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

Columbia Balanced Fund (CBALX) N-CSRCertified 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)

Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)

Registrant’s telephone number, including area code:				1-612-671-1947

Date of fiscal year end:	September 30

Date of reporting period:		September 30, 2010

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.

Stock Funds

Annual Report for the Period Ended September 30, 2010

> Columbia Asset Allocation Fund

> Columbia Large Cap Growth Fund

> Columbia Disciplined Value Fund

> Columbia Contrarian Core Fund

> Columbia Small Cap Core Fund

Not FDIC insured • No bank guarantee • May lose value

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

Investment Portfolios					28

Financial Statements					67

Report of Independent Registered Public Accounting Firm					135

Federal Income Tax Information					136

Fund Governance					137

Board Consideration and Approval of Advisory Agreements					142

Summary of Management Fee Evaluation by Independent Fee Consultant					147

Important Information About This Report					153

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

President's Message

Dear Shareholder:

The Columbia Management story began over 100 years ago, and today, we are one of the nation's largest dedicated asset managers. The recent acquisition by Ameriprise Financial, Inc. brings together the talents, resources and capabilities of Columbia Management with those of RiverSource Investments, Threadneedle (acquired by Ameriprise in 2003) and Seligman Investments (acquired by Ameriprise in 2008) to build a best-in-class asset management business that we believe is truly greater than its parts.

RiverSource Investments traces its roots to 1894 when its then newly-founded predecessor, Investors Syndicate, offered a face-amount savings certificate that gave small investors the opportunity to build a safe and secure fund for retirement, education or other special needs. A mutual fund pioneer, Investors Syndicate launched Investors Mutual Fund in 1940. In the decades that followed, its mutual fund products and services lineup grew to include a full spectrum of styles and specialties. More than 110 years later, RiverSource continues to be a trusted financial products leader.

Threadneedle, a leader in global asset management and one of Europe's largest asset managers, offers sophisticated international experience from a dedicated U.K. management team. Headquartered in London, it is named for Threadneedle Street in the heart of the city's financial district, where British investors pioneered international and global investing. Threadneedle was acquired in 2003 and today operates as an affiliate of Columbia Management.

Seligman Investments' beginnings date back to the establishment of the investment firm J. & W. Seligman & Co. in 1864. In the years that followed, Seligman played a major role in the geographical expansion and industrial development of the United States. In 1874, President Ulysses S. Grant named Seligman as fiscal agent for the U.S. Navy—an appointment that would last through World War I. Seligman helped finance the westward path of the railroads and the building of the Panama Canal. The firm organized its first investment company in 1929 and began managing its first mutual fund in 1930. In 2008, J. & W. Seligman & Co. Incorporated was acquired and Seligman Investments became an offering brand of RiverSource Investments, LLC.

We are proud of the rich and distinctive history of these firms, the strength and breadth of products and services they offer, and the combined cultures of pioneering spirit and forward thinking. Together we are committed to providing more for our shareholders than ever before.

> A singular focus on our shareholders

Our business is asset management, so investors are our first priority. We dedicate our resources to identifying timely investment opportunities and provide a comprehensive choice of equity, fixed-income and alternative investments to help meet your individual needs.

> First-class research and thought leadership

We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

> A disciplined investment approach

We aren't distracted by passing fads. Our teams adhere to a rigorous investment process that helps ensure the integrity of our products and enables you and your financial advisor to match our solutions to your objectives with confidence.

When you choose Columbia Management, you can be confident that we will take the time to understand your needs and help you and your financial advisor identify the solutions that are right for you. Because at Columbia Management, we don't consider ourselves successful unless you are.

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit www.columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Economic Update – Stock Funds

Although it has been more than a year since U.S. economic growth turned positive, the economy continues to send mixed signals about the sustainability of this recovery. Economic growth, as measured by gross domestic product, was a solid 5.0% in the last quarter of 2009. However, it was 3.7% in the first quarter of 2010 and only 1.7% in the second quarter. Expectations are for continued lackluster growth through the end of the year, as government incentive programs have ended and stimulus spending winds down. Even so, it appears to be unlikely that the U.S. economy will sink back into recession, as many key indicators remain positive.

Consumer spending on cars, clothing and other goods increased throughout the year although the pace of increased spending was small. Personal income also moved higher. Consumer confidence, as measured by the Conference Board Consumer Confidence Index, gained ground in the first half of 2010. However, the index fell sharply during the summer. Consumers surveyed in the final months of the reporting period indicated they were concerned about business conditions and job prospects and generally apprehensive about the future.

