Columbia Balanced Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-04367

Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)

One Financial Center, Boston, Massachusetts					02111
(Address of principal executive offices)					(Zip code)

James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)

Registrant’s telephone number, including area code:				1-617-426-3750

Date of fiscal year end:	September 30

Date of reporting period:		September 30, 2009

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

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

Item 1. Reports to Stockholders.

Columbia Management^®

Annual Report

September 30, 2009

Stock Funds

^gColumbia Asset Allocation Fund

^gColumbia Large Cap Growth Fund

^gColumbia Disciplined Value Fund

^gColumbia Contrarian Core Fund

^gColumbia Small Cap Core Fund

NOT FDIC INSURED				May Lose Value

NOT BANK ISSUED				No Bank Guarantee

Table of contents

Economic Update					1

Columbia Asset Allocation Fund					3

Columbia Large Cap Growth Fund					8

Columbia Disciplined Value Fund					13

Columbia Contrarian Core Fund					18

Columbia Small Cap Core Fund					23

Financial Statements

Investment Portfolios					28

Statements of Assets and Liabilities					64

Statements of Operations					66

Statements of Changes in Net Assets					68

Financial Highlights					75

Notes to Financial Statements					103

Report of Independent Registered Public Accounting Firm					120

Federal Income Tax Information					121

Fund Governance					122

Important Information About This Report					129

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

President's Message

Dear Shareholder:

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

The first half of 2009 was defined by extremes. The multiyear lows we witnessed in the early months gave way to a stunning rally for the U.S. financial markets in the spring. A global market rebound may be underway, thanks to the massive fiscal and aggressive monetary policies of governments around the world. In the third quarter, the S&P 500 Index¹ was up 15.61%. We believe this challenging economic environment makes it even more important to work with professional money managers while continuing to invest for life events like retirement, college planning, home improvements and career changes.

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

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

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

On September 29, 2009, Bank of America Corporation entered into an agreement to sell a portion of the asset management business of Columbia Management Group, LLC. Please see Note 4 of the Notes to Financial Statements for additional information.

Past performance is no guarantee of future results.

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

Economic Update – Stock Funds

During the 12-month period that began October 1, 2008 and ended September 30, 2009, the U.S. economy faced the worst financial crisis since the Great Depression, then steadied itself as steps taken by a new administration began to show results in the second half of the period. Economic growth, as measured by gross domestic product (GDP), contracted by approximately 6% between October 2008 and March 2009. The lapse from growth resulted in the longest and most severe recession in nearly three decades. However, growth turned positive in the third quarter ended September 30, 2009. The initial estimate of third quarter GDP was 3.5%.

The labor market shed more than seven million jobs between 2008 and 2009, raising the unemployment rate to 9.8% and wiping out all of the jobs gained since the last recession. Manufacturing activity slowed through most of the period, but it turned up in July and August, as did consumer spending. The beleaguered housing market showed some signs of stabilizing. Pending home sales, a leading indicator of housing activity increased for eight straight months to end the period, buoyed by low interest rates and an $8,000 first-time homebuyer tax credit. Existing home sales rose, but gave back some of their strong gains late in the period. The inventory of unsold houses also fell sharply over the period. Late in 2008, consumer confidence, as measured by the Conference Board,¹ plummeted to its lowest point ever. However, it has since stabilized and turned higher near the end of the period.

Troubles that began in the U.S. subprime mortgage market resulted in a meltdown within the U.S. financial sector that claimed several major institutions in 2008 and led others to seek bailouts, restructuring or both. New rigorous lending standards severely limited access to credit, further hampering economic growth. In this environment, a new administration sought to stabilize the financial system, address economic woes and introduce sweeping health care reform. Stimulus spending began to flow into the economy, raising hopes that growth would be restored. In December 2008, the Federal Reserve Board (the Fed) lowered a key short-term borrowing rate—the federal funds rate—to between zero and 0.25%—a record low. In light of protracted economic weakness and virtually no inflation, the Fed made no further change to the federal funds rate during the period.

Stocks retreated, then rebounded

Against a weakening economic backdrop, the U.S. stock market lost 6.91% for the 12-month period, as measured by the S&P 500® Index. Losses affected the stocks of companies of all sizes and investment style categories, as measured by their respective Russell indices.² Stock markets outside the U.S. were modestly to significantly higher than the U.S. market. The MSCI EAFE Index,³ a broad gauge of stock market performance in foreign developed markets, gained 3.23% (in U.S. dollars) for the period.

¹The Conference Board is a not-for-profit global independent membership organization. It conducts research, convenes conferences, makes forecasts, assesses trends and publishes information and analyses.

²The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. The Russell MidCap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

³The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

Summary

For the 12-month period that ended September 30, 2009

^g Domestic stocks lost ground, as measured by the S&P 500® Index, but cut their losses in a rebound that began half way through the period. International stocks moved higher, as measured by the MSCI EAFE Index.

S&P Index				MSCI Index

^g As investors appeared to exhibit more tolerance for risk, the Barclays Capital Aggregate Bond Index delivered solid results. High-yield bonds rebounded strongly, as measured by the JPMorgan Developed BB High Yield Index.

Barclays Aggregate Index				JPMorgan Index

Economic Update (continued) – Stock Funds

Emerging stock markets were also caught in the downdraft, but bounced back stronger than domestic or developed world markets in 2009. The MSCI EMI⁴ returned 19.07% (in U.S. dollars).

Bonds outperformed domestic stocks

As investors sought refuge from a volatile stock market, the highest-quality sectors of the U.S. bond market delivered solid gains. During the first half of the period, Treasury prices rose and yields declined sharply as the economy faltered and stock market volatility increased. As hopes for a recovery materialized in the second half of the period, yields rose and Treasuries lagged behind riskier segments of the bond market. The benchmark 10-year U.S. Treasury yield began the period at 3.8%, declined to 2.2% in December 2008, then rose to end the period at 3.3%. In this environment, the Barclays Capital Aggregate Bond Index⁵ returned 10.56%. High-yield bond prices fell sharply in 2008 as economic prospects weakened and default fears rose, then rebounded strongly in 2009. For the 12-month period, the JPMorgan Developed BB High Yield Index⁶ returned 16.36%.

Past performance is no guarantee of future results.

⁴The Morgan Stanley Capital International Emerging Markets Index (MSCI EMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of June 2006, the MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

⁵The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

⁶The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Fund Profile – Columbia Asset Allocation Fund

Summary

^g For the 12-month period that ended September 30, 2009, the fund's Class A shares returned 2.63% without sales charge.

^g The fund outperformed the average return of its peer group, the Lipper Mixed-Asset Target Allocation Growth Funds Classification¹, which was 0.73%. Its equity benchmark, the S&P 500® Index², returned negative 6.91%. Its fixed income benchmark, the Barclays Capital Aggregate Bond Index³, returned 10.56%.

^g Both the fund's large-cap and small-cap value positions beat their benchmarks, as did the fund's investment-grade bond portfolio. We believe that exposure to emerging-markets stocks and high-yield bonds, both of which were strong performers during the rally, also helped performance relative to the peer group.

Portfolio Management

Anwiti Bahuguna, PhD, has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 2002.

Colin Moore has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2002.

Kent M. Peterson, PhD, has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since January 2006.

Marie M. Schofield has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 1990.

¹Lipper 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.

²The Standard & Poor's (S&P) 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

³The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

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

Summary

1-year return as of 09/30/09

				+2.63%

				Class A shares (without sales charge)

				–6.91%

				S&P 500® Index

				+10.56%

				Barclays Capital Aggregate Bond Index

Performance Information – Columbia Asset Allocation Fund

Annual operating expense ratio (%)*

Class A					1.29
Class B					2.04
Class C					2.04
Class T					1.34
Class Z					1.04

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

Performance of a $10,000 investment 10/01/99 – 09/30/09

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Asset Allocation Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Standard & Poor's (S&P) 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		12,005		11,314
Class B		11,155		11,155
Class C		11,155		11,155
Class T		11,938		11,251
Class Z		12,331		n/a

Average annual total return as of 09/30/09 (%)

Share class	A				B				C				T				Z
Inception	11/01/98				11/01/98				11/18/02				12/30/91				12/30/91
Sales charge	without		with		without		with		without		with		without		with		without
1-year		2.63		–3.29		1.79		–3.21		1.79		0.79		2.50		–3.41		3.21
5-year		3.24		2.02		2.45		2.15		2.45		2.45		3.17		1.95		3.57
10-year		1.84		1.24		1.10		1.10		1.10		1.10		1.79		1.19		2.12

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A and Class T shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

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

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

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Prime A shares (for Class A shares), Prime B shares (for Class B and Class C shares), Retail A shares (for Class T shares) and Trust shares (for Class Z shares) of Galaxy Asset Allocation Fund, the predecessor to the Fund and a series of the Galaxy Fund (the "Predecessor Fund"), for periods prior to November 18, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. These returns shown for all share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses between the Predecessor Fund share classes and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to November 18, 2002 would be lower for Class A, Class B and Class C shares.

Understanding Your Expenses – Columbia Asset Allocation Fund

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

Analyzing your fund's expenses by share class

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

Compare with other funds

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

Estimating your actual expenses

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

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

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

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

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

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

04/01/09 – 09/30/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,261.31		1,019.05		6.80		6.07		1.20
Class B		1,000.00		1,000.00		1,254.60		1,015.29		11.02		9.85		1.95
Class C		1,000.00		1,000.00		1,254.60		1,015.29		11.02		9.85		1.95
Class T		1,000.00		1,000.00		1,258.51		1,018.80		7.08		6.33		1.25
Class Z		1,000.00		1,000.00		1,261.51		1,020.31		5.39		4.81		0.95

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

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

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

Portfolio Managers' Report – Columbia Asset Allocation Fund

Net asset value per share

as of 09/30/09 ($)

Class A					12.61
Class B					12.60
Class C					12.60
Class T					12.61
Class Z					12.66

Distributions declared per share

10/01/08 – 09/30/09 ($)

Class A					0.25
Class B					0.17
Class C					0.17
Class T					0.24
Class Z					0.28

For the 12-month period that ended September 30, 2009, the fund's Class A shares returned 2.63% without sales charge. That was higher than the average return of the fund's peer group, the Lipper Mixed-Asset Target Allocation Growth Funds Classification, which was 0.73%. The fund's equity benchmark, the S&P 500® Index, returned negative 6.91%. The fund's fixed income benchmark, the Barclays Capital Aggregate Bond Index, returned 10.56%. Outperformance from investment-grade bonds, as well as small-cap value and large-cap value stocks, aided results. Investments in high-yield bonds, as well as in emerging-markets stocks, also helped performance, particularly in the second half of the period.

Turnaround by emerging-markets stocks and high-yield bonds

The investment market rout that began in the fall of 2008 continued into March, driven by deteriorating economic data, concerns over large financial company balance sheets, frozen credit markets, a weak housing market and rising unemployment. However, in the spring of 2009, stocks took off, buoyed by hopes that an economic recovery would be fueled by unprecedented fiscal and monetary stimulus. Bonds also rallied, benefiting from historically low interest rates and a growing sense of confidence among investors. Higher-risk sectors, including emerging-markets stocks and high-yield bonds, led the rebound. Despite substantial gains in the second half of the period, equities closed the fiscal year in negative territory, lagging the positive returns posted by bonds.

Strength from corporate bond sector

Over the year, we increased the fund's fixed-income allocation from roughly 40% of assets to 48%. More than one-third of assets were in investment-grade corporate bonds, which posted strong positive gains that outperformed the return of the Barclays index. Exposure to high-yield bonds was also positive, although behind the 16.36% return of the JPMorgan Global High Yield Index.¹

Gained ground from large-cap and value stocks

The fund benefited from having between 30% and 40% of its assets in large-cap stocks, which were not down as much as small-cap stocks for the period. The fund's large-cap holdings were split equally between the growth and value disciplines. Within large cap, growth stocks held up much better than value stocks. The fund picked up ground from its large-cap value holdings, which were not down as much as their benchmark, the Russell 1000 Value Index.² The portfolio's large-cap growth allocation, however, was down slightly more than the modest decline of its benchmark, the Russell 1000 Growth Index.³ We kept 10% of assets in mid- and small-cap stocks and 10% in overseas markets, with an overweight in emerging markets that proved helpful. Most of these

¹The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.

²The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

³The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Portfolio Managers' Report (continued) – Columbia Asset Allocation Fund

positions trailed their respective benchmarks, with the exception of small-cap value, which held up better than the negative 12.61% return of the Russell 2000 Value Index.⁴

Strategic changes to fund allocations

As economic data began to stabilize late in the period, we decided to reduce the fund's overweights in areas that had led the rebound, namely small-cap and emerging-markets equities. Late in the period, the fund gained the ability to invest in Treasury Inflation Protected Securities (TIPS) as well as commodity-related derivative instruments, futures, exchange-traded funds (ETFs) and third-party advised mutual funds. We hope to use these less traditional asset classes to reduce portfolio risk, particularly in periods of financial turmoil. At period end, the fund had a small stake in TIPS as well as commodity ETFs, contributing to a shift in positioning from 60% equities/40% fixed income and cash early on to 52% equities/ 45% fixed-income and cash/3% commodities at period end.

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

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

Investments in high-yield or "junk" bonds offer the potential for higher income than investments in investment-grade bonds, but also involve a higher degree of risk. Changes in economic conditions or other circumstances may adversely affect a high-yield bond issuer's ability to make timely principal and interest payments. High-yield bonds issued by foreign entities have greater potential risks, including less regulation, currency fluctuations, economic instability and political developments.

The fund may be subject to the same types of risks associated with direct ownership of real estate, including the decline of property values due to general, local and regional economic conditions.

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

⁴The Russell 2000 Value Index tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Top 5 equity sectors

as of 09/30/09 (%)

Financials					9.4
Information Technology					8.7
Industrials					5.7
Health Care					5.7
Consumer Discretionary					5.7

Top 10 equity holdings

as of 09/30/09 (%)

JPMorgan Chase & Co.					0.9
Microsoft Corp.					0.6
Exxon Mobil Corp.					0.6
International Business
Machines					0.6
Goldman Sachs Group					0.6
Philip Morris International					0.6
Apple					0.5
EMC					0.5
United Technologies					0.5
J.C. Penney					0.5

Portfolio structure

as of 09/30/09 (%)

Common Stocks	51.4
Corporate Fixed-Income Bonds & Notes	13.5
Mortgage-Backed Securities	11.9
Government & Agency Obligations	7.7
Commercial Mortgage- Backed Securities	4.1
Collateralized Mortgage Obligations	2.8
Commodities	2.5
Asset-Backed Securities	1.4
Convertible Preferred Stock	0.2
Investment Company	0.1
Preferred Stock	0.1
Convertible Bond	0.0	*
Rights	0.0	*
Purchased Put Options	0.0	*
Cash Equivalent, Net Other Assets & Liabilities	4.3

* Rounds to less than 0.1%

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Fund Profile – Columbia Large Cap Growth Fund

Summary

1-year return as of 09/30/09

				–3.97%

				Class A shares (without sales charge)

				–1.85%

				Russell 1000 Growth Index

Morningstar Style Box^TM

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

Summary

^g For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 3.97% without sales charge.

^g The fund underperformed its benchmark, the Russell 1000 Growth Index¹, and the average return of its peer group, the Lipper Large-Cap Growth Funds Classification.²

^g Stock selection in the energy, telecommunications and consumer discretionary sectors detracted from relative performance. Stock selection in utilities, information technology and financials contributed positively to relative returns.

Portfolio Management

John T. Wilson, lead manager, has co-managed the fund since August 2005 and has been associated with the advisor or its predecessors since July 2005.

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

¹The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²Lipper, 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.

Performance Information – Columbia Large Cap Growth Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		8,990		8,475
Class B		8,313		8,313
Class C		8,322		8,322
Class E		8,960		8,557
Class F		8,313		8,313
Class T		8,888		8,376
Class Y		9,201		n/a
Class Z		9,201		n/a

Annual operating expense ratio (%)*

Class A					1.18
Class B					1.93
Class C					1.93
Class E					1.28
Class F					1.93
Class T					1.23
Class Y					0.68
Class Z					0.93

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

Average annual total return as of 09/30/09 (%)

Share class

Inception

11/01/98

11/18/02

09/22/06

12/14/90

07/15/09

12/14/90

Sales charge

without

with

without

with

without

with

without

with

without

with

without

with

without

1-year

–3.97

–9.47

–4.68

–9.45

–4.68

–5.63

–4.09

–8.40

–4.69

–9.45

–4.02

–9.51

–3.71

5-year

2.01

0.81

1.26

0.89

1.24

1.94

1.00

1.25

0.88

1.96

0.76

2.27

10-year

–1.06

–1.64

–1.83

–1.82

–1.09

–1.55

–1.83

–1.17

–1.76

–0.83

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A and Class T shares, 4.50% for Class E shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B and Class F shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

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

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Prime A shares (for Class A shares), Prime B shares (for Class B and Class C shares), Retail A shares (for Class T shares) and Trust shares (for Class Z shares) of Galaxy Equity Growth Fund, the predecessor to the Fund and a series of the Galaxy Fund (the "Predecessor Fund"), for periods prior to November 18, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. Class E and Class F share performance information includes returns of Class A shares (for Class E shares) and Class B shares (for Class F shares) for the period from November 18, 2002 through September 21, 2006, and the returns of Prime A shares (for Class E shares) and Prime B shares (for Class F shares) for periods prior thereto. These returns shown for all share classes reflect any differences in sales charges, bu t have not been restated to reflect any differences in expenses between the Predecessor Fund share classes and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to November 18, 2002 would be lower for Class A, Class B and Class C shares.

The returns for Class Y shares include the returns for Class Z shares for the period from November 18, 2002 until July 15, 2009, and Trust share of the predecessor Fund for periods prior thereto. The returns shown have not been adjusted to reflect any differences in expenses between Class Y shares and Class Z shares. If differences in expenses had been reflected, the returns shown would be higher. Class Y shares were initially offered on July 15, 2009.

Understanding Your Expenses – Columbia Large Cap Growth Fund

Estimating your actual expenses

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

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

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/09 – 09/30/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)					Expenses paid during the period ($)					Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,323.68			1,019.65		6.29			5.47		1.08
Class B		1,000.00		1,000.00		1,318.62			1,015.89		10.64			9.25		1.83
Class C		1,000.00		1,000.00		1,318.42			1,015.89		10.64			9.25		1.83
Class E		1,000.00		1,000.00		1,322.68			1,019.15		6.87			5.97		1.18
Class F		1,000.00		1,000.00		1,317.82			1,015.89		10.63			9.25		1.83
Class T		1,000.00		1,000.00		1,322.88			1,019.40		6.58			5.72		1.13
Class Y		1,000.00		1,000.00		1,128.10	*		1,021.91		1.43	*		3.19		0.63
Class Z		1,000.00		1,000.00		1,325.09			1,020.91		4.84			4.20		0.83

*For the period from July 15, 2009 through September 30, 2009. Class Y shares commenced operations on July 15, 2009.

Portfolio Managers' Report – Columbia Large Cap Growth Fund

For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 3.97% without sales charge. The fund's benchmark, the Russell 1000 Growth Index, returned negative 1.85%. The average return of funds in its peer group, the Lipper Large Cap Growth Funds Classification, was negative 2.72%. In a period of heightened volatility, stock selection detracted from performance relative to the index. In a changing market environment, we continued to maintain a high level of diversification, emphasizing companies with strong balance sheets, low debt and ample free cash flow.

Stock selection across several sectors detracted from returns

In the energy sector, Hess (0.7% of net assets) and Schlumberger were disappointments. Hess, an oil exploration and production company, owned part of a substantial oil find off the coast of Brazil. Investors turned more cautious on the short-term prospects for these Brazilian operations. Schlumberger, an oil field service company, lost ground as the price of oil declined. We maintained the fund's position in Hess but sold Schlumberger.

In the telecommunication services sector, NII Holdings, a Latin American mobile service provider, pushed returns lower. Demand for texting and other data usage has become strong in Latin America. As a result, that market has become increasingly competitive. This "Darwinian" environment created investor concern about future market share and profitability for NII, and we sold the stock.

A weak economy drove consumer discretionary shares lower, and three fund holdings were caught in this decline: Urban Outfitters, Wynn Resorts—both of which we sold—and Lowe's (1.1% of net assets). We held onto Lowe's because we believe its prospects should improve as the economy strengthens and the housing market stabilizes.

Utilities, information technology and financial stocks were positive contributors

Certain stocks in the utilities, information technology and financials sectors helped offset losses elsewhere in the portfolio. In utilities, AES (1.0% of net assets), one of the world's largest power companies, soared. Generating power in 29 countries—primarily emerging markets—the company benefited from the deployment of stimulus money as emerging market countries rebuilt their infrastructures. Economic recoveries in emerging market countries, such as China, have exceeded our expectations.

In the technology sector, Apple (3.4 of net assets) shares climbed, as iPhone sales were strong even in the face of a weak economy. Despite its strong gains, we believe Apple has more room for growth. EMC (1.3 of net assets), the data storage giant, also gave returns a lift. EMC benefited from the anticipation of an improvement in technology spending. Search engine Google (3.0% of net assets) also did well, gaining market share at the expense of weaker competitors.

In the financials sector, the fund gained ground from positions in both Goldman Sachs Group and Morgan Stanley (0.8% and 1.5% of net assets, respectively), which also gained market share at the expense of weaker competitors. Both companies generated solid revenues and demonstrated their intent to come out ahead after the recent financial meltdown. Additionally, Goldman paid back money it received from the federal government's Troubled Asset Relief Program (TARP).

Net asset value per share

as of 09/30/09 ($)

Class A					18.77
Class B					17.30
Class C					17.31
Class E					18.73
Class F					17.29
Class T					18.64
Class Y					19.20
Class Z					19.20

Distributions declared per share

10/01/08 – 09/30/09 ($)

Class A	0.02
Class E	—	*
Class Z	0.06

* Round to less than $0.01.

Portfolio Managers' Report (continued) – Columbia Large Cap Growth Fund

Top 5 sectors

as of 09/30/09 (%)

Information Technology					33.3
Health Care					15.1
Consumer Staples					12.9
Industrials					11.3
Consumer Discretionary					11.1

Top 10 holdings

as of 09/30/09 (%)

Microsoft					3.9
Apple					3.4
Google					3.0
Cisco Systems					2.6
Philip Morris International					2.6
International Business
Machines					2.5
Hewlett-Packard					2.3
QUALCOMM					2.0
United Technologies					1.9
Procter & Gamble					1.8

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Looking ahead

Moving forward, we intend to invest with sensitivity to the economic rebound but we are mindful that valuations have risen as the result of the market's sharp rally. Although we expect the economy to improve, the driver of future economic growth remains unclear. We believe that unemployment is likely to remain high and the stimulus package is limited in its ability to aid the employment picture. In this environment, we plan to focus on individual stock selection with an eye to avoiding overpaying for stocks that could benefit from directional growth and managing downside risk.

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.

Fund Profile – Columbia Disciplined Value Fund

Summary

^g For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 7.72% without sales charge.

^g In a period of extreme market volatility, the fund held up better than its benchmark, the Russell 1000 Value Index,¹ and the average return of its peer group, the Lipper Large-Cap Value Funds Classification.²

^g The fund's defensive positioning helped relative returns as economic fears drove stock prices down during the first six months of the period. Holdings in telecommunications, health care and consumer staples produced positive results.

Portfolio Management

Brian M. Condon has managed the fund since 2009 and has been associated with the advisor or its predecessors since 1999.

¹The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

²Lipper 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.

Summary

1-year return as of 09/30/09

				–7.72%

				Class A shares (without sales charge)

				–10.62%

				Russell 1000 Value Index

Morningstar Style Box^TM

Performance Information – Columbia Disciplined Value Fund

Annual operating expense ratio (%)*

Class A					1.25
Class B					2.00
Class C					2.00
Class T					1.30
Class Z					1.00

Performance of a $10,000 investment 10/01/99 – 09/30/09

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Disciplined Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		11,284		10,633
Class B		10,459		10,459
Class C		10,432		10,432
Class T		11,226		10,579
Class Z		11,621		n/a

Average annual total return as of 09/30/09 (%)

Share class

Inception

11/25/02

09/01/88

Sales charge

without

with

without

with

without

with

without

with

without

1-year

–7.72

–13.01

–8.33

–12.85

–8.35

–9.26

–7.77

–13.05

–7.49

5-year

1.33

0.13

0.60

0.31

0.58

1.26

0.06

1.57

10-year

1.21

0.62

0.45

0.42

1.16

0.56

1.51

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Retail A shares (for Class A and Class T shares), Retail B shares (for Class B and Class C shares) and Trust shares (for Class Z shares) of Galaxy Equity Value Fund, the predecessor to the Fund and a series of the Galaxy Fund (the "Predecessor Fund"), for periods prior to November 25, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. These returns shown for all share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses between the Predecessor Fund share classes and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to November 25, 2002 would be lower for Class B and Class C shares.

Understanding Your Expenses – Columbia Disciplined Value Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

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

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

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

04/01/09 – 09/30/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,404.40		1,018.80		7.53		6.33		1.25
Class B		1,000.00		1,000.00		1,398.59		1,015.04		12.03		10.10		2.00
Class C		1,000.00		1,000.00		1,398.29		1,015.04		12.02		10.10		2.00
Class T		1,000.00		1,000.00		1,402.00		1,018.55		7.83		6.58		1.30
Class Z		1,000.00		1,000.00		1,403.60		1,020.05		6.03		5.06		1.00

Portfolio Manager's Report – Columbia Disciplined Value Fund

Net asset value per share

as of 09/30/09 ($)

Class A					9.52
Class B					8.97
Class C					8.94
Class T					9.52
Class Z					9.77

Distributions declared per share

10/01/08 – 09/30/09 ($)

Class A					0.16
Class B					0.10
Class C					0.10
Class T					0.16
Class Z					0.18

For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 7.72% without sales charge. The fund held up better than both its benchmark, the Russell 1000 Value Index, which returned negative 10.62%, and the negative 7.92% average return of the Lipper Large-Cap Value Funds Classification. As fear and risk aversion gripped investors during the first half of the period, the fund's defensive positioning helped relative results. Holdings in the telecommunications, health care and consumer staples areas were positive contributors, while disappointments came from areas dependent on consumer spending and economic stability, including the consumer discretionary, technology and industrials sectors.

Telecommunications, health care and consumer holdings helped relative returns

The strongest performing sectors in the fund's portfolio were telecommunications and health care. Both generated positive results in an otherwise difficult period. Wireless provider Sprint Nextel (1.4% of net assets) and Internet and digital phone provider Qwest Communications International (0.3% of net assets) benefited from their defensively positioned, subscription-based business models and delivered solid gains for the period. Diversified global pharmaceutical company Mylan produced strong results in response to tentative FDA approval of a new HIV drug. We sold the stock. Health insurer UnitedHealth Group and Endo Pharmaceuticals Holding (1.7% and 0.8% of net assets, respectively) also made a substantial contribution to positive returns during the period, as an aging populace drove rising demand for health care services and products. In a weak economy, a perceived safe haven in the food products industry drove returns at glo bal agribusiness concern Bunge (sold during the year) and processed foods maker Del Monte Foods (0.4% of net assets).

Declines in consumer discretionary, technology and industrials holdings detracted

Sectors exposed to the weakened economic environment and slowing consumer spending were among the hardest hit during the period. As a result, holdings in consumer discretionary, technology and industrials detracted from the fund's returns. Media stocks CBS and Gannett were hurt as a downturn in advertising revenues threatened earnings. We sold both stocks. We also eliminated positions in retailers American Eagle Outfitters and Macy's, which saw poor results as consumer spending weakened. Slowing demand and increased pricing competition hurt computer hard-drive maker Seagate Technology, and we sold the stock. The economically sensitive industrials sector was also hit hard during the period. Northrop Grumman faced defense spending headwinds, while Ryder Systems and Tyco International were affected by slowing industrial production. We eliminated all three positions. Balance sheet issues in the troubled banking sector detracted from results at Wells Fargo, U.S. Bancorp and Goldman Sachs Group (3.6%, 2.5% and 2.7% of net assets, respectively).

Portfolio Manager's Report (continued) – Columbia Disciplined Value Fund

Focused on quality and valuation in a volatile market environment

The stock market experienced large swings over the 12-month period. Fear and risk aversion characterized the first half, causing credit markets to seize up and stock prices to move substantially lower. Central banks and governments responded with fiscal and monetary stimulus on a global basis. As liquidity worked its way through the financial system, risk aversion abated and investors began to focus on the reflationary effects of the massive policy response. Consequently, the stock market rallied in the last half of the period. Going forward, the strength and sustainability of the nascent economic recovery will be the main challenge for the stock market. Against this backdrop, we continue to follow a disciplined, quantitative approach to stock selection, emphasizing both quality and valuation. Within each sector, we seek stocks with a catalyst that may lead to improved valuations, believing that this is a sound approach over the long term.

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

Investments in small- and mid-cap stocks may present special risks. They tend to be more volatile and tend to 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.

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. The market value of a portfolio security may not meet the manager's future value assessment of such security, or may decline.

Top 5 sectors

as of 09/30/09 (%)

Financials					25.3
Energy					18.2
Industrials					10.6
Consumer Discretionary					9.4
Health Care					9.2

Top 10 holdings

as of 09/30/09 (%)

JPMorgan Chase					4.9
Exxon Mobil					4.7
Chevron					4.2
Pfizer					3.7
Wells Fargo					3.6
General Electric					3.2
Goldman Sachs Group					2.7
AT&T					2.6
Apache					2.4
Home Depot					2.1

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets

Fund Profile – Columbia Contrarian Core Fund

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

Summary

1-year return as of 09/30/09

				–0.28%

				Class A shares (without sales charge)

				–6.14%

				Russell 1000 Index

Morningstar Style Box^TM

Summary

^g For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 0.28% without sales charge.

^g In a volatile period for stocks, the fund held up considerably better than both its benchmark, the Russell 1000 Index¹, and the average return of its peer group, the Lipper Large-Cap Core Funds Classification.²

^g The fund focused on higher-quality corporations with strong balance sheets early in the 12-month period and became more aggressive in its stock selection when valuations of some lower-quality stocks became increasingly attractive. This shift aided performance both during the stock market decline in the first half of the period and also in the market rebound in the second half of the period.

Portfolio Management

Guy Pope has managed the fund since March 2005 and has been associated with the advisor or its predecessors since 1993.

¹The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance Information – Columbia Contrarian Core Fund

Performance of a $10,000 investment 10/01/99 – 09/30/09

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Contrarian Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		11,953		11,264
Class B		11,078		11,078
Class C		11,086		11,086
Class T		11,843		11,160
Class Z		12,242		n/a

Average annual total return as of 09/30/09 (%)

Share Class

Inception

11/01/98

12/09/02

02/12/93

12/14/92

Sales charge

without

with

without

with

without

with

without

with

without

1-year

–0.28

–6.05

–1.08

–6.02

–1.08

–2.07

–0.35

–6.08

–0.01

5-year

5.27

4.03

4.46

4.14

4.47

5.21

3.97

5.53

10-year

1.80

1.20

1.03

1.04

1.71

1.10

2.04

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Prime A shares (for Class A shares), Prime B shares (for Class B and Class C shares), Retail A shares (for Class T shares) and Trust shares (for Class Z shares) of Galaxy Growth & Income Fund, the predecessor to the Fund and a series of the Galaxy Fund (the "Predecessor Fund"), for periods prior to December 9, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. These returns shown for all share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses between the Predecessor Fund share classes and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to December 9, 2002 would be lower for Class A, Class B and Class C shares.

Annual operating expense ratio (%)*

Class A					1.24
Class B					1.99
Class C					1.99
Class T					1.29
Class Z					0.99

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

Understanding Your Expenses – Columbia Contrarian Core Fund

Estimating your actual expenses

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

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

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

Analyzing your fund's expenses by share class

Compare with other funds

04/01/09 – 09/30/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,396.68		1,019.10		7.15		6.02		1.19
Class B		1,000.00		1,000.00		1,391.42		1,015.34		11.63		9.80		1.94
Class C		1,000.00		1,000.00		1,390.92		1,015.34		11.63		9.80		1.94
Class T		1,000.00		1,000.00		1,395.88		1,018.85		7.45		6.28		1.24
Class Z		1,000.00		1,000.00		1,398.29		1,020.36		5.65		4.76		0.94

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.

Portfolio Manager's Report – Columbia Contrarian Core Fund

For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 0.28% without sales charge. The fund's benchmark, the Russell 1000 Index, returned negative 6.14% and the average return of its peer group, the Lipper Large-Cap Core Funds Classification, was negative 5.89% for the same period. The fund's stock selection strategy aided performance as the market transitioned from downturn to rebound.

Stock selection strategy aided performance

The equity market environment shifted dramatically from the beginning to the end of the 12-month period covered by this report. In the first half of the period, stock prices declined sharply as the economy struggled with the most severe recession since the Great Depression. In this environment, we emphasized higher-quality stocks with strong finances, reflecting our belief that we had no price incentive to invest in lower-quality companies. However, when we began to see valuation spreads between stocks begin to expand dramatically, some lower-quality stocks began to look more attractive. Consistent with our long-term, contrarian discipline of investing in out-of-favor stocks where we find value, we started to become more opportunistic, taking profits from some successful high-quality investments and redeploying assets into investments with weaker fundamentals but more upside potential. This shift helped position the fund for the robust market recovery that began in March 2009 and continued through the end of the period.

In addition, good stock selection, based on company-by-company analysis of business prospects, also benefited the fund's performance relative to its benchmark and peer group. Stock selection in 7 of 10 market sectors outperformed their benchmark performance, led by holdings in the information technology, telecommunication and financials groups. Within technology, the leading contributor was Apple (2.4% of net assets), as it continued to introduce innovative new consumer-oriented products, such as the new 3GS iPhone. Meanwhile, EMC (0.7% of net assets) gained as signs emerged that corporate customers found a bottom and were becoming more confident about the outlook and increased investments in information technology storage systems. In the telecommunication services sector, early in the period we emphasized higher-quality companies such as Verizon Communications and AT&T. Valuation, however, ultimately drew us to Sprint Nexte l and Millicom International Cellular (1.1% of net assets), both of which performed well in the market's rally. We subsequently sold the fund's AT&T and Sprint Nextel positions.

Within the financials sector, we de-emphasized traditional lenders and focused on corporations with exposure to the capital markets, which we believed would be the more direct beneficiaries of the Federal Reserve Board's efforts to stabilize and bring life back to capital markets activity. A large position in investment bank Goldman Sachs Group (2.4% of net assets) was the leading contributor in the financials group.

Net asset value per share

as of 09/30/09 ($)

Class A					11.76
Class B					11.02
Class C					11.03
Class T					11.67
Class Z					11.83

Distributions declared per share

10/01/08 – 09/30/09 ($)

Class A					0.07
Class T					0.07
Class Z					0.10

Portfolio Manager's Report (continued) – Columbia Contrarian Core Fund

Top 5 sectors

as of 09/30/09 (%)

Information Technology					20.6
Financials					18.1
Energy					13.0
Health Care					11.7
Consumer Discretionary					10.9

Top 10 holdings

as of 09/30/09 (%)

Microsoft					3.2
Philip Morris					3.0
Abbott Laboratories					2.9
JPMorgan Chase					2.9
Google					2.5
Goldman Sachs					2.4
Wells Fargo					2.4
Apple					2.4
Hewlett-Packard					2.4
Chevron					2.3

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Health care selections detracted

Stock selection in the health care sector generated disappointing results. We maintained a large position in pharmaceuticals firm Abbott Laboratories (2.9% of net assets) throughout the period, as this higher-quality company continued to post solid earnings. Nevertheless, the stock declined as investors looked for companies with more aggressive characteristics. Decelerating revenues from Abbott's Humira product, a drug used in the treatment of arthritis, also weighed on the stock. Meanwhile medical instrument developer Thermo Fisher Scientific (1.6% of net assets) fell because of market concerns about slowing revenues. We retained positions in both Abbott and Thermo Fisher, as well as in Avon Products (1.0% of net assets), a weak-performing consumer staples company that was victimized both by softening demand domestically and by the strengthening dollar, which in late 2008 cut into profits from foreign sales.

Looking ahead

U.S. corporate executives appear increasingly confident that they can improve earnings over the next six months, which should bode well for stock performance. The outlook becomes less clear beyond those six months. One potential scenario is that the market rally may continue as a persistent economic recovery leads to higher profits and the creation of additional jobs. However, it also is possible that the economic revival could stall as federal stimulus spending slows. This could lead to further economic weakness, especially if the automotive and housing industries aren't able to provide the lifts that were characteristic of earlier recoveries.

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

Fund Profile – Columbia Small Cap Core Fund

Summary

^g For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 7.41% without sales charge.

^g Despite a period of extreme volatility, the fund held up better than both of its benchmarks, the Russell 2000 Index and the S&P SmallCap 600 Composite Index¹. It underperformed the average return of its peer group, the Lipper Small-Cap Core Funds Classification.²

^g An underweight in financials combined with good stock selection across several sectors helped the portfolio outperform its benchmarks. However, some of these gains were offset by stock selection in other sectors as well as an overweight in industrials as commodity prices declined.

Portfolio Management

Peter Larson, lead manager, has co-managed the fund since 1992 and has been associated with the advisor or its predecessors since 1963.

Richard D'Auteuil has co-managed the fund since 2005 and has been associated with the advisor or its predecessors since 1993.

Jeffrey Hershey has co-managed the fund since August 2009 and has been associated with the advisor or its predecessors since August 2009.

¹The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Standard & Poor's (S&P) SmallCap 600 Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P Small Cap 600 is heavily weighted with the stocks of companies with small market capitalizations. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Summary

1-year return as of 09/30/09

				–7.41%

				Class A shares (without sales charge)

				–9.55%

				Russell 2000 Index

				–10.61%

				S&P SmallCap 600 Composite Index

Morningstar Style Box^TM

Performance Information – Columbia Small Cap Core Fund

Annual operating expense ratio (%)*

Class A					1.26
Class B					2.01
Class C					2.01
Class T					1.31
Class Z					1.01

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

Performance of a $10,000 investment 10/01/99 – 09/30/09

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Small Cap Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Standard & Poor's (S&P) SmallCap 600 Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P Small Cap 600 is heavily weighted with the stocks of companies with small market capitalizations. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without		with
Class A		22,938		21,615
Class B		21,235		21,235
Class C		21,243		21,243
Class T		22,727		21,426
Class Z		23,586		n/a

Average annual total return as of 09/30/09 (%)

Share class

Inception

11/01/98

11/18/02

02/12/93

12/14/92

Sales charge

without

with

without

with

without

with

without

with

without

1-year

–7.41

–12.72

–8.08

–12.10

–8.15

–8.95

–7.45

–12.77

–7.18

5-year

3.26

2.05

2.49

2.27

2.48

3.20

1.99

3.52

10-year

8.66

8.01

7.82

7.83

8.56

7.92

8.96

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Prime A shares (for Class A shares), Prime B shares (for Class B shares), Retail A shares (for Class C and Class T shares) and Trust shares (for Class Z shares) of Galaxy Small Cap Value Fund, the predecessor to the Fund and a series of the Galaxy Fund (the "Predecessor Fund"), for periods prior to November 18, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. These returns shown for all share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses between the Predecessor Fund share classes and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to November 18, 2002 would be lower for Class A, Class B and Class C shares.

Understanding Your Expenses – Columbia Small Cap Core Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

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

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

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

04/01/09 – 09/30/09

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,486.48		1,018.70		7.92		6.43		1.27
Class B		1,000.00		1,000.00		1,480.11		1,014.94		12.56		10.20		2.02
Class C		1,000.00		1,000.00		1,479.41		1,014.94		12.56		10.20		2.02
Class T		1,000.00		1,000.00		1,484.98		1,018.45		8.22		6.68		1.32
Class Z		1,000.00		1,000.00		1,487.48		1,019.95		6.36		5.16		1.02

Portfolio Managers' Report – Columbia Small Cap Core Fund

Net asset value per share

as of 09/30/09 ($)

Class A					11.58
Class B					10.42
Class C					10.43
Class T					11.39
Class Z					11.87

Distributions declared per share

10/01/08 – 09/30/09 ($)

Class A					1.15
Class B					1.15
Class C					1.15
Class T					1.15
Class Z					1.15

For the 12-month period that ended September 30, 2009, the fund's Class A shares returned negative 7.41% without sales charge. The fund's benchmarks, the S&P SmallCap 600 Composite Index and the Russell 2000 Index, returned negative 10.61% and negative 9.55%, respectively, for the same period. The average return of the fund's peer group, the Lipper Small-Cap Core Funds Classification, was negative 6.42%. An underweight in financials combined with good stock selection across several sectors helped the portfolio outperform its benchmarks. However, some of these gains were offset by stock selection in other sectors as well as an overweight in industrials as commodity prices declined.

Sector weights and stock selection in key sectors aided performance

Financials, still reeling from the subprime mortgage crisis fallout, declined sharply for the 12-month period. Compared to the Russell 2000 Index's 9.55% loss, finanicals within the index lost 22.34%. The fund's losses from financial holdings were generally on par with those of the index. However its exposure to financials was less than half the exposure of the Russell 2000 benchmark, which helped stem portfolio losses and aided relative performance.

An overweight and stock selection in health care also benefited the fund. Specifically, Hi-Tech Pharmacal (0.7% of net assets) generated stellar returns as it rose from depressed levels in late 2008. This generic drug company exhibited exceptional positive earnings as a result of a newly-approved generic product.

Certain stocks within information technology, where the fund had significantly more exposure than its benchmarks, buoyed performance as well. Technology storage company STEC (0.4% of net assets) and electronics manufacturers Benchmark Electronics and Plexus (3.1% and 1.1% of net assets, respectively) were among the sector's top contributors. These companies were able to maintain strong balance sheets throughout the economic downturn, but were heavily discounted when the equity markets declined at the beginning of the period. Their strong free cash flow was rewarded when the markets turned and their stocks rose from relatively cheap prices, which benefited the fund's performance. While we continue to hold all three stocks, we trimmed the position in STEC on the belief that competitors were gaining ground on the company.

In the consumer discretionary sector, the fund's underweight relative to its benchmarks detracted from performance. However, certain stocks provided a significant boost to performance. One such stock was Cooper Tire & Rubber (0.7% of net assets), which manufactures replacement tires. The company was hurt when commodity prices soared. However, the price of energy and other commodities declined in late 2008, leading more recently to higher margins and a higher share price. Monro Muffler Brake (0.7% of net assets), a car repair and tire service provider, gained from the challenging economic conditions. As more consumers shifted from using car dealerships for service maintenance and car dealers closed, Monro grew its customer base, pushing its stock's price higher.

Portfolio Managers' Report (continued) – Columbia Small Cap Core Fund

Industrials dampened performance

Although an overweight in industrials aided fund performance in 2008, it was a drag on performance during this 12-month period. We had reduced the fund's exposure to industrials, yet it remained overweight, detracting from performance. In addition, the fund held a number of stocks that were particular disappointments. NCI Building Systems (0.2% of net assets), which manufactures metal products for construction, was hurt by lingering debt from an acquisition and from tight margins that resulted from the rise in commodity prices, which resulted in negative earnings. As a result, we reduced the fund's position in NCI. Aircraft component producer Moog (1.0% of net assets) was another detractor. The company suffered as the production of commercial airplanes declined.

A consistent strategy moving forward

When the markets were declining and hitting severe lows, we saw plenty of bargains. In some ways, it was difficult to prioritize the opportunities. Today, stock selection has become even more challenging. While we have seen some signs of stabilization in the economy, and many companies are exceeding their earnings expectations, we will be watching closely for a rise in company revenues. Regardless of what happens in the markets, we will maintain a consistent approach in seeking to identify companies with solid balance sheets that are trading at reasonable valuations, while keeping the portfolio's turnover of securities relatively low.

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.

Top 5 sectors

as of 09/30/09 (%)

Information Technology					25.2
Industrials					20.1
Health Care					16.2
Consumer Discretionary					11.6
Financials					10.6

Top 10 holdings

as of 09/30/09 (%)

Benchmark Electronics					3.1
Res-Care					1.9
Unifirst					1.7
Kforce					1.6
Sensient Technologies					1.4
H.B. Fuller					1.4
EMCOR Group					1.4
AAR Corp					1.4
Invacare					1.2
Progress Software					1.2

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Investment Portfolio – Columbia Asset Allocation Fund

September 30, 2009

Common Stocks – 51.4%
	Shares		Value ($)
Consumer Discretionary – 5.7%
Auto Components – 0.1%
BorgWarner, Inc.		1,300		39,338
Johnson Controls, Inc.		2,185		55,849
Stanley Electric Co., Ltd.		6,600		132,761
Auto Components Total				227,948
Automobiles – 0.2%
Daihatsu Motor Co., Ltd.		15,000		152,710
Honda Motor Co., Ltd.		2,500		75,805
Nissan Motor Co., Ltd. (a)		26,400		177,299
Toyota Motor Corp.		3,500		137,746
Automobiles Total				543,560
Distributors – 0.0%
Genuine Parts Co.		1,200		45,672
LKQ Corp. (a)		1,320		24,473
Distributors Total				70,145
Diversified Consumer Services – 0.2%
Apollo Group, Inc., Class A (a)		600		44,202
Benesse Corp.		2,400		117,308
Brink's Home Security Holdings, Inc. (a)		930		28,635
Capella Education Co. (a)		644		43,367
Corinthian Colleges, Inc. (a)		2,720		50,483
DeVry, Inc.		919		50,839
ITT Educational Services, Inc. (a)		592		65,363
Regis Corp.		1,210		18,755
Sotheby's		820		14,129
Diversified Consumer Services Total				433,081
Hotels, Restaurants & Leisure – 1.5%
Ameristar Casinos, Inc.		1,680		26,510
Bally Technologies, Inc. (a)		560		21,487
Benihana, Inc., Class A (a)		2,572		14,738
Bob Evans Farms, Inc.		930		27,026
Buffalo Wild Wings, Inc. (a)		630		26,214
Carnival Corp.		16,800		559,104
CEC Entertainment, Inc. (a)		570		14,740
Ctrip.com International Ltd., ADR (a)		490		28,807
Darden Restaurants, Inc.		1,040		35,495
DineEquity, Inc.		1,770		43,808
International Game Technology		16,899		362,991
Jack in the Box, Inc. (a)		420		8,606
Las Vegas Sands Corp. (a)		7,120		119,901
McDonald's Corp.		4,220		240,835
OPAP SA		7,455		192,780
Paddy Power PLC		5,044		153,584
Red Robin Gourmet Burgers, Inc. (a)		2,314		47,252

	Shares		Value ($)
Royal Caribbean Cruises Ltd. (a)		5,860		141,109
Scientific Games Corp., Class A (a)		1,680		26,594
Starbucks Corp. (a)		10,550		217,857
Starwood Hotels & Resorts Worldwide, Inc.		23,637		780,730
Vail Resorts, Inc. (a)		610		20,459
Wynn Resorts Ltd. (a)		400		28,356
Yum! Brands, Inc.		5,500		185,680
Hotels, Restaurants & Leisure Total				3,324,663
Household Durables – 0.2%
American Greetings Corp., Class A		1,150		25,645
Cavco Industries, Inc. (a)		512		18,176
CSS Industries, Inc.		883		17,457
D.R. Horton, Inc.		16,900		192,829
Ethan Allen Interiors, Inc.		950		15,675
Garmin Ltd.		780		29,437
Tempur-Pedic International, Inc. (a)		2,020		38,259
Tupperware Brands Corp.		500		19,960
Household Durables Total				357,438
Internet & Catalog Retail – 0.2%
Amazon.com, Inc. (a)		3,275		305,754
NetFlix, Inc. (a)		1,030		47,555
NutriSystem, Inc.		1,590		24,264
Priceline.com, Inc. (a)		460		76,277
Internet & Catalog Retail Total				453,850
Leisure Equipment & Products – 0.1%
Brunswick Corp.		2,280		27,315
Hasbro, Inc.		2,500		69,375
JAKKS Pacific, Inc. (a)		1,320		18,902
Leisure Equipment & Products Total				115,592
Media – 0.3%
Knology, Inc. (a)		7,630		74,392
Lamar Advertising Co., Class A (a)		1,560		42,806
LodgeNet Interactive Corp. (a)		4,610		34,806
McGraw-Hill Companies, Inc.		1,820		45,755
Publicis Groupe SA		4,196		168,572
Viacom, Inc., Class B (a)		8,250		231,330
Vivendi		5,440		168,692
Media Total				766,353
Multiline Retail – 1.2%
J.C. Penney Co., Inc.		31,100		1,049,625
Nordstrom, Inc.		31,505		962,163
Target Corp.		12,200		569,496
Multiline Retail Total				2,581,284
Specialty Retail – 1.3%
Advance Auto Parts, Inc.		810		31,817
Aeropostale, Inc. (a)		965		41,948

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
America's Car-Mart, Inc. (a)		865		20,717
American Eagle Outfitters, Inc.		5,810		97,957
AnnTaylor Stores Corp. (a)		2,158		34,291
Bed Bath & Beyond, Inc. (a)		850		31,909
Best Buy Co., Inc.		5,780		216,865
Chico's FAS, Inc. (a)		1,960		25,480
Christopher & Banks Corp.		2,560		17,331
Finish Line, Inc., Class A		1,870		18,999
Foot Locker, Inc.		7,287		87,080
Game Group PLC		67,056		171,251
GameStop Corp., Class A (a)		10,963		290,191
hhgregg, Inc. (a)		1,580		26,765
J Crew Group, Inc. (a)		850		30,447
Lowe's Companies, Inc.		45,700		956,958
Men's Wearhouse, Inc.		1,104		27,269
OfficeMax, Inc. (a)		2,120		26,670
Pacific Sunwear of California, Inc. (a)		8,295		42,719
Pier 1 Imports, Inc. (a)		9,170		35,488
Rent-A-Center, Inc. (a)		1,709		32,266
Sherwin-Williams Co.		410		24,666
Shoe Carnival, Inc. (a)		1,135		17,502
Staples, Inc.		10,250		238,005
TJX Companies, Inc.		1,390		51,638
Urban Outfitters, Inc. (a)		1,050		31,678
USS Co., Ltd.		2,690		159,226
Wet Seal, Inc., Class A (a)		9,300		35,154
Specialty Retail Total				2,822,287
Textiles, Apparel & Luxury Goods – 0.4%
Coach, Inc.		1,220		40,162
Deckers Outdoor Corp. (a)		680		57,698
Fossil, Inc. (a)		1,387		39,460
Hanesbrands, Inc. (a)		1,480		31,672
Iconix Brand Group, Inc. (a)		5,570		69,458
LG Fashion Corp.		6,770		152,794
Movado Group, Inc.		1,500		21,795
Phillips-Van Heusen Corp.		420		17,972
Polo Ralph Lauren Corp.		5,414		414,821
True Religion Apparel, Inc. (a)		1,840		47,711
Warnaco Group, Inc. (a)		690		30,263
Wolverine World Wide, Inc.		560		13,910
Youngone Corp. (a)		6,960		43,619
Youngone Holdings Co., Ltd.		420		8,023
Textiles, Apparel & Luxury Goods Total				989,358
Consumer Discretionary Total				12,685,559

