Columbia ETF Trust - Columbia Management

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34 Columbia Intermediate Municipal Bond Strategy Fund October 31, 2011 Principal Issuer Amount ($) Value ($) Missouri – 3.5% Missouri Joint Municipal Electric Utility Commission Power Project Revenue Series A Revenue Bonds 5.000%, 01/01/16 165,000 184,199 New Jersey – 4.4% New Jersey Transportation Trust Fund Authority Transportation System Series A Revenue Bonds 5.500%, 12/15/15 100,000 114,755 New Jersey Transportation Trust Fund Authority Transportation System Series B Revenue Bonds 5.500%, 12/15/19 100,000 116,309 Total New Jersey 231,064 New Mexico – 2.2% New Mexico Finance Authority Revenue Subordinated Lien Public PJ Revolving Fund Series C Revenue Bonds 5.250%, 06/15/18 100,000 117,420 New York – 6.6% New York City General Obligation Series C 5.000%, 08/01/15 100,000 113,391 New York State Thruway Authority Personal Income Tax Revenue Transportation System Series A Revenue Bonds 5.000%, 03/15/18 100,000 118,283 New York State Thruway Authority Series H Revenue Bonds 5.000%, 01/01/22 100,000 110,645 Total New York 342,319 North Carolina – 3.3% Charlotte, North Carolina Airport Revenue Series B Revenue Bonds 5.000%, 07/01/16 150,000 170,884 Principal Issuer Amount ($) Value ($) Oklahoma – 2.2% Oklahoma Municipal Power Authority Supply Systems Revenue Series A Revenue Bonds 5.000%, 01/01/23 100,000 112,765 Oregon – 4.5% City of Salem 5.000%, 06/01/16 200,000 232,674 Pennsylvania – 2.0% Pennsylvania Higher Educational Facilities Authority Temple University First Series A Revenue Bonds 5.000%, 04/01/13 100,000 105,872 Texas – 6.6% Harris Country, Texas Series C Revenue Bonds 5.000%, 08/15/22 100,000 113,572 Leander Independent School District 5.250%, 08/15/17 100,000 119,150 Lower Colorado River Authority Texas Revenue Revenue Bonds 5.000%, 05/15/22 100,000 111,879 Total Texas 344,601 Washington – 10.3% Energy Northwest Washington Electric Revenue Columbia Generating Series A Revenue Bonds 5.000%, 07/01/22 185,000 204,140 Energy Northwest Washington Electric Revenue Columbia Station Series A Revenue Bonds 5.000%, 07/01/22 75,000 88,469 FYI Properties Washington Lease Revenue Washington State District Project Revenue Bonds 5.000%, 06/01/22 100,000 110,635 The accompanying notes are an integral part of these financial statements.
Columbia Intermediate Municipal Bond Strategy Fund October 31, 2011 Principal Issuer Amount ($) Value ($) Port of Seattle Washington Revenue Authority Revenue Bonds 5.500%, 09/01/20 115,000 134,879 Total Washington 538,123 Wisconsin – 2.0% Wisconsin Health & Educational Facilities Authority Revenue Aurora Health Care Inc. Series A Revenue Bonds 5.250%, 04/15/24 100,000 102,508 Total Municipal Bonds (Cost $4,830,526) 5,044,223 Short Term Investment – 2.1% Shares Money Market Fund – 2.1% Dreyfus Treasury Prime Cash Reserves 0.00%† (Cost $110,041) 110,041 110,041 Total Investments-98.8% (Cost $4,940,567) 5,154,264 Other Assets in Excess of Liabilities – 1.2% 61,943 Net Assets – 100.0% 5,216,207 † Represents average annualized seven-day yield as of October 31, 2011. Fair Value Measurements Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. Fair value inputs are summarized in the three broad levels listed below: Level 1 – Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments. Level 2 – Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). Level 3 – Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models typically rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data. The following table is a summary of the inputs used to value the Fund’s investments as of October 31, 2011: Columbia Intermediate Municipal Bond Strategy Fund Valuation Inputs (Level 1) (Level 2) (Level 3) Total Municipal Bonds* $ — $5,044,223 $— $5,044,223 Money Market Fund 110,041 — — 110,041 Total $110,041 $5,044,223 $— $5,154,264 The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through its correlation to prices and information from market transactions for similar or identical assets. * Please refer to the investment portfolio above to view securities segregated by state. There were no transfers between Level 1 and Level 2 securities during the year. For more information on the valuation of investments, please refer to Note 2 to the financial statements – Security Valuation. The accompanying notes are an integral part of these financial statements. 35
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Page 3 and 4: Fund Profile - Columbia Concentrate
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Page 19 and 20: Fund Profile - Columbia Core Bond S
Page 21 and 22: Portfolio Manager’s Report - Colu
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Page 25 and 26: Frequency Distribution of Premiums
Page 27 and 28: Columbia Concentrated Large Cap Val
Page 29 and 30: Columbia Growth Equity Strategy Fun
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Page 35: Investment Portfolio - Columbia Int
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Page 43 and 44: Statements of Operations - Columbia
Page 45 and 46: Columbia Large-Cap Columbia Interme
Page 47 and 48: Financial Highlights - Columbia Gro
Page 49 and 50: Financial Highlights - Columbia Int
Page 51 and 52: Notes to Financial Statements - Col
Page 53 and 54: Columbia ETF Trust, October 31, 201
Page 63 and 64: Federal Income Tax Information (una
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Columbia ETF Trust - Columbia Management

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