The housing market—another bellwether for the consumer sector—showed a glimmer of improvement in the final months of the period. Although both new and existing home sales fell during the summer after a federal tax credit for new and repeat homebuyers expired, sales of existing homes picked up in August. Sales of new homes were flat in August 2010 and the inventory of new homes for sale fell to a 42-year low. Pending home sales, a forward-looking indicator, rose in both July 2010 and August 2010. The latest data points to rising sales in the months ahead. Distressed properties continued to pressure prices. The national median price of existing homes rose slightly over the one-year period, while the national median price of new homes declined slightly. The inventory of unsold new homes declined sharply at the end of the period.

News on the job front was mostly positive for the period, but the number of new jobs added to the economy fell short of expectations. A good portion of the jobs added in March, April and May were temporary, government-sponsored census positions, which began to unwind in June, July and August. Private sector job growth was disappointing given the stage of economic recovery. Nevertheless, private sector payroll employment trended modestly higher through the end of the period, and news of massive layoffs declined.

Reports from the business side of the economy were generally positive. A key measure of the nation's manufacturing situation—the Institute for Supply Management's Index—trended higher for 14 consecutive months before dipping downward in September. Industrial production moved higher, as did the amount of manufacturing capacity utilized—a key measure of the health of the manufacturing sector.

Stock rally regains its footing

Against a strengthening economic backdrop, a stock market rally that began early in 2009 continued into the spring of 2010. But during the early summer months, a debt crisis brewing in Europe raised concerns among U.S. investors, as did mixed signals on

Summary

For the 12-month period that ended September 30, 2010

^g The U.S. stock market, as measured by the S&P 500 Index, delivered solid returns, despite a summer correction. Emerging market stocks, as measured by the MSCI Emerging Markets Index (Net), outperformed U.S. stocks as well as stock markets in developed foreign markets, as measured by the MSCI EAFE Index.

S&P Index				MSCI Emerging Markets Index

^g Modest economic growth and relatively low interest rates boosted bond market returns. The Barclays Capital Aggregate Bond Index delivered solid results. High-yield bonds outperformed stocks, as measured by the JPMorgan Developed BB High Yield Index.

Barclays Aggregate Index				JPMorgan Index

Economic Update (continued) – Stock Funds

the economy, and some of the stock market's earlier gains vanished. Then, in September, investors reversed course and bid stocks sharply higher. The S&P 500 Index¹ returned 10.16% for the 12-month period. Outside the United States, stock market returns were mixed. The MSCI EAFE Index (Net),² a broad gauge of stock market performance in foreign developed markets, returned 3.27% (in U.S. dollars) for the period, as concerns about the impact of a bailout for weak eurozone economies weighed on the markets. Emerging stock markets were more resilient. The MSCI Emerging Markets Index (Net)³ returned 20.22% (in U.S. dollars) for the 12-month period.

Bonds delivered solid returns

As the economy strengthened, bonds also delivered solid returns. The Barclays Capital Aggregate Bond Index⁴ returned 8.16%. The high-yield bond market outpaced stocks by a sizeable margin during the period. For the 12 months covered by this report, the JPMorgan Developed BB High Yield Index⁵ returned 16.19%. The Treasury market was also positive. As the yield on the 10-year U.S. Treasury, a common bellwether for the bond market, fell over the 12-month period (Bond prices and yields move in opposite directions), the Barclays Capital U.S. Treasury Index⁶ returned 7.32%. Despite positive economic activity, the Federal Reserve Board kept a key short-term interest rate—the federal funds rate—close to zero.

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.

²The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization Index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. As of May 27, 2010, the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

³The Morgan Stanley Capital International Emerging Markets (MSCI EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010, the MSCI Emerging Markets Index (Net) consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

⁴The 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.

⁵The 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.

⁶The Barclays Capital U.S. Treasury Index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting.

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, 2010, the fund's Class A shares returned 8.36% without sales charge.

^g The fund's return trailed the 9.26% average return of the funds in its peer group, the Lipper Mixed-Asset Target Allocation Moderate Funds Classification.¹

^g A slight underweight in equities overall, coupled with disappointing results from overseas and large-cap value stocks as well as commodity-related investments, hampered relative results.

Portfolio Management

Anwiti Bahuguna, PhD has co-managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Ms. Bahuguna was associated with the fund's previous advisor or its predecessors since 2002.

