6% and 0.5% of net assets, respectively). Stock selection and a modest overweight in financials, where stocks fell significantly, also hurt returns. Among our worst performers were asset managers, whose assets under management contracted as the stock market declined. In industrials, companies such as SPX (0.5% of net assets), a diversified manufacturer with overseas sales, suffered as corporate spending slowed globally and the US dollar strengthened. Technology stocks, about 30% of assets, did further damage to returns, as slower corporate and consumer spending caused a sharp drop in stock prices. Detractors included QUALCOMM (1.9% of net assets), which makes semiconductor chips for cell phones and smart phones.

•  The fund's consumer discretionary holdings held up better than the sector average, in part because of a focus on less economically sensitive companies. Among the strongest performers were for-profit education enterprises, such as Apollo Group (0.6% of net assets), which benefited from rising enrollment trends. Utilities stock selection also helped stem losses. Gainers elsewhere included Goodrich (0.5% of net assets), an aviation parts supplier that rebounded late in the year.

•  We expect recent monetary and fiscal stimulus measures to help stimulate the economy at some point. When that happens will depend, we believe, on when the banks step up lending. Going forward, we plan to add selectively to more economically sensitive names, which should be among the first beneficiaries in a market recovery. We believe current valuations offer attractive opportunities to add to stock positions that we favor.

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 investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

Portfolio Management

John T. Wilson, lead manager for CMG Large Cap Growth Fund, has managed or co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2005.

Roger R. Sullivan has co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2005.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Google		3.4
Microsoft		2.8
Coca-Cola		2.4
Hewlett-Packard		2.4
Apple		2.4
International Business Machines		2.3
Abbott Laboratories		2.1
Philip Morris International		2.1
Cisco Systems		2.0
Wal-Mart Stores		2.0

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

Equity investments 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.

6

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Large Cap Growth Fund		09/10/03		-35.79		-36.98		-3.93		-2.23
Russell 1000 Growth Index				-34.31		-36.44		-4.76		-2.84

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Large Cap Growth Fund		09/10/03		-34.04		-39.93		-2.60		-1.32
Russell 1000 Growth Index				-32.31		-38.44		-3.42		-1.98

Index performance is from September 10, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.50% and 0.65%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, September 10, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

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 investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

7

UNDERSTANDING YOUR EXPENSES – CMG Large Cap Growth Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

642.08

1,022.68

2.07

2.55

0.50

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.50%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

8

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

CMG LARGE CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Large Cap Value Fund returned negative 33.04%. The fund's benchmark, the Russell 1000 Value Index,¹ returned negative 35.10%. The average return of its peer group, the Lipper Multi-Cap Value Funds Classification,² was negative 35.21%. In a challenging environment for companies across all market sectors, stock selection helped the fund stem some losses relative to its benchmark.

•  The fund's stock selection within financials helped it hold up better than the index during the period. The fund had more exposure to JPMorgan Chase (3.8% of net assets), which did not lose as much ground as many other stocks in the sector, and had less exposure than the index to Citigroup, which, prior to being sold by the fund, was among the worst performers during the period. Within the consumer discretionary sector, we had more exposure to stocks that declined less than the average for the sector. For example, retailer Kohl's (1.4% of net assets) declined less than the average retailer as the company has done a better job of managing through the downturn and has generated good operating results. McDonald's (1.9% of net assets) lost some ground, but its loss was modest compared to the broader market, its industry and its sector. We did well to underweight the industrials sector as the global economy weakened , and we stemmed losses by focusing on companies with more favorable near term outlooks, including United Technologies (1.4% of net assets). Positive performance from California utility holding PG&E (1.5% of net assets) aided the fund's return.

•  Consumer staples holdings were hard hit during the period. Detractors in the food and personal product sectors included Smithfield, Tyson Foods and Avon Products (1.1% of net assets). We sold the first two during the period. Within the energy sector, the fund was hurt by Newfield Exploration, El Paso (0.3% and 0.4% of net assets, respectively) and Valero Energy, all of which suffered on investor concerns about access to capital and declining energy prices. In addition, our conviction in Valero's prospects waned. As a result, we exited the position.

•  Heading into 2009, value investors face the challenge of discerning between stocks where negative sentiment has overshadowed business fundamentals and those where the danger of further declines remains. Against this backdrop, we have positioned the fund to ride out the continuing storm of economic uncertainty by maintaining more exposure than the index to both consumer staples and health care, two sectors that historically have held up better than others during periods of weak consumer spending. Overall, we plan to continue to focus on companies that we believe have good valuations, the potential for margin expansion and are good stewards of capital.

¹  The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ration and lower forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

Portfolio Management

Lori J. Ensinger has co-managed the fund since 2005. She has been associated with the advisor or its predecessors or affiliate organizations since 2001.

Diane L. Sobin has co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

David I. Hoffman has co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

Noah J. Petrucci has co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2002.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Exxon Mobil		5.2
AT&T		3.8
JPMorgan Chase		3.8
Amgen		3.1
Johnson & Johnson		2.4
Procter & Gamble		2.1
U.S. Bancorp		2.0
Chevron		2.0
Wells Fargo		1.9
ConocoPhillips		1.9

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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

Value stocks are stocks 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 and, in the advisor's opinion, undervalued. The price of the company's stock may not approach the value the advisor has placed on it.

10

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Large Cap Value Fund		09/10/03		-33.04		-39.57		-3.65		-1.59
Russell 1000 Value Index				-35.10		-41.78		-3.52		-0.95

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Large Cap Value Fund		09/10/03		-27.00		-37.23		-1.53		0.18
Russell 1000 Value Index				-26.93		-36.85		-0.79		1.34

Index performance is from September 10, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.50% and 0.70%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, September 10, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

11

UNDERSTANDING YOUR EXPENSES – CMG Large Cap Value Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

669.61

1,022.68

2.10

2.55

0.50

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.50%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

12

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

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Mid Cap Growth Fund returned negative 41.03%. The fund's performance was slightly lower than the Russell Midcap Growth Index¹ and Lipper Mid-Cap Growth Funds Classification average,² which returned negative 40.69% and negative 40.07%, respectively. Stocks across all sectors were hit hard, as the global economy slowed, some major financial firms crumbled and credit markets tightened. In this environment, there was no place to hide as investors fled the stock market. However, we maintained our long-term focus on mid-sized companies with improving profit margins and returns on invested capital, as well as strong management teams and balance sheets.

•  Industrials, health care and materials stock selection hurt returns versus the index. Industrials, which were about 18% of assets, fell significantly as the global economic slowdown reduced capital spending. Detractors included McDermott International, an energy infrastructure company. It suffered from cost overruns and slower demand resulting from the sharp drop in oil and gas prices. We cut our losses and sold the position. In health care, contract research organizations (CROs), such as Charles River Laboratories International (0.7% of net assets), which conducts clinical research for pharmaceutical and biotechnology companies, declined as investors worried that economic weakness would dim business prospects. Within materials, agricultural stocks such as Potash Corp. of Saskatchewan (1.3% of net assets), a Canadian fertilizer company, fell as slowing global demand depressed commodity prices.

•  Although consumer discretionary and energy stocks generated losses for the period, the fund's returns from these sectors were not as low as those in the index. In consumer discretionary, we focused on companies that were not as sensitive to the current economic slowdown, including low-cost retailers and for-profit education companies. Apollo Group (1.1% of net assets), a for-profit education firm, rallied as unemployed workers returned to the classroom. Within energy, companies with strong production growth, such as natural gas producer Southwestern Energy (1.2% of net assets), held up better than the sector average of the index. Stock selection in the utilities and technology sectors also was modestly helpful in stemming losses.

•  We expect recent monetary and fiscal stimulus measures to aid the economy once the credit markets thaw and banks start lending more. Since stock prices have historically moved ahead of a recovery, we have begun selectively adding to more economically sensitive names. We remain hopeful that mid-cap stocks will offer greater stability than smaller-cap stocks if volatility continues and more return potential than large caps when the market rebounds.

¹  The Russell Midcap Growth Index measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

Portfolio Management

Wayne M. Collette has co-managed the fund since 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

George J. Myers has co-managed the fund since 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2004.

Lawrence W. Lin has co-managed the fund since 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2006.

Brian D. Neigut has co-managed the fund since 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2007.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Stericycle		2.0
American Tower		1.8
ITT Educational Services		1.7
Express Scripts		1.6
Precision Castparts		1.3
Landstar System		1.3
Potash Corp. of Saskatchewan		1.3
Questar		1.2
Analog Devices		1.2
Yum! Brands		1.2

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

Equity investments 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.

Investing in mid-cap stocks may present special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

14

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Mid Cap Growth Fund		05/05/03		-41.03		-39.95		-2.27		1.82
Russell Midcap Growth Index				-40.69		-42.24		-3.86		1.74

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Mid Cap Growth Fund		05/05/03		-42.15		-43.90		-1.10		2.52
Russell Midcap Growth Index				-40.26		-44.32		-2.33		2.60

Index performance is from May 5, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.70% and 1.00%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, May 5, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Russell Midcap Growth Index measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

15

UNDERSTANDING YOUR EXPENSES – CMG Mid Cap Growth Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

589.71

1,021.68

2.80

3.57

0.70

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.70%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

16

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

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Mid Cap Value Fund returned negative 38.70%. The fund's benchmark, the Russell Midcap Value Index,¹ returned negative 38.92% for the period. The average return of the fund's peer group, the Lipper Mid-Cap Core Funds Classification, was negative 37.07%.² The fund's cash position helped it outperform the benchmark, as did stock selection in the financial and materials sectors. However, sharply declining stock prices in all sectors resulted in disappointing performance for the fund, the index and its peer group.

•  Although financials lost significant ground for the period, the fund's holdings in the sector held up better than those of the index. In particular, the fund benefited from management's decision to increase exposure to commercial banks while decreasing exposure to diversified financials, which underperformed the rest of the sector. Both TCF Financial and Greenhill & Co. (1.8% and 0.7% of net assets, respectively) generated positive returns. In the utilities sector, PG&E and Wisconsin Energy (2.6% and 1.8% of net assets, respectively) also logged modest gains during the period. The fund had more exposure than the index to PG&E, which amplified the impact of its gain on relative returns.

•  Stock selection in the conglomerates and aerospace industries hampered the fund's relative returns. Aircraft leasing company AerCap Holdings and diversified manufacturer Textron (0.3% and 0.5% of net assets, respectively) were particular disappointments. In the health care sector, we exited a position in CIGNA on concerns that capital positions in the firm's subsidiaries and exposures in its insurance portfolio have clouded its near term outlook. In the materials sector, Weyerhaeuser (1.5% of net assets) underperformed as it cut its dividend and lowered its earnings outlook. However, we retained our overweight position in the stock because we see upside potential if the firm can deliver on several key initiatives. In technology services, the portfolio's underweight relative to the index hampered returns, as the industry outperformed the broader market. Stock selection within software also hampered the fund's re lative return within the technology sector.

•  Heading into 2009, value investors face the challenge of discerning between stocks where negative sentiment has overshadowed business fundamentals and those where the danger of further declines remains. Against this backdrop, we have taken steps that we believe will position the fund to ride out the continuing storm of economic uncertainty. We reduced exposure to financials and utilities, where the fund already had less exposure than the index, and we initiated new positions in health care and energy, as our research indicates these areas may present opportunities to add good companies with promising outlooks. We sold

¹  The Russell Midcap Value Index measures the performance of those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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.

17

positions where we no longer had strong conviction, which raised the fund's cash level to approximately 5%. Also in energy, we increased overall exposure by adding to existing positions across a variety of industries. We plan to continue to focus on companies that we believe have good valuations, the potential for margin expansion and are good stewards of capital.

Portfolio Management

Diane L. Sobin has co-managed the fund since 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

David I. Hoffman has co-managed the fund since 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

Lori J. Ensinger has co-managed the fund since 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

Noah J. Petrucci has co-managed the fund since 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 2002.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
PG&E		2.6
Marsh & McLennan Companies		2.0
ACE Ltd.		1.9
Wisconsin Energy		1.8
Reinsurance Group of America		1.8
Sempra Energy		1.8
Ameriprise Financial		1.8
TCF Financial		1.8
Cullen/Frost Bankers		1.7
Williams Companies		1.7

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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

Investing in mid-cap stocks may present special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Value stocks are stocks 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 and, in the advisor's opinion, undervalued. The price of the company's stock may not approach the value the advisor has placed on it.

18

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Mid Cap Value Fund		05/05/03		-38.70		-42.80		-2.98		1.15
Russell Midcap Value Index				-38.92		-42.17		-2.35		3.24

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Mid Cap Value Fund		05/05/03		-34.34		-42.13		-0.85		2.82
Russell Midcap Value Index				-32.67		-38.44		0.33		5.30

Index performance is from May 5, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.70% and 1.14%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, May 5, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the index 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.

The Russell Midcap Value Index measures the performance of those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

19

UNDERSTANDING YOUR EXPENSES – CMG Mid Cap Value Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

613.90

1,021.68

2.85

3.57

0.70

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.70%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

20

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

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Small Cap Growth Fund returned negative 40.94%. For the same period, the Russell 2000 Growth Index and Russell 2000 Index¹ returned negative 39.06% and negative 37.38%, respectively. The average return of the Lipper Small-Cap Growth Funds Classification² was negative 38.60%. The stock market posted sharp losses across all sectors, as the economy slowed, unemployment rose and credit remained tight. The fund remained focused on companies with improving returns on invested capital, improving profit margins and strong balance sheets, but could not escape the downturn.

•  Stock selection in the materials, financials and health care sectors hampered relative returns. Within materials, agricultural companies, including Intrepid Potash (1.6% of net assets), declined sharply as the global economy weakened and demand slowed. Financials were hit hard by the stock market decline and problems related to the subprime mortgage crisis. Shares of Waddell & Reed Financial (0.8% of net assets), an asset management company in the Midwest, lost ground as assets under management fell in a declining market, hurting revenues. In health care, which represents over 27% of the Russell 2000 Growth Index, contract research organizations such as ICON (2.4% of net assets) in Ireland hindered performance, amid concerns that pharmaceutical and biotechnology firms would cut back on spending for clinical research. Technology stocks, 19.5% of net assets, also fell sharply, as corporations cut back on spen ding. Among the weakest performers was Vocus (0.8% of net assets), which provides online public relations software.

•  The fund stemmed some losses in the energy and consumer discretionary sectors. The standout in energy was CNX Gas, a natural gas company with assets in the Appalachian and Illinois basins. It rose 78%, fueled by strong production growth, rising earnings and the company's solid balance sheet. We locked in profits and sold the position. In the consumer discretionary sector, for-profit education companies aided returns, as unemployed workers returned to the classroom. Elsewhere, HEICO (0.6% of net assets), which supplies aerospace and automotive products, benefited from record sales and operating income.

•  Looking ahead, we believe that recent monetary and fiscal stimulus efforts have the potential to help stimulate economic growth. We further believe full recovery, however, is unlikely until the credit markets loosen up and banks begin lending more. With the expectation of

¹  The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest of the 3,000 largest US companies based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

improvement, we plan to add gradually to more economically sensitive companies, focusing on small-cap companies that have the ability to self-finance.

Portfolio Management

Wayne M. Collette has co-managed the fund since February 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

George J. Myers has co-managed the fund since February 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2004.

Lawrence W. Lin has co-managed the fund since October 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2006.

Brian D. Neigut has co-managed the fund since October 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2007.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
ICON		2.4
NuVasive		1.9
Alexion Pharmaceuticals		1.9
Solera Holdings		1.7
Concho Resources		1.6
Intrepid Potash		1.6
Psychiatric Solutions		1.5
Corinthian Colleges		1.5
Core Laboratories		1.5
OSI Pharmaceuticals		1.4

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

Equity investments 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.

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

Average annual total return as of January 31, 2009 (%)

	Inception	6-month (cumulative)		1-year		5-year		10-year
CMG Small Cap Growth Fund	08/30/89		-40.94		-39.16		-1.17		4.36
Russell 2000 Growth Index			-39.06		-37.48		-4.86		-1.97
Russell 2000 Index			-37.38		-36.84		-4.06		1.68

Average annual total return as of December 31, 2008 (%)

	Inception	6-month (cumulative)		1-year		5-year		10-year
CMG Small Cap Growth Fund	08/30/89		-38.73		-43.32		1.00		4.76
Russell 2000 Growth Index			-32.51		-38.54		-2.35		-0.76
Russell 2000 Index			-26.94		-33.79		-0.93		3.02

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.80% and 1.06%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, February 1, 1999 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the indices 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.

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest of the 3,000 largest US companies based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

23

UNDERSTANDING YOUR EXPENSES — CMG Small Cap Growth Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

590.61

1,021.17

3.21

4.08

0.80

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.80%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

24

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

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Small Cap Value Fund returned negative 33.44%. In an environment of sharply declining stock prices, contracting economic growth and shrinking profits, the fund held up somewhat better than its benchmarks and peer group. The Russell 2000 Value Index returned negative 35.72% and the Russell 2000 Index returned negative 37.38%.¹ The average return of the Lipper Small-Cap Value Funds Classification² was negative 36.73% over the same period. The fund's long-standing focus on small-cap companies with strong balance sheets and positive cash flows helped as access to credit tightened and stock prices plunged in the final months of the period. We believe that the fund was more defensively positioned than its peer group early on in the period, with more exposure to health care and consumer staples stocks.

•  A decision to underweight consumer discretionary stocks relative to the index helped stem losses because that sector was one of the period's weakest performers. In addition, the fund had little or no exposure to some of the weakest industries within the sector, namely media, autos and auto parts. In addition, stock selection aided performance, led by Monro Muffler Brake (0.6% of net assets), an auto repair chain, which benefited from strong execution, increased market share and an aging vehicle fleet. Stock selection in the tiny telecommunication services sector and in technology as well as a modest overweight in consumer staples further aided relative performance.

•  The fund lost ground versus the index on its investments in industrials and energy. In industrials, stock selection was weak in some of the better performing industries, namely construction and engineering and airlines. Among detractors was KHD Humboldt Wedag International (0.3% of net assets), a company that builds cement and processing plants overseas. It tumbled amid concerns that the global slowdown would hurt demand from emerging markets. An overweight in energy hurt results because energy stocks plummeted as oil prices fell. In the financials sector, the fund's exposure was in line with the sector's weight in the Russell 2000 Value Index, but its contribution to return was higher.

•  During the fourth quarter of 2008, we moved the portfolio to a more neutral position, reducing defensive holdings and adding opportunistically to high quality stocks that we believe would benefit from improved economic growth. In that regard, the fund headed into 2009 with modest overweights in technology, materials and industrials. Although the exact timing of an economic recovery remains uncertain, we believe that this overall positioning, with an emphasis on companies with solid balance sheets, strong cash flows and attractive valuations,

¹  The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest of the 3,000 largest US companies based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

should help the fund weather further volatility but also help it capture opportunity if the economy turns around.

Portfolio Management

Stephen D. Barbaro, lead manager, has managed or co-managed the fund since May 2003 and has been associated with the advisor or its predecessors or affiliate organizations since 1976.

Jeremy Javidi has co-managed the fund since August 2005 and has been associated with the advisor or its predecessors or affiliate organizations since 2000.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
CH Energy Group		0.9
United America Indemnity		0.9
Weis Markets		0.8
Chemical Financial Group		0.8
Werner Enterprises		0.8
Potlatch		0.7
First Financial		0.7
CNA Surety		0.7
Navigators Group		0.7
First Citizens BancShares		0.7

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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.

Value stocks are stocks 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 and, in the advisors opinion, undervalued. The price of the company's stock may not approach the value the advisor has placed on it.

26

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

Average annual total return as of January 31, 2009 (%)

	Inception	6-month (cumulative)		1-year		5-year		Life
CMG Small Cap Value Fund	05/05/03		-33.44		-34.51		-1.46		4.84
Russell 2000 Value Index			-35.72		-36.47		-3.43		3.11
Russell 2000 Index			-37.38		-36.84		-4.06		2.65

Average annual total return as of December 31, 2008 (%)

	Inception	6-month (cumulative)		1-year		5-year		Life
CMG Small Cap Value Fund	05/05/03		-21.33		-28.21		1.84		7.33
Russell 2000 Value Index			-21.17		-28.92		0.27		6.01
Russell 2000 Index			-26.94		-33.79		-0.93		4.85

Index performance is from May 5, 2003.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.80% and 1.09%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, May 5, 2003 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the indices 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.

The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest of the 3,000 largest US companies based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

27

UNDERSTANDING YOUR EXPENSES — CMG Small Cap Value Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

665.62

1,021.17

3.36

4.08

0.80

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.80%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

28

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

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Small/Mid Cap Fund returned negative 42.25%. The fund's benchmarks, the Russell 2500 Growth Index and the Russell 2500 Index¹, returned negative 40.12% and negative 37.83%, respectively. The average return of the Lipper Mid-Cap Growth Funds Classification² was negative 40.07%. In a very difficult market environment, stock selection detracted from returns relative to the fund's benchmarks. However, we maintained our focus on companies with improving returns on invested capital, improving profit margins and strong balance sheets, on the belief that these companies are positioned to rebound when the market environment improves. Our bias was towards less economically sensitive companies.

•  The fund's biggest disappointments were in the materials, industrials, energy and health care sectors. Materials stocks declined overall as slowing global demand depressed commodity prices. Within the sector, agricultural companies such as Potash Corp. of Saskatchewan (1.2% of net assets), a Canadian fertilizer company, were weak performers for the fund. Industrials stocks were hit hard as corporations scaled back on capital spending. McDermott International, an energy infrastructure company that we sold before period end, fell sharply as declining energy prices reduced demand for its services. In health care, contract research organizations, which conduct clinical research for pharmaceutical and biotechnology companies, were weak performers. Companies such as ICON, which is based in Ireland, and Charles River Laboratories International (1.2% and 0.7% of net assets, respectively), plunged in anticipation of slo wer demand for their services.

•  The fund held up better than the index in the energy and consumer discretionary sectors, where certain stocks bucked the market's downward trend. Of note were for-profit education companies such as ITT Educational Services (1.9% of net assets), which benefited as unemployed workers returned to the classroom and boosted enrollment. The fund also enjoyed strong gains from Aeropostale, a clothing retailer that reported solid sales growth, and Darden Restaurants, which operates the Olive Garden chain (0.6% and 0.8% of net assets, respectively).

•  Going forward, we expect to gradually increase the fund's stake in more economically sensitive companies. However, as long as credit remains tight, our focus will be on companies that are less reliant on the capital markets. As banks increase their lending activities, we believe that the economy has the potential to expand. We believe that smaller-cap stocks are

¹  The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Index measures the performance of the 2,500 smallest companies of the Russell 3000 Index. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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.

29

well positioned to face an improved environment because historically they have often led the market as investors anticipate economic recovery.

Portfolio Management

Wayne M. Collette has co-managed the fund since February 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2001.

George J. Myers has co-managed the fund since February 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2004.

Lawrence W. Lin has co-managed the fund since October 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2006.

Brian D. Neigut has co-managed the fund since October 2007 and has been associated with the advisor or its predecessors or affiliate organizations since 2007.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Stericycle		2.0
Marvel Entertainment		1.9
ITT Educational Services		1.9
Solera Holdings		1.4
Chattem		1.3
NuVasive		1.3
Landstar Systems		1.2
Psychiatric Solutions		1.2
OSI Pharmaceuticals		1.2
Potash Corp. of Saskatchewan		1.2

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

Equity investments 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.

Investments in small- and mid-cap stocks may present special risks. They tend to be more volatile and may be less liquid than the stocks of larger companies. Small-cap stocks often have narrower markets, limited financial resources and tend to be more thinly traded than stocks of larger companies.

30

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

Average annual total return as of January 31, 2009 (%)

	Inception	6-month (cumulative)		1-year		5-year		Life
CMG Small/Mid Cap Fund	12/01/00		-42.25		-38.56		-1.43		-1.28
Russell 2500 Growth Index			-40.12		-40.14		-4.23		-2.34
Russell 2500 Index			-37.83		-38.74		-3.52		1.61

Average annual total return as of December 31, 2008 (%)

	Inception	6-month (cumulative)		1-year		5-year		Life
CMG Small/Mid Cap Fund	12/01/00		-41.22		-43.56		-0.11		-0.78
Russell 2500 Growth Index			-36.51		-41.50		-2.24		-1.61
Russell 2500 Index			-31.21		-36.79		-0.98		2.82

Index performance is from December 1, 2000.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.75% and 1.27%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, December 1, 2000 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the indices 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.

The Russell 2500 Growth Index measures the performance of those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Index measures the performance of the 2,500 smallest companies of the Russell 3000 Index. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

31

UNDERSTANDING YOUR EXPENSES — CMG Small/Mid Cap Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

577.51

1,021.42

2.98

3.82

0.75

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.75%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

32

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

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG International Stock Fund returned negative 45.12%. The fund's benchmarks, the MSCI EAFE Index and the MSCI All Country World ex U.S. Index,¹ returned negative 40.75% and negative 42.56%, respectively. The average return of the fund's peer group, the Lipper International Multi-Cap Core Funds Classification,² was negative 40.61%. An overweight in China, a market that declined significantly in the face of the global economic slowdown, detracted from performance relative to the fund's benchmarks. An underweight in the United Kingdom (UK) also held back returns. The UK market is dominated by mega cap stocks which are more defensive and held up slightly better during the market downturn. Holdings in commodities-based industrial stocks were also disappointing, as demand for commodities fell off sharply.

•  During the period, we positioned the portfolio more defensively. An overweight relative to the MSCI EAFE Index in insurance was helpful, as insurance companies have been less affected by the troubles in the financial sector. An overweight relative to the MSCI EAFE Index in health care also aided performance, with Biovail (0.5% of net assets), a Canadian pharmaceutical company, generating a relatively strong return. The fund benefited from a decision to avoid Portugal and to underweight Greece for most of the period. Fast Retailing Company (0.5% of net assets) in Japan is among the individual companies that made relatively strong contributions to performance. Fast Retailing's low priced but fashionable clothing was popular as consumers became more cost conscious.

•  Governments around the world are seeking solutions to the global economic problems. Many have reduced interest rates, developed stimulus packages designed to boost economic growth and taken steps to solve the credit problems plaguing some of the biggest financial institutions. These policies will take time to work, and the economic news may be negative for a while. On a more positive note, financial markets are forward-looking, and they usually turn up before the economy recovers. With this in mind, we are focused on companies that we believe will preserve their margins and profitability in a slow-growth environment and that have strong balance sheets with little or no debt.

¹  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. The MSCI All Country (AC) World ex U.S. Index tracks global stock market performance that includes developed and emerging markets but excludes the US. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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

Portfolio Management

Fred Copper, lead manager, has managed or co-managed the fund since 2005 and has been associated with the advisor or its predecessors or affiliate organization since September 2005.

Jasmine (Weili) Huang has co-managed the fund since 2006 and has been associated with the advisor or its predecessors or affiliate organization since September 2003.

Timothy R. Anderson has co-managed the fund since 2006 and has been associated with the advisor or predecessors or affiliate organizations since March 2006.

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

Daisuke Nomoto has co-managed the fund since 2006 and has been associated with the advisor or its predecessors or affiliate organization since April 2005.

The fund's top ten holdings and countries (as a percentage of net assets) as of January 31, 2009 were:

	(%)			(%)
iShares MSCI EAFE Index Fund		2.4	Japan		22.2
Total SA		2.1	United Kingdom		17.4
Roche Holdings AG, Genusschein Shares		2.0	France		9.0
E.ON AG		1.9	Switzerland		8.5
BP PLC		1.8	United States		7.3
Sanofi-Aventis SA		1.6	Germany		6.8
Banco Santander SA		1.6	Spain		5.0
Nippon Telegraph & Telephone		1.5	China		3.3
Sumitomo Mitsui Financial Group		1.4	Canada		2.3
BHP Billiton PLC		1.4	Netherlands		2.3

Holdings and country breakdowns are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings and country breakdowns listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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

International investing may involve certain risks, including foreign taxation, currency fluctuation, risks associated with possible differences in financial standards and other monetary and political risks.

A concentration of investments in a specific sector, such as the financials sector, may cause the fund to experience increased volatility.

34

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

Average annual total return as of January 31, 2009 (%)

	Inception	6-month (cumulative)		1-year		5-year		10-year
CMG International Stock Fund	02/01/94		-45.12		-46.91		-3.79		-1.00
MSCI EAFE Index			-40.75		-43.74		-0.70		-0.21
MSCI All Country World ex U.S. Index			-42.56		-44.72		0.79		1.34

Average annual total return as of December 31, 2008 (%)

	Inception	6-month (cumulative)		1-year		5-year		10-year
CMG International Stock Fund	02/01/94		-39.95		-45.04		-0.96		0.69
MSCI EAFE Index			-36.41		-43.38		1.66		0.80
MSCI All Country World ex U.S. Index			-39.26		-45.24		3.00		2.27

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.75% and 0.83%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $3,000,000 investment, February 1, 1999 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $3,000,000 investment in the fund to the indices during the stated time period and does nor reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. The MSCI All Country (AC) World ex U.S. Index tracks global stock market performance that includes developed and emerging markets but excludes the US. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

35

UNDERSTANDING YOUR EXPENSES — CMG International Stock Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 – January 31, 2009

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

1,000.00

1,000.00

548.82

1,021.42

2.93

3.82

0.75

Expenses paid during the period are equal to the fund's annualized expense ratio of 0.75%, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

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

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

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.

36

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	12.19		$	14.53		$	13.52		$	13.49		$	11.97		$	10.73
Income from investment operations:
Net investment income (a)		0.15			0.25			0.25			0.23			0.24	(b)		0.17
Net realized and unrealized gain (loss) on investments and futures contracts		(4.11	)		(1.94	)		1.88			0.76			1.58			1.13
Total from investment operations		(3.96	)		(1.69	)		2.13			0.99			1.82			1.30
Less distributions to shareholders:
From net investment income		(0.27	)		(0.22	)		(0.22	)		(0.25	)		(0.20	)		(0.05	)
From net realized gains		-			(0.43	)		(0.90	)		(0.71	)		(0.10	)		(0.01	)
Total distributions to shareholders		(0.27	)		(0.65	)		(1.12	)		(0.96	)		(0.30	)		(0.06	)
Net asset value, end of period	$	7.96		$	12.19		$	14.53		$	13.52		$	13.49		$	11.97
Total return (c)(d)		(32.65	)%(e)		(12.20	)%		15.87	%		7.56	%		15.32	%		12.08	%
Ratios to average net assets/Supplemental data:
Net expenses before interest expense		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Interest expense		-			-	%(g)		-	%(g)		-	%(g)		-			-
Net expenses		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Waiver/Reimbursement		0.04	%(f)		0.05	%		0.05	%		0.06	%		0.04	%		0.05	%
Net investment income		2.42	%(f)		1.81	%		1.73	%		1.70	%		1.91	%		1.43	%
Portfolio turnover rate		26	%(e)		49	%		45	%		66	%		49	%		60	%
Net assets, end of period (000's)	$	106,735		$	165,206		$	222,698		$	100,973		$	91,633		$	98,247

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

(b)  Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

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

(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)  Annualized.

(g)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
37

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,												Period Ended July 31,
	2009			2008			2007			2006			2005			2004 (a)
Net asset value, beginning of period	$	11.16		$	12.51		$	11.12		$	11.65		$	10.25		$	10.00
Income from investment operations:
Net investment income (b)		0.05			0.07			0.08			0.07			0.12	(c)		0.03
Net realized and unrealized gain (loss) on investments		(4.04	)		(0.42	)		2.08			0.14			1.37			0.23
Total from investment operations		(3.99	)		(0.35	)		2.16			0.21			1.49			0.26
Less distributions to shareholders:
From net investment income		(0.08	)		(0.07	)		(0.08	)		(0.08	)		(0.09	)		(0.01	)
From net realized gains		-			(0.93	)		(0.69	)		(0.66	)		-			-
Total distributions to shareholders		(0.08	)		(1.00	)		(0.77	)		(0.74	)		(0.09	)		(0.01	)
Net asset value, end of period	$	7.09		$	11.16		$	12.51		$	11.12		$	11.65		$	10.25
Total return (d)(e)		(35.79	)%(f)		(3.57	)%		19.77	%		1.63	%		14.55	%		2.57	%(f)
Ratios to average net assets/Supplemental data:
Net expenses before interest expense		0.50	%(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(g)
Interest expense		-			-	%(h)		-			-	%(h)		-			-
Net expenses		0.50	%(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(g)
Waiver/Reimbursement		0.14	%(g)		0.15	%		0.16	%		0.13	%		0.07	%		0.14	%(g)
Net investment income		0.97	%(g)		0.62	%		0.63	%		0.62	%		1.07	%		0.31	%(g)
Portfolio turnover rate		79	%(f)		161	%		179	%		180	%		120	%		114	%(f)
Net assets, end of period (000's)	$	37,611		$	51,230		$	58,978		$	35,765		$	40,312		$	40,684

(a)  The Fund commenced investment operations on September 10, 2003. Per share data, total return and portfolio turnover rate 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 a special dividend. The effect of this dividend amounted to $0.05 per share.