	Shares		Value ($)
Consumer Staples – 4.6%
Beverages – 0.8%
Carlsberg A/S, Class B		2,094		152,445
Coca-Cola Co.		4,850		260,445
Diageo PLC, ADR		8,551		525,801
Fomento Economico Mexicano SAB de CV, ADR		2,200		83,710
Molson Coors Brewing Co., Class B		5,500		267,740
PepsiCo, Inc.		9,800		574,868
Beverages Total				1,865,009
Food & Staples Retailing – 0.7%
Casey's General Stores, Inc.		1,880		58,994
Costco Wholesale Corp.		3,900		220,194
CVS Caremark Corp.		6,500		232,310
Koninklijke Ahold NV		17,900		215,385
Ruddick Corp.		700		18,634
Safeway, Inc.		1,360		26,819
Seven & I Holdings Co., Ltd.		10,600		252,667
Spartan Stores, Inc.		897		12,675
Wal-Mart Stores, Inc.		11,507		564,879
Weis Markets, Inc.		1,090		34,825
Food & Staples Retailing Total				1,637,382
Food Products – 1.1%
American Italian Pasta Co., Class A (a)		1,523		41,395
Campbell Soup Co.		950		30,989
China Milk Products Group Ltd. (a)		322,000		114,958
Corn Products International, Inc.		2,440		69,589
Darling International, Inc. (a)		5,203		38,242
Dean Foods Co. (a)		4,410		78,454
Fresh Del Monte Produce, Inc. (a)		1,413		31,948
H.J. Heinz Co.		1,500		59,625
Hershey Co.		5,550		215,673
J.M. Smucker Co.		12,300		652,023
Kerry Group PLC, Class A		5,154		147,449
Nestle SA, Registered Shares		10,475		446,861
Toyo Suisan Kaisha Ltd.		9,000		243,862
Viterra, Inc. (a)		17,082		170,397
Food Products Total				2,341,465
Household Products – 0.7%
Central Garden & Pet Co., Class A (a)		2,670		29,183
Clorox Co.		1,550		91,171
Colgate-Palmolive Co.		4,250		324,190
Procter & Gamble Co.		17,250		999,120
Household Products Total				1,443,664

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Personal Products – 0.6%
Avon Products, Inc.		25,786		875,693
Chattem, Inc. (a)		454		30,150
Estee Lauder Companies, Inc., Class A		5,675		210,429
Herbalife Ltd.		1,180		38,633
Mead Johnson Nutrition Co., Class A		5,250		236,827
Personal Products Total				1,391,732
Tobacco – 0.7%
Japan Tobacco, Inc.		77		262,207
Lorillard, Inc.		590		43,837
Philip Morris International, Inc.		26,376		1,285,566
Tobacco Total				1,591,610
Consumer Staples Total				10,270,862
Energy – 5.3%
Energy Equipment & Services – 1.2%
Core Laboratories N.V.		230		23,711
Diamond Offshore Drilling, Inc.		730		69,729
Dril-Quip, Inc. (a)		1,010		50,136
FMC Technologies, Inc. (a)		690		36,046
Gulf Island Fabrication, Inc.		940		17,616
Halliburton Co.		11,104		301,140
Lufkin Industries, Inc.		270		14,359
Matrix Service Co. (a)		1,510		16,414
Nabors Industries Ltd. (a)		37,800		790,020
National Oilwell Varco, Inc. (a)		1,350		58,225
Noble Corp.		7,365		279,575
Patterson-UTI Energy, Inc.		1,170		17,667
Pioneer Drilling Co. (a)		2,946		21,624
Pride International, Inc. (a)		2,300		70,012
Shinko Plantech Co., Ltd.		16,800		163,467
Superior Well Services, Inc. (a)		1,122		10,861
T-3 Energy Services, Inc. (a)		800		15,760
TGC Industries, Inc. (a)		1,693		8,211
Tidewater, Inc.		510		24,016
Transocean Ltd. (a)		7,542		645,067
Union Drilling, Inc. (a)		2,415		18,451
Energy Equipment & Services Total				2,652,107
Oil, Gas & Consumable Fuels – 4.1%
Alpha Natural Resources, Inc. (a)		13,450		472,095
Apache Corp.		11,050		1,014,721
Australian Worldwide Exploration Ltd. (a)		80,539		192,312
Berry Petroleum Co., Class A		760		20,353
BP PLC, ADR		6,508		346,421
Cabot Oil & Gas Corp.		2,100		75,075

	Shares		Value ($)
Chevron Corp.		8,200		577,526
Cimarex Energy Co.		480		20,794
Comstock Resources, Inc. (a)		790		31,663
Concho Resources, Inc. (a)		958		34,795
Consol Energy, Inc.		1,000		45,110
Contango Oil & Gas Co. (a)		580		29,615
Continental Resources, Inc. (a)		1,004		39,327
Devon Energy Corp.		4,700		316,451
Encore Acquisition Co. (a)		760		28,424
EOG Resources, Inc.		6,675		557,429
Exxon Mobil Corp.		19,575		1,343,041
Forest Oil Corp. (a)		910		17,809
Goodrich Petroleum Corp. (a)		950		24,519
Hess Corp.		4,450		237,897
Holly Corp.		830		21,265
Marathon Oil Corp.		8,600		274,340
Mariner Energy, Inc. (a)		1,560		22,121
Newfield Exploration Co. (a)		11,050		470,288
Nordic American Tanker Shipping		525		15,529
Occidental Petroleum Corp.		13,500		1,058,400
Peabody Energy Corp.		2,790		103,844
PetroHawk Energy Corp. (a)		2,050		49,630
Petroleo Brasileiro SA, ADR		4,200		192,780
Quicksilver Resources, Inc. (a)		2,340		33,205
Repsol YPF SA		3,590		97,811
Royal Dutch Shell PLC, Class B		11,023		306,243
SandRidge Energy, Inc. (a)		3,060		39,658
Stone Energy Corp. (a)		3,991		65,093
Swift Energy Co. (a)		1,060		25,101
Total SA		7,812		465,060
Ultra Petroleum Corp. (a)		700		34,272
Williams Companies, Inc.		29,500		527,165
Yanzhou Coal Mining Co., Ltd., Class H		62,000		88,575
Oil, Gas & Consumable Fuels Total				9,315,757
Energy Total				11,967,864
Financials – 9.4%
Capital Markets – 1.3%
Affiliated Managers Group, Inc. (a)		790		51,358
Ameriprise Financial, Inc.		3,600		130,788
Evercore Partners, Inc., Class A		678		19,811
Federated Investors, Inc., Class B		490		12,921
Goldman Sachs Group, Inc.		6,950		1,281,233
Greenhill & Co., Inc.		700		62,706
Intermediate Capital Group PLC		22,727		108,622
Investment Technology Group, Inc. (a)		810		22,615
Janus Capital Group, Inc.		6,366		90,270

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Mass Financial Corp., Class A (a)		1,750		16,625
Morgan Stanley		26,950		832,216
Piper Jaffray Companies, Inc. (a)		488		23,287
Raymond James Financial, Inc.		860		20,021
Stifel Financial Corp. (a)		907		49,794
T. Rowe Price Group, Inc.		1,180		53,926
Waddell & Reed Financial, Inc., Class A		3,988		113,459
Capital Markets Total				2,889,652
Commercial Banks – 3.7%
Australia & New Zealand Banking Group Ltd.		8,540		183,071
BancFirst Corp.		616		22,749
Banco Bilbao Vizcaya Argentaria SA		21,239		377,971
Banco Santander SA		31,405		507,372
BancTrust Financial Group, Inc.		1,838		6,562
Bank of China Ltd., Class H		248,000		129,733
Bank of New York Mellon Corp.		14,200		411,658
Barclays PLC		56,220		332,260
BB&T Corp.		17,500		476,700
BNP Paribas		2,324		185,879
Bryn Mawr Bank Corp.		1,107		19,339
Chemical Financial Corp.		1,570		34,210
City National Corp.		1,600		62,288
Columbia Banking System, Inc.		1,389		22,988
Comerica, Inc.		2,900		86,043
Community Trust Bancorp, Inc.		728		19,052
Cullen/Frost Bankers, Inc.		2,100		108,444
CVB Financial Corp.		1,330		10,095
DBS Group Holdings Ltd.		24,000		224,616
Fifth Third Bancorp.		31,700		321,121
First Citizens BancShares, Inc., Class A		243		38,661
First Commonwealth Financial Corp.		3,169		18,000
First Financial Corp. of Indiana		979		29,997
First National Bank of Alaska		9		14,850
HSBC Holdings PLC		24,543		280,963
Investors Bancorp, Inc. (a)		2,082		22,090
Merchants Bancshares, Inc.		1,024		21,873
National Australia Bank Ltd.		10,321		278,972
National Bank of Greece SA (a)		6,801		245,931
Northfield Bancorp, Inc.		1,519		19,443
Northrim BanCorp, Inc.		1,214		18,513
Pinnacle Financial Partners, Inc. (a)		2,376		30,199
PNC Financial Services Group, Inc.		6,746		327,788
Standard Chartered PLC		12,609		310,892

	Shares		Value ($)
Sumitomo Mitsui Financial Group, Inc.		5,900		204,244
Sumitomo Trust & Banking Co., Ltd.		23,000		120,920
SunTrust Banks, Inc.		13,650		307,807
SVB Financial Group (a)		2,008		86,886
Svenska Handelsbanken AB, Class A		10,274		262,586
Taylor Capital Group, Inc. (a)		1,105		7,293
TCF Financial Corp.		7,500		97,800
Turkiye Is Bankasi, Class C		25,494		100,253
U.S. Bancorp		33,939		741,907
Wells Fargo & Co.		27,266		768,356
West Coast Bancorp		1,580		3,918
Whitney Holding Corp.		1,350		12,879
Yamaguchi Financial Group, Inc.		8,000		82,740
Zions Bancorporation		13,035		234,239
Commercial Banks Total				8,232,151
Consumer Finance – 0.2%
American Express Co.		12,100		410,190
Cash America International, Inc.		1,240		37,399
Discover Financial Services		5,319		86,327
Consumer Finance Total				533,916
Diversified Financial Services – 1.0%
ING Groep NV (a)		13,055		233,271
IntercontinentalExchange, Inc. (a)		250		24,297
JPMorgan Chase & Co.		44,303		1,941,357
Medallion Financial Corp.		2,094		17,506
Moody's Corp.		960		19,642
Pico Holdings, Inc. (a)		450		15,007
Portfolio Recovery Associates, Inc. (a)		933		42,293
Diversified Financial Services Total				2,293,373
Insurance – 2.0%
ACE Ltd. (a)		8,820		471,517
Aon Corp.		7,600		309,244
Axis Capital Holdings Ltd.		18,524		559,054
Baldwin & Lyons, Inc., Class B		1,000		23,450
Baloise Holding AG, Registered Shares		2,509		240,075
Brit Insurance Holdings PLC		57,604		187,836
CNA Surety Corp. (a)		1,760		28,512
EMC Insurance Group, Inc.		1,101		23,264
FBL Financial Group, Inc. Class A		1,422		27,629
First Mercury Financial Corp.		1,784		23,763
Harleysville Group, Inc.		580		18,357
Horace Mann Educators Corp.		2,201		30,748
Lincoln National Corp.		1,350		34,979

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Marsh & McLennan Companies, Inc.		9,600		237,408
National Western Life Insurance Co., Class A		117		20,590
Navigators Group, Inc. (a)		514		28,270
Platinum Underwriters Holdings Ltd.		390		13,978
Principal Financial Group, Inc.		5,450		149,276
Prudential Financial, Inc.		18,178		907,264
Reinsurance Group of America, Inc.		2,900		129,340
RLI Corp.		446		23,540
Safety Insurance Group, Inc.		940		30,945
Sampo Oyj, Class A		7,646		192,660
Selective Insurance Group, Inc.		1,029		16,186
Stewart Information Services Corp.		1,190		14,720
United America Indemnity Ltd., Class A (a)		6,551		48,412
United Fire & Casualty Co.		1,243		22,250
XL Capital Ltd., Class A		16,550		288,963
Zurich Financial Services AG, Registered Shares		1,078		256,908
Insurance Total				4,359,138
Real Estate Investment Trusts (REITs) – 0.9%
Alexandria Real Estate Equities, Inc.		1,200		65,220
Boston Properties, Inc.		850		55,717
DCT Industrial Trust, Inc.		4,364		22,300
DiamondRock Hospitality Co. (a)		3,870		31,347
Digital Realty Trust, Inc.		980		44,796
Duke Realty Corp.		1,030		12,370
DuPont Fabros Technology, Inc. (a)		1,249		16,649
Equity Residential Property Trust		1,300		39,910
Franklin Street Properties Corp.		2,184		28,610
Getty Realty Corp.		750		18,405
Home Properties, Inc.		630		27,147
Host Hotels & Resorts, Inc.		5,200		61,204
Japan Retail Fund Investment Corp.		40		217,061
LaSalle Hotel Properties		1,004		19,739
Mack-Cali Realty Corp.		460		14,872
National Health Investors, Inc.		962		30,447
National Retail Properties, Inc.		2,812		60,374
Nationwide Health Properties, Inc.		1,080		33,469
Plum Creek Timber Co., Inc.		9,300		284,952
Potlatch Corp.		1,240		35,278
ProLogis		2,900		34,568
Rayonier, Inc.		8,100		331,371
Simon Property Group, Inc.		5,417		376,102
Starwood Property Trust, Inc. (a)		900		18,225
Sun Communities, Inc.		750		16,140

	Shares		Value ($)
Sunstone Hotel Investors, Inc. (a)		3,146		22,337
Universal Health Realty Income Trust		810		26,366
Urstadt Biddle Properties, Inc., Class A		1,490		21,739
Vornado Realty Trust		649		41,802
Washington Real Estate Investment Trust		765		22,032
Real Estate Investment Trusts (REITs) Total				2,030,549
Real Estate Management & Development – 0.2%
Avatar Holdings, Inc. (a)		827		15,713
CB Richard Ellis Group, Inc., Class A (a)		3,500		41,090
Hongkong Land Holdings Ltd.		45,000		194,578
Leopalace21 Corp.		15,600		124,419
Maui Land & Pineapple Co., Inc. (a)		810		5,095
Swire Pacific Ltd., Class A		11,500		134,949
Real Estate Management & Development Total				515,844
Thrifts & Mortgage Finance – 0.1%
Bank Mutual Corp.		3,225		28,509
BankFinancial Corp.		2,281		21,852
Beneficial Mutual Bancorp, Inc. (a)		2,761		25,208
Brookline Bancorp, Inc.		2,920		28,382
Clifton Savings Bancorp, Inc.		1,840		18,032
ESSA Bancorp, Inc.		1,228		16,222
Home Federal Bancorp, Inc.		2,417		27,602
TrustCo Bank Corp. NY		2,400		15,000
United Financial Bancorp, Inc.		1,449		16,780
Washington Federal, Inc.		1,720		28,999
Westfield Financial, Inc.		2,729		23,115
Thrifts & Mortgage Finance Total				249,701
Financials Total				21,104,324
Health Care – 5.7%
Biotechnology – 1.0%
Alexion Pharmaceuticals, Inc. (a)		1,660		73,936
Alkermes, Inc. (a)		3,700		34,003
Amgen, Inc. (a)		11,909		717,279
BioMarin Pharmaceuticals, Inc. (a)		3,964		71,669
Celgene Corp. (a)		4,950		276,705
Gilead Sciences, Inc. (a)		7,650		356,337
Human Genome Sciences, Inc. (a)		2,723		51,247
Immunogen, Inc. (a)		3,011		24,419
Isis Pharmaceuticals, Inc. (a)		2,310		33,657
Martek Biosciences Corp. (a)		1,210		27,334
Onyx Pharmaceuticals, Inc. (a)		2,530		75,824
Regeneron Pharmaceuticals, Inc. (a)		2,021		39,005
Rigel Pharmaceuticals, Inc. (a)		3,539		29,020

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Savient Pharmaceuticals, Inc. (a)		1,280		19,456
Seattle Genetics, Inc. (a)		3,427		48,081
Talecris Biotherapeutics		2,566		48,754
Theravance, Inc. (a)		1,500		21,960
United Therapeutics Corp. (a)		894		43,797
Vertex Pharmaceuticals, Inc. (a)		6,550		248,245
Biotechnology Total				2,240,728
Health Care Equipment & Supplies – 0.9%
American Medical Systems Holdings, Inc. (a)		1,660		28,087
Analogic Corp.		270		9,995
Baxter International, Inc.		10,100		575,801
Beckman Coulter, Inc.		1,000		68,940
Boston Scientific Corp. (a)		56,600		599,394
Cantel Medical Corp. (a)		56		961
Cooper Companies, Inc.		1,200		35,676
Hologic, Inc. (a)		2,710		44,282
Hospira, Inc. (a)		4,000		178,400
Intuitive Surgical, Inc. (a)		290		76,053
Masimo Corp. (a)		1,243		32,567
Meridian Bioscience, Inc.		1,793		44,843
NuVasive, Inc. (a)		1,021		42,637
Palomar Medical Technologies, Inc. (a)		1,300		21,073
Quidel Corp. (a)		2,370		38,465
STERIS Corp.		1,620		49,329
Symmetry Medical, Inc. (a)		1,260		13,066
Teleflex, Inc.		1,200		57,972
Thoratec Corp. (a)		920		27,848
Young Innovations, Inc.		418		10,998
Health Care Equipment & Supplies Total				1,956,387
Health Care Providers & Services – 0.9%
Alliance Healthcare Services, Inc. (a)		4,471		25,306
Allion Healthcare, Inc. (a)		1,870		10,940
AMERIGROUP Corp. (a)		1,040		23,057
AmerisourceBergen Corp.		2,700		60,426
AmSurg Corp. (a)		709		15,052
CIGNA Corp.		13,300		373,597
Community Health Systems, Inc. (a)		1,700		54,281
Express Scripts, Inc. (a)		1,450		112,491
Healthspring, Inc. (a)		1,894		23,202
inVentiv Health, Inc. (a)		1,643		27,487
Kindred Healthcare, Inc. (a)		1,420		23,047
Magellan Health Services, Inc. (a)		460		14,288
Medcath Corp. (a)		1,570		13,769
Medco Health Solutions, Inc. (a)		14,380		795,358
Mednax, Inc. (a)		720		39,542
MWI Veterinary Supply, Inc. (a)		221		8,829

	Shares		Value ($)
NovaMed, Inc. (a)		3,364		15,239
Owens & Minor, Inc.		1,246		56,381
Patterson Companies, Inc. (a)		1,790		48,777
Psychiatric Solutions, Inc. (a)		3,404		91,091
Res-Care, Inc. (a)		1,890		26,857
Triple-S Management Corp., Class B (a)		860		14,422
U.S. Physical Therapy, Inc. (a)		740		11,152
VCA Antech, Inc. (a)		1,560		41,948
Health Care Providers & Services Total				1,926,539
Health Care Technology – 0.0%
Allscripts-Misys Healthcare Solutions, Inc.		1,130		22,905
Cerner Corp. (a)		450		33,660
Quality Systems, Inc.		450		27,707
Health Care Technology Total				84,272
Life Sciences Tools & Services – 0.9%
Albany Molecular Research, Inc. (a)		2,350		20,351
Bio-Rad Laboratories, Inc., Class A (a)		334		30,688
Covance, Inc. (a)		3,550		192,232
Dionex Corp. (a)		826		53,665
ICON PLC, ADR (a)		3,280		80,327
Illumina, Inc. (a)		2,352		99,960
Life Technologies Corp. (a)		18,080		841,624
Mettler-Toledo International, Inc. (a)		500		45,295
Thermo Fisher Scientific, Inc. (a)		17,083		746,015
Life Sciences Tools & Services Total				2,110,157
Pharmaceuticals – 2.0%
Abbott Laboratories		10,650		526,855
Allergan, Inc.		6,550		371,778
Astellas Pharma, Inc.		3,400		139,712
AstraZeneca PLC, ADR		7,216		324,359
Bristol-Myers Squibb Co.		19,550		440,266
Eurand NV (a)		2,168		32,824
Johnson & Johnson		10,250		624,122
Novartis AG, Registered Shares		5,658		284,034
Perrigo Co.		1,310		44,527
Pfizer, Inc.		30,300		501,465
Roche Holding AG, Genusschein Shares		2,302		372,641
Sanofi-Aventis SA		5,217		383,011
Santen Pharmaceutical Co., Ltd.		4,600		169,045
Schering-Plough Corp.		8,800		248,600
Vivus, Inc. (a)		1,390		14,526
Pharmaceuticals Total				4,477,765
Health Care Total				12,795,848

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Industrials – 5.7%
Aerospace & Defense – 1.6%
AAR Corp. (a)		792		17,377
AerCap Holdings NV (a)		4,700		42,629
Alliant Techsystems, Inc. (a)		400		31,140
BAE Systems PLC		40,742		227,371
BE Aerospace, Inc. (a)		2,830		56,996
Ceradyne, Inc. (a)		955		17,505
Esterline Technologies Corp. (a)		550		21,566
Goodrich Corp.		5,600		304,304
HEICO Corp.		755		32,737
Hexcel Corp. (a)		2,460		28,142
Honeywell International, Inc.		10,900		404,935
ITT Corp.		750		39,113
L-3 Communications Holdings, Inc.		4,175		335,336
Ladish Co., Inc. (a)		1,380		20,879
Lockheed Martin Corp.		2,200		171,776
MTU Aero Engines Holding AG		3,848		182,254
Precision Castparts Corp.		4,360		444,153
Spirit Aerosystems Holdings, Inc., Class A (a)		3,439		62,108
Stanley, Inc. (a)		740		19,033
Teledyne Technologies, Inc. (a)		1,179		42,432
United Technologies Corp.		18,530		1,129,033
Aerospace & Defense Total				3,630,819
Air Freight & Logistics – 0.2%
Expeditors International of Washington, Inc.		1,080		37,962
FedEx Corp.		3,100		233,182
HUB Group, Inc., Class A (a)		1,963		44,854
Pacer International, Inc.		3,324		12,831
Air Freight & Logistics Total				328,829
Airlines – 0.1%
Delta Air Lines, Inc. (a)		7,500		67,200
Skywest, Inc.		1,650		27,357
Turk Hava Yollari		48,571		126,860
Airlines Total				221,417
Building Products – 0.0%
Ameron International Corp.		277		19,384
Builders FirstSource, Inc. (a)		2,046		8,921
Lennox International, Inc.		400		14,448
NCI Building Systems, Inc. (a)		1,700		5,440
Universal Forest Products, Inc.		470		18,546
Building Products Total				66,739
Commercial Services & Supplies – 0.3%
ABM Industries, Inc.		810		17,042
Aeon Delight Co., Ltd.		8,200		115,704
ATC Technology Corp. (a)		940		18,574

	Shares		Value ($)
Consolidated Graphics, Inc. (a)		650		16,218
Ennis, Inc.		1,163		18,759
Geo Group, Inc. (a)		1,884		38,000
Republic Services, Inc.		11,750		312,198
Stericycle, Inc. (a)		690		33,431
United Stationers, Inc. (a)		560		26,662
Waste Connections, Inc. (a)		1,590		45,887
Commercial Services & Supplies Total				642,475
Construction & Engineering – 0.7%
Comfort Systems USA, Inc.		1,472		17,061
COMSYS Holdings Corp.		12,800		139,494
CTCI Corp.		124,000		120,482
Dycom Industries, Inc. (a)		1,810		22,263
EMCOR Group, Inc. (a)		1,320		33,422
Foster Wheeler AG (a)		2,430		77,541
Granite Construction, Inc.		659		20,390
Great Lakes Dredge & Dock Corp.		6,249		43,618
Impregilo SpA		45,733		200,471
KBR, Inc.		16,390		381,723
KHD Humboldt Wedag International Ltd. (a)		1,180		12,248
Layne Christensen Co. (a)		650		20,833
Sterling Construction Co., Inc. (a)		750		13,433
Toyo Engineering Corp.		42,000		141,983
Vinci SA		4,070		230,669
Construction & Engineering Total				1,475,631
Electrical Equipment – 0.3%
Acuity Brands, Inc.		510		16,427
American Superconductor Corp. (a)		1,090		36,559
A.O. Smith Corp.		560		21,336
AMETEK, Inc.		970		33,863
AZZ, Inc. (a)		670		26,914
Belden, Inc.		930		21,483
Cooper Industries PLC, Class A		1,600		60,112
GrafTech International Ltd. (a)		4,250		62,475
II-VI, Inc. (a)		1,744		44,367
Regal-Beloit Corp.		660		30,169
Roper Industries, Inc.		860		43,843
Schneider Electric SA		2,145		217,603
Thomas & Betts Corp. (a)		1,220		36,697
Electrical Equipment Total				651,848
Industrial Conglomerates – 0.7%
DCC PLC		5,351		138,531
General Electric Co.		33,479		549,725
McDermott International, Inc. (a)		2,960		74,799
Siemens AG, Registered Shares		1,026		95,105
Textron, Inc.		1,820		34,544
Tyco International Ltd.		22,414		772,835
Industrial Conglomerates Total				1,665,539

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Machinery – 1.0%
Astec Industries, Inc. (a)		555		14,136
Bucyrus International, Inc.		1,280		45,594
CIRCOR International, Inc.		660		18,652
Cummins, Inc.		1,160		51,980
Demag Cranes AG		3,610		129,679
Dover Corp.		6,700		259,692
Dynamic Materials Corp.		1,180		23,553
Eaton Corp.		3,400		192,406
EnPro Industries, Inc. (a)		1,000		22,860
Flowserve Corp.		3,150		310,401
FreightCar America, Inc.		747		18,152
Harsco Corp.		2,340		82,859
Kadant, Inc. (a)		1,168		14,168
Kennametal, Inc.		2,100		51,681
LB Foster Co., Class A (a)		437		13,363
Mueller Industries, Inc.		850		20,289
Navistar International Corp. (a)		6,881		257,487
PACCAR, Inc.		2,300		86,733
Pall Corp.		1,170		37,768
Parker Hannifin Corp.		4,600		238,464
Robbins & Myers, Inc.		770		18,080
SPX Corp.		3,500		214,445
Stanley Works		1,925		82,178
Trinity Industries, Inc.		1,450		24,925
Wabtec Corp.		1,778		66,728
Machinery Total				2,296,273
Marine – 0.0%
Alexander & Baldwin, Inc.		1,200		38,508
Genco Shipping & Trading Ltd.		1,096		22,775
Kirby Corp. (a)		820		30,192
Marine Total				91,475
Professional Services – 0.3%
CDI Corp.		1,211		17,015
Dun & Bradstreet Corp.		520		39,166
Kforce, Inc. (a)		1,139		13,691
Korn/Ferry International (a)		2,424		35,366
LECG Corp. (a)		2,253		7,908
Manpower, Inc.		4,700		266,537
Monster Worldwide, Inc. (a)		3,105		54,275
MPS Group, Inc. (a)		3,860		40,607
Navigant Consulting, Inc. (a)		930		12,555
Teleperformance		2,779		93,313
Professional Services Total				580,433
Road & Rail – 0.3%
Arkansas Best Corp.		530		15,868
Con-way, Inc.		2,025		77,598
Heartland Express, Inc.		1,080		15,552
Landstar System, Inc.		1,160		44,150

	Shares		Value ($)
Norfolk Southern Corp.		5,350		230,638
Old Dominion Freight Line, Inc. (a)		1,670		50,818
Ryder System, Inc.		3,920		153,115
Werner Enterprises, Inc.		2,220		41,359
Road & Rail Total				629,098
Trading Companies & Distributors – 0.2%
Beacon Roofing Supply, Inc. (a)		3,000		47,940
Fastenal Co.		970		37,539
Kaman Corp.		1,043		22,925
Mitsui & Co., Ltd.		9,100		118,433
W.W. Grainger, Inc.		3,150		281,484
Watsco, Inc.		280		15,095
Trading Companies & Distributors Total				523,416
Industrials Total				12,803,992
Information Technology – 8.7%
Communications Equipment – 1.1%
3Com Corp. (a)		10,340		54,078
ADC Telecommunications, Inc. (a)		1,700		14,178
Anaren, Inc. (a)		1,172		19,924
Arris Group, Inc. (a)		2,863		37,248
Avocent Corp. (a)		930		18,851
Bel Fuse, Inc., Class B		479		9,115
Black Box Corp.		787		19,746
Brocade Communications Systems, Inc. (a)		3,220		25,309
Cisco Systems, Inc. (a)		38,995		917,942
CommScope, Inc. (a)		9,404		281,462
Comtech Telecommunications Corp. (a)		740		24,583
Digi International, Inc. (a)		2,148		18,301
Plantronics, Inc.		910		24,397
Polycom, Inc. (a)		3,454		92,395
QUALCOMM, Inc.		15,400		692,692
Research In Motion Ltd. (a)		2,650		179,007
Symmetricom, Inc. (a)		2,310		11,966
Tandberg ASA		1,390		33,335
Tekelec (a)		870		14,294
Tellabs, Inc. (a)		3,310		22,905
Communications Equipment Total				2,511,728
Computers & Peripherals – 2.3%
Adaptec, Inc. (a)		4,020		13,427
Apple, Inc. (a)		6,450		1,195,636
Dell, Inc. (a)		18,500		282,310
Diebold, Inc.		2,100		69,153
Electronics for Imaging, Inc. (a)		1,450		16,342
EMC Corp. (a)		68,850		1,173,204
Hewlett-Packard Co.		17,270		815,317

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
International Business Machines Corp.		11,000		1,315,710
NCR Corp. (a)		7,110		98,260
NetApp, Inc. (a)		1,160		30,949
Synaptics, Inc. (a)		770		19,404
Teradata Corp. (a)		1,000		27,520
Western Digital Corp. (a)		980		35,799
Computers & Peripherals Total				5,093,031
Electronic Equipment, Instruments & Components – 0.4%
Agilent Technologies, Inc. (a)		1,400		38,962
Anixter International, Inc. (a)		650		26,072
Arrow Electronics, Inc. (a)		2,300		64,745
Benchmark Electronics, Inc. (a)		2,100		37,800
Brightpoint, Inc. (a)		15,929		139,379
Corning, Inc.		11,350		173,768
CPI International, Inc. (a)		1,363		15,252
CTS Corp.		1,800		16,740
Electro Scientific Industries, Inc. (a)		1,320		17,675
Flextronics International Ltd. (a)		4,350		32,451
FUJIFILM Holdings Corp.		5,100		151,668
Littelfuse, Inc. (a)		538		14,091
Methode Electronics, Inc.		1,884		16,334
MTS Systems Corp.		750		21,908
NAM TAI Electronics, Inc.		3,081		16,637
TTM Technologies, Inc. (a)		3,970		45,536
Electronic Equipment, Instruments & Components Total				829,018
Internet Software & Services – 1.0%
Akamai Technologies, Inc. (a)		10,660		209,789
comScore, Inc. (a)		1,470		26,475
eBay, Inc. (a)		10,900		257,349
Equinix, Inc. (a)		3,954		363,768
Google, Inc., Class A (a)		2,072		1,027,401
IAC/InterActiveCorp (a)		1,330		26,853
InfoSpace, Inc. (a)		1,540		11,920
MercadoLibre, Inc. (a)		350		13,461
Perficient, Inc. (a)		3,080		25,471
Switch & Data Facilities Co., Inc. (a)		2,550		34,705
United Online, Inc.		1,670		13,427
ValueClick, Inc. (a)		2,910		38,383
VeriSign, Inc. (a)		3,590		85,047
Yahoo! Japan Corp.		333		112,499
Internet Software & Services Total				2,246,548
IT Services – 0.4%
Acxiom Corp. (a)		1,200		11,352
Alliance Data Systems Corp. (a)		610		37,259
Amdocs Ltd. (a)		1,030		27,686
CACI International, Inc., Class A (a)		1,394		65,894
Cap Gemini SA		2,322		121,766

	Shares		Value ($)
Cognizant Technology Solutions Corp., Class A (a)		1,410		54,511
CSG Systems International, Inc. (a)		1,051		16,827
Cybersource Corp. (a)		1,490		24,838
Hewitt Associates, Inc., Class A (a)		860		31,330
MasterCard, Inc., Class A		130		26,280
MAXIMUS, Inc.		350		16,310
Paychex, Inc.		910		26,435
Redecard SA		7,100		109,209
Syntel, Inc.		1,130		53,935
TeleTech Holdings, Inc. (a)		3,674		62,678
Visa, Inc., Class A		2,450		169,319
Western Union Co.		2,830		53,544
Wright Express Corp. (a)		1,210		35,707
IT Services Total				944,880
Office Electronics – 0.1%
Canon, Inc.		6,000		240,023
Office Electronics Total				240,023
Semiconductors & Semiconductor Equipment – 1.9%
Altera Corp.		1,480		30,355
Amkor Technology, Inc. (a)		2,380		16,374
Analog Devices, Inc.		13,169		363,201
Atheros Communications, Inc. (a)		1,510		40,060
Atmel Corp. (a)		3,500		14,665
ATMI, Inc. (a)		730		13,250
Broadcom Corp., Class A (a)		8,750		268,538
Cabot Microelectronics Corp. (a)		850		29,631
Cavium Networks, Inc. (a)		1,520		32,634
Cirrus Logic, Inc. (a)		2,680		14,901
Cypress Semiconductor Corp. (a)		7,750		80,058
Fairchild Semiconductor International, Inc. (a)		1,906		19,498
Intel Corp.		34,700		679,079
Intersil Corp., Class A		14,097		215,825
KLA-Tencor Corp.		10,100		362,186
Kulicke & Soffa Industries, Inc. (a)		2,276		13,706
Lam Research Corp. (a)		10,416		355,811
Linear Technology Corp.		1,620		44,761
Maxim Integrated Products, Inc.		11,100		201,354
MEMC Electronic Materials, Inc. (a)		1,550		25,777
Microchip Technology, Inc.		1,560		41,340
Micron Technology, Inc. (a)		4,090		33,538
MKS Instruments, Inc. (a)		893		17,226
Monolithic Power Systems, Inc. (a)		911		21,363
Novellus Systems, Inc. (a)		2,390		50,142
NVIDIA Corp. (a)		2,780		41,783
OmniVision Technologies, Inc. (a)		1,635		26,618
ON Semiconductor Corp. (a)		3,570		29,453
RF Micro Devices, Inc. (a)		2,810		15,258

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Semtech Corp. (a)		2,310		39,293
Silicon Laboratories, Inc. (a)		750		34,770
Skyworks Solutions, Inc. (a)		3,780		50,047
Teradyne, Inc. (a)		19,800		183,150
Texas Instruments, Inc.		27,850		659,766
TriQuint Semiconductor, Inc. (a)		4,220		32,578
United Microelectronics Corp., ADR (a)		40,160		152,608
Verigy Ltd. (a)		4,293		49,885
Xilinx, Inc.		1,720		40,282
Zoran Corp. (a)		1,385		15,955
Semiconductors & Semiconductor Equipment Total				4,356,719
Software – 1.5%
Activision Blizzard, Inc. (a)		14,856		184,066
Adobe Systems, Inc. (a)		6,570		217,073
ANSYS, Inc. (a)		1,169		43,802
Autodesk, Inc. (a)		2,370		56,406
Autonomy Corp. PLC (a)		3,938		102,755
BMC Software, Inc. (a)		7,380		276,971
Cadence Design Systems, Inc. (a)		3,070		22,534
Citrix Systems, Inc. (a)		2,200		86,306
Concur Technologies, Inc. (a)		704		27,991
Electronic Arts, Inc. (a)		1,380		26,289
Intuit, Inc. (a)		1,290		36,765
Jack Henry & Associates, Inc.		520		12,204
McAfee, Inc. (a)		740		32,405
Mentor Graphics Corp. (a)		2,521		23,470
Micros Systems, Inc. (a)		1,120		33,813
Microsoft Corp.		52,530		1,360,002
Monotype Imaging Holdings, Inc. (a)		293		2,464
Net 1 UEPS Technologies, Inc. (a)		3,156		66,150
Nintendo Co., Ltd.		600		153,419
Oracle Corp.		12,700		264,668
Parametric Technology Corp. (a)		1,190		16,446
Progress Software Corp. (a)		750		16,987
Rovi Corp. (a)		870		29,232
Salesforce.com, Inc. (a)		850		48,390
Solera Holdings, Inc.		1,250		38,887
Synopsys, Inc. (a)		1,600		35,872
THQ, Inc. (a)		5,690		38,920
Websense, Inc. (a)		2,931		49,241
Software Total				3,303,528
Information Technology Total				19,525,475
Materials – 2.9%
Chemicals – 0.8%
Air Products & Chemicals, Inc.		1,100		85,338
Albemarle Corp.		1,725		59,685

	Shares		Value ($)
BASF SE		6,046		320,102
Celanese Corp., Series A		7,350		183,750
CF Industries Holdings, Inc.		870		75,020
Clariant AG, Registered Shares (a)		17,658		160,580
Cytec Industries, Inc.		810		26,301
Ecolab, Inc.		720		33,286
H.B. Fuller Co.		1,860		38,874
Koppers Holdings, Inc.		1,090		32,318
Monsanto Co.		4,900		379,260
OM Group, Inc. (a)		950		28,871
Potash Corp. of Saskatchewan, Inc.		2,060		186,100
PPG Industries, Inc.		1,300		75,673
Solutia, Inc. (a)		2,210		25,592
Syngenta AG, Registered Shares		475		109,050
Chemicals Total				1,819,800
Construction Materials – 0.1%
Ciments Francais SA		1,254		140,783
Eagle Materials, Inc.		542		15,491
Martin Marietta Materials, Inc.		560		51,559
Construction Materials Total				207,833
Containers & Packaging – 0.4%
Crown Holdings, Inc. (a)		12,360		336,192
Greif, Inc., Class A		1,672		92,043
Greif, Inc., Class B		941		49,092
Owens-Illinois, Inc. (a)		5,350		197,415
Packaging Corp. of America		5,312		108,365
Toyo Seikan Kaisha Ltd.		7,400		141,692
Containers & Packaging Total				924,799
Metals & Mining – 1.4%
Agnico-Eagle Mines Ltd.		570		38,674
Anglo American PLC (a)		5,060		161,076
BHP Billiton PLC		14,956		411,020
BlueScope Steel Ltd.		49,675		127,245
Carpenter Technology Corp.		700		16,373
Cliffs Natural Resources, Inc.		2,600		84,136
Compass Minerals International, Inc.		280		17,254
Freeport-McMoRan Copper & Gold, Inc.		3,575		245,281
Harry Winston Diamond Corp.		2,877		24,080
Haynes International, Inc. (a)		707		22,497
Nucor Corp.		8,000		376,080
Olympic Steel, Inc.		849		24,358
RTI International Metals, Inc. (a)		1,160		28,896
Salzgitter AG		1,660		159,108
Steel Dynamics, Inc.		16,750		256,945
Tokyo Steel Manufacturing Co., Ltd.		12,300		149,735
United States Steel Corp.		14,325		635,600

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Walter Energy, Inc.		710		42,643
Yamato Kogyo Co., Ltd.		5,900		164,971
Metals & Mining Total				2,985,972
Paper & Forest Products – 0.2%
Weyerhaeuser Co.		12,600		461,790
Paper & Forest Products Total				461,790
Materials Total				6,400,194
Telecommunication Services – 1.4%
Diversified Telecommunication Services – 1.0%
AT&T, Inc.		27,052		730,674
BCE, Inc.		5,900		145,427
Bezeq Israeli Telecommunication Corp., Ltd.		76,526		164,703
France Telecom SA		4,879		130,506
Neutral Tandem, Inc. (a)		760		17,298
Nippon Telegraph & Telephone Corp.		4,800		221,576
Tele2 AB, Class B		9,485		126,087
Telefonica O2 Czech Republic AS		6,938		171,811
Telekomunikacja Polska SA		24,844		137,036
Verizon Communications, Inc.		9,085		275,003
Vimpel-Communications, ADR (a)		1,740		32,538
Warwick Valley Telephone Co.		1,293		15,270
Diversified Telecommunication Services Total				2,167,929
Wireless Telecommunication Services – 0.4%
American Tower Corp., Class A (a)		9,494		345,582
Leap Wireless International, Inc. (a)		780		15,249
Millicom International Cellular SA (a)		1,912		139,079
NII Holdings, Inc. (a)		2,270		68,055
NTELOS Holdings Corp.		3,750		66,225
SBA Communications Corp., Class A (a)		1,760		47,573
Softbank Corp.		4,800		104,794
Syniverse Holdings, Inc. (a)		1,255		21,962
Vodafone Group PLC		39,407		88,446
Wireless Telecommunication Services Total				896,965
Telecommunication Services Total				3,064,894
Utilities – 2.0%
Electric Utilities – 0.8%
ALLETE, Inc.		830		27,863
American Electric Power Co., Inc.		11,800		365,682
El Paso Electric Co. (a)		1,370		24,208
Enel SpA		20,183		128,174

	Shares		Value ($)
Exelon Corp.		3,700		183,594
FPL Group, Inc.		9,900		546,777
Great Plains Energy, Inc.		940		16,873
Hawaiian Electric Industries, Inc.		620		11,234
Iberdrola SA		20,115		197,697
Maine & Maritimes Corp.		269		9,670
MGE Energy, Inc.		790		28,819
Northeast Utilities		8,024		190,490
PPL Corp.		960		29,126
UIL Holdings Corp.		840		22,168
Electric Utilities Total				1,782,375
Gas Utilities – 0.0%
Laclede Group, Inc.		810		26,050
Questar Corp.		1,070		40,189
Gas Utilities Total				66,239
Independent Power Producers & Energy Traders – 0.4%
AES Corp. (a)		36,735		544,413
Black Hills Corp.		1,340		33,728
Drax Group PLC		23,304		175,602
International Power PLC		38,120		176,290
Independent Power Producers & Energy Traders Total				930,033
Multi-Utilities – 0.8%
AGL Energy Ltd.		16,666		200,860
Avista Corp.		1,750		35,385
CH Energy Group, Inc.		480		21,269
NorthWestern Corp.		1,170		28,583
PG&E Corp.		12,458		504,424
Public Service Enterprise Group, Inc.		2,200		69,168
RWE AG		2,900		269,684
Sempra Energy		2,150		107,091
United Utilities Group PLC		9,452		69,016
Wisconsin Energy Corp.		6,500		293,605
Xcel Energy, Inc.		4,870		93,699
Multi-Utilities Total				1,692,784
Utilities Total				4,471,431
Total Common Stocks (cost of $96,360,934)				115,090,443
Corporate Fixed-Income Bonds & Notes – 13.5%
	Par ($)
Basic Materials – 0.9%
Chemicals – 0.3%
EI Du Pont de Nemours & Co.
5.000% 07/15/13		100,000		108,931

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Huntsman International LLC
7.875% 11/15/14		475,000		442,937
Chemicals Total				551,868
Forest Products & Paper – 0.2%
Georgia-Pacific Corp.
8.000% 01/15/24		470,000		465,300
Forest Products & Paper Total				465,300
Iron/Steel – 0.1%
Nucor Corp.
5.850% 06/01/18		215,000		235,443
Iron/Steel Total				235,443
Metals & Mining – 0.3%
Freeport-McMoRan Copper & Gold, Inc.
8.375% 04/01/17		395,000		420,181
Vale Overseas Ltd.
6.250% 01/23/17		275,000		294,413
Metals & Mining Total				714,594
Basic Materials Total				1,967,205
Communications – 2.1%
Media – 0.5%
Comcast Corp.
7.050% 03/15/33		275,000		311,868
DISH DBS Corp.
6.625% 10/01/14		440,000		427,900
News America, Inc.
6.550% 03/15/33		275,000		281,462
Viacom, Inc.
6.125% 10/05/17		110,000		117,786
Media Total				1,139,016
Telecommunication Services – 1.6%
AT&T, Inc.
4.950% 01/15/13		350,000		373,170
British Telecommunications PLC
5.150% 01/15/13		225,000		234,406
Cricket Communications, Inc.
9.375% 11/01/14		425,000		431,375
Intelsat Corp.
9.250% 06/15/16		410,000		422,300
Lucent Technologies, Inc.
6.450% 03/15/29		685,000		521,456
New Cingular Wireless Services, Inc.
8.750% 03/01/31		175,000		231,816
Qwest Communications International, Inc.
7.500% 02/15/14		440,000		434,500

	Par ($)		Value ($)
Telefonica Emisiones SAU
5.984% 06/20/11		300,000		319,650
Verizon Wireless Capital LLC
5.550% 02/01/14 (b)		365,000		394,449
Vodafone Group PLC
5.750% 03/15/16		175,000		187,529
Telecommunication Services Total				3,550,651
Communications Total				4,689,667
Consumer Cyclical – 0.6%
Apparel – 0.2%
Levi Strauss & Co.
9.750% 01/15/15		405,000		421,200
Apparel Total				421,200
Lodging – 0.2%
Host Hotels & Resorts LP
6.750% 06/01/16		440,000		418,000
Lodging Total				418,000
Retail – 0.2%
CVS Caremark Corp.
6.125% 09/15/39		255,000		259,392
Wal-Mart Stores, Inc.
5.800% 02/15/18		250,000		280,822
Retail Total				540,214
Consumer Cyclical Total				1,379,414
Consumer Non-Cyclical – 1.2%
Beverages – 0.2%
Bottling Group LLC
6.950% 03/15/14		200,000		233,090
Miller Brewing Co.
5.500% 08/15/13 (b)		250,000		264,209
Beverages Total				497,299
Food – 0.3%
Campbell Soup Co.
4.500% 02/15/19		115,000		118,001
ConAgra Foods, Inc.
6.750% 09/15/11		16,000		17,458
JBS USA LLC/JBS USA Finance, Inc.
11.625% 05/01/14 (b)		405,000		435,375
Food Total				570,834
Healthcare Services – 0.3%
HCA, Inc.
PIK, 9.625% 11/15/16		205,000		213,200

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Roche Holdings, Inc.
6.000% 03/01/19 (b)		310,000		345,073
Healthcare Services Total				558,273
Pharmaceuticals – 0.4%
Express Scripts, Inc.
5.250% 06/15/12		200,000		212,308
Omnicare, Inc.
6.875% 12/15/15		445,000		427,200
Wyeth
5.500% 02/01/14		280,000		305,790
Pharmaceuticals Total				945,298
Consumer Non-Cyclical Total				2,571,704
Energy – 1.5%
Oil & Gas – 0.7%
Canadian Natural Resources Ltd.
5.700% 05/15/17		250,000		265,680
Chesapeake Energy Corp.
6.375% 06/15/15		470,000		436,513
Chevron Corp.
4.950% 03/03/19		175,000		186,793
Nexen, Inc.
5.875% 03/10/35		260,000		238,125
PetroHawk Energy Corp.
7.875% 06/01/15		280,000		275,800
Talisman Energy, Inc.
6.250% 02/01/38		255,000		260,134
Oil & Gas Total				1,663,045
Oil & Gas Services – 0.2%
Halliburton Co.
5.900% 09/15/18		200,000		219,499
Weatherford International Ltd.
5.150% 03/15/13		190,000		199,574
Oil & Gas Services Total				419,073
Pipelines – 0.6%
El Paso Corp.
6.875% 06/15/14		245,000		240,100
Enterprise Products Operating LLC
4.600% 08/01/12		190,000		196,870
MarkWest Energy Partners LP
8.500% 07/15/16		450,000		445,500
Plains All American Pipeline LP/PAA Finance Corp.
6.650% 01/15/37		200,000		210,657
TransCanada Pipelines Ltd.
6.350% 05/15/67 (c)		320,000		280,365
Pipelines Total				1,373,492
Energy Total				3,455,610

	Par ($)		Value ($)
Financials – 4.9%
Banks – 3.1%
ANZ National International Ltd.
6.200% 07/19/13 (b)		350,000		382,978
Bank of New York Mellon Corp.
5.125% 08/27/13		350,000		378,334
Barclays Bank PLC
6.750% 05/22/19		375,000		419,413
Capital One Financial Corp.
5.500% 06/01/15		300,000		310,671
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (b)		750,000		742,231
Citigroup Funding, Inc.
2.000% 03/30/12 (d)		800,000		808,766
Credit Suisse/New York NY
6.000% 02/15/18		375,000		392,609
Deutsche Bank AG
4.875% 05/20/13		300,000		319,550
Goldman Sachs Group, Inc.
6.345% 02/15/34		290,000		266,330
HSBC Capital Funding LP
9.547% 12/31/49 (b)(c)		450,000		454,500
JPMorgan Chase & Co.
6.000% 01/15/18		450,000		482,996
Keycorp
6.500% 05/14/13		255,000		261,037
Merrill Lynch & Co., Inc.
6.050% 08/15/12 (e)		350,000		373,270
Morgan Stanley
6.750% 04/15/11		150,000		159,941
Northern Trust Corp.
4.625% 05/01/14		285,000		303,254
U.S. Bank N.A.
6.300% 02/04/14		350,000		391,814
Wachovia Corp.
4.875% 02/15/14		375,000		381,985
Banks Total				6,829,679
Diversified Financial Services – 0.9%
AGFC Capital Trust I
6.000% 01/15/67 (b)(c)		350,000		140,000
Ameriprise Financial, Inc.
7.300% 06/28/19		230,000		253,546
CDX North America High Yield
8.875% 06/29/13 (b)		348,000		327,120
General Electric Capital Corp.
2.250% 03/12/12 (d)		800,000		814,447
5.000% 01/08/16		430,000		431,553
Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (f)(g)		350,000		62,125
Diversified Financial Services Total				2,028,791

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Insurance – 0.6%
Chubb Corp.
5.750% 05/15/18		150,000		164,535
Lincoln National Corp.
8.750% 07/01/19		225,000		260,228
MetLife, Inc.
6.817% 08/15/18		285,000		317,206
Principal Life Income Funding Trusts
5.300% 04/24/13		225,000		230,824
Prudential Financial, Inc.
6.100% 06/15/17		275,000		276,213
UnitedHealth Group, Inc.
5.250% 03/15/11		200,000		207,865
Insurance Total				1,456,871
Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
7.375% 02/15/15		250,000		257,836
Health Care Property Investors, Inc.
6.450% 06/25/12		250,000		257,741
Simon Property Group LP
5.750% 12/01/15		185,000		189,239
Real Estate Investment Trusts (REITs) Total				704,816
Financials Total				11,020,157
Industrials – 0.8%
Aerospace & Defense – 0.3%
BE Aerospace, Inc.
8.500% 07/01/18		410,000		420,250
United Technologies Corp.
5.375% 12/15/17		250,000		272,745
Aerospace & Defense Total				692,995
Miscellaneous Manufacturing – 0.3%
Bombardier, Inc.
6.300% 05/01/14 (b)		445,000		429,425
Tyco International Ltd./ Tyco International Finance SA
7.000% 12/15/19		95,000		102,841
Miscellaneous Manufacturing Total				532,266
Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		225,000		252,073
Norfolk Southern Corp.
5.750% 04/01/18		250,000		271,938
Transportation Total				524,011
Industrials Total				1,749,272

	Par ($)		Value ($)
Technology – 0.3%
Computers – 0.1%
Hewlett-Packard Co.
5.500% 03/01/18		250,000		273,177
Computers Total				273,177
Networking Products – 0.1%
Cisco Systems, Inc.
4.950% 02/15/19		245,000		257,539
Networking Products Total				257,539
Software – 0.1%
Oracle Corp.
6.500% 04/15/38		190,000		220,235
Software Total				220,235
Technology Total				750,951
Utilities – 1.2%
Electric – 1.0%
Commonwealth Edison Co.
5.950% 08/15/16		200,000		218,064
Consolidated Edison Co. of New York
5.850% 04/01/18		230,000		250,707
Dominion Resources, Inc.
5.200% 08/15/19		240,000		249,196
Indiana Michigan Power Co.
5.650% 12/01/15		225,000		237,896
Pacific Gas & Electric Co.
5.800% 03/01/37		225,000		243,586
Progress Energy, Inc.
7.750% 03/01/31		200,000		250,343
Southern California Edison Co.
5.000% 01/15/14		300,000		322,408
Texas Competitive Electric Holdings Co., LLC
PIK, 10.500% 11/01/16		667,937		418,296
Electric Total				2,190,496
Gas – 0.2%
Atmos Energy Corp.
6.350% 06/15/17		225,000		244,050
Sempra Energy
6.500% 06/01/16		230,000		254,252
Gas Total				498,302
Utilities Total				2,688,798
Total Corporate Fixed-Income Bonds & Notes (cost of $28,609,702)				30,272,778