Kent M. Bergene has co-managed the fund since May 2010 and has been associated with the advisor or its predecessors since 1981.

David M. Joy has co-managed the fund since May 2010 and has been associated with the advisor or its predecessors since 2003.

Colin Moore has co-managed the fund since February 2008 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Moore was associated with the fund's previous advisor or its predecessors since 2002.

Kent M. Peterson, PhD has co-managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Peterson was associated with the fund's previous advisor or its predecessors since 2006.

Marie M. Schofield, CFA has co-managed the fund since February 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Ms. Schofield was associated with the fund's previous advisor or its predecessors since 1990.

Effective as of May 1, 2010 Kent M. Bergene and David M. Joy became co-managers of the fund.

Effective May 1, 2010, RiverSource Investments, LLC, a subsidiary of Ameriprise Financial, Inc., became the investment advisor to the fund and changed its name to Columbia Management Investment Advisers, LLC. Please see the fund's prospectuses, as supplemented, for more information regarding the change in investment advisor and certain other changes.

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.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

1-year return as of 09/30/10

				+8.36%

				Class A shares (without sales charge)

				+10.16%

				S&P 500 Index²

				+8.16%

				Barclays Capital Aggregate Bond Index³

Performance Information – Columbia Asset Allocation Fund

Performance of a $10,000 investment 10/01/00 – 09/30/10

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.

Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		11,341		10,687
Class B		10,538		10,538
Class C		10,538		10,538
Class T		11,299		10,647
Class Z		11,677		n/a

Average annual total return as of 09/30/10 (%)

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		8.36		2.12		7.56		2.56		7.56		6.56		8.39		2.15		8.67
5-year		2.71		1.50		1.93		1.62		1.93		1.93		2.65		1.44		3.04
10-year		1.27		0.67		0.53		0.53		0.53		0.53		1.23		0.63		1.56

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares 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 have been lower.

Performance results reflect any fee waivers or expense 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.

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 cost of investing in the fund with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

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 Investment Services Corp., your account balance is available online at www.columbiamanagement.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 may 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.

04/01/10 – 09/30/10

	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		1,016.00		1,019.05		6.06		6.07		1.20
Class B		1,000.00		1,000.00		1,012.90		1,015.29		9.84		9.85		1.95
Class C		1,000.00		1,000.00		1,012.20		1,015.29		9.84		9.85		1.95
Class T		1,000.00		1,000.00		1,016.50		1,018.80		6.32		6.33		1.25
Class Z		1,000.00		1,000.00		1,017.90		1,020.31		4.81		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 Manager's Report – Columbia Asset Allocation Fund

Net asset value per share

as of 09/30/10 ($)

Class A					13.39
Class B					13.38
Class C					13.38
Class T					13.40
Class Z					13.45

Distributions declared per share

10/01/09 – 09/30/10 ($)

Class A					0.27
Class B					0.17
Class C					0.17
Class T					0.26
Class Z					0.30

Top 5 equity sectors

as of 09/30/10 (%)

Financials					9.3
Information Technology					9.0
Energy					7.1
Industrials					7.0
Consumer Discretionary					6.5

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.

For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 8.36% without sales charge. The average return of the fund's peer group, the Lipper Mixed-Asset Target Allocation Moderate Funds Classification, was 9.26%. The fund came out behind its equity benchmark, the S&P 500 Index, which returned 10.16%, but outperformed its fixed-income benchmark, the Barclays Capital Aggregate Bond Index, which returned 8.16%. At period end, approximately 56% of the fund's assets were invested in equities, 41% in bonds and cash and 3% in energy/natural resources securities. Allocations to, and investments in, weaker-performing equity sectors, including large-cap value stocks, overseas developed markets and energy/natural resources, hampered results.

Volatility—and a renewed market rally—in second half

Stocks rallied during the first six months of the reporting period, as businesses started spending to restock depleted inventories and government stimulus measures transferred money to unemployed workers. Starting in April, however, the stock market became much more volatile, as investors worried about the impact of the European sovereign debt crisis, the prospect of U.S. government stimulus programs coming to an end and the fragile state of the economic recovery. Stocks then rebounded sharply in September, buoyed by indications from the Federal Reserve that it would intervene to help the economy and by prospects of a shift in Congressional leadership in November elections. Bond markets benefited as interest rates stayed low, Treasury yields fell and risk-averse investors shifted into fixed-income assets. Returns on high-yield bonds were particularly strong, benefiting from investor enthusiasm for yield and a low projected defau lt rate.