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

(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)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
38

CMG LARGE CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,												Period Ended July 31,
	2009			2008			2007			2006			2005			2004 (a)
Net asset value, beginning of period	$	9.36		$	12.30		$	11.89		$	12.54		$	11.09		$	10.00
Income from investment operations:
Net investment income (b)		0.10			0.23			0.22			0.22			0.24			0.18
Net realized and unrealized gain (loss) on investments and written options		(3.18	)		(1.83	)		1.38			0.92			1.46			0.93
Total from investment operations		(3.08	)		(1.60	)		1.60			1.14			1.70			1.11
Less distributions to shareholders:
From net investment income		(0.13	)		(0.22	)		(0.22	)		(0.28	)		(0.22	)		(0.02	)
From net realized gains		-			(1.12	)		(0.97	)		(1.51	)		(0.03	)		-
Total distributions to shareholders		(0.13	)		(1.34	)		(1.19	)		(1.79	)		(0.25	)		(0.02	)
Net asset value, end of period	$	6.15		$	9.36		$	12.30		$	11.89		$	12.54		$	11.09
Total return (c)(d)		(33.04	)%(e)		(14.50	)%		13.69	%		9.85	%(f)		15.41	%(g)		11.15	%(e)
Ratios to average net assets/Supplemental data:
Net expenses		0.50	%(h)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(h)
Waiver/Reimbursement		0.18	%(h)		0.20	%		0.18	%		0.13	%		0.07	%		0.14	%(h)
Net investment income		2.55	%(h)		2.09	%		1.78	%		1.78	%		1.99	%		1.86	%(h)
Portfolio turnover rate		36	%(e)		57	%		92	%		97	%		45	%		46	%(e)
Net assets, end of period (000's)	$	25,311		$	37,741		$	44,830		$	37,280		$	38,731		$	47,855

(a)  The Fund commenced investment operations on September 10, 2003. Per share data, total return and portfolio turnover rate reflect activity from that date.

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

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

(d)  Had the investment 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 had an impact of less than 0.01% on the Fund's total return.

(g)  Total return includes a reimbursement of loss experienced by the Fund due to a compliance violation. The reimbursement had an impact of less then 0.01% on the Fund's total return.

(h)  Annualized.

See Accompanying Notes to Financial Statements.
39

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Instituional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	13.88		$	16.48		$	14.98		$	14.15		$	11.04		$	10.93
Income from investment operations:
Net investment income (loss) (a)		0.01			(0.01	)		0.09			0.01			(0.03	)		(0.05	)
Net realized and unrealized gain (loss) on investments, written options and  foreign currency		(5.69	)		0.06			3.21			1.20			3.14			0.17
Total from investment operations		(5.68	)		0.05			3.30			1.21			3.11			0.12
Less distributions to shareholders:
From net investment income		-			(0.06	)		(0.05	)		-			-			-
From net realized gains		(0.48	)		(2.59	)		(1.75	)		(0.38	)		-			(0.01	)
Total distributions to shareholders		(0.48	)		(2.65	)		(1.80	)		(0.38	)		-			(0.01	)
Net asset value, end of period	$	7.72		$	13.88		$	16.48		$	14.98		$	14.15		$	11.04
Total return (b)(c)		(41.03	)%(d)		(0.67	)%		23.22	%		8.56	%		28.17	%		1.06	%
Ratios to average net assets/Supplemental data:
Net expenses		0.70	%(e)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Waiver/Reimbursement		0.31	%(e)		0.30	%		0.25	%		0.20	%		0.21	%		0.22	%
Net investment income (loss)		0.28	%(e)		(0.08	)%		0.54	%		0.08	%		(0.21	)%		(0.38	)%
Portfolio turnover rate		65	%(d)		168	%		152	%		65	%		141	%		169	%
Net assets, end of period (000's)	$	14,744		$	25,012		$	28,674		$	23,636		$	24,881		$	19,284

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

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

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

(d)  Not annualized.

(e)  Annualized.

See Accompanying Notes to Financial Statements.
40

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	10.90		$	14.09		$	14.02		$	15.17		$	12.58		$	10.69
Income from investment operations:
Net investment income (a)		0.09			0.11			0.22			0.15			0.11			0.07
Net realized and unrealized gain (loss) on investments, written options and  foreign currency		(4.30	)		(1.80	)		2.34			1.14			2.66			1.84
Total from investment operations		(4.21	)		(1.69	)		2.56			1.29			2.77			1.91
Less distributions to shareholders:
From net investment income		(0.09	)		(0.22	)		(0.18	)		(0.16	)		(0.09	)		(0.02	)
From net realized gains		(0.02	)		(1.28	)		(2.31	)		(2.28	)		(0.09	)		-	(b)
Total distributions to shareholders		(0.11	)		(1.50	)		(2.49	)		(2.44	)		(0.18	)		(0.02	)
Net asset value, end of period	$	6.58		$	10.90		$	14.09		$	14.02		$	15.17		$	12.58
Total return (c)(d)		(38.70	)%(e)		(13.36	)%		19.50	%		9.30	%		22.14	%		17.91	%
Ratios to average net assets/Supplemental data:
Net expenses		0.70	%(f)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Waiver/Reimbursement		0.39	%(f)		0.44	%		0.36	%		0.25	%		0.19	%		0.20	%
Net investment income		1.99	%(f)		0.85	%		1.49	%		1.02	%		0.78	%		0.54	%
Portfolio turnover rate		20	%(e)		51	%		63	%		59	%		59	%		9	%
Net assets, end of period (000's)	$	12,926		$	17,079		$	19,296		$	17,762		$	21,277		$	21,994

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

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

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

(d)  Had the investment 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)  Annualized.

See Accompanying Notes to Financial Statements.
41

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	1.71		$	1.95		$	2.03		$	6.57		$	5.07		$	4.62
Income from investment operations:
Net investment loss (a)		-	(b)		-	(b)		(0.01	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments,  written options and  foreign currency		(0.70	)		0.05			0.42			0.53	(c)		1.53			0.48
Total from investment operations		(0.70	)		0.05			0.41			0.51			1.50			0.45
Less distributions to shareholders:
From net realized gains		-			(0.28	)		(0.49	)		(5.05	)(d)		-			-
From return of capital		-			(0.01	)		-			-			-			-
Total distributions to shareholders		-			(0.29	)		(0.49	)		(5.05	)		-			-
Net asset value, end of period	$	1.01		$	1.71		$	1.95		$	2.03		$	6.57		$	5.07
Total return (e)		(40.94	)%(f)(g)		1.49	%(g)		22.69	%(g)		10.46	%(g)		29.59	%		9.74	%
Ratios to average net assets/ Supplemental data:
Net expenses before interest expense (h)		0.80	%(i)		0.80	%		0.80	%		1.09	%		0.85	%		0.79	%
Interest expense		-			-	%(j)		-	%(j)		-			-			-
Net expenses (h)		0.80	%(i)		0.80	%		0.80	%		1.09	%		0.85	%		0.79	%
Waiver/Reimbursement		0.36	%(i)		0.26	%		0.27	%		0.21	%		-			-
Net investment loss (h)		(0.28	)%(i)		(0.21	)%		(0.25	)%		(0.88	)%		(0.61	)%		(0.62	)%
Portfolio turnover rate		79	%(f)		191	%		158	%		112	%		119	%		123	%
Net assets, end of period (000's)	$	27,728		$	40,818		$	39,899		$	40,183		$	30,317		$	292,028

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

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

(c)  The amount shown for a share outstanding does not correspond with the aggregate gain (loss) on investments for the period due to timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.

(d)  Capital gain distributions were declared after significant shareholder redemptions reduced the size of the Fund.

(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 custody credits had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
42

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	11.06		$	13.94		$	15.31		$	16.06		$	13.91		$	11.29
Income from investment operations:
Net investment income (a)		0.07			0.08			0.11			0.09			0.11			0.11
Net realized and unrealized gain (loss) on investments and  foreign currency		(3.68	)		(1.08	)		1.82			1.06			3.11			2.79
Total from investment operations		(3.61	)		(1.00	)		1.93			1.15			3.22			2.90
Less distributions to shareholders:
From net investment income		(0.04	)		(0.13	)		(0.12	)		(0.13	)		(0.10	)		(0.06	)
From net realized gains		(0.92	)		(1.75	)		(3.18	)		(1.77	)		(0.97	)		(0.22	)
Total distributions to shareholders		(0.96	)		(1.88	)		(3.30	)		(1.90	)		(1.07	)		(0.28	)
Net asset value, end of period	$	6.49		$	11.06		$	13.94		$	15.31		$	16.06		$	13.91
Total return (b)(c)		(33.44	)%(d)		(7.73	)%		12.82	%		7.90	%(e)		23.57	%		25.79	%
Ratios to average net assets/ Supplemental data:
Net expenses before interest expense		0.80	%(f)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Interest expense		-	%(f)(g)		0.01	%		0.01	%		-	%(g)		-			-
Net expenses		0.80	%(f)		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%
Waiver/Reimbursement		0.26	%(f)		0.29	%		0.22	%		0.14	%		0.12	%		0.09	%
Net investment income		1.47	%(f)		0.67	%		0.75	%		0.60	%		0.77	%		0.82	%
Portfolio turnover rate		34	%(d)		49	%		50	%		37	%		41	%		53	%
Net assets, end of period (000's)	$	24,324		$	26,748		$	31,952		$	33,439		$	36,989		$	40,356

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

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

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

(d)  Not annualized.

(e)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(f)  Annualized.

(g)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
43

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	4.00		$	4.56		$	11.24		$	11.49		$	8.77		$	8.30
Income from investment operations:
Net investment loss (a)		-	(b)		(0.01	)		-	(b)		(0.05	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments, written options and   foreign currency		(1.69	)		0.14			1.01			1.07			2.76			0.52
Total from investment operations		(1.69	)		0.13			1.01			1.02			2.72			0.47
Less distributions to shareholders:
From net realized gains		-			(0.66	)		(7.69	)(c)		(1.27	)		-			-
Return of capital		-			(0.03	)		-			-			-			-
Total distributions to shareholders		-			(0.69	)		(7.69	)		(1.27	)		-			-
Net asset value, end of period	$	2.31		$	4.00		$	4.56		$	11.24		$	11.49		$	8.77
Total return (d)(e)		(42.25	)%(f)		2.12	%		21.66	%		9.17	%(g)		31.01	%		5.66	%
Ratios to average net assets/Supplemental data:
Net expenses		0.75	%(h)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Waiver/Reimbursement		0.76	%(h)		0.52	%		0.57	%		0.23	%		0.09	%		0.06	%
Net investment loss		(0.24	)%(h)		(0.22	)%		(0.01	)%		(0.45	)%		(0.37	)%		(0.49	)%
Portfolio turnover rate		73	%(f)		179	%		158	%		109	%		170	%		91	%
Net assets, end of period (000's)	$	6,612		$	11,474		$	12,516		$	8,773		$	38,755		$	50,662

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

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

(c)  Capital gain distributions were declared after significant shareholder redemptions reduced the size of the Fund in the prior year.

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

(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)  Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(h)  Annualized.

See Accompanying Notes to Financial Statements.
44

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	10.65		$	14.60		$	14.63		$	13.76		$	12.17		$	10.33
Income from investment operations:
Net investment income (a)		0.07			0.31	(b)		0.27			0.26			0.19			0.14
Net realized and unrealized gain (loss) on investments,  written options, foreign currency  and foreign capital gains tax		(4.85	)		(2.14	)		2.98			2.85			1.79			1.76
Total from investment operations		(4.78	)		(1.83	)		3.25			3.11			1.98			1.90
Less distributions to shareholders:
From net investment income		(0.07	)		(0.47	)		(0.36	)		(0.27	)		(0.10	)		(0.06	)
From net realized gains		(0.16	)		(1.65	)		(2.92	)		(1.97	)		(0.29	)		-
Total distributions to shareholders		(0.23	)		(2.12	)		(3.28	)		(2.24	)		(0.39	)		(0.06	)
Net asset value, end of period	$	5.64		$	10.65		$	14.60		$	14.63		$	13.76		$	12.17
Total return (c)(d)		(45.12	)%(e)		(13.82	)%(f)		24.77	%(f)		24.31	%		16.31	%		18.40	%
Ratios to average net assets/ Supplemental data:
Net expenses before interest expense		0.75	%(g)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Interest expense		-	%(g)(h)		-	%(h)		0.01	%		0.01	%		-			-
Net expenses		0.75	%(g)		0.75	%		0.76	%		0.76	%		0.75	%		0.75	%
Waiver/Reimbursement		0.12	%(g)		0.08	%		0.07	%		0.06	%		0.03	%		0.05	%
Net investment income		1.93	%(g)		2.51	%		1.87	%		1.84	%		1.47	%		1.16	%
Portfolio turnover rate		64	%(e)		62	%		80	%		86	%		68	%		91	%
Net assets, end of period (000's)	$	52,201		$	91,740		$	120,314		$	105,738		$	136,144		$	152,251

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

(b)  Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.03 per share.

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

(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 reimburstment by the investment advisor for a realized loss due to a trading error. This reimbursement had an impact of less than 0.01% on the Fund's total return.

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.
45

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (96.4%)
Consumer Discretionary (8.2%)
Diversified Consumer Services (1.2%)
Apollo Group, Inc., Class A (a)		8,600	$	700,556
H&R Block, Inc.		30,000		621,900
				1,322,456
Hotels, Restaurants & Leisure (1.3%)
Darden Restaurants, Inc.		5,300		138,966
McDonald's Corp.		16,600		963,132
Starbucks Corp. (a)		21,200		200,128
Yum! Brands, Inc.		1,900		54,378
				1,356,604
Media (2.2%)
Comcast Corp., Class A		12,300		180,195
DIRECTV Group, Inc. (a)		36,200		792,780
Time Warner, Inc.		98,200		916,206
Walt Disney Co.		21,200		438,416
				2,327,597
Multiline Retail (0.3%)
Big Lots, Inc. (a)		18,500		248,825
Nordstrom, Inc.		2,400		30,456
Target Corp.		400		12,480
				291,761
Specialty Retail (2.1%)
Autozone, Inc. (a)		2,100		279,069
Best Buy Co., Inc.		17,400		487,548
Gap, Inc.		59,700		673,416
Home Depot, Inc.		25,000		538,250
Limited Brands, Inc.		1,100		8,712
Lowe's Companies, Inc.		10,400		190,008
Sherwin-Williams Co.		200		9,550
TJX Companies, Inc.		5,100		99,042
				2,285,595
Textiles, Apparel & Luxury Goods (1.1%)
Coach, Inc. (a)		53,200		776,720
NIKE, Inc., Class B		1,800		81,450
Polo Ralph Lauren Corp.		6,400		262,592
				1,120,762
				8,704,775

	Shares		Value
Consumer Staples (12.3%)
Beverages (1.9%)
Coca-Cola Co.		17,300	$	739,056
PepsiCo, Inc.		24,100		1,210,543
				1,949,599
Food & Staples Retailing (2.4%)
CVS Caremark Corp.		17,000		456,960
Kroger Co.		14,400		324,000
SUPERVALU, Inc.		27,100		475,334
Sysco Corp.		5,600		124,824
Wal-Mart Stores, Inc.		25,000		1,178,000
Walgreen Co.		600		16,446
				2,575,564
Food Products (0.9%)
Archer-Daniels-Midland Co.		13,700		375,106
General Mills, Inc.		4,000		236,600
Kraft Foods, Inc., Class A		11,700		328,185
				939,891
Household Products (3.9%)
Clorox Co.		3,200		160,480
Colgate-Palmolive Co.		4,600		299,184
Kimberly-Clark Corp.		20,000		1,029,400
Procter & Gamble Co.		48,900		2,665,050
				4,154,114
Personal Products (0.3%)
Avon Products, Inc.		3,200		65,440
Estee Lauder Companies, Inc., Class A		10,700		280,875
				346,315
Tobacco (2.9%)
Altria Group, Inc.		80,300		1,328,162
Philip Morris International, Inc.		34,800		1,292,820
Reynolds American, Inc.		13,100		500,158
				3,121,140
				13,086,623
Energy (13.4%)
Energy Equipment & Services (0.5%)
BJ Services Co.		1,856		20,416
ENSCO International, Inc.		9,300		254,448
Noble Corp.		3,500		95,025

See Accompanying Notes to Financial Statements.
46

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Energy Equipment & Services (continued)
Schlumberger Ltd.		5,600	$	228,536
				598,425
Oil, Gas & Consumable Fuels (12.9%)
Anadarko Petroleum Corp.		9,000		330,660
Apache Corp.		7,800		585,000
Chevron Corp.		34,300		2,418,836
ConocoPhillips		30,000		1,425,900
Devon Energy Corp.		4,400		271,040
EOG Resources, Inc.		5,600		379,512
Exxon Mobil Corp.		72,300		5,529,504
Hess Corp.		7,300		405,953
Marathon Oil Corp.		15,300		416,619
Massey Energy Co.		15,400		233,772
Murphy Oil Corp.		2,700		119,286
Occidental Petroleum Corp.		19,100		1,041,905
Valero Energy Corp.		24,900		600,588
				13,758,575
				14,357,000
Financials (10.7%)
Capital Markets (2.4%)
Bank of New York Mellon Corp.		15,300		393,822
Charles Schwab Corp.		31,200		424,008
Franklin Resources, Inc.		3,700		179,154
Goldman Sachs Group, Inc.		11,200		904,176
Morgan Stanley		8,700		176,001
Northern Trust Corp.		5,600		322,112
State Street Corp.		8,200		190,814
				2,590,087
Commercial Banks (1.6%)
BB&T Corp.		11,000		217,690
PNC Financial Services Group, Inc.		1,300		42,276
U.S. Bancorp		28,700		425,908
Wells Fargo & Co.		52,700		996,030
				1,681,904
Consumer Finance (0.3%)
American Express Co.		14,600		244,258
Capital One Financial Corp.		6,100		96,624
				340,882
Diversified Financial Services (1.3%)
Citigroup, Inc.		1,500		5,325

	Shares		Value
Diversified Financial Services (continued)
JPMorgan Chase & Co.		52,300	$	1,334,173
Moody's Corp.		1,800		38,556
				1,378,054
Insurance (2.7%)
AFLAC, Inc.		8,000		185,680
Allstate Corp.		10,700		231,869
Chubb Corp.		13,500		574,830
Loews Corp.		10,300		251,320
MetLife, Inc.		20,600		591,838
Prudential Financial, Inc.		12,500		321,875
Travelers Companies, Inc.		19,000		734,160
				2,891,572
Real Estate Investment Trusts (REITs) (2.2%)
AvalonBay Communities, Inc.		500		26,724
Boston Properties, Inc.		1,100		47,630
Equity Residential Property Trust		23,000		550,390
HCP, Inc.		4,900		114,366
Host Hotels & Resorts, Inc.		35,000		188,300
Kimco Realty Corp.		11,200		161,056
Plum Creek Timber Co., Inc.		800		24,616
Public Storage		12,600		779,562
Simon Property Group, Inc.		7,900		339,542
Vornado Realty Trust		3,100		157,511
				2,389,697
Thrifts & Mortgage Finance (0.2%)
Hudson City Bancorp, Inc.		16,300		189,080
				11,461,276
Health Care (15.4%)
Biotechnology (3.2%)
Amgen, Inc. (a)		28,800		1,579,680
Biogen Idec, Inc. (a)		23,400		1,138,410
Genzyme Corp. (a)		400		27,568
Gilead Sciences, Inc. (a)		13,300		675,241
				3,420,899
Health Care Equipment & Supplies (4.1%)
Baxter International, Inc.		6,900		404,685
Becton Dickinson & Co.		2,700		196,209
Boston Scientific Corp. (a)		219,700		1,948,739
Covidien Ltd.		6,600		253,044
Medtronic, Inc.		42,600		1,426,674

See Accompanying Notes to Financial Statements.
47

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
St. Jude Medical, Inc. (a)		800	$	29,096
Zimmer Holdings, Inc. (a)		2,600		94,640
				4,353,087
Health Care Providers & Services (0.4%)
Aetna, Inc.		8,400		260,400
UnitedHealth Group, Inc.		2,600		73,658
WellPoint, Inc. (a)		2,100		87,045
				421,103
Life Sciences Tools & Services (0.1%)
Thermo Fisher Scientific, Inc. (a)		3,300		118,569
Pharmaceuticals (7.6%)
Abbott Laboratories		7,800		432,432
Bristol-Myers Squibb Co.		9,200		196,972
Eli Lilly & Co.		25,700		946,274
Forest Laboratories, Inc. (a)		21,900		548,376
Johnson & Johnson		42,700		2,463,363
King Pharmaceuticals, Inc. (a)		1,000		8,740
Merck & Co., Inc.		17,600		502,480
Mylan, Inc. (a)		70,300		796,499
Pfizer, Inc.		118,100		1,721,898
Schering-Plough Corp.		9,100		159,796
Wyeth		7,100		305,087
				8,081,917
				16,395,575
Industrials (10.2%)
Aerospace & Defense (2.5%)
Boeing Co.		17,700		748,887
Goodrich Corp.		400		15,464
Honeywell International, Inc.		12,400		406,844
Lockheed Martin Corp.		1,300		106,652
Northrop Grumman Corp.		15,500		745,860
United Technologies Corp.		12,600		604,674
				2,628,381
Air Freight & Logistics (1.4%)
C.H. Robinson Worldwide, Inc.		100		4,598
FedEx Corp.		12,800		652,032
United Parcel Service, Inc., Class B		20,600		875,294
				1,531,924

	Shares		Value
Commercial Services & Supplies (0.1%)
R.R. Donnelley & Sons Co.		11,500	$	112,240
Construction & Engineering (0.3%)
Fluor Corp.		7,800		303,420
Jacobs Engineering Group, Inc. (a)		400		15,468
				318,888
Electrical Equipment (0.6%)
Emerson Electric Co.		13,300		434,910
Rockwell Automation, Inc.		8,200		213,528
				648,438
Industrial Conglomerates (1.6%)
3M Co.		11,400		613,206
General Electric Co.		74,400		902,472
Tyco International Ltd.		9,300		195,486
				1,711,164
Machinery (0.9%)
Caterpillar, Inc.		10,300		317,755
Cummins, Inc.		20,100		481,998
Manitowoc Co., Inc.		11,000		60,500
Parker Hannifin Corp.		1,500		57,315
				917,568
Professional Services (0.1%)
Robert Half International, Inc.		3,600		61,020
Road & Rail (2.5%)
Burlington Northern Santa Fe Corp.		3,500		231,875
CSX Corp.		21,300		616,848
Norfolk Southern Corp.		8,000		306,880
Ryder System, Inc.		25,500		861,390
Union Pacific Corp.		15,900		696,261
				2,713,254
Trading Companies & Distributors (0.2%)
W.W. Grainger, Inc.		3,100		226,145
				10,869,022

See Accompanying Notes to Financial Statements.
48

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Information Technology (15.6%)
Communications Equipment (1.8%)
Cisco Systems, Inc. (a)		94,500	$	1,414,665
QUALCOMM, Inc.		14,500		500,975
				1,915,640
Computers & Peripherals (4.2%)
Apple, Inc. (a)		3,100		279,403
Dell, Inc. (a)		30,500		289,750
Hewlett-Packard Co.		44,000		1,529,000
International Business Machines Corp.		22,700		2,080,455
Lexmark International, Inc., Class A (a)		11,000		260,480
				4,439,088
Internet Software & Services (1.2%)
eBay, Inc. (a)		65,800		790,916
Google, Inc., Class A (a)		900		304,677
Yahoo!, Inc. (a)		13,100		153,663
				1,249,256
IT Services (1.1%)
Computer Sciences Corp. (a)		10,900		401,556
MasterCard, Inc., Class A		900		122,202
Total System Services, Inc.		28,000		354,480
Western Union Co.		21,600		295,056
				1,173,294
Semiconductors & Semiconductor Equipment (1.9%)
Intel Corp.		86,500		1,115,850
LSI Corp. (a)		42,800		136,104
National Semiconductor Corp.		800		8,112
Texas Instruments, Inc.		54,900		820,755
				2,080,821
Software (5.4%)
Adobe Systems, Inc. (a)		19,000		366,890
Autodesk, Inc. (a)		19,100		316,296
CA, Inc.		3,700		66,563
Compuware Corp. (a)		16,700		108,550
Microsoft Corp. (b)		144,500		2,470,950
Oracle Corp. (a)		73,600		1,238,688
Symantec Corp. (a)		77,300		1,185,009
				5,752,946
				16,611,045

	Shares		Value
Materials (2.8%)
Chemicals (2.1%)
CF Industries Holdings, Inc.		14,100	$	662,700
Dow Chemical Co.		34,000		394,060
E.I. Du Pont de Nemours & Co.		17,700		406,392
Eastman Chemical Co.		2,900		75,255
Monsanto Co.		9,100		692,146
				2,230,553
Construction Materials (0.1%)
Vulcan Materials Co.		1,100		54,406
Containers & Packaging (0.5%)
Ball Corp.		1,400		53,676
Sealed Air Corp.		41,900		567,745
				621,421
Paper & Forest Products (0.1%)
International Paper Co.		6,600		60,192
				2,966,572
Telecommunication Services (3.5%)
Diversified Telecommunication Services (3.4%)
AT&T, Inc.		88,300		2,173,946
CenturyTel, Inc.		300		8,142
Qwest Communications International, Inc.		9,700		31,234
Verizon Communications, Inc.		48,100		1,436,747
				3,650,069
Wireless Telecommunication Services (0.1%)
American Tower Corp., Class A (a)		1,500		45,510
Sprint Nextel Corp. (a)		31,200		75,816
				121,326
				3,771,395
Utilities (4.3%)
Electric Utilities (3.1%)
American Electric Power Co., Inc.		7,500		235,125
Duke Energy Corp.		4,600		69,690
Edison International		22,100		719,797
Entergy Corp.		5,100		389,436
Exelon Corp.		6,600		357,852
FirstEnergy Corp.		16,400		819,836
FPL Group, Inc.		4,800		247,440

See Accompanying Notes to Financial Statements.
49

CMG ENHANCED S&P 500^® INDEX FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Electric Utilities (continued)
Pepco Holdings, Inc.		28,300	$	504,023
Progress Energy, Inc.		200		7,744
				3,350,943
Gas Utilities (0.5%)
Questar Corp.		16,200		550,476
Multi-Utilities (0.7%)
CenterPoint Energy, Inc.		11,600		155,208
NiSource, Inc.		8,700		84,216
PG&E Corp.		1,200		46,404
Public Service Enterprise Group, Inc.		12,100		381,997
Sempra Energy		1,300		56,992
				724,817
				4,626,236
Total Common Stocks (Cost of $135,645,240)				102,849,519
	Par
Short-Term Obligation (3.6%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09, at 0.210%, collateralized by a U.S. Government Agency Obligation maturing 11/17/15, market value $3,966,063 (repurchase proceeds $3,883,068)	$	3,883,000		3,883,000
Total Short-Term Obligation (Cost of $3,883,000)				3,883,000
Total Investments (100.0%) (Cost of $139,528,240) (b)				106,732,519
Other Assets & Liabilities, Net (0.0%)				2,234
Net Assets (100.0%)			$	106,734,753

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  The security or a portion of the security is pledged as collateral for open futures contracts. At January 31, 2009, the total market value of securities pledged amounted to $752,400.

(c)  Cost for federal income tax purposes is $139,528,240.

At January 31, 2009, the Fund held the following open long futures contracts:

Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Depreciation
S&P 500 Index		19	$	3,906,875	$	4,159,728	Mar-09	$	(252,853	)

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		15.6
Health Care		15.4
Energy		13.4
Consumer Staples		12.3
Financials		10.7
Industrials		10.2
Consumer Discretionary		8.2
Utilities		4.3
Telecommunication Services		3.5
Materials		2.8
		96.4
Short-Term Obligation		3.6
Other Assets & Liabilities, Net		0.0	*
		100.0

*Rounds to less than 0.1%.

See Accompanying Notes to Financial Statements.
50

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (98.7%)
Consumer Discretionary (9.5%)
Diversified Consumer Services (0.5%)
Apollo Group, Inc., Class A (a)		2,570	$	209,352
Hotels, Restaurants & Leisure (1.9%)
McDonald's Corp.		7,440		431,669
Starwood Hotels & Resorts Worldwide, Inc.		12,690		191,873
Wynn Resorts Ltd. (a)		3,030		91,142
				714,684
Internet & Catalog Retail (0.5%)
Amazon.com, Inc. (a)		3,050		179,401
Leisure Equipment & Products (0.4%)
Hasbro, Inc.		5,690		137,300
Media (1.8%)
Comcast Corp., Class A		22,010		322,447
DIRECTV Group, Inc. (a)		16,350		358,065
				680,512
Multiline Retail (1.6%)
Kohl's Corp. (a)		7,780		285,604
Target Corp.		9,730		303,576
				589,180
Specialty Retail (2.1%)
Best Buy Co., Inc.		3,790		106,196
Lowe's Companies, Inc.		16,390		299,445
Staples, Inc.		13,180		210,089
Urban Outfitters, Inc. (a)		11,910		185,558
				801,288
Textiles, Apparel & Luxury Goods (0.7%)
Polo Ralph Lauren Corp.		6,180		253,565
				3,565,282
Consumer Staples (11.7%)
Beverages (3.9%)
Coca-Cola Co.		21,130		902,674
Molson Coors Brewing Co., Class B		4,350		175,174
PepsiCo, Inc.		7,590		381,246
				1,459,094

	Shares		Value
Food & Staples Retailing (2.7%)
Kroger Co.		12,020	$	270,450
Wal-Mart Stores, Inc.		16,020		754,862
				1,025,312
Food Products (1.3%)
Kraft Foods, Inc., Class A		17,920		502,656
Household Products (0.7%)
Kimberly-Clark Corp.		2,308		118,793
Procter & Gamble Co.		2,610		142,245
				261,038
Personal Products (1.0%)
Avon Products, Inc.		18,110		370,350
Tobacco (2.1%)
Philip Morris International, Inc.		21,170		786,465
				4,404,915
Energy (8.6%)
Energy Equipment & Services (2.9%)
Halliburton Co.		11,760		202,860
Nabors Industries Ltd. (a)		12,420		135,999
Schlumberger Ltd.		14,470		590,521
Transocean Ltd. (a)		3,255		177,788
				1,107,168
Oil, Gas & Consumable Fuels (5.7%)
Devon Energy Corp.		4,760		293,216
Exxon Mobil Corp.		3,760		287,565
Hess Corp.		6,980		388,158
Occidental Petroleum Corp.		9,510		518,770
Peabody Energy Corp.		10,880		272,000
Southwestern Energy Co. (a)		5,980		189,267
Ultra Petroleum Corp. (a)		4,870		174,492
				2,123,468
				3,230,636
Financials (3.3%)
Capital Markets (1.9%)
Goldman Sachs Group, Inc.		5,170		417,374
State Street Corp.		4,320		100,526
Waddell & Reed Financial, Inc., Class A		12,940		182,713
				700,613

See Accompanying Notes to Financial Statements.
51

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Diversified Financial Services (0.1%)
IntercontinentalExchange, Inc. (a)		964	$	54,881
Insurance (1.3%)
Axis Capital Holdings Ltd.		9,953		241,460
MetLife, Inc.		8,440		242,481
				483,941
				1,239,435
Health Care (17.8%)
Biotechnology (3.7%)
BioMarin Pharmaceutical, Inc. (a)		9,490		182,778
Celgene Corp. (a)		4,780		253,101
Genentech, Inc. (a)		4,020		326,585
Genzyme Corp. (a)		3,060		210,895
Gilead Sciences, Inc. (a)		5,830		295,989
Vertex Pharmaceuticals, Inc. (a)		3,640		120,302
				1,389,650
Health Care Equipment & Supplies (2.9%)
Baxter International, Inc.		8,610		504,976
Covidien Ltd.		6,550		251,127
Medtronic, Inc.		10,110		338,584
				1,094,687
Health Care Providers & Services (3.3%)
Humana, Inc. (a)		7,860		298,130
McKesson Corp.		6,930		306,306
Medco Health Solutions, Inc. (a)		14,050		631,266
				1,235,702
Life Sciences Tools & Services (2.1%)
Covance, Inc. (a)		6,610		255,146
Thermo Fisher Scientific, Inc. (a)		14,741		529,644
				784,790
Pharmaceuticals (5.8%)
Abbott Laboratories		14,290		792,238
Bristol-Myers Squibb Co.		22,620		484,294
Johnson & Johnson		4,620		266,528
Schering-Plough Corp.		26,280		461,477
Teva Pharmaceutical Industries Ltd., ADR		4,510		186,939
				2,191,476
				6,696,305

	Shares		Value
Industrials (12.4%)
Aerospace & Defense (3.8%)
Goodrich Corp.		5,300	$	204,898
Lockheed Martin Corp.		5,320		436,453
Precision Castparts Corp.		4,840		314,358
United Technologies Corp.		9,810		470,782
				1,426,491
Commercial Services & Supplies (0.8%)
Waste Management, Inc.		9,330		291,003
Machinery (4.0%)
Cummins, Inc.		6,130		146,997
Flowserve Corp.		5,040		268,682
Illinois Tool Works, Inc.		12,110		395,513
Joy Global, Inc.		8,420		175,389
Parker Hannifin Corp.		8,370		319,818
SPX Corp.		4,700		197,917
				1,504,316
Professional Services (0.6%)
Dun & Bradstreet Corp.		3,120		237,120
Road & Rail (2.3%)
Landstar System, Inc.		5,650		202,665
Norfolk Southern Corp.		8,230		315,703
Union Pacific Corp.		7,870		344,627
				862,995
Trading Companies & Distributors (0.9%)
W.W. Grainger, Inc.		4,920		358,914
				4,680,839
Information Technology (29.7%)
Communications Equipment (3.9%)
Cisco Systems, Inc. (a)		50,680		758,680
QUALCOMM, Inc.		20,870		721,058
				1,479,738
Computers & Peripherals (8.6%)
Apple, Inc. (a)		9,820		885,077
EMC Corp. (a)		49,760		549,350
Hewlett-Packard Co.		25,850		898,288
International Business Machines Corp.		9,620		881,673
				3,214,388

See Accompanying Notes to Financial Statements.
52

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components (0.5%)
FLIR Systems, Inc. (a)		7,960	$	198,761
Internet Software & Services (4.1%)
Equinix, Inc. (a)		4,710		251,278
Google, Inc., Class A (a)		3,828		1,295,893
				1,547,171
IT Services (1.2%)
Visa, Inc., Class A		9,470		467,345
Semiconductors & Semiconductor Equipment (5.1%)
Broadcom Corp., Class A (a)		8,740		138,529
Intel Corp.		46,300		597,270
Lam Research Corp. (a)		18,000		363,780
Linear Technology Corp.		16,770		392,753
Marvell Technology Group Ltd. (a)		31,720		231,239
Microchip Technology, Inc.		9,560		181,353
				1,904,924
Software (6.3%)
Activision Blizzard, Inc. (a)		26,565		232,710
Adobe Systems, Inc. (a)		13,900		268,409
Microsoft Corp.		61,030		1,043,613
Oracle Corp. (a)		34,200		575,586
Symantec Corp. (a)		15,540		238,228
				2,358,546
				11,170,873
Materials (4.0%)
Chemicals (3.2%)
Monsanto Co.		6,258		475,984
Potash Corp. of Saskatchewan		2,740		205,116
Praxair, Inc.		8,170		508,664
				1,189,764
Metals & Mining (0.8%)
Nucor Corp.		4,520		184,371
Steel Dynamics, Inc.		10,980		116,607
				300,978
				1,490,742

	Shares		Value
Telecommunication Services (0.8%)
Wireless Telecommunication Services (0.8%)
NII Holdings, Inc. (a)		14,880	$	288,672
Utilities (0.9%)
Electric Utilities (0.9%)
Entergy Corp.		4,720		360,419
Total Common Stocks (Cost of $44,126,666)				37,128,118
	Par
Short-Term Obligation (1.5%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 11/15/12, market value $579,390 (repurchase proceeds $568,009)	$	568,000		568,000
Total Short-Term Obligation (Cost of $568,000)				568,000
Total Investments (100.2%) (Cost of $44,694,666) (b)				37,696,118
Other Assets & Liabilities, Net (-0.2)%				(85,590	)
Net Assets (100.0%)			$	37,610,528

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $44,694,666.