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Mortgage-Backed Securities – 11.9%
	Par ($)		Value ($)
Federal Home Loan Mortgage Corp.
5.000% 06/01/36		587,761		608,632
5.000% 02/01/38		811,058		839,306
5.000% 05/01/39		715,504		740,353
5.500% 04/01/21		1,515,191		1,606,931
5.500% 12/01/37		863,449		905,047
5.500% 07/01/38		773,546		810,770
5.500% 01/01/39		509,568		534,088
6.000% 12/01/37		1,555,052		1,645,051
6.500% 02/01/11		7,901		8,112
6.500% 04/01/11		16,805		17,502
6.500% 05/01/11		15,982		16,728
6.500% 10/01/11		9,338		9,731
6.500% 07/01/16		9,838		10,535
6.500% 04/01/26		24,449		26,361
6.500% 06/01/26		29,552		31,862
6.500% 02/01/27		23,848		25,716
6.500% 06/01/31		34,158		36,774
6.500% 07/01/31		13,108		14,120
6.500% 01/01/38		678,632		724,323
7.000% 07/01/28		38,544		42,417
7.000% 04/01/29		23,559		25,925
7.000% 01/01/30		6,686		7,353
7.000% 06/01/31		7,010		7,709
7.000% 08/01/31		82,555		90,784
7.500% 08/01/15		371		401
7.500% 01/01/30		44,055		49,478
8.000% 09/01/15		20,702		22,445
Federal National Mortgage Association
5.000% 05/01/37		712,129		736,750
5.000% 01/01/38		961,382		994,620
5.500% 11/01/21		265,267		281,411
5.500% 11/01/36		1,505,512		1,578,984
5.500% 02/01/37		709,827		743,913
5.500% 06/01/38		1,530,612		1,603,396
5.500% 10/01/38		350,000		366,643
6.000% 09/01/36		611,225		646,791
6.000% 06/01/38		1,514,893		1,600,352
6.000% 03/01/39		543,345		574,452
6.500% 03/01/11		2,621		2,743
6.500% 03/01/38		906,070		969,957
7.000% 03/01/15		38,553		41,243
7.000% 07/01/16		8,148		8,823
7.000% 02/01/31		18,077		19,955
7.000% 07/01/31		72,314		79,850
7.000% 07/01/32		5,305		5,846
7.500% 06/01/15		11,229		12,224
7.500% 08/01/15		31,822		34,639

	Par ($)		Value ($)
7.500% 09/01/15		11,923		12,979
7.500% 02/01/31		20,052		22,467
7.500% 08/01/31		19,753		22,136
8.000% 12/01/29		21,770		24,669
8.000% 04/01/30		28,652		32,483
8.000% 05/01/30		2,720		3,084
8.000% 07/01/31		28,821		32,679
TBA: 5.000% 10/01/39 (h)		1,550,000		1,600,859
5.500% 10/01/39 (h)		1,530,000		1,600,285
Government National Mortgage Association
5.000% 04/15/39		1,952,316		2,024,735
5.500% 02/15/37		1,348,192		1,417,919
6.000% 04/15/13		2,787		2,991
6.500% 05/15/13		7,969		8,543
6.500% 06/15/13		3,050		3,270
6.500% 08/15/13		6,099		6,538
6.500% 11/15/13		16,997		18,220
6.500% 07/15/14		16,951		18,171
6.500% 01/15/29		6,291		6,800
6.500% 03/15/29		61,628		66,609
6.500% 04/15/29		108,373		117,131
6.500% 05/15/29		94,619		102,265
6.500% 07/15/31		42,908		46,308
7.000% 11/15/13		111,329		118,557
7.000% 05/15/29		19,111		21,106
7.000% 09/15/29		26,242		28,981
7.000% 06/15/31		22,262		24,600
7.500% 06/15/23		782		872
7.500% 01/15/26		18,555		20,765
7.500% 09/15/29		28,727		32,197
8.000% 07/15/25		9,135		10,356
8.500% 12/15/30		3,026		3,480
9.000% 12/15/17		19,189		20,925
Total Mortgage-Backed Securities (cost of $25,721,400)				26,634,026
Government & Agency Obligations – 7.7%
Foreign Government Obligations – 0.6%
Province of Ontario
5.450% 04/27/16		500,000		558,661
Province of Quebec
4.625% 05/14/18		435,000		453,363
United Mexican States
7.500% 04/08/33		250,000		296,875
Foreign Government Obligations Total				1,308,899

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Government & Agency Obligations (continued)
	Par ($)		Value ($)
U.S. Government Agencies – 0.7%
Federal Home Loan Bank
5.500% 08/13/14		165,000		187,001
Federal Home Loan Mortgage Corp.
3.125% 10/25/10 (i)		85,000		87,302
5.500% 08/23/17		1,125,000		1,280,630
U.S. Government Agencies Total				1,554,933
U.S. Government Obligations – 6.4%
U.S. Treasury Bonds
5.375% 02/15/31		4,070,000		4,835,669
U.S. Treasury Inflation Indexed Bonds
1.625% 01/15/15		609,055		620,475
2.000% 01/15/14		571,115		591,461
2.375% 01/15/25		731,219		766,638
3.500% 01/15/11		1,361,129		1,416,851
3.875% 04/15/29		759,823		978,272
U.S. Treasury Inflation Indexed Notes
1.875% 07/15/13		404,544		417,944
2.000% 01/15/16		423,177		439,046
2.125% 01/15/19		476,468		500,291
2.375% 04/15/11		206,154		212,274
2.625% 07/15/17		342,906		372,268
3.000% 07/15/12		299,448		318,350
U.S. Treasury Notes
0.875% 04/30/11		2,835,000		2,842,751
U.S. Government Obligations Total				14,312,290
Total Government & Agency Obligations (cost of $16,566,887)				17,176,122
Commercial Mortgage-Backed Securities – 4.1%
Bear Stearns Commercial Mortgage Securities
5.742% 09/11/42		1,000,000		935,790
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.366% 12/11/49		420,000		285,354
Commercial Mortgage Pass Through Certificates
5.234% 07/10/37 (c)		980,000		977,786
CS First Boston Mortgage Securities Corp.
4.577% 04/15/37		1,586,000		1,598,206
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		725,000		742,805
JPMorgan Chase Commercial Mortgage Securities Corp.
4.780% 07/15/42		310,000		261,548
5.201% 08/12/37		575,000		598,601
5.440% 06/12/47		1,020,000		876,380
5.447% 06/12/47		509,000		456,605
5.525% 04/15/43		1,457,000		1,111,414

	Par ($)		Value ($)
Morgan Stanley Capital I
5.809% 12/12/49		1,500,000		1,283,802
Total Commercial Mortgage-Backed Securities (cost of $9,764,355)				9,128,291
Collateralized Mortgage Obligations – 2.8%
Agency – 1.8%
Federal Home Loan Mortgage Corp.
4.500% 02/15/18		392,086		409,285
5.000% 08/15/32		670,000		704,803
5.000% 05/15/33		720,000		758,581
6.000% 02/15/28		580,675		603,396
Federal National Mortgage Association
4.000% 12/25/20		1,097,781		1,136,298
5.000% 12/25/15		423,366		430,286
Agency Total				4,042,649
Non-Agency – 1.0%
American Mortgage Trust
8.445% 09/27/22 (c)		6,738		4,086
Bear Stearns Adjustable Rate Mortgage Trust
5.449% 02/25/47 (c)		862,727		521,118
Countrywide Alternative Loan Trust
5.250% 08/25/35		284,340		236,573
5.500% 10/25/35		590,365		445,666
JPMorgan Mortgage Trust
6.007% 10/25/36 (c)		570,606		467,478
Lehman Mortgage Trust
6.500% 01/25/38		709,239		509,765
Non-Agency Total				2,184,686
Total Collateralized Mortgage Obligations (cost of $7,051,423)				6,227,335
Commodities – 2.5%
	Shares
iShares GSCI Commodity Indexed Trust		23,230		689,466
PowerShares DB Agriculture Fund		33,190		845,017
PowerShares DB Commodity Index Tracking Fund		72,310		1,595,159
SPDR Gold Trust		8,600		850,110
United States Oil Fund LP		48,360		1,750,149
Total Commodities (cost of $5,554,539)				5,729,901

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Asset-Backed Securities – 1.4%
	Par ($)		Value ($)
Citicorp Residential Mortgage Securities, Inc.
6.080% 06/25/37		490,000		448,898
Ford Credit Auto Owner Trust
5.470% 06/15/12		761,000		801,969
Franklin Auto Trust
5.360% 05/20/16		989,000		993,666
Green Tree Financial Corp.
6.870% 01/15/29		116,490		110,118
Harley-Davidson Motorcycle Trust
5.350% 03/15/13		690,625		713,058
Total Asset-Backed Securities (cost of $3,048,964)				3,067,709
Convertible Preferred Stock – 0.2%
	Shares
Health Care – 0.1%
Pharmaceuticals – 0.1%
Schering-Plough Corp., 6.000%		600		145,620
Pharmaceuticals Total				145,620
Health Care Total				145,620
Materials – 0.1%
Metals & Mining – 0.1%
Freeport-McMoRan Copper & Gold, Inc., 6.750%		3,850		396,550
Metals & Mining Total				396,550
Materials Total				396,550
Total Convertible Preferred Stock (cost of $316,920)				542,170
Investment Company – 0.1%
iShares MSCI EAFE Index Fund		2,323		127,068
Total Investment Company (cost of $127,319)				127,068

Preferred Stock – 0.1%
	Shares		Value ($)
Utilities – 0.1%
Electric Utilities – 0.1%
Cia Energetica de Minas Gerais 5.000%		6,525		99,444
Electric Utilities Total				99,444
Utilities Total				99,444
Total Preferred Stock (cost of $117,589)				99,444
Convertible Bond – 0.0%
	Par ($)
Financials – 0.0%
Real Estate Investment Trusts (REITs) – 0.0%
Vornado Realty Trust
3.625% 11/15/26		18,000		17,482
Real Estate Investment Trusts (REITs) Total				17,482
Financials Total				17,482
Total Convertible Bond (cost of $14,260)				17,482
Rights – 0.0%
	Shares
Financials – 0.0%
BNP Paribas Ltd.
Expires 10/13/09 (a)		2,324		5,033
Fortis
Expires 07/04/14 (a)(f)		8,439		—
Financials Total				5,033
Total Rights (cost of $—)				5,033
Purchased Put Options – 0.0%
	Units
CBOE SPX Volatility Index November Put Strike price $23 Expires: 11/21/09		14		7,980
Purchased Options Total				7,980
Total Purchased Put Options (cost of $8,709)				7,980

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

Short-Term Obligation – 3.3%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due on 10/01/09, at 0.010%, collateralized by U.S. Government Agency obligations with various maturities to 01/13/14, market value $7,585,700 (repurchase proceeds $7,429,002)		7,429,000		7,429,000
Total Short-Term Obligation (cost of $7,429,000)				7,429,000
Total Investments – 99.0% (cost of $200,692,001) (j)				221,554,782
Other Assets & Liabilities, Net – 1.0%				2,284,014
Net Assets – 100.0%				223,838,796

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities, which are not illiquid, amounted to $3,915,360, which represents 1.7% of net assets.

(d) Security is guaranteed by the Federal Deposit Insurance Corporation.

(e) Investments in affiliates during the twelve months ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc., 6.050% 08/15/12

Par as of 09/30/08:	$	350,000
Par purchased:	$	–
Par sold:	$	–
Par as of 09/30/09:	$	350,000
Net realized gain (loss):	$	–
Interest income earned:	$	21,175
Value at end of period:	$	373,270

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

(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $62,125, which represents less than 0.1% of net assets.

(g) The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of this security amounted to $62,125, which represents less than 0.1% of net assets.

(h) Security purchased on a delayed delivery basis.

(i) All or a portion of this security is held as collateral for open futures contracts. At September 30, 2009, market value of the security pledged amounted to $71,896.

(j) Cost for federal income tax purposes is $202,595,625.

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

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	10,673,389	$	2,012,170	$	—	$	12,685,559
Consumer Staples		8,435,028		1,835,834		—		10,270,862
Energy		10,654,396		1,313,468		—		11,967,864
Financials		15,580,120		5,524,204		—		21,104,324
Health Care		11,447,405		1,348,443		—		12,795,848
Industrials		10,526,040		2,277,952		—		12,803,992
Information Technology		18,610,010		915,465		—		19,525,475
Materials		4,354,832		2,045,362		—		6,400,194
Telecommunication Services		1,919,935		1,144,959		—		3,064,894
Utilities		3,254,108		1,217,323		—		4,471,431
Total Common Stocks		95,455,263		19,635,180		—		115,090,443
Corporate Fixed-Income Bonds & Notes
Basic Materials		—		1,967,205		—		1,967,205
Communications		—		4,689,667		—		4,689,667
Consumer Cyclical		—		1,379,414		—		1,379,414
Consumer Non-Cyclical		—		2,571,704		—		2,571,704
Energy		—		3,455,610		—		3,455,610
Financials		—		11,020,157		—		11,020,157
Industrials		—		1,749,272		—		1,749,272
Technology		—		750,951		—		750,951
Utilities		—		2,688,798		—		2,688,798
Total Corporate Fixed-Income Bonds & Notes		—		30,272,778		—		30,272,778
Total Mortgage-Backed Securities		3,201,144		23,432,882		—		26,634,026
Total Government & Agency Obligations		14,312,290		2,863,832		—		17,176,122
Total Commercial Mortgage-Backed Securities		—		9,128,291		—		9,128,291
Total Collateralized Mortgage Obligations		—		6,227,335		—		6,227,335
Total Commodities		5,729,901		—		—		5,729,901
Total Asset-Backed Securities		—		3,067,709		—		3,067,709
Total Convertible Preferred Stock		542,170		—		—		542,170
Total Investment Company		127,068		—		—		127,068
Total Preferred Stock		99,444		—		—		99,444
Total Convertible Bond		—		17,482		—		17,482
Total Rights		—		5,033		—		5,033
Total Purchased Put Options		7,980		—		—		7,980
Total Short-Term Obligation		—		7,429,000		—		7,429,000
Total Investments		119,475,260		102,079,522		—		221,554,782
Unrealized Appreciation on Futures Contracts		52,875		—		—		52,875
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		—		82,585		—		82,585
Total	$	119,528,135	$	102,162,107	$	—	$	221,690,242

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

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

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

At September 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
Interest Rate Risk
10-Year U.S. Treasury Notes		7	$	828,297	$	815,468	Dec-09	$	12,829
Equity Risk
S&P 500® Index		22		5,790,950		5,750,904	Dec-09		40,046
								$	52,875

At September 30, 2009, cash of $965,000 was pledged as collateral for open futures contracts.

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

	Number of contracts			Premium received
Options outstanding at September 30, 2008		106		$	3,896
Options written		949			37,598
Options terminated in closing purchase transactions		(7	)		(1,974	)
Options expired		(786	)		(27,823	)
Options exercised		(262	)		(11,697	)
Options outstanding at September 30, 2009		–		$	–

Forward foreign currency exchange contracts outstanding on September 30, 2009 are:

Foreign Exchange Rate Risk

Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$	894,130	$	793,252	10/08/09	$	100,878
AUD		119,922		114,022	10/08/09		5,900
CAD		19,614		19,706	10/08/09		(92	)
CHF		87,817		85,278	10/08/09		2,539
CHF		8,685		8,735	10/08/09		(50	)
CZK		18,838		19,035	10/08/09		(197	)
DKK		154,299		147,230	10/08/09		7,069
EUR		554,608		529,160	10/08/09		25,448
EUR		65,850		64,063	10/08/09		1,787
EUR		48,290		47,012	10/08/09		1,278
EUR		118,531		115,704	10/08/09		2,827
EUR		89,264		89,891	10/08/09		(627	)
EUR		21,950		22,218	10/08/09		(268	)
GBP		775,083		790,002	10/08/09		(14,919	)
GBP		124,653		128,708	10/08/09		(4,055	)
GBP		63,924		65,498	10/08/09		(1,574	)
ILS		14,603		14,694	10/08/09		(91	)
JPY		68,983		65,275	10/08/09		3,708
JPY		47,303		46,071	10/08/09		1,232
JPY		9,313		9,211	10/08/09		102
NOK		132,765		118,364	10/08/09		14,401
PLN		9,055		9,283	10/08/09		(228	)
SEK		222,061		196,992	10/08/09		25,069
SGD		68,857		67,312	10/08/09		1,545
SGD		97,962		96,862	10/08/09		1,100
TWD		20,683		20,564	10/08/09		119
						$	172,901

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$	123,450	$	122,150	10/08/09	$	(1,300	)
CAD		212,023		198,426	10/08/09		(13,597	)
CAD		66,315		65,021	10/08/09		(1,294	)
CHF		204,583		195,734	10/08/09		(8,849	)
CZK		233,530		217,725	10/08/09		(15,805	)
CZK		34,487		32,478	10/08/09		(2,009	)
DKK		47,174		46,006	10/08/09		(1,168	)
DKK		71,155		70,662	10/08/09		(493	)
DKK		2,555		2,572	10/08/09		17
GBP		63,924		67,948	10/08/09		4,024
GBP		63,924		66,028	10/08/09		2,104
ILS		206,832		197,190	10/08/09		(9,642	)
JPY		181,759		175,204	10/08/09		(6,555	)
JPY		66,799		63,476	10/08/09		(3,323	)
KRW		121,491		114,877	10/08/09		(6,614	)
KRW		33,853		33,042	10/08/09		(811	)
KRW		69,162		68,224	10/08/09		(938	)
NOK		9,347		9,225	10/08/09		(122	)
PLN		129,552		118,358	10/08/09		(11,194	)
SEK		56,519		57,363	10/08/09		844
SGD		122,097		117,913	10/08/09		(4,184	)
SGD		44,722		43,486	10/08/09		(1,236	)
TWD		201,878		195,919	10/08/09		(5,959	)
TWD		44,263		43,284	10/08/09		(979	)
TWD		47,721		46,488	10/08/09		(1,233	)
						$	(90,316	)

At September 30, 2009, the asset allocation of the Fund is as follows:

Asset Allocation (Unaudited)	% of Net Assets
Common Stocks		51.4
Corporate Fixed-Income Bonds & Notes		13.5
Mortgage-Backed Securities		11.9
Government & Agency Obligations		7.7
Commercial Mortgage-Backed Securities		4.1
Collateralized Mortgage Obligations		2.8
Asset-Backed Securities		1.4
Convertible Preferred Stock		0.2
Preferred Stock		0.1
Convertible Bond		0.0	*
Rights		0.0	*
Purchased Put Options		0.0	*
		93.1
Commodities		2.5
Investment Company		0.1
Short Term Obligation		3.3
Other Assets & Liabilities, Net		1.0
		100.0

* Rounds to less than 0.1%.

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2009

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

ILS				Israeli Shekel

JPY				Japanese Yen

KRW				South Korean Won

NOK				Norwegian Krone

PIK				Payment-in-Kind

PLN				Polish Zloty

SEK				Swedish Krona

SGD				Singapore Dollar

TBA				To Be Announced

TWD				Taiwan Dollar

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Large Cap Growth Fund

September 30, 2009

Common Stocks – 99.9%
	Shares		Value ($)
Consumer Discretionary – 11.1%
Hotels, Restaurants & Leisure – 2.9%
International Game Technology		508,714		10,927,177
Las Vegas Sands Corp. (a)		216,400		3,644,176
Starbucks Corp. (a)		393,800		8,131,970
Starwood Hotels & Resorts Worldwide, Inc.		251,200		8,297,136
Yum! Brands, Inc.		205,600		6,941,056
Hotels, Restaurants & Leisure Total				37,941,515
Internet & Catalog Retail – 0.9%
Amazon.com, Inc. (a)		121,300		11,324,568
Internet & Catalog Retail Total				11,324,568
Media – 0.7%
Viacom, Inc., Class B (a)		307,100		8,611,084
Media Total				8,611,084
Multiline Retail – 3.1%
J.C. Penney Co., Inc.		284,200		9,591,750
Nordstrom, Inc.		333,200		10,175,928
Target Corp.		453,000		21,146,040
Multiline Retail Total				40,913,718
Specialty Retail – 2.8%
Best Buy Co., Inc.		190,900		7,162,568
GameStop Corp., Class A (a)		260,200		6,887,494
Lowe's Companies, Inc.		664,900		13,923,006
Staples, Inc.		383,800		8,911,836
Specialty Retail Total				36,884,904
Textiles, Apparel & Luxury Goods – 0.7%
Polo Ralph Lauren Corp.		114,400		8,765,328
Textiles, Apparel & Luxury Goods Total				8,765,328
Consumer Discretionary Total				144,441,117
Consumer Staples – 12.9%
Beverages – 3.2%
Coca-Cola Co.		181,800		9,762,660
Molson Coors Brewing Co., Class B		206,600		10,057,288
PepsiCo, Inc.		365,600		21,446,096
Beverages Total				41,266,044
Food & Staples Retailing – 2.0%
Costco Wholesale Corp.		145,900		8,237,514
CVS Caremark Corp.		241,300		8,624,062
Wal-Mart Stores, Inc.		194,500		9,548,005
Food & Staples Retailing Total				26,409,581

	Shares		Value ($)
Food Products – 0.5%
Hershey Co.		162,400		6,310,864
Food Products Total				6,310,864
Household Products – 2.7%
Colgate-Palmolive Co.		157,900		12,044,612
Procter & Gamble Co.		404,800		23,446,016
Household Products Total				35,490,628
Personal Products – 1.9%
Avon Products, Inc.		286,300		9,722,748
Estee Lauder Companies, Inc., Class A		168,000		6,229,440
Mead Johnson Nutrition Co., Class A		193,400		8,724,274
Personal Products Total				24,676,462
Tobacco – 2.6%
Philip Morris International, Inc.		697,400		33,991,276
Tobacco Total				33,991,276
Consumer Staples Total				168,144,855
Energy – 4.8%
Energy Equipment & Services – 1.4%
Nabors Industries Ltd. (a)		451,600		9,438,440
Transocean Ltd. (a)		112,762		9,644,534
Energy Equipment & Services Total				19,082,974
Oil, Gas & Consumable Fuels – 3.4%
Alpha Natural Resources, Inc. (a)		252,400		8,859,240
Apache Corp.		155,200		14,252,016
Devon Energy Corp.		176,175		11,861,863
Hess Corp.		167,400		8,949,204
Oil, Gas & Consumable Fuels Total				43,922,323
Energy Total				63,005,297
Financials – 6.3%
Capital Markets – 2.3%
Goldman Sachs Group, Inc.		56,600		10,434,210
Morgan Stanley		632,300		19,525,424
Capital Markets Total				29,959,634
Commercial Banks – 0.9%
SunTrust Banks, Inc.		510,000		11,500,500
Commercial Banks Total				11,500,500
Diversified Financial Services – 0.7%
JPMorgan Chase & Co.		220,100		9,644,782
Diversified Financial Services Total				9,644,782

See Accompanying Notes to Financial Statements.

Columbia Large Cap Growth Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Insurance – 2.4%
Principal Financial Group, Inc.		203,500		5,573,865
Prudential Financial, Inc.		291,000		14,523,810
XL Capital Ltd., Class A		612,700		10,697,742
Insurance Total				30,795,417
Financials Total				81,900,333
Health Care – 15.1%
Biotechnology – 3.3%
Amgen, Inc. (a)		192,000		11,564,160
Celgene Corp. (a)		182,600		10,207,340
Gilead Sciences, Inc. (a)		284,300		13,242,694
Vertex Pharmaceuticals, Inc. (a)		203,000		7,693,700
Biotechnology Total				42,707,894
Health Care Equipment & Supplies – 2.8%
Baxter International, Inc.		376,100		21,441,461
Boston Scientific Corp. (a)		1,014,200		10,740,378
Hospira, Inc. (a)		87,600		3,906,960
Health Care Equipment & Supplies Total				36,088,799
Health Care Providers & Services – 1.9%
CIGNA Corp.		409,000		11,488,810
Medco Health Solutions, Inc. (a)		234,800		12,986,788
Health Care Providers & Services Total				24,475,598
Life Sciences Tools & Services – 2.4%
Covance, Inc. (a)		132,100		7,153,215
Life Technologies Corp. (a)		280,900		13,075,895
Thermo Fisher Scientific, Inc. (a)		267,169		11,667,270
Life Sciences Tools & Services Total				31,896,380
Pharmaceuticals – 4.7%
Abbott Laboratories		396,100		19,595,067
Allergan, Inc.		244,000		13,849,440
Bristol-Myers Squibb Co.		729,400		16,426,088
Johnson & Johnson		191,600		11,666,524
Pharmaceuticals Total				61,537,119
Health Care Total				196,705,790
Industrials – 11.3%
Aerospace & Defense – 3.4%
Lockheed Martin Corp.		82,100		6,410,368
Precision Castparts Corp.		127,800		13,018,986
United Technologies Corp.		401,500		24,463,395
Aerospace & Defense Total				43,892,749

	Shares		Value ($)
Air Freight & Logistics – 0.6%
FedEx Corp.		115,400		8,680,388
Air Freight & Logistics Total				8,680,388
Commercial Services & Supplies – 0.9%
Republic Services, Inc.		438,700		11,656,259
Commercial Services & Supplies Total				11,656,259
Industrial Conglomerates – 1.6%
Tyco International Ltd.		605,100		20,863,848
Industrial Conglomerates Total				20,863,848
Machinery – 2.7%
Dover Corp.		250,000		9,690,000
Flowserve Corp.		117,100		11,539,034
Parker Hannifin Corp.		115,600		5,992,704
SPX Corp.		131,400		8,050,878
Machinery Total				35,272,616
Road & Rail – 1.3%
Con-way, Inc.		76,900		2,946,808
Norfolk Southern Corp.		201,400		8,682,354
Ryder System, Inc.		128,000		4,999,680
Road & Rail Total				16,628,842
Trading Companies & Distributors – 0.8%
W.W. Grainger, Inc.		116,200		10,383,632
Trading Companies & Distributors Total				10,383,632
Industrials Total				147,378,334
Information Technology – 33.3%
Communications Equipment – 5.7%
Cisco Systems, Inc. (a)		1,454,723		34,244,179
CommScope, Inc. (a)		253,500		7,587,255
QUALCOMM, Inc.		575,200		25,872,496
Research In Motion Ltd. (a)		98,800		6,673,940
Communications Equipment Total				74,377,870
Computers & Peripherals – 10.4%
Apple, Inc. (a)		241,117		44,695,859
Dell, Inc. (a)		689,200		10,517,192
EMC Corp. (a)		1,013,200		17,264,928
Hewlett-Packard Co.		644,149		30,410,274
International Business Machines Corp.		269,000		32,175,090
Computers & Peripherals Total				135,063,343
Electronic Equipment, Instruments & Components – 0.5%
Corning, Inc.		422,600		6,470,006
Electronic Equipment, Instruments & Components Total				6,470,006

See Accompanying Notes to Financial Statements.

Columbia Large Cap Growth Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Internet Software & Services – 4.9%
Akamai Technologies, Inc. (a)		343,100		6,752,208
eBay, Inc. (a)		406,700		9,602,187
Equinix, Inc. (a)		101,400		9,328,800
Google, Inc., Class A (a)		78,566		38,956,951
Internet Software & Services Total				64,640,146
IT Services – 0.5%
Visa, Inc., Class A		91,400		6,316,654
IT Services Total				6,316,654
Semiconductors & Semiconductor Equipment – 5.6%
Analog Devices, Inc.		375,000		10,342,500
Broadcom Corp., Class A (a)		326,500		10,020,285
Cypress Semiconductor Corp. (a)		289,000		2,985,370
Intel Corp.		925,344		18,108,982
Maxim Integrated Products, Inc.		409,300		7,424,702
Teradyne, Inc. (a)		736,000		6,808,000
Texas Instruments, Inc.		738,300		17,490,327
Semiconductors & Semiconductor Equipment Total				73,180,166
Software – 5.7%
Activision Blizzard, Inc. (a)		553,681		6,860,107
Adobe Systems, Inc. (a)		207,700		6,862,408
Microsoft Corp.		1,961,198		50,775,416
Oracle Corp.		474,036		9,878,910
Software Total				74,376,841
Information Technology Total				434,425,026
Materials – 2.9%
Chemicals – 0.5%
Celanese Corp., Series A		273,700		6,842,500
Chemicals Total				6,842,500
Containers & Packaging – 1.3%
Crown Holdings, Inc. (a)		346,300		9,419,360
Owens-Illinois, Inc. (a)		200,900		7,413,210
Containers & Packaging Total				16,832,570
Metals & Mining – 1.1%
Freeport-McMoRan Copper & Gold, Inc.		74,600		5,118,306
Steel Dynamics, Inc.		624,800		9,584,432
Metals & Mining Total				14,702,738
Materials Total				38,377,808

	Shares		Value ($)
Telecommunication Services – 1.2%
Wireless Telecommunication Services – 1.2%
American Tower Corp., Class A (a)		293,200		10,672,480
Millicom International Cellular SA (a)		59,251		4,309,918
Wireless Telecommunication Services Total				14,982,398
Telecommunication Services Total				14,982,398
Utilities – 1.0%
Independent Power Producers & Energy Traders – 1.0%
AES Corp. (a)		904,900		13,410,618
Independent Power Producers & Energy Traders Total				13,410,618
Utilities Total				13,410,618
Total Common Stocks (cost of $1,080,520,522)				1,302,771,576
Short-Term Obligation – 0.1%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09, at 0.010%, collateralized by a U.S. Treasury obligation maturing 02/12/15, market value $1,793,132 (repurchase proceeds $1,753,000)		1,753,000		1,753,000
Total Short-Term Obligation (cost of $1,753,000)				1,753,000
Total Investments – 100.0% (cost of $1,082,273,522) (b)				1,304,524,576
Other Assets & Liabilities, Net – (0.0)%				(511,110	)
Net Assets – 100.0%				1,304,013,466

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $1,092,031,688.

See Accompanying Notes to Financial Statements.

Columbia Large Cap Growth Fund

September 30, 2009

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

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	144,441,117	$	—	$	—	$	144,441,117
Consumer Staples		168,144,855		—		—		168,144,855
Energy		63,005,297		—		—		63,005,297
Financials		81,900,333		—		—		81,900,333
Health Care		196,705,790		—		—		196,705,790
Industrials		147,378,334		—		—		147,378,334
Information Technology		434,425,026		—		—		434,425,026
Materials		38,377,808		—		—		38,377,808
Telecommunication Services		14,982,398		—		—		14,982,398
Utilities		13,410,618		—		—		13,410,618
Total Common Stocks		1,302,771,576		—		—		1,302,771,576
Total Short-Term Obligation		—		1,753,000		—		1,753,000
Total Investments	$	1,302,771,576	$	1,753,000	$	—	$	1,304,524,576

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

Sector (Unaudited)	% of Net Assets
Information Technology		33.3
Health Care		15.1
Consumer Staples		12.9
Industrials		11.3
Consumer Discretionary		11.1
Financials		6.3
Energy		4.8
Materials		2.9
Telecommunication Services		1.2
Utilities		1.0
		99.9
Short-Term Obligation		0.1
Other Assets & Liabilities, Net		(0.0	)*
		100.0

* Rounds to less than 0.1%.

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Disciplined Value Fund

September 30, 2009

Common Stocks – 99.7%
	Shares		Value ($)
Consumer Discretionary – 9.4%
Automobiles – 0.4%
Ford Motor Co. (a)		181,000		1,305,010
Automobiles Total				1,305,010
Hotels, Restaurants & Leisure – 0.2%
Carnival Corp.		20,200		672,256
Hotels, Restaurants & Leisure Total				672,256
Household Durables – 1.5%
Garmin Ltd.		95,300		3,596,622
Leggett & Platt, Inc.		56,500		1,096,100
Household Durables Total				4,692,722
Media – 1.9%
Comcast Corp., Class A		203,700		3,440,493
DISH Network Corp., Class A (a)		28,400		546,984
Viacom, Inc., Class B (a)		700		19,628
Walt Disney Co.		68,600		1,883,756
Media Total				5,890,861
Multiline Retail – 0.6%
J.C. Penney Co., Inc.		44,400		1,498,500
Kohl's Corp. (a)		1,100		62,755
Sears Holdings Corp. (a)		2,900		189,399
Multiline Retail Total				1,750,654
Specialty Retail – 4.2%
Barnes & Noble, Inc.		47,900		1,064,338
Gap, Inc.		207,800		4,446,920
Home Depot, Inc.		244,600		6,516,144
Limited Brands, Inc.		5,000		84,950
RadioShack Corp.		39,700		657,829
Specialty Retail Total				12,770,181
Textiles, Apparel & Luxury Goods – 0.6%
Polo Ralph Lauren Corp.		21,600		1,654,992
Textiles, Apparel & Luxury Goods Total				1,654,992
Consumer Discretionary Total				28,736,676
Consumer Staples – 5.3%
Beverages – 0.0%
Pepsi Bottling Group, Inc.		1,600		58,304
Beverages Total				58,304
Food Products – 1.6%
Archer-Daniels-Midland Co.		2,300		67,206
Campbell Soup Co.		66,200		2,159,444
ConAgra Foods, Inc.		23,900		518,152

	Shares		Value ($)
Del Monte Foods Co.		104,700		1,212,426
Kraft Foods, Inc., Class A		39,900		1,048,173
Food Products Total				5,005,401
Household Products – 2.8%
Kimberly-Clark Corp.		43,300		2,553,834
Procter & Gamble Co.		102,900		5,959,968
Household Products Total				8,513,802
Personal Products – 0.1%
Mead Johnson Nutrition Co., Class A		9,100		410,501
Personal Products Total				410,501
Tobacco – 0.8%
Lorillard, Inc.		26,100		1,939,230
Reynolds American, Inc.		9,200		409,584
Tobacco Total				2,348,814
Consumer Staples Total				16,336,822
Energy – 18.2%
Energy Equipment & Services – 1.5%
Exterran Holdings, Inc. (a)		1,900		45,106
Nabors Industries Ltd. (a)		7,200		150,480
National Oilwell Varco, Inc. (a)		7,900		340,727
Oil States International, Inc. (a)		60,400		2,121,852
Patterson-UTI Energy, Inc.		7,600		114,760
SEACOR Holdings, Inc. (a)		10,700		873,441
Superior Energy Services, Inc. (a)		36,400		819,728
Energy Equipment & Services Total				4,466,094
Oil, Gas & Consumable Fuels – 16.7%
Anadarko Petroleum Corp.		19,600		1,229,508
Apache Corp.		81,600		7,493,328
Arch Coal, Inc.		3,500		77,455
Chevron Corp.		181,700		12,797,131
ConocoPhillips		85,800		3,874,728
Devon Energy Corp.		1,900		127,927
EOG Resources, Inc.		22,300		1,862,273
Exxon Mobil Corp. (b)		209,800		14,394,378
Marathon Oil Corp.		41,000		1,307,900
Massey Energy Co.		13,700		382,093
Occidental Petroleum Corp.		13,200		1,034,880
Sunoco, Inc.		39,100		1,112,395
Tesoro Corp.		177,700		2,661,946
Valero Energy Corp.		30,000		581,700
XTO Energy, Inc.		53,900		2,227,148
Oil, Gas & Consumable Fuels Total				51,164,790
Energy Total				55,630,884

See Accompanying Notes to Financial Statements.

Columbia Disciplined Value Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Financials – 25.3%
Capital Markets – 4.0%
Ameriprise Financial, Inc.		18,300		664,839
Franklin Resources, Inc.		1,300		130,780
Goldman Sachs Group, Inc.		44,300		8,166,705
Morgan Stanley		105,200		3,248,576
State Street Corp.		900		47,340
Capital Markets Total				12,258,240
Commercial Banks – 4.7%
BB&T Corp.		81,300		2,214,612
Fifth Third Bancorp.		43,000		435,590
U.S. Bancorp		34,300		749,798
Wells Fargo & Co.		394,100		11,105,738
Commercial Banks Total				14,505,738
Consumer Finance – 1.3%
American Express Co.		29,300		993,270
Discover Financial Services		160,000		2,596,800
SLM Corp. (a)		42,100		367,112
Consumer Finance Total				3,957,182
Diversified Financial Services – 6.2%
Citigroup, Inc.		821,700		3,977,028
JPMorgan Chase & Co.		339,200		14,863,744
Diversified Financial Services Total				18,840,772
Insurance – 6.2%
Allied World Assurance Holdings Ltd.		55,300		2,650,529
American Financial Group, Inc.		91,100		2,323,050
Aspen Insurance Holdings Ltd.		4,800		127,056
CNA Financial Corp. (a)		77,800		1,878,092
Genworth Financial, Inc., Class A		121,900		1,456,705
Hartford Financial Services Group, Inc.		700		18,550
MetLife, Inc.		33,400		1,271,538
PartnerRe Ltd.		100		7,694
Protective Life Corp.		44,300		948,906
Prudential Financial, Inc.		19,300		963,263
Reinsurance Group of America, Inc.		52,200		2,328,120
Transatlantic Holdings, Inc.		48,400		2,428,228
Travelers Companies, Inc.		20,500		1,009,215
Unum Group		80,500		1,725,920
Insurance Total				19,136,866
Real Estate Investment Trusts (REITs) – 2.9%
Annaly Capital Management, Inc.		94,600		1,716,044
Brandywine Realty Trust		41,300		455,952
Hospitality Properties Trust		5,500		112,035
HRPT Properties Trust		771,700		5,803,184

	Shares		Value ($)
Liberty Property Trust		10,300		335,059
Nationwide Health Properties, Inc.		11,200		347,088
Real Estate Investment Trusts (REITs) Total				8,769,362
Real Estate Management & Development – 0.0%
Forest City Enterprises, Inc., Class A		4,900		65,513
Real Estate Management & Development Total				65,513
Financials Total				77,533,673
Health Care – 9.2%
Health Care Equipment & Supplies – 0.0%
Kinetic Concepts, Inc. (a)		1,600		59,168
Health Care Equipment & Supplies Total				59,168
Health Care Providers & Services – 2.4%
Coventry Health Care, Inc. (a)		5,500		109,780
McKesson Corp.		23,400		1,393,470
Tenet Healthcare Corp. (a)		2,700		15,876
UnitedHealth Group, Inc.		210,800		5,278,432
WellPoint, Inc. (a)		12,400		587,264
Health Care Providers & Services Total				7,384,822
Pharmaceuticals – 6.8%
Bristol-Myers Squibb Co.		19,400		436,888
Eli Lilly & Co.		27,900		921,537
Endo Pharmaceuticals Holdings, Inc. (a)		110,900		2,509,667
Johnson & Johnson		36,100		2,198,129
Merck & Co., Inc.		54,800		1,733,324
Pfizer, Inc.		675,900		11,186,145
Schering-Plough Corp.		900		25,425
Wyeth		34,200		1,661,436
Pharmaceuticals Total				20,672,551
Health Care Total				28,116,541
Industrials – 10.6%
Aerospace & Defense – 2.3%
Boeing Co.		9,600		519,840
General Dynamics Corp.		2,300		148,580
Raytheon Co.		96,500		4,629,105
United Technologies Corp.		30,800		1,876,644
Aerospace & Defense Total				7,174,169
Commercial Services & Supplies – 1.8%
R.R. Donnelley & Sons Co.		262,300		5,576,498
Commercial Services & Supplies Total				5,576,498

See Accompanying Notes to Financial Statements.

Columbia Disciplined Value Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Construction & Engineering – 0.3%
KBR, Inc.		30,400		708,016
URS Corp. (a)		1,400		61,110
Construction & Engineering Total				769,126
Electrical Equipment – 1.3%
Rockwell Automation, Inc.		6,300		268,380
Thomas & Betts Corp. (a)		120,500		3,624,640
Electrical Equipment Total				3,893,020
Industrial Conglomerates – 3.2%
General Electric Co.		602,700		9,896,334
Industrial Conglomerates Total				9,896,334
Machinery – 1.5%
Eaton Corp.		8,500		481,015
Harsco Corp.		6,700		237,247
Illinois Tool Works, Inc.		15,700		670,547
Joy Global, Inc.		63,000		3,083,220
Parker Hannifin Corp.		3,500		181,440
Timken Co.		1,800		42,174
Machinery Total				4,695,643
Professional Services – 0.1%
Equifax, Inc.		1,600		46,624
Manpower, Inc.		2,700		153,117
Professional Services Total				199,741
Road & Rail – 0.1%
CSX Corp.		3,800		159,068
Road & Rail Total				159,068
Industrials Total				32,363,599
Information Technology – 5.2%
Computers & Peripherals – 1.5%
EMC Corp. (a)		55,500		945,720
Hewlett-Packard Co.		55,500		2,620,155
Teradata Corp. (a)		40,200		1,106,304
Western Digital Corp. (a)		1,300		47,489
Computers & Peripherals Total				4,719,668
Electronic Equipment, Instruments & Components – 0.6%
Corning, Inc.		107,500		1,645,825
Tech Data Corp. (a)		2,900		120,669
Electronic Equipment, Instruments & Components Total				1,766,494
Internet Software & Services – 0.2%
eBay, Inc. (a)		28,600		675,246
Internet Software & Services Total				675,246

	Shares		Value ($)
IT Services – 1.7%
Computer Sciences Corp. (a)		96,300		5,075,973
IT Services Total				5,075,973
Semiconductors & Semiconductor Equipment – 1.2%
Intel Corp.		185,200		3,624,364
Semiconductors & Semiconductor Equipment Total				3,624,364
Information Technology Total				15,861,745
Materials – 4.0%
Chemicals – 2.4%
Ashland, Inc.		47,800		2,065,916
Dow Chemical Co.		59,900		1,561,593
Eastman Chemical Co.		71,700		3,838,818
Chemicals Total				7,466,327
Metals & Mining – 0.6%
AK Steel Holding Corp.		44,100		870,093
Cliffs Natural Resources, Inc.		16,800		543,648
Commercial Metals Co.		23,800		426,020
Metals & Mining Total				1,839,761
Paper & Forest Products – 1.0%
International Paper Co.		134,700		2,994,381
Paper & Forest Products Total				2,994,381
Materials Total				12,300,469
Telecommunication Services – 5.7%
Diversified Telecommunication Services – 4.3%
AT&T, Inc.		289,500		7,819,395
Qwest Communications International, Inc.		208,900		795,909
Verizon Communications, Inc.		145,900		4,416,393
Diversified Telecommunication Services Total				13,031,697
Wireless Telecommunication Services – 1.4%
Sprint Nextel Corp. (a)		1,083,500		4,279,825
Wireless Telecommunication Services Total				4,279,825
Telecommunication Services Total				17,311,522
Utilities – 6.8%
Electric Utilities – 2.5%
Edison International		18,900		634,662
Entergy Corp.		17,200		1,373,592

See Accompanying Notes to Financial Statements.

Columbia Disciplined Value Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Exelon Corp.		111,300		5,522,706
FPL Group, Inc.		300		16,569
Electric Utilities Total				7,547,529
Gas Utilities – 1.7%
Energen Corp.		104,500		4,503,950
Questar Corp.		11,500		431,940
UGI Corp.		14,600		365,876
Gas Utilities Total				5,301,766
Independent Power Producers & Energy Traders – 1.2%
AES Corp. (a)		236,300		3,501,966
Mirant Corp. (a)		8,400		138,012
Independent Power Producers & Energy Traders Total				3,639,978
Multi-Utilities – 1.4%
NiSource, Inc.		54,800		761,172
NSTAR		15,700		499,574
Public Service Enterprise Group, Inc.		97,800		3,074,832
Multi-Utilities Total				4,335,578
Utilities Total				20,824,851
Total Common Stocks (cost of $255,940,287)				305,016,782
Short-Term Obligation – 0.8%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Treasury obligation, maturing 02/12/15, market value $2,479,059 (repurchase proceeds $2,426,001)		2,426,000		2,426,000
Total Short-Term Obligation (cost of $2,426,000)				2,426,000
Total Investments – 100.5% (cost of $258,366,287) (c)				307,442,782
Other Assets & Liabilities, Net – (0.5)%				(1,464,597	)
Net Assets – 100.0%				305,978,185

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) A portion of this security with a market value of $1,732,403 is pledged as collateral for open futures contracts.

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

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	28,736,676	$	—	$	—	$	28,736,676
Consumer Staples		16,336,822		—		—		16,336,822
Energy		55,630,884		—		—		55,630,884
Financials		77,533,673		—		—		77,533,673
Health Care		28,116,541		—		—		28,116,541
Industrials		32,363,599		—		—		32,363,599
Information Technology		15,861,745		—		—		15,861,745
Materials		12,300,469		—		—		12,300,469
Telecommunication Services		17,311,522		—		—		17,311,522
Utilities		20,824,851		—		—		20,824,851
Total Common Stocks		305,016,782		—		—		305,016,782
Total Short-Term Obligation		—		2,426,000		—		2,426,000
Total Investments		305,016,782		2,426,000		—		307,442,782
Unrealized Appreciation on Futures Contracts		27,918		—		—		27,918
Total	$	305,044,700	$	2,426,000	$	—	$	307,470,700

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

Sector (Unaudited)	% of Net Assets
Financials		25.3
Energy		18.2
Industrials		10.6
Consumer Discretionary		9.4
Health Care		9.2
Utilities		6.8
Telecommunication Services		5.7
Consumer Staples		5.3
Information Technology		5.2
Materials		4.0
		99.7
Short Term Obligation		0.8
Other Assets & Liabilities, Net		(0.5	)
		100.0

At September 30, 2009, the Fund held the following open long futures contracts:

Risk Exposure	Number of Contracts		Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
Equity Risk
S&P 500 Index		12	$	3,158,700	$	3,130,782	Dec-09	$	27,918

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Contrarian Core Fund

September 30, 2009

Common Stocks – 98.3%
	Shares		Value ($)
Consumer Discretionary – 10.9%
Auto Components – 0.6%
Dana Holding Corp. (a)		335,205		2,282,746
Auto Components Total				2,282,746
Hotels, Restaurants & Leisure – 2.8%
Carnival Corp.		153,700		5,115,136
Las Vegas Sands Corp. (a)		106,500		1,793,460
Melco Crown Entertainment, Ltd., ADR (a)		267,600		1,862,496
Penn National Gaming, Inc. (a)		83,800		2,317,908
Hotels, Restaurants & Leisure Total				11,089,000
Household Durables – 1.4%
Newell Rubbermaid, Inc.		370,800		5,817,852
Household Durables Total				5,817,852
Media – 0.8%
News Corp., Class A		258,400		3,098,216
Media Total				3,098,216
Multiline Retail – 2.1%
Target Corp.		183,500		8,565,780
Multiline Retail Total				8,565,780
Specialty Retail – 2.3%
GameStop Corp., Class A (a)		149,700		3,962,559
Lowe's Companies, Inc.		258,400		5,410,896
Specialty Retail Total				9,373,455
Textiles, Apparel & Luxury Goods – 0.9%
NIKE, Inc., Class B		54,600		3,532,620
Textiles, Apparel & Luxury Goods Total				3,532,620
Consumer Discretionary Total				43,759,669
Consumer Staples – 9.2%
Beverages – 2.1%
PepsiCo, Inc.		144,500		8,476,370
Beverages Total				8,476,370
Food & Staples Retailing – 1.5%
CVS Caremark Corp.		166,000		5,932,840
Food & Staples Retailing Total				5,932,840
Personal Products – 2.6%
Avon Products, Inc.		114,700		3,895,212
Herbalife Ltd.		123,200		4,033,568
Mead Johnson Nutrition Co., Class A		61,154		2,758,657
Personal Products Total				10,687,437

	Shares		Value ($)
Tobacco – 3.0%
Philip Morris International, Inc.		244,300		11,907,182
Tobacco Total				11,907,182
Consumer Staples Total				37,003,829
Energy – 13.0%
Energy Equipment & Services – 2.1%
Transocean Ltd. (a)		59,100		5,054,823
Weatherford International Ltd. (a)		172,000		3,565,560
Energy Equipment & Services Total				8,620,383
Oil, Gas & Consumable Fuels – 10.9%
Alpha Natural Resources, Inc. (a)		71,300		2,502,630
Apache Corp.		72,000		6,611,760
Canadian Natural Resources Ltd.		60,000		4,031,400
Chevron Corp.		132,400		9,324,932
ConocoPhillips		152,000		6,864,320
Devon Energy Corp.		64,900		4,369,717
Petroleo Brasileiro SA, ADR		160,300		6,301,393
Suncor Energy, Inc.		114,800		3,967,488
Oil, Gas & Consumable Fuels Total				43,973,640
Energy Total				52,594,023
Financials – 18.1%
Capital Markets – 7.0%
Bank of New York Mellon Corp.		139,900		4,055,701
Goldman Sachs Group, Inc.		53,000		9,770,550
Morgan Stanley		219,200		6,768,896
State Street Corp.		147,800		7,774,280
Capital Markets Total				28,369,427
Commercial Banks – 3.3%
PNC Financial Services Group, Inc.		73,400		3,566,506
Wells Fargo & Co.		339,122		9,556,458
Commercial Banks Total				13,122,964
Diversified Financial Services – 2.9%
JPMorgan Chase & Co.		269,072		11,790,735
Diversified Financial Services Total				11,790,735
Insurance – 4.0%
Berkshire Hathaway, Inc., Class B (a)		1,589		5,280,247
MetLife, Inc.		140,500		5,348,835
Prudential Financial, Inc.		105,236		5,252,329
Insurance Total				15,881,411

See Accompanying Notes to Financial Statements.

Columbia Contrarian Core Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Real Estate Investment Trusts (REITs) – 0.4%
PennyMac Mortgage Investment Trust (a)		83,900		1,670,449
Real Estate Investment Trusts (REITs) Total				1,670,449
Real Estate Management & Development – 0.5%
CB Richard Ellis Group, Inc., Class A (a)		182,200		2,139,028
Real Estate Management & Development Total				2,139,028
Financials Total				72,974,014
Health Care – 11.7%
Health Care Equipment & Supplies – 2.1%
Baxter International, Inc.		109,200		6,225,492
CareFusion Corp. (a)		99,600		2,171,280
Health Care Equipment & Supplies Total				8,396,772
Health Care Providers & Services – 2.6%
Cardinal Health, Inc.		277,400		7,434,320
Medco Health Solutions, Inc. (a)		54,300		3,003,333
Health Care Providers & Services Total				10,437,653
Life Sciences Tools & Services – 1.6%
Thermo Fisher Scientific, Inc. (a)		147,250		6,430,408
Life Sciences Tools & Services Total				6,430,408
Pharmaceuticals – 5.4%
Abbott Laboratories		238,387		11,793,005
Allergan, Inc.		39,500		2,242,020
Pfizer, Inc.		475,900		7,876,145
Pharmaceuticals Total				21,911,170
Health Care Total				47,176,003
Industrials – 7.6%
Aerospace & Defense – 2.8%
Honeywell International, Inc.		138,750		5,154,562
United Technologies Corp.		101,100		6,160,023
Aerospace & Defense Total				11,314,585
Industrial Conglomerates – 2.9%
General Electric Co.		221,040		3,629,477
Tyco International Ltd.		231,200		7,971,776
Industrial Conglomerates Total				11,601,253
Machinery – 0.8%
Navistar International Corp. (a)		83,100		3,109,602
Machinery Total				3,109,602

	Shares		Value ($)
Road & Rail – 1.1%
Union Pacific Corp.		79,120		4,616,652
Road & Rail Total				4,616,652
Industrials Total				30,642,092
Information Technology – 20.6%
Communications Equipment – 1.2%
QUALCOMM, Inc.		108,400		4,875,832
Communications Equipment Total				4,875,832
Computers & Peripherals – 5.4%
Apple, Inc. (a)		51,500		9,546,555
EMC Corp. (a)		168,600		2,872,944
Hewlett-Packard Co.		201,900		9,531,699
Computers & Peripherals Total				21,951,198
Electronic Equipment, Instruments & Components – 1.3%
Corning, Inc.		342,500		5,243,675
Electronic Equipment, Instruments & Components Total				5,243,675
Internet Software & Services – 3.8%
Google, Inc., Class A (a)		20,300		10,065,755
IAC/InterActiveCorp (a)		257,300		5,194,887
Internet Software & Services Total				15,260,642
IT Services – 3.6%
MasterCard, Inc., Class A		25,000		5,053,750
Visa, Inc., Class A		26,500		1,831,415
Western Union Co.		391,885		7,414,464
IT Services Total				14,299,629
Semiconductors & Semiconductor Equipment – 1.2%
Atmel Corp. (a)		589,500		2,470,005
Marvell Technology Group Ltd. (a)		157,500		2,549,925
Semiconductors & Semiconductor Equipment Total				5,019,930
Software – 4.1%
Autodesk, Inc. (a)		155,900		3,710,420
Microsoft Corp.		497,220		12,873,026
Software Total				16,583,446
Information Technology Total				83,234,352
Materials – 3.9%
Chemicals – 1.3%
Agrium, Inc.		60,900		3,032,211
Potash Corp. of Saskatchewan, Inc.		21,400		1,933,276
Chemicals Total				4,965,487

See Accompanying Notes to Financial Statements.