Gains from mid-cap growth and fixed-income stocks

Among the fund's strongest performers were the fund's mid-cap growth stocks, which nicely outpaced the 18.27% gain of the Russell Mid Cap Growth Index, and the fund's small-cap value stocks, which edged out the 11.84% return of the Russell 2000 Value Index. However, both allocations were relatively modest. The investment-grade portfolio, approximately 34% of assets, also did quite well, outdistancing its benchmark, the Barclays Capital Aggregate Bond Index. A 4% stake in high-yield bonds and even smaller position in Treasury Inflation Protected securities (TIPs) further aided results, as both sectors outpaced the Barclays Index.

Disappointing results from large-cap and overseas portfolios

The fund's stake in large-cap value stocks, about 18% of net assets, hindered performance because the sector, as measured by the Russell 1000 Value index, lagged the S&P 500 Index. In addition, returns from the fund's large-cap value holdings lagged that of the Russell benchmark. Developed overseas markets were an additional detractor from results. We trimmed the fund's already modest stake in this sector because of concerns related to the European sovereign debt crisis. This move proved helpful, as many global markets came out behind the U.S market. The fund's overseas

Portfolio Manager's Report (continued) – Columbia Asset Allocation Fund

holdings, however, lagged their benchmark, the MSCI EAFE Index (Net), which gained only 3.27%. A small allocation to the energy and natural resources sector further hampered performance, as the S&P Goldman Sachs Commodity Index trailed the broader market by a sizable margin. Underperformance from investments in this sector further detracted from relative results.

Positioned for slow economic growth

By period end, economic data was confirming a loss of momentum in growth. However, we do not think we'll see the double-dip recession that many market observers have feared. Going forward, we plan to continue to favor equities, most likely increasing exposure to domestic stocks and lowering exposure to international developed markets. On the domestic side, we think higher-quality stocks that pay dividends offer particularly attractive opportunities. Within the fixed-income market, we believe much of the returns will come from income rather than price appreciation. In keeping with our outlook, we increased the fund's stakes in both investment-grade bonds and large-cap stocks.

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

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

Investments in high-yield bonds (commonly known as "junk" bonds) offer the potential for high current income and attractive total return, but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a junk bond issuer's ability to make principal and interest payments. Rising interest rates tend to lower the value of all bonds. High-yield bonds issued by foreign entities have greater potential risks, including less regulation, currency fluctuations, economic instability and political developments.

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

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

Top 10 equity holdings

as of 09/30/10 (%)

Chevron Corp.					1.1
Apple, Inc.					0.9
Occidental Petroleum Corp.					0.7
JPMorgan Chase & Co.					0.6
Google, Inc., Class A					0.6
Target Corp.					0.6
International Business Machines Corp.					0.6
Philip Morris International, Inc.					0.6
Halliburton Co.					0.6
Wells Fargo & Co.					0.5

Portfolio structure

as of 09/30/10 (%)

Common Stocks	55.7
Corporate Fixed-Income Bonds & Notes	14.1
Mortgage-Backed Securities	9.9
Government & Agency Obligations	8.0
Commercial Mortgage-Backed Securities	5.1
Collateralized Mortgage Obligations	1.4
Asset-Backed Securities	0.7
Convertible Preferred Stocks	0.4
Convertible Bonds	0.1
Preferred Stock	0.1
Purchased Call Options	0.0	*
Investment Company	0.1
Short-Term Obligation	3.9
Other Assets & Liabilities, Net	0.5

*Rounds to less than 0.01%.

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 09/30/10

				+10.48%

				Class A shares (without sales charge)

				+12.65%

				Russell 1000 Growth Index

Morningstar Style Box^TM

The Morningstar Style Box(TM) is based on the Fund's portfolio holdings. 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.

© 2010 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Summary

^g For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 10.48% without sales charge.

^g The fund trailed its benchmark, the Russell 1000 Growth Index¹, but came out slightly ahead of the average return of the funds in its peer group, the Lipper Large-Cap Growth Funds Classification.²

^g Disappointing stock selection in the financials and materials sectors resulted in underperformance relative to the benchmark.

Portfolio Management

John T. Wilson, CFA, lead manager, has co-managed the fund since August 2005 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Wilson was associated with the fund's previous advisor or its predecessors since 2005.