See Accompanying Notes to Financial Statements.
53

CMG LARGE CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		29.7
Health Care		17.8
Industrials		12.4
Consumer Staples		11.7
Consumer Discretionary		9.5
Energy		8.6
Materials		4.0
Financials		3.3
Utilities		0.9
Telecommunication Services		0.8
		98.7
Short-Term Obligation		1.5
Other Assets & Liabilities, Net		(0.2	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
54

CMG LARGE CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (94.5%)
Consumer Discretionary (6.6%)
Hotels, Restaurants & Leisure (2.4%)
Carnival Corp.		7,500	$	136,425
McDonald's Corp.		8,166		473,791
				610,216
Multiline Retail (1.4%)
Kohl's Corp. (a)		9,825		360,676
Specialty Retail (1.6%)
Lowe's Companies, Inc.		22,400		409,248
Textiles, Apparel & Luxury Goods (1.2%)
V.F. Corp.		5,200		291,304
				1,671,444
Consumer Staples (9.9%)
Beverages (1.4%)
Diageo PLC, ADR		6,499		353,156
Food & Staples Retailing (2.3%)
Sysco Corp.		10,500		234,045
Wal-Mart Stores, Inc.		7,300		343,976
				578,021
Food Products (1.9%)
ConAgra Foods, Inc.		11,400		194,940
General Mills, Inc.		2,800		165,620
J M Smucker Co.		2,800		126,420
				486,980
Household Products (2.1%)
Procter & Gamble Co.		9,700		528,650
Personal Products (1.1%)
Avon Products, Inc.		13,765		281,494
Tobacco (1.1%)
Philip Morris International, Inc.		7,329		272,272
				2,500,573
Energy (18.9%)
Energy Equipment & Services (2.4%)
Halliburton Co.		16,354		282,106
Smith International, Inc.		3,000		68,100

	Shares		Value
Energy Equipment & Services (continued)
Transocean Ltd. (a)		4,900	$	267,638
				617,844
Oil, Gas & Consumable Fuels (16.5%)
Chevron Corp.		7,100		500,692
ConocoPhillips		10,007		475,632
El Paso Corp.		13,300		108,794
EOG Resources, Inc.		3,875		262,609
Exxon Mobil Corp.		17,235		1,318,133
Hess Corp.		7,575		421,246
Marathon Oil Corp.		8,300		226,009
Newfield Exploration Co. (a)		3,300		63,327
Occidental Petroleum Corp.		8,000		436,400
Petroleo Brasileiro SA, ADR		6,800		178,160
Williams Companies, Inc.		12,700		179,705
				4,170,707
				4,788,551
Financials (18.8%)
Capital Markets (2.4%)
Goldman Sachs Group, Inc.		5,100		411,723
State Street Corp.		9,000		209,430
				621,153
Commercial Banks (4.9%)
PNC Financial Services Group, Inc.		7,700		250,404
U.S. Bancorp		34,446		511,179
Wells Fargo & Co.		26,056		492,458
				1,254,041
Diversified Financial Services (3.8%)
JPMorgan Chase & Co.		37,400		954,074
Insurance (5.6%)
ACE Ltd.		8,487		370,543
Aon Corp.		12,100		448,305
Axis Capital Holdings Ltd.		2,400		58,224
Hartford Financial Services Group, Inc.		6,763		89,001
Marsh & McLennan Companies, Inc.		14,400		278,352
Prudential Financial, Inc.		6,600		169,950
				1,414,375

See Accompanying Notes to Financial Statements.
55

CMG LARGE CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Real Estate Investment Trusts (REITs) (2.1%)
Plum Creek Timber Co., Inc.		8,900	$	273,853
Rayonier, Inc.		8,400		247,296
				521,149
				4,764,792
Health Care (11.8%)
Biotechnology (3.2%)
Amgen, Inc. (a)		14,500		795,325
Health Care Providers & Services (2.7%)
McKesson Corp.		6,400		282,880
Medco Health Solutions, Inc. (a)		9,100		408,863
				691,743
Life Sciences Tools & Services (1.1%)
Thermo Fisher Scientific, Inc. (a)		8,000		287,440
Pharmaceuticals (4.8%)
Abbott Laboratories		5,900		327,096
Johnson & Johnson		10,400		599,976
Schering-Plough Corp.		16,300		286,228
				1,213,300
				2,987,808
Industrials (6.7%)
Aerospace & Defense (4.7%)
Goodrich Corp.		5,900		228,094
L-3 Communications Holdings, Inc.		4,850		383,247
Northrop Grumman Corp.		4,500		216,540
United Technologies Corp.		7,596		364,532
				1,192,413
Construction & Engineering (1.2%)
KBR, Inc.		21,900		310,104
Machinery (0.8%)
Eaton Corp.		4,600		202,492
				1,705,009
Information Technology (5.2%)
Computers & Peripherals (3.0%)
EMC Corp. (a)		30,800		340,032
Hewlett-Packard Co.		7,700		267,575

	Shares		Value
Computers & Peripherals (continued)
International Business Machines Corp.		1,700	$	155,805
				763,412
Semiconductors & Semiconductor Equipment (1.0%)
Intel Corp.		9,900		127,710
Intersil Corp., Class A		9,700		90,307
Marvell Technology Group Ltd. (a)		5,500		40,095
				258,112
Software (1.2%)
BMC Software, Inc. (a)		11,800		298,894
				1,320,418
Materials (5.0%)
Chemicals (2.6%)
E.I. Du Pont de Nemours & Co.		8,800		202,048
Monsanto Co.		3,275		249,096
Potash Corp. of Saskatchewan		2,675		200,251
				651,395
Metals & Mining (2.1%)
Allegheny Technologies, Inc.		1,300		28,717
Freeport-McMoRan Copper & Gold, Inc. (a)		8,100		203,634
Nucor Corp.		7,225		294,708
				527,059
Paper & Forest Products (0.3%)
Weyerhaeuser Co.		3,000		82,020
				1,260,474
Telecommunication Services (5.3%)
Diversified Telecommunication Services (5.3%)
AT&T, Inc.		38,757		954,197
Verizon Communications, Inc.		13,270		396,375
				1,350,572
Utilities (6.3%)
Electric Utilities (3.5%)
Exelon Corp.		5,600		303,632
FPL Group, Inc.		8,300		427,865
Northeast Utilities Co.		997		23,729
Southern Co.		3,700		123,765
				878,991

See Accompanying Notes to Financial Statements.
56

CMG LARGE CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Multi-Utilities (2.8%)
PG&E Corp.		9,933	$	384,109
Public Service Enterprise Group, Inc.		4,086		128,995
Wisconsin Energy Corp.		4,300		191,694
				704,798
				1,583,789
Total Common Stocks (Cost of $30,241,218)				23,933,430
Convertible Preferred Stocks (1.1%)
Health Care (0.5%)
Pharmaceuticals (0.5%)
Schering-Plough Corp., 6.000%		800		139,208
Materials (0.6%)
Metals & Mining (0.6%)
Freeport-McMoRan Copper & Gold, Inc., 6.750%		3,100		144,460
Total Convertible Preferred Stocks (Cost of $341,316)				283,668
	Par
Short-Term Obligation (6.2%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 11/15/15, market value of $1,596,108 (repurchase proceeds $1,560,026)	$	1,560,000	$	1,560,000
Total Short-Term Obligation (Cost of $1,560,000)				1,560,000
Total Investments (101.8%) (Cost of $32,142,534) (b)				25,777,098
Other Assets & Liabilities, Net (-1.8%)				(466,104	)
Net Assets (100.0%)			$	25,310,994

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $32,142,534.

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Energy		18.9
Financials		18.8
Health Care		12.3
Consumer Staples		9.9
Industrials		6.7
Consumer Discretionary		6.6
Utilities		6.3
Materials		5.6
Telecommunication Services		5.3
Information Technology		5.2
		95.6
Short-Term Obligation		6.2
Other Assets & Liabilities, Net		(1.8	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
57

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (96.9%)
Consumer Discretionary (18.4%)
Distributors (0.5%)
LKQ Corp. (a)		6,730	$	77,731
Diversified Consumer Services (3.8%)
Apollo Group, Inc., Class A (a)		2,070		168,622
DeVry, Inc.		1,512		81,013
ITT Educational Services, Inc. (a)		2,069		253,473
New Oriental Education & Technology Group, ADR (a)		1,150		55,016
				558,124
Hotels, Restaurants & Leisure (3.7%)
Darden Restaurants, Inc.		6,010		157,582
Starbucks Corp. (a)		8,650		81,656
Starwood Hotels & Resorts Worldwide, Inc.		2,650		40,068
WMS Industries, Inc. (a)		3,990		88,658
Yum! Brands, Inc.		6,180		176,872
				544,836
Household Durables (0.4%)
NVR, Inc. (a)		130		55,392
Leisure Equipment & Products (0.5%)
Mattel, Inc.		4,740		67,261
Media (2.0%)
DreamWorks Animation SKG, Inc., Class A (a)		4,650		102,067
Liberty Media Corp. - Entertainment, Class A (a)		6,320		115,972
McGraw-Hill Companies, Inc.		3,240		71,248
				289,287
Multiline Retail (1.5%)
Dollar Tree, Inc. (a)		2,860		122,151
Kohl's Corp. (a)		2,840		104,256
				226,407
Specialty Retail (5.0%)
Advance Auto Parts, Inc.		3,570		116,846
Bed Bath & Beyond, Inc. (a)		2,950		68,529
Gap, Inc.		6,790		76,591
Guess ?, Inc.		4,560		73,370

	Shares		Value
Specialty Retail (continued)
Limited Brands, Inc.		6,590	$	52,193
Ross Stores, Inc.		3,400		100,028
Sherwin-Williams Co.		2,300		109,825
Tiffany & Co.		2,200		45,650
TJX Companies, Inc.		5,120		99,430
				742,462
Textiles, Apparel & Luxury Goods (1.0%)
Deckers Outdoor Corp. (a)		1,550		80,972
Polo Ralph Lauren Corp.		1,760		72,213
				153,185
				2,714,685
Consumer Staples (3.3%)
Food & Staples Retailing (0.4%)
Kroger Co.		2,440		54,900
Food Products (0.7%)
Campbell Soup Co.		3,240		98,399
Household Products (1.5%)
Church & Dwight Co., Inc.		1,820		96,879
Clorox Co.		2,560		128,384
				225,263
Personal Products (0.7%)
Avon Products, Inc.		5,370		109,816
				488,378
Energy (8.6%)
Energy Equipment & Services (2.8%)
Core Laboratories N.V.		1,050		70,550
Diamond Offshore Drilling, Inc.		2,420		151,879
FMC Technologies, Inc. (a)		2,300		68,057
Noble Corp.		4,760		129,234
				419,720
Oil, Gas & Consumable Fuels (5.8%)
Concho Resources, Inc. (a)		3,248		81,914
CONSOL Energy, Inc.		2,470		67,332
Continental Resources, Inc. (a)		4,319		89,274
Denbury Resources, Inc. (a)		9,509		116,390
Frontier Oil Corp.		4,380		62,546
PetroHawk Energy Corp. (a)		5,970		117,669
Range Resources Corp.		2,190		78,489

See Accompanying Notes to Financial Statements.
58

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co. (a)		5,458	$	172,746
Ultra Petroleum Corp. (a)		1,720		61,628
				847,988
				1,267,708
Financials (5.3%)
Capital Markets (3.1%)
Charles Schwab Corp.		3,230		43,896
Invesco Ltd.		6,820		80,408
Northern Trust Corp.		2,090		120,217
T. Rowe Price Group, Inc.		3,190		87,980
Waddell & Reed Financial, Inc., Class A		9,180		129,621
				462,122
Commercial Banks (0.4%)
TCF Financial Corp.		5,029		62,309
Consumer Finance (0.6%)
SLM Corp. (a)		7,320		83,814
Diversified Financial Services (0.7%)
CME Group, Inc.		300		52,173
IntercontinentalExchange, Inc. (a)		860		48,960
				101,133
Real Estate Investment Trusts (REITs) (0.5%)
Plum Creek Timber Co., Inc.		2,240		68,925
				778,303
Health Care (14.6%)
Biotechnology (1.5%)
Alexion Pharmaceuticals, Inc. (a)		1,960		72,265
Celgene Corp. (a)		1,320		69,894
Genzyme Corp. (a)		1,160		79,947
				222,106
Health Care Equipment & Supplies (2.4%)
C.R. Bard, Inc.		800		68,456
Intuitive Surgical, Inc. (a)		1,267		130,793
Mindray Medical International Ltd., ADR		3,890		80,367
St. Jude Medical, Inc. (a)		2,200		80,014
				359,630

	Shares		Value
Health Care Providers & Services (5.5%)
DaVita, Inc. (a)		2,500	$	117,500
Express Scripts, Inc. (a)		4,380		235,469
Laboratory Corp. of America Holdings (a)		2,780		164,576
McKesson Corp.		1,860		82,212
Medco Health Solutions, Inc. (a)		2,840		127,601
Quest Diagnostics, Inc.		1,800		88,830
				816,188
Life Sciences Tools & Services (3.2%)
Charles River Laboratories International, Inc. (a)		4,270		104,231
Covance, Inc. (a)		2,640		101,904
Illumina, Inc. (a)		2,956		80,876
Pharmaceutical Product Development, Inc.		2,880		68,803
Thermo Fisher Scientific, Inc. (a)		3,090		111,024
				466,838
Pharmaceuticals (2.0%)
Allergan, Inc.		4,350		165,822
Perrigo Co.		4,120		120,922
				286,744
				2,151,506
Industrials (17.8%)
Aerospace & Defense (2.4%)
Goodrich Corp.		3,850		148,841
Precision Castparts Corp.		3,060		198,747
				347,588
Air Freight & Logistics (0.7%)
C.H. Robinson Worldwide, Inc.		2,180		100,237
Commercial Services & Supplies (2.9%)
Pitney Bowes, Inc.		2,318		51,599
Stericycle, Inc. (a)		6,020		294,498
Waste Connections, Inc. (a)		2,962		85,957
				432,054
Construction & Engineering (1.8%)
Foster Wheeler Ltd. (a)		6,120		122,216
Jacobs Engineering Group, Inc. (a)		1,730		66,899
Quanta Services, Inc. (a)		3,960		84,665
				273,780

See Accompanying Notes to Financial Statements.
59

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Electrical Equipment (1.5%)
AMETEK, Inc.		3,210	$	102,592
Roper Industries, Inc.		2,860		117,660
				220,252
Machinery (3.6%)
Cummins, Inc.		2,340		56,113
Flowserve Corp.		1,490		79,432
ITT Corp.		2,460		111,389
Joy Global, Inc.		2,605		54,262
Pall Corp.		3,980		103,759
Parker Hannifin Corp.		2,100		80,241
Wabtec Corp.		1,580		47,289
				532,485
Professional Services (1.8%)
Dun & Bradstreet Corp.		840		63,840
FTI Consulting, Inc. (a)		1,950		79,969
Huron Consulting Group, Inc. (a)		1,140		56,977
Robert Half International, Inc.		3,830		64,919
				265,705
Road & Rail (2.3%)
CSX Corp.		3,020		87,459
Landstar System, Inc.		5,320		190,828
Old Dominion Freight Line, Inc. (a)		2,570		64,456
				342,743
Trading Companies & Distributors (0.8%)
Fastenal Co.		3,360		114,845
				2,629,689
Information Technology (20.2%)
Communications Equipment (2.4%)
F5 Networks, Inc. (a)		2,770		61,411
Harris Corp.		3,390		146,753
Juniper Networks, Inc. (a)		5,110		72,358
Research In Motion Ltd. (a)		1,290		71,466
				351,988
Computers & Peripherals (0.5%)
NetApp, Inc. (a)		4,940		73,260

	Shares		Value
Electronic Equipment, Instruments & Components (1.3%)
Agilent Technologies, Inc. (a)		4,840	$	87,507
Itron, Inc. (a)		1,180		77,054
Trimble Navigation Ltd. (a)		1,446		21,430
				185,991
Internet Software & Services (1.6%)
Equinix, Inc. (a)		2,598		138,603
VeriSign, Inc. (a)		4,670		90,178
				228,781
IT Services (4.4%)
Alliance Data Systems Corp. (a)		2,670		111,045
Cognizant Technology Solutions Corp., Class A (a)		5,490		102,828
Fiserv, Inc. (a)		2,660		84,455
Global Payments, Inc.		2,960		102,741
Hewitt Associates, Inc., Class A (a)		3,810		108,128
MasterCard, Inc., Class A		450		61,101
Paychex, Inc.		3,500		85,015
				655,313
Semiconductors & Semiconductor Equipment (5.7%)
Altera Corp.		9,130		140,420
Analog Devices, Inc.		8,931		178,441
ASML Holding N.V., N.Y. Registered Shares		3,630		60,040
Broadcom Corp., Class A (a)		6,860		108,731
International Rectifier Corp. (a)		4,470		60,881
Intersil Corp., Class A		6,180		57,536
Marvell Technology Group Ltd. (a)		8,290		60,434
MEMC Electronic Materials, Inc. (a)		3,720		50,592
Silicon Laboratories, Inc. (a)		3,060		70,472
Varian Semiconductor Equipment Associates, Inc. (a)		2,920		55,597
				843,144
Software (4.3%)
Activision Blizzard, Inc. (a)		12,790		112,040
Autodesk, Inc. (a)		2,617		43,338
Citrix Systems, Inc. (a)		2,588		54,452
Software (continued)
FactSet Research Systems, Inc.		2,820		112,236
Intuit, Inc. (a)		2,670		60,475
McAfee, Inc. (a)		3,780		115,252

See Accompanying Notes to Financial Statements.
60

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Software (continued)
Salesforce.com, Inc. (a)		2,280	$	60,671
Symantec Corp. (a)		5,330		81,709
				640,173
				2,978,650
Materials (4.1%)
Chemicals (3.7%)
CF Industries Holdings, Inc.		1,380		64,860
Ecolab, Inc.		4,290		145,689
Intrepid Potash, Inc. (a)		3,755		76,527
Monsanto Co.		890		67,693
Potash Corp. of Saskatchewan, Inc.		2,500		187,150
				541,919
Metals & Mining (0.4%)
Freeport-McMoRan Copper & Gold, Inc.		2,257		56,741
				598,660
Telecommunication Services (1.8%)
Wireless Telecommunication Services (1.8%)
American Tower Corp., Class A (a)		8,876		269,298
Utilities (2.8%)
Electric Utilities (1.6%)
ITC Holdings Corp.		1,989		83,498
PPL Corp.		4,800		147,168
				230,666
Gas Utilities (1.2%)
Questar Corp.		5,360		182,133
				412,799
Total Common Stocks (Cost of $17,085,257)				14,289,676

	Par		Value
Short-Term Obligation (4.4%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 11/15/12, market value $656,642 (repurchase proceeds $639,011)	$	639,000	$	639,000
Total Short-Term Obligation (Cost of $639,000)				639,000
Total Investments (101.3%) (Cost of $17,724,257) (b)				14,928,676
Other Assets & Liabilities, Net (-1.3%)				(184,850	)
Net Assets (100.0%)			$	14,743,826

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $17,724,257.

For the six month period ended January 31, 2009, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at July 31, 2008		-		$	-
Options written		42			8,168
Options terminated in closing purchase transactions		(42	)		(8,168	)
Options exercised		-			-
Options expired		-			-
Options outstanding at January 31, 2009		-		$	-

See Accompanying Notes to Financial Statements.
61

CMG MID CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		20.2
Consumer Discretionary		18.4
Industrials		17.8
Health Care		14.6
Energy		8.6
Financials		5.3
Materials		4.1
Consumer Staples		3.3
Utilities		2.8
Telecommunication Services		1.8
		96.9
Short-Term Obligation		4.4
Other Assets & Liabilities, Net		(1.3	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
62

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (95.0%)
Consumer Discretionary (9.4%)
Auto Components (1.6%)
BorgWarner, Inc.		6,200	$	104,656
Johnson Controls, Inc.		8,350		104,459
				209,115
Hotels, Restaurants & Leisure (1.3%)
Royal Caribbean Cruises Ltd.		10,000		64,900
Starwood Hotels & Resorts Worldwide, Inc.		6,725		101,682
				166,582
Household Durables (0.8%)
Stanley Works		3,100		96,906
Leisure Equipment & Products (1.2%)
Hasbro, Inc.		6,400		154,432
Media (0.7%)
Regal Entertainment Group, Class A		8,701		87,358
Multiline Retail (0.1%)
Saks, Inc. (a)		6,702		16,889
Specialty Retail (2.6%)
Bed Bath & Beyond, Inc. (a)		1,600		37,168
GameStop Corp., Class A (a)		1,500		37,170
Gap, Inc.		8,200		92,496
Ross Stores, Inc.		5,600		164,752
				331,586
Textiles, Apparel & Luxury Goods (1.1%)
Polo Ralph Lauren Corp.		3,600		147,708
				1,210,576
Consumer Staples (10.8%)
Beverages (2.3%)
Fomento Economico Mexicano SAB de CV, ADR		6,075		171,011
Pepsi Bottling Group, Inc.		6,900		133,101
				304,112

	Shares		Value
Food & Staples Retailing (1.4%)
BJ's Wholesale Club, Inc. (a)		3,000	$	86,040
Kroger Co.		3,950		88,875
				174,915
Food Products (4.6%)
ConAgra Foods, Inc.		8,600		147,060
Dean Foods Co. (a)		10,000		193,400
Hershey Co.		3,000		111,840
JM Smucker Co.		2,400		108,360
Smithfield Foods, Inc. (a)		2,700		32,049
				592,709
Household Products (0.9%)
Clorox Co.		2,250		112,837
Personal Products (1.6%)
Avon Products, Inc.		5,700		116,565
Estee Lauder Companies, Inc., Class A		3,475		91,219
				207,784
				1,392,357
Energy (7.9%)
Energy Equipment & Services (2.0%)
Complete Production Services, Inc. (a)		7,000		44,870
National-Oilwell Varco, Inc. (a)		3,550		93,862
Noble Corp.		2,700		73,305
Rowan Companies, Inc.		3,825		48,424
				260,461
Oil, Gas & Consumable Fuels (5.9%)
Cabot Oil & Gas Corp.		4,300		118,207
El Paso Corp.		14,500		118,610
Forest Oil Corp. (a)		2,800		42,000
Hess Corp.		1,675		93,147
Newfield Exploration Co. (a)		4,900		94,031
Peabody Energy Corp.		3,200		80,000
Williams Companies, Inc.		15,100		213,665
				759,660
				1,020,121

See Accompanying Notes to Financial Statements.
63

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Financials (25.1%)
Capital Markets (2.5%)
Ameriprise Financial, Inc.		11,700	$	235,755
Greenhill & Co., Inc.		1,299		84,461
				320,216
Commercial Banks (8.8%)
Bank of Hawaii Corp.		5,100		182,937
City National Corp.		3,900		134,979
Comerica, Inc.		10,575		176,179
Cullen/Frost Bankers, Inc.		4,925		215,567
KeyCorp		9,700		70,616
Marshall & Ilsley Corp.		3,725		21,270
SVB Financial Group (a)		3,950		82,042
TCF Financial Corp.		18,300		226,737
Zions Bancorporation		1,675		24,991
				1,135,318
Insurance (8.2%)
ACE Ltd.		5,544		242,051
Aon Corp.		3,400		125,970
Assurant, Inc.		2,200		58,080
Marsh & McLennan Companies, Inc.		13,500		260,955
Platinum Underwriters Holdings Ltd.		5,400		150,174
Reinsurance Group of America, Inc.		6,400		228,032
				1,065,262
Real Estate Investment Trusts (REITs) (5.6%)
Alexandria Real Estate Equities, Inc.		3,100		183,954
Boston Properties, Inc.		1,650		71,445
Equity Residential Property Trust		3,400		81,362
Plum Creek Timber Co., Inc.		4,800		147,696
ProLogis		3,500		35,035
Rayonier, Inc.		7,000		206,080
				725,572
				3,246,368
Health Care (7.1%)
Health Care Equipment & Supplies (4.2%)
Beckman Coulter, Inc.		3,200		159,104
Cooper Companies, Inc.		3,200		60,704
Hospira, Inc. (a)		5,375		133,838

	Shares		Value
Health Care Equipment & Supplies (continued)
Teleflex, Inc.		3,400	$	180,812
				534,458
Health Care Providers & Services (2.3%)
AmerisourceBergen Corp.		3,500		127,120
Community Health Systems, Inc. (a)		4,975		92,734
Universal Health Services, Inc., Class B		2,100		79,485
				299,339
Life Sciences Tools & Services (0.6%)
Varian, Inc. (a)		2,900		80,736
				914,533
Industrials (7.8%)
Aerospace & Defense (2.1%)
AerCap Holdings NV (a)		8,000		39,040
L-3 Communications Holdings, Inc.		1,700		134,334
Spirit Aerosystems Holdings, Inc., Class A (a)		7,107		96,655
				270,029
Construction & Engineering (0.7%)
Jacobs Engineering Group, Inc. (a)		2,350		90,874
Electrical Equipment (1.0%)
Cooper Industries Ltd., Class A		4,900		131,859
Industrial Conglomerates (0.5%)
Textron, Inc.		6,700		60,501
Machinery (2.2%)
Barnes Group, Inc.		4,118		46,534
Harsco Corp.		1,950		46,254
Kennametal, Inc.		4,650		74,586
Parker Hannifin Corp.		3,225		123,227
				290,601
Marine (0.7%)
Alexander & Baldwin, Inc.		4,025		88,711

See Accompanying Notes to Financial Statements.
64

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Road & Rail (0.6%)
Canadian Pacific Railway Ltd.		2,400	$	72,624
				1,005,199
Information Technology (6.5%)
Computers & Peripherals (2.0%)
Diebold, Inc.		4,100		101,598
NCR Corp. (a)		12,600		158,130
				259,728
Electronic Equipment, Instruments & Components (2.0%)
Agilent Technologies, Inc. (a)		2,900		52,432
Arrow Electronics, Inc. (a)		6,325		120,618
Mettler-Toledo International, Inc. (a)		1,200		79,896
				252,946
Internet Software & Services (0.5%)
VeriSign, Inc. (a)		3,700		71,447
Semiconductors & Semiconductor Equipment (0.5%)
Intersil Corp., Class A		2,700		25,137
Marvell Technology Group Ltd. (a)		2,900		21,141
Verigy Ltd. (a)		1,983		16,479
				62,757
Software (1.5%)
Activision Blizzard, Inc. (a)		2,966		25,982
Citrix Systems, Inc. (a)		3,300		69,432
Synopsys, Inc. (a)		5,250		97,125
				192,539
				839,417
Materials (7.0%)
Chemicals (2.7%)
Air Products & Chemicals, Inc.		2,750		138,325
Albemarle Corp.		3,525		78,431
PPG Industries, Inc.		3,600		135,288
				352,044
Containers & Packaging (2.4%)
Crown Holdings, Inc. (a)		8,400		157,500
Packaging Corp. of America		11,000		156,200
				313,700

	Shares		Value
Metals & Mining (0.4%)
Allegheny Technologies, Inc.		2,500	$	55,225
Paper & Forest Products (1.5%)
Weyerhaeuser Co.		6,909		188,892
				909,861
Utilities (13.4%)
Electric Utilities (4.9%)
American Electric Power Co., Inc.		3,000		94,050
Edison International		6,175		201,120
Entergy Corp.		1,600		122,176
FPL Group, Inc.		3,475		179,136
Northeast Utilities		1,454		34,605
				631,087
Gas Utilities (1.3%)
AGL Resources, Inc.		5,575		171,877
Multi-Utilities (7.2%)
PG&E Corp.		8,725		337,396
Public Service Enterprise Group, Inc.		4,200		132,594
Sempra Energy		5,275		231,256
Wisconsin Energy Corp.		5,300		236,274
				937,520
				1,740,484
Total Common Stocks (Cost of $17,124,209)				12,278,916
Convertible Preferred Stock (0.5%)
Materials (0.5%)
Metals & Mining (0.5%)
Freeport-McMoRan Copper & Gold, Inc., 6.750%		1,500		69,900
Total Convertible Preferred Stock (Cost of $62,015)				69,900

See Accompanying Notes to Financial Statements.
65

CMG MID CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Convertible Bond (0.2%)
Financials (0.2%)
Real Estate Investment Trusts (REITs) (0.2%)
Vornado Realty Trust 3.625% 11/15/26	$	40,000	$	32,500
Total Convertible Bond (Cost of $31,720)				32,500
Short-Term Obligation (7.1%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09 due 02/02/09 at 0.200%, collateralized by U.S. Treasury Obligation maturing 02/15/36, market value $933,478 (repurchase proceeds $912,015)		912,000		912,000
Total Short-Term Obligation (Cost of $912,000)				912,000
Total Investments (102.8%) (Cost of $18,129,944) (b)				13,293,316
Other Assets & Liabilities, Net (-2.8%)				(366,971	)
Net Assets (100.0%)			$	12,926,345

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $18,129,944.