Columbia Contrarian Core Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Metals & Mining – 2.6%
ArcelorMittal, NY Registered Shares		79,087		2,937,291
Vale SA, ADR		124,700		2,884,311
Walter Energy, Inc.		79,200		4,756,752
Metals & Mining Total				10,578,354
Materials Total				15,543,841
Telecommunication Services – 2.3%
Diversified Telecommunication Services – 1.2%
Verizon Communications, Inc.		160,700		4,864,389
Diversified Telecommunication Services Total				4,864,389
Wireless Telecommunication Services – 1.1%
Millicom International Cellular SA (a)		62,700		4,560,798
Wireless Telecommunication Services Total				4,560,798
Telecommunication Services Total				9,425,187
Utilities – 1.0%
Independent Power Producers & Energy Traders – 1.0%
AES Corp. (a)		273,800		4,057,716
Independent Power Producers & Energy Traders Total				4,057,716
Utilities Total				4,057,716
Total Common Stocks (cost of $321,233,836)				396,410,726
Short-Term Obligation – 1.5%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Treasury obligation maturing 01/31/14, market value $6,152,850 (repurchase proceeds $6,031,002)		6,031,000		6,031,000
Total Short-Term Obligation (cost of $6,031,000)				6,031,000
Total Investments – 99.8% (cost of $327,264,836) (b)				402,441,726
Other Assets & Liabilities, Net – 0.2%				957,670
Net Assets – 100.0%				403,399,396

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $331,571,123.

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

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	43,759,669	$	—	$	—	$	43,759,669
Consumer Staples		37,003,829		—		—		37,003,829
Energy		52,594,023		—		—		52,594,023
Financials		72,974,014		—		—		72,974,014
Health Care		47,176,003		—		—		47,176,003
Industrials		30,642,092		—		—		30,642,092
Information Technology		83,234,352		—		—		83,234,352
Materials		15,543,841		—		—		15,543,841
Telecommunication Services		9,425,187		—		—		9,425,187
Utilities		4,057,716		—		—		4,057,716
Total Common Stocks		396,410,726		—		—		396,410,726
Total Short-Term Obligation		—		6,031,000		—		6,031,000
Total Investments	$	396,410,726	$	6,031,000	$	—	$	402,441,726

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

Sector (Unaudited)	% of Net Assets
Information Technology		20.6
Financials		18.1
Energy		13.0
Health Care		11.7
Consumer Discretionary		10.9
Consumer Staples		9.2
Industrials		7.6
Materials		3.9
Telecommunication Services		2.3
Utilities		1.0
		98.3
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.

Investment Portfolio – Columbia Small Cap Core Fund

September 30, 2009

Common Stocks – 96.8%
	Shares		Value ($)
Consumer Discretionary – 11.6%
Auto Components – 1.4%
Cooper Tire & Rubber Co.		213,096		3,746,228
Dorman Products, Inc. (a)		219,075		3,290,506
Hawk Corp., Class A (a)		26,596		364,897
Auto Components Total				7,401,631
Diversified Consumer Services – 0.8%
Nobel Learning Communities, Inc. (a)		165,966		1,556,761
Regis Corp.		192,320		2,980,960
Diversified Consumer Services Total				4,537,721
Hotels, Restaurants & Leisure – 1.4%
CEC Entertainment, Inc. (a)		166,007		4,292,941
Morgans Hotel Group Co. (a)		204,831		1,110,184
O'Charleys, Inc. (a)		240,062		2,249,381
Hotels, Restaurants & Leisure Total				7,652,506
Household Durables – 0.3%
Jarden Corp.		64,092		1,799,063
Household Durables Total				1,799,063
Leisure Equipment & Products – 1.1%
Callaway Golf Co.		222,847		1,695,865
RC2 Corp. (a)		172,447		2,457,370
Steinway Musical Instruments, Inc. (a)		147,764		1,753,959
Leisure Equipment & Products Total				5,907,194
Media – 0.8%
John Wiley & Sons, Inc., Class A		69,500		2,417,210
Scholastic Corp.		83,986		2,044,219
Media Total				4,461,429
Specialty Retail – 3.9%
Buckle, Inc.		91,331		3,118,041
Collective Brands, Inc. (a)		280,307		4,857,720
Monro Muffler Brake, Inc.		128,105		4,072,458
Penske Auto Group, Inc.		66,500		1,275,470
Rent-A-Center, Inc. (a)		225,282		4,253,324
Stage Stores, Inc.		302,028		3,914,283
Specialty Retail Total				21,491,296
Textiles, Apparel & Luxury Goods – 1.9%
Rocky Brands, Inc. (a)		107,199		661,418
Unifirst Corp. (b)		213,819		9,504,254
Textiles, Apparel & Luxury Goods Total				10,165,672
Consumer Discretionary Total				63,416,512

	Shares		Value ($)
Consumer Staples – 1.8%
Food & Staples Retailing – 0.9%
Casey's General Stores, Inc.		82,451		2,587,312
Pantry, Inc. (a)		141,116		2,212,699
Food & Staples Retailing Total				4,800,011
Food Products – 0.6%
Corn Products International, Inc.		115,401		3,291,236
Food Products Total				3,291,236
Household Products – 0.3%
Central Garden & Pet Co. (a)		57,183		671,900
Central Garden & Pet Co., Class A (a)		115,566		1,263,137
Household Products Total				1,935,037
Consumer Staples Total				10,026,284
Energy – 3.0%
Energy Equipment & Services – 2.3%
Gulfmark Offshore, Inc. (a)		114,691		3,754,983
Newpark Resources, Inc. (a)		415,440		1,333,563
Oceaneering International, Inc. (a)		36,570		2,075,348
Superior Well Services, Inc. (a)		82,380		797,438
Tetra Technologies, Inc. (a)		508,281		4,925,243
Energy Equipment & Services Total				12,886,575
Oil, Gas & Consumable Fuels – 0.7%
EXCO Resources, Inc. (a)		157,187		2,937,825
GeoMet, Inc. (a)		113,417		191,675
Petroquest Energy, Inc. (a)		83,354		540,967
Oil, Gas & Consumable Fuels Total				3,670,467
Energy Total				16,557,042
Financials – 10.6%
Capital Markets – 0.5%
Waddell & Reed Financial, Inc., Class A		86,607		2,463,969
Capital Markets Total				2,463,969
Commercial Banks – 2.9%
Boston Private Financial Holdings, Inc.		46,950		305,644
Centerstate Banks, Inc.		261,060		2,059,763
Encore Bancshares, Inc. (a)		22,025		198,005
Iberiabank Corp.		51,901		2,364,610
Oriental Financial Group		277,309		3,521,824
SCBT Financial Corp.		97,436		2,737,952
Taylor Capital Group, Inc. (a)		195,582		1,290,841

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Union Bankshares Corp.		121,924		1,517,954
Webster Financial Corp.		156,870		1,956,169
Commercial Banks Total				15,952,762
Consumer Finance – 0.6%
Cash America International, Inc.		69,700		2,102,152
QC Holdings, Inc.		177,170		1,195,897
Consumer Finance Total				3,298,049
Insurance – 2.6%
Arthur J. Gallagher & Co.		49,900		1,216,063
Delphi Financial Group, Inc., Class A		94,100		2,129,483
First Mercury Financial Corp.		206,217		2,746,810
Horace Mann Educators Corp.		208,017		2,905,998
National Interstate Corp.		72,821		1,274,368
NYMAGIC, Inc.		79,543		1,372,912
State Auto Financial Corp.		143,254		2,568,544
Insurance Total				14,214,178
Real Estate Investment Trusts (REITs) – 2.6%
Acadia Realty Trust		150,596		2,269,482
American Campus Communities, Inc.		97,932		2,629,474
DiamondRock Hospitality Co. (a)		258,924		2,097,284
DuPont Fabros Technology, Inc. (a)		139,800		1,863,534
First Potomac Realty Trust		239,848		2,772,643
Mack-Cali Realty Corp.		52,200		1,687,626
Sunstone Hotel Investors, Inc. (a)		81,359		577,649
Real Estate Investment Trusts (REITs) Total				13,897,692
Thrifts & Mortgage Finance – 1.4%
Abington Bancorp, Inc.		176,921		1,369,369
Dime Community Bancshares		163,167		1,864,999
First Niagara Financial Group, Inc.		100,759		1,242,358
Jefferson Bancshares, Inc.		219,422		1,134,412
NewAlliance Bancshares, Inc.		196,389		2,101,362
Thrifts & Mortgage Finance Total				7,712,500
Financials Total				57,539,150
Health Care – 16.2%
Biotechnology – 0.3%
BioMarin Pharmaceuticals, Inc. (a)		81,841		1,479,685
Biotechnology Total				1,479,685
Health Care Equipment & Supplies – 5.5%
Analogic Corp.		148,606		5,501,394
Cooper Companies, Inc.		142,174		4,226,833
Greatbatch, Inc. (a)		79,953		1,796,544
Invacare Corp.		304,951		6,794,308

	Shares		Value ($)
STAAR Surgical Co. (a)		989,667		4,037,841
Symmetry Medical, Inc. (a)		218,558		2,266,447
Thoratec Corp. (a)		62,287		1,885,428
West Pharmaceutical Services, Inc.		84,740		3,441,291
Health Care Equipment & Supplies Total				29,950,086
Health Care Providers & Services – 6.8%
Air Methods Corp. (a)		116,629		3,798,606
LifePoint Hospitals, Inc. (a)		149,095		4,034,511
Magellan Health Services, Inc. (a)		81,426		2,529,092
Owens & Minor, Inc.		60,752		2,749,028
Providence Service Corp. (a)		351,805		4,102,046
PSS World Medical, Inc. (a)		143,202		3,126,100
Psychiatric Solutions, Inc. (a)		161,545		4,322,944
Res-Care, Inc. (a)		739,384		10,506,647
U.S. Physical Therapy, Inc. (a)		149,407		2,251,563
Health Care Providers & Services Total				37,420,537
Life Sciences Tools & Services – 1.3%
Cambrex Corp. (a)		435,103		2,741,149
Varian, Inc. (a)		86,981		4,441,250
Life Sciences Tools & Services Total				7,182,399
Pharmaceuticals – 2.3%
Hi-Tech Pharmacal Co., Inc. (a)		168,865		3,789,331
Obagi Medical Products, Inc. (a)		395,931		4,592,799
Valeant Pharmaceuticals International (a)		142,910		4,010,055
Pharmaceuticals Total				12,392,185
Health Care Total				88,424,892
Industrials – 20.1%
Aerospace & Defense – 3.8%
AAR Corp. (a)		336,794		7,389,260
American Science & Engineering, Inc.		51,300		3,490,452
Argon ST, Inc. (a)		133,831		2,549,481
Ladish Co., Inc. (a)		87,637		1,325,948
LMI Aerospace, Inc. (a)		71,907		721,227
Moog, Inc., Class A (a)		176,441		5,205,009
Aerospace & Defense Total				20,681,377
Air Freight & Logistics – 0.1%
Pacer International, Inc.		169,838		655,575
Air Freight & Logistics Total				655,575
Building Products – 0.2%
NCI Building Systems, Inc. (a)		265,479		849,533
Building Products Total				849,533

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Commercial Services & Supplies – 1.0%
Consolidated Graphics, Inc. (a)		100,444		2,506,078
McGrath Rentcorp		147,897		3,145,769
Commercial Services & Supplies Total				5,651,847
Construction & Engineering – 2.8%
EMCOR Group, Inc. (a)		293,068		7,420,482
MasTec, Inc. (a)		261,828		3,181,210
Northwest Pipe Co. (a)		93,981		3,151,183
Sterling Construction Co., Inc. (a)		97,162		1,740,171
Construction & Engineering Total				15,493,046
Electrical Equipment – 2.9%
AZZ, Inc. (a)		23,522		944,879
Baldor Electric Co.		78,754		2,153,134
BTU International, Inc. (a)		277,842		1,711,507
GrafTech International Ltd. (a)		238,946		3,512,506
LaBarge, Inc. (a)		103,500		1,164,375
LSI Industries, Inc.		471,588		3,136,060
Powell Industries, Inc. (a)		78,251		3,004,056
Electrical Equipment Total				15,626,517
Industrial Conglomerates – 0.4%
Otter Tail Corp.		81,900		1,959,867
Industrial Conglomerates Total				1,959,867
Machinery – 2.7%
Albany International Corp., Class A		162,464		3,151,802
Flanders Corp. (a)		476,926		2,460,938
Key Technology, Inc. (a)(b)		175,893		1,890,850
Miller Industries, Inc. (a)		150,482		1,655,302
Nordson Corp.		41,764		2,342,543
Tennant Co.		116,409		3,382,845
Machinery Total				14,884,280
Professional Services – 3.7%
FTI Consulting, Inc. (a)		105,562		4,497,997
Kforce, Inc. (a)		727,637		8,746,197
MPS Group, Inc. (a)		175,282		1,843,967
Navigant Consulting, Inc. (a)		180,378		2,435,103
Spherion Corp. (a)		427,145		2,652,570
Professional Services Total				20,175,834
Road & Rail – 1.1%
Arkansas Best Corp.		28,192		844,069
Frozen Food Express Industries		132,197		387,337
Kansas City Southern (a)		92,015		2,437,477
Werner Enterprises, Inc.		120,809		2,250,672
Road & Rail Total				5,919,555

	Shares		Value ($)
Trading Companies & Distributors – 1.4%
Kaman Corp.		130,695		2,872,676
Rush Enterprises, Inc., Class A (a)		120,130		1,552,080
Rush Enterprises, Inc., Class B (a)		159,851		1,740,777
Titan Machinery, Inc. (a)		104,200		1,304,584
Trading Companies & Distributors Total				7,470,117
Industrials Total				109,367,548
Information Technology – 25.2%
Communications Equipment – 1.8%
ADC Telecommunications, Inc. (a)		269,170		2,244,878
Adtran, Inc.		146,346		3,592,794
EMS Technologies, Inc. (a)		35,100		730,782
Globecomm Systems, Inc. (a)		217,539		1,581,508
Performance Technologies, Inc. (a)(b)		619,141		1,776,935
Communications Equipment Total				9,926,897
Computers & Peripherals – 2.3%
Avid Technology, Inc. (a)		71,328		1,005,012
Hypercom Corp. (a)		541,615		1,679,007
iGO, Inc. (a)		428,053		466,578
Imation Corp.		220,204		2,041,291
Presstek, Inc. (a)		396,137		835,849
Rimage Corp. (a)		235,461		4,024,028
STEC, Inc. (a)		79,949		2,349,701
Computers & Peripherals Total				12,401,466
Electronic Equipment, Instruments & Components – 6.8%
Benchmark Electronics, Inc. (a)		947,100		17,047,800
FARO Technologies, Inc. (a)		270,406		4,645,575
Gerber Scientific, Inc. (a)		108,771		650,451
Keithley Instruments, Inc.		246,594		1,366,131
LeCroy Corp. (a)		122,148		494,699
Newport Corp. (a)		270,756		2,371,823
NU Horizons Electronics Corp. (a)		166,162		658,001
Plexus Corp. (a)		220,132		5,798,277
Rogers Corp. (a)		55,400		1,660,338
Technitrol, Inc.		268,223		2,470,334
Electronic Equipment, Instruments & Components Total				37,163,429
Internet Software & Services – 1.2%
EarthLink, Inc.		708,940		5,962,185
Selectica, Inc. (a)		1,431,470		472,385
Internet Software & Services Total				6,434,570
IT Services – 2.8%
Analysts International Corp. (a)		856,765		616,871
Computer Task Group, Inc. (a)		663,206		5,378,601
infoGROUP, Inc. (a)		394,307		2,764,092

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2009

Common Stocks (continued)
	Shares		Value ($)
Integral Systems, Inc. (a)		206,955		1,427,989
Startek, Inc. (a)		114,054		989,989
TNS, Inc. (a)		139,301		3,816,847
IT Services Total				14,994,389
Semiconductors & Semiconductor Equipment – 5.0%
ATMI, Inc. (a)		204,551		3,712,601
Cirrus Logic, Inc. (a)		468,092		2,602,591
Exar Corp. (a)		302,013		2,219,796
Fairchild Semiconductor International, Inc. (a)		436,187		4,462,193
FEI Co. (a)		50,900		1,254,685
International Rectifier Corp. (a)		60,596		1,181,016
IXYS Corp.		193,929		1,650,336
ON Semiconductor Corp. (a)		639,506		5,275,924
Pericom Semiconductor Corp. (a)		246,157		2,414,800
Ultratech, Inc. (a)		194,130		2,568,340
Semiconductors & Semiconductor Equipment Total				27,342,282
Software – 5.3%
Bottomline Technologies, Inc. (a)		184,412		2,378,915
Epicor Software Corp. (a)		310,023		1,974,847
Lawson Software, Inc. (a)		520,925		3,250,572
Mentor Graphics Corp. (a)		396,924		3,695,362
MSC.Software Corp. (a)		170,802		1,436,445
PLATO Learning, Inc. (a)		262,046		1,132,039
Progress Software Corp. (a)		288,290		6,529,768
S1 Corp. (a)		324,260		2,003,927
Sonic Solutions (a)		248,744		1,475,052
Sybase, Inc. (a)		132,887		5,169,304
Software Total				29,046,231
Information Technology Total				137,309,264
Materials – 5.0%
Chemicals – 3.7%
H.B. Fuller Co.		366,114		7,651,783
Sensient Technologies Corp.		281,086		7,805,758
Spartech Corp.		446,607		4,809,957
Chemicals Total				20,267,498
Containers & Packaging – 0.8%
Greif, Inc., Class A		73,190		4,029,109
Containers & Packaging Total				4,029,109
Paper & Forest Products – 0.5%
Glatfelter Co.		237,822		2,730,197
Paper & Forest Products Total				2,730,197
Materials Total				27,026,804

	Shares		Value ($)
Telecommunication Services – 0.3%
Diversified Telecommunication Services – 0.3%
General Communication, Inc., Class A (a)		197,142		1,352,394
Diversified Telecommunication Services Total				1,352,394
Telecommunication Services Total				1,352,394
Utilities – 3.0%
Electric Utilities – 0.3%
ALLETE, Inc.		42,300		1,420,011
Electric Utilities Total				1,420,011
Gas Utilities – 1.6%
New Jersey Resources Corp.		96,499		3,503,879
Northwest Natural Gas Co.		36,786		1,532,505
South Jersey Industries, Inc.		108,890		3,843,817
Gas Utilities Total				8,880,201
Water Utilities – 1.1%
American States Water Co.		114,859		4,155,598
California Water Service Group		52,873		2,058,875
Water Utilities Total				6,214,473
Utilities Total				16,514,685
Total Common Stocks (cost of $555,108,353)				527,534,575
Short-Term Obligation – 3.2%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09 at 0.010%, collateralized by a U.S. Treasury obligation maturing 01/31/14, market value $17,676,450 (repurchase proceeds $17,329,005)		17,329,000		17,329,000
Total Short-Term Obligation (cost of $17,329,000)				17,329,000
Total Investments – 100.0% (cost of $572,437,353) (c)				544,863,575
Other Assets & Liabilities, Net – 0.0%				227,062
Net Assets – 100.0%				545,090,637

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2009

Notes to Investment Portfolio:

(a) Non-income producing security.

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

Security name: Key Technology, Inc.
Shares as of 09/30/08:		150,933
Shares purchased:		24,960
Shares sold:		–
Shares as of 09/30/09:		175,893
Dividend income earned:	$	–
Value at end of period:	$	–
Security name: Performance Technologies, Inc.
Shares as of 09/30/08:		619,141
Shares purchased:		–
Shares sold:		–
Shares as of 09/30/09:		619,141
Dividend income earned:	$	–
Value at end of period:	$	1,776,935
Security name: Unifirst Corp.
Shares as of 09/30/08:		212,019
Shares purchased:		16,900
Shares sold:		(15,100	)
Shares as of 09/30/09:		213,819
Dividend income earned:	$	32,571
Value at end of period:	$	–

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

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	63,416,512	$	—	$	—	$	63,416,512
Consumer Staples		10,026,284		—		—		10,026,284
Energy		16,557,042		—		—		16,557,042
Financials		57,539,150		—		—		57,539,150
Health Care		88,424,892		—		—		88,424,892
Industrials		109,367,548		—		—		109,367,548
Information Technology		137,309,264		—		—		137,309,264
Materials		27,026,804		—		—		27,026,804
Telecommunication Services		1,352,394		—		—		1,352,394
Utilities		16,514,685		—		—		16,514,685
Total Common Stocks		527,534,575		—		—		527,534,575
Total Short-Term Obligation		—		17,329,000		—		17,329,000
Total Investments	$	527,534,575	$	17,329,000	$	—	$	544,863,575

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

Sector (Unaudited)	% of Net Assets
Information Technology		25.2
Industrials		20.1
Health Care		16.2
Consumer Discretionary		11.6
Financials		10.6
Materials		5.0
Energy		3.0
Utilities		3.0
Consumer Staples		1.8
Telecommunication Services		0.3
		96.8
Short Term Obligation		3.2
Other Assets & Liabilities, Net		0.0	*
		100.0

* Round to less than 0.1%.

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities – Stock Funds
September 30, 2009

	($)			($)			($)			($)			($)
	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Assets
Unaffiliated investments, at identified cost		200,342,491			1,082,273,522			258,366,287			327,264,836			567,024,121
Affiliated investments, at identified cost		349,510			—			—			—			5,413,232
Total investments, at identified cost		200,692,001			1,082,273,522			258,366,287			327,264,836			572,437,353
Unaffiliated investments, at value		221,181,512			1,304,524,576			307,442,782			402,441,726			543,086,640
Affiliated investments, at value		373,270			—			—			—			1,776,935
Total investments, at value		221,554,782			1,304,524,576			307,442,782			402,441,726			544,863,575
Cash		—			501			871			190			996
Cash collateral for open futures contracts		965,000			—			—			—			—
Foreign currency (cost of $11,509, $—, $—, $— and $—, respectively)		11,578			—			—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		201,991			—			—			—			—
Receivable for:
Investments sold		12,918,954			19,081,941			15,390,071			214,866			2,939,930
Fund shares sold		46,896			401,597			267,392			5,051,633			631,186
Dividends		192,652			1,151,894			305,315			431,288			246,967
Interest		803,212			—	*		1			2			5
Foreign tax reclaims		56,547			—			—			—			—
Futures variation margin		218			—			—			—			—
Expense reimbursement due from investment advisor		89,508			—			—			10,685			—
Regulatory settlements		—			1,078,511			—			—			—
Trustees' deferred compensation plan		44,980			181,486			43,677			48,287			79,431
Prepaid expenses		1,717			9,989			2,379			2,306			4,607
Total Assets		236,888,035			1,326,430,495			323,452,488			408,200,983			548,766,697
Liabilities
Payable to custodian bank		1,043,447			—			—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		119,406			—			—			—			—
Payable for:
Investments purchased		8,132,989			19,258,633			13,432,899			4,078,925			1,698,131
Investments purchased on a delayed delivery basis		3,189,822			—			—			—			—
Fund shares repurchased		134,845			1,826,548			3,585,984			264,898			1,137,670
Futures variation margin		8,459			—			12,179			—			—
Investment advisory fee		121,317			550,502			175,952			221,537			343,435
Administration fee		12,505			53,154			16,860			21,204			31,192
Pricing and bookkeeping fees		15,465			11,903			7,148			7,017			8,890
Transfer agent fee		49,652			275,454			123,951			51,744			169,077
Trustees' fees		2,155			216			276			1,436			4,684
Audit fee		41,675			31,300			28,100			32,700			30,692
Custody fee		37,614			5,205			1,545			2,825			2,232
Distribution and service fees		35,923			103,952			23,269			41,112			65,877
Chief compliance officer expenses		189			219			168			170			164
Interest payable		—			22			—			—			—
Trustees' deferred compensation plan		44,980			181,486			43,677			48,287			79,431
Other liabilities		58,796			118,435			22,295			29,732			104,585
Total Liabilities		13,049,239			22,417,029			17,474,303			4,801,587			3,676,060
Net Assets		223,838,796			1,304,013,466			305,978,185			403,399,396			545,090,637
Net Assets Consist of
Paid-in capital		248,102,061			1,554,538,704			406,740,389			363,510,811			604,420,990
Undistributed (Overdistributed) net investment income		266,974			6,455,976			53,837			1,963,211			(85,558	)
Accumulated net realized loss		(45,534,924	)		(479,232,268	)		(149,920,454	)		(37,251,553	)		(31,671,017	)
Net unrealized appreciation (depreciation) on:
Investments		20,862,781			222,251,054			49,076,495			75,176,890			(27,573,778	)
Foreign currency translations		89,029			—			—			37			—
Futures contracts		52,875			—			27,918			—			—
Net Assets		223,838,796			1,304,013,466			305,978,185			403,399,396			545,090,637

* Rounds to less than $1.00.

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (continued) – Stock Funds
September 30, 2009

	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Class A
Net assets	$	7,832,662		$	145,825,417		$	10,543,493		$	27,741,982		$	81,473,887
Shares outstanding		621,192			7,770,280			1,108,080			2,358,503			7,033,906
Net asset value per share (a)	$	12.61		$	18.77		$	9.52		$	11.76		$	11.58
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	13.38		$	19.92		$	10.10		$	12.48		$	12.29
Class B
Net assets	$	3,835,453		$	24,950,914		$	2,168,969		$	3,427,815		$	17,316,810
Shares outstanding		304,497			1,442,489			241,933			311,020			1,661,807
Net asset value and offering price per share (a)	$	12.60		$	17.30		$	8.97		$	11.02		$	10.42
Class C
Net assets	$	1,468,102		$	17,282,686		$	2,019,681		$	7,094,226		$	18,460,992
Shares outstanding		116,512			998,582			225,983			643,068			1,769,244
Net asset value and offering price per share (a)	$	12.60		$	17.31		$	8.94		$	11.03		$	10.43
Class E
Net assets		—		$	13,143,835			—			—			—
Shares outstanding		—			701,580			—			—			—
Net asset value per share (a)		—		$	18.73			—			—			—
Maximum sales charge		—			4.50	%		—			—			—
Maximum offering price per share (b)		—		$	19.61			—			—			—
Class F
Net assets		—		$	291,738			—			—			—
Shares outstanding		—			16,873			—			—			—
Net asset value and offering price per share (a)		—		$	17.29			—			—			—
Class T
Net assets	$	113,895,440		$	145,010,800		$	72,555,391		$	117,161,381		$	74,721,658
Shares outstanding		9,030,237			7,780,077			7,621,385			10,035,993			6,558,877
Net asset value per share (a)	$	12.61		$	18.64		$	9.52		$	11.67		$	11.39
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	13.38		$	19.78		$	10.10		$	12.38		$	12.08
Class Y (c)
Net assets		—		$	16,685,536			—			—			—
Shares outstanding		—			868,853			—			—			—
Net asset value, offering and redemption price per share		—		$	19.20			—			—			—
Class Z
Net assets	$	96,807,139		$	940,822,540		$	218,690,651		$	247,973,992		$	353,117,290
Shares outstanding		7,647,374			49,002,683			22,380,533			20,967,373			29,745,992
Net asset value, offering and redemption price per share	$	12.66		$	19.20		$	9.77		$	11.83		$	11.87

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

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

See Accompanying Notes to Financial Statements.

Statements of Operations – Stock Funds
For the Year Ended September 30, 2009

	($)			($)			($)			($)			($)
	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund(a)			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Investment Income
Income
Dividends		2,695,537			17,268,969			8,663,821			6,101,623			4,673,578
Dividends from affiliates		—			—			—			—			32,571
Interest		4,611,835			17,160			3,876			4,263			23,671
Interest from affiliates		21,175			—			—			—			—
Securities lending		52,585			34			—			—			—
Foreign taxes withheld		(76,892	)		(19,190	)		—			(11,212	)		(7,858	)
Total Investment Income		7,304,240			17,266,973			8,667,697			6,094,674			4,721,962
Expenses
Investment advisory fee		1,317,805			5,877,711			1,906,835			2,110,310			3,382,545
Administration fee		135,835			555,279			182,490			201,987			302,523
Distribution fee:
Class B		28,029			227,129			17,248			20,833			113,507
Class C		9,303			118,242			13,457			23,402			116,645
Class E		—			11,426			—			—			—
Class F		—			1,852			—			—			—
Service fee:
Class A		16,382			308,522			25,982			35,066			183,736
Class B		9,343			75,710			5,772			6,953			37,882
Class C		3,101			39,444			4,490			7,797			38,938
Class E		—			28,565			—			—			—
Class F		—			617			—			—			—
Shareholder service fee—Class T		313,253			380,511			191,682			299,111			191,678
Pricing and bookkeeping fees		134,898			141,538			79,979			83,251			104,080
Transfer agent fee—Class A, Class B, Class C, Class E, Class F, Class T and Class Z		340,395			2,382,332			434,859			398,862			687,612
Transfer agent fee—Class Y		—			10			—			—			—
Trustees' fees		26,530			71,013			27,445			28,375			44,000
Custody fee		229,600			31,117			17,856			22,397			15,291
Chief compliance officer expenses		700			940			666			675			660
Other expenses		295,389			676,540			192,058			264,107			357,889
Expenses before interest expense		2,860,563			10,928,498			3,100,819			3,503,126			5,576,986
Interest expense		17			166			524			78			—
Total Expenses		2,860,580			10,928,664			3,101,343			3,503,204			5,576,986
Fees waived or expenses reimbursed by investment advisor		(454,903	)		—			—			(318,233	)		—
Expense reductions		(213	)		(11	)		(22	)		(3	)		(79	)
Net Expenses		2,405,464			10,928,653			3,101,321			3,184,968			5,576,907
Net Investment Income (Loss)		4,898,776			6,338,320			5,566,376			2,909,706			(854,945	)

(a) Class Y shares commenced operations on July 15, 2009.

See Accompanying Notes to Financial Statements.

Statements of Operations (continued) – Stock Funds
For the Year Ended September 30, 2009

	($)			($)			($)			($)			($)
	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Futures Contracts and Written Options
Net realized gain (loss) on:
Unaffiliated investments		(34,872,938	)		(338,092,454	)		(101,617,710	)		(34,481,266	)		(30,300,820	)
Affiliated investments		—			—			—			—			(19,723	)
Foreign currency transactions		(123,648	)		—			—			(383	)		—
Futures contracts		(353,442	)		—			(1,480,194	)		—			—
Written options		29,755			—			—			—			—
Net realized loss		(35,320,273	)		(338,092,454	)		(103,097,904	)		(34,481,649	)		(30,320,543	)
Net change in unrealized appreciation (depreciation) on:
Investments		31,203,257			266,910,172			70,642,580			50,682,737			(37,219,629	)
Foreign currency translations		53,850			—			—			37			—
Futures contracts		233,936			—			457,257			—			—
Written options		774			—			—			—			—
Net change in unrealized appreciation (depreciation)		31,491,817			266,910,172			71,099,837			50,682,774			(37,219,629	)
Net Gain (Loss)		(3,828,456	)		(71,182,282	)		(31,998,067	)		16,201,125			(67,540,172	)
Net Increase (Decrease) Resulting from Operations		1,070,320			(64,843,962	)		(26,431,691	)		19,110,831			(68,395,117	)

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Stock Funds

Increase (Decrease) in Net Assets	Columbia Asset Allocation Fund						Columbia Large Cap Growth Fund						Columbia Disciplined Value Fund
	Year Ended September 30,						Year Ended September 30,						Year Ended September 30,
	2009 ($)			2008 ($)			2009 ($)			2008 ($)			2009 ($)			2008 ($)
Operations
Net investment income (loss)		4,898,776			6,771,638			6,338,320			1,811,100			5,566,376			6,142,695
Net realized gain (loss) on investments, foreign currency transactions, futures contracts and written options		(35,320,273	)		(7,106,071	)		(338,092,454	)		(7,970,706	)		(103,097,904	)		(45,412,189	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and written options		31,491,817			(51,187,909	)		266,910,172			(388,568,864	)		71,099,837			(87,003,903	)
Net increase (decrease) resulting from operations		1,070,320			(51,522,342	)		(64,843,962	)		(394,728,470	)		(26,431,691	)		(126,273,397	)
Distributions to Shareholders
From net investment income:
Class A		(150,796	)		(197,762	)		(140,147	)		—			(209,449	)		(308,780	)
Class B		(55,722	)		(91,484	)		—			—			(31,603	)		(31,729	)
Class C		(18,706	)		(26,950	)		—			—			(24,079	)		(20,476	)
Class E		—			—			(1,130	)		—			—			—
Class T		(2,288,522	)		(3,560,124	)		—			—			(1,247,692	)		(1,411,835	)
Class Z		(2,159,589	)		(3,298,884	)		(2,956,052	)		(2,224,336	)		(4,279,319	)		(4,202,294	)
From net realized gains:
Class A		—			(723,894	)		—			(11,577,199	)		—			(3,659,576	)
Class B		—			(545,891	)		—			(11,130,619	)		—			(870,037	)
Class C		—			(160,133	)		—			(2,290,476	)		—			(639,638	)
Class E		—			—			—			(1,232,359	)		—			—
Class F		—			—			—			(188,065	)		—			—
Class T		—			(14,928,189	)		—			(16,307,165	)		—			(15,296,653	)
Class Z		—			(12,207,866	)		—			(85,740,579	)		—			(36,691,117	)
Total distributions to shareholders		(4,673,335	)		(35,741,177	)		(3,097,329	)		(130,690,798	)		(5,792,142	)		(63,132,135	)
Net Capital Stock Transactions		(24,306,040	)		(2,597,208	)		(28,921,925	)		(11,914,912	)		3,409,644			(5,902,983	)
Increase from regulatory settlements		—			—			663,170			1,089,186			—			—
Total increase (decrease) in net assets		(27,909,055	)		(89,860,727	)		(96,200,046	)		(536,244,994	)		(28,814,189	)		(195,308,515	)
Net Assets
Beginning of period		251,747,851			341,608,578			1,400,213,512			1,936,458,506			334,792,374			530,100,889
End of period		223,838,796			251,747,851			1,304,013,466			1,400,213,512			305,978,185			334,792,374
Undistributed (Overdistributed) net investment income at end of period		266,974			(158,517	)		6,455,976			2,551,815			53,837			279,605

See Accompanying Notes to Financial Statements.

Increase (Decrease) in Net Assets	Columbia Contrarian Core Fund						Columbia Small Cap Core Fund
	Year Ended September 30,						Year Ended September 30,
	2009 ($)			2008 ($)			2009 ($)			2008 ($)
Operations
Net investment income (loss)		2,909,706			2,442,541			(854,945	)		(3,922,421	)
Net realized gain (loss) on investments, foreign currency transactions, futures contracts and written options		(34,481,649	)		3,542,460			(30,320,543	)		92,085,637
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and written options		50,682,774			(65,572,460	)		(37,219,629	)		(219,195,085	)
Net increase (decrease) resulting from operations		19,110,831			(59,587,459	)		(68,395,117	)		(131,031,869	)
Distributions to Shareholders
From net investment income:
Class A		(87,616	)		(41,459	)		—			(313,396	)
Class B		—			—			—			—
Class C		—			—			—			—
Class E		—			—			—			—
Class T		(717,940	)		(523,167	)		—			(184,037	)
Class Z		(2,057,319	)		(1,372,481	)		—			(3,485,596	)
From net realized gains:
Class A		—			(1,125,847	)		(8,907,282	)		(30,396,930	)
Class B		—			(466,120	)		(1,940,780	)		(6,593,541	)
Class C		—			(131,887	)		(1,989,757	)		(7,737,478	)
Class E		—			—			—			—
Class F		—			—			—			—
Class T		—			(16,463,774	)		(7,421,795	)		(24,251,745	)
Class Z		—			(22,118,426	)		(31,170,222	)		(144,889,355	)
Total distributions to shareholders		(2,862,875	)		(42,243,161	)		(51,429,836	)		(217,852,078	)
Net Capital Stock Transactions		64,862,004			(17,037,006	)		(10,237,809	)		(201,619,486	)
Increase from regulatory settlements		5,432			—			5,313			—
Total increase (decrease) in net assets		81,115,392			(118,867,626	)		(130,057,449	)		(550,503,433	)
Net Assets
Beginning of period		322,284,004			441,151,630			675,148,086			1,225,651,519
End of period		403,399,396			322,284,004			545,090,637			675,148,086
Undistributed (Overdistributed) net investment income at end of period		1,963,211			1,911,330			(85,558	)		(80,111	)

See Accompanying Notes to Financial Statements.

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

	Columbia Asset Allocation Fund
	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		242,754			2,594,996			197,474			2,903,127
Distributions reinvested		12,955			141,198			58,632			883,969
Redemptions		(212,773	)		(2,318,316	)		(172,671	)		(2,495,559	)
Net increase		42,936			417,878			83,435			1,291,537
Class B
Subscriptions		63,535			696,944			100,624			1,491,826
Distributions reinvested		4,637			49,933			38,828			589,166
Redemptions		(137,489	)		(1,481,838	)		(135,789	)		(1,949,904	)
Net increase (decrease)		(69,317	)		(734,961	)		3,663			131,088
Class C
Subscriptions		40,293			442,888			40,510			586,522
Distributions reinvested		1,489			16,136			11,064			167,904
Redemptions		(44,295	)		(486,881	)		(40,020	)		(572,939	)
Net increase (decrease)		(2,513	)		(27,857	)		11,554			181,487
Class T
Subscriptions		47,805			517,944			74,641			1,095,793
Distributions reinvested		203,820			2,211,059			1,192,504			18,031,577
Redemptions		(1,620,242	)		(17,373,997	)		(1,612,931	)		(23,705,569	)
Net decrease		(1,368,617	)		(14,644,994	)		(345,786	)		(4,578,199	)
Class Z
Subscriptions		268,237			3,235,752			1,182,443			17,148,685
Distributions reinvested		167,719			1,827,162			900,520			13,588,996
Redemptions		(1,324,767	)		(14,379,020	)		(2,140,627	)		(30,360,802	)
Net increase (decrease)		(888,811	)		(9,316,106	)		(57,664	)		376,879

See Accompanying Notes to Financial Statements.

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

	Columbia Large Cap Growth Fund
	Year Ended September 30, 2009(a)(b)						Year Ended September 30, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,591,508			24,021,794			3,052,442			71,281,501
Distributions reinvested		8,857			126,318			400,865			10,342,317
Redemptions		(1,831,457	)		(28,061,174	)		(1,708,127	)		(39,787,035	)
Net increase (decrease)		(231,092	)		(3,913,062	)		1,745,180			41,836,783
Class B
Subscriptions		107,673			1,522,097			89,653			1,994,153
Distributions reinvested		—			—			427,139			10,285,500
Redemptions		(1,894,336	)		(26,316,082	)		(3,985,922	)		(86,976,811	)
Net decrease		(1,786,663	)		(24,793,985	)		(3,469,130	)		(74,697,158	)
Class C
Subscriptions		345,304			4,759,197			130,752			2,970,379
Distributions reinvested		—			—			76,612			1,845,584
Redemptions		(514,603	)		(7,172,499	)		(305,949	)		(6,640,695	)
Net decrease		(169,299	)		(2,413,302	)		(98,585	)		(1,824,732	)
Class E
Subscriptions		4,972			74,331			97,348			2,306,175
Distributions reinvested		79			1,128			47,726			1,229,898
Redemptions		(60,277	)		(935,864	)		(68,432	)		(1,626,700	)
Net increase (decrease)		(55,226	)		(860,405	)		76,642			1,909,373
Class F
Subscriptions		23			354			3,297			72,377
Distributions reinvested		—			—			7,813			188,065
Redemptions		(4,123	)		(57,722	)		(106,218	)		(2,348,463	)
Net decrease		(4,100	)		(57,368	)		(95,108	)		(2,088,021	)
Class T
Subscriptions		97,232			1,472,114			136,148			3,185,655
Distributions reinvested		—			—			623,267			15,961,865
Redemptions		(1,034,974	)		(15,755,361	)		(1,255,111	)		(29,455,246	)
Net decrease		(937,742	)		(14,283,247	)		(495,696	)		(10,307,726	)
Class Y
Subscriptions		1,566,787			28,038,000			—			—
Redemptions		(697,934	)		(12,618,649	)		—			—
Net increase		868,853			15,419,351			—			—
Class Z
Subscriptions		9,868,328			157,965,419			5,946,708			141,918,882
Distributions reinvested		119,365			1,738,022			2,365,715			62,336,591
Redemptions		(9,894,536	)		(157,723,348	)		(7,096,396	)		(170,998,904	)
Net increase		93,157			1,980,093			1,216,027			33,256,569

(a) Class Y shares commenced operations on July 15, 2009.

(b) Class Y shares reflect activity for the period July 15, 2009 through September 30, 2009.

See Accompanying Notes to Financial Statements.

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

	Columbia Disciplined Value Fund
	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		288,028			2,281,055			405,173			5,404,894
Distributions reinvested		23,100			179,703			251,100			3,493,211
Redemptions		(739,426	)		(5,805,700	)		(1,246,088	)		(16,101,999	)
Net decrease		(428,298	)		(3,344,942	)		(589,815	)		(7,203,894	)
Class B
Subscriptions		17,707			131,169			48,749			624,153
Distributions reinvested		3,913			28,225			59,953			790,418
Redemptions		(174,185	)		(1,255,003	)		(211,203	)		(2,524,882	)
Net decrease		(152,565	)		(1,095,609	)		(102,501	)		(1,110,311	)
Class C
Subscriptions		67,614			542,251			89,813			1,116,398
Distributions reinvested		2,863			20,584			42,444			557,859
Redemptions		(127,694	)		(912,243	)		(214,878	)		(2,553,953	)
Net decrease		(57,217	)		(349,408	)		(82,621	)		(879,696	)
Class T
Subscriptions		65,624			514,004			59,829			756,203
Distributions reinvested		157,011			1,221,118			1,185,592			16,464,091
Redemptions		(1,123,058	)		(8,716,795	)		(1,326,278	)		(16,955,125	)
Net increase (decrease)		(900,423	)		(6,981,673	)		(80,857	)		265,169
Class Z
Subscriptions		8,733,478			71,166,602			4,055,288			53,584,460
Distributions reinvested		206,897			1,660,628			1,351,091			19,295,848
Redemptions		(7,144,516	)		(57,645,954	)		(5,288,025	)		(69,854,559	)
Net increase		1,795,859			15,181,276			118,354			3,025,749

See Accompanying Notes to Financial Statements.

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

	Columbia Contrarian Core Fund
	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		1,851,140			18,894,886			251,873			3,365,188
Distributions reinvested		8,794			77,084			77,223			1,125,917
Redemptions		(442,332	)		(4,101,888	)		(165,492	)		(2,251,895	)
Net increase		1,417,602			14,870,082			163,604			2,239,210
Class B
Subscriptions		107,507			1,009,446			61,049			772,905
Distributions reinvested		—			—			30,457			418,472
Redemptions		(122,331	)		(1,037,793	)		(92,569	)		(1,164,528	)
Net increase (decrease)		(14,824	)		(28,347	)		(1,063	)		26,849
Class C
Subscriptions		604,409			5,864,349			101,333			1,290,847
Distributions reinvested		—			—			7,977			109,683
Redemptions		(115,428	)		(1,028,223	)		(52,521	)		(692,498	)
Net increase		488,981			4,836,126			56,789			708,032
Class T
Subscriptions		57,531			530,596			107,254			1,482,245
Distributions reinvested		77,542			675,392			1,125,256			16,293,706
Redemptions		(1,305,440	)		(11,973,025	)		(1,538,327	)		(20,983,001	)
Net decrease		(1,170,367	)		(10,767,037	)		(305,817	)		(3,207,050	)
Class Z
Subscriptions		11,481,253			103,217,377			684,939			9,231,408
Distributions reinvested		178,491			1,572,554			1,341,183			19,648,343
Redemptions		(5,182,054	)		(48,838,751	)		(3,271,455	)		(45,683,798	)
Net increase (decrease)		6,477,690			55,951,180			(1,245,333	)		(16,804,047	)

See Accompanying Notes to Financial Statements.

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

	Columbia Small Cap Core Fund
	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		2,080,374			19,805,781			922,622			14,115,438
Distributions reinvested		980,677			8,610,346			1,853,851			29,216,697
Redemptions		(4,177,022	)		(38,542,843	)		(3,448,586	)		(53,363,614	)
Net decrease		(1,115,971	)		(10,126,716	)		(672,113	)		(10,031,479	)
Class B
Subscriptions		96,693			842,189			13,702			197,333
Distributions reinvested		228,050			1,813,000			418,959			6,095,850
Redemptions		(442,312	)		(3,691,488	)		(569,202	)		(8,150,007	)
Net decrease		(117,569	)		(1,036,299	)		(136,541	)		(1,856,824	)
Class C
Subscriptions		271,949			2,444,023			57,885			832,429
Distributions reinvested		226,347			1,801,724			473,257			6,890,619
Redemptions		(635,154	)		(5,307,813	)		(879,920	)		(12,565,729	)
Net decrease		(136,858	)		(1,062,066	)		(348,778	)		(4,842,681	)
Class T
Subscriptions		81,099			725,579			187,496			2,838,894
Distributions reinvested		800,276			6,914,381			1,454,898			22,609,113
Redemptions		(1,373,498	)		(13,187,203	)		(1,486,975	)		(22,864,774	)
Net increase (decrease)		(492,123	)		(5,547,243	)		155,419			2,583,233
Class Z
Subscriptions		9,744,342			94,177,339			4,643,406			72,532,539
Distributions reinvested		2,513,202			22,568,553			6,363,669			102,073,253
Redemptions		(11,209,503	)		(109,211,377	)		(23,349,696	)		(362,077,527	)
Net increase (decrease)		1,048,041			7,534,515			(12,342,621	)		(187,471,735	)

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Asset Allocation Fund

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

	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.57		$	16.80		$	16.06		$	16.47		$	15.06
Income from Investment Operations:
Net investment income (a)		0.26			0.31			0.32			0.22			0.27	(b)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.03			(2.76	)		1.86			0.92			1.41
Total from investment operations		0.29			(2.45	)		2.18			1.14			1.68
Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.34	)		(0.33	)		(0.31	)		(0.27	)
From net realized gains		—			(1.44	)		(1.11	)		(1.24	)		—
Total distributions to shareholders		(0.25	)		(1.78	)		(1.44	)		(1.55	)		(0.27	)
Net Asset Value, End of Period	$	12.61		$	12.57		$	16.80		$	16.06		$	16.47
Total return (c)		2.63	%(d)		(16.23	)%		14.24	%		7.39	%(d)(e)		11.20	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.25	%(f)		1.29	%(g)		1.32	%(f)		1.31	%(f)		1.35	%(f)
Interest expense		—	%(h)		—			—			—			—
Net expenses		1.25	%(f)		1.29	%(g)		1.32	%(f)		1.31	%(f)		1.35	%(f)
Waiver/Reimbursement		0.22	%		—			—			0.01	%		0.01	%
Net investment income		2.35	%(f)		2.17	%(g)		1.98	%(f)		1.38	%(f)		1.66	%(f)
Portfolio turnover rate		107	%		94	%		100	%		98	%		86	%
Net assets, end of period (000s)	$	7,833		$	7,266		$	8,314		$	5,863		$	4,206

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

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

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Asset Allocation Fund

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

	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.57		$	16.80		$	16.06		$	16.47		$	15.06
Income from Investment Operations:
Net investment income (a)		0.18			0.20			0.20			0.17			0.15	(b)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.02			(2.76	)		1.86			0.85			1.41
Total from investment operations		0.20			(2.56	)		2.06			1.02			1.56
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.23	)		(0.21	)		(0.19	)		(0.15	)
From net realized gains		—			(1.44	)		(1.11	)		(1.24	)		—
Total distributions to shareholders		(0.17	)		(1.67	)		(1.32	)		(1.43	)		(0.15	)
Net Asset Value, End of Period	$	12.60		$	12.57		$	16.80		$	16.06		$	16.47
Total return (c)		1.79	%(d)		(16.88	)%		13.40	%		6.59	%(d)(e)		10.37	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)		2.10	%(f)
Interest expense		—	%(h)		—			—			—			—
Net expenses		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)		2.10	%(f)
Waiver/Reimbursement		0.22	%		—			—			0.01	%		0.01	%
Net investment income		1.61	%(f)		1.40	%(g)		1.21	%(f)		1.08	%(f)		0.91	%(f)
Portfolio turnover rate		107	%		94	%		100	%		98	%		86	%
Net assets, end of period (000s)	$	3,835		$	4,699		$	6,219		$	6,788		$	7,166

(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.

(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.

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Asset Allocation Fund

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

	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.57		$	16.81		$	16.06		$	16.47		$	15.06
Income from Investment Operations:
Net investment income (a)		0.17			0.21			0.20			0.16			0.14	(b)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.03			(2.78	)		1.87			0.86			1.42
Total from investment operations		0.20			(2.57	)		2.07			1.02			1.56
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.23	)		(0.21	)		(0.19	)		(0.15	)
From net realized gains		—			(1.44	)		(1.11	)		(1.24	)		—
Total distributions to shareholders		(0.17	)		(1.67	)		(1.32	)		(1.43	)		(0.15	)
Net Asset Value, End of Period	$	12.60		$	12.57		$	16.81		$	16.06		$	16.47
Total return (c)		1.79	%(d)		(16.93	)%		13.46	%		6.59	%(d)(e)		10.37	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)		2.10	%(f)
Interest expense		—	%(h)		—			—			—			—
Net expenses		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)		2.10	%(f)
Waiver/Reimbursement		0.22	%		—			—			0.01	%		0.01	%
Net investment income		1.60	%(f)		1.41	%(g)		1.23	%(f)		0.98	%(f)		0.91	%(f)
Portfolio turnover rate		107	%		94	%		100	%		98	%		86	%
Net assets, end of period (000s)	$	1,468		$	1,496		$	1,806		$	1,281		$	704

(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.

(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.