Peter R. Deininger, CFA, CAIA, has co-managed the fund since May 2010 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Deininger was associated with the fund's previous advisor or its predecessors since 2002.

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.

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 10/01/00 – 09/30/10

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.

Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		7,862		7,410
Class B		7,273		7,273
Class C		7,273		7,273
Class E		7,830		7,478
Class F		7,270		7,270
Class I		n/a		n/a
Class R		n/a		n/a
Class T		7,779		7,330
Class W		n/a		n/a
Class Y		8,068		n/a
Class Z		8,048		n/a

Average annual total return as of 09/30/10 (%)

Share class

Inception

11/01/98

11/18/02

09/22/06

Sales charge

without

with

without

with

without

with

without

with

without

with

1-year

10.48

4.11

9.65

4.65

9.65

8.65

10.41

5.46

9.66

4.66

5-year

1.41

0.21

0.65

0.28

0.63

1.33

0.40

0.64

0.27

10-year/Life

–2.38

–2.95

–3.13

–2.42

–2.86

–3.14

Average annual total return as of 09/30/10 (%)

Share class

Inception

09/27/10

12/14/90

09/27/10

07/15/09

12/14/90

Sales charge

without

with

without

1-year

n/a

10.40

4.04

n/a

11.01

10.74

5-year

n/a

1.35

0.16

n/a

1.71

1.66

10-year/Life

–0.19

–2.48

–3.06

–0.19

–2.12

–2.15

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, 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.

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 I, Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with a distribution (12b-1) fee. Class R, Class I, Class W, Class Y and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectuses 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. 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 shares 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. Class Y shares were initially offered on July 15, 2009. Class I, Class R and Class W shares were initially offered by the fund on September 27, 2010.

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

04/01/10 – 09/30/10

	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		997.60			1,019.50		5.56			5.62		1.11
Class B		1,000.00		1,000.00		994.20			1,015.74		9.30			9.40		1.86
Class C		1,000.00		1,000.00		993.70			1,015.74		9.30			9.40		1.86
Class E		1,000.00		1,000.00		997.10			1,019.00		6.06			6.12		1.21
Class F		1,000.00		1,000.00		993.70			1,015.74		9.30			9.40		1.86
Class I		1,000.00		1,000.00		998.10	*		1,022.06		0.05	*		3.04		0.60
Class R		1,000.00		1,000.00		998.10	*		1,019.00		0.10	*		6.12		1.21
Class T		1,000.00		1,000.00		997.10			1,019.25		5.81			5.87		1.16
Class W		1,000.00		1,000.00		998.10	*		1,020.26		0.08	*		4.86		0.96
Class Y		1,000.00		1,000.00		1,000.00			1,021.86		3.21			3.24		0.64
Class Z		1,000.00		1,000.00		998.60			1,020.76		4.31			4.36		0.86

*For the period September 27, 2010 through September 30, 2010. Class I, Class R and Class W commenced operations on September 27, 2010.

Portfolio Manager's Report – Columbia Large Cap Growth Fund

For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 10.48% without sales charge. The fund's benchmark, the Russell 1000 Growth Index, gained 12.65%. However, the fund came out slightly ahead of the 10.19% average return of the funds in its peer group, the Lipper Large-Cap Growth Funds Classification. Stock selection, particularly in the financials and materials sectors, caused the fund to lag the benchmark. Given the slow rate of U.S. economic growth, we have positioned the fund to focus more on companies with strong global exposure and the ability to increase market share organically. Within the large-cap sector, growth stocks beat their value peers by a sizable margin. Large-cap stock returns, however, lagged those for small- and mid-cap stocks.

Biggest boosts from technology, health care and energy

The fund picked up ground versus the benchmark from investments in the information technology, health care and energy sectors. In technology, Akamai and Apple (0.7% and 4.9% of net assets, respectively) were standouts. Akamai, a software company whose products help accelerate web content delivery, experienced increased demand driven by growing Internet usage of online videos that require substantial bandwidth. Apple rallied sharply, thanks to the successful launch of its new iPad tablet computer and a positive reception for an updated version of its iPhone.

Top contributors from the health care sector included Edwards LifeSciences and Alexion Pharmaceuticals (0.6% and 0.6% of net assets, respectively). Medical device manufacturer Edwards climbed after introducing a new heart valve product that uses breakthrough technology, while Alexion, which develops products to treat immune system disorders and cancers, gained from strong sales of a drug it makes called Soliris, which fights chronic destruction of red blood cells.