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Financials		25.3
Utilities		13.4
Consumer Staples		10.8
Consumer Discretionary		9.4
Energy		7.9
Industrials		7.8
Materials		7.5
Health Care		7.1
Information Technology		6.5
		95.7
Short-Term Obligation		7.1
Other Assets & Liabilities, Net		(2.8	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
66

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (93.4%)
Consumer Discretionary (12.2%)
Distributors (0.8%)
LKQ Corp. (a)		18,290	$	211,250
Diversified Consumer Services (4.2%)
American Public Education, Inc. (a)		5,270		206,373
Capella Education Co. (a)		3,445		190,612
Coinstar, Inc. (a)		10,660		244,967
Corinthian Colleges, Inc. (a)		22,890		427,585
Steiner Leisure Ltd. (a)		4,310		107,448
				1,176,985
Hotels, Restaurants & Leisure (3.3%)
Bally Technologies, Inc. (a)		7,300		147,387
BJ's Restaurants, Inc. (a)		11,410		126,651
P.F. Chang's China Bistro, Inc. (a)		6,850		121,450
Panera Bread Co., Class A (a)		3,310		155,504
Texas Roadhouse, Inc., Class A (a)		24,500		186,935
WMS Industries, Inc. (a)		8,140		180,871
				918,798
Media (1.0%)
Marvel Entertainment, Inc. (a)		10,030		275,925
Specialty Retail (2.2%)
Aeropostale, Inc. (a)		8,331		175,868
Children's Place Retail Stores, Inc. (a)		6,910		129,977
Guess ?, Inc.		7,480		120,353
Gymboree Corp. (a)		7,140		174,930
				601,128
Textiles, Apparel & Luxury Goods (0.7%)
Deckers Outdoor Corp. (a)		3,980		207,915
				3,392,001
Consumer Staples (3.4%)
Food & Staples Retailing (0.4%)
BJ's Wholesale Club, Inc. (a)		3,432		98,430
Food Products (1.7%)
Diamond Foods, Inc.		7,080		181,814
Flowers Foods, Inc.		8,860		190,401
Green Mountain Coffee Roasters, Inc. (a)		2,930		112,102
				484,317

	Shares		Value
Personal Products (1.3%)
Chattem, Inc. (a)		5,290	$	357,604
				940,351
Energy (6.9%)
Energy Equipment & Services (2.8%)
Atwood Oceanics, Inc. (a)		14,500		241,425
CARBO Ceramics, Inc.		3,280		117,916
Core Laboratories N.V.		6,150		413,218
				772,559
Oil, Gas & Consumable Fuels (4.1%)
Arena Resources, Inc. (a)		12,779		311,296
Carrizo Oil & Gas, Inc. (a)		4,860		67,360
Comstock Resources, Inc. (a)		1,378		52,543
Concho Resources, Inc. (a)		18,416		464,452
Holly Corp.		5,870		137,182
Penn Virginia Corp.		5,620		115,772
				1,148,605
				1,921,164
Financials (5.4%)
Capital Markets (2.7%)
Cohen & Steers, Inc.		11,500		124,200
Greenhill & Co., Inc.		3,080		200,262
KBW, Inc. (a)		3,343		62,781
optionsXpress Holdings, Inc.		13,430		146,253
Waddell & Reed Financial, Inc., Class A		16,020		226,202
				759,698
Commercial Banks (0.9%)
Glacier Bancorp, Inc.		7,779		119,408
TCF Financial Corp.		9,193		113,901
				233,309
Real Estate Investment Trusts (REITs) (1.8%)
Home Properties, Inc.		6,890		247,282
Redwood Trust, Inc.		9,721		123,360
Washington Real Estate Investment Trust		5,730		136,431
				507,073
				1,500,080

See Accompanying Notes to Financial Statements.
67

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Health Care (26.8%)
Biotechnology (8.0%)
Acorda Therapeutics, Inc. (a)		7,720	$	189,372
Alexion Pharmaceuticals, Inc. (a)		14,300		527,241
Allos Therapeutics, Inc. (a)		22,880		179,150
BioMarin Pharmaceuticals, Inc. (a)		8,700		167,562
Celera Corp. (a)		12,800		108,032
Myriad Genetics, Inc. (a)		1,920		143,174
Onyx Pharmaceuticals, Inc. (a)		10,300		313,429
OSI Pharmaceuticals, Inc. (a)		11,010		391,956
United Therapeutics Corp. (a)		3,010		204,530
				2,224,446
Health Care Equipment & Supplies (5.8%)
Haemonetics Corp. (a)		2,330		137,819
Immucor, Inc. (a)		10,090		279,594
Masimo Corp. (a)		11,758		326,520
NuVasive, Inc. (a)		14,820		553,379
Thoratec Corp. (a)		11,160		323,305
				1,620,617
Health Care Providers & Services (7.3%)
CardioNet, Inc. (a)		13,479		305,704
Catalyst Health Solutions, Inc. (a)		9,277		204,279
Genoptix, Inc. (a)		8,110		274,929
HMS Holdings Corp. (a)		4,740		146,703
IPC The Hospitalist Co., Inc. (a)		11,633		222,656
LHC Group, Inc. (a)		7,330		195,051
Owens & Minor, Inc.		5,760		229,075
Psychiatric Solutions, Inc. (a)		16,567		430,742
				2,009,139
Health Care Technology (1.0%)
Omnicell, Inc. (a)		21,860		170,727
Phase Forward, Inc. (a)		8,118		109,593
				280,320
Life Sciences Tools & Services (3.1%)
ICON PLC, ADR (a)		33,710		677,571
Illumina, Inc. (a)		6,580		180,029
				857,600

	Shares		Value
Pharmaceuticals (1.6%)
Cypress Bioscience, Inc. (a)		14,680	$	124,780
Perrigo Co.		10,850		318,447
				443,227
				7,435,349
Industrials (14.0%)
Aerospace & Defense (1.9%)
HEICO Corp.		4,470		176,699
Orbital Sciences Corp. (a)		9,260		155,290
Teledyne Technologies, Inc. (a)		6,500		181,155
				513,144
Air Freight & Logistics (0.7%)
HUB Group, Inc., Class A (a)		8,615		195,561
Commercial Services & Supplies (2.8%)
Clean Harbors, Inc. (a)		4,800		256,848
Geo Group, Inc. (a)		10,520		155,696
Waste Connections, Inc. (a)		11,790		342,146
				754,690
Construction & Engineering (1.2%)
EMCOR Group, Inc. (a)		9,790		201,576
Orion Marine Group, Inc. (a)		4,349		43,055
Pike Electric Corp. (a)		8,253		92,846
				337,477
Electrical Equipment (1.8%)
Acuity Brands, Inc.		6,430		172,774
Energy Conversion Devices, Inc. (a)		4,050		101,939
Woodward Governor Co.		10,990		226,064
				500,777
Machinery (1.9%)
Kaydon Corp.		3,900		106,080
Key Technology, Inc. (a)		5,244		69,535
RBC Bearings, Inc. (a)		9,941		181,721
Wabtec Corp.		5,750		172,098
				529,434

See Accompanying Notes to Financial Statements.
68

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Professional Services (1.9%)
Huron Consulting Group, Inc. (a)		4,200	$	209,916
Watson Wyatt Worldwide, Inc., Class A		6,932		322,338
				532,254
Road & Rail (1.8%)
Genesee & Wyoming, Inc., Class A (a)		6,950		188,832
Landstar System, Inc.		3,840		137,741
Old Dominion Freight Line, Inc. (a)		7,040		176,563
				503,136
				3,866,473
Information Technology (19.5%)
Communications Equipment (2.3%)
F5 Networks, Inc. (a)		9,050		200,638
Neutral Tandem, Inc. (a)		20,168		319,461
NICE Systems Ltd., ADR (a)		5,900		113,221
				633,320
Computers & Peripherals (1.1%)
Synaptics, Inc. (a)		12,900		304,053
Internet Software & Services (2.3%)
Equinix, Inc. (a)		3,805		202,997
VistaPrint Ltd. (a)		8,810		201,749
Vocus, Inc. (a)		14,465		220,736
				625,482
IT Services (1.6%)
Cybersource Corp. (a)		9,716		115,912
Gartner, Inc. (a)		8,360		118,377
Integral Systems, Inc. (a)		10,180		111,267
Wright Express Corp. (a)		8,510		99,227
				444,783
Semiconductors & Semiconductor Equipment (3.2%)
FEI Co. (a)		11,870		216,034
Hittite Microwave Corp. (a)		5,290		135,530
Microsemi Corp. (a)		17,060		143,304
MKS Instruments, Inc. (a)		9,950		139,797
Monolithic Power Systems, Inc. (a)		10,990		133,529
Silicon Laboratories, Inc. (a)		5,770		132,883
				901,077

	Shares		Value
Software (9.0%)
Blackboard, Inc. (a)		12,996	$	330,228
Concur Technologies, Inc. (a)		5,231		129,154
FactSet Research Systems, Inc.		4,710		187,458
Informatica Corp. (a)		22,670		289,269
Jack Henry & Associates, Inc.		6,880		122,464
Lawson Software, Inc. (a)		29,550		124,701
Micros Systems, Inc. (a)		8,920		128,448
Netscout Systems, Inc. (a)		15,330		217,993
Solera Holdings, Inc. (a)		19,620		472,646
SPSS, Inc. (a)		5,440		139,699
Sybase, Inc. (a)		12,910		352,572
				2,494,632
				5,403,347
Materials (3.3%)
Chemicals (2.3%)
CF Industries Holdings, Inc.		3,830		180,010
Intrepid Potash, Inc. (a)		22,100		450,398
				630,408
Containers & Packaging (1.0%)
Silgan Holdings, Inc.		6,370		292,001
				922,409
Telecommunication Services (1.3%)
Wireless Telecommunication Services (1.3%)
SBA Communications Corp., Class A (a)		17,810		354,419
Utilities (0.6%)
Electric Utilities (0.6%)
ITC Holdings Corp.		4,170		175,057
Total Common Stocks (Cost of $28,508,131)				25,910,650

See Accompanying Notes to Financial Statements.
69

CMG SMALL CAP GROWTH FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Short-Term Obligation (5.6%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 05/15/13, market value $1,579,241 (repurchase proceeds $1,544,026)	$	1,544,000	$	1,544,000
Total Short-Term Obligation (Cost of $1,544,000)				1,544,000
Total Investments (99.0%) (Cost of $30,052,131) (b)				27,454,650
Other Assets & Liabilities, Net (1.0%)				273,284
Net Assets (100.0%)			$	27,727,934

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $30,052,131.

Acronym	Name
ADR	American Depositary Receipt

For the six month period ended January 31, 2009, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at July 31, 2008		65		$	8,362
Options written		-			-
Options terminated in closing purchase transactions		(19	)		(2,603	)
Options exercised		-			-
Options expired		(46	)		(5,759	)
Options outstanding at January 31, 2009		-		$	-

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Health Care		26.8
Information Technology		19.5
Industrials		14.0
Consumer Discretionary		12.2
Energy		6.9
Financials		5.4
Consumer Staples		3.4
Materials		3.3
Telecommunication Services		1.3
Utilities		0.6
		93.4
Short-Term Obligation		5.6
Other Assets & Liabilities, Net		1.0
		100.0

See Accompanying Notes to Financial Statements.
70

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (89.7%)
Consumer Discretionary (7.1%)
Auto Components (0.3%)
BorgWarner, Inc.		4,230	$	71,402
Diversified Consumer Services (0.4%)
Regis Corp.		4,577		51,491
Sotheby's		4,975		43,233
				94,724
Hotels, Restaurants & Leisure (1.6%)
Benihana, Inc., Class A (a)		17,301		42,215
Bob Evans Farms, Inc.		4,725		82,971
CEC Entertainment, Inc. (a)		3,830		89,392
Jack in the Box, Inc. (a)		4,060		91,715
Landry's Restaurants, Inc.		6,310		40,763
Red Robin Gourmet Burgers, Inc. (a)		4,555		55,480
				402,536
Household Durables (1.1%)
American Greetings Corp., Class A		12,860		55,812
Cavco Industries, Inc. (a)		2,715		66,463
CSS Industries, Inc.		3,925		59,542
Ethan Allen Interiors, Inc.		3,815		43,453
Furniture Brands International, Inc.		12,770		26,179
Universal Electronics, Inc. (a)		1,911		21,556
				273,005
Internet & Catalog Retail (0.2%)
NutriSystem, Inc.		3,790		48,853
Leisure Equipment & Products (0.2%)
Brunswick Corp.		14,933		41,514
Specialty Retail (2.5%)
America's Car-Mart, Inc. (a)		9,923		90,200
AnnTaylor Stores Corp. (a)		10,525		51,783
Foot Locker, Inc.		6,146		45,235
Monro Muffler Brake, Inc.		5,965		144,770
OfficeMax, Inc.		12,800		70,528
Rent-A-Center, Inc. (a)		10,159		150,861
Shoe Carnival, Inc. (a)		6,355		49,887
				603,264

	Shares		Value
Textiles, Apparel & Luxury Goods (0.8%)
Hampshire Group Ltd. (a)		3,855	$	12,143
Movado Group, Inc.		8,070		61,978
Phillips-Van Heusen Corp.		2,905		55,253
Wolverine World Wide, Inc.		3,945		71,562
				200,936
				1,736,234
Consumer Staples (5.5%)
Food & Staples Retailing (2.6%)
BJ's Wholesale Club, Inc. (a)		4,005		114,863
Casey's General Stores, Inc.		4,130		87,763
Ruddick Corp.		4,275		102,814
Spartan Stores, Inc.		3,485		64,751
Weis Markets, Inc.		6,830		212,481
Whole Foods Market, Inc.		5,475		56,119
				638,791
Food Products (2.4%)
Flowers Foods, Inc.		3,043		65,394
Fresh Del Monte Produce, Inc. (a)		6,470		155,927
J & J Snack Foods Corp.		2,598		90,696
Lancaster Colony Corp.		2,015		73,366
Lance, Inc.		4,013		75,565
Ralcorp Holdings, Inc. (a)		1,935		114,591
				575,539
Personal Products (0.5%)
NBTY, Inc. (a)		6,525		123,127
				1,337,457
Energy (3.0%)
Energy Equipment & Services (1.2%)
Lufkin Industries, Inc.		3,220		112,539
Patterson-UTI Energy, Inc.		3,155		30,162
TGC Industries, Inc. (a)		9,544		21,760
Tidewater, Inc.		3,000		124,830
				289,291
Oil, Gas & Consumable Fuels (1.8%)
Comstock Resources, Inc. (a)		1,690		64,440
Holly Corp.		7,105		166,044
Nordic American Tanker Shipping		2,638		75,605
Stone Energy Corp. (a)		7,600		65,208
Swift Energy Co. (a)		5,140		78,745
				450,042
				739,333

See Accompanying Notes to Financial Statements.
71

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Financials (30.3%)
Capital Markets (1.0%)
Federated Investors, Inc., Class B		4,350	$	84,912
Janus Capital Group, Inc.		9,450		49,612
Piper Jaffray Companies, Inc. (a)		3,716		106,686
Virtus Investment Partners, Inc. (a)		1,276		7,733
				248,943
Commercial Banks (7.7%)
BancFirst Corp.		3,285		117,012
BancTrust Financial Group, Inc.		10,832		96,080
Bank of Granite Corp.		11,922		37,435
Bryn Mawr Bank Corp.		6,561		121,904
Capital Corp. of the West		9,117		7,020
Capitol Bancorp Ltd.		8,116		48,777
Chemical Financial Corp.		8,935		203,718
Columbia Banking System, Inc.		6,760		60,164
Community Trust Bancorp, Inc.		4,170		116,635
First Citizens BancShares, Inc., Class A		1,264		176,783
First Financial Corp.		5,464		181,132
First National Bank of Alaska		43		61,490
Mass Financial Corp., Class A (a)		13,010		51,129
Merchants Bancshares, Inc.		6,283		122,833
Northfield Bancorp, Inc.		8,199		81,498
Northrim BanCorp, Inc.		7,169		72,120
South Financial Group, Inc.		19,290		36,265
Sterling Bancorp NY		9,805		108,051
Taylor Capital Group, Inc.		7,445		47,574
West Coast Bancorp		9,355		27,784
Whitney Holding Corp.		8,270		107,427
				1,882,831
Consumer Finance (0.5%)
Cash America International, Inc.		7,225		132,073
Diversified Financial Services (0.7%)
Medallion Financial Corp.		15,763		106,558
Pico Holdings, Inc. (a)		2,740		69,651
				176,209
Insurance (7.7%)
Baldwin & Lyons, Inc., Class B		5,871		98,574
CNA Surety Corp. (a)		10,773		178,293
eHealth, Inc. (a)		5,628		77,779
EMC Insurance Group, Inc.		6,525		126,715
FBL Financial Group, Inc. Class A		4,930		50,828

	Shares		Value
Insurance (continued)
Genworth Financial, Inc., Class A		11,212	$	26,012
Harleysville Group, Inc.		3,390		96,412
Horace Mann Educators Corp.		13,005		121,597
National Western Life Insurance Co., Class A		684		84,905
Navigators Group, Inc. (a)		3,449		177,072
Phoenix Companies, Inc.		26,426		46,245
RAM Holdings Ltd. (a)		28,518		13,974
RLI Corp.		2,252		127,215
Safety Insurance Group, Inc.		4,690		164,244
Selective Insurance Group, Inc.		6,570		100,849
Stewart Information Services Corp.		6,880		102,099
United America Indemnity Ltd., Class A (a)		20,794		220,001
United Fire & Casualty Co.		2,555		51,228
				1,864,042
Real Estate Investment Trusts (REITs) (6.5%)
DCT Industrial Trust, Inc.		23,278		84,965
DiamondRock Hospitality Co.		21,015		86,161
Duke Realty Corp.		7,360		67,786
DuPont Fabros Technology, Inc.		10,211		38,087
Franklin Street Properties Corp.		13,706		156,522
Getty Realty Corp.		4,450		92,293
LaSalle Hotel Properties		8,964		74,670
Mack-Cali Realty Corp.		2,225		45,212
National Health Investors, Inc.		5,687		148,146
National Retail Properties, Inc.		9,660		139,394
Potlatch Corp.		7,325		184,517
Sun Communities, Inc.		9,565		114,780
Sunstone Hotel Investors, Inc.		13,638		58,780
Universal Health Realty Income Trust		4,760		145,656
Urstadt Biddle Properties, Inc., Class A		8,810		130,300
				1,567,269
Real Estate Management & Development (0.4%)
Avatar Holdings, Inc. (a)		2,315		60,074
Maui Land & Pineapple Co., Inc. (a)		4,831		44,590
				104,664
Thrifts & Mortgage Finance (5.8%)
Bank Mutual Corp.		15,940		140,750
BankFinancial Corp.		11,485		110,601

See Accompanying Notes to Financial Statements.
72

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Thrifts & Mortgage Finance (continued)
Beneficial Mutual Bancorp, Inc. (a)		13,417	$	128,535
Brookline Bancorp, Inc.		17,910		173,190
Clifton Savings Bancorp, Inc.		10,860		113,378
Corus Bankshares, Inc.		24,867		27,602
ESSA Bancorp, Inc.		7,217		96,275
Home Federal Bancorp, Inc.		13,850		124,512
TrustCo Bank Corp. NY		12,780		85,626
United Financial Bancorp, Inc.		8,913		122,197
Washington Federal, Inc.		10,145		124,581
Westfield Financial, Inc.		16,134		155,370
				1,402,617
				7,378,648
Health Care (6.3%)
Health Care Equipment & Supplies (1.0%)
Analogic Corp.		2,380		59,500
STERIS Corp.		5,460		145,236
Zoll Medical Corp. (a)		2,700		43,227
				247,963
Health Care Providers & Services (4.6%)
AmSurg Corp. (a)		4,390		86,000
Cross Country Healthcare, Inc. (a)		13,470		100,890
Gentiva Health Services, Inc. (a)		3,303		83,500
Healthspring, Inc. (a)		3,389		59,036
Kindred Healthcare, Inc. (a)		8,375		113,649
Magellan Health Services, Inc. (a)		1,635		59,220
Mednax, Inc. (a)		3,020		101,381
NovaMed, Inc. (a)		19,969		59,108
Owens & Minor, Inc.		3,106		123,526
RehabCare Group, Inc. (a)		10,086		140,700
Res-Care, Inc. (a)		11,220		152,031
U.S. Physical Therapy, Inc. (a)		3,938		48,044
				1,127,085
Health Care Technology (0.1%)
Omnicell, Inc. (a)		3,372		26,335
Life Sciences Tools & Services (0.6%)
PAREXEL International Corp. (a)		7,620		75,362
Varian, Inc. (a)		2,140		59,577
				134,939
				1,536,322

	Shares		Value
Industrials (13.0%)
Aerospace & Defense (0.9%)
AAR Corp. (a)		4,663	$	84,587
Esterline Technologies Corp. (a)		1,990		71,819
Moog, Inc., Class A (a)		1,835		54,976
				211,382
Airlines (0.7%)
Republic Airways Holdings, Inc. (a)		5,547		45,430
Skywest, Inc.		8,390		131,303
				176,733
Building Products (1.4%)
Ameron International Corp.		1,482		73,878
Builders FirstSource, Inc. (a)		15,738		19,358
Lennox International, Inc.		4,105		115,391
NCI Building Systems, Inc. (a)		5,540		64,208
Universal Forest Products, Inc.		2,700		56,700
				329,535
Commercial Services & Supplies (1.1%)
ABM Industries, Inc.		5,870		87,170
Casella Waste Systems, Inc., Class A (a)		9,230		25,475
Consolidated Graphics, Inc. (a)		4,390		70,723
United Stationers, Inc. (a)		2,945		82,489
				265,857
Construction & Engineering (1.6%)
Dycom Industries, Inc. (a)		8,580		58,430
EMCOR Group, Inc. (a)		7,770		159,984
KBR, Inc.		7,070		100,111
KHD Humboldt Wedag International Ltd. (a)		7,022		69,729
				388,254
Electrical Equipment (0.9%)
Belden CDT, Inc.		4,680		61,121
GrafTech International Ltd. (a)		14,990		120,070
Woodward Governor Co.		2,465		50,705
				231,896
Machinery (2.0%)
Astec Industries, Inc. (a)		3,134		77,002
EnPro Industries, Inc. (a)		5,915		108,245

See Accompanying Notes to Financial Statements.
73

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Machinery (continued)
FreightCar America, Inc.		3,909	$	74,857
Harsco Corp.		2,505		59,419
Kadant, Inc. (a)		3,898		39,136
LB Foster Co., Class A (a)		2,538		66,978
Robbins & Myers, Inc.		3,890		67,258
				492,895
Professional Services (1.5%)
CBIZ, Inc. (a)		8,527		69,325
CDI Corp.		7,182		76,991
Korn/Ferry International (a)		7,460		70,124
MPS Group, Inc. (a)		22,885		138,454
				354,894
Road & Rail (1.8%)
Genesee & Wyoming, Inc., Class A (a)		3,775		102,567
Heartland Express, Inc.		7,240		97,450
Ryder System, Inc.		1,315		44,421
Werner Enterprises, Inc.		13,190		197,850
				442,288
Trading Companies & Distributors (1.1%)
Kaman Corp.		5,476		104,537
Watsco, Inc.		4,975		164,424
				268,961
				3,162,695
Information Technology (11.8%)
Communications Equipment (2.3%)
ADC Telecommunications, Inc. (a)		11,980		60,738
Anaren, Inc. (a)		7,838		92,645
Bel Fuse, Inc., Class B		2,495		38,024
Black Box Corp.		4,211		91,926
Ciena Corp. (a)		9,220		57,533
Comtech Telecommunications Corp. (a)		1,275		49,470
Emulex Corp. (a)		9,910		56,586
Tellabs, Inc. (a)		24,490		101,144
				548,066
Computers & Peripherals (0.6%)
Electronics for Imaging, Inc. (a)		7,615		67,697
QLogic Corp. (a)		6,605		74,769
				142,466

	Shares		Value
Electronic Equipment, Instruments & Components (2.6%)
Anixter International, Inc. (a)		3,855	$	104,008
Benchmark Electronics, Inc. (a)		12,445		146,104
Brightpoint, Inc. (a)		16,161		75,634
CPI International, Inc. (a)		7,790		59,749
MTS Systems Corp.		3,985		104,367
NAM TAI Electronics, Inc.		17,410		98,715
Plexus Corp. (a)		3,655		52,851
				641,428
IT Services (1.6%)
CACI International, Inc., Class A (a)		2,955		133,418
CSG Systems International, Inc. (a)		5,408		78,416
MAXIMUS, Inc.		3,260		121,142
TeleTech Holdings, Inc. (a)		5,822		47,100
				380,076
Semiconductors & Semiconductor Equipment (2.5%)
Actel Corp. (a)		7,298		65,828
Advanced Energy Industries, Inc. (a)		4,695		42,161
ATMI, Inc. (a)		4,655		62,889
Fairchild Semiconductor International, Inc. (a)		14,435		65,679
Kulicke & Soffa Industries, Inc. (a)		16,711		25,568
Mattson Technology, Inc. (a)		16,925		16,587
MKS Instruments, Inc. (a)		6,421		90,215
OmniVision Technologies, Inc. (a)		7,796		52,155
Skyworks Solutions, Inc. (a)		10,735		46,375
Standard Microsystems Corp. (a)		4,470		61,910
Varian Semiconductor Equipment Associates, Inc. (a)		1,890		35,986
Zoran Corp. (a)		9,112		54,125
				619,478
Software (2.2%)
Jack Henry & Associates, Inc.		3,745		66,661
Lawson Software, Inc. (a)		6,442		27,185
Mentor Graphics Corp. (a)		12,311		57,369
MSC.Software Corp. (a)		12,610		73,390
Parametric Technology Corp. (a)		5,950		53,550
Progress Software Corp. (a)		3,280		55,957
SPSS, Inc. (a)		2,530		64,970
Sybase, Inc. (a)		5,015		136,960
				536,042
				2,867,556

See Accompanying Notes to Financial Statements.
74

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Materials (5.5%)
Chemicals (1.5%)
Cytec Industries, Inc.		3,400	$	69,496
H.B. Fuller Co.		10,975		153,321
OM Group, Inc. (a)		6,830		132,365
				355,182
Construction Materials (0.4%)
Eagle Materials, Inc.		5,534		100,055
Containers & Packaging (1.3%)
Greif, Inc., Class A		2,283		69,084
Greif, Inc., Class B		5,493		166,822
Packaging Corp. of America		6,334		89,943
				325,849
Metals & Mining (1.8%)
Carpenter Technology Corp.		3,130		51,645
Harry Winston Diamond Corp.		13,703		53,716
Haynes International, Inc. (a)		3,466		63,324
RTI International Metals, Inc. (a)		7,395		98,427
Schnitzer Steel Industries, Inc., Class A		1,620		63,617
Worthington Industries, Inc.		9,310		93,659
				424,388
Paper & Forest Products (0.5%)
Clearwater Paper Corp. (a)		9,198		104,029
Mercer International, Inc. (a)		14,065		18,003
				122,032
				1,327,506
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.3%)
Warwick Valley Telephone Co.		7,200		63,720
Wireless Telecommunication Services (0.5%)
Syniverse Holdings, Inc. (a)		9,836		133,376
				197,096
Utilities (6.4%)
Electric Utilities (3.4%)
ALLETE, Inc.		4,940		153,634
El Paso Electric Co. (a)		8,160		134,966
Great Plains Energy, Inc.		5,580		106,411
Hawaiian Electric Industries, Inc.		3,680		79,782

	Shares		Value
Electric Utilities (continued)
Maine & Maritimes Corp.		1,550	$	61,458
MGE Energy, Inc.		4,660		149,353
UIL Holdings Corp.		4,955		130,961
				816,565
Independent Power Producers & Energy Traders (0.7%)
Black Hills Corp.		6,525		172,912
Multi-Utilities (2.3%)
Avista Corp.		8,800		167,552
CH Energy Group, Inc.		4,460		225,587
NorthWestern Corp.		6,690		161,965
				555,104
				1,544,581
Total Common Stocks (Cost of $26,871,404)				21,827,428
	Par
Short-Term Obligation (27.1%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 02/15/36, market value $6,725,680 (repurchase proceeds $6,592,110)	$	6,592,000		6,592,000
Total Short-Term Obligation (Cost of $6,592,000)				6,592,000
Total Investments (116.8%) (Cost of $33,463,404) (b)				28,419,428
Other Assets & Liabilities, Net (-16.8%)				(4,095,237	)
Net Assets (100.0%)			$	24,324,191

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $33,463,404.