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Asset Allocation Fund

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

	Year Ended September 30,
Class T Shares	2009			2008			2007 (a)			2006			2005
Net Asset Value, Beginning of Period	$	12.58		$	16.82		$	16.08		$	16.48		$	15.07
Income from Investment Operations:
Net investment income (b)		0.25			0.31			0.31			0.28			0.26	(c)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.02			(2.78	)		1.86			0.87			1.41
Total from investment operations		0.27			(2.47	)		2.17			1.15			1.67
Less Distributions to Shareholders:
From net investment income		(0.24	)		(0.33	)		(0.32	)		(0.31	)		(0.26	)
From net realized gains		—			(1.44	)		(1.11	)		(1.24	)		—
Total distributions to shareholders		(0.24	)		(1.77	)		(1.43	)		(1.55	)		(0.26	)
Net Asset Value, End of Period	$	12.61		$	12.58		$	16.82		$	16.08		$	16.48
Total return (d)		2.50	%(e)		(16.32	)%		14.17	%		7.39	%(e)(f)		11.14	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.30	%(g)		1.34	%(h)		1.37	%(g)		1.36	%(g)		1.40	%(g)
Interest expense		—	%(i)		—			—			—			—
Net expenses		1.30	%(g)		1.34	%(h)		1.37	%(g)		1.36	%(g)		1.40	%(g)
Waiver/Reimbursement		0.22	%		—			—			0.01	%		0.01	%
Net investment income		2.31	%(g)		2.10	%(h)		1.92	%(g)		1.78	%(g)		1.62	%(g)
Portfolio turnover rate		107	%		94	%		100	%		98	%		86	%
Net assets, end of period (000s)	$	113,895		$	130,863		$	180,757		$	175,348		$	184,795

(a) On August 8, 2007, Class G shares were converted to Class T shares.

(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 $0.02 per share.

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

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

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

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

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Asset Allocation Fund

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

	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.58		$	16.82		$	16.07		$	16.48		$	15.06
Income from Investment Operations:
Net investment income (a)		0.29			0.35			0.36			0.33			0.31	(b)
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.07			(2.77	)		1.87			0.85			1.42
Total from investment operations		0.36			(2.42	)		2.23			1.18			1.73
Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.38	)		(0.37	)		(0.35	)		(0.31	)
From net realized gains		—			(1.44	)		(1.11	)		(1.24	)		—
Total distributions to shareholders		(0.28	)		(1.82	)		(1.48	)		(1.59	)		(0.31	)
Net Asset Value, End of Period	$	12.66		$	12.58		$	16.82		$	16.07		$	16.48
Total return (c)		3.21	%(d)		(16.06	)%		14.58	%		7.65	%(d)(e)		11.54	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.00	%(f)		1.04	%(g)		1.07	%(f)		1.06	%(f)		1.10	%(f)
Interest expense		—	%(h)		—			—			—			—
Net expenses		1.00	%(f)		1.04	%(g)		1.07	%(f)		1.06	%(f)		1.10	%(f)
Waiver/Reimbursement		0.22	%		—			—			0.01	%		0.01	%
Net investment income		2.60	%(f)		2.40	%(g)		2.21	%(f)		2.09	%(f)		1.92	%(f)
Portfolio turnover rate		107	%		94	%		100	%		98	%		86	%
Net assets, end of period (000s)	$	96,807		$	107,424		$	144,513		$	151,703		$	167,278

(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.

(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.

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	19.57		$	26.76		$	22.27		$	21.11		$	18.57
Income from Investment Operations:
Net investment income (a)		0.07			0.01			0.02			0.01			0.05	(b)
Net realized and unrealized gain (loss) on investments		(0.86	)		(5.40	)		4.87			1.19			2.51
Total from investment operations		(0.79	)		(5.39	)		4.89			1.20			2.56
Less Distributions to Shareholders:
From net investment income		(0.02	)		—			(0.03	)		(0.04	)		(0.02	)
From net realized gains		—			(1.81	)		(0.37	)		—			—
Total distributions to shareholders		(0.02	)		(1.81	)		(0.40	)		(0.04	)		(0.02	)
Increase from regulatory settlements		0.01			0.01			—			—			—
Net Asset Value, End of Period	$	18.77		$	19.57		$	26.76		$	22.27		$	21.11
Total return (c)		(3.97	)%		(21.73	)%		22.19	%		5.69	%(d)		13.80	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.13	%(e)		1.02	%(f)		1.00	%(e)		1.01	%(e)		1.11	%(e)
Interest expense		—	%(g)		—			—	%(g)		—	%(g)		—
Net expenses		1.13	%(e)		1.02	%(f)		1.00	%(e)		1.01	%(e)		1.11	%(e)
Waiver/Reimbursement		—			—			—			—	%(g)		—	%(g)
Net investment income		0.43	%(e)		0.01	%(f)		0.07	%(e)		0.07	%(e)		0.25	%(e)
Portfolio turnover rate		146	%		164	%		151	%		171	%		113	%
Net assets, end of period (000s)	$	145,825		$	156,585		$	167,408		$	125,124		$	10,422

(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 $0.09 per share.

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

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

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

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

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	18.15		$	25.12		$	21.05		$	20.07		$	17.76
Income from Investment Operations:
Net investment loss (a)		(0.04	)		(0.17	)		(0.16	)		(0.13	)		(0.09	)(b)
Net realized and unrealized gain (loss) on investments		(0.82	)		(5.00	)		4.60			1.11			2.40
Total from investment operations		(0.86	)		(5.17	)		4.44			0.98			2.31
Less Distributions to Shareholders:
From net realized gains		—			(1.81	)		(0.37	)		—			—
Increase from regulatory settlements		0.01			0.01			—			—			—
Net Asset Value, End of Period	$	17.30		$	18.15		$	25.12		$	21.05		$	20.07
Total return (c)		(4.68	)%		(22.31	)%		21.31	%		4.88	%(d)		13.01	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)		1.86	%(e)
Interest expense		—	%(g)		—			—	%(g)		—	%(g)		—
Net expenses		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)		1.86	%(e)
Waiver/Reimbursement		—			—			—			—	%(g)		—	%(g)
Net investment loss		(0.30	)%(e)		(0.77	)%(f)		(0.69	)%(e)		(0.72	)%(e)		(0.48	)%(e)
Portfolio turnover rate		146	%		164	%		151	%		171	%		113	%
Net assets, end of period (000s)	$	24,951		$	58,609		$	168,284		$	227,160		$	7,799

(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 $0.09 per share.

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

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

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

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	18.16		$	25.14		$	21.06		$	20.10		$	17.79
Income from Investment Operations:
Net investment loss (a)		(0.05	)		(0.16	)		(0.16	)		(0.13	)		(0.09	)(b)
Net realized and unrealized gain (loss) on investments		(0.81	)		(5.02	)		4.61			1.09			2.40
Total from investment operations		(0.86	)		(5.18	)		4.45			0.96			2.31
Less Distributions to Shareholders:
From net realized gains		—			(1.81	)		(0.37	)		—			—
Increase from regulatory settlements		0.01			0.01			—			—			—
Net Asset Value, End of Period	$	17.31		$	18.16		$	25.14		$	21.06		$	20.10
Total return (c)		(4.68	)%		(22.33	)%		21.34	%		4.78	%(d)		12.98	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)		1.86	%(e)
Interest expense		—	%(g)		—			—	%(g)		—	%(g)		—
Net expenses		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)		1.86	%(e)
Waiver/Reimbursement		—			—			—			—	%(g)		—	%(g)
Net investment loss		(0.33	)%(e)		(0.75	)%(f)		(0.68	)%(e)		(0.69	)%(e)		(0.45	)%(e)
Portfolio turnover rate		146	%		164	%		151	%		171	%		113	%
Net assets, end of period (000s)	$	17,283		$	21,208		$	31,834		$	31,046		$	1,419

(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 $0.09 per share.

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

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

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

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,									Period Ended September 30,
Class E Shares	2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Year	$	19.53		$	26.74		$	22.27		$	22.13
Income from Investment Operations:
Net investment income (loss) (b)		0.05			(0.02	)		(0.01	)		—	(c)
Net realized and unrealized gain (loss) on investments		(0.86	)		(5.39	)		4.87			0.14
Total from investment operations		(0.81	)		(5.41	)		4.86			0.14
Less Distributions to Shareholders:
From net investment income		—	(c)		—			(0.02	)		—
From net realized gains		—			(1.81	)		(0.37	)		—
Total distributions to shareholders		—	(c)		(1.81	)		(0.39	)		—
Increase from regulatory settlements		0.01			0.01			—			—
Net Asset Value, End of Year	$	18.73		$	19.53		$	26.74		$	22.27
Total return (d)		(4.09	)%		(21.82	)%		22.07	%		0.63	%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.23	%(g)		1.12	%(h)		1.10	%(g)		1.12	%(g)(i)
Interest expense		—	%(j)		—			—	%(j)		—	%(i)(j)
Net expenses		1.23	%(g)		1.12	%(h)		1.10	%(g)		1.12	%(g)(i)
Waiver/Reimbursement		—			—			—			—	%(i)(j)
Net investment income (loss)		0.33	%(g)		(0.09	)%(h)		(0.03	)%(g)		(0.23	)%(g)(i)
Portfolio turnover rate		146	%		164	%		151	%		171	%(f)
Net assets, end of period (000s)	$	13,144		$	14,782		$	18,185		$	13,071

(a) Class E shares commenced operations on September 22, 2006. Per share data and total return reflect activity from that date.

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

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

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

(f) Not annualized.

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,									Period Ended September 30,
Class F Shares	2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Year	$	18.14		$	25.11		$	21.05		$	20.93
Income from Investment Operations:
Net investment loss (b)		(0.05	)		(0.18	)		(0.16	)		—	(c)
Net realized and unrealized gain (loss) on investments		(0.81	)		(4.99	)		4.59			0.12
Total from investment operations		(0.86	)		(5.17	)		4.43			0.12
Less Distributions to Shareholders:
From net realized gains		—			(1.81	)		(0.37	)		—
Increase from regulatory settlements		0.01			0.01			—			—
Net Asset Value, End of Year	$	17.29		$	18.14		$	25.11		$	21.05
Total return (d)		(4.69	)%		(22.31	)%		21.26	%		0.57	%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.88	%(g)		1.77	%(h)		1.75	%(g)		1.77	%(g)(i)
Interest expense		—	%(j)		—			—	%(j)		—	%(i)(j)
Net expenses		1.88	%(g)		1.77	%(h)		1.75	%(g)		1.77	%(g)(i)
Waiver/Reimbursement		—			—			—			—	%(i)(j)
Net investment loss		(0.32	)%(g)		(0.80	)%(h)		(0.70	)%(g)		(0.88	)%(g)(i)
Portfolio turnover rate		146	%		164	%		151	%		171	%(f)
Net assets, end of period (000s)	$	292		$	380		$	2,915		$	5,319

(a) Class F shares commenced operations on September 22, 2006. Per share data and total return reflect activity from that date.

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

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

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

(f) Not annualized.

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

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

(i) Annualized.

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,
Class T Shares	2009			2008			2007 (a)			2006			2005
Net Asset Value, Beginning of Period	$	19.42		$	26.58		$	22.13		$	20.98		$	18.46
Income from Investment Operations:
Net investment income (loss) (b)		0.06			(0.01	)		0.01			0.01			0.07	(c)
Net realized and unrealized gain (loss) on investments		(0.85	)		(5.35	)		4.84			1.17			2.47
Total from investment operations		(0.79	)		(5.36	)		4.85			1.18			2.54
Less Distributions to Shareholders:
From net investment income		—			—			(0.03	)		(0.03	)		(0.02	)
From net realized gains		—			(1.81	)		(0.37	)		—			—
Total distributions to shareholders		—			(1.81	)		(0.40	)		(0.03	)		(0.02	)
Increase from regulatory settlements		0.01			0.01			—			—			—
Net Asset Value, End of Period	$	18.64		$	19.42		$	26.58		$	22.13		$	20.98
Total return (d)		(4.02	)%		(21.76	)%		22.14	%		5.63	%(e)		13.76	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.18	%(f)		1.07	%(g)		1.05	%(f)		1.06	%(f)		1.16	%(f)
Interest expense		—	%(h)		—			—	%(h)		—	%(h)		—
Net expenses		1.18	%(f)		1.07	%(g)		1.05	%(f)		1.06	%(f)		1.16	%(f)
Waiver/Reimbursement		—			—			—			—	%(h)		—	%(h)
Net investment income (loss)		0.38	%(f)		(0.05	)%(g)		0.02	%(f)		0.06	%(f)		0.33	%(f)
Portfolio turnover rate		146	%		164	%		151	%		171	%		113	%
Net assets, end of period (000s)	$	145,011		$	169,295		$	244,901		$	209,952		$	218,095

(a) On August 8, 2007, Class G shares were converted to Class T shares.

(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 $0.09 per share.

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

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

Class Y Shares	Period Ended September 30, 2009 (a)
Net Asset Value, Beginning of Year	$	17.02
Income from Investment Operations:
Net investment income (b)		0.03
Net realized and unrealized gain on investments		2.15
Total from investment operations		2.18
Net Asset Value, End of Period	$	19.20
Total return (c)(d)		12.81	%
Ratios to Average Net Assets:
Net expenses before interest expense (e)(f)		0.63	%
Interest expense (f)(g)		—	%
Net expenses (e)(f)		0.63	%
Net investment income (e)(f)		0.78	%
Portfolio turnover rate (d)		146	%
Net assets, end of period (000s)	$	16,686

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

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

(d) Not annualized.

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

(f) Annualized.

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	20.02		$	27.32		$	22.68		$	21.50		$	18.87
Income from Investment Operations:
Net investment income (a)		0.11			0.06			0.08			0.08			0.11	(b)
Net realized and unrealized gain (loss) on investments		(0.88	)		(5.51	)		4.97			1.19			2.55
Total from investment operations		(0.77	)		(5.45	)		5.05			1.27			2.66
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.05	)		(0.04	)		(0.09	)		(0.03	)
From net realized gains		—			(1.81	)		(0.37	)		—			—
Total distributions to shareholders		(0.06	)		(1.86	)		(0.41	)		(0.09	)		(0.03	)
Increase from regulatory settlements		0.01			0.01			—			—			—
Net Asset Value, End of Period	$	19.20		$	20.02		$	27.32		$	22.68		$	21.50
Total return (c)		(3.71	)%		(21.55	)%		22.53	%		5.92	%(d)		14.12	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.88	%(e)		0.77	%(f)		0.75	%(e)		0.76	%(e)		0.86	%(e)
Interest expense		—	%(g)		—			—	%(g)		—	%(g)		—
Net expenses		0.88	%(e)		0.77	%(f)		0.75	%(e)		0.76	%(e)		0.86	%(e)
Waiver/Reimbursement		—			—			—			—	%(g)		—	%(g)
Net investment income		0.67	%(e)		0.25	%(f)		0.32	%(e)		0.35	%(e)		0.53	%(e)
Portfolio turnover rate		146	%		164	%		151	%		171	%		113	%
Net assets, end of period (000s)	$	940,823		$	979,353		$	1,302,932		$	1,169,103		$	1,242,736

(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 $0.09 per share.

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

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

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

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Disciplined Value Fund

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

	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	10.53		$	16.32		$	15.70		$	14.60		$	12.71
Income from Investment Operations:
Net investment income (a)		0.15			0.17			0.14			0.17			0.17	(b)
Net realized and unrealized gain (loss) on investments and futures contracts		(1.00	)		(3.96	)		2.10			2.18			1.88
Total from investment operations		(0.85	)		(3.79	)		2.24			2.35			2.05
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.17	)		(0.16	)		(0.18	)		(0.16	)
From net realized gains		—			(1.83	)		(1.46	)		(1.07	)		—
Total distributions to shareholders		(0.16	)		(2.00	)		(1.62	)		(1.25	)		(0.16	)
Net Asset Value, End of Period	$	9.52		$	10.53		$	16.32		$	15.70		$	14.60
Total return (c)		(7.72	)%		(26.09	)%		15.00	%		17.19	%(d)		16.21	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.29	%		1.28	%		1.24	%		1.21	%		1.23	%
Interest expense		—	%(f)		—	%(f)		—			—	%(f)		—
Net expenses (e)		1.29	%		1.28	%		1.24	%		1.21	%		1.23	%
Waiver/Reimbursement		—			—			—			—	%(f)		0.01	%
Net investment income (e)		1.94	%		1.32	%		0.89	%		1.15	%		1.21	%
Portfolio turnover rate		170	%		78	%		91	%		81	%		94	%
Net assets, end of period (000s)	$	10,543		$	16,171		$	34,706		$	12,717		$	4,269

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

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

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

(f) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Disciplined Value Fund

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

	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	9.92		$	15.47		$	14.96		$	13.96		$	12.16
Income from Investment Operations:
Net investment income (a)		0.09			0.07			0.03			0.06			0.06	(b)
Net realized and unrealized gain (loss) on investments and futures contracts		(0.94	)		(3.72	)		1.98			2.08			1.80
Total from investment operations		(0.85	)		(3.65	)		2.01			2.14			1.86
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.07	)		(0.04	)		(0.07	)		(0.06	)
From net realized gains		—			(1.83	)		(1.46	)		(1.07	)		—
Total distributions to shareholders		(0.10	)		(1.90	)		(1.50	)		(1.14	)		(0.06	)
Net Asset Value, End of Period	$	8.97		$	9.92		$	15.47		$	14.96		$	13.96
Total return (c)		(8.33	)%		(26.59	)%		14.12	%		16.35	%(d)		15.30	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.04	%		2.03	%		1.99	%		1.96	%		1.98	%
Interest expense		—	%(f)		—	%(f)		—			—	%(f)		—
Net expenses (e)		2.04	%		2.03	%		1.99	%		1.96	%		1.98	%
Waiver/Reimbursement		—			—			—			—	%(f)		0.01	%
Net investment income (e)		1.22	%		0.56	%		0.19	%		0.43	%		0.46	%
Portfolio turnover rate		170	%		78	%		91	%		81	%		94	%
Net assets, end of period (000s)	$	2,169		$	3,914		$	7,690		$	5,332		$	3,974

(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.

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

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

(f) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Disciplined Value Fund

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

	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	9.89		$	15.44		$	14.93		$	13.94		$	12.14
Income from Investment Operations:
Net investment income (a)		0.09			0.07			0.02			0.05			0.06	(b)
Net realized and unrealized gain (loss) on investments and futures contracts		(0.94	)		(3.72	)		1.99			2.08			1.80
Total from investment operations		(0.85	)		(3.65	)		2.01			2.13			1.86
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.07	)		(0.04	)		(0.07	)		(0.06	)
From net realized gains		—			(1.83	)		(1.46	)		(1.07	)		—
Total distributions to shareholders		(0.10	)		(1.90	)		(1.50	)		(1.14	)		(0.06	)
Net Asset Value, End of Period	$	8.94		$	9.89		$	15.44		$	14.93		$	13.94
Total return (c)		(8.35	)%		(26.64	)%		14.15	%		16.30	%(d)		15.33	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.04	%		2.03	%		1.99	%		1.96	%		1.98	%
Interest expense		—	%(f)		—	%(f)		—			—	%(f)		—
Net expenses (e)		2.04	%		2.03	%		1.99	%		1.96	%		1.98	%
Waiver/Reimbursement		—			—			—			—	%(f)		0.01	%
Net investment income (e)		1.18	%		0.55	%		0.14	%		0.39	%		0.49	%
Portfolio turnover rate		170	%		78	%		91	%		81	%		94	%
Net assets, end of period (000s)	$	2,020		$	2,801		$	5,650		$	1,801		$	453

(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.

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

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

(f) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Disciplined Value Fund

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

	Year Ended September 30,
Class T Shares	2009			2008			2007 (a)			2006			2005
Net Asset Value, Beginning of Period	$	10.53		$	16.33		$	15.70		$	14.60		$	12.72
Income from Investment Operations:
Net investment income (b)		0.15			0.16			0.15			0.17			0.17	(c)
Net realized and unrealized gain (loss) on investments and futures contracts		(1.00	)		(3.97	)		2.09			2.18			1.86
Total from investment operations		(0.85	)		(3.81	)		2.24			2.35			2.03
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.16	)		(0.15	)		(0.18	)		(0.15	)
From net realized gains		—			(1.83	)		(1.46	)		(1.07	)		—
Total distributions to shareholders		(0.16	)		(1.99	)		(1.61	)		(1.25	)		(0.15	)
Net Asset Value, End of Period	$	9.52		$	10.53		$	16.33		$	15.70		$	14.60
Total return (d)		(7.77	)%		(26.18	)%		15.01	%		17.13	%(e)		16.06	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.34	%		1.33	%		1.29	%		1.26	%		1.28	%
Interest expense		—	%(g)		—	%(g)		—			—	%(g)		—
Net expenses (f)		1.34	%		1.33	%		1.29	%		1.26	%		1.28	%
Waiver/Reimbursement		—			—			—			—	%(g)		0.01	%
Net investment income (f)		1.84	%		1.27	%		0.91	%		1.15	%		1.22	%
Portfolio turnover rate		170	%		78	%		91	%		81	%		94	%
Net assets, end of period (000s)	$	72,555		$	89,694		$	140,443		$	137,595		$	134,792

(a) On August 8, 2007, Class G shares were converted to Class T shares.

(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 $0.02 per share.

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

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

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

(g) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Disciplined Value Fund

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

	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	10.80		$	16.69		$	16.02		$	14.87		$	12.95
Income from Investment Operations:
Net investment income (a)		0.17			0.21			0.20			0.22			0.21	(b)
Net realized and unrealized gain (loss) on investments and futures contracts		(1.02	)		(4.07	)		2.13			2.22			1.91
Total from investment operations		(0.85	)		(3.86	)		2.33			2.44			2.12
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.20	)		(0.20	)		(0.22	)		(0.20	)
From net realized gains		—			(1.83	)		(1.46	)		(1.07	)		—
Total distributions to shareholders		(0.18	)		(2.03	)		(1.66	)		(1.29	)		(0.20	)
Net Asset Value, End of Period	$	9.77		$	10.80		$	16.69		$	16.02		$	14.87
Total return (c)		(7.49	)%		(25.92	)%		15.29	%		17.50	%(d)		16.43	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.04	%		1.03	%		0.99	%		0.96	%		0.98	%
Interest expense		—	%(f)		—	%(f)		—			—	%(f)		—
Net expenses (e)		1.04	%		1.03	%		0.99	%		0.96	%		0.98	%
Waiver/Reimbursement		—			—			—			—	%(f)		0.01	%
Net investment income (e)		2.13	%		1.58	%		1.20	%		1.45	%		1.53	%
Portfolio turnover rate		170	%		78	%		91	%		81	%		94	%
Net assets, end of period (000s)	$	218,691		$	222,212		$	341,612		$	285,941		$	283,187

(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.

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

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

(f) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Contrarian Core Fund

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

	Year Ended September 30,
Class A Shares	2009 (a)			2008			2007			2006			2005 (b)
Net Asset Value, Beginning of Period	$	11.89		$	15.51		$	14.03		$	13.59		$	12.01
Income from Investment Operations:
Net investment income (c)		0.08			0.07			0.05			—	(d)		0.07	(e)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.14	)		(2.17	)		2.60			1.21			1.93
Total from investment operations		(0.06	)		(2.10	)		2.65			1.21			2.00
Less Distributions to Shareholders:
From net investment income		(0.07	)		(0.05	)		—			(0.01	)		(0.07	)
From net realized gains		—			(1.47	)		(1.17	)		(0.76	)		(0.35	)
Total distributions to shareholders		(0.07	)		(1.52	)		(1.17	)		(0.77	)		(0.42	)
Increase from regulatory settlements		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	11.76		$	11.89		$	15.51		$	14.03		$	13.59
Total return (f)(g)		(0.28	)%		(15.35	)%		19.82	%		9.24	%		16.98	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.17	%(h)		1.14	%(i)		1.14	%(h)		1.14	%(h)		1.14	%(h)
Interest expense		—	%(j)		—	%(j)		—			—			—
Net expenses		1.17	%(h)		1.14	%(i)		1.14	%(h)		1.14	%(h)		1.24	%(h)
Waiver/Reimbursement		0.11	%		0.10	%		0.10	%		0.12	%		0.09	%
Net investment income		0.77	%(h)		0.53	%(i)		0.32	%(h)		—	%(h)(j)		0.59	%(h)
Portfolio turnover rate		131	%		106	%		88	%		63	%		105	%
Net assets, end of period (000s)	$	27,742		$	11,187		$	12,054		$	10,578		$	10,393

(a) On November 14, 2008, the Columbia Common Stock Fund was renamed the Columbia Contrarian Core Fund.

(b) On September 23, 2005, the Columbia Large Cap Core Fund was renamed the Columbia Common Stock Fund.

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

(e) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.05 per share.

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

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

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

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

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Contrarian Core Fund

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

	Year Ended September 30,
Class B Shares	2009 (a)			2008			2007			2006			2005 (b)
Net Asset Value, Beginning of Period	$	11.14		$	14.67		$	13.42		$	13.12		$	11.68
Income from Investment Operations:
Net investment income (loss) (c)		0.01			(0.03	)		(0.06	)		(0.10	)		(0.04	)(d)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.13	)		(2.03	)		2.48			1.16			1.88
Total from investment operations		(0.12	)		(2.06	)		2.42			1.06			1.84
Less Distributions to Shareholders:
From net investment income		—			—			—			—			(0.05	)
From net realized gains		—			(1.47	)		(1.17	)		(0.76	)		(0.35	)
Total distributions to shareholders		—			(1.47	)		(1.17	)		(0.76	)		(0.40	)
Increase from regulatory settlements		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.02		$	11.14		$	14.67		$	13.42		$	13.12
Total return (f)(g)		(1.08	)%		(15.96	)%		18.94	%		8.40	%		16.02	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.92	%(h)		1.89	%(i)		1.89	%(h)		1.89	%(h)		1.99	%(h)
Interest expense		—	%(j)		—	%(j)		—			—			—
Net expenses		1.92	%(h)		1.89	%(i)		1.89	%(h)		1.89	%(h)		1.99	%(h)
Waiver/Reimbursement		0.11	%		0.10	%		0.10	%		0.12	%		0.09	%
Net investment income (loss)		0.12	%(h)		(0.22	)%(i)		(0.44	)%(h)		(0.75	)%(h)		(0.31	)%(h)
Portfolio turnover rate		131	%		106	%		88	%		63	%		105	%
Net assets, end of period (000s)	$	3,428		$	3,629		$	4,796		$	5,637		$	6,628

(a) On November 14, 2008, the Columbia Common Stock Fund was renamed the Columbia Contrarian Core Fund.

(b) On September 23, 2005, the Columbia Large Cap Core Fund was renamed the Columbia Common Stock Fund.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.05 per share.

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

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

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

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

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

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Contrarian Core Fund

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

	Year Ended September 30,
Class C Shares	2009 (a)			2008			2007			2006			2005 (b)
Net Asset Value, Beginning of Period	$	11.15		$	14.68		$	13.43		$	13.13		$	11.68
Income from Investment Operations:
Net investment income (loss) (c)		0.01			(0.03	)		(0.06	)		(0.10	)		(0.03	)(d)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.13	)		(2.03	)		2.48			1.16			1.88
Total from investment operations		(0.12	)		(2.06	)		2.42			1.06			1.85
Less Distributions to Shareholders:
From net investment income		—			—			—			—			(0.05	)
From net realized gains		—			(1.47	)		(1.17	)		(0.76	)		(0.35	)
Total distributions to shareholders		—			(1.47	)		(1.17	)		(0.76	)		(0.40	)
Increase from regulatory settlements		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.03		$	11.15		$	14.68		$	13.43		$	13.13
Total return (f)(g)		(1.08	)%		(15.95	)%		18.93	%		8.40	%		16.10	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.92	%(h)		1.89	%(i)		1.89	%(h)		1.89	%(h)		1.99	%(h)
Interest expense		—	%(j)		—	%(j)		—			—			—
Net expenses		1.92	%(h)		1.89	%(i)		1.89	%(h)		1.89	%(h)		1.99	%(h)
Waiver/Reimbursement		0.11	%		0.10	%		0.10	%		0.12	%		0.09	%
Net investment income (loss)		0.03	%(h)		(0.21	)%(i)		(0.41	)%(h)		(0.75	)%(h)		(0.25	)%(h)
Portfolio turnover rate		131	%		106	%		88	%		63	%		105	%
Net assets, end of period (000s)	$	7,094		$	1,718		$	1,428		$	906		$	605

(a) On November 14, 2008, the Columbia Common Stock Fund was renamed the Columbia Contrarian Core Fund.

(b) On September 23, 2005, the Columbia Large Cap Core Fund was renamed the Columbia Common Stock Fund.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.05 per share.

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

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

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

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

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

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Contrarian Core Fund

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

	Year Ended September 30,
Class T Shares	2009 (a)			2008			2007 (b)			2006			2005 (c)
Net Asset Value, Beginning of Period	$	11.80		$	15.40		$	13.95		$	13.52		$	11.95
Income from Investment Operations:
Net investment income (loss) (d)		0.08			0.06			0.04			(0.01	)		0.07	(e)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.14	)		(2.15	)		2.58			1.21			1.92
Total from investment operations		(0.06	)		(2.09	)		2.62			1.20			1.99
Less Distributions to Shareholders:
From net investment income		(0.07	)		(0.04	)		—	(f)		(0.01	)		(0.07	)
From net realized gains		—			(1.47	)		(1.17	)		(0.76	)		(0.35	)
Total distributions to shareholders		(0.07	)		(1.51	)		(1.17	)		(0.77	)		(0.42	)
Increase from regulatory settlements		—	(f)		—			—			—			—
Net Asset Value, End of Period	$	11.67		$	11.80		$	15.40		$	13.95		$	13.52
Total return (g)(h)		(0.35	)%		(15.37	)%		19.70	%		9.16	%		16.97	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.22	%(i)		1.19	%(j)		1.19	%(i)		1.19	%(i)		1.29	%(i)
Interest expense		—	%(k)		—	%(k)		—			—			—
Net expenses		1.22	%(i)		1.19	%(j)		1.19	%(i)		1.19	%(i)		1.29	%(i)
Waiver/Reimbursement		0.11	%		0.10	%		0.10	%		0.12	%		0.09	%
Net investment income (loss)		0.81	%(i)		0.48	%(j)		0.27	%(i)		(0.05	)%(i)		0.57	%(i)
Portfolio turnover rate		131	%		106	%		88	%		63	%		105	%
Net assets, end of period (000s)	$	117,161		$	132,272		$	177,345		$	168,506		$	180,345

(a) On November 14, 2008, the Columbia Common Stock Fund was renamed the Columbia Contrarian Core Fund.

(b) On August 8, 2007, Class G shares were converted to Class T shares.

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

(e) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.05 per share.

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

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

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

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

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

(k) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Contrarian Core Fund

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

	Year Ended September 30,
Class Z Shares	2009 (a)			2008			2007			2006			2005 (b)
Net Asset Value, Beginning of Period	$	11.97		$	15.60		$	14.10		$	13.66		$	12.05
Income from Investment Operations:
Net investment income (c)		0.11			0.11			0.08			0.03			0.09	(d)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.15	)		(2.18	)		2.62			1.21			1.95
Total from investment operations		(0.04	)		(2.07	)		2.70			1.24			2.04
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.09	)		(0.03	)		(0.04	)		(0.08	)
From net realized gains		—			(1.47	)		(1.17	)		(0.76	)		(0.35	)
Total distributions to shareholders		(0.10	)		(1.56	)		(1.20	)		(0.80	)		(0.43	)
Increase from regulatory settlements		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.83		$	11.97		$	15.60		$	14.10		$	13.66
Total return (f)(g)		(0.01	)%		(15.11	)%		20.13	%		9.45	%		17.25	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.92	%(h)		0.89	%(i)		0.89	%(h)		0.89	%(h)		0.99	%(h)
Interest expense		—	%(j)		—	%(j)		—			—			—
Net expenses		0.92	%(h)		0.89	%(i)		0.89	%(h)		0.89	%(h)		0.99	%(h)
Waiver/Reimbursement		0.11	%		0.10	%		0.10	%		0.12	%		0.09	%
Net investment income		1.09	%(h)		0.77	%(i)		0.57	%(h)		0.25	%(h)		0.67	%(h)
Portfolio turnover rate		131	%		106	%		88	%		63	%		105	%
Net assets, end of period (000s)	$	247,974		$	173,479		$	245,529		$	256,039		$	310,472

(a) On November 14, 2008, the Columbia Common Stock Fund was renamed the Columbia Contrarian Core Fund.

(b) On September 23, 2005, the Columbia Large Cap Core Fund was renamed the Columbia Common Stock Fund.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.05 per share.

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

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

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

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

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

(j) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Core Fund

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

	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005 (a)
Net Asset Value, Beginning of Period	$	14.14		$	20.01		$	19.72		$	19.32		$	17.54
Income from Investment Operations:
Net investment income (loss) (b)		(0.02	)		(0.09	)		0.04	(c)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(1.39	)		(2.11	)		2.46			1.91			2.91
Total from investment operations		(1.41	)		(2.20	)		2.50			1.85			2.85
Less Distributions to Shareholders:
From net investment income		—			(0.03	)		—			—			—
From net realized gains		(1.15	)		(3.64	)		(2.21	)		(1.45	)		(1.07	)
Total distributions to shareholders		(1.15	)		(3.67	)		(2.21	)		(1.45	)		(1.07	)
Increase from regulatory settlements		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	11.58		$	14.14		$	20.01		$	19.72		$	19.32
Total return (e)		(7.41	)%		(12.86	)%		13.30	%		10.08	%(f)		16.69	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.33	%		1.25	%		1.21	%		1.16	%		1.13	%
Interest expense		—			—			—			—	%(h)		—
Net expenses (g)		1.33	%		1.25	%		1.21	%		1.16	%		1.13	%
Waiver/Reimbursement		—			—			—			—	%(h)		—	%(h)
Net investment income (loss) (g)		(0.28	)%		(0.56	)%		0.22	%		(0.30	)%		(0.31	)%
Portfolio turnover rate		11	%		25	%		44	%		14	%		16	%
Net assets, end of period (000s)	$	81,474		$	115,246		$	176,504		$	190,390		$	211,527

(a) On October 7, 2005, the Columbia Small Cap Fund was renamed the Columbia Small Cap Core Fund.

(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 $0.07 per share.

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

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Core Fund

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

	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005 (a)
Net Asset Value, Beginning of Period	$	12.97		$	18.75		$	18.73		$	18.56		$	16.89
Income from Investment Operations:
Net investment loss (b)		(0.09	)		(0.19	)		(0.10	)(c)		(0.19	)		(0.19	)
Net realized and unrealized gain (loss) on investments		(1.31	)		(1.95	)		2.33			1.81			2.81
Total from investment operations		(1.40	)		(2.14	)		2.23			1.62			2.62
Less Distributions to Shareholders:
From net realized gains		(1.15	)		(3.64	)		(2.21	)		(1.45	)		(0.95	)
Increase from regulatory settlements		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	10.42		$	12.97		$	18.75		$	18.73		$	18.56
Total return (e)		(8.08	)%		(13.53	)%		12.49	%		9.17	%(f)		15.87	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		2.08	%		2.00	%		1.96	%		1.91	%		1.88	%
Interest expense		—			—			—			—	%(h)		—
Net expenses (g)		2.08	%		2.00	%		1.96	%		1.91	%		1.88	%
Waiver/Reimbursement		—			—			—			—	%(h)		—	%(h)
Net investment loss (g)		(1.03	)%		(1.31	)%		(0.53	)%		(1.05	)%		(1.06	)%
Portfolio turnover rate		11	%		25	%		44	%		14	%		16	%
Net assets, end of period (000s)	$	17,317		$	23,085		$	35,918		$	39,109		$	42,439

(a) On October 7, 2005, the Columbia Small Cap Fund was renamed the Columbia Small Cap Core Fund.

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

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

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Small Cap Core Fund

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

	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005 (a)
Net Asset Value, Beginning of Period	$	12.99		$	18.76		$	18.75		$	18.57		$	16.91
Income from Investment Operations:
Net investment loss (b)		(0.09	)		(0.19	)		(0.10	)(c)		(0.19	)		(0.19	)
Net realized and unrealized gain (loss) on investments		(1.32	)		(1.94	)		2.32			1.82			2.80
Total from investment operations		(1.41	)		(2.13	)		2.22			1.63			2.61
Less Distributions to Shareholders:
From net realized gains		(1.15	)		(3.64	)		(2.21	)		(1.45	)		(0.95	)
Increase from regulatory settlements		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	10.43		$	12.99		$	18.76		$	18.75		$	18.57
Total return (e)		(8.15	)%		(13.46	)%		12.41	%		9.23	%(f)		15.79	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		2.08	%		2.00	%		1.96	%		1.91	%		1.88	%
Interest expense		—			—			—			—	%(h)		—
Net expenses (g)		2.08	%		2.00	%		1.96	%		1.91	%		1.88	%
Waiver/Reimbursement		—			—			—			—	%(h)		—	%(h)
Net investment loss (g)		(1.03	)%		(1.29	)%		(0.53	)%		(1.05	)%		(1.06	)%
Portfolio turnover rate		11	%		25	%		44	%		14	%		16	%
Net assets, end of period (000s)	$	18,461		$	24,756		$	42,312		$	46,241		$	56,163

(a) On October 7, 2005, the Columbia Small Cap Fund was renamed the Columbia Small Cap Core Fund.

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

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

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

100

Financial Highlights – Columbia Small Cap Core Fund

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

	Year Ended September 30,
Class T Shares	2009			2008			2007 (a)			2006			2005 (b)
Net Asset Value, Beginning of Period	$	13.94		$	19.78		$	19.53		$	19.15		$	17.40
Income from Investment Operations:
Net investment income (loss) (c)		(0.03	)		(0.10	)		0.03	(d)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(1.37	)		(2.08	)		2.43			1.90			2.88
Total from investment operations		(1.40	)		(2.18	)		2.46			1.83			2.81
Less Distributions to Shareholders:
From net investment income		—			(0.02	)		—			—			—
From net realized gains		(1.15	)		(3.64	)		(2.21	)		(1.45	)		(1.06	)
Total distributions to shareholders		(1.15	)		(3.66	)		(2.21	)		(1.45	)		(1.06	)
Increase from regulatory settlements		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.39		$	13.94		$	19.78		$	19.53		$	19.15
Total return (f)		(7.45	)%		(12.90	)%		13.22	%		10.04	%(g)		16.58	%(g)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (h)		1.38	%		1.30	%		1.26	%		1.21	%		1.18	%
Interest expense		—			—			—			—	%(i)		—
Net expenses (h)		1.38	%		1.30	%		1.26	%		1.21	%		1.18	%
Waiver/Reimbursement		—			—			—			—	%(i)		—	%(i)
Net investment income (loss) (h)		(0.34	)%		(0.63	)%		0.17	%		(0.35	)%		(0.36	)%
Portfolio turnover rate		11	%		25	%		44	%		14	%		16	%
Net assets, end of period (000s)	$	74,722		$	98,299		$	136,381		$	135,538		$	150,042

(a) On August 8, 2007, Class G shares were converted to Class T shares.

(b) On October 7, 2005, the Columbia Small Cap Fund was renamed the Columbia Small Cap Core Fund.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.07 per share.

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

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

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

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

(i) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

101

Financial Highlights – Columbia Small Cap Core Fund

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

	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005 (a)
Net Asset Value, Beginning of Period	$	14.42		$	20.33		$	19.96		$	19.54		$	17.73
Income from Investment Operations:
Net investment income (loss) (b)		—	(c)		(0.04	)		0.09	(d)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(1.40	)		(2.15	)		2.49			1.93			2.94
Total from investment operations		(1.40	)		(2.19	)		2.58			1.92			2.93
Less Distributions to Shareholders:
From net investment income		—			(0.08	)		—			—			—
From net realized gains		(1.15	)		(3.64	)		(2.21	)		(1.50	)		(1.12	)
Total distributions to shareholders		(1.15	)		(3.72	)		(2.21	)		(1.50	)		(1.12	)
Increase from regulatory settlements		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	11.87		$	14.42		$	20.33		$	19.96		$	19.54
Total return (e)		(7.18	)%		(12.60	)%		13.56	%		10.32	%(f)		16.96	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.08	%		1.00	%		0.96	%		0.91	%		0.88	%
Interest expense		—			—			—			—	%(h)		—
Net expenses (g)		1.08	%		1.00	%		0.96	%		0.91	%		0.88	%
Waiver/Reimbursement		—			—			—			—	%(h)		—	%(h)
Net investment income (loss) (g)		(0.04	)%		(0.27	)%		0.46	%		(0.05	)%		(0.06	)%
Portfolio turnover rate		11	%		25	%		44	%		14	%		16	%
Net assets, end of period (000s)	$	353,117		$	413,763		$	834,537		$	929,791		$	1,058,362

(a) On October 7, 2005, the Columbia Small Cap Fund was renamed the Columbia Small Cap Core Fund.

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

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.07 per share.

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

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

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

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

102

Notes to Financial Statements – Stock Funds
September 30, 2009

Note 1. Organization

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

Columbia Asset Allocation Fund

Columbia Large Cap Growth Fund

Columbia Disciplined Value Fund

Columbia Contrarian Core Fund

Columbia Small Cap Core Fund

Investment Objectives

Columbia Asset Allocation Fund seeks total return, consisting of current income and long-term capital appreciation. Columbia Large Cap Growth Fund and Columbia Small Cap Core Fund each seek long-term capital appreciation. Columbia Disciplined Value Fund seeks total return, consisting primarily of long-term capital appreciation and secondarily of current income. Columbia Contrarian Core Fund seeks total return, consisting of long-term capital appreciation and current income.

Fund Shares

The Trust may issue an unlimited number of shares, and each Fund offers the following classes of shares: Class A, Class B, Class C, Class T and Class Z. Columbia Large Cap Growth Fund also offers Class E, Class F and Class Y shares. Each share class has its own expense structure and sales charges, as applicable. Class Y shares commenced operations effective July 15, 2009. Columbia Large Cap Growth Fund's Class E and Class F shares are closed to new investors and new accounts. Effective February 17, 2009, Columbia Small Cap Core Fund was reopened to new investors and new accounts. Effective June 22, 2009, the Funds no longer accept investments in Class B shares from new or existing investors in the Funds' Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of each Fund and exchanges by existing Class B shareholders of the other Columbia Funds.

Class A, Class E and Class T shares are subject to a front-end sales charge based on the amount of initial investment. Class A and Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within one year after purchase. Class E shares purchased without an initial sales charge in accounts aggregating $1 million to $5 million at the time of purchase are subject to a 1.00% CDSC if the shares are sold within one year after purchase. Class B and Class F shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B and Class F shares will generally convert to Class A and Class E shares, respectively, eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within one year after purchase. Class Y and Class Z sh ares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Y and Class Z shares, as described in each Fund's prospectus.

Note 2. Significant Accounting Policies

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

Management has evaluated the events and transactions that have occurred through November 20, 2009, the date the financial statements were issued, and except as disclosed in Note 13, noted no items requiring adjustment of the financial statements or additional disclosures. The following is a summary of significant accounting policies consistently followed by the 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

103

Stock Funds, September 30, 2009 (continued)

valued at the closing bid price on such exchanges or over-the-counter markets.

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available 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.

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.

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.

Certain Funds may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

• 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

104

Stock Funds, September 30, 2009 (continued)

prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management's own assumptions about the factors market participants would use in pricing an investment.

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

Security Transactions

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

Management is required to provide disclosures regarding the Funds' derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

Each Fund may engage in repurchase agreement transactions with institutions that Columbia Management Advisors, LLC ("Columbia"), the Funds' investment advisor, has determined are creditworthy. Each Fund, through its 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.

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

Columbia Asset Allocation Fund may invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income on the Statements of Operations.

Foreign Currency Transactions and Translations

The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments on the Statements of Operations.

Income Recognition

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

Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Funds become aware of such, net of any non-reclaimable tax withholdings.

105

Stock Funds, September 30, 2009 (continued)

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.

Awards from class action litigation are recorded as a reduction of cost if the Funds still own the applicable securities on the payment date. If the Funds no longer own the applicable securities, the proceeds are recorded as realized gains.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income for Columbia Asset Allocation Fund and Columbia Disciplined Value Fund, if any, are declared and paid quarterly. Distributions from net investment income for Columbia Large Cap Growth Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund, if any, are declared and paid annually. Net realized capital gains, if any, are declared and distributed at least annually for all Funds. 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 timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended September 30, 2009, permanent book and tax basis differences resulting primarily from differing

106

Stock Funds, September 30, 2009 (continued)

treatments for net operating losses, foreign currency transactions, expired capital loss carryforwards, market discount accretion/premium amortization on debt securities, REIT adjustments, proceeds from litigation settlements, passive foreign investment company ("PFIC") adjustments and paydown adjustments were identified and reclassified among the components of each Fund's net assets as follows:

	Undistributed (Overdistributed) Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid-In Capital
Columbia Asset Allocation Fund	$	200,050		$	(195,871	)	$	(4,179	)
Columbia Large Cap Growth Fund		663,170			49,224,309			(49,887,479	)
Columbia Disciplined Value Fund		(2	)		(3	)		5
Columbia Contrarian Core Fund		5,050			380			(5,430	)
Columbia Small Cap Core Fund		849,498			(155,408	)		(694,090	)

Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

The tax character of distributions paid during the years ended September 30, 2009 and September 30, 2008 was as follows:

	September 30, 2009
	Ordinary Income*		Long-Term Capital Gains
Columbia Asset Allocation Fund	$	4,673,335	$	—
Columbia Large Cap Growth Fund		3,097,329		—
Columbia Disciplined Value Fund		5,792,142		—
Columbia Contrarian Core Fund		2,862,875		—
Columbia Small Cap Core Fund		—		51,429,836
	September 30, 2008
	Ordinary Income*		Long-Term Capital Gains
Columbia Asset Allocation Fund	$	16,866,926	$	18,874,251
Columbia Large Cap Growth Fund		45,787,868		84,902,930
Columbia Disciplined Value Fund		30,074,083		33,058,052
Columbia Contrarian Core Fund		4,007,433		38,235,728
Columbia Small Cap Core Fund		15,046,065		202,806,013

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

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Stock Funds, September 30, 2009 (continued)

As of September 30, 2009, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation (Depreciation)*
Columbia Asset Allocation Fund	$	540,175	$	—	$	18,959,157
Columbia Large Cap Growth Fund		6,636,758		—		212,492,888
Columbia Disciplined Value Fund		99,388		—		45,933,671
Columbia Contrarian Core Fund		2,006,092		—		70,870,603
Columbia Small Cap Core Fund		—		—		(28,615,736	)

* The differences between book-basis and tax-basis net unrealized appreciation/depreciation are primarily due to deferral of losses from wash sales and discount accretion/premium amortization on debt securities.

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes, excluding any unrealized appreciation and depreciation from changes in the value of other assets and liabilities resulting from changes in exchange rates, were:

	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Columbia Asset Allocation Fund	$	25,302,167	$	(6,343,010	)	$	18,959,157
Columbia Large Cap Growth Fund		227,550,063		(15,057,175	)		212,492,888
Columbia Disciplined Value Fund		60,866,271		(14,932,600	)		45,933,671
Columbia Contrarian Core Fund		78,956,075		(8,085,472	)		70,870,603
Columbia Small Cap Core Fund		112,031,056		(140,646,792	)		(28,615,736	)

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

	Year of Expiration
	2010		2011		2017		Total
Columbia Asset Allocation Fund	$	—	$	—	$	15,394,963	$	15,394,963
Columbia Large Cap Growth Fund		92,626,019		5,529,590		101,274,621		199,430,230
Columbia Disciplined Value Fund		—		—		57,648,687		57,648,687
Columbia Contrarian Core Fund		1,963,275		—		13,558,761		15,522,036
Columbia Small Cap Core Fund		—		—		6,883,381		6,883,381

Of the capital loss carryforwards attributable to Columbia Contrarian Core Fund, $1,963,275 (expiring September 30, 2010) remains from the Columbia Large Cap Core Fund merger with Columbia Contrarian Core Fund.

Of the capital loss carryforwards attributable to Columbia Large Cap Growth Fund, $43,705,919 (expiring September 30, 2010) remain from the merger with Columbia Growth Fund. The availability of a portion of the remaining capital loss carryforwards from the Columbia Growth Fund may be limited in a given year.

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Stock Funds, September 30, 2009 (continued)

Of the capital loss carryforwards attributable to Columbia Large Cap Growth Fund, $12,700,626 (expiring September 30, 2010) remain from the merger with Columbia Tax Managed Growth Fund. The availability of a portion of the remaining capital loss carryforwards from the Columbia Tax Managed Fund may be limited in a given year.

Of the capital loss carryforwards attributable to Columbia Large Cap Growth Fund, $41,749,064 ($36,219,474 expiring September 30, 2010, and $5,529,590 expiring September 30, 2011) remain from the merger with Columbia Growth Stock. The availability of a portion of the remaining capital loss carryforwards from the Columbia Growth Stock Fund may be limited in a given year.

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of September 30, 2009, post-October capital losses attributed to security transactions were deferred to October 1, 2009 as follows:

Columbia Asset Allocation Fund	$	28,327,068
Columbia Large Cap Growth Fund		270,043,871
Columbia Disciplined Value Fund		89,101,025
Columbia Contrarian Core Fund		17,423,230
Columbia Small Cap Core Fund		23,745,679

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provides investment advisory services to the Funds. In rendering investment advisory services to the Funds, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on each Fund's average daily net assets at the following annual rates:

	First $200 Million			$200 Million to $500 Million			$500 Million to $1 Billion			$1 Billion to $1.5 Billion			$1.5 Billion to $2 Billion			$2 Billion to $3 Billion			$3 Billion to $6 Billion			Over $6 Billion
Columbia Asset Allocation Fund		0.650	%		0.650	%		0.600	%		0.550	%		0.500	%		0.500	%		0.480	%		0.460	%
Columbia Large Cap Growth Fund		0.700	%		0.575	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%
Columbia Disciplined Value Fund		0.700	%		0.700	%		0.650	%		0.600	%		0.550	%		0.550	%		0.530	%		0.510	%
Columbia Contrarian Core Fund		0.700	%		0.700	%		0.650	%		0.600	%		0.550	%		0.550	%		0.530	%		0.510	%
Columbia Small Cap Core Fund		0.750	%		0.750	%		0.700	%		0.650	%		0.600	%		0.550	%		0.550	%		0.550	%

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Stock Funds, September 30, 2009 (continued)

For the year ended September 30, 2009, the effective investment advisory fee rates for the Funds, as a percentage of each Fund's average daily net assets, were as follows:

	Effective Fee Rate
Columbia Asset Allocation Fund		0.65	%
Columbia Large Cap Growth Fund		0.53	%
Columbia Disciplined Value Fund		0.70	%
Columbia Contrarian Core Fund		0.70	%
Columbia Small Cap Core Fund		0.75	%

BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction ("Transaction") includes a sale of the part of the asset management business that advises long-term mutual funds, including the Funds. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Administration Fee

Columbia provides administrative and other services to the Funds. Columbia receives a monthly administration fee from each Fund, except Columbia Large Cap Growth Fund, at the annual rate of 0.067% of each Fund's average daily net assets. Columbia receives a monthly administration fee from Columbia Large Cap Growth Fund at the annual rate of 0.050% 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. Under the State Street Agreements, each Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of each Fund for the month. The aggregate fee per Fund will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket ex penses and charges.

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

Transfer Agent Fee

Columbia Management Services, Inc. (the "Transfer Agent"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provides shareholder services to the Funds and has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent.

The Funds pay a monthly fee to the Transfer Agent for its services. All share classes with the exception of Class Y shares (the "Other Share Classes") pay a monthly service fee (the "aggregate fee") based on the following:

(i) An annual rate of $17.34 is applied to the aggregate number of open accounts for the Other Share Classes, and

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

The aggregate fee is allocated to the Other Share Classes based on the relative average daily net assets of each share class.