Within energy, the biggest boost came from the fund's exposure to coal producers. Among them was Alpha Natural Resources, which benefited from stronger-than-expected earnings, driven in part by a rebound in global steel as well as by a surge in China's metallurgic coal imports. We locked in profits and sold the position. In addition, an underweight in Exxon Mobil (1.5% of net assets), a large index component, proved helpful. Like most oil exploration and production companies, Exxon came under pressure in the wake of the Gulf oil disaster, as investors worried about the long-term outlook for offshore deep-water drilling.

Disappointments in financials and materials

Although they are a small percentage of the portfolio, financial stocks impeded results relative to the benchmark. Detractors included IntercontinentalExchange and Morgan Stanley (1.3% and 0.9% of net assets, respectively). IntercontinentalExchange, a financial clearinghouse, declined as futures trading volumes slowed. Morgan Stanley, an investment bank, was hampered by a slowdown in mergers and acquisition activity for much of the period, as well as by a decline in trading volumes. In the materials

Net asset value per share

as of 09/30/10 ($)

Class A					20.64
Class B					18.97
Class C					18.98
Class E					20.60
Class F					18.96
Class I					21.14
Class R					20.64
Class T					20.49
Class W					20.64
Class Y					21.14
Class Z					21.12

Distributions declared per share

10/01/09 – 09/30/10 ($)

Class A					0.09
Class E					0.08
Class T					0.08
Class Y					0.16
Class Z					0.13

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

Top 5 sectors

as of 09/30/10 (%)

Information Technology					32.9
Consumer Discretionary					13.7
Industrials					13.0
Health Care					12.1
Consumer Staples					8.7

Top 10 holdings

as of 09/30/10 (%)

Apple, Inc.					4.9
Google, Inc., Class A					3.3
Oracle Corp.					2.6
EMC Corp.					2.1
Cisco Systems, Inc.					2.1
International Business Machines Corp.					1.9
QUALCOMM, Inc.					1.8
Philip Morris International, Inc.					1.7
Amazon.com, Inc.					1.6
Wal-Mart Stores, Inc.					1.6

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.

sector, Allegheny Technologies (0.8% of net assets), which manufactures stainless steel and other specialty steels, sank because of lower near-term demand. We continue to believe that the long-term outlook for the company is still strong and continue to hold Allegheny stock.

Looking ahead

In an environment of continued slow economic growth, we expect the best performance to come from companies that can increase earnings at a faster pace than the market overall. Typically, when the economy is slow, companies have a harder time raising prices, which can lead to fears of deflation and compressed profit margins. Our goal is to find companies with products and services that are still in high demand, enabling them to increase earnings even in a difficult economic environment. Going forward, we plan to continue to emphasize stocks of companies that we believe have strong business prospects, including revenues and earnings potential, as well as reasonable stock valuations and competitive franchises.

Equity securities are subject to 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, 2010, the fund's Class A shares returned 7.36% without sales charge.

^g The fund underperformed its benchmark, the Russell 1000 Value Index¹, but outperformed the average return of the funds in its peer group, the Lipper Large-Cap Value Funds Classification.²

^g The fund's disciplined approach, with an emphasis on quality and valuation, detracted from relative returns as optimistic investors turned to lower-quality, more volatile stocks. Consumer discretionary, information technology and industrials holdings also hurt the fund's relative returns.

Portfolio Management

Brian Condon, CFA has managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Condon was associated with the fund's previous 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.

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 09/30/10

				+7.36%

				Class A shares (without sales charge)

				+8.90%

				Russell 1000 Value Index

Morningstar Style Box^TM

Performance Information – Columbia Disciplined Value Fund

Performance of a $10,000 investment 10/01/00 – 09/30/10

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.

Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		11,128		10,490
Class B		10,300		10,300
Class C		10,265		10,265
Class T		11,066		10,431
Class Z		11,443		n/a

Average annual total return as of 09/30/10 (%)

Share class

Inception

11/25/02

09/01/88

Sales charge

without

with

without

with

without

with

without

with

without

1-year

7.36

1.19

6.51

1.51

6.42

5.42

7.30

1.14

7.63

5-year

–0.27

–1.44

–0.98

–1.27

–1.02

–0.32

–1.49

–0.01

10-year

1.07

0.48

0.30

0.26

1.02

0.42

1.36

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.