See Accompanying Notes to Financial Statements.
75

CMG SMALL CAP VALUE FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Financials		30.3
Industrials		13.0
Information Technology		11.8
Consumer Discretionary		7.1
Utilities		6.4
Health Care		6.3
Consumer Staples		5.5
Materials		5.5
Energy		3.0
Telecommunication Services		0.8
		89.7
Short-Term Obligation		27.1
Other Assets & Liabilities, Net		(16.8	)
		100.0

See Accompanying Notes to Financial Statements.
76

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (98.6%)
Consumer Discretionary (15.4%)
Distributors (0.8%)
LKQ Corp. (a)		4,280	$	49,434
Diversified Consumer Services (4.6%)
Coinstar, Inc. (a)		2,520		57,910
Corinthian Colleges, Inc. (a)		1,930		36,053
DeVry, Inc.		1,035		55,455
ITT Educational Services, Inc. (a)		1,030		126,185
New Oriental Education & Technology Group, ADR (a)		660		31,574
				307,177
Hotels, Restaurants & Leisure (2.4%)
Darden Restaurants, Inc.		2,030		53,226
P.F. Chang's China Bistro, Inc. (a)		1,600		28,368
Panera Bread Co., Class A (a)		570		26,779
WMS Industries, Inc. (a)		2,200		48,884
				157,257
Media (2.6%)
DreamWorks Animation SKG, Inc., Class A (a)		2,080		45,656
Marvel Entertainment, Inc. (a)		4,630		127,371
				173,027
Multiline Retail (0.9%)
Dollar Tree, Inc. (a)		1,340		57,232
Specialty Retail (3.5%)
Advance Auto Parts, Inc.		1,660		54,332
Aeropostale, Inc. (a)		1,950		41,164
Children's Place Retail Stores, Inc. (a)		1,640		30,848
Guess ?, Inc.		2,600		41,834
Ross Stores, Inc.		1,430		42,071
Tiffany & Co.		1,030		21,373
				231,622
Textiles, Apparel & Luxury Goods (0.6%)
Deckers Outdoor Corp. (a)		800		41,792
				1,017,541
Consumer Staples (4.2%)
Food & Staples Retailing (0.4%)
BJ's Wholesale Club, Inc. (a)		806		23,116

	Shares		Value
Food Products (0.9%)
Flowers Foods, Inc.		1,630	$	35,029
Green Mountain Coffee Roasters, Inc. (a)		700		26,782
				61,811
Household Products (0.7%)
Church & Dwight Co., Inc.		840		44,713
Personal Products (2.2%)
Alberto-Culver Co.		2,430		59,438
Chattem, Inc. (a)		1,290		87,204
				146,642
				276,282
Energy (7.1%)
Energy Equipment & Services (2.0%)
Atwood Oceanics, Inc. (a)		2,680		44,622
Core Laboratories N.V.		850		57,112
National-Oilwell Varco, Inc. (a)		1,130		29,877
				131,611
Oil, Gas & Consumable Fuels (5.1%)
Concho Resources, Inc. (a)		2,135		53,845
Continental Resources, Inc. (a)		1,990		41,133
Denbury Resources, Inc. (a)		5,410		66,218
Holly Corp.		1,430		33,419
PetroHawk Energy Corp. (a)		3,960		78,052
Southwestern Energy Co. (a)		1,190		37,664
Ultra Petroleum Corp. (a)		810		29,022
				339,353
				470,964
Financials (6.4%)
Capital Markets (2.8%)
Cohen & Steers, Inc.		2,780		30,024
Greenhill & Co., Inc.		750		48,765
optionsXpress Holdings, Inc.		3,310		36,046
Waddell & Reed Financial, Inc., Class A		4,810		67,917
				182,752
Commercial Banks (0.9%)
Glacier Bancorp, Inc.		1,876		28,796
TCF Financial Corp.		2,325		28,807
				57,603

See Accompanying Notes to Financial Statements.
77

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Real Estate Investment Trusts (REITs) (2.7%)
Home Properties, Inc.		1,670	$	59,936
Nationwide Health Properties, Inc.		1,720		43,912
Plum Creek Timber Co., Inc.		1,040		32,001
Redwood Trust, Inc.		2,292		29,085
Washington Real Estate Investment Trust		660		15,715
				180,649
				421,004
Health Care (21.7%)
Biotechnology (4.4%)
Alexion Pharmaceuticals, Inc. (a)		2,140		78,902
BioMarin Pharmaceuticals, Inc. (a)		2,000		38,520
Onyx Pharmaceuticals, Inc. (a)		2,020		61,468
OSI Pharmaceuticals, Inc. (a)		2,240		79,744
United Therapeutics Corp. (a)		480		32,616
				291,250
Health Care Equipment & Supplies (4.6%)
Immucor, Inc. (a)		1,530		42,396
Masimo Corp. (a)		2,308		64,093
Mindray Medical International Ltd., ADR		1,780		36,775
NuVasive, Inc. (a)		2,331		87,040
Thoratec Corp. (a)		2,570		74,453
				304,757
Health Care Providers & Services (6.2%)
CardioNet, Inc. (a)		2,046		46,403
Catalyst Health Solutions, Inc. (a)		1,012		22,284
Genoptix, Inc. (a)		1,380		46,782
HMS Holdings Corp. (a)		1,020		31,569
IPC The Hospitalist Co., Inc. (a)		2,707		51,812
Laboratory Corp. of America Holdings (a)		750		44,400
LHC Group, Inc. (a)		1,500		39,915
Psychiatric Solutions, Inc. (a)		3,150		81,900
Quest Diagnostics, Inc.		850		41,948
				407,013
Health Care Technology (0.4%)
Phase Forward, Inc. (a)		1,817		24,530

	Shares		Value
Life Sciences Tools & Services (4.6%)
Charles River Laboratories International, Inc. (a)		1,930	$	47,112
Covance, Inc. (a)		1,320		50,952
ICON PLC, ADR (a)		3,952		79,435
Illumina, Inc. (a)		1,920		52,531
Pharmaceutical Product Development, Inc.		1,680		40,135
Thermo Fisher Scientific, Inc. (a)		1,040		37,367
				307,532
Pharmaceuticals (1.5%)
Cypress Bioscience, Inc. (a)		3,460		29,410
Perrigo Co.		2,330		68,385
				97,795
				1,432,877
Industrials (18.9%)
Aerospace & Defense (2.3%)
Goodrich Corp.		1,110		42,913
HEICO Corp.		1,100		43,483
Precision Castparts Corp.		600		38,970
Teledyne Technologies, Inc. (a)		900		25,083
				150,449
Air Freight & Logistics (0.6%)
HUB Group, Inc., Class A (a)		1,826		41,450
Commercial Services & Supplies (3.7%)
Clean Harbors, Inc. (a)		660		35,317
Geo Group, Inc. (a)		2,390		35,372
Stericycle, Inc. (a)		2,720		133,062
Waste Connections, Inc. (a)		1,375		39,902
				243,653
Construction & Engineering (1.5%)
Foster Wheeler Ltd. (a)		1,860		37,144
Orion Marine Group, Inc. (a)		1,285		12,722
Quanta Services, Inc. (a)		2,300		49,174
				99,040
Electrical Equipment (2.6%)
AMETEK, Inc.		1,870		59,765
Energy Conversion Devices, Inc. (a)		750		18,877
Roper Industries, Inc.		1,200		49,368

See Accompanying Notes to Financial Statements.
78

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Electrical Equipment (continued)
Woodward Governor Co.		2,180	$	44,843
				172,853
Machinery (3.1%)
Flowserve Corp.		690		36,784
Kaydon Corp.		1,140		31,008
Key Technology, Inc. (a)		2,200		29,172
Manitowoc Co., Inc.		1,350		7,425
Pall Corp.		2,050		53,443
RBC Bearings, Inc. (a)		1,400		25,592
Wabtec Corp.		860		25,740
				209,164
Professional Services (2.5%)
Dun & Bradstreet Corp.		550		41,800
FTI Consulting, Inc. (a)		1,070		43,881
Huron Consulting Group, Inc. (a)		850		42,483
Watson Wyatt Worldwide, Inc., Class A		750		34,875
				163,039
Road & Rail (2.6%)
Genesee & Wyoming, Inc., Class A (a)		1,690		45,917
Landstar System, Inc.		2,290		82,142
Old Dominion Freight Line, Inc. (a)		1,730		43,389
				171,448
				1,251,096
Information Technology (18.8%)
Communications Equipment (2.3%)
F5 Networks, Inc. (a)		2,210		48,996
Harris Corp.		1,190		51,515
Neutral Tandem, Inc. (a)		3,273		51,844
				152,355
Computers & Peripherals (1.1%)
Synaptics, Inc. (a)		3,050		71,889
Electronic Equipment, Instruments & Components (1.3%)
Itron, Inc. (a)		550		35,915
Mettler-Toledo International, Inc. (a)		550		36,619
Trimble Navigation Ltd. (a)		792		11,737
				84,271

	Shares		Value
Internet Software & Services (1.7%)
Equinix, Inc. (a)		1,207	$	64,394
Vocus, Inc. (a)		3,347		51,075
				115,469
IT Services (3.3%)
Alliance Data Systems Corp. (a)		1,120		46,581
Gartner, Inc. (a)		2,080		29,453
Global Payments, Inc.		1,360		47,205
Hewitt Associates, Inc., Class A (a)		2,450		69,531
Integral Systems, Inc. (a)		2,400		26,232
				219,002
Semiconductors & Semiconductor Equipment (2.9%)
Hittite Microwave Corp. (a)		1,330		34,075
International Rectifier Corp. (a)		2,520		34,322
Microsemi Corp. (a)		4,030		33,852
Monolithic Power Systems, Inc. (a)		2,600		31,590
Silicon Laboratories, Inc. (a)		1,360		31,321
Varian Semiconductor Equipment Associates, Inc. (a)		1,300		24,752
				189,912
Software (6.2%)
Activision Blizzard, Inc. (a)		5,910		51,772
Blackboard, Inc. (a)		2,334		59,307
Concur Technologies, Inc. (a)		1,070		26,418
FactSet Research Systems, Inc.		1,340		53,332
McAfee, Inc. (a)		1,780		54,272
Nuance Communications, Inc. (a)		3,970		39,144
Solera Holdings, Inc. (a)		3,900		93,951
Sybase, Inc. (a)		1,290		35,230
				413,426
				1,246,324
Materials (3.6%)
Chemicals (2.5%)
CF Industries Holdings, Inc.		700		32,900
Intrepid Potash, Inc. (a)		2,412		49,156
Potash Corp. of Saskatchewan		1,065		79,726
				161,782
Containers & Packaging (0.7%)
Silgan Holdings, Inc.		1,070		49,049

See Accompanying Notes to Financial Statements.
79

CMG SMALL/MID CAP FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Metals & Mining (0.4%)
Freeport-McMoRan Copper & Gold, Inc.		1,007	$	25,316
				236,147
Telecommunication Services (1.9%)
Wireless Telecommunication Services (1.9%)
American Tower Corp., Class A (a)		1,949		59,133
SBA Communications Corp., Class A (a)		3,320		66,068
				125,201
Utilities (0.6%)
Electric Utilities (0.6%)
ITC Holdings Corp.		1,021		42,861
Total Common Stocks (Cost of $7,591,265)				6,520,297
	Par
Short-Term Obligation (3.9%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 11/15/16, market value $263,800 (repurchase proceeds $257,004)	$	257,000		257,000
Total Short-Term Obligation (Cost of $257,000)				257,000
Total Investments (102.5%) (Cost of $7,848,265) (b)				6,777,297
Other Assets & Liabilities, Net (-2.5%)				(165,255	)
Net Assets (100.0%)			$	6,612,042

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $7,848,265.

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Health Care		21.7
Industrials		18.9
Information Technology		18.8
Consumer Discretionary		15.4
Energy		7.1
Financials		6.4
Consumer Staples		4.2
Materials		3.6
Telecommunication Services		1.9
Utilities		0.6
		98.6
Short-Term Obligation		3.9
Other Assets & Liabilities, Net		(2.5	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
80

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (96.0%)
Consumer Discretionary (9.4%)
Auto Components (0.8%)
Denso Corp.		22,200	$	401,244
Automobiles (1.3%)
Dongfeng Motor Group Co., Ltd., Class H		562,000		196,403
Honda Motor Co., Ltd.		11,100		248,157
Toyota Motor Corp.		8,100		258,339
				702,899
Diversified Consumer Services (1.1%)
Benesse Corp.		13,000		552,999
Hotels, Restaurants & Leisure (1.7%)
OPAP SA		16,389		475,928
Paddy Power PLC		28,386		395,805
				871,733
Household Durables (0.4%)
JM AB		44,875		229,288
Media (1.4%)
Vivendi		29,379		758,503
Specialty Retail (1.8%)
Fast Retailing Co., Ltd.		2,100		265,158
Game Group PLC		236,988		491,984
Point, Inc.		4,120		183,644
				940,786
Textiles, Apparel & Luxury Goods (0.9%)
Polo Ralph Lauren Corp. (a)		11,567		474,594
				4,932,046
Consumer Staples (10.2%)
Beverages (0.8%)
Fomento Economico Mexicano SAB de CV, ADR		13,782		387,963
Food & Staples Retailing (3.8%)
George Weston Ltd.		7,005		373,200
Koninklijke Ahold NV		56,369		677,863
Seven & I Holdings Co., Ltd.		25,000		666,284

	Shares		Value
Food & Staples Retailing (continued)
Wal-Mart Stores, Inc.		6,112	$	287,998
				2,005,345
Food Products (3.7%)
China Milk Products Group Ltd.		787,000		195,606
Kerry Group PLC, Class A		21,553		404,123
Nestle SA, Registered Shares		21,405		740,060
Toyo Suisan Kaisha Ltd.		23,000		607,740
				1,947,529
Household Products (1.0%)
Unicharm Corp.		7,500		514,587
Tobacco (0.9%)
Japan Tobacco, Inc.		159		454,325
				5,309,749
Energy (8.9%)
Energy Equipment & Services (0.7%)
Noble Corp. (a)		13,213		358,733
Oil, Gas & Consumable Fuels (8.2%)
BG Group PLC		38,277		528,365
BP PLC, ADR		22,690		963,644
Centennial Coal Co., Ltd.		110,580		193,662
CNOOC Ltd.		358,200		308,486
Royal Dutch Shell PLC, Class B		23,554		564,310
StatoilHydro ASA		18,550		319,903
Total SA		21,999		1,100,428
Yanzhou Coal Mining Co., Ltd., Class H		488,000		316,090
				4,294,888
				4,653,621
Financials (20.3%)
Capital Markets (1.0%)
Credit Suisse Group AG, Registered Shares		10,045		257,338
Intermediate Capital Group PLC		21,456		119,053
Macquarie Group Ltd.		9,919		159,498
				535,889
Commercial Banks (10.8%)
Australia & New Zealand Banking Group Ltd.		25,581		212,162

See Accompanying Notes to Financial Statements.
81

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Commercial Banks (continued)
Banco Bilbao Vizcaya Argentaria SA		74,812	$	700,256
Banco Santander SA		101,516		819,159
Bank of China Ltd., Class H		929,000		243,465
Barclays PLC		181,216		269,388
BNP Paribas		10,637		407,538
DBS Group Holdings Ltd.		79,000		456,085
HSBC Holdings PLC		73,563		574,050
Industrial & Commercial Bank of China, Class H		416,000		176,893
Standard Chartered PLC		36,510		462,215
Sumitomo Mitsui Financial Group, Inc.		19,600		776,436
Sumitomo Trust & Banking Co., Ltd.		41,000		201,532
Uniao de Bancos Brasileiros SA, GDR (a)		3,106		174,806
United Overseas Bank Ltd.		24,000		185,867
				5,659,852
Consumer Finance (0.3%)
ORIX Corp.		2,990		129,994
Diversified Financial Services (1.0%)
ING Groep NV		68,321		545,653
Insurance (5.0%)
Aviva PLC		63,293		285,246
Axis Capital Holdings Ltd.		12,935		313,803
Baloise Holding AG, Registered Shares		9,511		590,796
Brit Insurance Holdings PLC		180,727		531,271
Lancashire Holdings Ltd. (b)		37,239		245,498
Zurich Financial Services AG, Registered Shares		3,508		633,454
				2,600,068
Real Estate Management & Development (2.2%)
Hongkong Land Holdings Ltd.		199,000		422,475
Leopalace21 Corp.		35,400		297,237
Swire Pacific Ltd., Class A		64,500		416,882
				1,136,594
				10,608,050

	Shares		Value
Health Care (10.2%)
Biotechnology (0.5%)
Amgen, Inc. (b)		4,946	$	271,288
Health Care Equipment & Supplies (0.5%)
Terumo Corp.		7,200		243,533
Pharmaceuticals (9.2%)
Astellas Pharma, Inc.		15,000		565,640
AstraZeneca PLC, ADR		19,307		743,899
Biovail Corp. (a)		24,653		269,457
Daiichi Sankyo Co., Ltd.		19,600		440,545
Novartis AG, Registered Shares		5,260		217,645
Roche Holding AG, Genusschein Shares		7,543		1,060,592
Sanofi-Aventis SA		15,204		856,298
Santen Pharmaceutical Co. Ltd.		8,700		278,454
Takeda Pharmaceutical Co., Ltd.		7,900		369,098
				4,801,628
				5,316,449
Industrials (11.1%)
Aerospace & Defense (2.3%)
BAE Systems PLC		132,284		772,352
MTU Aero Engines Holding AG		15,636		437,551
				1,209,903
Airlines (0.5%)
Deutsche Lufthansa AG, Registered Shares		21,169		256,624
Construction & Engineering (1.3%)
Outotec Oyj		22,253		316,483
Toyo Engineering Corp.		119,000		384,325
				700,808
Electrical Equipment (3.7%)
ABB Ltd., Registered Shares (b)		51,355		667,575
Gamesa Corp., Tecnologica SA		20,224		340,050
Harbin Power Equipment Co., Ltd., Class H		328,000		227,852
Mitsubishi Electric Corp.		50,000		227,824
Schneider Electric SA		7,040		447,767
				1,911,068

See Accompanying Notes to Financial Statements.
82

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Industrial Conglomerates (1.5%)
Keppel Corp. Ltd.		124,000	$	325,830
Siemens AG, Registered Shares		8,088		453,429
				779,259
Machinery (1.4%)
Demag Cranes AG		16,827		383,199
Nabtesco Corp.		53,000		321,812
				705,011
Professional Services (0.4%)
Teleperformance		8,035		220,357
				5,783,030
Information Technology (4.8%)
Electronic Equipment, Instruments & Components (0.8%)
FUJIFILM Holdings Corp.		18,400		401,592
Internet Software & Services (0.6%)
NetEase.com, Inc., ADR (b)		17,753		337,485
Office Electronics (1.1%)
Canon, Inc.		21,300		572,476
Semiconductors & Semiconductor Equipment (1.3%)
Marvell Technology Group Ltd. (a)(b)		43,117		314,323
United Microelectronics Corp., ADR		190,166		344,200
				658,523
Software (1.0%)
Nintendo Co., Ltd.		1,800		553,737
				2,523,813
Materials (7.5%)
Chemicals (2.5%)
BASF SE		23,189		671,287
Clariant AG, Registered Shares		49,348		246,024
Nifco, Inc.		23,100		204,401
Potash Corp. of Saskatchewan		2,500		188,073
				1,309,785

	Shares		Value
Construction Materials (0.9%)
Ciments Francais SA		5,970	$	457,534
Metals & Mining (4.1%)
Anglo American PLC		20,327		368,278
BHP Billiton PLC		45,114		768,757
Norsk Hydro ASA		44,400		158,034
Salzgitter AG		5,255		381,564
Yamato Kogyo Co., Ltd.		18,800		453,339
				2,129,972
				3,897,291
Telecommunication Services (6.7%)
Diversified Telecommunication Services (5.6%)
BCE, Inc.		19,300		395,207
Bezeq Israeli Telecommunication Corp., Ltd.		367,635		545,126
France Telecom SA		21,825		492,734
Nippon Telegraph & Telephone Corp.		15,800		761,793
Telefonica O2 Czech Republic AS		27,880		523,327
Telekomunikacja Polska SA		32,405		182,950
				2,901,137
Wireless Telecommunication Services (1.1%)
NTT DoCoMo, Inc.		161		280,371
Vodafone Group PLC		171,845		320,263
				600,634
				3,501,771
Utilities (6.9%)
Electric Utilities (4.2%)
E.ON AG		30,998		997,307
Enel SpA		123,663		693,169
Iberdrola SA		65,209		506,055
				2,196,531
Gas Utilities (0.6%)
Gas Natural SDG SA		12,084		290,900
Multi-Utilities (2.1%)
Centrica PLC		164,391		613,596
United Utilities Group PLC		64,477		504,701
				1,118,297
				3,605,728
Total Common Stocks (Cost of $68,379,598)				50,131,548

See Accompanying Notes to Financial Statements.
83

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Investment Companies (2.7%)
iShares MSCI Brazil Index Fund		4,304	$	152,147
iShares MSCI EAFE Index Fund		32,416		1,254,499
Total Investment Companies (Cost of $1,704,864)				1,406,646
Preferred Stock (0.5%)
Utilities (0.5%)
Electric Utilities (0.5%)
Cia Energetica de Minas Gerais		17,000		230,452
Total Preferrred Stock (Cost of $406,279)				230,452
	Units
Rights (0.0%)
Financials (0.0%)
Diversified Financial Services (0.0%)
Fortis Expires 07/04/14 (b)(c)(d)		23,749		-
Total Rights (Cost of $—)				-
	Par
Short-Term Obligation (0.8%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by U.S. Treasury Obligation maturing 08/15/17, market value $426,868 (repurchase proceeds $418,007)	$	418,000		418,000
Total Short-Term Obligation (Cost of $418,000)				418,000
Total Investments (100.0%) (Cost of $70,908,741) (e)				52,186,646
Other Assets & Liabilities, Net (0.0%)				14,004
Net Assets (100.0%)			$	52,200,650

Notes to Schedule of Investments:

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

(b)  Non-income producing security.

(c)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

(d)  Security has no value.

(e)  Cost for federal income tax purposes is $70,908,741.

At January 31, 2009, the Fund held the following written call options:

Name of Issuer	Strike Price		Number of Contracts		Expiration Date	Premium		Value
Biovail Corp.	$	12.5		246	02/21/09	$	984	$	1,968
Marvell Technlogy Group Ltd.		7.5		344	02/21/09		3,096		12,040
Noble Corp.		27.5		132	02/21/09		10,495		21,780
Polo Ralph Lauren Corp.		45.0		57	02/21/09		3,694		6,555
Uniao de Bancos Brasileros SA, GDR		70.0		31	02/21/09		3,306		1,550
Total written call options (proceeds $21,575)								$	43,893

For the six month period ended January 31, 2009, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at July 31, 2008		70		$	4,578
Options written		1,410			50,650
Options terminated in closing purchase transactions		(61	)		(3,615	)
Options exercised		-			-
Options expired		(609	)		(30,038	)
Options outstanding at January 31, 2009		810		$	21,575

See Accompanying Notes to Financial Statements.
84

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

Forward foreign currency exchange contracts outstanding on January 31, 2009 are:

Forward Foreign Currency Contracts to Buy		Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$		2,904,738	$	2,928,686	02/10/09	$	(23,948	)
AUD	106,689	109,360				02/10/09	(2,671)
CAD	207,118	202,181				02/10/09	4,937
CHF	225,903	218,917				02/10/09	6,986
CHF	82,774	88,382				02/10/09	(5,608)
CHF	262,978	273,099				02/10/09	(10,121)
CHF	203,485	204,937				02/10/09	(1,452)
CZK	51,241	59,125				02/10/09	(7,884)
DKK	476,807	465,432				02/10/09	11,375
EUR	4,292,719	4,197,352				02/10/09	95,367
EUR	270,135	267,316				02/10/09	2,819
EUR	330,308	367,005				02/10/09	(36,697)
EUR	110,103	117,274				02/10/09	(7,171)
GBP	904,201	924,431				02/10/09	(20,230)
GBP	524,552	534,840				02/10/09	(10,288)
GBP	469,489	485,893				02/10/09	(16,404)
GBP	104,331	102,405				02/10/09	1,926
ILS	540,666	563,564				02/11/09	(22,898)
JPY	431,868	406,659				02/10/09	25,209
JPY	289,890	273,206				02/10/09	16,684
JPY	1,043,643	1,014,035				02/10/09	29,608
JPY	489,670	492,833				02/10/09	(3,163)
JPY	103,302	102,912				02/10/09	390
NOK	136,545	133,559				02/10/09	2,986
PLN	199,402	218,403				02/10/09	(19,001)
SEK	450,701	466,881				02/10/09	(16,180)
SEK	420,941	439,412				02/10/09	(18,471)
SGD	54,313	54,475				02/10/09	(162)
SGD	84,782	88,154				02/10/09	(3,372)
SGD	215,930	218,651				02/10/09	(2,721)
TWD	200,992	201,541				02/10/09	(549)
							$	(30,704	)

Forward Foreign Currency Contracts to Sell		Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$		475,021	$	473,641	02/10/09	$	(1,380	)
AUD	104,149	116,506				02/10/09	12,357
AUD	210,203	217,202				02/10/09	6,999
AUD	97,798	101,732				02/10/09	3,934
CAD	702,082	698,110				02/10/09	(3,972)
CAD	218,534	213,410				02/10/09	(5,124)
CAD	57,080	55,578				02/10/09	(1,502)
CAD	242,181	245,611				02/10/09	3,430
CAD	110,898	108,883				02/10/09	(2,015)
CHF	770,829	751,096				02/10/09	(19,733)
CHF	115,538	112,229				02/10/09	(3,309)
CZK	653,788	700,393				02/10/09	46,605
DKK	54,257	59,021				02/10/09	4,764
EUR	272,696	266,016				02/10/09	(6,680)
EUR	815,527	821,221				02/10/09	5,694
EUR	1,326,352	1,346,572				02/10/09	20,220
EUR	106,262	109,045				02/10/09	2,783
EUR	348,231	354,011				02/10/09	5,780
EUR	199,721	204,735				02/10/09	5,014
GBP	155,047	164,380				02/10/09	9,333
GBP	369,506	356,210				02/10/09	(13,296)
ILS	1,172,959	1,215,941				02/11/09	42,982
JPY	200,492	188,371				02/10/09	(12,121)
JPY	177,781	175,850				02/10/09	(1,931)
JPY	432,758	435,927				02/10/09	3,169
JPY	97,680	98,058				02/10/09	378
MXN	215,129	233,840				02/10/09	18,711
NOK	419,019	408,442				02/10/09	(10,577)
PLN	354,046	406,724				02/10/09	52,678
SEK	55,456	57,765				02/10/09	2,309
SEK	148,560	151,730				02/10/09	3,170
SGD	753,767	753,642				02/10/09	(125)
TWD	515,296	522,719				02/10/09	7,423
							$	175,968

See Accompanying Notes to Financial Statements.
85

CMG INTERNATIONAL STOCK FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

At January 31, 2009, the Fund is invested in the following countries:

Country	Value		% of Total Investments
Japan	$	11,616,618		22.3
United Kingdom		9,126,869		17.5
France		4,741,158		9.1
Switzerland		4,413,484		8.5
United States*		3,845,384		7.4
Germany		3,580,960		6.9
Spain		2,656,419		5.1
China		1,693,794		3.2
Canada		1,225,938		2.3
Netherlands		1,223,516		2.3
Hong Kong		1,147,843		2.2
Singapore		967,782		1.9
Ireland		799,928		1.5
Italy		693,169		1.3
Australia		565,322		1.1
Israel		545,126		1.0
Czech Republic		523,327		1.0
Norway		477,937		0.9
Greece		475,928		0.9
Brazil		405,259		0.8
Mexico		387,963		0.7
Taiwan		344,201		0.7
Finland		316,483		0.6
Sweden		229,288		0.4
Poland		182,950		0.4
	$	52,186,646		100.0

*Includes short-term obligation and investment companies.

Certain securities are listed by country of underlying exposure but may trade predominantly on other exchanges.

Acronym	Name
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
GDR	Global Depositary Receipt
ILS	Israeli Shekel
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwan Dollar

See Accompanying Notes to Financial Statements.
86

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  STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2009 (Unaudited)

	CMG Enhanced S&P 500® Index Fund			CMG Large Cap Growth Fund			CMG Large Cap Value Fund			CMG Mid Cap Growth Fund			CMG Mid Cap Value Fund
ASSETS:
Repurchase agreements, at identified cost	$	3,883,000		$	568,000		$	1,560,000		$	639,000		$	912,000
Investments, at identified cost		135,645,240			44,126,666			30,582,534			17,085,257			17,217,944
Total investments, at identified cost		139,528,240			44,694,666			32,142,534			17,724,257			18,129,944
Repurchase agreements, at value		3,883,000			568,000			1,560,000			639,000			912,000
Investments, at value		102,849,519			37,128,118			24,217,098			14,289,676			12,381,316
Total investments, at value	$	106,732,519		$	37,696,118		$	25,777,098		$	14,928,676		$	13,293,316
Cash		1,749			502			7			393			6,249
Foreign currency (cost of $-, $-, $-, $-, $-, $-, $-, $- and $43,781, respectively)		-			-			-			-			-
Unrealized appreciation on forward foreign currency exchange contracts		-			-			-			-			-
Receivable for:
Investments sold		-			515,016			63,201			441,593			145,788
Dividends		151,341			19,945			66,077			8,936			20,298
Interest		45			6			17			7			316
Foreign tax reclaims		-			-			-			-			-
Expense reimbursement due from investment advisor		-			-			-			-			-
Trustees' deferred compensation plan		10,059			7,702			7,654			7,964			7,068
Other assets		-			-			-			-			-
Total Assets		106,895,713			38,239,289			25,914,054			15,387,569			13,473,035
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		-			-			-			-			-
Expense reimbursement due to investment advisor		4,586			2,625			2,442			2,153			2,245
Written options, at value (premium of $-, $-, $-, $-, $-, $-, $-, $- and $21,575, respectively)		-			-			-			-			-
Payable for:
Investments purchased		839			574,689			554,449			597,457			491,044
Fund shares repurchased		-			-			-			-			-
Futures variation margin		96,425			-			-			-			-
Investment advisory fee		24,579			16,644			11,343			9,019			8,036
Transfer agent fee		-			-			-			-			-
Trustees' fees		584			67			59			102			79
Audit fee		21,637			24,370			24,391			24,261			24,371
Custody fee		-			-			-			-			-
Reports to shareholders		-			-			-			-			-
Chief compliance officer expenses		-			-			-			-			-
Interest payable		-			-			-			-			-
Trustees' deferred compensation plan		10,059			7,702			7,654			7,964			7,068
Other liabilities		2,251			2,664			2,722			2,787			13,847
Total Liabilities		160,960			628,761			603,060			643,743			546,690
NET ASSETS	$	106,734,753		$	37,610,528		$	25,310,994		$	14,743,826		$	12,926,345
NET ASSETS CONSIST OF:
Paid-in capital	$	179,085,350		$	54,066,052		$	41,203,795		$	21,729,199		$	19,508,328
Undistributed (Overdistributed) net investment income		24,006			(30,388	)		333,618			13,423			(2,626	)
Accumulated net investment loss		-			-			-			-			-
Accumulated net realized loss		(39,326,029	)		(9,426,588	)		(9,860,983	)		(4,203,215	)		(1,742,729	)
Net unrealized appreciation (depreciation) on:
Investments		(32,795,721	)		(6,998,548	)		(6,365,436	)		(2,795,581	)		(4,836,628	)
Foreign currency translations		-			-			-			-			-
Futures contracts		(252,853	)		-			-			-			-
Written options		-			-			-			-			-
NET ASSETS	$	106,734,753		$	37,610,528		$	25,310,994		$	14,743,826		$	12,926,345
Shares of capital stock outstanding		13,410,038			5,301,585			4,113,132			1,909,429			1,963,232
Net asset value, offering and redemption price per share	$	7.96		$	7.09		$	6.15		$	7.72		$	6.58

See Accompanying Notes to Financial Statements.
88

	CMG Small Cap Growth Fund			CMG Small Cap Value Fund			CMG Small/Mid Cap Fund			CMG International Stock Fund
ASSETS:
Repurchase agreements, at identified cost	$	1,544,000		$	6,592,000		$	257,000		$	418,000
Investments, at identified cost		28,508,131			26,871,404			7,591,265			70,490,741
Total investments, at identified cost		30,052,131			33,463,404			7,848,265			70,908,741
Repurchase agreements, at value		1,544,000			6,592,000			257,000			418,000
Investments, at value		25,910,650			21,827,428			6,520,297			51,768,646
Total investments, at value	$	27,454,650		$	28,419,428		$	6,777,297		$	52,186,646
Cash		44			79			251			118
Foreign currency (cost of $-, $-, $-, $-, $-, $-, $-, $- and $43,781, respectively)		-			-			-			43,150
Unrealized appreciation on forward foreign currency exchange contracts		-			-			-			456,020
Receivable for:
Investments sold		1,242,541			93,585			88,068			200,348
Dividends		7,127			11,245			2,217			41,323
Interest		17			73			3			5
Foreign tax reclaims		-			-			-			75,781
Expense reimbursement due from investment advisor		9,703			-			5,352			6,727
Trustees' deferred compensation plan		12,920			8,571			7,327			10,406
Other assets		1,242			-			-			-
Total Assets		28,728,244			28,532,981			6,880,515			53,020,524
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		-			-			-			310,756
Expense reimbursement due to investment advisor		-			2,346			-			-
Written options, at value (premium of $-, $-, $-, $-, $-, $-, $-, $- and $21,575, respectively)		-			-			-			43,893
Payable for:
Investments purchased		915,251			4,156,967			235,188			396,397
Fund shares repurchased		-			-			-			990
Futures variation margin		-			-			-			-
Investment advisory fee		18,445			13,643			4,330			35,660
Transfer agent fee		11			-			-			-
Trustees' fees		74			94			1,204			2,509
Audit fee		21,562			24,408			19,234			16,758
Custody fee		6,469			-			-			-
Reports to shareholders		16,743			-			-			-
Chief compliance officer expenses		126			-			-			-
Interest payable		-			-			-			103
Trustees' deferred compensation plan		12,920			8,571			7,327			10,406
Other liabilities		8,709			2,761			1,190			2,402
Total Liabilities		1,000,310			4,208,790			268,473			819,874
NET ASSETS	$	27,727,934		$	24,324,191		$	6,612,042		$	52,200,650
NET ASSETS CONSIST OF:
Paid-in capital	$	39,390,860		$	30,454,008		$	10,011,940		$	90,213,868
Undistributed (Overdistributed) net investment income		-			112,083			-			182,575
Accumulated net investment loss		(67,466	)		-			(22,422	)		-
Accumulated net realized loss		(8,997,979	)		(1,197,924	)		(2,306,508	)		(19,586,402	)
Net unrealized appreciation (depreciation) on:
Investments		(2,597,481	)		(5,043,976	)		(1,070,968	)		(18,722,095	)
Foreign currency translations		-			-			-			135,022
Futures contracts		-			-			-			-
Written options		-			-			-			(22,318	)
NET ASSETS	$	27,727,934		$	24,324,191		$	6,612,042		$	52,200,650
Shares of capital stock outstanding		27,356,212			3,749,168			2,866,553			9,258,087
Net asset value, offering and redemption price per share	$	1.01		$	6.49		$	2.31		$	5.64

See Accompanying Notes to Financial Statements.
89

  
  STATEMENTS OF OPERATIONS

For the Six Months Ended January 31, 2009 (Unaudited)