The Class Y shares of Columbia Large Cap Growth Fund pay a monthly service fee based on the following:

(i) An annual rate of $17.34 is applied to the aggregate number of open accounts for Class Y shares, and

(ii) An allocated portion of fees for wire, telephone and redemption orders, IRA trustee agent fees and account transcript fees due to the Transfer Agent from shareholders

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Stock Funds, September 30, 2009 (continued)

of the Funds and credits (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Funds. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

The Transfer Agent is also entitled to receive reimbursement of certain sub-transfer agent fees paid by the Transfer Agent (exclusive of BFDS fees), calculated based on the combined assets held in the Other Share Classes in omnibus accounts and intended to recover the cost of payments to other parties (including affiliates of BOA) for services to those accounts. Such fees are allocated to the Other Share Classes based on the relative average daily net assets of each share class. 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.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below each Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statements of Operations. For the year ended September 30, 2009, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the "Distributor"), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Funds' shares. For the year ended September 30, 2009, the Distributor has retained net underwriting discounts and received net CDSC fees as follows:

	Front-End Sales Charge						CDSC
	Class A		Class E		Class T		Class A		Class B		Class C
Columbia Asset Allocation Fund	$	5,369	$	—	$	1,915	$	—	$	4,882	$	194
Columbia Large Cap Growth Fund		18,093		87		5,524		212		33,744		2,549
Columbia Disciplined Value Fund		1,422		—		2,109		—		6,297		598
Columbia Contrarian Core Fund		12,914		—		1,659		7		4,070		442
Columbia Small Cap Core Fund		9,768		—		1,442		6		20,617		100

The Funds have adopted plans pursuant to Rule 12b-1 under the 1940 Act (the "Plans") which require the payment of monthly distribution and service fees to the Distributor based on the average daily net assets of each Fund at the following annual rates:

	Distribution Fee
	Class A			Class B			Class C			Class E			Class F
Columbia Asset Allocation Fund		0.10	%		0.75	%		0.75	%		—			—
Columbia Large Cap Growth Fund		0.10	%		0.75	%		0.75	%		0.10	%		0.75	%
Columbia Disciplined Value Fund		0.10	%		0.75	%		0.75	%		—			—
Columbia Contrarian Core Fund		0.10	%		0.75	%		0.75	%		—			—
Columbia Small Cap Core Fund		0.10	%		0.75	%		0.75	%		—			—

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Stock Funds, September 30, 2009 (continued)

	Service Fee
	Class A			Class B			Class C			Class E			Class F
Columbia Asset Allocation Fund		0.25	%		0.25	%		0.25	%		—			—
Columbia Large Cap Growth Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Columbia Disciplined Value Fund		0.25	%		0.25	%		0.25	%		—			—
Columbia Contrarian Core Fund		0.25	%		0.25	%		0.25	%		—			—
Columbia Small Cap Core Fund		0.25	%		0.25	%		0.25	%		—			—

The Funds may pay distribution and service (12b-1) fees at the maximum annual rate of 0.35% of each Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), but limited such fees to an aggregate of not more than 0.25% for Class A shares during the current fiscal year. For the year ended September 30, 2009, the distribution and service fees were 0.00% and 0.25%, respectively, of each Fund's average daily net assets attributable to Class A shares.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Shareholder Services Fees

The Funds have adopted a shareholder services plan that permits them to pay for certain services provided to Class T shareholders by service organizations. The Funds may pay shareholder services fees of up to 0.25% of each Fund's average daily net assets attributable to Class T shares for shareholder liaison services and up to 0.25% of each Fund's average daily net assets attributable to Class T shares for administrative support services, provided, however, that the aggregate fee shall not exceed 0.30% of each Fund's average daily net assets attributable to Class T shares. For the year ended September 30, 2009, the shareholder services fee was 0.30% of each Fund's average daily net assets attributable to Class T shares.

Fee Waivers and Expense Reimbursements

Effective January 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Funds' expenses so that the Funds' ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Funds' custodian, do not exceed the following annual rates, based on each Fund's average daily net assets:

	Annual Rate
Columbia Asset Allocation Fund		0.95	%
Columbia Large Cap Growth Fund		1.00	%
Columbia Disciplined Value Fund		1.00	%
Columbia Small Cap Core Fund		1.10	%

Columbia, in its discretion, may revise or discontinue this arrangement at any time.

Effective February 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Columbia Contrarian Core Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 0.94% of the Fund's average daily net assets on an annualized basis. Columbia, in its discretion, may revise or discontinue this arrangement at any time. Prior to February 1, 2009, Columbia voluntarily reimbursed Columbia Contrarian Core Fund so that ordinary operating expenses did not exceed 0.89% of the Fund's average daily net assets.

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

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Stock Funds, September 30, 2009 (continued)

Officer to the Funds in accordance with federal securities regulations. The Funds, along with other affiliated funds, pay their pro-rata share of the expenses associated with the Chief Compliance Officer. Each Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year.

The Trust's eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Funds' assets.

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

Other Related Party Transactions

In connection with the purchase and sale of their securities during the period, the Funds used one or more brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the year ended September 30, 2009 were as follows:

	Amount
Columbia Asset Allocation Fund	$	4,897
Columbia Large Cap Growth Fund		99,531
Columbia Disciplined Value Fund		18,780
Columbia Contrarian Core Fund		789
Columbia Small Cap Core Fund		2,511

Note 5. Custody Credits

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

For the year ended September 30, 2009, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Asset Allocation Fund	$	213
Columbia Large Cap Growth Fund		11
Columbia Disciplined Value Fund		22
Columbia Contrarian Core Fund		3
Columbia Small Cap Core Fund		79

Note 6. Objectives and Strategies for Investing in Derivatives Instruments

Objectives

Columbia Asset Allocation Fund and Columbia Disciplined Value Fund use derivatives instruments, including futures contracts, options, and forward foreign currency exchange contracts, in order to meet their investment objectives. The Funds employ strategies in differing combinations to permit them to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the derivatives investment strategies do not work as intended, the Funds may not achieve their objectives.

In pursuit of the Funds' investment objectives, Columbia Asset Allocation Fund and Columbia Disciplined Value Fund are exposed to the following market risks:

Equity Risk: Equity risk relates to changes in value of equity securities such as common stocks due to general market conditions such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.

Interest Rate Risk: Interest rate risk refers to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities generally will decline in value upon an increase in general interest rates, and their value generally will increase upon a decline in general interest rates. Fixed income securities with

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Stock Funds, September 30, 2009 (continued)

longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security that is denominated in a foreign currency. The U.S. dollar value of a foreign-currency-denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

The following notes provide more detailed information about each derivative type held by Columbia Asset Allocation Fund and Columbia Disciplined Value Fund:

Futures Contracts—Columbia Asset Allocation Fund and Columbia Disciplined Value Fund entered into stock index futures contracts to equitize cash in order to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Columbia Asset Allocation Fund entered into interest rate futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction of the future direction of interest rates by Columbia. Upon entering into a futures contract, the Funds pledge 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. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Fund's Statements of Assets and Liabilities.

Options—Columbia Asset Allocation Fund had written covered call and purchased put options to decrease the Fund's exposure to equity risk and to increase return on instruments. A written covered call and purchased put options become more valuable as the price of the underlying instruments depreciates relative to the strike price.

Writing put options tends to increase the Fund's exposure to the underlying instrument. When the 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. The Fund, as writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund's custodian will set aside cash or liquid portfolio securities equal to the amount of the written options contract commitment in a separate account.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If a Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

Forward Foreign Currency Exchange Contracts—Columbia Asset Allocation Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another. The Fund used forward contracts to shift its U.S. dollar exposure in order to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio.

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Stock Funds, September 30, 2009 (continued)

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund may utilize forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities. The Fund may also enter into these contracts to reduce the exposure to adverse price movements in certain other foreign currency denominated assets. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become reali zed at the time the contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

The following table is a summary of the Funds' value of derivative instruments as of September 30, 2009.

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Fair Value				Statements of Assets and Liabilities Fair Value
Funds	Futures Variation Margin*		Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		Futures Variation Margin*		Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
Columbia Asset Allocation Fund	$	218	$	201,991	$	8,459	$	119,406
Columbia Disciplined Value Fund		—		—		12,179		—

* Includes only the current day's variation margin.

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2009.

		Amount of Realized Gain or (Loss) on Derivatives Recognized in Income								Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Funds	Risk Exposure	Futures Contracts			Written Options		Forward Foreign Currency Exchange Contracts			Futures Contracts		Written Options		Forward Foreign Currency Exchange Contracts
Columbia Asset Allocation Fund	Equity, Interest Rate and Foreign Exchange Rate	$	(353,442	)	$	29,755	$	(80,962	)	$	233,936	$	774	$	36,673
Columbia Disciplined Value Fund	Equity		(1,480,194	)		—		—			457,257		—		—

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Stock Funds, September 30, 2009 (continued)

Note 7. Portfolio Information

For the year ended September 30, 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
Columbia Asset Allocation Fund	$	42,099,035	$	45,934,202	$	168,994,685	$	183,763,598
Columbia Large Cap Growth Fund		—		—		1,665,787,400		1,653,875,268
Columbia Disciplined Value Fund		—		—		477,088,039		467,832,407
Columbia Contrarian Core Fund		—		—		464,246,894		403,997,122
Columbia Small Cap Core Fund		—		—		50,848,502		84,329,098

Note 8. 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 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 year ended September 30, 2009, the average daily loan balance outstanding on days where borrowing existed, and the weighted average interest rate of each Fund that borrowed were as follows:

	Average Borrowings		Weighted Average Interest Rate
Columbia Asset Allocation Fund	$	1,000,000		0.625	%
Columbia Large Cap Growth Fund		2,520,000		0.661	%
Columbia Disciplined Value Fund		1,810,000		1.013	%
Columbia Contrarian Core Fund		1,450,000		1.000	%

Note 9. 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

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Stock Funds, September 30, 2009 (continued)

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 10. Shares of Beneficial Interest

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, whose shares were beneficially owned by participant accounts over which BOA and/or any of its affiliates had either sole or joint investment discretion. The percentages of shares of beneficial interest outstanding held therein are as follows:

	% of Shares Outstanding Held
Columbia Large Cap Growth Fund		31.3
Columbia Disciplined Value Fund		49.0
Columbia Contrarian Core Fund		22.5
Columbia Small Cap Core Fund		31.0

As of September 30, 2009, the Funds had shareholders that held greater than 5% of the shares outstanding of a Fund, over which BOA and/or any of its affiliates did not have investment discretion. The number of accounts and the percentages of shares of beneficial interest outstanding held therein are as follows:

	Number of Shareholders		% of Shares Outstanding Held
Columbia Disciplined Value Fund		1		5.5
Columbia Contrarian Core Fund		1		5.6
Columbia Small Cap Core Fund		1		8.8

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

Note 11. Regulatory Settlements

During the year ended September 30, 2009, Columbia Large Cap Growth Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund were entitled to receive payments of $663,170, $5,432 and $5,313, relating to certain regulatory settlements with third parties that each of these Funds has participated in during the year. The payments have been included in "Increase from regulatory settlements" on the Statements of Changes in Net Assets.

Note 12. 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

Columbia Asset Allocation Fund invests in high yield securities. 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

117

Stock Funds, September 30, 2009 (continued)

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

Columbia Asset Allocation Fund invests in asset-backed securities. 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 reinv est 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

Columbia Asset Allocation Fund invests in mortgage-backed securities. 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 in greater volatility.

Legal Proceedings

Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the "Columbia Group") are subject to a settlement agreement with the New York Attorney General ("NYAG") (the "NYAG Settlement") and a settlement order with the SEC (the "SEC Order") on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor entities) agreed, among other things, to: pay disgorgement and civil money penalties collectively totaling $140 million; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; and retain an independent consultant to review the Columbia Group's applicable supervisory, compliance, control and other policies and procedures. The NYAG Settlement, among other things, requires Columbia Management Advis ors, LLC and its affiliates to reduce management fees for certain funds in the Columbia family of mutual funds in a projected total of $160 million over five years through November 30, 2009 and to make certain disclosures to investors relating to expenses. In connection with the Columbia Group providing services to the Columbia Funds, the Columbia Funds have voluntarily undertaken to implement certain governance measures designed to maintain the independence of their boards of trustees and certain special consulting and compliance measures.

Pursuant to the SEC Order and related procedures, the $140 million in settlement amounts described above has been substantially distributed in accordance with a distribution plan that was developed by an independent distribution consultant and approved by the SEC on April 6, 2007.

In connection with the events described above, various parties have filed suit against certain funds, the Trustees of the Columbia Funds, FleetBoston Financial Corporation and its affiliated entities and/or Bank of America and its affiliated entities.

118

Stock Funds, September 30, 2009 (continued)

coordinated pretrial proceedings (the "MDL"). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) ("Columbia"), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the "Distributor"), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court's memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants' motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 ("ICA") and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the "CDSC Lawsuit"). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL described above, including the CDSC Lawsuit. The settlement is subject to court approval.

Note 13. Subsequent Events

On October 15, 2009 the committed line of credit discussed in Note 8 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective November 1, 2009, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

119

Report of Independent Registered Public Accounting Firm

To the Trustees and the Shareholders of Columbia Funds Series Trust I

In our opinion, the accompanying statements of assets and liabilities, including the investment portfolios, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Asset Allocation Fund, Columbia Large Cap Growth Fund, Columbia Disciplined Value Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund (the "Funds") (constituting part of Columbia Funds Series Trust I) at September 30, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") ar e the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
November 20, 2009

120

Federal Income Tax Information (Unaudited)

Columbia Asset Allocation Fund

For non-corporate shareholders 49.81% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2009 may represent qualified dividend income.

35.31% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

Columbia Large Cap Growth Fund

For non-corporate shareholders 100.00% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2009 may represent qualified dividend income.

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

Columbia Disciplined Value Fund

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

Columbia Contrarian Core Fund

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

121

Fund Governance – Stock Funds

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

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
John D. Collins (Born 1938)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)				Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 66, Mrs. Fields Famous Brands LLC (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (Born 1943)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007) and Chairman of the Board (since 2009)				Co-Founder of Baringo Capital LLC (private equity) since 2002; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 66, Jackson Hewitt Tax Service Inc. (tax preparation services); Crystal Capital River Inc. (real estate investment trust); Student Loan Corporation (student loan provider); Celgene Corporation (global biotechnology company); and The Helios Funds (exchange-traded funds)

Douglas A. Hacker (Born 1955)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)				Independent business executive since May 2006; Executive Vice President—Strategy of United Airlines (airline) from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 66, Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (Born 1957)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)				Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel—Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason&Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University, from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Oversees 66, None

Charles R. Nelson (Born 1942)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1981)				Professor of Economics, University of Washington, since January 1976; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington, since September 1993; Adjunct Professor of Statistics, University of Washington, since September 1980; Associate Editor, Journal of Money Credit and Banking, 1993-2008 Consultant on econometric and statistical matters. Oversees 66, None

122

Fund Governance (continued) – Stock Funds

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
John J. Neuhauser (Born 1943)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1985)				President, Saint Michael's College, since August 2007; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 66, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (Born 1938)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)				Cable television producer and website designer; The Editor, Scientific American from 1984 to 1994; Vice President, Scientific American, Inc., from 1984 to 1994; Member, Advisory Board, Stone Age Institute, Bloomington, Indiana (research institute that explores the effect of technology on human evolution); Member, Board of Directors of the National Institute of Social Sciences, New York City; Member, Board of Trustees of the William Alanson White Institute, New York City (institution for training psychoanalysts); and Member, Advisory Board, Mount Sinai Children's Environmental Health Center, New York. Oversees 66, None

Patrick J. Simpson (Born 1944)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)				Partner, Perkins Coie LLP (law firm). Oversees 66, None

Thomas C. Theobald (Born 1937)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)				Partner and Senior Advisor, Chicago Growth Partners (private equity investing) since September 2004; Managing Director, William Blair Capital Partners (private equity investing) from September 1994 to September 2004. Oversees 66, Anixter International (network support equipment distributor); Ventas, Inc. (real estate investment trust); Jones Lang LaSalle (real estate management services); Ambac Financial Group (financial guaranty insurance)

Anne-Lee Verville (Born 1945)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1998)				Retired since 1997 (formerly General Manager—Global Education Industry (from 1994 to 1997), President-Application Systems Division (from 1991 to 1994), Chief Financial Officer—US Marketing&Services (from 1988 to 1991), and Chief Information Officer (from 1987 to 1988), IBM Corporation (computer and technology)). Oversees 66, None

123

Fund Governance (continued) – Stock Funds

Interested Trustee

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
William E. Mayer¹ (Born 1940)

c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)				Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business, University of Maryland from 1992 to 1997. Oversees 66, Lee Enterprises (print media),WRHambrecht + Co. (financial (investment company) service provider); BlackRock Kelso Capital Corporation

¹ The Funds currently treat Mr. Mayer as an "interested person" (as defined in the Investment Company Act of 1940) by reason of his affiliation with WR Hambrecht + Co., a registered broker/dealer that may execute portfolio transactions for or engage in principal transactions with the Funds or other funds or accounts advised/managed by the Advisor or other Bank of America affiliates.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Officers

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years
J. Kevin Connaughton (Born 1964)

One Financial Center Boston, MA 02111 President (since 2009)				Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer—Columbia Funds, from June 2008 to January 2009; Treasurer—Columbia Funds, from October 2003 to May 2008; Treasurer—the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000-December 2006; Senior Vice President—Columbia Management Advisors, LLC, from April 2003 to December 2004; President—Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer—Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004—Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds.

James R. Bordewick, Jr. (Born 1959)

One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)				Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.

Linda J. Wondrack (Born 1964)

One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)				Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.

124

Fund Governance (continued) – Stock Funds

Officers (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years
Michael G. Clarke (Born 1969)

One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)				Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.

Jeffrey R. Coleman (Born 1969)

One Financial Center Boston, MA 02111 Deputy Treasurer (since 2006)				Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.

Joseph F. DiMaria (Born 1968)

One Financial Center Boston, MA 02111 Chief Accounting Officer and Treasurer (since 2009)				Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.

Julian Quero (Born 1967)

One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)				Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.

Barry S. Vallan (Born 1969)

One Financial Center Boston, MA 02111 Controller (since 2006)				Vice President—Fund Treasury of the Advisor since October 2004; Vice President—Trustee Reporting of the Advisor from April 2002 to October 2004.

Stephen T. Welsh (Born 1957)

One Financial Center Boston, MA 02111 Vice President (since 1996)				President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

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Important Information About This Report

The funds mail one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of the Stock Funds listed on the front cover.

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

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

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

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

Transfer Agent

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

Distributor

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

Investment Advisor

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

129

Columbia Management^®

One Financial Center
Boston, MA 02111-2621

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

Columbia Management^®

Stock Funds

Annual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800-345-6611 www.columbiafunds.com

SHC-42/24708-0909 (11/09) 09/94958

LOGO

Annual Report

September 30, 2009

Columbia Dividend Income Fund


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

Table of contents



Fund Profile		1

Economic Update		2

Performance Information		4

Understanding Your Expenses		5

Portfolio Managers’ Report		6

Investment Portfolio		8

Statement of Assets and Liabilities		12

Statement of Operations		14

Statement of Changes in Net Assets		15

Financial Highlights		17

Notes to Financial Statements		23

Report of Independent Registered Public Accounting Firm		31

Federal Income Tax Information		32

Fund Governance		33

Important Information About This Report		41

President’s Message

LOGO

Dear Shareholder:

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

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

Sincerely,

LOGO

J. Kevin Connaughton

President, Columbia Funds

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

Past

performance is no guarantee of future results.

Fund Profile – Columbia Dividend Income Fund

Summary

1-year return as of 09/30/09



		–4.33% Class A shares
		(without sales charge)

		–6.14% Russell 1000 Index

Morningstar Style Box^TM

Equity Style

LOGO

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

Summary

For the 12-month period that ended September 30, 2009, the fund’s Class A shares returned negative 4.33% without sales charge.

In a volatile environment, the fund held up better than its benchmark, the Russell 1000 Index¹, and the average return of its peer group, the Lipper Equity Income Funds Classification.²

Health care and energy provided the best returns, while financial and materials holdings detracted.

Portfolio Management

Scott L. Davis has co-managed the fund since November 2001 and has been associated with the advisor or its predecessors since 1985.

Richard E. Dahlberg has co-managed the fund since October 2003 and has been associated with the advisor or its predecessors since 2003.

The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

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

Economic Update – Columbia Dividend Income Fund

Summary

For the 12-month period that ended September 30, 2009

Domestic stocks lost ground, as measured by the S&P 500 Index, but cut their losses in a rebound that began half way through the period. International stocks moved higher, as measured by the MSCI EAFE Index.


S&P Index		MSCI Index


-6.91%		3.23%

As investors appeared to exhibit more tolerance for risk, the Barclays Capital Aggregate Bond Index delivered solid results. High-yield bonds rebounded strongly, as measured by the JPMorgan Developed BB High Yield Index.


Barclays Aggregate Index		JPMorgan Index


10.56%		16.36%

During the 12-month period that began October 1, 2008 and ended September 30, 2009, the U.S. economy faced the worst financial crisis since the Great Depression, then steadied itself as steps taken by a new administration began to show results in the second half of the period. Economic growth, as measured by Gross Domestic Product (GDP), contracted by approximately 6% between October 2008 and March 2009. The lapse from growth resulted in the longest-and most severe-recession in nearly three decades. However, growth turned positive in the third quarter ended September 30, 2009. The initial estimate of third quarter GDP was 3.5%.

Troubles that began in the U.S. subprime mortgage market resulted in a meltdown within the U.S. financial sector that claimed several major institutions in 2008 and led others to seek bailouts, restructuring or both. New rigorous lending standards severely limited access to credit, further hampering economic growth. In this environment, a new administration sought to stabilize the financial system, address economic woes and introduce sweeping health care reform. Stimulus spending began to flow into the economy, raising hopes that growth would be restored. In December 2008, the Federal Reserve Board (the Fed) lowered a key short-term borrowing rate — the federal funds rate — to between zero and 0.25% — a record low. In light of protracted economic weakness and virtually no inflation, the Fed made no further change to the federal funds rate during the period.

Stocks retreated, then rebounded

Against a weakening economic backdrop, the U.S. stock market lost 6.91% for the 12-month period, as measured by the S&P 500 Index. ² Losses affected the stocks of companies of all sizes and investment style categories, as measured by their respective Russell indices.³ Stock markets outside the U.S. were modestly to significantly higher. The MSCI EAFE Index,⁴ a broad gauge of stock market performance in foreign developed markets, gained 3.23% (in U.S. dollars) for the period. Emerging stock markets were also caught in the downdraft, but bounced back stronger than domestic or developed world markets in 2009. The MSCI Emerging Markets Index⁵ returned 19.07% (in U.S. dollars).

Economic Update (continued) – Columbia Dividend Income Fund

Bonds outperformed domestic stocks

As investors sought refuge from a volatile stock market, the highest-quality sectors of the U.S. bond market delivered solid gains. During the first half of the period, Treasury prices rose and yields declined sharply as the economy faltered and stock market volatility increased. As hopes for a recovery materialized in the second half of the period, yields rose and Treasuries lagged riskier segments of the bond market. The benchmark 10-year U.S. Treasury yield began the period at 3.8%, declined to 2.2% in December 2008, then rose to end the period at 3.3%. In this environment, the Barclays Capital Aggregate Bond Index⁶ returned 10.56%. High-yield bond prices fell sharply in 2008 as economic prospects weakened and default fears rose, then rebounded strongly in 2009. For the 12-month period, the JPMorgan Developed BB High Yield Index⁷ returned 16.36%.

Past performance is no guarantee of future results.

¹	The Conference Board is a not-for-profit global independent membership organization. It conducts research, convenes conferences, makes forecasts, assesses trends and publishes information and analysis.

²	The Standard & Poor’s (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. The Russell MidCap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

⁴	The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

⁵

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

⁶

The Barclays Capital Aggregate Bond Index (formerly the Lehman Brothers 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.

⁷	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.

Effective November 3, 2008, the Lehman Brothers indices were renamed the Barclays Capital indices.

Performance Information – Columbia Dividend Income Fund


Annual operating expense ratio (%)*

Class A		1.11
Class B		1.86
Class C		1.86
Class R		1.36
Class T		1.16
Class Z		0.86

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

Performance of a $10,000 investment 10/01/99 – 09/30/09

LOGO

The chart above shows the change in the value of a hypothetical $10,000 investment in Class A shares of Columbia Dividend Income Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.


Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without	with
Class A	16,031	15,114
Class B	14,882	14,882
Class C	14,870	14,870
Class R	15,970	n/a
Class T	15,970	15,057
Class Z	16,569	n/a

Average annual total return as of 09/30/09 (%)

Share class

Inception

11/25/02

03/28/08

03/04/98

Sales charge

without

with

without

with

without

with

without

with

without

1-year

–4.33

–9.81

–4.97

–9.63

–4.98

–5.91

–4.57

–4.38

–9.86

–4.10

5-year

3.29

2.08

2.52

2.16

2.52

3.21

3.24

2.02

3.55

10-year

4.83

4.22

4.06

4.05

4.79

4.18

5.18

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A and Class T shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

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

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

Class A, Class B, Class C, Class T and Class Z share performance information includes returns of Retail A shares (for Class A and Class T shares), Retail B shares (for Class B and Class C shares) and Trust shares (for Class Z shares) of Galaxy Strategic Equity Fund, the predecessor to the Fund and a series of the Galaxy Fund (the “Predecessor Fund”), for periods prior to November 25, 2002, the date on which Class A, Class B, Class C, Class T and Class Z shares were initially offered by the Fund. Class R share performance information includes returns of Class A shares for the period from November 25, 2002 through March 27, 2008, and the returns of Retail A shares for periods prior thereto. These returns shown for all share classes reflect any differences in sales charges, but have not been restated to reflect any differences in expenses between the Predecessor Fund share classes (and, in the case of Class R shares, Class A shares) and the corresponding newer share classes. If differences in expenses had been reflected, the returns shown for periods prior to November 25, 2002 would be lower for Class A, Class B, Class C, Class T and Class Z shares, and the returns shown for periods prior to March 28, 2008 would be lower for Class R shares.

Understanding Your Expenses – Columbia Dividend Income Fund

Estimating your actual expenses

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

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

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

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.

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

Analyzing your fund’s expenses by share class

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

Compare with other funds


04/01/09 – 09/30/09

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,256.10	1,019.80	5.94	5.32	1.05
Class B	1,000.00	1,000.00	1,252.69	1,016.04	10.16	9.10	1.80
Class C	1,000.00	1,000.00	1,251.59	1,016.04	10.16	9.10	1.80
Class R	1,000.00	1,000.00	1,254.60	1,018.55	7.35	6.58	1.30
Class T	1,000.00	1,000.00	1,255.80	1,019.55	6.22	5.57	1.10
Class Z	1,000.00	1,000.00	1,257.60	1,021.06	4.53	4.05	0.80

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

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

Portfolio Managers’ Report – Columbia Dividend Income Fund


Net asset value per share

as of 09/30/09 ($)
Class A		11.18
Class B		10.94
Class C		10.93
Class R		11.18
Class T		11.18
Class Z		11.18

Distributions declared per share

10/01/08 – 09/30/09 ($)
Class A		0.27
Class B		0.20
Class C		0.20
Class R		0.25
Class T		0.27
Class Z		0.30

For the 12-month period that ended September 30, 2009, the fund’s Class A shares returned negative 4.33% without sales charge. The fund’s benchmark, the Russell 1000 Index, returned negative 6.14% for the same period. The average return of the fund’s peer group, the Lipper Equity Income Funds Classification, was negative 6.42%. Although the fund’s dividend distribution declined by 13%, from $0.31 to $0.27, it fared better than the market overall. Many firms cut or eliminated their dividends, and the fund’s return on cash holdings fell to near zero. However, we believe that the fund’s dividend has the potential to stabilize and improve next year.

Signs that the recession was at an end became more convincing over the past few months. Investors responded energetically, moving assets from more secure investments into equities. Markets rose sharply from low points reached in March and continued to rise over the summer. Government programs and historically low interest rates fed waves of liquidity into the financial system, shoring up bank reserves and rebuilding confidence. Consumers, who make up the bulk of U.S. economic activity, gradually began to loosen their purse strings, offering hope that a recovery could be sustained.

The fund’s relative performance benefited early in the period because high-quality stocks with good dividends tend to be more resilient in falling markets. But during the subsequent rally, these better-quality issues lagged. Companies carrying Standard & Poor’s ratings of B+ and higher trailed those rated B and below.

Health care and energy led performance

Takeovers in the pharmaceutical sector drove health care results. Schering-Plough surged when it was announced that a major competitor would acquire the company, and Wyeth’s shares rose in response to Pfizer’s takeover bid. In energy, the fund’s focus on integrated oil companies buffered the portfolio when oil prices declined. We later used low valuations to add exploration and development companies EnCana and Murphy Oil and were rewarded when oil rebounded. Being underweight in the weak industrial sector also aided relative performance.

Financials and materials disappointed

The financial sector detracted from the fund’s relative performance. Insurers Principal Financial Group, Lincoln National and Hartford Group fell when a credit crisis slashed the values of their portfolios. All three securities were sold. However, mutual fund managers Eaton Vance and T. Rowe Price moved up with the recovering markets. In materials, Dow Chemical fell when Kuwait reneged on an agreement to purchase certain Dow assets; we eliminated the fund’s Dow holdings. Timely purchases of miner BHP Billiton, steelmaker Nucor and Allegheny Technologies, maker of specialty metals, helped offset declines elsewhere in the portfolio.

Looking ahead

We believe that the economy has the potential to continue improving. Furthermore, a huge pool of available capital may provide support for stock prices and liquidity for the economy over the next few quarters. Businesses are leaner and many, including autos and semiconductors, have slashed inventories, implying a need to expand production

Portfolio Managers’ Report (continued) – Columbia Dividend Income Fund

as demand improves. Retail inventories are also very lean. Government stimulus packages will run out early next year, and it remains to be seen whether the economy can move ahead on its own steam. Also, several tax cuts are due to expire at the end of 2010, and calls for new taxes may forestall a meaningful recovery.

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

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. The market value of a portfolio security may not meet the manager’s future value assessment of such security, or may decline.

Dividend payments by an issuer are not guaranteed, and are paid only when declared by an issuer’s board of directors. The amount of a dividend payment, if any, can vary over time.


Sectors

as of 09/30/09 (%)
Financials		14.2
Consumer Staples		13.4
Health Care		11.0
Energy		10.9
Information Technology		10.8
Industrials		9.4
Consumer Discretionary		9.3
Telecommunications Services		6.2
Utilities		4.8
Materials		4.2


Holdings discussed in this report

as of 09/30/09 (%)
Schering-Plough		2.9
Pfizer		1.9
EnCana		0.9
Murphy Oil		0.5
Eaton Vance		0.7
T. Row Price		0.7
BHP Billiton		0.7
Nucor		0.7
Allegheny Technologies		0.6

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Investment Portfolio – Columbia Dividend Income Fund

September 30, 2009

Common Stocks – 90.7%


	Shares	Value ($)
Consumer Discretionary – 9.3%
Hotels, Restaurants & Leisure – 1.9%
McDonald’s Corp.	570,000	32,529,900

Hotels, Restaurants & Leisure Total		32,529,900

Media – 2.5%
McGraw-Hill Companies, Inc.	340,000	8,547,600
Meredith Corp.	469,000	14,041,860
Time Warner, Inc.	720,000	20,721,600

Media Total		43,311,060

Specialty Retail – 4.9%
Gap, Inc.	480,000	10,272,000
Home Depot, Inc.	860,000	22,910,400
Sherwin-Williams Co.	440,000	26,470,400
Staples, Inc.	400,000	9,288,000
TJX Companies, Inc.	360,000	13,374,000

Specialty Retail Total		82,314,800

Consumer Discretionary Total		158,155,760

Consumer Staples – 12.8%
Beverages – 2.1%
Coca-Cola Co.	155,000	8,323,500
Diageo PLC, ADR	320,000	19,676,800
PepsiCo, Inc.	120,000	7,039,200

Beverages Total		35,039,500

Food & Staples Retailing – 1.4%
Wal-Mart Stores, Inc.	480,000	23,563,200

Food & Staples Retailing Total		23,563,200

Food Products – 2.7%
General Mills, Inc.	160,000	10,300,800
H.J. Heinz Co.	480,000	19,080,000
J.M. Smucker Co.	140,000	7,421,400
Kraft Foods, Inc., Class A	320,000	8,406,400

Food Products Total		45,208,600

Household Products – 2.6%
Kimberly-Clark Corp.	340,000	20,053,200
Procter & Gamble Co.	410,000	23,747,200

Household Products Total		43,800,400

Personal Products – 0.6%
Avon Products, Inc.	320,000	10,867,200

Personal Products Total		10,867,200

Tobacco – 3.4%
Altria Group, Inc.	925,000	16,474,250
Philip Morris International, Inc.	845,000	41,185,300

Tobacco Total		57,659,550

Consumer Staples Total		216,138,450


	Shares	Value ($)
Energy – 10.9%
Energy Equipment & Services – 0.5%
Smith International, Inc.	300,000	8,610,000

Energy Equipment & Services Total		8,610,000

Oil, Gas & Consumable Fuels – 10.4%
Chevron Corp.	440,000	30,989,200
ConocoPhillips	285,000	12,870,600
EnCana Corp.	260,000	14,978,600
Exxon Mobil Corp.	720,000	49,399,200
Murphy Oil Corp.	155,000	8,923,350
Occidental Petroleum Corp.	230,000	18,032,000
Royal Dutch Shell PLC, ADR	720,000	41,176,800

Oil, Gas & Consumable Fuels Total		176,369,750

Energy Total		184,979,750

Financials – 14.2%
Capital Markets – 3.6%
Bank of New York Mellon Corp.	355,000	10,291,450
Eaton Vance Corp.	440,000	12,315,600
Federated Investors, Inc., Class B	340,000	8,965,800
Morgan Stanley	580,000	17,910,400
T. Rowe Price Group, Inc.	245,000	11,196,500

Capital Markets Total		60,679,750

Commercial Banks – 2.4%
PNC Financial Services Group, Inc.	280,000	13,605,200
U.S. Bancorp	680,000	14,864,800
Wells Fargo & Co.	450,000	12,681,000

Commercial Banks Total		41,151,000

Consumer Finance – 1.3%
American Express Co.	650,000	22,035,000

Consumer Finance Total		22,035,000

Diversified Financial Services – 2.8%
JPMorgan Chase & Co.	1,085,000	47,544,700

Diversified Financial Services Total		47,544,700

Insurance – 3.7%
Arthur J. Gallagher & Co.	610,000	14,865,700
Chubb Corp.	230,000	11,594,300
MetLife, Inc.	425,000	16,179,750
RenaissanceRe Holdings Ltd.	100,000	5,476,000
Unum Group	700,000	15,008,000

Insurance Total		63,123,750

Real Estate Investment Trusts (REITs) – 0.2%
Rayonier, Inc.	60,000	2,454,600

Real Estate Investment Trusts (REITs) Total		2,454,600

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Financials (continued)
Thrifts & Mortgage Finance – 0.2%
People’s United Financial, Inc.	240,000	3,734,400

Thrifts & Mortgage Finance Total		3,734,400

Financials Total		240,723,200

Health Care – 8.1%
Pharmaceuticals – 8.1%
Abbott Laboratories	400,000	19,788,000
Bristol-Myers Squibb Co.	1,640,000	36,932,800
Johnson & Johnson	525,000	31,967,250
Merck & Co., Inc.	510,000	16,131,300
Pfizer, Inc.	1,900,000	31,445,000

Pharmaceuticals Total		136,264,350

Health Care Total		136,264,350

Industrials – 9.4%
Aerospace & Defense – 3.0%
Honeywell International, Inc.	480,000	17,832,000
Raytheon Co.	260,000	12,472,200
United Technologies Corp.	335,000	20,411,550

Aerospace & Defense Total		50,715,750

Commercial Services & Supplies – 1.0%
Waste Management, Inc.	580,000	17,295,600

Commercial Services & Supplies Total		17,295,600

Electrical Equipment – 0.8%
Emerson Electric Co.	320,000	12,825,600

Electrical Equipment Total		12,825,600

Industrial Conglomerates – 1.5%
General Electric Co.	1,560,000	25,615,200

Industrial Conglomerates Total		25,615,200

Machinery – 2.4%
Deere & Co.	310,000	13,305,200
Dover Corp.	377,000	14,612,520
Parker Hannifin Corp.	260,000	13,478,400

Machinery Total		41,396,120

Road & Rail – 0.7%
Norfolk Southern Corp.	280,000	12,070,800

Road & Rail Total		12,070,800

Industrials Total		159,919,070

Information Technology – 10.8%
Communications Equipment – 0.5%
Nokia Oyj, ADR	580,000	8,479,600

Communications Equipment Total		8,479,600


	Shares	Value ($)
Computers & Peripherals – 3.9%
Hewlett-Packard Co.	452,000	21,338,920
International Business Machines Corp.	370,000	44,255,700

Computers & Peripherals Total		65,594,620

IT Services – 1.0%
Automatic Data Processing, Inc.	435,000	17,095,500

IT Services Total		17,095,500

Office Electronics – 0.6%
Canon, Inc., ADR	270,000	10,797,300

Office Electronics Total		10,797,300

Semiconductors & Semiconductor Equipment – 2.3%
Intel Corp.	1,720,000	33,660,400
Linear Technology Corp.	190,000	5,249,700

Semiconductors & Semiconductor Equipment Total		38,910,100

Software – 2.5%
Microsoft Corp.	1,620,000	41,941,800

Software Total		41,941,800

Information Technology Total		182,818,920

Materials – 4.2%
Chemicals – 1.6%
E.I. Du Pont de Nemours & Co.	320,000	10,284,800
International Flavors & Fragrances, Inc.	270,000	10,241,100
RPM International, Inc.	395,000	7,303,550

Chemicals Total		27,829,450

Containers & Packaging – 0.6%
Sonoco Products Co.	345,000	9,501,300

Containers & Packaging Total		9,501,300

Metals & Mining – 2.0%
Allegheny Technologies, Inc.	300,000	10,497,000
BHP Billiton Ltd., ADR	180,000	11,881,800
Nucor Corp.	255,000	11,987,550

Metals & Mining Total		34,366,350

Materials Total		71,697,100

Telecommunication Services – 6.2%
Diversified Telecommunication Services – 6.2%
AT&T, Inc.	2,100,000	56,721,000
Verizon Communications, Inc.	1,400,000	42,378,000

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Telecommunication Services (continued)
Windstream Corp.	565,000	5,723,450

Diversified Telecommunication Services Total		104,822,450

Telecommunication Services Total		104,822,450

Utilities – 4.8%
Electric Utilities – 2.5%
American Electric Power Co., Inc.	150,000	4,648,500
Entergy Corp.	80,000	6,388,800
Exelon Corp.	165,000	8,187,300
FirstEnergy Corp.	85,000	3,886,200
FPL Group, Inc.	160,000	8,836,800
PPL Corp.	340,000	10,315,600

Electric Utilities Total		42,263,200

Gas Utilities – 0.8%
National Fuel Gas Co.	288,000	13,193,280

Gas Utilities Total		13,193,280

Multi-Utilities – 1.5%
Dominion Resources, Inc.	140,000	4,830,000
PG&E Corp.	288,000	11,661,120
Public Service Enterprise Group, Inc.	300,000	9,432,000

Multi-Utilities Total		25,923,120

Utilities Total		81,379,600

Total Common Stocks (Cost of $1,428,343,251)		1,536,898,650

Convertible Preferred Stocks – 3.5%

Consumer Staples – 0.6%
Food Products – 0.6%
Archer-Daniels-Midland Co., 6.250%	250,000	9,975,000

Food Products Total		9,975,000

Consumer Staples Total		9,975,000

Health Care – 2.9%
Pharmaceuticals – 2.9%
Schering-Plough Corp., 6.000%	200,000	48,540,000

Pharmaceuticals Total		48,540,000

Health Care Total		48,540,000

Total Convertible Preferred Stocks (Cost of $46,408,245)		58,515,000

Investment Company – 2.2%


	Shares	Value ($)
SPDR Trust Series 1	360,000	38,001,600

Total Investment Company (Cost of $35,979,398)		38,001,600

Short-Term Obligation – 3.2%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due on 10/01/09 at 0.010%, collateralized by a U.S. Treasury obligation maturing 01/31/14, market value $56,073,600 (repurchase proceeds $54,970,015)	54,970,000	54,970,000

Total Short-Term Obligation (Cost of $54,970,000)		54,970,000

Total Investments – 99.6% (Cost of $1,565,700,894) (a)		1,688,385,250

Other Assets & Liabilities, Net – 0.4%		6,672,245

Net Assets – 100.0%		1,695,057,495

Notes to Investment Portfolio:

(a)	Cost for federal income tax purposes is $1,565,988,522.

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


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	158,155,760	$	—	$	—	$	158,155,760
Consumer Staples		216,138,450		—		—		216,138,450
Energy		184,979,750		—		—		184,979,750
Financials		240,723,200		—		—		240,723,200
Health Care		136,264,350		—		—		136,264,350
Industrials		159,919,070		—		—		159,919,070
Information Technology		182,818,920		—		—		182,818,920
Materials		71,697,100		—		—		71,697,100
Telecommunication Services		104,822,450		—		—		104,822,450
Utilities		81,379,600		—		—		81,379,600

Total Common Stocks		1,536,898,650		—		—		1,536,898,650

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2009


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Convertible Preferred Stocks
Consumer Staples	$	9,975,000	$	—	$	—	$	9,975,000
Health Care		48,540,000		—		—		48,540,000

Total Convertible Preferred Stocks		58,515,000		—		—		58,515,000

Total Investment Company		38,001,600		—		—		38,001,600

Total Short-Term Obligation		—		54,970,000		—		54,970,000

Total Investments	$	1,633,415,250	$	54,970,000	$	—	$	1,688,385,250

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


Sector (Unaudited)		% of Net Assets
Financials		14.2
Consumer Staples		13.4
Health Care		11.0
Energy		10.9
Information Technology		10.8
Industrials		9.4
Consumer Discretionary		9.3
Telecommunication Services		6.2
Utilities		4.8
Materials		4.2

		94.2
Investment Company		2.2
Short-Term Obligations		3.2
Other Assets & Liabilities, Net		0.4

		100.0


Acronym		Name
ADR		American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Dividend Income Fund

September 30, 2009


		($)
Assets	Investments, at identified cost	1,565,700,894

	Investments, at value	1,688,385,250
	Cash	316
	Receivable for:
	Fund shares sold	6,500,590
	Dividends	4,509,665
	Interest	15
	Expense reimbursement due from investment advisor	112,464
	Trustees’ deferred compensation plan	89,021
	Prepaid expenses	10,025

	Total Assets	1,699,607,346

Liabilities	Payable for:
	Fund shares repurchased	3,007,862
	Distributions	32
	Investment advisory fee	878,228
	Administration fee	91,457
	Pricing and bookkeeping fees	11,895
	Transfer agent fee	180,299
	Trustees’ fees	2,577
	Custody fee	7,415
	Distribution and service fees	176,312
	Chief compliance officer expenses	276
	Trustees’ deferred compensation plan	89,021
	Other liabilities	104,477

	Total Liabilities	4,549,851


	Net Assets	1,695,057,495

Net Assets Consist of	Paid-in capital	1,785,888,141
	Undistributed net investment income	1,358,520
	Accumulated net realized loss	(214,873,522	)
	Net unrealized appreciation on investments	122,684,356

	Net Assets	1,695,057,495

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Dividend Income Fund

September 30, 2009



Class A	Net assets	$	483,916,146
	Shares outstanding		43,285,657
	Net asset value per share	$	11.18	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($11.18/0.9425)	$	11.86	(b)

Class B
	Net assets	$	28,006,163
	Shares outstanding		2,560,617
	Net asset value and offering price per share	$	10.94	(a)

Class C
	Net assets	$	48,437,845
	Shares outstanding		4,431,662
	Net asset value and offering price per share	$	10.93	(a)

Class R
	Net assets	$	657,055
	Shares outstanding		58,751
	Net asset value, offering and redemption price per share	$	11.18

Class T
	Net assets	$	73,772,770
	Shares outstanding		6,597,716
	Net asset value per share	$	11.18	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($11.18/0.9425)	$	11.86	(b)

Class Z
	Net assets	$	1,060,267,516
	Shares outstanding		94,803,580
	Net asset value, offering and redemption price per share	$	11.18

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

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

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Dividend Income Fund

For the Year Ended September 30, 2009


		($)
Investment Income	Dividends	49,522,327
	Interest	85,785
	Securities lending	15,644
	Foreign taxes withheld	(382,732	)

	Total Investment Income	49,241,024	��

Expenses	Investment advisory fee	8,227,244
	Administration fee	836,788
	Distribution fee:
	Class B	192,252
	Class C	194,696
	Class R	689
	Service fee:
	Class A	810,948
	Class B	64,084
	Class C	64,929
	Shareholder services fee – Class T	179,754
	Pricing and bookkeeping fees	141,429
	Transfer agent fee	930,975
	Trustees’ fees	54,502
	Custody fee	41,125
	Chief compliance officer expenses	1,031
	Other expenses	549,578

	Total Expenses	12,290,024

	Fees waived or expenses reimbursed by investment advisor	(791,034	)
	Expense reductions	(143	)

	Net Expenses	11,498,847


	Net Investment Income	37,742,177

Net Realized and Unrealized Gain (Loss) on Investments	Net realized loss on investments	(97,509,148	)
	Net change in unrealized appreciation (depreciation) on investments	103,911,886

	Net Gain	6,402,738


	Net Increase Resulting from Operations	44,144,915

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Dividend Income Fund


		Year Ended September 30,
Increase (Decrease) in Net Assets		2009 ($)		2008 ($)(a)
Operations	Net investment income	37,742,177		26,516,601
	Net realized loss on investments	(97,509,148	)	(31,537,547	)
	Net change in unrealized appreciation (depreciation) on investments	103,911,886		(226,151,392	)

	Net increase (decrease) resulting from operations	44,144,915		(231,172,338	)

Distributions to Shareholders	From net investment income:
	Class A	(9,328,760	)	(7,344,786	)
	Class B	(520,145	)	(618,508	)
	Class C	(572,360	)	(239,863	)
	Class R	(3,846	)	(125	)
	Class T	(1,630,665	)	(1,886,431	)
	Class Z	(25,318,495	)	(16,590,521	)
	From net realized gains:
	Class A	—		(3,801,052	)
	Class B	—		(529,218	)
	Class C	—		(204,324	)
	Class R	—		(1,011,104	)
	Class Z	—		(6,242,104	)

	Total distributions to shareholders	(37,374,271	)	(38,468,036	)

	Net Capital Stock Transactions	621,633,779		195,920,032
	Increase from regulatory settlements	665,701		—

	Total increase (decrease) in net assets	629,070,124		(73,720,342	)

Net Assets	Beginning of period	1,065,987,371		1,139,707,713
	End of period	1,695,057,495		1,065,987,371
	Undistributed net investment income at end of period	1,358,520		180,736

(a)	Class R shares commenced operations on March 28, 2008.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Dividend Income Fund


	Capital Stock Activity
	Year Ended September 30, 2009				Year Ended September 30, 2008(a)
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	27,895,461		276,099,772		3,040,373		41,888,249
Distributions reinvested	778,447		7,861,416		671,595		9,255,016
Redemptions	(8,547,450	)	(85,291,578	)	(4,675,333	)	(64,381,794	)

Net increase (decrease)	20,126,458		198,669,610		(963,365	)	(13,238,529	)

Class B
Subscriptions	1,129,813		10,598,969		236,708		3,185,642
Distributions reinvested	44,163		430,960		70,180		965,509
Redemptions	(1,277,029	)	(12,135,167	)	(1,165,286	)	(15,738,910	)

Net decrease	(103,053	)	(1,105,238	)	(858,398	)	(11,587,759	)

Class C
Subscriptions	3,828,234		36,845,519		244,503		3,295,088
Distributions reinvested	43,574		432,821		27,268		374,494
Redemptions	(515,925	)	(5,019,427	)	(568,860	)	(7,771,162	)

Net increase (decrease)	3,355,883		32,258,913		(297,089	)	(4,101,580	)

Class R
Subscriptions	57,996		584,229		761		10,178
Proceeds received in connection with merger	—		—		141		1,894
Distributions reinvested	346		3,834		10		125
Redemptions	(503	)	(5,468	)	—		—

Net increase	57,839		582,595		912		12,197

Class T
Subscriptions	1,258,177		12,683,562		60,101		834,348
Distributions reinvested	156,696		1,572,896		202,390		2,793,219
Redemptions	(830,271	)	(8,164,564	)	(823,169	)	(11,391,329	)

Net increase (decrease)	584,602		6,091,894		(560,678	)	(7,763,762	)

Class Z
Subscriptions	71,665,405		704,770,708		15,600,509		213,411,245
Proceeds received in connection with merger	—		—		12,606,624		168,957,597
Distributions reinvested	524,210		5,276,709		319,451		4,324,304
Redemptions	(33,309,318	)	(324,911,412	)	(11,343,303	)	(154,093,681	)

Net increase	38,880,297		385,136,005		17,183,281		232,599,465

(a)	Class R shares commenced operations on March 28, 2008.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.01		$	15.35		$	13.45		$	12.01		$	10.80

Income from Investment Operations:
Net investment income (a)		0.29			0.31			0.28			0.26			0.25
Net realized and unrealized gain (loss) on investments		(0.86	)		(3.18	)		2.02			1.45			1.16

Total from investment operations		(0.57	)		(2.87	)		2.30			1.71			1.41

Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.31	)		(0.27	)		(0.27	)		(0.20	)
From net realized gains		—			(0.16	)		(0.13	)		—			—

Total distributions to shareholders		(0.27	)		(0.47	)		(0.40	)		(0.27	)		(0.20	)

Increase from Regulatory Settlements		0.01			—			—			—			—

Net Asset Value, End of Period	$	11.18		$	12.01		$	15.35		$	13.45		$	12.01
Total return (b)(c)		(4.33	)%		(19.06	)%		17.31	%		14.45	%		13.10	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Waiver/Reimbursement		0.06	%		0.06	%		0.07	%		0.12	%		0.18	%
Net investment income (d)		2.88	%		2.24	%		1.90	%		2.19	%		2.11	%
Portfolio turnover rate		23	%		16	%		21	%		52	%		18	%
Net assets, end of period (000s)	$	483,916		$	278,122		$	370,358		$	345,595		$	27,534

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

(b)	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.

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

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	11.75		$	15.03		$	13.17		$	11.77		$	10.59

Income from Investment Operations:
Net investment income (a)		0.21			0.20			0.16			0.16			0.16
Net realized and unrealized gain (loss) on investments		(0.82	)		(3.11	)		1.99			1.42			1.13

Total from investment operations		(0.61	)		(2.91	)		2.15			1.58			1.29

Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.21	)		(0.16	)		(0.18	)		(0.11	)
From net realized gains		—			(0.16	)		(0.13	)		—			—

Total distributions to shareholders		(0.20	)		(0.37	)		(0.29	)		(0.18	)		(0.11	)

Increase from Regulatory Settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	10.94		$	11.75		$	15.03		$	13.17		$	11.77
Total return (c)(d)		(4.97	)%		(19.71	)%		16.49	%		13.55	%		12.23	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Waiver/Reimbursement		0.06	%		0.06	%		0.07	%		0.12	%		0.18	%
Net investment income (e)		2.18	%		1.48	%		1.16	%		1.30	%		1.36	%
Portfolio turnover rate		23	%		16	%		21	%		52	%		18	%
Net assets, end of period (000s)	$	28,006		$	31,307		$	52,937		$	57,644		$	17,359

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

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

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

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

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	11.74		$	15.02		$	13.17		$	11.76		$	10.58

Income from Investment Operations:
Net investment income (a)		0.20			0.20			0.16			0.16			0.16
Net realized and unrealized gain (loss) on investments		(0.82	)		(3.11	)		1.98			1.43			1.13

Total from investment operations		(0.62	)		(2.91	)		2.14			1.59			1.29

Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.21	)		(0.16	)		(0.18	)		(0.11	)
From net realized gains		—			(0.16	)		(0.13	)		—			—

Total distributions to shareholders		(0.20	)		(0.37	)		(0.29	)		(0.18	)		(0.11	)

Increase from Regulatory Settlements		0.01			—			—			—			—

Net Asset Value, End of Period	$	10.93		$	11.74		$	15.02		$	13.17		$	11.76
Total return (b)(c)		(4.98	)%		(19.72	)%		16.42	%		13.64	%		12.24	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Waiver/Reimbursement		0.06	%		0.06	%		0.07	%		0.12	%		0.18	%
Net investment income (d)		2.08	%		1.48	%		1.14	%		1.29	%		1.36	%
Portfolio turnover rate		23	%		16	%		21	%		52	%		18	%
Net assets, end of period (000s)	$	48,438		$	12,635		$	20,622		$	12,950		$	3,959

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

(b)	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.