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 prospectuses 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 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 were reflected, the returns shown for Class B and Class C shares for periods prior to November 25, 2002 would have been lower.

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.

04/01/10 – 09/30/10

	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		986.20		1,018.80		6.22		6.33		1.25
Class B		1,000.00		1,000.00		982.40		1,015.04		9.94		10.10		2.00
Class C		1,000.00		1,000.00		982.30		1,015.04		9.94		10.10		2.00
Class T		1,000.00		1,000.00		985.90		1,018.55		6.47		6.58		1.30
Class Z		1,000.00		1,000.00		987.80		1,020.05		4.98		5.06		1.00

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 Disciplined Value Fund

Net asset value per share

as of 09/30/10 ($)

Class A					10.09
Class B					9.50
Class C					9.46
Class T					10.09
Class Z					10.36

Distributions declared per share

10/01/09 – 09/30/10 ($)

Class A					0.13
Class B					0.05
Class C					0.05
Class T					0.12
Class Z					0.15

Top 5 sectors

as of 09/30/10 (%)

Financials					27.8
Health Care					13.5
Energy					11.4
Consumer Staples					10.4
Industrials					9.3

Top 10 holdings

as of 09/30/10 (%)

Chevron Corp.					4.2
JPMorgan Chase & Co.					3.9
General Electric Co.					3.7
Citigroup, Inc.					3.0
Microsoft Corp.					2.6
Verizon Communications, Inc.					2.6
UnitedHealth Group, Inc.					2.5
Wal-Mart Stores, Inc.					2.3
Philip Morris International, Inc.					2.3
Apache Corp.					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.

For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 7.36% without sales charge. The fund underperformed its benchmark, the Russell 1000 Value Index, which returned 8.90%. However, its return was higher than the 7.05% average return of the funds in its peer group, the Lipper Large-Cap Value Funds Classification. The fund's disciplined approach, with an emphasis on quality and valuation, detracted from relative returns as optimistic investors turned to lower quality, more volatile stocks. An uncertain economic environment also proved challenging for holdings in the consumer discretionary, information technology and industrials sectors. Relative positive performance from materials, financials, consumer staples, energy and health care holdings helped boost the fund's return.

Consumer, technology and industrials detracted from returns

The consumer discretionary sector continued to reel from weak consumer spending. Disappointments in the sector included luxury retailer Tiffany's, which experienced a sales decline and higher production costs. Likewise, QVC shopping channel owner Liberty Media Interactive disappointed. We sold both positions. In the information technology sector, management issues at Hewlett-Packard (1.2% of net assets) caused the stock to underperform. While the shake-up at the top was unsettling, we remain confident of the firm's prospects. An overweight in Microsoft (2.7% of net assets) also detracted from returns, but we remain positive on the stock, which, like Hewlett-Packard, continues to score well in our stock selection methodology. Our bias towards higher-quality stocks hurt most in the industrials sector where the fund was underexposed to some of the best performers during the period due to our stock selection methodology. In addition , poor results from R.R. Donnelley (1.5% of net assets), along with Harsco and KBR, which we subsequently sold, also detracted.

A range of sectors helped performance

Holdings in the materials sector had the fund's highest total return during the period, as these companies provided the raw materials necessary for a resurgence of post-crisis economic activity and in the wake of reflationary efforts by the world's central banks. Among the beneficiaries of renewed industrial demand was Eastman Chemical (1.2% of net assets), which posted record profits, albeit on lower sales than in pre-recession times. Increased sales also boosted specialty-chemical makers Cabot and Lubrizol (0.5% and 0.7% of net assets, respectively).

Improving financial markets and lower interest rates helped several of the fund's financial holdings gain ground. Shares of leading U.S. insurer Genworth Financial rose as its balance sheet recovered. We sold Genworth shares into strength. An improved balance sheet also helped boost retail real estate investment trust Simon Property Group (1.2% of net assets), which announced a planned acquisition of Prime Outlets. Student loan originator and servicer SLM, formerly Sallie Mae, (0.8% of net assets) also contributed positive results. During the period, consumer staples holdings provided a safe harbor when market risk was perceived to be high. Philip Morris

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

International (2.3% of net assets) and Altria Group (1.0% of net assets) were among the beneficiaries of investor risk aversion.