	CMG Enhanced S&P 500® Index Fund			CMG Large Cap Growth Fund			CMG Large Cap Value Fund			CMG Mid Cap Growth Fund			CMG Mid Cap Value Fund
INVESTMENT INCOME:
Dividends	$	1,742,992		$	300,433		$	466,305		$	88,465		$	190,894
Interest		8,668			3,298			3,644			1,970			2,099
Securities lending		15,524			3,811			3,317			-			-
Foreign taxes withheld		-			(426	)		(40	)		(669	)		(136	)
Total investment income		1,767,184			307,116			473,226			89,766			192,857
Expenses:
Investment advisory fee		165,555			104,375			77,732			64,024			50,160
Transfer agent fee		-			-			-			-			-
Trustees' fees		10,684			7,527			7,281			7,067			6,893
Custody fee		-			-			-			-			-
Audit fee		18,443			21,202			21,195			21,239			21,202
Chief compliance officer expenses		-			-			-			-			-
Other expenses		-			-			-			-			-
Expenses before interest expense		194,682			133,104			106,208			92,330			78,255
Interest expense		-			-			-			-			-
Total expenses		194,682			133,104			106,208			92,330			78,255
Fees waived or expenses reimbursed by investment advisor		(29,127	)		(28,729	)		(28,476	)		(28,306	)		(28,095	)
Custody earnings credit		-			-			-			-			-
Net expenses		165,555			104,375			77,732			64,024			50,160
Net investment income (loss)		1,601,629			202,741			395,494			25,742			142,697
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments		(25,028,588	)		(7,858,398	)		(6,575,829	)		(4,073,484	)		(1,506,404	)
Written options		-			-			-			61,549			-
Foreign currency transactions and forward foreign currency exchange contracts		-			-			-			(157	)		(79	)
Futures contracts		(562,666	)		-			-			-			-
Net realized loss		(25,591,254	)		(7,858,398	)		(6,575,829	)		(4,012,092	)		(1,506,483	)
Net change in unrealized appreciation (depreciation) on:
Investments		(28,336,630	)		(10,530,795	)		(6,162,631	)		(6,227,907	)		(5,485,448	)
Written options		-			-			-			-			-
Foreign currency translations and forward foreign currency exchange contracts		-			-			-			(2	)		-
Futures contracts		(261,173	)		-			-			-			-
Net change in unrealized appreciation (depreciation)		(28,597,803	)		(10,530,795	)		(6,162,631	)		(6,227,909	)		(5,485,448	)
Net loss		(54,189,057	)		(18,389,193	)		(12,738,460	)		(10,240,001	)		(6,991,931	)
NET DECREASE RESULTING FROM OPERATIONS	$	(52,587,428	)	$	(18,186,452	)	$	(12,342,966	)	$	(10,214,259	)	$	(6,849,234	)

See Accompanying Notes to Financial Statements.
90

	CMG Small Cap Growth Fund			CMG Small Cap Value Fund			CMG Small/Mid Cap Fund			CMG International Stock Fund
INVESTMENT INCOME:
Dividends	$	78,244		$	248,611		$	20,754		$	986,041
Interest		5,032			421			688			2,593
Securities lending		-			-			-			-
Foreign taxes withheld		(442	)		(97	)		(145	)		(79,052	)
Total investment income		82,834			248,935			21,297			909,582
Expenses:
Investment advisory fee		120,010			87,750			31,430			255,490
Transfer agent fee		22			-			-			-
Trustees' fees		7,338			7,076			7,176			9,568
Custody fee		10,163			-			-			-
Audit fee		21,864			21,190			19,622			23,646
Chief compliance officer expenses		368			-			-			-
Other expenses		24,996			-			4,784			5,728
Expenses before interest expense		184,761			116,016			63,012			294,432
Interest expense		-			420			-			120
Total expenses		184,761			116,436			63,012			294,552
Fees waived or expenses reimbursed by investment advisor		(56,755	)		(28,266	)		(31,582	)		(38,942	)
Custody earnings credit		(43	)		-			-			-
Net expenses		127,963			88,170			31,430			255,610
Net investment income (loss)		(45,129	)		160,765			(10,133	)		653,972
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments		(7,464,442	)		(963,712	)		(2,002,751	)		(17,156,468	)
Written options		8,153			-			-			33,330
Foreign currency transactions and forward foreign currency exchange contracts		-			117			(49	)		(2,094,176	)
Futures contracts		-			-			-			-
Net realized loss		(7,456,289	)		(963,595	)		(2,002,800	)		(19,217,314	)
Net change in unrealized appreciation (depreciation) on:
Investments		(8,997,585	)		(7,616,196	)		(2,849,237	)		(23,287,691	)
Written options		(5,112	)		-			-			(24,066	)
Foreign currency translations and forward foreign currency exchange contracts		-			-			-			(47,083	)
Futures contracts		-			-			-			-
Net change in unrealized appreciation (depreciation)		(9,002,697	)		(7,616,196	)		(2,849,237	)		(23,358,840	)
Net loss		(16,458,986	)		(8,579,791	)		(4,852,037	)		(42,576,154	)
NET DECREASE RESULTING FROM OPERATIONS	$	(16,504,115	)	$	(8,419,026	)	$	(4,862,170	)	$	(41,922,182	)

See Accompanying Notes to Financial Statements.
91

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Enhanced S&P 500® Index Fund						CMG Large Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)			(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)
Increase (Decrease) in Net Assets
Operations
Net investment income		1,601,629			3,922,814			202,741			346,619
Net realized loss on investments and futures contracts		(25,591,254	)		(13,493,203	)		(7,858,398	)		(1,282,517	)
Net change in unrealized appreciation (depreciation) on   investments and futures   contracts		(28,597,803	)		(17,348,463	)		(10,530,795	)		(280,959	)
Net decrease resulting from operations		(52,587,428	)		(26,918,852	)		(18,186,452	)		(1,216,857	)
Distributions to shareholders
From net investment income		(3,600,240	)		(3,477,461	)		(407,615	)		(307,640	)
From net realized gains		-			(7,014,878	)		-			(3,957,565	)
Total distributions to shareholders		(3,600,240	)		(10,492,339	)		(407,615	)		(4,265,205	)
Net Capital Stock Transactions		(2,283,952	)		(20,080,515	)		4,974,122			(2,265,918	)
Total decrease in net assets		(58,471,620	)		(57,491,706	)		(13,619,945	)		(7,747,980	)
NET ASSETS
Beginning of period		165,206,373			222,698,079			51,230,473			58,978,453
End of period		106,734,753			165,206,373			37,610,528			51,230,473
Undistributed (overdistributed) net investment income   at end of period		24,006			2,022,617			(30,388	)		174,486

See Accompanying Notes to Financial Statements.
92

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Large Cap Value Fund						CMG Mid Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)			(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		395,494			879,222			25,742			(21,708	)
Net realized gain (loss) on investments, foreign currency   transactions, futures contracts   and written options		(6,575,829	)		(3,240,671	)		(4,012,092	)		1,604,893
Net change in unrealized appreciation (depreciation) on   investments, foreign currency   translations, futures contracts   and written options		(6,162,631	)		(3,947,592	)		(6,227,909	)		(1,521,371	)
Net increase (decrease) resulting from operations		(12,342,966	)		(6,309,041	)		(10,214,259	)		61,814
Distributions to shareholders
From net investment income		(514,886	)		(813,201	)		-			(89,956	)
From net realized gains		-			(4,036,007	)		(871,125	)		(4,351,636	)
Total distributions to shareholders		(514,886	)		(4,849,208	)		(871,125	)		(4,441,592	)
Net Capital Stock Transactions		428,218			4,068,549			817,600			717,790
Total decrease in net assets		(12,429,634	)		(7,089,700	)		(10,267,784	)		(3,661,988	)
NET ASSETS
Beginning of period		37,740,628			44,830,328			25,011,610			28,673,598
End of period		25,310,994			37,740,628			14,743,826			25,011,610
Undistributed (overdistributed) net investment income   at end of period		333,618			453,010			13,423			(12,319	)

See Accompanying Notes to Financial Statements.
93

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Mid Cap Value Fund						CMG Small Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)			(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		142,697			155,993			(45,129	)		(92,392	)
Net realized gain (loss) on investments, foreign currency   transactions and written options		(1,506,483	)		(41,648	)		(7,456,289	)		146,451
Net change in unrealized appreciation (depreciation) on   investments, foreign currency   translations and written options		(5,485,448	)		(2,548,016	)		(9,002,697	)		324,482
Net increase (decrease) resulting from operations		(6,849,234	)		(2,433,671	)		(16,504,115	)		378,541
Distributions to shareholders
From net investment income		(161,928	)		(287,840	)		-			-
From net realized gains		(28,534	)		(1,695,514	)		-			(6,279,372	)
From return of capital		-			-			-			(159,987	)
Total distributions to shareholders		(190,462	)		(1,983,354	)		-			(6,439,359	)
Net Capital Stock Transactions		2,886,627			2,199,989			3,413,796			6,979,821
Total increase (decrease) in net assets		(4,153,069	)		(2,217,036	)		(13,090,319	)		919,003
NET ASSETS
Beginning of period		17,079,414			19,296,450			40,818,253			39,899,250
End of period		12,926,345			17,079,414			27,727,934			40,818,253
Undistributed (overdistributed) net investment income   at end of period		(2,626	)		16,605			-			-
Accumulated net investment loss at end of period		-			-			(67,466	)		(22,337	)

See Accompanying Notes to Financial Statements.
94

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Small Cap Value Fund
	(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		160,765			188,948
Net realized gain (loss) on investments and foreign currency transactions		(963,595	)		2,295,661
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,616,196	)		(4,519,602	)
Net increase (decrease) resulting from operations		(8,419,026	)		(2,034,993	)
Distributions to shareholders
From net investment income		(99,891	)		(274,060	)
From net realized gains		(2,249,999	)		(3,718,779	)
From return of capital		-			-
Total distributions to shareholders		(2,349,890	)		(3,992,839	)
Net Capital Stock Transactions		8,345,094			824,032
Total increase (decrease) in net assets		(2,423,822	)		(5,203,800	)
NET ASSETS
Beginning of period		26,748,013			31,951,813
End of period		24,324,191			26,748,013
Undistributed net investment income at end of period		112,083			51,209

See Accompanying Notes to Financial Statements.
95

STATEMENTS OF CHANGES IN NET ASSETS

	CMG Small/Mid Cap Fund						CMG International Stock Fund
	(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)			(Unaudited) Six Months Ended January 31, 2009 ($)			Year Ended July 31, 2008 ($)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		(10,133	)		(26,463	)		653,972			2,726,069
Net realized gain (loss) on investments, foreign currency   transactions, forward foreign   currency exchange contracts and   written options		(2,002,800	)		135,455			(19,217,314	)		2,962,887
Net change in unrealized appreciation (depreciation) on   investments, foreign currency   translations, forward foreign   currency exchange contracts and   written options		(2,849,237	)		86,830			(23,358,840	)		(21,345,073	)
Net increase (decrease) resulting from operations		(4,862,170	)		195,822			(41,922,182	)		(15,656,117	)
Distributions to shareholders
From net investment income		-			-			(743,118	)		(3,839,262	)
From net realized gains		-			(1,812,017	)		(1,521,943	)		(13,751,675	)
From return of capital		-			(71,809	)		-			-
Total distributions to shareholders		-			(1,883,826	)		(2,265,061	)		(17,590,937	)
Net Capital Stock Transactions		-			646,043			4,647,438			4,673,104
Total decrease in net assets		(4,862,170	)		(1,041,961	)		(39,539,805	)		(28,573,950	)
NET ASSETS
Beginning of period		11,474,212			12,516,173			91,740,455			120,314,405
End of period		6,612,042			11,474,212			52,200,650			91,740,455
Undistributed net investment income at end of period		-			-			182,575			271,721
Accumulated net investment loss at end of period		(22,422	)		(12,289	)		-			-

See Accompanying Notes to Financial Statements.
96

STATEMENTS OF CHANGES IN NET ASSETS - CAPITAL STOCK ACTIVITY

	CMG Enhanced S&P 500® Index Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,131,286			10,123,912			2,362,098			33,444,264
Distributions reinvested		151,892			1,307,792			280,036			3,895,305
Redemptions		(1,428,579	)		(13,715,656	)		(4,417,810	)		(57,420,084	)
Net decrease		(145,401	)		(2,283,952	)		(1,775,676	)		(20,080,515	)
	CMG Large Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,037,064			7,665,976			262,993			3,175,927
Distributions reinvested		6,478			48,328			188,415			2,330,690
Redemptions		(333,041	)		(2,740,182	)		(574,762	)		(7,772,535	)
Net increase (decrease)		710,501			4,974,122			(123,354	)		(2,265,918	)
	CMG Large Cap Value Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		309,264			2,078,693			245,081			2,649,929
Distributions reinvested		14,002			94,652			215,161			2,336,648
Redemptions		(241,027	)		(1,745,127	)		(73,903	)		(918,028	)
Net increase		82,239			428,218			386,339			4,068,549
	CMG Mid Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		103,445			870,662			171,048			2,487,868
Distributions reinvested		61,787			493,679			158,421			2,336,715
Redemptions		(57,900	)		(546,741	)		(267,602	)		(4,106,793	)
Net increase		107,332			817,600			61,867			717,790

See Accompanying Notes to Financial Statements.
97

STATEMENTS OF CHANGES IN NET ASSETS - CAPITAL STOCK ACTIVITY

	CMG Mid Cap Value Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		460,986			3,434,125			325,999			3,915,371
Distributions reinvested		8,725			61,599			78,571			980,570
Redemptions		(74,034	)		(609,097	)		(206,528	)		(2,695,952	)
Net increase		395,677			2,886,627			198,042			2,199,989
	CMG Small Cap Growth Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		4,080,457			4,330,761			5,512,467			10,835,393
Distributions reinvested		-			-			2,957,880			5,412,921
Redemptions		(660,439	)		(916,965	)		(4,948,412	)		(9,268,493	)
Net increase		3,420,018			3,413,796			3,521,935			6,979,821
	CMG Small Cap Value Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,257,191			8,749,279			390,255			4,608,081
Distributions reinvested		279,262			1,996,728			284,822			3,292,542
Redemptions		(206,483	)		(2,400,913	)		(548,483	)		(7,076,591	)
Net increase		1,329,970			8,345,094			126,594			824,032
	CMG Small/Mid Cap Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		-			-			-			-
Distributions reinvested		-			-			393,790			1,646,043
Redemptions		-			-			(271,739	)		(1,000,000	)
Net increase		-			-			122,051			646,043

See Accompanying Notes to Financial Statements.
98

STATEMENTS OF CHANGES IN NET ASSETS - CAPITAL STOCK ACTIVITY

	CMG International Stock Fund
	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,586,498			10,724,347			988,440			12,545,498
Distributions reinvested		246,765			1,594,099			1,007,862			11,751,665
Redemptions		(1,193,205	)		(7,671,008	)		(1,617,185	)		(19,624,059	)
Net increase		640,058			4,647,438			379,117			4,673,104

See Accompanying Notes to Financial Statements.
99

NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Note 1.  Organization:

Columbia Funds Institutional Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Information presented in these financial statements pertains to the following diversified funds (individually referred to as a "Fund", collectively referred to as the "Funds"):

CMG Enhanced S&P 500^® Index Fund
CMG Large Cap Growth Fund
CMG Large Cap Value Fund
CMG Mid Cap Growth Fund
CMG Mid Cap Value Fund
CMG Small Cap Growth Fund
CMG Small Cap Value Fund
CMG Small/Mid Cap Fund
CMG International Stock Fund

Shares of the Funds are available for purchase by institutional investors investing directly in the Funds, by institutional investors investing in the Funds as an advisory client of Columbia Management Advisors, LLC ("Columbia"), the Funds' investment advisor, and by institutional investors investing in the Funds as an advisory client of Bank of America, N.A. Please see the Funds' prospectuses for further details, including applicable investment minimums.

Investment objectives. CMG Enhanced S&P 500^® Index Fund seeks to outperform the total return, over the long term, of the Standard & Poor's 500 Composite Stock Price Index that measures the investment returns of stocks of large U.S. companies, while maintaining overall portfolio characteristics similar to those of the benchmark. CMG Large Cap Growth Fund and CMG Large Cap Value Fund seek long-term growth by investing primarily in large capitalization equities. CMG Mid Cap Growth Fund and CMG Mid Cap Value Fund seek long-term growth by investing in middle capitalization equities. CMG Small Cap Growth Fund seeks long-term capital appreciation. CMG Small Cap Value Fund seeks long-term growth by investing in small capitalization equities. CMGSmall/Mid Cap Fund seeks long-term capital appreciation by investing in small capitalization and middle capitalization equities. CMG International Stock Fund seeks long-term capital appreciation.

Fund shares. The Trust may issue an unlimited number of shares of beneficial interest which are offered continuously at net asset value.

Note 2.  Significant accounting policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

100

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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

Investments in other open-end investment companies are valued at net asset value.

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

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

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

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

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

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security.

On August 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"). SFAS 157 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 under SFAS 157 are described below:

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

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

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

101

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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

The following tables summarize the inputs used, as of January 31, 2009, in valuing each Fund's assets:

CMG Enhanced S&P 500^® Index Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1—Quoted Prices	$	102,849,519	$	(252,853	)
Level 2—Other Significant Observable Inputs		3,883,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	106,732,519	$	(252,853	)

*  Other financial instruments consist of futures contracts which are not included in the investment portfolio.

CMG Large Cap Growth Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	37,128,118	$	-
Level 2—Other Significant Observable Inputs		568,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	37,696,118	$	-

CMG Large Cap Value Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	24,217,098	$	-
Level 2—Other Significant Observable Inputs		1,560,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	25,777,098	$	-

CMG Mid Cap Growth Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	14,289,676	$	-
Level 2—Other Significant Observable Inputs		639,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	14,928,676	$	-

102

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

CMG Mid Cap Value Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	12,348,816	$	-
Level 2—Other Significant Observable Inputs		944,500		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	13,293,316	$	-

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.

CMG Small Cap Growth Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	25,910,650	$	-
Level 2—Other Significant Observable Inputs		1,544,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	27,454,650	$	-

CMG Small Cap Value Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	21,827,428	$	-
Level 2—Other Significant Observable Inputs		6,592,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	28,419,428	$	-

CMG Small/Mid Cap Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	6,520,297	$	-
Level 2—Other Significant Observable Inputs		257,000		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	6,777,297	$	-

103

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

CMG International Stock Fund

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1—Quoted Prices	$	8,258,247	$	43,893
Level 2—Other Significant Observable Inputs		43,928,399		145,264
Level 3—Significant Unobservable Inputs		-		-
Total	$	52,186,646	$	189,157

*  Other financial instruments consist of forward foreign currency exchange contracts and written options which are not included in the Schedule of Investments.

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.

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.

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133 ("SFAS 161"), was issued. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires additional discussion about the reporting entity'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. Management is evaluating the impact the application of SFAS 161 will have on the Funds' financial statement di sclosures.

Futures contracts. The Funds may invest in futures for both hedging and non-hedging purposes, including, for example, to seek enhanced returns or as a substitute for a position in an underlying asset.

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. Any of these risks may involve amounts exceeding the variation margin recorded in the Funds' Statements of Assets and Liabilities at any given time.

Upon entering into a futures contract, a 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 a 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. A Fund recognizes a realized gain or loss when the contract is closed or expires.

Options. Each Fund may write call and put options on securities it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease 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 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 a writer of an option, has no control over whether the underlying security may be sold (call) or p urchased (put) and as a result bears the market risk

104

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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 g reater or less than the cost of the option.

Forward foreign currency exchange contracts. 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 trade and settlement date 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 hedge 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 hedge the Funds' investments against currency 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.

Repurchase agreements. Each Fund may engage in repurchase agreement transactions with institutions that Columbia has determined are creditworthy. Each Fund, through its 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.

105

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Income recognition. Interest income is recorded on the accrual basis. 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.

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 taxable income 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.

Distributions to shareholders. Distributions from net investment income, if any, are declared and distributed 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.

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 July 31, 2008 was as follows:

	Ordinary Income*		Long-Term Capital Gains		Return of Capital
CMG Enhanced S&P 500® Index Fund	$	6,368,282	$	4,124,057	$	-
CMG Large Cap Growth Fund		2,631,485		1,633,720		-
CMG Large Cap Value Fund		1,706,031		3,143,177		-
CMG Mid Cap Growth Fund		1,279,107		3,162,485		-
CMG Mid Cap Value Fund		553,426		1,429,928		-
CMG Small Cap Growth Fund		2,282,199		3,997,173		159,987
CMG Small Cap Value Fund		711,327		3,281,512		-
CMG Small/Mid Cap Fund		479,786		1,332,231		71,809
CMG International Stock Fund		8,374,380		9,216,557		-

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

106

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Depreciation
CMG Enhanced S&P 500® Index Fund	$	6,903,436	$	(39,699,157	)	$	(32,795,721	)
CMG Large Cap Growth Fund		1,084,399		(8,082,947	)		(6,998,548	)
CMG Large Cap Value Fund		1,233,812		(7,599,248	)		(6,365,436	)
CMG Mid Cap Growth Fund		1,006,380		(3,801,961	)		(2,795,581	)
CMG Mid Cap Value Fund		503,459		(5,340,087	)		(4,836,628	)
CMG Small Cap Growth Fund		2,262,771		(4,860,252	)		(2,597,481	)
CMG Small Cap Value Fund		1,741,995		(6,785,971	)		(5,043,976	)
CMG Small/Mid Cap Fund		528,930		(1,599,898	)		(1,070,968	)
CMG International Stock Fund		1,869,290		(20,591,385	)		(18,722,095	)

The following capital loss carryforwards, determined as of July 31, 2008, 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
	2016		Total
CMG Large Cap Value Fund	$	284,104	$	284,104

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes–an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines 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 is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on its computation of net assets for each Fund. As a result of this evaluation, management has concluded that FIN 48 did no t have any effect on the Funds' financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, 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. The Funds are 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.

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, administrative and other services to the Funds. 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. With the exception of CMG Small Cap Growth Fund, each Fund's investment advisory fee is a unified fee. Columbia, out of the unified fee it receives from the Funds, pays accounting fees, legal fees, transfer agent fees, custody fees, expenses of the Chief Compliance Officer, the commitment fee for the line of credit (see Note 7) and miscellaneous expenses of the Funds. The unified fee does not include brokerage fees, taxes, fees and expenses of the independent Trustees (including legal counsel f ees), audit fees, interest expense associated with any

107

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

borrowings by the Funds or extraordinary expenses, if any. The unified fees are paid monthly to Columbia based on each Fund's average daily net assets at the following annual rates:

CMG Enhanced S&P 500® Index Fund	0.25	%
CMG Large Cap Growth Fund	0.50	%
CMG Large Cap Value Fund	0.50	%
CMG Mid Cap Growth Fund	0.70	%
CMG Mid Cap Value Fund	0.70	%
CMG Small Cap Value Fund	0.80	%
CMG Small/Mid Cap Fund	0.75	%
CMG International Stock Fund	0.75	%

Columbia receives a monthly investment advisory fee from CMG Small Cap Growth Fund at the annual rate of 0.75% of the Fund's average daily net assets.

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.

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.

The pricing and bookkeeping fees for each Fund are payable by Columbia.

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, paid monthly, at the annual rate of $17.34 per open account plus reimbursement of certain sub-transfer agent fees (exclusive of BFDS fees), calculated based on assets held in omnibus accounts subject to certain limitations 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 or Columbia.

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 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 fees for each Fund, with the exception of CMG Small Cap Growth Fund, are payable by Columbia under the investment advisory contracts.

Fee waivers and expense reimbursements. Columbia has contractually agreed to waive its management fee and, to the extent necessary, bear other expenses of each Fund through November 30, 2009, so that ordinary operating expenses incurred by the Funds will not exceed the following annual rates (exclusive of any distribution and service fees,

108

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds' custodian, based on each Fund's average daily net assets:

CMG Enhanced S&P 500® Index Fund	0.25	%
CMG Large Cap Growth Fund	0.50	%
CMG Large Cap Value Fund	0.50	%
CMG Mid Cap Growth Fund	0.70	%
CMG Mid Cap Value Fund	0.70	%
CMG Small Cap Growth Fund	0.80	%
CMG Small Cap Value Fund	0.80	%
CMG Small/Mid Cap Fund	0.75	%
CMG International Stock Fund	0.75	%

There is no guarantee that these arrangements will continue after November 30, 2009.

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 expenses of the Chief Compliance Officer for each Fund, with the exception of CMG Small Cap Growth Fund, are payable by Columbia. CMG Small Cap Growth Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer.

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.

Note 5.  Custody credits:

With the exception of CMG Small Cap Growth Fund, any custody credits are applied to offset fund expenses prior to determining the expenses Columbia is required to bear. CMG Small Cap Growth Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as a reduction of total expenses on the Statements of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement.

Note 6.  Portfolio information:

For the six month period ended January 31, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, were as follows:

	Purchases		Sales
CMG Enhanced S&P 500® Index Fund	$	34,044,475	$	39,571,459
CMG Large Cap Growth Fund		38,444,927		33,209,191
CMG Large Cap Value Fund		11,782,090		11,117,760
CMG Mid Cap Growth Fund		12,195,485		12,084,137
CMG Mid Cap Value Fund		5,849,374		2,783,667
CMG Small Cap Growth Fund		27,495,999		25,332,105
CMG Small Cap Value Fund		11,600,233		7,803,555
CMG Small/Mid Cap Fund		6,254,043		6,233,613
CMG International Stock Fund		46,240,648		44,395,184

109

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Note 7.  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.

Prior to October 16, 2008, the Funds and other affiliated funds participated in a $350,000,000 committed, unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Interest on the committed line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets. Interest on the uncommitted line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%. State Street charged an annual operations agency fee of $40,000 for the committed line of credit and was able to charge an annual administration fee of $15,000 for the uncommitted line of credit. The commitm ent fee, the operations agency fee and the administration fee were accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the six month period ended January 31, 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 Borrowing Existed		Weighted Average Interest Rate
CMG Small Cap Value Fund	$	1,000,000		2.479	%
CMG International Stock Fund		1,750,000		0.615

Note 8.  Securities lending:

CMG Enhanced S&P 500^® Index Fund, CMG Large Cap Growth Fund, CMG Large Cap Value Fund and CMG Mid Cap Value Fund may lend their 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 Funds and any additional required collateral is delivered to the Funds 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 Funds. Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed o r prevented from exercising their right to dispose of the collateral, there may be a potential loss to the Funds. The Funds bear the risk of loss with respect to the investment of collateral.

No securities were out on loan for the Funds at January 31, 2009.

110

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

Note 9.  Shares of beneficial interest:

As of January 31, 2009, the Funds had shareholders 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
CMG Enhanced S&P 500® Index Fund		100.0
CMG Large Cap Growth Fund		100.0
CMG Large Cap Value Fund		100.0
CMG Mid Cap Growth Fund		100.0
CMG Mid Cap Value Fund		100.0
CMG Small Cap Growth Fund		93.0
CMG Small Cap Value Fund		98.9
CMG Small/Mid Cap Fund		97.4
CMG International Stock Fund		100.0

As of January 31, 2009, CMG Small Cap Growth Fund had one shareholder that held 7.0% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion.

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

Note 10.  Significant risks and contingencies:

Sector focus risk. Certain Funds may focus their investments in certain sectors, subjecting them to greater risk than a fund that is less focused.

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.

Legal proceedings. CMG Funds are not named as parties to any regulatory proceedings or litigation. 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2009 (Unaudited)

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 America Corporation and others as d efendants. 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.

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BOARD CONSIDERATION AND APPROVAL OF
ADVISORY AGREEMENTS

The Advisory Fees and Expenses Committee of the Board of Trustees meets several times annually to review the advisory agreements (collectively, the "Agreements") of the funds for which the Trustees serve as trustees (each a "fund") and to determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements. In addition, the full Board, including the Independent Trustees, considers matters bearing on the Agreements at most of its other meetings throughout the year and meets regularly with senior management of the funds and Columbia, the funds' investment adviser, including the senior manager of each investment area within Columbia. Through the Board's Investment Oversight Committees, Trustees also meet with selected fund portfolio managers, research analysts and traders at various times throughout the year.

The Trustees receive and review all materials that they, their legal counsel or Columbia believe to be reasonably necessary for the Trustees to evaluate the Agreements and to determine whether to approve the continuation of the Agreements. Those materials generally include, among other items, (i) information on the investment performance of each fund relative to the performance of peer groups of mutual funds and the fund's performance benchmarks, and additional information assessing performance on a risk-adjusted basis, (ii) information on each fund's advisory fees and other expenses, including information comparing the fund's expenses to those of peer groups of mutual funds and information about any applicable expense caps and fee "breakpoints," (iii) information about the profitability of the Agreements to Columbia, including potential "fall-out" or ancillary benefits that Columbia and its affiliates may receive as a result of their relationships with the funds and (iv) information obtained through Columbia's response to a questionnaire prepared at the request of the Trustees by counsel to the funds and independent legal counsel to the Independent Trustees. The Trustees also consider other information such as (v) Columbia's financial results and financial condition, (vi) each fund's investment objective and strategies and the size, education and experience of Columbia's investment staffs and their use of technology, external research and trading cost measurement tools, (vii) the allocation of the funds' brokerage and the use of "soft" commission dollars to pay for research products and services, (viii) Columbia's resources devoted to, and its record of compliance with, the funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies and legal and regulatory requirements, (ix) Columbia's response to various legal and regulatory proceedings since 2003 and to the recent peri od of volatility in the securities markets and (x) the economic outlook generally and for the mutual fund industry in particular. In addition, the Advisory Fees and Expenses Committee confers with the funds' independent fee consultant and reviews materials relating to the funds' relationships with Columbia provided by the independent fee consultant. Throughout the process, the Trustees have the opportunity to ask questions of and to request additional materials from Columbia and to consult with the independent fee consultant and independent legal counsel to the Independent Trustees.

The Board of Trustees most recently approved the continuation of the Agreements at its October, 2008 meeting, following meetings of the Advisory Fees and Expenses Committee held in February, April, August, September and October, 2008. In considering whether to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, did not identify any single factor as determinative, and each weighed various factors as he or she deemed appropriate. The Trustees considered the following matters in connection with their approval of the continuation of the Agreements:

The nature, extent and quality of the services provided to the funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by Columbia and its affiliates to the funds and the resources dedicated to the funds by Columbia and its affiliates. Among other things, the Trustees considered (i) Columbia's ability (including its personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes) to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals; (ii) the portfolio management services provided by those investment professionals; and (iii) the trade execution services provided on behalf of the funds. For each fund, the Trustees also

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considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the continuation of the Agreements.

Investment performance of the funds and Columbia. The Trustees reviewed information about the performance of each fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each fund to the performance of peer groups of mutual funds and performance benchmarks. The Trustees also reviewed a description of the third party's methodology for identifying each fund's peer group for purposes of performance and expense comparisons. The Trustees also considered additional information that the Advisory Fees and Expenses Committee requested from Columbia relating to funds that presented relatively weaker performance and/or relatively higher expenses. In the case of each fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Truste es concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant continuation of the fund's Agreements. Those factors varied from fund to fund, but included one or more of the following: (i) that the fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the fund's investment strategy and policies and that the fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the fund's investment strategy; (iii) that the fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; (iv) that Columbia had taken or was taking steps designed to help improve the fund's investment performance, including, but not limited to, replacing portfolio managers or modifying investment strategies ; and (v) that Columbia proposed to waive advisory fees or cap the expenses of the fund.

The Trustees noted the performance of each fund through April 30, 2008, relative to that of a peer group selected by an independent third-party data provider for the purposes of performance comparisons. Specifically, CMG Enhanced S&P 500 Index Fund's performance was in the fourth quintile (where the best performance would be in the first quintile) for the one-year period, in the third quintile for the three-year period, and in the second quintile for the five-year period; CMG Large Cap Growth Fund's performance was in the second quintile for the one-, three- and five-year periods; CMG Large Cap Value Fund's performance was in the second quintile for the one-year period and in the third quintile for the three- and five-year periods; CMG Mid Cap Growth Fund's performance was in the second quintile for the one- and five-year periods, and in the first quintile for the three-year period; CMG Mid Cap Value Fund's performance was i n the fourth quintile for the one-year period, and in the second quintile for the three- and five-year periods; CMG Small Cap Growth Fund's performance was in the first quintile for the one-, three-, five- and ten-year periods; CMG Small Cap Value Fund's performance was in the second quintile for the one-, three- and five-year periods; CMG Small/Mid Cap Fund's performance was in the second quintile for the one-, five- and ten-year periods, and in the first quintile for the three-year period; and CMG International Stock Fund's performance was in the fourth quintile for the one-, three- and five-year periods and in the third quintile for the ten-year period.

The Trustees also considered Columbia's performance and reputation generally, the funds' performance as a fund family generally, and Columbia's historical responsiveness to Trustee concerns about performance and Columbia's willingness to take steps intended to improve performance. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of each fund and Columbia was sufficient, in light of other considerations, to warrant the continuation of the Agreement(s) pertaining to that fund.