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

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


Class R Shares	Year Ended September 30, 2009			Period Ended September 30, 2008 (a)
Net Asset Value, Beginning of Period	$	12.01		$	13.39

Income from Investment Operations:
Net investment income (b)		0.28			0.14
Net realized and unrealized loss on investments		(0.86	)		(1.38	)

Total from investment operations		(0.58	)		(1.24	)

Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.14	)

Increase from Regulatory Settlements		—	(c)		—

Net Asset Value, End of Period	$	11.18		$	12.01
Total return (d)(e)		(4.57	)%		(9.28	)%(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.30	%		1.30	%(h)
Waiver/Reimbursement		0.06	%		0.06	%(h)
Net investment income (g)		2.59	%		2.10	%(h)
Portfolio turnover rate		23	%		16	%(f)
Net assets, end of period (000s)	$	657		$	11

(a)	Class R shares commenced operations on March 28, 2008. Per share data and total return reflect activity from that date.

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

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

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

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

(f)	Not annualized.

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

(h)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,
Class T Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.01		$	15.35		$	13.45		$	12.01		$	10.80

Income from Investment Operations:
Net investment income (a)		0.29			0.30			0.27			0.25			0.24
Net realized and unrealized gain (loss) on investments		(0.85	)		(3.18	)		2.02			1.46			1.16

Total from investment operations		(0.56	)		(2.88	)		2.29			1.71			1.40

Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.30	)		(0.26	)		(0.27	)		(0.19	)
From net realized gains		—			(0.16	)		(0.13	)		—			—

Total distributions to shareholders		(0.27	)		(0.46	)		(0.39	)		(0.27	)		(0.19	)

Increase from Regulatory Settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	11.18		$	12.01		$	15.35		$	13.45		$	12.01
Total return (c)(d)		(4.38	)%		(19.10	)%		17.25	%		14.39	%		13.04	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Waiver/Reimbursement		0.06	%		0.06	%		0.07	%		0.12	%		0.18	%
Net investment income (e)		2.87	%		2.19	%		1.85	%		1.96	%		2.06	%
Portfolio turnover rate		23	%		16	%		21	%		52	%		18	%
Net assets, end of period (000s)	$	73,773		$	72,213		$	100,932		$	96,651		$	99,148

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

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

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

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

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

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	12.01		$	15.36		$	13.45		$	12.01		$	10.80

Income from Investment Operations:
Net investment income (a)		0.31			0.34			0.31			0.28			0.28
Net realized and unrealized gain (loss) on investments		(0.85	)		(3.19	)		2.04			1.47			1.16

Total from investment operations		(0.54	)		(2.85	)		2.35			1.75			1.44

Less Distributions to Shareholders:
From net investment income		(0.30	)		(0.34	)		(0.31	)		(0.31	)		(0.23	)
From net realized gains		—			(0.16	)		(0.13	)		—			—

Total distributions to shareholders		(0.30	)		(0.50	)		(0.44	)		(0.31	)		(0.23	)

Increase from Regulatory Settlements		0.01			—			—			—			—

Net Asset Value, End of Period	$	11.18		$	12.01		$	15.36		$	13.45		$	12.01
Total return (b)(c)		(4.10	)%		(18.90	)%		17.67	%		14.73	%		13.38	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Waiver/Reimbursement		0.06	%		0.06	%		0.07	%		0.12	%		0.18	%
Net investment income (d)		3.15	%		2.51	%		2.15	%		2.27	%		2.37	%
Portfolio turnover rate		23	%		16	%		21	%		52	%		18	%
Net assets, end of period (000s)	$	1,060,268		$	671,700		$	594,859		$	471,876		$	358,125

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

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Dividend Income Fund

September 30, 2009

Note 1. Organization

Columbia Dividend Income Fund (the “Fund”), a series of Columbia Funds Series Trust I (the “Trust”), is a diversified portfolio. The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

Investment Objective

The Fund seeks total return, consisting of current income and capital appreciation.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers six classes of shares: Class A, Class B, Class C, Class R, Class T and Class Z. Each share class has its own expense structure and sales charges, as applicable. Effective June 22, 2009, the Fund no longer accepts investments from new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund, and exchanges by existing Class B shareholders of other Columbia Funds.

Class A and Class T shares are subject to a maximum front-end sales charge of 5.75% based on the amount of initial investment. Class A and Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within one year after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within one year after purchase. Class R and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class R and Class Z shares, as described in the Fund’s prospectus.

Note 2. Significant Accounting Policies

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.

Level 1 — quoted prices in active markets for identical securities

Columbia Dividend Income Fund

September 30, 2009

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

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

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

Security Transactions

Repurchase Agreements

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

Income Recognition

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded on the ex-date.

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.

Awards from class action litigation are recorded as a reduction of cost if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income are declared and paid quarterly. 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

Columbia Dividend Income Fund

September 30, 2009

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

Note 3. Federal Tax Information

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

For the year ended September 30, 2009, permanent book and tax basis differences resulting primarily from differing treatments for proceeds from litigation settlements, expired capital loss carryforwards and adjustments on certain convertible preferred securities were identified and reclassified among the components of the Fund’s net assets as follows:



Undistributed Net Investment Income	Accumulated Net Realized Loss	Paid-In Capital
$809,878	$(44,593)	$(765,285)

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

The tax character of distributions paid during the years ended September 30, 2009 and September 30, 2008 was as follows:


	September 30, 2009		September 30, 2008
Ordinary Income*	$	37,374,271	$	26,591,941
Long-Term Capital Gains		—		11,876,095

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

As of September 30, 2009, the components of distributable earnings on a tax basis were as follows:



Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Net Unrealized Appreciation*
$1,510,671	$—	$122,396,728

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

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	222,725,685
Unrealized depreciation		(100,328,957	)
Net unrealized appreciation	$	122,396,728

The following capital loss carryforwards, determined as of September 30, 2009, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:



Year of Expiration	Capital Loss Carryforward
2010	$	74,425,965
2011		1,266,110
2013		990,327
2014		2,808,003
2017		65,052,409

Total	$	144,542,814

Of the capital loss carryforwards attributable to the Fund, $79,490,405 ($74,425,965 of which expires on September 30, 2010, $1,266,110 of which expires on September 30, 2011, $990,327 of which expires on September 30, 2013, and $2,808,003 of which expires on September 30, 2014) was acquired from fund mergers. The availability of a portion of the remaining capital loss carryforwards acquired as part of a fund merger may be limited in a given year.

Capital loss carryforwards of $34,704 expired during the year ended September 30, 2009. Expired capital loss carryforwards are recorded as a reduction of paid-in capital.

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as

Columbia Dividend Income Fund

September 30, 2009

occurring on the first day of the following fiscal year. As of September 30, 2009, post-October capital losses of $70,043,080 attributed to security transactions were deferred to October 1, 2009.

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

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee

Columbia, an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”) provides investment advisory services to the Fund. In rendering investment advisory services to the Fund, Columbia may use the portfolio management and research resources of Columbia Management Pte. Ltd., an affiliate of Columbia. Columbia receives a monthly investment advisory fee based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets		Annual Fee Rate
First $500 million		0.70%
$500 million to $1 billion		0.65%
$1 billion to $1.5 billion		0.60%
$1.5 billion to $3 billion		0.55%
$3 billion to $6 billion		0.53%
Over $6 billion		0.51%

For the year ended September 30, 2009, the Fund’s effective investment advisory fee rate was 0.66% of the Fund’s average daily net assets.

BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction (“Transaction”) includes a sale of the part of the asset management business that advises long-term mutual funds, including the Fund. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Administration Fee

Columbia provides administrative and other services to the Fund for a monthly administration fee at the annual rate of 0.067% of the Fund’s average daily net assets.

Pricing and Bookkeeping Fees

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

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

Columbia Dividend Income Fund

September 30, 2009

Transfer Agent Fee

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

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

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended September 30, 2009, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the “Distributor”), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund’s shares. For the year ended September 30, 2009, the Distributor has retained net underwriting discounts of $124,635 and $930 on sales of the Fund’s Class A and Class T shares, respectively. For the same period, the Distributor received net CDSC fees of $687, $39,378 and $5,857 on Class A, Class B and Class C share redemptions, respectively.

The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act (the “Plans”) which requires the payment of monthly distribution and service fees to the Distributor based on the average daily net assets of the applicable class of the Fund at the following annual rates:


Distribution Fee
Class A	Class B	Class C	Class R
0.10%	0.75%	0.75%	0.50%


Service Fee
Class A	Class B	Class C
0.25%	0.25%	0.25%

The Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), but limited such fees to an aggregate of not more than 0.25% for Class A shares during the current fiscal year. For the year ended September 30, 2009, the distribution and service fees were 0.00% and 0.25%, respectively, of the Fund’s average daily net assets.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by service organizations. The Fund may pay shareholder services fees (which are included in other expenses) of up to 0.25% of the Fund’s average daily net assets attributable to Class T shares for shareholder liaison services and up to 0.25% of the Fund’s average daily net assets attributable to Class T shares for administrative support services, provided, however, that the aggregate fee shall not exceed 0.30% of the Fund’s average daily net assets attributable to Class T shares. For the year ended September 30, 2009, the shareholder services fee was 0.30% of the Fund’s average daily net assets attributable to Class T shares.

Columbia Dividend Income Fund

September 30, 2009

Fee Waivers and Expense Reimbursements

Effective February 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed 0.80% of the Fund’s average daily net assets on an annualized basis. Columbia, in its discretion, may revise or discontinue this arrangement at any time. Prior to February 1, 2009, Columbia reimbursed a portion of the Fund’s expenses at the same fee rate, on a contractual basis.

Fees Paid to Officers and Trustees

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

The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund’s assets.

Other Related Party Transactions

In connection with the purchase and sale of its securities during the period, the Fund used one or more brokers that are affiliates of BOA. Total brokerage commissions paid to affiliated brokers for the year ended September 30, 2009 were $11,520.

Note 5. Custody Credits

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

For the year ended September 30, 2009, these custody credits reduced total expenses by $143 for the Fund.

Note 6. Portfolio Information

For the year ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $929,376,679 and $276,378,634, respectively.

Note 7. Regulatory Settlements

As of September 30, 2009, the Fund had received payments of $665,701 relating to certain regulatory settlements with third parties that the Fund had participated in during the year. The payments have been included in “Increase from regulatory settlements” on the Statement of Changes in Net Assets.

Note 8. 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

Columbia Dividend Income Fund

September 30, 2009

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 year ended September 30, 2009, the Fund did not borrow under these arrangements.

Note 9. Securities Lending

The Fund may lend its securities to certain approved brokers, dealers and other financial institutions. Each loan is collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued income from the investment of collateral. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The collateral received is invested and the income generated by the investment of the collateral, net of any fees remitted to State Street as the lending agent and borrower rebates, is paid to the Fund. Generally, in the event of borrower default, the Fund has the right to use the collateral to offset any losses incurred. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. The Fund bears the risk of loss with respect to the investment of collateral.

Note 10. Shares of Beneficial Interest

As of September 30, 2009, 45.4% of the Fund’s shares outstanding were beneficially owned by one participant account over which BOA and/or any of its affiliates had either sole or joint investment discretion. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

As of September 30, 2009, the Fund had one shareholder that held 9.1% of the shares outstanding, over which BOA and/or any of its affiliates did not have investment discretion. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

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

Note 11. Significant Risks and Contingencies

Legal Proceedings

Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. (collectively, the “Columbia Group”) are subject to a settlement agreement with the New York Attorney General (“NYAG”) (the “NYAG Settlement”) and a settlement order with the SEC (the “SEC Order”) on matters relating to mutual fund trading, each dated February 9, 2005. Under the terms of the SEC Order, the Columbia Group (or predecessor 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.

Columbia Dividend Income Fund

September 30, 2009

coordinated pretrial proceedings (the “MDL”). Subsequently, additional related cases were transferred to the MDL. On September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) (“Columbia”), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the “Distributor”), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On February 25, 2005, Columbia and other defendants filed motions to dismiss the claims in the pending cases. On March 1, 2006, for reasons stated in the court’s memoranda dated November 3, 2005, the United States District Court for the District of Maryland granted in part and denied in part the defendants’ motions to dismiss. The court dismissed all of the class action claims pending against the Columbia Funds Trusts. As to Columbia and the Distributor, the claims under the Securities Act of 1933, the claims under Sections 34(b) and 36(a) of the Investment Company Act of 1940 (“ICA”) and the state law claims were dismissed. The claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and claims under Section 36(b) of the ICA were not dismissed.

On March 21, 2005, a purported class action was filed in Massachusetts state court alleging that certain conduct, including market timing, entitled Class B shareholders in certain Columbia Funds to an exemption from contingent deferred sales charges upon early redemption (the “CDSC Lawsuit”). The CDSC Lawsuit was removed to federal court in Massachusetts and transferred to the MDL.

Note 12. Business Combinations and Mergers

Effective March 28, 2008, Equity Income Fund, a series of Excelsior Funds Trust, merged into Columbia Dividend Income Fund. Columbia Dividend Income Fund received a tax-free transfer of assets from Equity Income Fund as follows:



Shares Issued	Net Assets Received	Unrealized Appreciation¹
12,606,765	$168,959,491	$15,594,333

¹	Unrealized appreciation is included in the Net Assets Received.



Net Assets of Columbia Dividend Income Fund Prior to Combination	Net Assets of Equity Income Fund Immediately Prior to Combination	Net Assets of Columbia Dividend Income Fund Immediately After Combination
$1,020,836,297	$168,959,491	$1,189,795,788

Note 13. Subsequent Events

On October 15, 2009, the committed line of credit discussed in Note 8 was renewed on amended terms. Pursuant to the amended terms, interest is charged to each participating fund based on the fund’s borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.15% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets. The annual operations agency fee of $20,000 was waived.

Effective November 1, 2009, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and the Shareholders of Columbia Dividend Income Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Dividend Income Fund (the “Fund”) (a series of Columbia Funds Series Trust I) at September 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2009

Federal Income Tax Information (Unaudited)

For non-corporate shareholders, 100.00%, or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2009 may represent qualified dividend income.

100.00% of the ordinary income distributed by the Fund, for the year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

Fund Governance – Columbia Dividend Income Fund

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

Independent Trustees


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John D. Collins (Born 1938)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)		Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 66, Mrs. Fields Famous Brands LLC (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007) and Chairman of the Board (since 2009)		Co-Founder of Baringo Capital LLC (private equity) since 2002; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 66, Jackson Hewitt Tax Service Inc. (tax preparation services); Crystal Capital River Inc. (real estate investment trust); Student Loan Corporation (student loan provider); Celgene Corporation (global biotechnology company); and The Helios Funds (exchange-traded funds)

Douglas A. Hacker (Born 1955)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Independent business executive since May 2006; Executive Vice President–Strategy of United Airlines (airline) from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 66, Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (Born 1957)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel–Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University, from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Oversees 66, None

Charles R. Nelson (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1981)		Professor of Economics, University of Washington, since January 1976; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington, since September 1993; Adjunct Professor of Statistics, University of Washington, since September 1980; Associate Editor, Journal of Money Credit and Banking, 1993-2008 Consultant on econometric and statistical matters. Oversees 66, None

Fund Governance (continued) – Columbia Dividend Income Fund

Independent Trustees (continued)


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John J. Neuhauser (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1985)		President, Saint Michael’s College, since August 2007; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 66, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (Born 1938)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)		Cable television producer and website designer; The Editor, Scientific American from 1984 to 1994; Vice President, Scientific American, Inc., from 1984 to 1994; Member, Advisory Board, Stone Age Institute, Bloomington, Indiana (research institute that explores the effect of technology on human evolution); Member, Board of Directors of the National Institute of Social Sciences, New York City; Member, Board of Trustees of the William Alanson White Institute, New York City (institution for training psychoanalysts); and Member, Advisory Board, Mount Sinai Children’s Environmental Health Center, New York. Oversees 66, None

Patrick J. Simpson (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)		Partner, Perkins Coie LLP (law firm). Oversees 66, None

Thomas C. Theobald (Born 1937)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Partner and Senior Advisor, Chicago Growth Partners (private equity investing) since September 2004; Managing Director, William Blair Capital Partners (private equity investing) from September 1994 to September 2004. Oversees 66, Anixter International (network support equipment distributor); Ventas, Inc. (real estate investment trust); Jones Lang LaSalle (real estate management services); Ambac Financial Group (financial guaranty insurance)

Anne-Lee Verville (Born 1945)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1998)		Retired since 1997 (formerly General Manager–Global Education Industry (from 1994 to 1997), President–Application Systems Division (from 1991 to 1994), Chief Financial Officer–US Marketing & Services (from 1988 to 1991), and Chief Information Officer (from 1987 to 1988), IBM Corporation (computer and technology)). Oversees 66, None

Fund Governance (continued) – Columbia Dividend Income Fund

Interested Trustee



William E. Mayer¹ (Born 1940)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)		Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business, University of Maryland from 1992 to 1997. Oversees 66, Lee Enterprises (print media), WR Hambrecht + Co. (financial service provider); BlackRock Kelso Capital Corporation (investment company)

The Funds currently treat Mr. Mayer as an “interested person” (as defined in the Investment Company Act of 1940) by reason of his affiliation with WR Hambrecht + Co., a registered broker/dealer that may execute portfolio transactions for or engage in principal transactions with the Funds or other funds or accounts advised/managed by the Advisor or other Bank of America affiliates.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Fund Governance (continued) – Columbia Dividend Income Fund

Officers


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years

J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)		Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer–Columbia Funds, from June 2008 to January 2009; Treasurer–Columbia Funds, from October 2003 to May 2008; Treasurer–the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000–December 2006; Senior Vice President–Columbia Management Advisors, LLC, from April 2003 to December 2004; President–Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer–Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004–Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds.

James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)		Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.

Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)		Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.

Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)		Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.

Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2006)		Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.

Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer and Treasurer (since 2009)		Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.

Fund Governance (continued) – Columbia Dividend Income Fund

Officers (continued)


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years

Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)		Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.

Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)		Vice President–Fund Treasury of the Advisor since October 2004; Vice President–Trustee Reporting of the Advisor from April 2002 to October 2004.

Stephen T. Welsh (Born 1957)
One Financial Center Boston, MA 02111 Vice President (since 1996)		President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

[THIS PAGE INTENTIONALLY LEFT BLANK]

Important Information About This Report

Transfer Agent

Columbia Management Services, Inc.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC

100 Federal Street

Boston, MA 02110

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

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

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

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

LOGO

One Financial Center

Boston, MA 02111-2621

LOGO

Columbia Dividend Income Fund

Annual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiafunds.com

SHC-42/24706-0909 (11/09) 09/94815

LOGO

Annual Report

September 30, 2009

Columbia Liberty Fund


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

Table of contents



Fund Profile		1

Economic Update		2

Performance Information		4

Understanding Your Expenses		5

Portfolio Managers’ Report		6

Financial Statements
Investment Portfolio		8
Statement of Assets and Liabilities		19
Statement of Operations		21
Statement of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		28

Report of Independent Registered Public Accounting Firm		38

Federal Income Tax Information		39

Fund Governance		40

Important Information About This Report		45

President’s Message

LOGO

Dear Shareholder:

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

Sincerely,

LOGO

J. Kevin Connaughton

President, Columbia Funds

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

Past performance is no guarantee of future results.

Fund Profile – Columbia Liberty Fund

Summary

1-year return as of 09/30/09



		+1.07% Class A shares (without sales charge)

		–6.91% S&P 500 Index²

		+10.56% Barclays Capital Aggregate Bond Index³

Summary

For the 12-month period that ended September 30, 2009, the fund’s Class A shares returned 1.07% without sales charge.

In a period of sharp turnaround in the financial markets, the fund’s return was slightly ahead of its peer group, the Lipper Mixed Asset Target Allocation Growth Funds Classification.¹

A shift from a slight overweight in equities to a slight overweight in fixed income benefited performance versus the peer group.

Portfolio Management

Anwiti Bahuguna, PhD, has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 2002.

Colin Moore has co-managed the fund since 2008 and has been associated with the advisor or its predecessors since 2002.

Kent M. Peterson, PhD has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 2006.

Marie M. Schofield has co-managed the fund since 2009 and has been associated with the advisor or its predecessors since 1990.

¹	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.

²	The Standard & Poor’s (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Economic Update – Columbia Liberty Fund

Summary

For the 12-month period that ended September 30, 2009


S&P Index		MSCI Index


-6.91%		3.23%


Barclays Aggregate Index		JPMorgan Index


10.56%		16.36%

During the 12-month period that began October 1, 2008 and ended September 30, 2009, the U.S. economy faced the worst financial crisis since the Great Depression, then steadied itself as steps taken by a new administration began to show results in the second half of the period. Economic growth, as measured by Gross Domestic Product (GDP), contracted by approximately 6% between October 2008 and March 2009. The lapse from growth resulted in the longest – and most severe – recession in nearly three decades. However, growth turned positive in the third quarter ended September 30, 2009. The initial estimate of third quarter GDP was 3.5%.

The labor market shed more than seven million jobs between 2008 and 2009, raising the unemployment rate to 9.8% and wiping out all of the jobs gained since the last recession. Manufacturing activity slowed through most of the period, but it turned up in July and August, as did consumer spending. The beleaguered housing market showed some signs of stabilizing. Pending home sales, a leading indicator of housing activity increased for eight straight months to end the period, buoyed by low interest rates and an $8,000 first-time homebuyer tax credit. Existing home sales rose, but gave back some of their strong gains late in the period. The inventory of unsold houses also fell sharply over the period. Late in 2008, consumer confidence, as measured by the Conference Board¹, plummeted to its lowest point ever. However, it has since stabilized and turned higher near the end of the period.

Troubles that began in the U.S. subprime mortgage market resulted in a meltdown within the U.S. financial sector that claimed several major institutions in 2008 and led others to seek bailouts, restructuring or both. New rigorous lending standards severely limited access to credit, further hampering economic growth. In this environment, a new administration sought to stabilize the financial system, address economic woes and introduce sweeping health care reform. Stimulus spending began to flow into the economy, raising hopes that growth would be restored. In December 2008, the Federal Reserve Board (the Fed) lowered a key short-term borrowing rate — the federal funds rate — to between zero and 0.25% — a record low. In light of protracted economic weakness and virtually no inflation, the Fed made no further change to the federal funds rate during the period.

Stocks retreated, then rebounded

Against a weakening economic backdrop, the U.S. stock market lost 6.91% for the 12-month period, as measured by the S&P 500^® Index.² Losses affected the stocks of companies of all sizes and investment style categories, as measured by their respective Russell indices.³ Stock markets outside the U.S. were modestly to significantly higher. The MSCI EAFE Index,⁴ a broad gauge of stock market performance in foreign developed markets, gained 3.23% (in U.S. dollars) for the period. Emerging stock markets were also caught in the downdraft, but bounced back stronger than domestic or developed world markets in 2009. The MSCI Emerging Markets Index⁵ returned 19.07% (in U.S. dollars).

Economic Update (continued) – Columbia Liberty Fund

Bonds outperformed domestic stocks

As investors sought refuge from a volatile stock market, the highest-quality sectors of the U.S. bond market delivered solid gains. During the first half of the period, Treasury prices rose and yields declined sharply as the economy faltered and stock market volatility increased. As hopes for a recovery materialized in the second half of the period, yields rose and Treasuries lagged riskier segments of the bond market. The benchmark 10-year U.S. Treasury yield began the period at 3.8%, declined to 2.2% in December 2008, then rose to end the period at 3.3%. In this environment, the Barclays Capital Aggregate Bond Index⁶ returned 10.56%. High-yield bond prices fell sharply in 2008 as economic prospects weakened and default fears rose, then rebounded strongly in 2009. For the 12-month period, the JPMorgan Developed BB High Yield Index⁷ returned 16.36%.

Past performance is no guarantee of future results.

1	The Conference Board is a not-for-profit global independent membership organization. It conducts research, convenes conferences, makes forecasts, assesses trends and publishes information and analysis.

²	The Standard & Poor’s (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

⁴	The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

⁵

⁶

⁷	The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

Effective November 3, 2008, the Lehman Brothers indices were renamed the Barclays Capital indices.

Performance Information – Columbia Liberty Fund


Annual operating expense ratio (%)*

Class A		1.05
Class B		1.80
Class C		1.80
Class Z		0.81

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

Performance of a $10,000 investment 10/01/99 – 09/30/09

LOGO

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Liberty Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.


Performance of a $10,000 investment 10/01/99 – 09/30/09 ($)

Sales charge	without	with
Class A	11,972	11,283
Class B	11,099	11,099
Class C	11,089	11,089
Class Z	12,261	n/a


Average annual total return as of 09/30/09 (%)

Share class	A		B		C		Z
Inception	04/30/82		05/05/92		08/01/97		07/31/95
Sales charge	without	with	without	with	without	with	without
1-year	1.07	–4.74	0.32	–4.61	0.33	–0.66	1.35
5-year	3.21	2.00	2.41	2.08	2.42	2.42	3.45
10-year	1.82	1.21	1.05	1.05	1.04	1.04	2.06

The “with sales charge” returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The “without sales charge” returns do not include the effect of sales charges. If they had, returns would be lower.

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

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

Understanding Your Expenses – Columbia Liberty Fund

Estimating your actual expenses

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

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

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.

Analyzing your fund’s expenses by share class

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

Compare with other funds


04/01/09 – 09/30/09

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,236.50	1,019.20	6.56	5.92	1.17
Class B	1,000.00	1,000.00	1,232.99	1,015.44	10.75	9.70	1.92
Class C	1,000.00	1,000.00	1,231.58	1,015.44	10.74	9.70	1.92
Class Z	1,000.00	1,000.00	1,239.20	1,020.41	5.22	4.71	0.93

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

Portfolio Managers’ Report – Columbia Liberty Fund


Net asset value per share

as of 09/30/09 ($)
Class A		7.05
Class B		7.08
Class C		7.06
Class Z		7.59


Distributions declared per share

10/01/08 – 09/30/09 ($)
Class A		0.15
Class B		0.11
Class C		0.11
Class Z		0.17

For the 12-month period that ended September 30, 2009, the fund’s Class A shares returned 1.07% without sales charge. The fund’s equity benchmark, the S&P 500 Index¹, returned negative 6.91% and the fund’s fixed-income benchmark, the Barclays Capital Aggregate Bond Index² returned 10.56%. The fund outperformed its peer group, the Lipper Mixed-Asset Target Allocation Growth Funds Classification, which averaged a return of 0.73%. Performance benefited from our decision to shift from a slight overweight in equities to a slight overweight in fixed income. In addition, the fund’s fixed-income holdings outperformed the Barclays index.

Stock and bond markets turned around

The investment market rout that began in the fall of 2008 continued into March 2009, driven by deteriorating global economic data, concerns over the strength of large financial company balance sheets, frozen credit markets, a weak housing market and rising unemployment. In March, stocks finally staged a sharp turnaround, buoyed by hopes that an economic recovery would be fueled by unprecedented fiscal and monetary stimulus. Bonds also rallied, benefiting from historically low interest rates and a growing sense of confidence among investors. Higher-risk sectors, including emerging-markets stocks and high-yield bonds, led the rebound, but investment-grade corporate bonds also did well. U.S. Treasuries ended the period behind most other bond sectors. Fixed-income returns for the period were quite strong, while equities — despite recouping a large part of their previous losses — still remained in negative territory.

Strength from corporate bond sector

During the period, we increased the fund’s allocation to fixed income, which worked well as bonds ended the period with much stronger returns than stocks. By period end, about 41% of the fund’s assets were in bonds, compared to 36% at the start of the period. We remained focused on investment-grade corporate bonds, whose prices climbed as the economic outlook improved and investors gained more confidence in issuer balance sheets.

Reduced stake in large-cap stocks

Over the period, we trimmed the fund’s stake in stocks to about 46% of assets at period end. Our focus was on large-cap stocks, which held up well relative to their smaller-cap counterparts. The fund’s holdings were equally divided between the value and growth disciplines. Within the large cap sector, growth stocks — which investors buy because of their strong potential for earnings growth — did much better than value stocks, which attract investors because their prices are cheap relative to their earnings. The fund’s position in large-cap growth stocks lost slightly more than its equity benchmark, the Russell 1000 Growth Index.³ However, the fund’s large-cap value holdings held up better than the Russell 1000 Value Index.⁴ Approximately 10% of assets were invested in overseas developed markets, which outperformed U.S. stocks with a small net gain for the year, as measured by the MSCI EAFE Index.⁵ However, the fund’s overseas holdings lagged the MSCI index and posted a modest loss for the 12-month period.

Portfolio Managers’ Report (continued) – Columbia Liberty Fund


Top 5 equity sectors

as of 09/30/09 (%)
Information Technology		10.6
Financials		8.9
Health Care		6.4
Energy		6.4
Industrials		6.3


Top 10 equity holdings

as of 09/30/09 (%)
JPMorgan Chase & Co.		1.3
Microsoft Corp.		0.9
Exxon Mobil Corp.		0.9
International Business Machines Corp.		0.9
Goldman Sachs Group, Inc.		0.9
Philip Morris, International		0.9
EMC Corp.		0.8
Apple, Inc.		0.8
United Technologies Corp.		0.8
Google, Inc.		0.7


Portfolio structure

as of 09/30/09 (%)
Common Stocks		55.8
Mortgage-Backed Securities		14.1
Corporate Fixed-Income Bonds & Notes		10.9
Government & Agency Obligations		6.2
Commercial Mortgage-Backed Securities		4.6
Collateralized Mortgage Obligations		2.2
Asset-Backed Securities		1.7
Convertible Preferred Stocks		0.3
Other		4.2

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Shift back toward equities

At period end, the debate continued as to how long the current market rally would last. What happens going forward will depend largely on the strength and sustainability of the economic recovery. While economic data has continued to improve, unemployment levels have remained elevated. With the possibility of rising interest rates, we decided late in the period to begin reducing fund’s fixed income holdings, particularly cash, and investing the proceeds in both large-cap U.S. and developed market overseas stocks.

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

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

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

The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

³	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.

⁴	The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

⁵	The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

Investment Portfolio – Columbia Liberty Fund

September 30, 2009

Common Stocks – 55.8%


	Shares	Value ($)
Consumer Discretionary – 5.9%
Auto Components – 0.2%
Bridgestone Corp.	47,600	847,653

Auto Components Total		847,653

Automobiles – 0.1%
Suzuki Motor Corp.	23,700	550,621

Automobiles Total		550,621

Distributors – 0.2%
Li & Fung Ltd.	152,000	619,977

Distributors Total		619,977

Hotels, Restaurants & Leisure – 1.7%
Carnival Corp. (a)	41,900	1,394,432
Carnival PLC	17,687	603,170
International Game Technology	35,461	761,702
Las Vegas Sands Corp. (a)	15,080	253,947
McDonald’s Corp.	10,406	593,871
Starbucks Corp. (a)	25,500	526,575
Starwood Hotels & Resorts Worldwide, Inc.	47,145	1,557,199
Yum! Brands, Inc.	13,280	448,333

Hotels, Restaurants & Leisure Total		6,139,229

Household Durables – 0.1%
D.R. Horton, Inc.	29,300	334,313

Household Durables Total		334,313

Internet & Catalog Retail – 0.3%
Amazon.com, Inc. (a)	7,900	737,544
Rakuten, Inc.	319	212,054

Internet & Catalog Retail Total		949,598

Media – 0.6%
Reed Elsevier NV	82,699	934,016
Viacom, Inc., Class B (a)	19,900	557,996
WPP PLC	63,940	549,596

Media Total		2,041,608

Multiline Retail – 1.5%
J.C. Penney Co., Inc.	67,800	2,288,250
Nordstrom, Inc.	63,530	1,940,206
Target Corp.	29,330	1,369,125

Multiline Retail Total		5,597,581

Specialty Retail – 1.0%
Best Buy Co., Inc.	12,540	470,501
GameStop Corp., Class A (a)	16,810	444,960
Lowe’s Companies, Inc.	112,750	2,360,985
Staples, Inc.	24,800	575,856

Specialty Retail Total		3,852,302


	Shares	Value ($)
Textiles, Apparel & Luxury Goods – 0.2%
Polo Ralph Lauren Corp.	7,430	569,287

Textiles, Apparel & Luxury Goods Total		569,287

Consumer Discretionary Total		21,502,169

Consumer Staples – 5.5%
Beverages – 1.2%
Carlsberg A/S, Class B	11,898	866,184
Coca-Cola Co.	11,700	628,290
Diageo PLC, ADR	17,826	1,096,121
Molson Coors Brewing Co., Class B	13,380	651,338
PepsiCo, Inc.	23,600	1,384,376

Beverages Total		4,626,309

Food & Staples Retailing – 0.8%
Costco Wholesale Corp.	9,450	533,547
CVS Caremark Corp.	15,620	558,259
Tesco PLC	115,756	740,689
Wal-Mart Stores, Inc.	20,600	1,011,254

Food & Staples Retailing Total		2,843,749

Food Products – 0.7%
Hershey Co.	10,520	408,807
J.M. Smucker Co.	22,000	1,166,220
Nestle SA, Registered Shares	22,260	949,607

Food Products Total		2,524,634

Household Products – 0.9%
Colgate-Palmolive Co.	10,230	780,345
Procter & Gamble Co.	41,910	2,427,427

Household Products Total		3,207,772

Personal Products – 0.7%
Avon Products, Inc.	51,593	1,752,098
Estee Lauder Companies, Inc., Class A	10,870	403,060
Mead Johnson Nutrition Co., Class A	12,450	561,619

Personal Products Total		2,716,777

Tobacco – 1.2%
Japan Tobacco, Inc.	357	1,215,687
Philip Morris International, Inc.	63,824	3,110,782

Tobacco Total		4,326,469

Consumer Staples Total		20,245,710

Energy – 6.4%
Energy Equipment & Services – 1.2%
Halliburton Co.	27,534	746,722
Nabors Industries Ltd. (a)	91,970	1,922,173

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Energy (continued)
Energy Equipment & Services (continued)
Transocean Ltd. (a)	18,481	1,580,680

Energy Equipment & Services Total		4,249,575

Oil, Gas & Consumable Fuels – 5.2%
Alpha Natural Resources, Inc. (a)	30,250	1,061,775
Apache Corp.	24,450	2,245,244
BG Group PLC	56,220	978,417
Cairn Energy PLC (a)	14,821	660,995
Chevron Corp.	19,900	1,401,557
Devon Energy Corp.	11,430	769,582
EOG Resources, Inc.	15,800	1,319,458
Exxon Mobil Corp.	47,902	3,286,556
Hess Corp.	10,840	579,506
Marathon Oil Corp.	21,000	669,900
Newfield Exploration Co. (a)	22,100	940,576
Occidental Petroleum Corp.	28,000	2,195,200
Petroleo Brasileiro SA, ADR	22,534	1,034,311
Santos Ltd.	68,451	912,932
Williams Companies, Inc.	60,000	1,072,200

Oil, Gas & Consumable Fuels Total		19,128,209

Energy Total		23,377,784

Financials – 8.9%
Capital Markets – 1.8%
Bank of New York Mellon Corp.	34,600	1,003,054
Credit Suisse Group AG, Registered Shares	9,845	547,975
Goldman Sachs Group, Inc.	16,995	3,133,028
Morgan Stanley	65,870	2,034,066

Capital Markets Total		6,718,123

Commercial Banks – 3.0%
Banco Santander SA	31,823	514,126
BB&T Corp.	34,000	926,160
BNP Paribas	8,657	692,407
Fifth Third Bancorp.	62,600	634,138
Mitsubishi UFJ Financial Group, Inc.	153,300	820,044
National Bank of Greece SA (a)(b)	19,610	709,118
PNC Financial Services Group, Inc.	16,529	803,144
Raiffeisen International Bank Holding AG	30	1,958
Societe Generale	9,825	791,704
SunTrust Banks, Inc.	32,980	743,699
U.S. Bancorp	83,213	1,819,036
Wells Fargo & Co.	68,196	1,921,763
Zions Bancorporation	22,400	402,528

Commercial Banks Total		10,779,825


	Shares	Value ($)
Consumer Finance – 0.2%
American Express Co.	25,100	850,890

Consumer Finance Total		850,890

Diversified Financial Services – 1.3%
JPMorgan Chase & Co.	108,388	4,749,562

Diversified Financial Services Total		4,749,562

Insurance – 1.8%
ACE Ltd. (a)	17,299	924,805
Aon Corp.	15,300	622,557
Axis Capital Holdings Ltd.	29,700	896,346
Catlin Group Ltd.	58,230	327,014
Marsh & McLennan Companies, Inc.	23,600	583,628
Principal Financial Group, Inc.	13,100	358,809
Prudential Financial, Inc.	39,280	1,960,465
XL Capital Ltd., Class A	40,040	699,098

Insurance Total		6,372,722

Real Estate Investment Trusts (REITs) – 0.5%
Plum Creek Timber Co., Inc.	17,600	539,264
Rayonier, Inc.	14,800	605,468
Simon Property Group, Inc.	11,314	785,531

Real Estate Investment Trusts (REITs) Total		1,930,263

Thrifts & Mortgage Finance – 0.3%
Housing Development Finance Corp., Ltd.	18,709	1,068,198

Thrifts & Mortgage Finance Total		1,068,198

Financials Total		32,469,583

Health Care – 6.4%
Biotechnology – 1.1%
Amgen, Inc. (a)	23,740	1,429,860
Celgene Corp. (a)	11,800	659,620
CSL Ltd.	19,212	565,538
Gilead Sciences, Inc. (a)	18,300	852,414
Vertex Pharmaceuticals, Inc. (a)	13,100	496,490

Biotechnology Total		4,003,922

Health Care Equipment & Supplies – 0.9%
Baxter International, Inc.	24,340	1,387,624
Boston Scientific Corp. (a)	137,770	1,458,984
Hospira, Inc. (a)	5,670	252,882

Health Care Equipment & Supplies Total		3,099,490

Health Care Providers & Services – 0.7%
CIGNA Corp.	26,380	741,014
Medco Health Solutions, Inc. (a)	33,810	1,870,031

Health Care Providers & Services Total		2,611,045

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Health Care (continued)
Life Sciences Tools & Services – 1.4%
Covance, Inc. (a)	8,560	463,524
Life Technologies Corp. (a)	39,910	1,857,810
Qiagen N.V. (a)	49,096	1,042,250
Thermo Fisher Scientific, Inc. (a)	42,286	1,846,630

Life Sciences Tools & Services Total		5,210,214

Pharmaceuticals – 2.3%
Abbott Laboratories	25,670	1,269,895
Allergan, Inc.	15,790	896,240
Bristol-Myers Squibb Co.	47,100	1,060,692
Johnson & Johnson	24,920	1,517,379
Novartis AG, Registered Shares	20,438	1,025,997
Pfizer, Inc.	74,500	1,232,975
Roche Holding AG, Genusschein Shares	5,527	894,695
Schering-Plough Corp.	21,700	613,025

Pharmaceuticals Total		8,510,898

Health Care Total		23,435,569

Industrials – 6.3%
Aerospace & Defense – 1.7%
Goodrich Corp.	13,900	755,326
Honeywell International, Inc.	26,100	969,615
L-3 Communications Holdings, Inc.	7,450	598,384
Lockheed Martin Corp.	5,310	414,605
Precision Castparts Corp.	8,280	843,484
United Technologies Corp.	45,136	2,750,136

Aerospace & Defense Total		6,331,550

Air Freight & Logistics – 0.2%
FedEx Corp.	7,480	562,646

Air Freight & Logistics Total		562,646

Airlines – 0.2%
Ryanair Holdings PLC, ADR (a)	26,490	769,269

Airlines Total		769,269

Commercial Services & Supplies – 0.2%
Republic Services, Inc.	28,400	754,588

Commercial Services & Supplies Total		754,588

Construction & Engineering – 0.2%
KBR, Inc.	37,200	866,388

Construction & Engineering Total		866,388

Electrical Equipment – 0.6%
ABB Ltd., Registered Shares (a)	40,716	818,218
Dongfang Electrical Machinery Co., Ltd., Class H	115	573


	Shares	Value ($)
Vestas Wind Systems A/S (a)	16,189	1,176,008

Electrical Equipment Total		1,994,799

Industrial Conglomerates – 0.7%
General Electric Co.	82,255	1,350,627
Tyco International Ltd.	39,110	1,348,513

Industrial Conglomerates Total		2,699,140

Machinery – 1.4%
Dover Corp.	16,190	627,524
Eaton Corp.	8,200	464,038
Flowserve Corp.	7,580	746,933
GEA Group AG	23,725	495,030
Jain Irrigation Systems Ltd.	42,235	691,971
Navistar International Corp. (a)	12,367	462,773
PACCAR, Inc.	5,500	207,405
Parker Hannifin Corp.	7,520	389,837
Sandvik AB	54,925	607,889
SPX Corp.	8,550	523,859

Machinery Total		5,217,259

Professional Services – 0.3%
Manpower, Inc.	7,700	436,667
SGS SA, Registered Shares	369	497,061

Professional Services Total		933,728

Road & Rail – 0.3%
Con-way, Inc.	4,945	189,492
Norfolk Southern Corp.	13,010	560,861
Ryder System, Inc.	8,290	323,808

Road & Rail Total		1,074,161

Trading Companies & Distributors – 0.4%
Mitsui & Co., Ltd.	70,500	917,531
W.W. Grainger, Inc.	7,520	671,987

Trading Companies & Distributors Total		1,589,518

Transportation Infrastructure – 0.1%
Koninklijke Vopak NV (a)	7,519	488,864

Transportation Infrastructure Total		488,864

Industrials Total		23,281,910

Information Technology – 10.6%
Communications Equipment – 1.3%
Cisco Systems, Inc. (a)	94,135	2,215,938
CommScope, Inc. (a)	16,440	492,049
QUALCOMM, Inc.	37,250	1,675,505
Research In Motion Ltd.	6,400	432,320

Communications Equipment Total		4,815,812

Computers & Peripherals – 3.6%
Apple, Inc. (a)	15,510	2,875,089

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Information Technology (continued)
Computers & Peripherals (continued)
Asustek Computer, Inc.	487,722	834,782
Compal Electronics, Inc.	649,000	752,595
Dell, Inc. (a)	44,620	680,901
EMC Corp. (a)	170,290	2,901,742
Hewlett-Packard Co.	41,900	1,978,099
International Business Machines Corp.	26,960	3,224,685

Computers & Peripherals Total		13,247,893

Electronic Equipment, Instruments & Components – 0.1%
Corning, Inc.	27,380	419,188

Electronic Equipment, Instruments & Components Total		419,188

Internet Software & Services – 1.3%
Akamai Technologies, Inc. (a)	22,230	437,487
Baidu, Inc., ADR (a)	1,086	424,680
eBay, Inc. (a)	26,360	622,360
Equinix, Inc. (a)	6,600	607,200
Google, Inc., Class A (a)	5,051	2,504,538

Internet Software & Services Total		4,596,265

IT Services – 0.1%
Visa, Inc., Class A	5,920	409,131

IT Services Total		409,131

Semiconductors & Semiconductor Equipment – 2.5%
Analog Devices, Inc.	24,340	671,297
ASML Holding NV	24,156	712,335
Broadcom Corp., Class A (a)	21,140	648,787
Cypress Semiconductor Corp. (a)	18,760	193,791
Intel Corp.	84,520	1,654,056
Intersil Corp., Class A	27,600	422,556
KLA-Tencor Corp.	24,700	885,742
Lam Research Corp. (a)	22,519	769,249
Maxim Integrated Products, Inc.	26,750	485,245
Teradyne, Inc. (a)	47,750	441,688
Texas Instruments, Inc.	67,450	1,597,890
Tokyo Electron Ltd.	11,000	695,295

Semiconductors & Semiconductor Equipment Total		9,177,931

Software – 1.7%
Activision Blizzard, Inc. (a)	35,853	444,219
Adobe Systems, Inc. (a)	13,560	448,022
Autonomy Corp. PLC (a)	25,149	656,215
BMC Software, Inc. (a)	16,200	607,986
Microsoft Corp.	126,875	3,284,794


	Shares	Value ($)
Oracle Corp.	30,720	640,205

Software Total		6,081,441

Information Technology Total		38,747,661

Materials – 2.8%
Chemicals – 0.9%
Celanese Corp., Series A	17,720	443,000
Monsanto Co.	11,900	921,060
Potash Corp. of Saskatchewan, Inc.	3,600	325,224
Shin-Etsu Chemical Co., Ltd.	11,100	678,456
Syngenta AG, Registered Shares	2,280	523,442
Umicore	47	1,409
Yara International ASA	14,318	450,032

Chemicals Total		3,342,623

Containers & Packaging – 0.3%
Crown Holdings, Inc. (a)	22,440	610,368
Owens-Illinois, Inc. (a)	13,010	480,069

Containers & Packaging Total		1,090,437

Metals & Mining – 1.3%
BHP Billiton Ltd.	21,438	708,429
Freeport-McMoRan Copper & Gold, Inc. (a)	8,720	598,279
Newcrest Mining Ltd.	25,718	723,046
Nucor Corp.	19,800	930,798
Steel Dynamics, Inc.	40,410	619,890
United States Steel Corp.	30,400	1,348,848

Metals & Mining Total		4,929,290

Paper & Forest Products – 0.3%
Weyerhaeuser Co.	24,800	908,920

Paper & Forest Products Total		908,920

Materials Total		10,271,270

Telecommunication Services – 1.3%
Diversified Telecommunication Services – 0.8%
AT&T, Inc.	66,715	1,801,972
China Unicom Ltd.	306,000	428,106
Verizon Communications, Inc.	22,402	678,109

Diversified Telecommunication Services Total		2,908,187

Wireless Telecommunication Services – 0.5%
American Tower Corp., Class A (a)	18,950	689,780
Millicom International Cellular SA (a)	3,819	277,794

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Common Stocks (continued)


	Shares	Value ($)
Telecommunication Services (continued)
Wireless Telecommunication Services (continued)
Vodafone Group PLC	339,700	762,430

Wireless Telecommunication Services Total		1,730,004

Telecommunication Services Total		4,638,191

Utilities – 1.7%
Electric Utilities – 0.7%
American Electric Power Co., Inc.	24,700	765,453
Exelon Corp.	9,000	446,580
FPL Group, Inc.	21,200	1,170,876
Northeast Utilities	13,921	330,485

Electric Utilities Total		2,713,394

Independent Power Producers & Energy Traders – 0.5%
AES Corp. (a)	74,245	1,100,311
Iberdrola Renovables SA	107,425	529,027

Independent Power Producers & Energy Traders Total		1,629,338

Multi-Utilities – 0.4%
PG&E Corp.	25,348	1,026,340
Wisconsin Energy Corp.	11,000	496,870

Multi-Utilities Total		1,523,210

Water Utilities – 0.1%
Epure International Ltd.	892,000	357,582

Water Utilities Total		357,582

Utilities Total		6,223,524

Total Common Stocks (cost of $169,450,395)		204,193,371

Mortgage-Backed Securities – 14.1%
	Par ($)
Federal Home Loan Mortgage Corp.
4.500% 02/01/39	412,474	417,886
4.500% 04/01/39	794,719	805,067
5.000% 08/15/32	1,450,000	1,525,319
5.000% 05/15/33	1,400,000	1,475,018
5.000% 12/01/35	1,112,916	1,154,001
5.000% 06/01/36	1,089,086	1,127,760
5.000% 07/01/38	1,711,000	1,770,592
5.000% 11/01/38	2,412,707	2,496,740
5.000% 05/01/39	1,324,651	1,370,655
5.000% 08/01/39	1,372,665	1,420,337
5.500% 07/01/21	1,848,696	1,960,629
5.500% 12/01/37	4,159,455	4,359,845


	Par ($)	Value ($)
5.500% 01/01/39	958,292	1,004,405
6.500% 07/01/14	22,974	24,563
6.500% 12/01/14	22,646	24,212
6.500% 06/01/29	26,427	28,485
6.500% 01/01/30	68,178	73,486
6.500% 11/01/37	1,353,566	1,444,701
7.000% 11/01/29	42,769	47,034
7.000% 01/01/30	4,012	4,412
8.000% 07/01/20	18,584	20,069

Federal National Mortgage Association
5.000% 05/01/37	1,550,957	1,604,578
5.500% 05/01/36	2,084,708	2,186,446
5.500% 11/01/36	2,003,015	2,100,767
5.500% 02/01/37	670,933	703,152
5.500% 10/01/38	949,999	995,174
6.000% 11/01/35	313,284	332,101
6.000% 09/01/36	855,110	904,867
6.000% 06/01/38	2,263,222	2,390,895
6.000% 03/01/39	2,562,645	2,709,357
6.500% 04/01/11	62,853	65,800
6.500% 05/01/11	211,508	221,426
6.500% 11/01/25	3	3
6.500% 08/01/34	338,069	363,439
6.500% 11/01/36	1,445,596	1,548,429
6.500% 06/01/38	1,350,501	1,445,725
7.000% 08/15/23	121,793	133,999
7.000% 07/01/32	12,157	13,398
7.000% 01/01/37	75,052	82,084
7.000% 07/01/37	495,970	541,775
TBA:
5.000% 10/01/39 (c)	2,880,000	2,974,499
5.500% 10/01/39 (c)	2,820,000	2,949,545

Government National Mortgage Association
5.000% 08/15/39	1,373,471	1,424,418
5.500% 02/15/37	2,596,520	2,730,808
6.000% 12/15/37	709,540	750,671

Total Mortgage-Backed Securities (cost of $50,094,657)		51,728,572

Corporate Fixed-Income Bonds & Notes – 10.9%
Basic Materials – 0.3%
Chemicals – 0.1%
EI Du Pont de Nemours & Co.
5.000% 07/15/13	230,000	250,541

Chemicals Total		250,541

Iron/Steel – 0.1%
Nucor Corp.
5.850% 06/01/18	380,000	416,131

Iron/Steel Total		416,131

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)	Value ($)
Basic Materials (continued)
Metals & Mining – 0.1%
Vale Overseas Ltd.
6.250% 01/23/17	500,000	535,296

Metals & Mining Total		535,296

Basic Materials Total		1,201,968

Communications – 1.2%
Media – 0.3%
Comcast Corp.
7.050% 03/15/33	475,000	538,681

News America, Inc.
6.550% 03/15/33	495,000	506,632

Viacom, Inc.
6.125% 10/05/17	225,000	240,925

Media Total		1,286,238

Telecommunication Services – 0.9%
AT&T, Inc.
4.950% 01/15/13	650,000	693,030

British Telecommunications PLC
5.150% 01/15/13	400,000	416,722

Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14 (b)(d)	625,000	675,426

New Cingular Wireless Services, Inc.
8.750% 03/01/31	315,000	417,268

Telefonica Emisiones SAU
5.984% 06/20/11	550,000	586,026

Vodafone Group PLC
5.750% 03/15/16	370,000	396,489

Telecommunication Services Total		3,184,961

Communications Total		4,471,199

Consumer Cyclical – 0.2%
Retail – 0.2%
CVS Caremark Corp.
6.125% 09/15/39	450,000	457,750