The costs of the services provided and profits realized by Columbia and its affiliates from their relationships with the funds. The Trustees considered the fees charged to the funds for advisory services as well as the total expense levels of the funds. That information included comparisons (provided by management and by an independent third-party data provider) of each fund's advisory fees and total expense levels to those of the fund's peer groups and information about the advisory fees charged by Columbia to comparable institutional accounts. In considering the fees charged to those accounts, the Trustees took into account, among other things, management's representations

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about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia, and the additional resources required to manage mutual funds effectively. In evaluating each fund's advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the fund. The Trustees considered existing advisory fee breakpoints, and Columbia's use of advisory fee waivers and expense caps, which benefited a number of the funds. The Trustees also noted management's stated justification for the fees charged to the funds, which included information about the investment performance of the funds and the services provided to the funds.

The trustees considered each fund's total expenses and actual management fees relative to those of a peer group selected by an independent third-party data provider for the purposes of expense comparisons. Specifically, CMG Enhanced S&P 500 Index Fund's total expenses and actual management fees were in the first quintile (where the lowest fees and expenses would be in the first quintile); CMG Large Cap Growth Fund's total expenses and actual management fees were in the first quintile; CMG Large Cap Value Fund's total expenses and actual management fees were in the first quintile; CMG Mid Cap Growth Fund's total expenses and actual management fees were in the first quintile, CMG Mid Cap Value Fund's total expenses and actual management fees were in the first quintile; CMG Small Cap Growth Fund's total expenses and actual management fees were in the first quintile; CMG Small Cap Value Fund's total expenses and actual managemen t fees were in the first quintile; CMG Small/Mid Cap Fund's total expenses and actual management fees were in the first quintile; and CMG International Stock Fund's total expenses and actual management fees were in the first quintile.

The Trustees also considered the compensation directly or indirectly received by Columbia and its affiliates from their relationships with the funds. The Trustees reviewed information provided by management as to the profitability to Columbia and its affiliates of their relationships with each fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant funds, the expense level of each fund, and whether Columbia had implemented breakpoints and/or expense caps with respect to the fund.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each fund, and the related profitability to Columbia and its affiliates of their relationships with the fund, supported the continuation of the Agreement(s) pertaining to that fund.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision by Columbia of services to each fund, to groups of related funds, and to Columbia's investment advisory clients as a whole and whether those economies were shared with the funds through breakpoints in the investment advisory fees or other means, such as fee waivers/expense reductions and additional investments by Columbia in investment, trading and compliance resources. The Trustees noted that many of the funds benefited from breakpoints, fee waivers/expense caps, or both. In considering those issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to Columbia and its affiliates of their relationships with the funds, as discussed above.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the funds supported the continuation of the Agreements.

Other Factors. The Trustees also considered other factors, which included but were not limited to the following:

n  the extent to which each fund had operated in accordance with its investment objective and investment restrictions, the nature and scope of the compliance programs of the funds and Columbia and the compliance-related resources that Columbia and its affiliates were providing to the funds;

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n  the nature, quality, cost and extent of administrative and shareholder services overseen and performed by Columbia and its affiliates, both under the Agreements and under separate agreements for the provision of transfer agency and administrative services;

n  so-called "fall-out benefits" to Columbia and its affiliates, such as the engagement of its affiliates to provide distribution, brokerage and transfer agency services to the funds, and the benefits of research made available to Columbia by reason of brokerage commissions generated by the funds' securities transactions, as well as possible conflicts of interest associated with those fall-out and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor those possible conflicts of interest; and

n  the report provided by the funds' independent fee consultant, which included information about and analysis of the funds' fees, expenses and performance.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel and the independent fee consultant, the Trustees, including the Independent Trustees, approved the continuance of each of the Agreements through October 31, 2009.

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SUMMARY OF MANAGEMENT FEE EVALUATION BY
INDEPENDENT FEE CONSULTANT

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

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc. November 3, 2008

I. Overview

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees...to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees...using...an annual independent written evaluation prepared by or under the direction of...the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees with CMA, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds, which are also referred as the "Funds."

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

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

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

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

C. Organization of the Annual Evaluation

This report, like last year's, focuses on the six factors and contains a section for each factor except that CMA's costs and profits from managing the Funds have been combined into a single section. In addition to a discussion of these factors, the report offers recommendations to improve the fee review process in future years. A review of the status of recommendations made in the 2007 Report is being provided separately with the materials for the October meeting.

II. Summary of Findings

A. General

1.  Based upon my examination of the information supplied by CMG in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fees for each Atlantic Fund.

2.  In my view, the process by which the proposed management fees of the Funds have been negotiated in 2008 thus far has been, to the extent practicable, at arms' length and reasonable and consistent with the AOD.

B. Nature and Quality of Services, Including Performance

3.  The performance of the Funds has been relatively strong in recent years. Based upon 1-, 3-, 5-, and 10-year returns through April 30, 2008, at least half of all the Funds were in the first and second performance quintiles in each of the four performance periods and, at most, only 11% were in the fifth quintile in any one performance period. Both equity and fixed-income funds posted strong performance relative to comparable funds.

4.  Performance rankings were similar in 2007 and 2008, although last year's were slightly stronger. Despite the stability in the distribution of rankings in the two years, at least half the Funds changed quintile rankings between the two years in at least one of the 1-, 3-, and 5-year performance periods.

5.  The performance of the actively managed equity Funds against their benchmarks was very strong. At least 57% and as many as 73% posted net returns exceeding their benchmarks over the 1-, 3-, and 5-year periods. In contrast, gross and net returns of fixed-income Funds typically fell short of their benchmarks.

6.  Atlantic equity Funds' overall performance adjusted for risk also was strong. Based upon 3-year returns, nearly 80% of the equity Funds had a combination of risk-adjusted and unadjusted returns that placed them in the top half of their performance universes. Only about one-fifth of the fixed income Funds posted high returns and low risk relative to comparable funds. About two-thirds of the fixed-income Funds took on more risk than the typical fund in their performance universes.

7.  The industry-standard procedure used by Lipper that includes all share classes in the performance universe tends to bias a Fund's ranking upward within that universe. The bias occurs because either no-12b-1 fee or low-12b-1 fee share classes of the Atlantic Funds are compared with funds in performance universes that include all share classes of multi-class funds with 12b-1 fees of up to 100 basis points. Correcting this bias by limiting the performance universe to classes of comparable funds with low or no 12b-1 fees (a "filtered universe") lowers the relative performance for the Funds, but their performance, on the whole, remains strong. The filtering process, however, did identify two Funds for further review that had not been designated review funds using unfiltered universes.

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8.  A small number of Funds have consistently underperformed over the past four years. The exact number depends on the criteria used to evaluate longer-term performance. For example, the one-year returns of one Fund have been in the fourth or fifth performance quintiles in each of the past four years; there are six Funds whose three-year returns have been in the fourth or fifth quintile over the past four years.

9.  The services performed by CMG professionals beyond portfolio management, such as compliance, legal, information technology, risk management, finance and fund administration, are critical to the success of the Funds and appear to be of high quality.

C. Management Fees Charged by Other Mutual Fund Companies

10.  The Funds' management fees and total expenses are generally low relative to those of their peers. Only 21% of the Funds ranked in the two most expensive quintiles for actual management fees, and only 23% in those quintiles for total expenses.

11.  The highest concentration of low-expense Funds is found among the equity and tax-exempt fixed income Funds. The 12 former Excelsior Funds have relatively high fees and expenses, with half of those Funds ranking in either the fourth or fifth quintiles. The higher actual management fee rankings of certain Excelsior Funds are due in part to fee schedules that are higher than standard Columbia Fund fee schedules at current asset levels. After discussion with the Trustees, CMA is proposing to lower the management fees on three of these Funds.

12.  The distribution of expense rankings is similar in 2007 and 2008, while management fee rankings improved markedly in 2008. Part of the improvement reflects expense limitations introduced last year for the state intermediate municipal bond Funds.

13.  The management fees of the Atlantic Funds are generally in line with those of Columbia Funds supervised by the Nations Board of Trustees (the "Nations Funds"). In investment categories in which the Atlantic Funds have higher average fees, the difference principally arises out of differences in asset size.

D. Trustees' Fee and Performance Evaluation Process

14.  The Trustees' evaluation process identified 17 Funds in 2008 for further review based upon their relative performance or expenses or both. When compared in filtered universes, two more Funds met the criteria for further review. CMG provided further information about those Funds to assist the Trustees in their evaluation.

E. Potential Economies of Scale

15.  CMG presented to the Trustees its analysis of the sources and sharing of potential economies of scale. CMG views economies of scale as arising at the complex level and would regard estimates of scale economies for individual funds as unreliable. In its analysis, CMG did not identify specific sources of economies of scale or provide any estimates of any economies of scale that might arise from future asset growth. CMG's analysis included measures taken by the Trustees and CMG that seek to share any potential economies of scale through breakpoints in management fee schedules, expense reimbursements, fee waivers, enhanced shareholder services, fund mergers, and operational consolidation.

16.  An examination of the contractual fee schedules for five Atlantic Funds shows that they are generally in line with those of their competitors, in terms of number and extent of fee breakpoints. A similar examination last year of five different Funds led to the same conclusion.

F. Management Fees Charged to Institutional Clients

17.  CMG has provided Trustees with comparisons of mutual fund management fees and institutional fees based upon standardized fee schedules and upon actual fees. The results show that, consistent with industry practice, institutional fees are generally lower than the Funds' management fees. However, because the services provided and risks borne by the manager are more extensive for mutual funds compared to institutional accounts, the differences are of limited value in assisting the Trustees in their review of the reasonableness of the Funds' management fees.

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G. Revenues, Expenses, and Profits

18.  The activity-based cost allocation methodology ("ABC") employed by CMG to allocate costs, both direct and indirect, for purposes of calculating Fund profitability is thoughtful and detailed. This year, CMG proposed a change to the method by which indirect expenses are allocated. Under this "hybrid" method, indirect costs relating to fund management are allocated among the Funds 50% by assets and 50% per Fund. Allocating indirect expenses equally to each Fund has an intuitive logic, as each Fund regardless of size has certain expenses, such as preparing and printing prospectuses and financial statements.

19.  The materials provided on CMG's revenues and expenses with respect to the Funds and the methodology underlying their construction form a sufficient basis for Trustees to evaluate the expenses and profitability of the Funds.

20.  In 2007, CMG's complex-wide pre-tax margins on the Atlantic Funds were slightly below industry medians, based on limited data available for publicly held mutual fund managers. However, as is to be expected in a complex now comprising 75 Funds (including former Excelsior Funds), some Atlantic Funds have relatively high pre-tax profit margins, when calculated solely with respect to management revenues and expenses, while other Atlantic Funds operate at a loss. There is a positive relationship between fund size and profitability, with smaller funds generally operating at a loss.

21.  CMG pays a fixed percentage of its management fee revenues to an affiliate, U.S. Trust, Bank of America Private Wealth Management, to compensate it for services it performs with respect to Atlantic Fund assets held for the benefit of its customers. Based on our analysis of the services provided by this affiliate, we have concluded that all payments other than those for sub-transfer agent or sub-accounting services should be treated as a distribution expense.

III. Recommendations

1)  Criteria for review. The Trustees may wish to consider modifying the criteria for classifying a fund as a "Review Fund" to include criteria that focus exclusively on performance without regard to expense or fee levels. For example, a fund whose one-year or three-year performance was median or below for four consecutive years could be treated as a Review Fund. When we applied such criteria to the Funds, several additional Funds would have been added to the list of Review Funds.

2)  Profitability data. CMG should present to the Trustees each year the profitability of each Fund, each investment style and each complex (of which Atlantic is one) calculated as follows:

a.  Management-only profitability should be calculated without reference to any Private Bank expense.

b.  Profitability excluding distribution (which essentially covers the management and transfer agency functions) should be adjusted by removing from the expense calculation any portion of the Private Bank payment not attributable to the performance by the Private Bank of sub-transfer agency or sub-accounting functions.

c.  Total profitability, including distribution: No adjustment for Private Bank expenses should be made, because all such expenses represent legitimate fund expenses to be taken into account in calculating CMG's profit margin including distribution.

d.  Distribution only: This should include all Private Bank expenses other than those attributable to sub-transfer agency services.

Therefore, the following data need not be provided:

1.  Adjusting total profitability data for Private Bank expenses

2.  Adjusting profitability excluding distribution by backing out all Private Bank expenses.

3)  Potential economies of scale. CMG and the IFC should continue to work on methods for more precisely quantifying to the extent possible the sources and magnitude of any economies of scale as CMG's mutual fund assets under management increase, to the extent that the data allows for meaningful year-over-year comparisons. The framework suggested in Section IV.D.4 may prove to be a useful model for such an analysis.

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4)  Competitive breakpoint analysis. As part of the annual fee evaluation process, the breakpoints of a select group of Atlantic Funds (which would differ each year) should continue to be compared to those of industry rivals to ensure that the Funds' breakpoint schedules remain within industry norms. As breakpoint schedules change relatively little each year, performing such a comparison for each Atlantic Fund each year would not be an efficient use of Trustee and CMG resources.

5)  Cost allocation methodology. CMG's point that the current ABC system of allocating indirect expenses creates anomalous results in several cases, including sub-advised Funds, is well-taken. We would like to work with CMG over the forthcoming year on alternatives to the current system of allocating indirect expenses that (1) resolve the anomalies, (2) limit the amount of incremental effort on CMG's part and (3) remain faithful to the general principle that expenses should be allocated by time and effort to the extent reasonably possible.

6)  Management fee disparities. CMG and the Atlantic Trustees, as part of any future study of management fees, should analyze the differences in management fee schedules, principally arising out of the reorganization of the former Excelsior Funds as Atlantic Funds. As part of that analysis, CMG should provide an explanation for any significant fee differences among comparable funds across fund families managed by CMA, such as differences in the management styles of different Funds included the same Lipper category. Finally, whenever CMG proposes a management fee change or an expense cap for any mutual fund managed by CMA that is comparable to any Atlantic Fund, CMG should provide the Trustees with sufficient information about the proposal to allow the Trustees to assess the applicability of the proposed change to the relevant Atlantic Fund or Funds.

7)  Tax-exempt Fund expense data. The expense rankings of certain tax-exempt Funds were adversely affected by including certain investment-related interest expenses that Lipper excluded in calculating the expense ratios of competitors. We recommend that CMG follow the Lipper practice and exclude such interest expenses from data submitted to Lipper to avoid unfairly disadvantaging the tax-exempt Funds.

8)  Reduction of volume of paper documents submitted. The effort to rationalize and simplify the data presented to the Trustees and the process by which that data was prepared and organized was regarded as a success by all parties. We should continue to look for opportunities to reduce and simplify the presentation of 15(c) data, especially in the area of Fund profitability. The Fund "Dashboard" volume presents a large volume of Fund data on a single page. If it is continued, the Trustees may wish to consider receiving the underlying Lipper data on CD, rather than the current paper volumes.

* * *

Respectfully submitted,
Steven E. Asher

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COLUMBIA FUNDS INSTITUTIONAL TRUST

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BOSTON, MASSACHUSETTS 02266-8081

SHC-44/5677-0109 (03/09) 09-73943

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 the funds 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 funds voted proxies relating to portfolio securities is also available from the 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, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

©2009 Columbia Management Distributors, Inc.
One Financial Center, Boston, MA 02111-2621

CMG STRATEGIC EQUITY FUND
A PORTFOLIO OF COLUMBIA FUNDS INSTITUTIONAL TRUST

Semiannual Report
January 31, 2009

NOT FDIC INSURED

May Lose Value

No Bank Guarantee

NOT BANK ISSUED

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. The fund is distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation.

Columbia Management Advisors, LLC ("CMA") is an SEC-registered investment advisor and an indirect, wholly owned subsidiary of Bank of America Corporation and is part of Columbia Management.

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 the Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of the Fund. References to specific securities should not be construed as a recommendation or investment advice.

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

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
FUND PROFILE

Summary

•  For the six-month period that ended January 31, 2009, CMG Strategic Equity Fund returned negative 37.09%. The fund's benchmark, the Russell 1000 Index, returned negative 34.71%.¹ The average return of its peer group, the Lipper Multi-Cap Core Funds Classification, was negative 35.28%.² In a period that was challenging for stocks, in general, both stock selection and, to a lesser extent, sector weights were a factor in the fund's underperformance relative to the benchmark. Stock selection in the energy, materials, industrials, consumer discretionary and health care sectors accounted for much of the fund's underperformance relative to the benchmark. The fall-off in commodity prices that resulted from the weak global economy weighed on the energy and materials sectors. While investments in the financials and information technology sectors declined, they went down less than the benchmark.

•  Although the stock market struggled during the six-month period, the fund held several strong performers. Among energy sector investments, Denbury Resources (0.5% of net assets), an independent oil and gas company, was a strong performer. The portfolio's position in consumer staples stocks was aided by Hansen Natural (0.6% of net assets), a developer and marketer of soft drinks, and by Longs Drug Stores, which was acquired by a competitor during the period. In information technology, Affiliated Computer Services and Brocade Communications Systems (0.6% and 0.3% of net assets, respectively) registered positive returns.

•  We believe that problems within the credit markets, coupled with a stressed housing market, will continue to pressure the U.S and global economy. However, we believe recent interest rate cuts and other government action, both at home and abroad, should aid its recovery and eventually enable the economy to stabilize. In this environment, valuations have become attractive across many sectors and we are finding opportunities to own companies that we believe have the potential to benefit as the economy recovers. We continue to believe in the long-term growth potential for emerging markets. However, in the near term, we are finding many compelling investments in the United States.

¹  The Russell 1000 Index measures the performance of 1,000 of the largest US companies, based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. 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 similar investment objectives as those of the fund. Lipper makes no adjustments for the effect of sales loads.

1

Portfolio Management

Emil A. Gjester has managed or co-managed the fund since January 2004 and has been associated with the advisor or its predecessors or affiliate organizations since 1996.

Jonas Patrikson has co-managed the fund since February 2006 and has been associated with the advisor or its predecessors or affiliate organizations since 2004.

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

Mary-Ann Ward has co-managed the fund since April 2008 and has been associated with the advisor or its predecessors or affiliate organizations since 1997.

The fund's top ten holdings (as a percentage of net assets) as of January 31, 2009 were:

	(%)
Exxon Mobil		2.9
JPMorgan Chase		2.0
International Business Machines		1.8
Hewlett-Packard		1.7
AT&T		1.6
Microsoft		1.5
Apple		1.5
Abbott Laboratories		1.4
Wells Fargo		1.3
PepsiCo		1.3

Holdings are calculated as a percentage of net assets and are subject to change. Because the fund is actively managed, there is no guarantee the fund will continue to maintain the holdings breakdown listed. The fund's holdings and their weights within the portfolio may change as market conditions change.

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

International investing may involve certain risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other monetary and political risks.

2

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

Average annual total return as of January 31, 2009 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Strategic Equity Fund		10/09/01		-37.09		-39.58		-2.47		3.19
Russell 1000 Index				-34.71		-39.04		-4.05		-1.10

Average annual total return as of December 31, 2008 (%)

	Inception		6-month (cumulative)		1-year		5-year		Life
CMG Strategic Equity Fund		10/09/01		-34.58		-41.09		-0.86		4.15
Russell 1000 Index				-29.73		-37.60		-2.04		0.06

Index performance is from October 9, 2001.

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 and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The fund's annual operating expense ratios, with and without contractual waivers, as stated in the fund's prospectus that is current as of the date of this report, are 0.40% and 0.73%, respectively, of average annual net assets. 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. The contractual waiver expires 11/30/09.

Performance of a $5,000,000 investment, October 9, 2001 to January 31, 2009

The chart above compares the results of a hypothetical minimum initial $5,000,000 investment in the fund to the index 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.

The Russell 1000 Index measures the performance of 1,000 of the largest US companies, based on market capitalization. Indices are not investments, do not incur fees or expenses and are not professionally managed. It is not possible to invest directly in an index. Securities in the fund may not match those in an index.

3

UNDERSTANDING YOUR EXPENSES – CMG Strategic Equity Fund

As a fund shareholder, you incur ongoing costs, which generally include investment advisory 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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors 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 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.

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:

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 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.

August 1, 2008 — January 31, 2009

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
	1,000.00	1,000.00		629.08	1,023.19		1.64	2.04		0.40

Expenses paid during the period are equal to the annualized expense ratio of 0.40%, 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 end of the period would have been reduced.

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

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.

4

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout Each Period)

	(Unaudited) Six Months Ended January 31,			Year Ended July 31,
	2009			2008			2007			2006			2005			2004
Net asset value, beginning of period	$	1.94		$	3.01		$	3.13		$	15.22		$	13.80		$	12.06
Income from investment operations:
Net investment income (a)		0.01			0.03			0.04			0.14			0.19	(b)		0.12
Net realized and unrealized gain (loss) on investments and foreign currency		(0.73	)		(0.04	)		0.46			0.82			2.09			1.87
Total from investment operations		(0.72	)		(0.01	)		0.50			0.96			2.28			1.99
Less distributions to shareholders:
From net investment income		(0.02	)		(0.05	)		(0.03	)		(0.57	)		(0.14	)		(0.09	)
From net realized gains		-			(1.01	)(c)		(0.59	)		(12.48	)(c)		(0.72	)		(0.16	)
Total distributions to shareholders		(0.02	)		(1.06	)		(0.62	)		(13.05	)		(0.86	)		(0.25	)
Net asset value, end of period	$	1.20		$	1.94		$	3.01		$	3.13		$	15.22		$	13.80
Total return (d)(e)		(37.09	)%(g)		(4.03	)%		17.08	%(h)		7.58	%(f)		16.77	%		16.58	%
Ratios to average net assets/ Supplemental data:
Net expenses before interest expense		0.40	%(j)		0.40	%(i)		0.40	%(i)		0.40	%(i)		0.40	%(i)		0.40	%(i)
Interest expense		-			-	%(k)		-	%(k)		-			-			-
Net expenses		0.40	%(j)		0.40	%(i)		0.40	%(i)		0.40	%(i)		0.40	%(i)		0.40	%(i)
Waiver/Reimbursement		0.41	%(j)		0.33	%		0.22	%		0.07	%		0.03	%		0.05	%
Net investment income		1.35	%(j)		1.20	%(i)		1.31	%(i)		1.09	%(i)		1.31	%(i)		0.88	%(i)
Portfolio turnover rate		77	%(g)		100	%		127	%		47	%		64	%		81	%
Net assets, end of period (000's)	$	26,261		$	49,466		$	46,106		$	120,541		$	755,860		$	618,714

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

(b)  Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.02 per share.

(c)  Capital gain distributions were declared after significant shareholder redemptions reduced the size of the Fund.

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

(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)  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)  Not annualized.

(h)  Includes a reimbursement by the investment advisor due to a compliance violation. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

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

(j)  Annualized.

(k)  Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

5

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (98.7%)
Consumer Discretionary (9.5%)
Auto Components (0.2%)
Nokian Renkaat Oyj		6,440	$	62,990
Distributors (0.3%)
Genuine Parts Co.		2,420		77,488
Hotels, Restaurants & Leisure (1.2%)
Burger King Holdings, Inc.		4,700		104,575
Carnival Corp.		4,510		82,037
WMS Industries, Inc. (a)		4,375		97,212
Wynn Resorts Ltd. (a)		1,110		33,389
				317,213
Media (2.0%)
Comcast Corp., Class A		18,800		275,420
DIRECTV Group, Inc. (a)		6,720		147,168
News Corp., Class A		13,830		88,374
				510,962
Multiline Retail (1.3%)
Kohl's Corp. (a)		3,170		116,371
Target Corp.		6,930		216,216
				332,587
Specialty Retail (2.8%)
Advance Auto Parts, Inc.		4,580		149,903
Best Buy Co., Inc.		4,740		132,815
Gap, Inc.		5,720		64,522
Home Depot, Inc.		7,940		170,948
Ross Stores, Inc.		2,650		77,963
TJX Companies, Inc.		4,640		90,109
Urban Outfitters, Inc. (a)		3,460		53,907
				740,167
Textiles, Apparel & Luxury Goods (1.7%)
Hanesbrands, Inc. (a)		6,490		58,345
NIKE, Inc., Class B		5,470		247,517
Polo Ralph Lauren Corp.		3,590		147,298
				453,160
				2,494,567

	Shares		Value
Consumer Staples (9.3%)
Beverages (3.0%)
Coca-Cola Co.		1,860	$	79,459
Fomento Economico Mexicano SAB de CV, ADR		3,010		84,731
Hansen Natural Corp. (a)		4,320		144,720
Molson Coors Brewing Co., Class B		3,310		133,294
PepsiCo, Inc.		6,760		339,555
				781,759
Food & Staples Retailing (1.2%)
Kroger Co.		10,460		235,350
United Natural Foods, Inc. (a)		5,730		89,044
				324,394
Food Products (1.5%)
Corn Products International, Inc.		4,630		107,185
Kraft Foods, Inc., Class A		6,690		187,654
Sanderson Farms, Inc.		2,690		97,324
				392,163
Household Products (1.1%)
Procter & Gamble Co.		5,430		295,935
Personal Products (1.1%)
Avon Products, Inc.		9,210		188,344
Herbalife Ltd.		4,450		91,270
				279,614
Tobacco (1.4%)
Altria Group, Inc.		6,500		107,510
Philip Morris International, Inc.		3,340		124,081
Universal Corp.		4,730		144,644
				376,235
				2,450,100
Energy (14.5%)
Energy Equipment & Services (3.9%)
Cameron International Corp. (a)		7,320		169,531
Core Laboratories N.V.		2,060		138,411
Diamond Offshore Drilling, Inc.		1,270		79,705
National-Oilwell Varco, Inc. (a)		5,460		144,363
Noble Corp.		3,810		103,442
Schlumberger Ltd.		3,250		132,633
Transocean Ltd. (a)		1,578		86,190

See Accompanying Notes to Financial Statements.
6

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Energy Equipment & Services (continued)
Weatherford International Ltd. (a)		7,260	$	80,078
Wellstream Holdings PLC		11,550		79,630
				1,013,983
Oil, Gas & Consumable Fuels (10.6%)
Apache Corp.		2,570		192,750
ConocoPhillips		5,630		267,594
Denbury Resources, Inc. (a)		10,820		132,437
Devon Energy Corp.		3,120		192,192
Exxon Mobil Corp.		9,990		764,035
Hess Corp.		3,000		166,830
Marathon Oil Corp.		3,740		101,840
Noble Energy, Inc.		2,410		117,921
Occidental Petroleum Corp.		3,700		201,835
Petroleo Brasileiro SA, ADR		5,440		142,528
Southwestern Energy Co. (a)		4,650		147,173
StatoilHydro ASA, ADR		8,370		144,215
XTO Energy, Inc.		5,647		209,447
				2,780,797
				3,794,780
Financials (13.6%)
Capital Markets (3.9%)
Ameriprise Financial, Inc.		7,670		154,551
Charles Schwab Corp.		9,200		125,028
Credit Suisse Group AG, ADR		4,190		106,803
Goldman Sachs Group, Inc.		2,640		213,127
Greenhill & Co., Inc.		1,410		91,678
Invesco Ltd.		14,860		175,199
Raymond James Financial, Inc.		4,760		88,108
Waddell & Reed Financial, Inc., Class A		3,680		51,962
				1,006,456
Commercial Banks (3.2%)
BB&T Corp.		2,240		44,330
First Horizon National Corp.		14,612		139,106
Glacier Bancorp, Inc.		6,210		95,323
Prosperity Bancshares, Inc.		2,140		57,887
TCF Financial Corp.		12,440		154,132
Wells Fargo & Co.		18,600		351,540
				842,318
Consumer Finance (0.7%)
American Express Co.		10,990		183,863

	Shares		Value
Diversified Financial Services (2.2%)
JPMorgan Chase & Co.		20,896	$	533,057
Portfolio Recovery Associates, Inc. (a)		1,700		40,103
				573,160
Insurance (2.7%)
ACE Ltd.		2,290		99,981
Aon Corp.		4,220		156,351
Arch Capital Group Ltd. (a)		1,960		117,894
Axis Capital Holdings Ltd.		5,210		126,395
MetLife, Inc.		7,340		210,878
				711,499
Real Estate Investment Trusts (REITs) (0.9%)
Digital Realty Trust, Inc.		5,010		159,819
Redwood Trust, Inc.		6,524		82,789
				242,608
				3,559,904
Health Care (14.0%)
Biotechnology (3.9%)
Acorda Therapeutics, Inc. (a)		2,179		53,451
Amgen, Inc. (a)		5,090		279,187
Celgene Corp. (a)		2,385		126,286
Cephalon, Inc. (a)		1,030		79,495
Genentech, Inc. (a)		1,790		145,420
Gilead Sciences, Inc. (a)		4,030		204,603
Onyx Pharmaceuticals, Inc. (a)		2,380		72,423
OSI Pharmaceuticals, Inc. (a)		1,980		70,488
				1,031,353
Health Care Equipment & Supplies (1.3%)
Baxter International, Inc.		3,820		224,043
Mindray Medical International Ltd., ADR		2,745		56,712
Smith & Nephew PLC, ADR		1,820		66,175
				346,930
Health Care Providers & Services (2.1%)
Aetna, Inc.		3,230		100,130
AMERIGROUP Corp. (a)		1,930		53,982
Express Scripts, Inc. (a)		3,630		195,149
Medco Health Solutions, Inc. (a)		4,350		195,445
				544,706

See Accompanying Notes to Financial Statements.
7

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Life Sciences Tools & Services (0.7%)
QIAGEN N V (a)		3,060	$	52,479
Thermo Fisher Scientific, Inc. (a)		3,350		120,365
				172,844
Pharmaceuticals (6.0%)
Abbott Laboratories		6,450		357,588
Allergan, Inc.		3,770		143,712
AstraZeneca PLC, ADR		3,160		121,755
Bristol-Myers Squibb Co.		12,190		260,988
Endo Pharmaceuticals Holdings, Inc. (a)		3,830		86,060
Johnson & Johnson		3,780		218,068
Perrigo Co.		3,220		94,507
Teva Pharmaceutical Industries Ltd., ADR		1,920		79,584
Wyeth		5,010		215,280
				1,577,542
				3,673,375
Industrials (10.7%)
Aerospace & Defense (2.0%)
Boeing Co.		2,360		99,852
Honeywell International, Inc.		3,290		107,945
Raytheon Co.		2,360		119,463
United Technologies Corp.		4,240		203,477
				530,737
Air Freight & Logistics (0.5%)
United Parcel Service, Inc., Class B		2,740		116,423
Commercial Services & Supplies (0.5%)
Republic Services, Inc.		5,190		134,213
Construction & Engineering (1.4%)
Aecom Technology Corp. (a)		2,380		60,238
EMCOR Group, Inc. (a)		5,800		119,422
Granite Construction, Inc.		1,230		43,320
Quanta Services, Inc. (a)		6,510		139,184
				362,164
Electrical Equipment (0.2%)
First Solar, Inc. (a)		350		49,980

	Shares		Value
Industrial Conglomerates (1.7%)
3M Co.		3,460	$	186,114
General Electric Co.		5,240		63,561
Siemens AG, ADR		2,870		160,892
Textron, Inc.		4,360		39,371
				449,938
Machinery (1.2%)
Danaher Corp.		1,870		104,589
Joy Global, Inc.		4,900		102,067
Parker Hannifin Corp.		2,920		111,573
				318,229
Marine (0.3%)
Diana Shipping, Inc.		5,720		76,019
Professional Services (0.9%)
Dun & Bradstreet Corp.		2,500		190,000
FTI Consulting, Inc. (a)		1,180		48,392
				238,392
Road & Rail (1.4%)
Landstar System, Inc.		3,410		122,317
Norfolk Southern Corp.		2,590		99,352
Union Pacific Corp.		3,540		155,017
				376,686
Trading Companies & Distributors (0.6%)
W.W. Grainger, Inc.		2,290		167,055
				2,819,836
Information Technology (16.2%)
Communications Equipment (2.6%)
Brocade Communications Systems, Inc. (a)		19,950		76,009
Cisco Systems, Inc. (a)		21,300		318,861
QUALCOMM, Inc.		8,080		279,164
				674,034
Computers & Peripherals (5.0%)
Apple, Inc. (a)		4,390		395,671
Hewlett-Packard Co.		12,970		450,708
International Business Machines Corp.		5,130		470,164
				1,316,543

See Accompanying Notes to Financial Statements.
8

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Shares		Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components (0.6%)
LG Display Co., Ltd., ADR (a)		2,760	$	26,275
Mettler-Toledo International, Inc. (a)		2,130		141,816
				168,091
Internet Software & Services (1.6%)
Equinix, Inc. (a)		1,390		74,157
Google, Inc., Class A (a)		1,000		338,530
				412,687
IT Services (2.1%)
Affiliated Computer Services, Inc., Class A (a)		3,310		151,796
Fiserv, Inc. (a)		2,860		90,805
Hewitt Associates, Inc., Class A (a)		4,060		115,223
MasterCard, Inc., Class A		610		82,826
Redecard SA		9,390		106,245
				546,895
Semiconductors & Semiconductor Equipment (1.9%)
Analog Devices, Inc.		3,530		70,529
Intel Corp.		15,518		200,182
Marvell Technology Group Ltd. (a)		14,410		105,049
Texas Instruments, Inc.		4,250		63,538
Xilinx, Inc.		4,190		70,601
				509,899
Software (2.4%)
Microsoft Corp.		23,250		397,575
Nintendo Co., Ltd.		300		92,290
Oracle Corp. (a)		7,980		134,303
				624,168
				4,252,317
Materials (5.1%)
Chemicals (1.9%)
Albemarle Corp.		3,240		72,090
CF Industries Holdings, Inc.		1,290		60,630
Monsanto Co.		3,220		244,913
Potash Corp. of Saskatchewan		1,470		110,044
				487,677

	Shares		Value
Containers & Packaging (0.2%)
Owens-Illinois, Inc. (a)		2,620	$	49,780
Metals & Mining (3.0%)
Alcoa, Inc.		9,160		71,356
ArcelorMittal		3,640		82,155
Cia Vale do Rio Doce, ADR		8,770		123,745
Cliffs Natural Resources, Inc.		3,050		70,669
Freeport-McMoRan Copper & Gold, Inc.		6,000		150,840
Kaiser Aluminum Corp.		3,320		82,469
Nucor Corp.		3,860		157,449
Sims Metal Management Ltd., ADR		5,500		58,630
				797,313
				1,334,770
Telecommunication Services (2.5%)
Diversified Telecommunication Services (2.1%)
AT&T, Inc.		17,494		430,702
P.T. Telekomunikasi Indonesia, ADR		5,230		114,589
				545,291
Wireless Telecommunication Services (0.4%)
American Tower Corp., Class A (a)		4,070		123,484
				668,775
Utilities (3.3%)
Electric Utilities (3.3%)
Entergy Corp.		2,990		228,316
Exelon Corp.		5,510		298,752
FirstEnergy Corp.		4,860		242,952
FPL Group, Inc.		1,760		90,728
				860,748
				860,748
Total Common Stocks (cost of $29,457,616)				25,909,172

See Accompanying Notes to Financial Statements.
9

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
SCHEDULE OF INVESTMENTS

January 31, 2009 (Unaudited)

	Par		Value
Short-Term Obligation (2.3%)
Repurchase agreement with Fixed Income Clearing Corp., dated 01/30/09, due 02/02/09 at 0.200%, collateralized by a U.S. Treasury Obligation maturing 11/15/16, market value $619,930 (repurchase proceeds $604,010)	$	604,000	$	604,000
Total Short-Term Obligation (cost of $604,000)				604,000
Total Investments (101.0%) (cost of $30,061,616) (b)				26,513,172
Other Assets & Liabilities, Net (1.0%)				(251,864	)
Net Assets (100.0%)			$	26,261,308

Notes to Schedule of Investments:

(a)  Non-income producing security.

(b)  Cost for federal income tax purposes is $30,061,616.

At January 31, 2009, the Fund held investments in the following sectors:

Sector	% of Net Assets
Information Technology		16.2
Energy		14.5
Health Care		14.0
Financials		13.6
Industrials		10.7
Consumer Discretionary		9.5
Consumer Staples		9.3
Materials		5.1
Utilities		3.3
Telecommunication Services		2.5
		98.7
Short-Term Obligation		2.3
Other Assets & Liabilities, Net		(1.0	)
		100.0

Acronym	Name
ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements.
10

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
STATEMENT OF ASSETS AND LIABILITIES

January 31, 2009 (Unaudited)

ASSETS:
Investments, at identified cost	$	30,061,616
Investments, at value	$	26,513,172
Cash		6,214
Receivable for:
Investments sold		623,283
Fund shares sold		12,000
Dividends		53,299
Interest		7
Foreign tax reclaims		1,407
Expense reimbursement due from investment advisor		15,885
Trustees' deferred compensation plan		14,978
Other assets		1,578
Total Assets		27,241,823
LIABILITIES:
Payable for:
Investments purchased		612,943
Investment advisory fee		11,734
Transfer agent fee		26
Trustees' fees		789
Audit fee		16,136
Custody fee		5,486
Reports to shareholders		16,755
Chief compliance officer expenses		128
Trustees' deferred compensation plan		14,978
Other liabilities		301,540
Total Liabilities		980,515
NET ASSETS	$	26,261,308
NET ASSETS CONSIST OF:
Paid-in capital	$	41,278,869
Overdistributed net investment income		(71,366	)
Accumulated net realized loss		(11,397,516	)
Net unrealized appreciation (depreciation) on:
Investments		(3,548,444	)
Foreign currency translations		(235	)
NET ASSETS	$	26,261,308
Shares of capital stock outstanding		21,959,189
Net asset value, offering and redemption price per share	$	1.20

See Accompanying Notes to Financial Statements.

11

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
STATEMENT OF OPERATIONS

For the Six Months Ended January 31, 2009 (Unaudited)

INVESTMENT INCOME:
Dividends	$	339,139
Interest		2,821
Foreign taxes withheld		(2,433	)
Total Investment Income		339,527
Expenses:
Investment advisory fee		77,814
Transfer agent fee		61
Trustees' fees		7,360
Custody fee		13,616
Registration fees		12,023
Audit fee		21,094
Reports to shareholders		15,456
Chief compliance officer expenses		368
Other expenses		9,102
Total Expenses		156,894
Fees waived or expenses reimbursed by investment advisor		(79,079	)
Net Expenses		77,815
Net Investment Income		261,712
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on:
Investments		(8,639,715	)
Foreign currency transactions		(2,076	)
Net realized loss		(8,641,791	)
Net change in unrealized appreciation (depreciation) on:
Investments		(10,209,848	)
Foreign currency translations		(382	)
Net change in unrealized appreciation (depreciation)		(10,210,230	)
Net Loss		(18,852,021	)
NET DECREASE RESULTING FROM OPERATIONS	$	(18,590,309	)

See Accompanying Notes to Financial Statements.

12

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
STATEMENT OF CHANGES IN NET ASSETS

Increase (Decrease) in Net Assets	(Unaudited) Six Months Ended January 31, 2009			Year Ended July 31, 2008
Operations:
Net investment income	$	261,712		$	576,183
Net realized loss on investments and foreign currency transactions		(8,641,791	)		(1,677,819	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(10,210,230	)		(1,114,348	)
Net decrease resulting from operations		(18,590,309	)		(2,215,984	)
Distributions to shareholders:
From net investment income		(573,955	)		(680,722	)
From realized gain		-			(14,916,823	)
Total distributions to shareholders		(573,955	)		(15,597,545	)
Net Capital Stock Transactions		(4,040,606	)		21,173,915
Total increase (decrease) in net assets		(23,204,870	)		3,360,386
NET ASSETS:
Beginning of period		49,466,178			46,105,792
End of period	$	26,261,308		$	49,466,178
Undistributed (overdistributed) net investment income at end of period	$	(71,366	)	$	240,877

Capital Stock Activity

	(Unaudited) Six Months Ended January 31, 2009						Year Ended July 31, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Subscriptions		1,428,534			2,097,000			4,862,073			10,415,789
Distributions reinvested		425,953			545,220			6,894,326			14,891,743
Redemptions		(5,435,474	)		(6,682,826	)		(1,511,583	)		(4,133,617	)
Net increase (decrease)		(3,580,987	)		(4,040,606	)		10,244,816			21,173,915

See Accompanying Notes to Financial Statements.

13

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Note 1.  Organization

CMG Strategic Equity Fund (the "Fund"), a series of Columbia Funds Institutional Trust (the "Trust"), is a diversified portfolio. The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

Shares of the Fund are available for purchase by institutional investors investing directly in the Fund, by institutional investors investing in the Fund as an advisory client of Columbia Management Advisors, LLC ("Columbia"), the Fund's investment advisor, and by institutional investors investing in the Fund as an advisory client of Bank of America, N.A. Please see the Fund's prospectus for further details, including applicable investment minimums.

Investment objective. The Fund seeks to provide investors with long-term growth of capital and total returns greater than those of the market over time.

Fund shares. The Fund may issue an unlimited number of shares of beneficial interest which are offered continuously at net asset value.

Note 2.  Significant accounting policies

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

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

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

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

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

14

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

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.

On August 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"). SFAS 157 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 under SFAS 157 are described below:

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

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

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

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

The following table summarizes the inputs used, as of January 31, 2009, in valuing the Fund's assets:
Valuation Inputs	Investments in Securities		Other Financial Instruments
Level 1—Quoted Prices	$	25,674,262	$	-
Level 2—Other Significant Observable Inputs		838,910		-
Level 3—Significant Unobservable Inputs		-		-
Total	$	26,513,172	$	-

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.

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.

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133 ("SFAS 161"), was issued. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires additional discussion about the reporting entity'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. Management is evaluating the impact the application of SFAS 161 will have on the Fund's financial statement di sclosures.

15

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Repurchase agreements. The Fund may engage in repurchase agreement transactions with institutions that Columbia has determined are creditworthy. The Fund, through its 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 the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Foreign currency transactions. 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 include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

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

Income recognition. Interest income is recorded on the accrual basis. 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 Fund becomes 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 Fund no longer owns 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 Fund and the 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.

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

Distributions to shareholders. Distributions from net investment income, if any, are declared and distributed 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.

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.

16

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Note 3.  Federal tax information

The tax character of distributions paid during the year ended July 31, 2008 was as follows:

Distributions paid from:
Ordinary Income*	$	3,560,000
Long-Term Capital Gains		12,037,545

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

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

Unrealized appreciation	$	2,138,556
Unrealized depreciation		(5,687,000	)
Net unrealized depreciation	$	(3,548,444	)

Under Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes-an Interpretation of FASB Statement No. 109 ("FIN 48"), management determines 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 is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Fund. As a result of this evaluation, management has concluded that FIN 48 did not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, 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. The Fund 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.

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, administrative and other 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 at the annual rate of 0.40% of the Fund's average daily net assets.

In addition to the annual Fund operating expenses, each shareholder enters into a written administrative services agreement with Columbia or its affiliate. Pursuant to this Agreement, Columbia or its affiliate will provide the shareholder specialized reports regarding the Fund, performance of the shareholder's investments and market conditions and economic indicators. For such services, each shareholder (and not the Fund) will pay an annual fee calculated as a percentage of the shareholder's net assets in the Fund. The annual fee is 0.20% on the first $25 million of the shareholder's net assets in the Fund, and no fee payable on net assets in excess of $25 million.

17

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

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.

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. The pricing and bookkeeping fees for the Fund are payable by Columbia.

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.

Fee waivers and expense reimbursements. Columbia has contractually agreed to waive fees and/or reimburse the Fund through November 30, 2009, for certain expenses so that the ordinary operating expenses incurred by the Fund (exclusive of any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, will not exceed 0.40% of the Fund's average daily net assets. There is no guarantee that this arrangement will continue after November 30, 2009.

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

The Fund'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. The Fund had no custody credits for the six month period ended January 31, 2009.

18

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

Note 6.   Portfolio information

For the six month period ended January 31, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $29,897,422 and $33,967,736, respectively.

Note 7.   Line of credit

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

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. Prior to October 16, 2008, the Fund and other affiliated funds participated in a $350,000,000 committed, unsecured revolving line of credit and a $150,000,000 uncommitted, unsecured line of credit, both provided by State Street. Interest on the committed line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.50%. In addition, a commitment fee of 0.10% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets. Interest on the uncommitted line of credit was charged to each participating fund based on the fund's borrowings at a rate per annum equal to the Federal Funds Rate plus 0.375%. State Street charged an annual operations agency fee of $40,000 for the committed line of credit and was able to charge an annual administration fee of $15,000 for the uncommitted line of credit. The commitment fee, the operations agency fee and the administration fee were accrued and apportioned among the participating funds pro rata based on their relative net assets. For the six month period ended January 31, 2009, the Fund did not borrow under these arrangements.

Note 8.  Shares of beneficial interest

As of January 31, 2009, 97.9% 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. Subscription and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 9. 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.

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.

Legal proceedings. CMG Funds are not named as parties to any regulatory proceedings or litigation. Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are

19

CMG STRATEGIC EQUITY FUND
A Portfolio of Columbia Funds Institutional Trust
NOTES TO FINANCIAL STATEMENTS

January 31, 2009 (Unaudited)

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 pr ojected 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 America Corporation and others as d efendants. 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.

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BOARD CONSIDERATION AND APPROVAL OF
ADVISORY AGREEMENTS

The Advisory Fees and Expenses Committee of the Board of Trustees meets several times annually to review the advisory agreements (collectively, the "Agreements") of the funds for which the Trustees serve as trustees (each a "fund") and to determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements. In addition, the full Board, including the Independent Trustees, considers matters bearing on the Agreements at most of its other meetings throughout the year and meets regularly with senior management of the funds and Columbia, the funds' investment adviser, including the senior manager of each investment area within Columbia. Through the Board's Investment Oversight Committees, Trustees also meet with selected fund portfolio managers, research analysts and traders at various times throughout the year.

The Trustees receive and review all materials that they, their legal counsel or Columbia believe to be reasonably necessary for the Trustees to evaluate the Agreements and to determine whether to approve the continuation of the Agreements. Those materials generally include, among other items, (i) information on the investment performance of each fund relative to the performance of peer groups of mutual funds and the fund's performance benchmarks, and additional information assessing performance on a risk-adjusted basis, (ii) information on each fund's advisory fees and other expenses, including information comparing the fund's expenses to those of peer groups of mutual funds and information about any applicable expense caps and fee "breakpoints," (iii) information about the profitability of the Agreements to Columbia, including potential "fall-out" or ancillary benefits that Columbia and its affiliates may receive as a result of their relationships with the funds and (iv) information obtained through Columbia's response to a questionnaire prepared at the request of the Trustees by counsel to the funds and independent legal counsel to the Independent Trustees. The Trustees also consider other information such as (v) Columbia's financial results and financial condition, (vi) each fund's investment objective and strategies and the size, education and experience of Columbia's investment staffs and their use of technology, external research and trading cost measurement tools, (vii) the allocation of the funds' brokerage and the use of "soft" commission dollars to pay for research products and services, (viii) Columbia's resources devoted to, and its record of compliance with, the funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies and legal and regulatory requirements, (ix) Columbia's response to various legal and regulatory proceedings since 2003 and to the recent peri od of volatility in the securities markets, and (x) the economic outlook generally and for the mutual fund industry in particular. In addition, the Advisory Fees and Expenses Committee confers with the funds' independent fee consultant and reviews materials relating to the funds' relationships with Columbia provided by the independent fee consultant. Throughout the process, the Trustees have the opportunity to ask questions of and to request additional materials from Columbia and to consult with the independent fee consultant and independent legal counsel to the Independent Trustees.

The Board of Trustees most recently approved the continuation of the Agreements at its October, 2008 meeting, following meetings of the Advisory Fees and Expenses Committee held in February, April, August, September and October, 2008. In considering whether to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, did not identify any single factor as determinative, and each weighed various factors as he or she deemed appropriate. The Trustees considered the following matters in connection with their approval of the continuation of the Agreements:

The nature, extent and quality of the services provided to the funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by Columbia and its affiliates to the funds and the resources dedicated to the funds by Columbia and its affiliates. Among other things, the Trustees considered (i) Columbia's ability (including its personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes) to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals; (ii) the portfolio management services provided by those investment professionals; and (iii) the trade execution services provided on behalf of the funds. For each fund, the Trustees also

21

considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the continuation of the Agreements.

Investment performance of the funds and Columbia. The Trustees reviewed information about the performance of each fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each fund to the performance of peer groups of mutual funds and performance benchmarks. The Trustees also reviewed a description of the third party's methodology for identifying each fund's peer group for purposes of performance and expense comparisons. The Trustees also considered additional information that the Advisory Fees and Expenses Committee requested from Columbia relating to funds that presented relatively weaker performance and/or relatively higher expenses. In the case of each fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Truste es concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant continuation of the fund's Agreements. Those factors varied from fund to fund, but included one or more of the following: (i) that the fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the fund's investment strategy and policies and that the fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the fund's investment strategy; (iii) that the fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; (iv) that Columbia had taken or was taking steps designed to help improve the fund's investment performance, including, but not limited to, replacing portfolio managers or modifying investment strategies ; and (v) that Columbia proposed to waive advisory fees or cap the expenses of the fund.

The Trustees noted that, through April 30, 2008, CMG Strategic Equity Fund's performance was in the first quintile (where the best performance would be in the first quintile) for the one-, three-, five- and ten-year periods, of the peer group selected by an independent third-party data provider for purposes of performance comparisons.

The Trustees also considered Columbia's performance and reputation generally, the funds' performance as a fund family generally, and Columbia's historical responsiveness to Trustee concerns about performance and Columbia's willingness to take steps intended to improve performance. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of each fund and Columbia was sufficient, in light of other considerations, to warrant the continuation of the Agreement(s) pertaining to that fund.

The costs of the services provided and profits realized by Columbia and its affiliates from their relationships with the funds. The Trustees considered the fees charged to the funds for advisory services as well as the total expense levels of the funds. That information included comparisons (provided by management and by an independent third-party data provider) of each fund's advisory fees and total expense levels to those of the fund's peer groups and information about the advisory fees charged by Columbia to comparable institutional accounts. In considering the fees charged to those accounts, the Trustees took into account, among other things, management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such busine ss for Columbia, and the additional resources required to manage mutual funds effectively. In evaluating each fund's advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the fund. The Trustees considered existing advisory fee breakpoints, and Columbia's use of advisory fee waivers and expense caps, which benefited a number of the funds. The Trustees also noted management's stated justification for the fees charged to the funds, which included information about the investment performance of the funds and the services provided to the funds.

The Trustees considered that CMG Strategic Equity Fund's total expenses and actual management fees were in the first quintile (where the lowest fees and expenses would be in the first quintile) of the peer group selected by an independent third-party data provider for purposes of expense comparisons.

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The Trustees also considered the compensation directly or indirectly received by Columbia and its affiliates from their relationships with the funds. The Trustees reviewed information provided by management as to the profitability to Columbia and its affiliates of their relationships with each fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant funds, the expense level of each fund, and whether Columbia had implemented breakpoints and/or expense caps with respect to the fund.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each fund, and the related profitability to Columbia and its affiliates of their relationships with the fund, supported the continuation of the Agreement(s) pertaining to that fund.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision by Columbia of services to each fund, to groups of related funds, and to Columbia's investment advisory clients as a whole and whether those economies were shared with the funds through breakpoints in the investment advisory fees or other means, such as fee waivers/expense reductions and additional investments by Columbia in investment, trading and compliance resources. The Trustees noted that many of the funds benefited from breakpoints, fee waivers/expense caps, or both. In considering those issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to Columbia and its affiliates of their relationships with the funds, as discussed above.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the funds supported the continuation of the Agreements.

Other Factors. The Trustees also considered other factors, which included but were not limited to the following:

n  the extent to which each fund had operated in accordance with its investment objective and investment restrictions, the nature and scope of the compliance programs of the funds and Columbia and the compliance-related resources that Columbia and its affiliates were providing to the funds;

n  the nature, quality, cost and extent of administrative and shareholder services overseen and performed by Columbia and its affiliates, both under the Agreements and under separate agreements for the provision of transfer agency and administrative services;

n  so-called "fall-out benefits" to Columbia and its affiliates, such as the engagement of its affiliates to provide distribution, brokerage and transfer agency services to the funds, and the benefits of research made available to Columbia by reason of brokerage commissions generated by the funds' securities transactions, as well as possible conflicts of interest associated with those fall-out and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor those possible conflicts of interest; and

n  the report provided by the funds' independent fee consultant, which included information about and analysis of the funds' fees, expenses and performance.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel and the independent fee consultant, the Trustees, including the Independent Trustees, approved the continuance of each of the Agreements through October 31, 2009.

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SUMMARY OF MANAGEMENT FEE EVALUATION BY
INDEPENDENT FEE CONSULTANT

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

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc. November 3, 2008

I. Overview

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

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

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees...to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees...using...an annual independent written evaluation prepared by or under the direction of...the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees with CMA, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds, which are also referred as the "Funds."

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

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

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

C. Organization of the Annual Evaluation

This report, like last year's, focuses on the six factors and contains a section for each factor except that CMA's costs and profits from managing the Funds have been combined into a single section. In addition to a discussion of these factors, the report offers recommendations to improve the fee review process in future years. A review of the status of recommendations made in the 2007 Report is being provided separately with the materials for the October meeting.

II. Summary of Findings

A. General

1.  Based upon my examination of the information supplied by CMG in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fees for each Atlantic Fund.

2.  In my view, the process by which the proposed management fees of the Funds have been negotiated in 2008 thus far has been, to the extent practicable, at arms' length and reasonable and consistent with the AOD.

B. Nature and Quality of Services, Including Performance

3.  The performance of the Funds has been relatively strong in recent years. Based upon 1-, 3-, 5-, and 10-year returns through April 30, 2008, at least half of all the Funds were in the first and second performance quintiles in each of the four performance periods and, at most, only 11% were in the fifth quintile in any one performance period. Both equity and fixed-income funds posted strong performance relative to comparable funds.

4.  Performance rankings were similar in 2007 and 2008, although last year's were slightly stronger. Despite the stability in the distribution of rankings in the two years, at least half the Funds changed quintile rankings between the two years in at least one of the 1-, 3-, and 5-year performance periods.

5.  The performance of the actively managed equity Funds against their benchmarks was very strong. At least 57% and as many as 73% posted net returns exceeding their benchmarks over the 1-, 3-, and 5-year periods. In contrast, gross and net returns of fixed-income Funds typically fell short of their benchmarks.

6.  Atlantic equity Funds' overall performance adjusted for risk also was strong. Based upon 3-year returns, nearly 80% of the equity Funds had a combination of risk-adjusted and unadjusted returns that placed them in the top half of their performance universes. Only about one-fifth of the fixed income Funds posted high returns and low risk relative to comparable funds. About two-thirds of the fixed-income Funds took on more risk than the typical fund in their performance universes.

7.  The industry-standard procedure used by Lipper that includes all share classes in the performance universe tends to bias a Fund's ranking upward within that universe. The bias occurs because either no-12b-1 fee or low-12b-1 fee share classes of the Atlantic Funds are compared with funds in performance universes that include all share classes of multi-class funds with 12b-1 fees of up to 100 basis points. Correcting this bias by limiting the performance universe to classes of comparable funds with low or no 12b-1 fees (a "filtered universe") lowers the relative performance for the Funds, but their performance, on the whole, remains strong. The filtering process, however, did identify two Funds for further review that had not been designated review funds using unfiltered universes.

8.  A small number of Funds have consistently underperformed over the past four years. The exact number depends on the criteria used to evaluate longer-term performance. For example, the one-year returns of one Fund have

25

been in the fourth or fifth performance quintiles in each of the past four years; there are six Funds whose three-year returns have been in the fourth or fifth quintile over the past four years.

9.  The services performed by CMG professionals beyond portfolio management, such as compliance, legal, information technology, risk management, finance and fund administration, are critical to the success of the Funds and appear to be of high quality.

C. Management Fees Charged by Other Mutual Fund Companies

10.  The Funds' management fees and total expenses are generally low relative to those of their peers. Only 21% of the Funds ranked in the two most expensive quintiles for actual management fees, and only 23% in those quintiles for total expenses.

11.  The highest concentration of low-expense Funds is found among the equity and tax-exempt fixed income Funds. The 12 former Excelsior Funds have relatively high fees and expenses, with half of those Funds ranking in either the fourth or fifth quintiles. The higher actual management fee rankings of certain Excelsior Funds are due in part to fee schedules that are higher than standard Columbia Fund fee schedules at current asset levels. After discussion with the Trustees, CMA is proposing to lower the management fees on three of these Funds.

12.  The distribution of expense rankings is similar in 2007 and 2008, while management fee rankings improved markedly in 2008. Part of the improvement reflects expense limitations introduced last year for the state intermediate municipal bond Funds.

13.  The management fees of the Atlantic Funds are generally in line with those of Columbia Funds supervised by the Nations Board of Trustees (the "Nations Funds"). In investment categories in which the Atlantic Funds have higher average fees, the difference principally arises out of differences in asset size.

D. Trustees' Fee and Performance Evaluation Process

14.  The Trustees' evaluation process identified 17 Funds in 2008 for further review based upon their relative performance or expenses or both. When compared in filtered universes, two more Funds met the criteria for further review. CMG provided further information about those Funds to assist the Trustees in their evaluation.

E. Potential Economies of Scale

15.  CMG presented to the Trustees its analysis of the sources and sharing of potential economies of scale. CMG views economies of scale as arising at the complex level and would regard estimates of scale economies for individual funds as unreliable. In its analysis, CMG did not identify specific sources of economies of scale or provide any estimates of any economies of scale that might arise from future asset growth. CMG's analysis included measures taken by the Trustees and CMG that seek to share any potential economies of scale through breakpoints in management fee schedules, expense reimbursements, fee waivers, enhanced shareholder services, fund mergers, and operational consolidation.

16.  An examination of the contractual fee schedules for five Atlantic Funds shows that they are generally in line with those of their competitors, in terms of number and extent of fee breakpoints. A similar examination last year of five different Funds led to the same conclusion.

F. Management Fees Charged to Institutional Clients

17.  CMG has provided Trustees with comparisons of mutual fund management fees and institutional fees based upon standardized fee schedules and upon actual fees. The results show that, consistent with industry practice, institutional fees are generally lower than the Funds' management fees. However, because the services provided and risks borne by the manager are more extensive for mutual funds compared to institutional accounts, the differences are of limited value in assisting the Trustees in their review of the reasonableness of the Funds' management fees.

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G. Revenues, Expenses, and Profits

18.  The activity-based cost allocation methodology ("ABC") employed by CMG to allocate costs, both direct and indirect, for purposes of calculating Fund profitability is thoughtful and detailed. This year, CMG proposed a change to the method by which indirect expenses are allocated. Under this "hybrid" method, indirect costs relating to fund management are allocated among the Funds 50% by assets and 50% per Fund. Allocating indirect expenses equally to each Fund has an intuitive logic, as each Fund regardless of size has certain expenses, such as preparing and printing prospectuses and financial statements.

19.  The materials provided on CMG's revenues and expenses with respect to the Funds and the methodology underlying their construction form a sufficient basis for Trustees to evaluate the expenses and profitability of the Funds.

20.  In 2007, CMG's complex-wide pre-tax margins on the Atlantic Funds were slightly below industry medians, based on limited data available for publicly held mutual fund managers. However, as is to be expected in a complex now comprising 75 Funds (including former Excelsior Funds), some Atlantic Funds have relatively high pre-tax profit margins, when calculated solely with respect to management revenues and expenses, while other Atlantic Funds operate at a loss. There is a positive relationship between fund size and profitability, with smaller funds generally operating at a loss.

21.  CMG pays a fixed percentage of its management fee revenues to an affiliate, U.S. Trust, Bank of America Private Wealth Management, to compensate it for services it performs with respect to Atlantic Fund assets held for the benefit of its customers. Based on our analysis of the services provided by this affiliate, we have concluded that all payments other than those for sub-transfer agent or sub-accounting services should be treated as a distribution expense.

III. Recommendations

1)  Criteria for review. The Trustees may wish to consider modifying the criteria for classifying a fund as a "Review Fund" to include criteria that focus exclusively on performance without regard to expense or fee levels. For example, a fund whose one-year or three-year performance was median or below for four consecutive years could be treated as a Review Fund. When we applied such criteria to the Funds, several additional Funds would have been added to the list of Review Funds.

2)  Profitability data. CMG should present to the Trustees each year the profitability of each Fund, each investment style and each complex (of which Atlantic is one) calculated as follows:

a.  Management-only profitability should be calculated without reference to any Private Bank expense.

b.  Profitability excluding distribution (which essentially covers the management and transfer agency functions) should be adjusted by removing from the expense calculation any portion of the Private Bank payment not attributable to the performance by the Private Bank of sub-transfer agency or sub-accounting functions.

c.  Total profitability, including distribution: No adjustment for Private Bank expenses should be made, because all such expenses represent legitimate fund expenses to be taken into account in calculating CMG's profit margin including distribution.

d.  Distribution only: This should include all Private Bank expenses other than those attributable to sub-transfer agency services.

Therefore, the following data need not be provided:

1.  Adjusting total profitability data for Private Bank expenses

2.  Adjusting profitability excluding distribution by backing out all Private Bank expenses.

3)  Potential economies of scale. CMG and the IFC should continue to work on methods for more precisely quantifying to the extent possible the sources and magnitude of any economies of scale as CMG's mutual fund assets under management increase, to the extent that the data allows for meaningful year-over-year comparisons. The framework suggested in Section IV.D.4 may prove to be a useful model for such an analysis.

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4)  Competitive breakpoint analysis. As part of the annual fee evaluation process, the breakpoints of a select group of Atlantic Funds (which would differ each year) should continue to be compared to those of industry rivals to ensure that the Funds' breakpoint schedules remain within industry norms. As breakpoint schedules change relatively little each year, performing such a comparison for each Atlantic Fund each year would not be an efficient use of Trustee and CMG resources.

5)  Cost allocation methodology. CMG's point that the current ABC system of allocating indirect expenses creates anomalous results in several cases, including sub-advised Funds, is well-taken. We would like to work with CMG over the forthcoming year on alternatives to the current system of allocating indirect expenses that (1) resolve the anomalies, (2) limit the amount of incremental effort on CMG's part and (3) remain faithful to the general principle that expenses should be allocated by time and effort to the extent reasonably possible.

6)  Management fee disparities. CMG and the Atlantic Trustees, as part of any future study of management fees, should analyze the differences in management fee schedules, principally arising out of the reorganization of the former Excelsior Funds as Atlantic Funds. As part of that analysis, CMG should provide an explanation for any significant fee differences among comparable funds across fund families managed by CMA, such as differences in the management styles of different Funds included the same Lipper category. Finally, whenever CMG proposes a management fee change or an expense cap for any mutual fund managed by CMA that is comparable to any Atlantic Fund, CMG should provide the Trustees with sufficient information about the proposal to allow the Trustees to assess the applicability of the proposed change to the relevant Atlantic Fund or Funds.

7)  Tax-exempt Fund expense data. The expense rankings of certain tax-exempt Funds were adversely affected by including certain investment-related interest expenses that Lipper excluded in calculating the expense ratios of competitors. We recommend that CMG follow the Lipper practice and exclude such interest expenses from data submitted to Lipper to avoid unfairly disadvantaging the tax-exempt Funds.

8)  Reduction of volume of paper documents submitted. The effort to rationalize and simplify the data presented to the Trustees and the process by which that data was prepared and organized was regarded as a success by all parties. We should continue to look for opportunities to reduce and simplify the presentation of 15(c) data, especially in the area of Fund profitability. The Fund "Dashboard" volume presents a large volume of Fund data on a single page. If it is continued, the Trustees may wish to consider receiving the underlying Lipper data on CD, rather than the current paper volumes.

* * *

Respectfully submitted,
Steven E. Asher

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COLUMBIA FUNDS INSTITUTIONAL TRUST

ONE FINANCIAL CENTER, BOSTON, MASSACHUSETTS 02111-2621

- INVESTMENT ADVISOR -

COLUMBIA MANAGEMENT ADVISORS, LLC
100 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110-2624

- LEGAL COUNSEL -

ROPES & GRAY LLP
ONE INTERNATIONAL PLACE
BOSTON, MASSACHUSETTS 02110-2624

- TRANSFER AGENT -

COLUMBIA MANAGEMENT SERVICES, INC.
P.O. BOX 8081
BOSTON, MASSACHUSETTS 02266-8081

SHC-44/5862-0109 (03/09) 09-74108

A description of the policies and procedures that the fund uses to determine how to vote proxies to its portfolio securities and a copy of the fund's voting records is available (i) on the fund's website, 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 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.

© 2009 Columbia Management Distributors, Inc.
One Financial Center, Boston, MA 02111-2621

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)	The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, since those procedures were last disclosed in response to requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable at this time.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Institutional Trust
By (Signature and Title)		/s/ J. Kevin Connaughton
		J. Kevin Connaughton, President
Date		March 23, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President
Date	March 23, 2009
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer
Date	March 23, 2009

EX-99.CERT

Exhibit 99.CERT

I, J. Kevin Connaughton, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Institutional Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     March 23, 2009	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Institutional Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     March 23, 2009	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Institutional Trust (the “Trust”) on Form N-CSR for the period ending January 31, 2009, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:     March 23, 2009	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President
Date:     March 23, 2009	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.