Wal-Mart Stores, Inc.
5.800% 02/15/18	350,000	393,151

Retail Total		850,901

Consumer Cyclical Total		850,901


	Par ($)	Value ($)
Consumer Non-cyclical – 0.7%
Beverages – 0.2%
Bottling Group LLC
6.950% 03/15/14	300,000	349,635

Miller Brewing Co.
5.500% 08/15/13 (b)(d)	441,000	466,065

Beverages Total		815,700

Food – 0.1%
Campbell Soup Co.
4.500% 02/15/19	205,000	210,349

ConAgra Foods, Inc.
6.750% 09/15/11	33,000	36,008

Food Total		246,357

Healthcare Services – 0.2%
Roche Holdings, Inc.
6.000% 03/01/19 (b)(d)	560,000	623,358

Healthcare Services Total		623,358

Pharmaceuticals – 0.2%
Express Scripts, Inc.
5.250% 06/15/12	385,000	408,693

Wyeth
5.500% 02/01/14	480,000	524,211

Pharmaceuticals Total		932,904

Consumer Non-cyclical Total		2,618,319

Energy – 1.1%
Oil & Gas – 0.5%
Canadian Natural Resources Ltd.
5.700% 05/15/17	400,000	425,088

Chevron Corp.
4.950% 03/03/19	400,000	426,956

Nexen, Inc.
5.875% 03/10/35	475,000	435,036

Talisman Energy, Inc.
6.250% 02/01/38	465,000	474,363

Oil & Gas Total		1,761,443

Oil & Gas Services – 0.2%
Halliburton Co.
5.900% 09/15/18	325,000	356,685

Weatherford International Ltd.
5.150% 03/15/13	340,000	357,133

Oil & Gas Services Total		713,818

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)	Value ($)
Energy (continued)
Pipelines – 0.4%
Enterprise Products Operating LLC
4.600% 08/01/12	350,000	362,654

Plains All American Pipeline LP/PAA Finance Corp.
6.650% 01/15/37	365,000	384,450

TransCanada Pipelines Ltd.
6.350% 05/15/67 (e)	640,000	560,730

Pipelines Total		1,307,834

Energy Total		3,783,095

Financials – 5.5%
Banks – 3.3%
ANZ National International Ltd.
6.200% 07/19/13 (b)(d)	650,000	711,245

Bank of New York Mellon Corp.
5.125% 08/27/13	650,000	702,619

Capital One Financial Corp.
5.500% 06/01/15	675,000	699,009

Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (b)(d)	1,360,000	1,345,912

Citigroup Funding, Inc.
2.000% 03/30/12 (f)	1,500,000	1,516,437

Credit Suisse/New York NY
6.000% 02/15/18	700,000	732,869

Deutsche Bank AG London
4.875% 05/20/13	475,000	505,955

Goldman Sachs Group, Inc.
6.345% 02/15/34	515,000	472,966

HSBC Capital Funding LP
9.547% 12/31/49 (b)(d)(e)	765,000	772,650

JPMorgan Chase & Co.
6.000% 01/15/18	800,000	858,660

Keycorp
6.500% 05/14/13	520,000	532,310

Merrill Lynch & Co., Inc.
6.050% 08/15/12 (g)	725,000	773,203

Morgan Stanley
6.750% 04/15/11	310,000	330,545

Northern Trust Corp.
4.625% 05/01/14	605,000	643,750


	Par ($)	Value ($)
U.S. Bank N.A.
6.300% 02/04/14	650,000	727,654

Wachovia Corp.
4.875% 02/15/14	650,000	662,108

Banks Total		11,987,892

Commercial Banks – 0.2%
Barclays Bank PLC
6.750% 05/22/19	700,000	782,905

Commercial Banks Total		782,905

Diversified Financial Services – 0.9%
AGFC Capital Trust I
6.000% 01/15/67 (b)(d)(e)	725,000	290,000

Ameriprise Financial, Inc.
7.300% 06/28/19	435,000	479,532

General Electric Capital Corp.
2.250% 03/12/12 (f)	1,500,000	1,527,088
5.000% 01/08/16	755,000	757,727

Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (h)(i)	750,000	133,125

Diversified Financial Services Total		3,187,472

Insurance – 0.8%
Chubb Corp.
5.750% 05/15/18	375,000	411,338

Lincoln National Corp.
8.750% 07/01/19	485,000	560,935

MetLife, Inc.
6.817% 08/15/18	515,000	573,196

Principal Life Income Funding Trusts
5.300% 04/24/13	500,000	512,943

Prudential Financial, Inc.
6.100% 06/15/17	485,000	487,140

UnitedHealth Group, Inc.
5.250% 03/15/11	376,000	390,786

Insurance Total		2,936,338

Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
7.375% 02/15/15	450,000	464,105

Health Care Property Investors, Inc.
6.450% 06/25/12	500,000	515,483

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)	Value ($)
Financials (continued)
Real Estate Investment Trusts (REITs) (continued)
Simon Property Group LP
5.750% 12/01/15	350,000	358,019

Real Estate Investment Trusts (REITs) Total		1,337,607

Financials Total		20,232,214

Industrials – 0.4%
Aerospace & Defense – 0.1%
United Technologies Corp.
5.375% 12/15/17	350,000	381,842

Aerospace & Defense Total		381,842

Miscellaneous Manufacturing – 0.1%
Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19	179,000	193,775

Miscellaneous Manufacturing Total		193,775

Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36	390,000	436,926

Norfolk Southern Corp.
5.750% 04/01/18	450,000	489,489

Transportation Total		926,415

Industrials Total		1,502,032

Technology – 0.3%
Networking Products – 0.2%
Cisco Systems, Inc.
4.950% 02/15/19	525,000	551,870

Networking Products Total		551,870

Software – 0.1%
Oracle Corp.
6.500% 04/15/38	325,000	376,718

Software Total		376,718

Technology Total		928,588

Utilities – 1.2%
Electric – 0.9%
Commonwealth Edison Co.
5.950% 08/15/16	350,000	381,612

Consolidated Edison Co. of New York
5.850% 04/01/18	350,000	381,511


	Par ($)	Value ($)
Dominion Resources, Inc.
5.200% 08/15/19	460,000	477,626
Indiana Michigan Power Co.
5.650% 12/01/15	523,000	552,975

Pacific Gas & Electric Co.
5.800% 03/01/37	510,000	552,128

Progress Energy, Inc.
7.750% 03/01/31	325,000	406,808

Southern California Edison Co.
5.000% 01/15/14	450,000	483,613

Electric Total		3,236,273

Gas – 0.3%
Atmos Energy Corp.
6.350% 06/15/17	400,000	433,866

Sempra Energy
6.500% 06/01/16	450,000	497,449

Gas Total		931,315

Utilities Total		4,167,588

Total Corporate Fixed-Income Bonds & Notes (cost of $39,103,330)		39,755,904

Government & Agency Obligations – 6.2%
Foreign Government Obligations – 0.7%
Province of Ontario
5.450% 04/27/16	900,000	1,005,589

Province of Quebec
4.625% 05/14/18	760,000	792,083

United Mexican States
7.500% 04/08/33	575,000	682,812

Foreign Government Obligations Total		2,480,484

U.S. Government Agencies – 1.0%
Federal Home Loan Bank
5.500% 08/13/14	2,055,000	2,329,012

Federal Home Loan Mortgage Corp.
3.125% 10/25/10 (j)	95,000	97,573
5.500% 08/23/17	1,300,000	1,479,839

U.S. Government Agencies Total		3,906,424

U.S. Government Obligations – 4.5%
U.S. Treasury Bond
5.375% 02/15/31	7,781,000	9,244,801

U.S. Treasury Inflation Indexed Bond
3.500% 01/15/11	2,678,949	2,788,620

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Government & Agency Obligations (continued)


	Par ($)	Value ($)
U.S. Government Obligations (continued)
U.S. Treasury Note
0.875% 04/30/11	4,420,000	4,432,084

U.S. Government Obligations Total		16,465,505

Total Government & Agency Obligations (cost of $21,643,276)		22,852,413

Commercial Mortgage-Backed Securities – 4.6%
Bear Stearns Commercial Mortgage Securities
5.6947% 09/11/38 (10/01/09) (e)(k)	1,500,000	1,516,774

Citigroup/Deutsche Bank Commercial Mortgage Trust
5.366% 12/11/49 (10/01/09) (e)(k)	1,010,000	686,209

GE Capital Commercial Mortgage Corp.
4.819% 01/10/38	1,375,000	1,408,768

Greenwich Capital Commercial Funding Corp.
5.918% 07/10/38 (10/01/09) (e)(k)	1,500,000	1,372,349

JPMorgan Chase Commercial Mortgage Securities Corp.
4.780% 07/15/42	630,000	531,533
5.201% 08/12/37 (10/01/09) (e)(k)	750,000	780,784
5.440% 06/12/47	2,040,000	1,752,759
5.447% 06/12/47	1,023,000	917,695
5.525% 04/15/43 (10/01/09) (e)(k)	2,902,000	2,213,675

LB-UBS Commercial Mortgage Trust
6.510% 12/15/26	2,827,399	2,922,371

Morgan Stanley Capital I
5.385% 03/12/44 (10/01/09) (e)(k)	2,800,000	2,677,552

Total Commercial Mortgage-Backed Securities (cost of $17,503,343)		16,780,469

Collateralized Mortgage Obligations – 2.2%
Agency – 0.4%
Federal Home Loan Mortgage Corp.
4.500% 08/15/28	380,000	397,622

Federal National Mortgage Association
5.000% 12/25/15	952,573	968,144

Agency Total		1,365,766


	Par ($)	Value ($)
Non-Agency – 1.8%
Bear Stearns Adjustable Rate Mortgage Trust
5.426% 02/25/47 (10/01/09) (e)(k)	1,088,663	657,591

Countrywide Alternative Loan Trust
5.250% 03/25/35	1,354,795	1,078,332
5.250% 08/25/35	284,340	236,573
5.500% 10/25/35	983,941	742,776

JPMorgan Mortgage Trust
6.007% 10/25/36 (10/01/09) (e)(k)	1,711,819	1,402,434

Lehman Mortgage Trust
6.500% 01/25/38	1,541,332	1,107,833

Residential Asset Securitization Trust
4.500% 08/25/34	1,292,015	1,130,675

Washington Mutual Alternative Mortgage Pass-Through Certificates
5.500% 07/25/35	523,799	439,277

Non-Agency Total		6,795,491

Total Collateralized Mortgage Obligations (cost of $10,163,525)		8,161,257

Asset-Backed Securities – 1.7%
Citicorp Residential Mortgage Securities, Inc.
6.080% 06/25/37	1,050,000	961,924

Ford Credit Auto Owner Trust
5.470% 06/15/12	1,470,000	1,549,140

Franklin Auto Trust
5.360% 05/20/16	1,890,000	1,898,916

Green Tree Financial Corp.
6.870% 01/15/29	279,577	264,283

Harley-Davidson Motorcycle Trust
5.350% 03/15/13	1,434,375	1,480,965

Total Asset-Backed Securities (cost of $6,116,392)		6,155,228

Convertible Preferred Stocks – 0.3%
	Shares
Health Care – 0.1%
Pharmaceuticals – 0.1%
Schering-Plough Corp., 6.000%	1,800	436,860

Pharmaceuticals Total		436,860

Health Care Total		436,860

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

Convertible Preferred Stocks (continued)


	Shares	Value ($)
Materials – 0.2%
Metals & Mining – 0.2%
Freeport-McMoRan Copper & Gold, Inc., 6.750%	8,400	865,200

Metals & Mining Total		865,200

Materials Total		865,200

Total Convertible Preferred Stocks (cost of $804,658)		1,302,060


Rights – 0.0%
	Units
Financials – 0.0%
BNP Paribas Ltd. Expires 10/13/09	8,657	18,749

Financials Total		18,749

Total Rights (cost of $—)		18,749

Short-Term Obligation – 5.3%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/09, due 10/01/09, at 0.010%, collateralized by U.S. Government Agency obligations with various maturities to 01/22/18, market value $19,680,011 (repurchase proceeds $19,281,005)	19,281,000	19,281,000

Total Short-Term Obligation (cost of $19,281,000)		19,281,000

Total Investments – 101.1% (cost of $334,160,576) (l)		370,229,023

Other Assets & Liabilities, Net – (1.1)%		(4,192,230	)

Net Assets – 100.0%		366,036,793

Notes to Investment Portfolio:

(a)	Non-income producing security.

(b)	Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration. At September 30, 2009, the value of these securities amounted to $5,593,774, which represents 1.5% of net assets.


Security	Acquisition Date	Par/Shares		Acquisition Cost		Market Value
AGFC Capital Trust I, 6.000%, 01/15/67	01/17/2007	$	725,000	$	723,238	$	290,000
ANZ National International Ltd., 6.200%, 07/19/13	04/27/2009 - 05/19/2009		650,000		657,050		711,245
Citicorp Lease Pass-Through Trust, 8.040%, 12/15/19	01/06/2000 & 04/12/2001		1,360,000		1,371,414		1,345,912
HSBC Capital Funding LP, 9.547%, 12/31/49	01/02/2003		765,000		935,875		772,650
Miller Brewing Co., 5.500%, 08/15/13	06/09/2009		441,000		450,971		466,065
National Bank of Greece SA	07/05/06 - 02/26/09		19,610		622,109		709,118
Roche Holdings, Inc., 6.000%, 03/01/19	07/30/2009		560,000		609,022		623,358
Cellco Partnership/ Verizon Wireless Capital LLC, 5.550%, 02/01/14	01/30/2009		625,000		649,925		675,426

						$	5,593,774

(c)	Security, or a portion thereof, purchased on a delayed delivery basis.

(d)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, the value of these securities, which are not illiquid, amounted to $4,884,656, which represents 1.3% of net assets.

(e)	The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2009.

(f)	Security is guaranteed by the Federal Deposit Insurance Company.

(g)	Investments in affiliates during the twelve months ended September 30, 2009:

Security name: Merrill Lynch & Co., Inc., 6.050%, 08/15/12


Par as of 09/30/08:	$	725,000
Par purchased:	$	—
Par sold:	$	—
Par as of 09/30/09:	$	725,000
Net realized gain (loss):	$	—
Interest income earned:	$	43,863
Value at end of period:	$	773,203

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

(h)	The issuer has filed for bankruptcy protection under Chapter 11 and is in default of certain debt covenants. Income is not being accrued. At September 30, 2009, the value of this security amounted to $133,125 which represents less than 0.1% of net assets.

(i)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of this security amounted to $133,125, which represents less than 0.1% of net assets.

(j)	All of this security with a market value of $97,573 is pledged as collateral for open futures contracts.

(k)	Parenthetical date represents the next reset date for the security.

(l)	Cost for federal income tax purposes is $337,401,198.

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2009

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


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobser- vable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	17,185,082	$	4,317,087	$	—	$	21,502,169
Consumer Staples		16,473,543		3,772,167		—		20,245,710
Energy		20,825,440		2,552,344		—		23,377,784
Financials		26,997,039		5,472,544		—		32,469,583
Health Care		19,907,089		3,528,480		—		23,435,569
Industrials		17,588,765		5,693,145		—		23,281,910
Information Technology		35,096,439		3,651,222		—		38,747,661
Materials		7,186,456		3,084,814		—		10,271,270
Telecommunication Services		3,447,655		1,190,536		—		4,638,191
Utilities		5,336,915		886,609		—		6,223,524

Total Common Stocks		170,044,423		34,148,948		—		204,193,371

Mortgage-Backed Securities		5,924,044		45,804,528		—		51,728,572

Corporate Fixed-Income Bonds & Notes
Basic Materials		—		1,201,968		—		1,201,968
Communication		—		4,471,199		—		4,471,199
Consumer Cyclical		—		850,901		—		850,901
Consumer Non-Cyclical		—		2,618,319		—		2,618,319
Energy		—		3,783,095		—		3,783,095
Financials		—		20,232,214		—		20,232,214
Industrials		—		1,502,032		—		1,502,032
Technology		—		928,588		—		928,588
Utilities		—		4,167,588		—		4,167,588

Total Corporate Fixed-Income Bonds & Notes		—		39,755,904		—		39,755,904

Total Government & Agency Obligations		16,465,505		6,386,908		—		22,852,413

Total Commercial Mortgage-Backed Securities		—		16,780,469		—		16,780,469

Total Collateralized Mortgage Obligations		—		8,161,257		—		8,161,257

Total Asset-Backed Securities		—		6,155,228		—		6,155,228

Total Convertible Preferred Stock		1,302,060		—		—		1,302,060

Total Rights		—		18,749		—		18,749

Total Short- Term Obligation		—		19,281,000		—		19,281,000

Total Investments		193,736,032		176,492,991		—		370,229,023

Total Futures Contracts		38,618		—		—		38,618

Total	$	193,774,650	$	176,492,991	$	—	$	370,267,641

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.

At September 30, 2009, the Fund held the following open long futures contracts:

Equity Risk


Type	Number of Contracts	Value		Aggregate Face Value		Expiration Date	Unrealized Appreciation
S&P 500 Index Futures	33	$	8,686,425	$	8,647,807	Dec–09	$	38,618

At September 30, 2009, cash of $1,415,000 was pledged as collateral for open futures contracts.

At September 30, 2009, the asset allocation of the Fund is as follows:


Asset Allocation (Unaudited)	% of Net Assets
Common Stocks	55.8
Mortgage-Backed Securities	14.1
Corporate Fixed-Income Bonds & Notes	10.9
Government & Agency Obligations	6.2
Commercial Mortgage-Backed Securities	4.6
Collateralized Mortgage Obligations	2.2
Asset-Backed Securities	1.7
Convertible Preferred Stocks	0.3
Rights	0.0	*

	95.8
Short-Term Obligation	5.3
Other Assets & Liabilities, Net	(1.1	)

	100.0

* Rounds to less than 0.1%


Acronym		Name
ADR		American Depositary Receipt
TBA		To Be Announced

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Liberty Fund

September 30, 2009


		($)
Assets	Unaffiliated investments, at identified cost	333,435,576
	Affiliated investments, at identified cost	725,000

	Total investments, at identified cost	334,160,576

	Unaffiliated investments, at value	369,455,820
	Affiliated investments, at value	773,203

	Total investments, at value	370,229,023

	Cash	16,723
	Cash collateral for open futures contracts	1,415,000
	Foreign currency (cost of $235,036)	236,300
	Receivable for:
	Investments sold	1,915,268
	Fund shares sold	96,659
	Dividends	224,985
	Interest	998,966
	Foreign tax reclaims	54,395
	Trustees’ deferred compensation plan	84,049
	Other assets	10,972

	Total Assets	375,282,340

Liabilities	Payable for:
	Investments purchased	2,354,325
	Investments purchased on a delayed delivery basis	5,903,073
	Fund shares repurchased	335,381
	Futures variation margin	15,675
	Foreign capital gains tax withheld	70,593
	Investment advisory fee	164,497
	Pricing and bookkeeping fees	11,889
	Transfer agent fee	94,730
	Trustees’ fees	833
	Audit fee	50,675
	Custody fee	24,000
	Distribution and service fees	82,210
	Chief compliance officer expenses	176
	Trustees’ deferred compensation plan	84,049
	Other liabilities	53,441

	Total Liabilities	9,245,547


	Net Assets	366,036,793

Net Assets Consist of	Paid-in capital	411,078,483
	Undistributed net investment income	376,153
	Accumulated net realized loss	(81,459,452	)
	Net unrealized appreciation (depreciation) on:
	Investments	36,068,447
	Foreign currency translations	5,137
	Futures contracts	38,618
	Foreign capital gains tax	(70,593	)

	Net Assets	366,036,793

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Liberty Fund

September 30, 2009



Class A	Net assets	$	348,921,545
	Shares outstanding		49,485,664
	Net asset value per share	$	7.05	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($7.05/0.9425)	$	7.48	(b)

Class B	Net assets	$	11,965,433
	Shares outstanding		1,689,119
	Net asset value and offering price per share	$	7.08	(a)

Class C	Net assets	$	4,247,196
	Shares outstanding		601,254
	Net asset value and offering price per share	$	7.06	(a)

Class Z	Net assets	$	902,619
	Shares outstanding		118,917
	Net asset value, offering and redemption price per share	$	7.59

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

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

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Liberty Fund

For the Year Ended September 30, 2009


		($)
Investment Income	Dividends	4,626,044
	Interest	7,399,011
	Interest from affiliates	43,863
	Securities lending	40
	Foreign taxes withheld	(87,380	)

	Total Investment Income	11,981,578

Expenses	Investment advisory fee	1,869,229
	Distribution fee:
	Class B	111,573
	Class C	27,289
	Service fee:
	Class A	772,410
	Class B	35,911
	Class C	8,750
	Pricing and bookkeeping fees	114,555
	Transfer agent fee	660,040
	Trustees’ fees	32,502
	Custody fee	146,319
	Chief compliance officer expenses	689
	Other expenses	309,925

	Total Expenses	4,089,192
	Expense reductions	(210	)

	Net Expenses	4,088,982


	Net Investment Income	7,892,596

Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions	Net realized gain (loss) on:
	Investments	(65,032,936	)
	Net realized loss on violation of investment restriction (See Note 11)	(7,944	)
	Foreign currency transactions	(57,022	)
	Futures contracts	(951,729	)
	Reimbursement of realized loss on violation of investment restriction (See Note 11)	7,944

	Net realized loss	(66,041,687	)

	Net change in unrealized appreciation (depreciation) on:
	Investments	53,330,019
	Foreign currency translations	12,894
	Futures contracts	339,470
	Foreign capital gains tax	(70,593	)

	Net change in unrealized appreciation (depreciation)	53,611,790

	Net Loss	(12,429,897	)


	Net Decrease Resulting from Operations	(4,537,301	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Liberty Fund


		Year Ended September 30,
Increase (Decrease) in Net Assets		2009 ($)		2008 ($)
Operations	Net investment income	7,892,596		10,945,918
	Net realized loss on investments, foreign currency transactions, futures contracts and written options	(66,041,687	)	(7,821,536	)
	Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and written options	53,611,790		(87,478,094	)

	Net decrease resulting from operations	(4,537,301	)	(84,353,712	)

Distributions to Shareholders	From net investment income:
	Class A	(7,937,444	)	(11,104,201	)
	Class B	(263,578	)	(319,877	)
	Class C	(62,787	)	(50,399	)
	Class Z	(19,444	)	(23,222	)
	From net realized gains:
	Class A	—		(50,512,404	)
	Class B	—		(4,495,161	)
	Class C	—		(525,979	)
	Class Z	—		(76,984	)

	Total distributions to shareholders	(8,283,253	)	(67,108,227	)

	Net Capital Stock Transactions	(44,655,167	)	(14,970,215	)

	Total decrease in net assets	(57,475,721	)	(166,432,154	)

Net Assets
	Beginning of period	423,512,514		589,944,668
	End of period	366,036,793		423,512,514
	Undistributed net investment income at end of period	376,153		301,747

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued)– Columbia Liberty Fund


	Capital Stock Activity
	Year Ended September 30, 2009				Year Ended September 30, 2008
	Shares		Dollars ($)		Shares		Dollars ($)
Class A
Subscriptions	1,615,185		9,816,547		2,207,022		18,516,910
Distributions reinvested	1,176,047		7,279,444		6,558,485		56,303,542
Redemptions	(8,541,579	)	(52,173,187	)	(8,818,413	)	(73,218,546	)

Net increase (decrease)	(5,750,347	)	(35,077,196	)	(52,906	)	1,601,906

Class B
Subscriptions	82,928		496,044		111,331		919,752
Distributions reinvested	41,084		251,924		532,903		4,631,736
Redemptions	(1,730,218	)	(10,553,453	)	(2,674,631	)	(22,456,168	)

Net decrease	(1,606,206	)	(9,805,485	)	(2,030,397	)	(16,904,680	)

Class C
Subscriptions	121,898		763,588		82,775		692,833
Distributions reinvested	9,606		59,444		63,240		546,221
Redemptions	(104,380	)	(644,439	)	(139,553	)	(1,145,539	)

Net increase	27,124		178,593		6,462		93,515

Class Z
Subscriptions	23,681		151,192		21,569		191,142
Distributions reinvested	2,750		18,379		10,734		98,502
Redemptions	(17,473	)	(120,650	)	(5,649	)	(50,600	)

Net increase	8,958		48,921		26,654		239,044

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Liberty Fund

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


	Year Ended September 30,
Class A Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.15		$	9.63		$	8.79		$	8.36		$	7.68

Income from Investment Operations:
Net investment income (a)		0.15			0.18			0.19			0.18			0.15
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		(0.10	)		(1.53	)		1.12			0.44			0.70

Total from investment operations		0.05			(1.35	)		1.31			0.62			0.85

Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.20	)		(0.21	)		(0.19	)		(0.17	)
From net realized gains		—			(0.93	)		(0.26	)		—			—

Total distributions to shareholders		(0.15	)		(1.13	)		(0.47	)		(0.19	)		(0.17	)

Net Asset Value, End of Period	$	7.05		$	7.15		$	9.63		$	8.79		$	8.36
Total return (b)		1.07	%(h)		(15.83	)%		15.29	%		7.47	%(c)(d)		11.12	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.16	%(e)		1.03	%(f)		1.04	%(e)		1.03	%(e)		1.13	%(e)
Interest expense		—			—	%(g)		—			—			—
Net expenses		1.16	%(e)		1.03	%(f)		1.04	%(e)		1.03	%(e)		1.13	%(e)
Waiver/Reimbursement		—			—			—			0.01	%		0.01	%
Net investment income		2.36	%(e)		2.18	%(f)		2.06	%(e)		2.07	%(e)		1.88	%(e)
Portfolio turnover rate		105	%		88	%		106	%		98	%		83	%
Net assets, end of period (000s)	$	348,922		$	394,884		$	532,413		$	514,826		$	545,773

(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 and no initial sales charge or contingent deferred sales charge.

(c)	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%.

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

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

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

(g)	Rounds to less than 0.01%.

(h)	Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. This reimbursement had an impact of less than 0.01% on total return.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Liberty Fund

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


	Year Ended September 30,
Class B Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.18		$	9.62		$	8.78		$	8.36		$	7.68

Income from Investment Operations:
Net investment income (a)		0.10			0.12			0.12			0.11			0.09
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		(0.09	)		(1.54	)		1.12			0.43			0.70

Total from investment operations		0.01			(1.42	)		1.24			0.54			0.79

Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.09	)		(0.14	)		(0.12	)		(0.11	)
From net realized gains		—			(0.93	)		(0.26	)		—			—

Total distributions to shareholders		(0.11	)		(1.02	)		(0.40	)		(0.12	)		(0.11	)

Net Asset Value, End of Period	$	7.08		$	7.18		$	9.62		$	8.78		$	8.36
Total return (b)		0.32	%(h)		(16.51	)%		14.46	%		6.55	%(c)(d)		10.30	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.91	%(e)		1.78	%(f)		1.79	%(e)		1.78	%(e)		1.88	%(e)
Interest expense		—			—	%(g)		—			—			—
Net expenses		1.91	%(e)		1.78	%(f)		1.79	%(e)		1.78	%(e)		1.88	%(e)
Waiver/Reimbursement		—			—			—			0.01	%		0.01	%
Net investment income		1.67	%(e)		1.39	%(f)		1.28	%(e)		1.31	%(e)		1.14	%(e)
Portfolio turnover rate		105	%		88	%		106	%		98	%		83	%
Net assets, end of period (000s)	$	11,965		$	23,672		$	51,229		$	85,766		$	130,724

(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 and no contingent deferred sales charge.

(c)	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%.

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

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

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

(g)	Rounds to less than 0.01%.

(h)	Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. This reimbursement had an impact of less than 0.01% on total return.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Liberty Fund

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


	Year Ended September 30,
Class C Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.16		$	9.59		$	8.76		$	8.34		$	7.66

Income from Investment Operations:
Net investment income (a)		0.10			0.12			0.12			0.11			0.09
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		(0.09	)		(1.53	)		1.11			0.43			0.70

Total from investment operations		0.01			(1.41	)		1.23			0.54			0.79

Less Distributions to Shareholders:
From net investment income		(0.11	)		(0.09	)		(0.14	)		(0.12	)		(0.11	)
From net realized gains		—			(0.93	)		(0.26	)		—			—

Total distributions to shareholders		(0.11	)		(1.02	)		(0.40	)		(0.12	)		(0.11	)

Net Asset Value, End of Period	$	7.06		$	7.16		$	9.59		$	8.76		$	8.34
Total return (b)		0.33	%(h)		(16.46	)%		14.38	%		6.56	%(c)(d)		10.33	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.91	%(e)		1.78	%(f)		1.79	%(e)		1.78	%(e)		1.88	%(e)
Interest expense		—			—	%(g)		—			—			—
Net expenses		1.91	%(e)		1.78	%(f)		1.79	%(e)		1.78	%(e)		1.88	%(e)
Waiver/Reimbursement		—			—			—			0.01	%		0.01	%
Net investment income		1.60	%(e)		1.43	%(f)		1.31	%(e)		1.31	%(e)		1.13	%(e)
Portfolio turnover rate		105	%		88	%		106	%		98	%		83	%
Net assets, end of period (000s)	$	4,247		$	4,112		$	5,447		$	5,076		$	5,478

(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 and no contingent deferred sales charge.

(c)	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%.

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

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

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

(g)	Rounds to less than 0.01%.

(h)	Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. This reimbursement had an impact of less than 0.01% on total return.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Liberty Fund

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


	Year Ended September 30,
Class Z Shares	2009			2008			2007			2006			2005
Net Asset Value, Beginning of Period	$	7.68		$	10.28		$	9.34		$	8.88		$	8.15

Income from Investment Operations:
Net investment income (a)		0.17			0.22			0.22			0.21			0.18
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		(0.09	)		(1.65	)		1.21			0.46			0.74

Total from investment operations		0.08			(1.43	)		1.43			0.67			0.92

Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.24	)		(0.23	)		(0.21	)		(0.19	)
From net realized gains		—			(0.93	)		(0.26	)		—			—

Total distributions to shareholders		(0.17	)		(1.17	)		(0.49	)		(0.21	)		(0.19	)

Net Asset Value, End of Period	$	7.59		$	7.68		$	10.28		$	9.34		$	8.88
Total return (b)		1.35	%(h)		(15.67	)%		15.72	%		7.60	%(c)(d)		11.33	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.92	%(e)		0.79	%(f)		0.80	%(e)		0.79	%(e)		0.90	%(e)
Interest expense		—			—	%(g)		—			—			—
Net expenses		0.92	%(e)		0.79	%(f)		0.80	%(e)		0.79	%(e)		0.90	%(e)
Waiver/Reimbursement		—			—			—			0.01	%		0.01	%
Net investment income		2.58	%(e)		2.44	%(f)		2.29	%(e)		2.34	%(e)		2.11	%(e)
Portfolio turnover rate		105	%		88	%		106	%		98	%		83	%
Net assets, end of period (000s)	$	903		$	845		$	856		$	1,175		$	700

(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)	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%.

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

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

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

(g)	Rounds to less than 0.01%.

(h)	Total return includes a reimbursement of a loss experienced by the Fund due to a compliance violation. This reimbursement had an impact of less than 0.01% on total return.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Liberty Fund

September 30, 2009

Note 1. Organization

Columbia Liberty Fund (the “Fund”), a series of Columbia Funds Series Trust I (the “Trust”), is a diversified portfolio. The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

Investment Objective

The Fund seeks total return, consisting of current income and long-term capital appreciation.

Fund Shares

The Trust may issue an unlimited number of shares, and the Fund offers four classes of shares: Class A, Class B, Class C and Class Z. Each share class has its own expense structure and sales charges, as applicable. Effective June 22, 2009, the Fund no longer accepts investments in Class B shares from new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund, and exchanges by existing Class B shareholders of other Columbia Funds.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the amount of initial investment. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (“CDSC”) if the shares are sold within one year after purchase. Class B shares are subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will convert to Class A shares eight years after purchase. Class C shares are subject to a 1.00% CDSC on shares sold within one year after purchase. Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of Class Z shares, as described in the Fund’s prospectus.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management has evaluated the events and transactions that have occurred through November 20, 2009, the date the financial statements were issued, and noted no items requiring adjustment of the financial statements or additional disclosures except as disclosed in Note 13.

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

Security Valuation

Debt securities generally are valued by pricing services approved by the Trust’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.

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.

Columbia Liberty Fund

September 30, 2009

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.

The 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.

Level 1 – quoted prices in active markets for identical securities

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

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

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

Security Transactions

Management is required to provide disclosures regarding the Fund’s derivative instruments and hedging activities, by providing qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their derivative contracts. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

Columbia Liberty Fund

September 30, 2009

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.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (“TIPS”). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income on the Statement of Operations.

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 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. Premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted.

Corporate actions and dividend income are recorded on the ex-date except for certain foreign securities which are recorded as soon after the ex-date as the Fund becomes aware of such, net of any non-reclaimable tax withholdings.

The value of additional securities received as an income payment is recorded as income and as the cost basis of such securities.

Expenses

Determination of Class Net Asset Value

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.

Foreign Capital Gains Taxes

Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Columbia Liberty Fund

September 30, 2009

Distributions to Shareholders

Indemnification

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

Note 3. Federal Tax Information

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

For the year ended September 30, 2009, permanent book and tax basis differences resulting primarily from differing treatments for paydown reclassifications, Treasury inflation protected securities (TIPS), Section 988 currency gain/loss, market discount reclassifications and discount accretion/premium amortization on debt securities were identified and reclassified among the components of the Fund’s net assets as follows:



Undistributed Net Investment Income	Accumulated Net Realized Loss	Paid-In Capital
$465,063	$(465,060)	$(3)

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

The tax character of distributions paid during the years ended September 30, 2009 and September 30, 2008 was as follows:


	September 30, 2009		September 30, 2008
Distributions paid from:
Ordinary Income*	$	8,283,253	$	30,729,193
Long-Term Capital Gains		—		36,379,034

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

As of September 30, 2009, the components of distributable earnings on a tax basis were as follows:



Undistributed Ordinary Income	Undistributed Long-term Capital Gains	Net Unrealized Depreciation*
$553,078	$—	$32,827,825

*	The differences between book-basis and tax-basis net unrealized appreciation (depreciation) are primarily due to deferral of losses from wash sales and discount accretion/premium amortization adjustments.

Unrealized appreciation and depreciation at September 30, 2009, based on cost of investments for federal income tax purposes and excluding any unrealized appreciation and depreciation from changes in the value of other assets and liabilities resulting from changes in exchange rates were:



Unrealized appreciation	$	42,456,915
Unrealized depreciation		(9,629,090	)
Net unrealized appreciation (depreciation)	$	32,827,825

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



Year of Expiration		Capital Loss Carryforward
2017		$25,018,329

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of September 30, 2009, post-October capital losses of $53,219,110 attributed to security transactions were deferred to October 1, 2009.

Columbia Liberty Fund

September 30, 2009

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 based on the Fund’s average daily net assets at the following annual rates:



Average Daily Net Assets	Annual Fee Rate
First $1 billion	0.55	%
$1 billion to $1.5 billion	0.50	%
Over $1.5 billion	0.45	%

For the year ended September 30, 2009, the Fund’s effective investment advisory fee rate was 0.55% of the Fund’s average daily net assets.

BOA entered into an agreement dated September 29, 2009 to sell a portion of the asset management business of Columbia Management Group, LLC to Ameriprise Financial, Inc. The transaction (“Transaction”) includes a sale of the part of the asset management business that advises long-term mutual funds, including the Fund. The Transaction is subject to certain approvals and other conditions to closing, and is currently expected to close in the spring of 2010.

Sub-Advisory Fee

Nordea Investment Management North America, Inc. (“NIMNAI”) has been retained by Columbia to serve as the investment sub-advisor and to manage a portion of the Fund’s assets. As the sub-advisor, and subject to the oversight of Columbia and the Fund’s Board of Trustees, NIMNAI is responsible for daily investment operations, including placing all orders for the purchase and sale of portfolio securities for foreign stocks of the Fund. Columbia, from the investment advisory fee it receives, pays NIMNAI a monthly sub-advisory fee.

Pricing and Bookkeeping Fees

Columbia Liberty Fund

September 30, 2009

Transfer Agent Fee

Underwriting Discounts, Service and Distribution Fees

Columbia Management Distributors, Inc. (the “Distributor”), an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, is the principal underwriter of the Fund’s shares. For the year ended September 30, 2009, the Distributor has retained net underwriting discounts of $9,346 on sales of the Fund’s Class A shares and received net CDSC fees of $141, $15,401 and $336 on Class A, Class B and Class C share redemptions, respectively.

The Fund has adopted plans pursuant to Rule 12b-1 under the 1940 Act (the “Plans”) for Class A, Class B and Class C shares, which require the payment of a monthly service fee to the Distributor. The annual service fee portion of the Plans may equal up to 0.15% of the net assets attributable to shares issued prior to April 1, 1989 and 0.25% on net assets attributable to shares issued thereafter. This arrangement results in a rate of service fee for all shares that is a blend between the 0.15% and 0.25% annual rates. For the year ended September 30, 2009, the Class A, Class B and Class C shares’ effective service fee rate was 0.24%.

The Plans also require the payment of a monthly distribution fee to the Distributor at the annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares only.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the Distributor for amounts paid by the Distributor to dealers who sold such shares.

Fee Waivers and Expense Reimbursements

Effective January 1, 2009, Columbia has voluntarily agreed to reimburse a portion of the Fund’s expenses so that the Fund’s ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed 0.95% of the Fund’s average daily net assets on an annualized basis. Columbia, in its discretion, may revise or discontinue this arrangement at any time.

Fees Paid to Officers and Trustees

The Trust’s eligible Trustees may participate in a deferred compensation plan which may be terminated at any time. Obligations of the plan will be paid solely out of the Fund’s assets.

Columbia Liberty Fund

September 30, 2009

Other Related Party Transactions

Note 5. Custody Credits

For the year ended September 30, 2009, these custody credits reduced total expenses by $210 for the Fund.

Note 6. Objectives and Strategies for Investing in Derivative Instruments

The Fund uses derivative instruments including futures contracts in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks:

Interest Rate Risk: Interest rate risk relates to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities will decline in value because of an increase in general interest rates and their value will increase because of a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The following note provides more detailed information about each derivative type held by the Fund:

Futures Contracts — The Fund entered into U.S. Treasury Note futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and equity index futures contracts to equitize cash in order to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions.

The use of futures contracts involves certain risks, which include: (1) imperfect correlation between the price movement of the instruments and the underlying securities, (2) inability to close out positions due to differing trading hours, or the temporary absence of a liquid market, for either the instruments or the underlying securities, or (3) an inaccurate prediction of the future direction of interest rates by Columbia. Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires.

Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Fund’s Statement of Assets and Liabilities.

The following table is a summary of the value of the Fund’s derivative instruments as of September 30, 2009.


Fair Value of Derivative Instruments
Asset derivatives		Liability derivatives
Statement of Assets and Liabilities	Fair Value	Statement of Assets and Liabilities	Fair Value*
—	—	Futures Variation Margin	$15,675

*	Includes only current day’s variation margin.

Columbia Liberty Fund

September 30, 2009

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2009.


	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Futures Contracts	Interest Rate and Equity Risks	$	(951,729	)	$	339,470

Note 7. Portfolio Information

For the year ended September 30, 2009, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $347,495,133 and $384,028,232, respectively, of which $64,702,391 and $70,785,777, respectively, were U.S. Government securities.

Note 8. Line of Credit

For the year ended September 30, 2009, the Fund did not borrow under these arrangements.

Note 9. Securities Lending

Note 10. Shares of Beneficial Interest

As of September 30, 2009, 15.5% of the Fund’s shares outstanding were beneficially owned by one participant account over which BOA and/or any of its affiliates had either sole or joint investment discretion. On that date, no other shareholder owned more than 5% of the outstanding shares of the Fund.

Subscription and redemption activity of this account may have a significant effect on the operations of the Fund.

Columbia Liberty Fund

September 30, 2009

Note 11. Other

During the year ended September 30, 2009, the Fund purchased shares of Ryanair in violation of European Union investment restrictions and experienced a realized loss of $7,944. The Sub-Advisor of the Fund will reimburse the Fund for the loss.

Note 12. Significant Risks and Contingencies

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 in greater volatility.

Legal Proceedings

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

Columbia Liberty Fund

September 30, 2009

September 29, 2004, the plaintiffs in the MDL filed amended and consolidated complaints. One of these amended complaints is a putative class action that includes claims under the federal securities laws and state common law, and that names Columbia Management Advisors, Inc. (which has since merged into Banc of America Capital Management, LLC (now named Columbia Management Advisors, LLC)) (“Columbia”), Columbia Funds Distributor, Inc. (now named Columbia Management Distributors, Inc.) (the “Distributor”), the Trustees of the Columbia Funds, Bank of America Corporation and others as defendants. Another of the amended complaints is a derivative action purportedly on behalf of the Columbia Funds that asserts claims under federal securities laws and state common law.

On 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.

Note 13. Subsequent Events

Effective November 1, 2009, the annual rate the Transfer Agent receives for the services discussed in Note 4 will change to $22.36 per open account.

Report of Independent Registered Public Accounting Firm

To the Trustees of the Columbia Funds Series Trust I and the Shareholders of Columbia Liberty Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Liberty Fund (the “Fund”) (a series of Columbia Funds Series Trust I), at September 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2009

Federal Income Tax Information (Unaudited) – Columbia Liberty Fund

For non-corporate shareholders, 50.99%, or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2009 may represent qualified dividend income.

41.21% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2009, qualifies for the corporate dividends received deduction.

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

Fund Governance

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

Independent Trustees


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John D. Collins (Born 1938)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)		Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 66; Mrs. Fields Famous Brands LLC (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007) and Chairman of the Board (since 2009)		Co-Founder of Baringo Capital LLC (private equity) since 2002; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 66; Jackson Hewitt Tax Service Inc. (tax preparation services); Crystal Capital River Inc. (real estate investment trust); Student Loan Corporation (student loan provider); Celgene Corporation (global biotechnology company); and The Helios Funds (exchange-traded funds)

Douglas A. Hacker (Born 1955)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Independent business executive since May 2006; Executive Vice President–Strategy of United Airlines (airline) from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001. Oversees 66; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (Born 1957)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (integrated energy company) since September 2007; Deputy General Counsel–Corporate Legal Services, ConocoPhillips from August 2006 to August 2007; Partner, Zelle, Hofmann, Voelbel, Mason & Gette LLP (law firm) from March 2005 to July 2006; Adjunct Professor of Law, Northwestern University, from September 2004 to June 2006; Director, UAL Corporation (airline) from February 2006 to July 2006; Oversees 66; None

Charles R. Nelson (Born 1942)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1981)		Professor of Economics, University of Washington, since January 1976; Ford and Louisa Van Voorhis Professor of Political Economy, University of Washington, since September 1993; Adjunct Professor of Statistics, University of Washington, since September 1980; Associate Editor, Journal of Money Credit and Banking, 1993 to 2008; Consultant on econometric and statistical matters. Oversees 66; None

Fund Governance (continued)

Independent Trustees (continued)


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John J. Neuhauser (Born 1943)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1985)		President, Saint Michael’s College, since August 2007; University Professor, Boston College from November 2005 to August 2007; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005. Oversees 66; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (Born 1938)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2007)		Cable television producer and website designer; The Editor, Scientific American from 1984 to 1994; Vice President, Scientific American, Inc., from 1984 to 1994; Member, Advisory Board, Stone Age Institute, Bloomington, Indiana (research institute that explores the effect of technology on human evolution); Member, Board of Directors of the National Institute of Social Sciences, New York City; Member, Board of Trustees of the William Alanson White Institute, New York City (institution for training psychoanalysts); and Member, Advisory Board, Mount Sinai Children’s Environmental Health Center, New York. Oversees 66; None

Patrick J. Simpson (Born 1944)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)		Partner, Perkins Coie LLP (law firm). Oversees 66; None

Thomas C. Theobald (Born 1937)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1996)		Partner and Senior Advisor, Chicago Growth Partners (private equity investing) since September 2004; Managing Director, William Blair Capital Partners (private equity investing) from September 1994 to September 2004. Oversees 66; Anixter International (network support equipment distributor); Ventas, Inc. (real estate investment trust); Jones Lang LaSalle (real estate management services); Ambac Financial Group (financial guaranty insurance)

Anne-Lee Verville (Born 1945)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1998)		Retired since 1997 (formerly General Manager–Global Education Industry (from 1994 to 1997), President–Application Systems Division (from 1991 to 1994), Chief Financial Officer–US Marketing & Services (from 1988 to 1991), and Chief Information Officer (from 1987 to 1988), IBM Corporation (computer and technology)). Oversees 66; None

Fund Governance (continued)

Interested Trustee



William E. Mayer¹ (Born 1940)
c/o Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)		Partner, Park Avenue Equity Partners (private equity) since February 1999; Dean and Professor, College of Business, University of Maryland from 1992 to 1997. Oversees 66; Lee Enterprises (print media), WR Hambrecht + Co. (financial service provider); BlackRock Kelso Capital Corporation (investment company)

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 1-800-345-6611.

Fund Governance (continued)

Officers


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years

J. Kevin Connaughton (Born 1964)
One Financial Center Boston, MA 02111 President (since 2009)		Managing Director of Columbia Management Advisors, LLC since December 2004; Senior Vice President and Chief Financial Officer–Columbia Funds, from June 2008 to January 2009; Treasurer–Columbia Funds, from October 2003 to May 2008; Treasurer–the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, December 2000–December 2006; Senior Vice President–Columbia Management Advisors, LLC, from April 2003 to December 2004; President–Columbia Funds, Liberty Funds and Stein Roe Funds, February 2004 to October 2004; Treasurer–Galaxy Funds, September 2002 to December 2005; Treasurer, December 2002 to December 2004, and President, February 2004 to December 2004–Columbia Management Multi-Strategy Hedge Fund, LLC; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds.

James R. Bordewick, Jr. (Born 1959)
One Financial Center Boston, MA 02111 Senior Vice President, Secretary and Chief Legal Officer (since 2006)		Associate General Counsel, Bank of America since April 2005; Senior Vice President and Associate General Counsel, MFS Investment Management (investment management) prior to April 2005.

Linda J. Wondrack (Born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)		Director (Columbia Management Group LLC and Investment Product Group Compliance), Bank of America since June 2005; Director of Corporate Compliance and Conflicts Officer, MFS Investment Management (investment management), August 2004 to May 2005; Managing Director, Deutsche Asset Management (investment management) prior to August 2004.

Michael G. Clarke (Born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)		Director of Fund Administration of the Advisor since January 2006; Managing Director of the Advisor September 2004 to December 2005; Vice President Fund Administration June 2002 to September 2004.

Jeffrey R. Coleman (Born 1969)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2006)		Director of Fund Administration of the Advisor since January 2006; Fund Controller of the Advisor from October 2004 to January 2006; Vice President of CDC IXIS Asset Management Services, Inc. (investment management) from August 2000 to September 2004.

Joseph F. DiMaria (Born 1968)
One Financial Center Boston, MA 02111 Chief Accounting Officer and Treasurer (since 2009)		Director of Fund Administration of the Advisor since January 2006; Head of Tax/Compliance and Assistant Treasurer of the Advisor from November 2004 to December 2005; Director of Trustee Administration (Sarbanes-Oxley) of the Advisor from May 2003 to October 2004.

Fund Governance (continued)

Officers (continued)


Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office		Principal Occupation(s) During Past Five Years

Julian Quero (Born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)		Senior Tax Manager of the Advisor since August 2006; Senior Compliance Manager of the Advisor from April 2002 to August 2006.

Barry S. Vallan (Born 1969)
One Financial Center Boston, MA 02111 Controller (since 2006)		Vice President–Fund Treasury of the Advisor since October 2004; Vice President–Trustee Reporting of the Advisor from April 2002 to October 2004.

Stephen T. Welsh (Born 1957)
One Financial Center Boston, MA 02111 Vice President (since 1996)		President, Columbia Management Services, Inc. since July 2004; Senior Vice President and Controller, Columbia Management Services, Inc. prior to July 2004.

Important Information About This Report

Transfer Agent

Columbia Management Services, Inc.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Advisors, LLC

100 Federal Street

Boston, MA 02110

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

LOGO

One Financial Center

Boston, MA 02111-2621

LOGO

Columbia Liberty Fund

Annual Report, September 30, 2009

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiafunds.com

SHC-42/24564-0909 (11/09) 09/94956

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that John D. Collins, Douglas A. Hacker, Charles R. Nelson and Anne-Lee Verville, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Collins, Mr. Hacker, Mr. Nelson and Ms. Verville are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the seven series of the registrant whose reports to stockholders are included in this annual filing. Fee information for fiscal year ended September 30, 2008 also includes fees for one series that was merged into the registrant during the period.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	241,000	$	238,500

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Fiscal year 2009 also includes audit fees for the review of and provision of consent in connection with filing Form N-1A for a new share class.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	32,200	$	44,000

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In both fiscal years 2009 and 2008, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports. Fiscal year 2008 also includes Audit-Related Fees for agreed-upon procedures related to a fund merger and a fund accounting and custody conversion.

During the fiscal years ended September 30, 2009 and September 30, 2008, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	27,700	$	64,000

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal year 2008 also includes tax fees for agreed-upon procedures related to a fund merger and the review of a final tax return and for assistance with foreign tax filings.

During the fiscal years ended September 30, 2009 and September 30, 2008, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity

controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	0	$	0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	891,900	$	946,300

In both fiscal years 2009 and 2008, All Other Fees consist of fees billed for internal control examinations of the registrant’s transfer agent and investment advisor.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent accountants to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by or under common control with such investment adviser that provides ongoing services to the registrant (“Adviser Affiliates”), if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adop ted a Policy for Engagement of Independent Accountants for Audit and Non-Audit Services (“Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (collectively “Fund Services”); (ii) non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment

adviser) and Adviser Affiliates, if the engagement relates directly to the operations or financial reporting of a Fund (collectively “Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates. Unless a type of service receives general pre-approval under the Policy, it requires specific pre-approval by the Audit Committee if it is to be provided by the independent accountants. Pre-approval of non-audit services to the registrant, the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates may be waived provide d that the “de minimis” requirements set forth under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are Independent Trustees/Directors. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent accountants may not be delegated to management.

The Policy requires the Fund Treasurer and/or Director of Board Administration to submit to the Audit Committee, on an annual basis, a schedule of the types of services that are subject to general pre-approval. The schedule(s) provide a description of each type of service that is subject to general pre-approval and, where possible, will provide estimated fee caps for each instance of providing each service. The Audit Committees will review and approve the types of services and review the projected fees for the next fiscal year and may add to, or subtract from, the list of general pre-approved services from time to time based on subsequent determinations. That approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent accountants will be permitted to perform.

The Fund Treasurer and/or Director of Board Administration shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services initiated since the last such report was rendered, including a general description of the services, actual billed and projected fees, and the means by which such Fund Services or Fund-related Adviser Services were pre-approved by the Audit Committee.

*****

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item approved pursuant to the “de minimis” exception under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during both fiscal years ended September 30, 2009 and September 30, 2008 was zero.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended September 30, 2009 and September 30, 2008 are approximately as follows:

2009		2008
$	951,800	$	1,054,300

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

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 attached hereto as Exhibit 99.CODE ETH.

(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 Series Trust I


By (Signature and Title)				/s/ J. Kevin Connaughton
				J. Kevin Connaughton, President


Date				November 20, 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				November 20, 2009


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


Date				November 20, 2009

Columbia Balanced Fund (CBALX) N-CSRCertified annual shareholder report (management investment company)