The energy and health care sectors also produced solid returns. Overweights in both Chevron and ConocoPhillips (4.2% and 2.0% of net assets, respectively) were rewarded as both stocks outperformed the sector and the overall benchmark return. Endo Pharmaceuticals and UnitedHealth Group (0.9% and 2.5% of net assets, respectively) were both big winners in a sector characterized by much uncertainty during the period. The fund was overweight in both health care names.

Consistent approach in a challenging market environment

A low-quality stock rally that began after the market bottomed in early 2009 continued into 2010. Midway through the period, the global markets were roiled by a debt crisis that affected several European countries. As a result of the uneven market conditions, investors swung between concern about reduced economic growth prospects and euphoria over stronger-than-expected macroeconomic results. Against this backdrop, we continued to seek stocks with catalysts that have the potential to result in improved performance down the road. Our disciplined approach to stock selection emphasizes quality indicators and strict valuation metrics rather than short-term, market-led factors. We remain committed to our approach.

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

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

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

Fund Profile – Columbia Contrarian Core Fund

Summary

1-year return as of 09/30/10

				+7.75%

				Class A shares (without sales charge)

				+10.75%

				Russell 1000 Index

Morningstar Style Box^TM

Summary

^g For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 7.75% without sales charge.

^g The fund underperformed its benchmark, the Russell 1000 Index¹, and performed essentially in line with the average return of the funds in its peer group, the Lipper Large-Cap Core Funds Classification.²

^g Several of the fund's investments, notably in the financial sector, were hit disproportionately hard when the equity markets were weak during the early summer.

Portfolio Management

Guy W. Pope, CFA has managed the fund since March 2005 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Pope was associated with the fund's previous 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.

Performance Information – Columbia Contrarian Core Fund

Performance of a $10,000 investment 10/01/00 – 09/30/10

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.

Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		11,759		11,085
Class B		10,895		10,895
Class C		10,912		10,912
Class I		n/a		n/a
Class R		n/a		n/a
Class T		11,666		10,997
Class W		n/a		n/a
Class Z		12,052		n/a

Average annual total return as of 09/30/10 (%)

Share Class

Inception

11/01/98

12/09/02

09/27/10

02/12/93

09/27/10

12/14/92

Sales charge

without

with

without

with

without

with

without

with

without

1-year

7.75

1.53

6.90

1.90

6.98

5.98

n/a

7.68

1.50

n/a

7.93

5-year

3.55

2.33

2.76

2.44

2.78

n/a

3.48

2.27

n/a

3.79

10-year/Life

1.63

1.04

0.86

0.88

–0.08

1.55

0.95

–0.08

1.88

All results shown assume reinvestment of distributions. Class I and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with a distribution (12b-1) fee. Class I, Class R, Class W and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectuses 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 I, Class R and Class W shares were initially offered by the Fund on September 27, 2010.

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		967.80			1,019.10		5.87			6.02		1.19
Class B		1,000.00		1,000.00		964.00			1,015.34		9.55			9.80		1.94
Class C		1,000.00		1,000.00		964.10			1,015.34		9.55			9.80		1.94
Class I		1,000.00		1,000.00		999.20	*		1,020.81		0.07	*		4.31		0.85
Class R		1,000.00		1,000.00		999.20	*		1,017.85		0.12	*		7.28		1.44
Class T		1,000.00		1,000.00		966.80			1,018.85		6.11			6.28		1.24
Class W		1,000.00		1,000.00		999.20	*		1,019.10		0.10	*		6.02		1.19
Class Z		1,000.00		1,000.00		968.70			1,020.36		4.64			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.

*For the period September 27, 2010 through September 30, 2010. Class I, Class R and Class W commenced operations on September 27, 2010.

Portfolio Manager's Report – Columbia Contrarian Core Fund

For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 7.75% without sales charge. The fund's benchmark, the Russell 1000 Index, returned 10.75%, and the average return of the funds in its peer group, the Lipper Large-Cap Core Funds Classification, was 7.93% for the same period. The fund's underperformance versus its benchmark can be traced to disappointing results from its financial and health care investments, as well as to a series of one-time events that hurt performance during the second quarter of 2010.

Stock selection and sector allocations detracted from returns

Although the fund trailed its peer group by only a thin margin for the 12-month period, it underperformed its benchmark by three percentage points on the basis of a combination of adverse stock selection and asset allocation decisions. In the consumer discretionary sector, video-game retailer GameStop (0.5% of net assets) was hurt by the maturation of the video-game cycle as well as by competition from online gaming and large discount retailers. In health care, Baxter International (0.7% of net assets) experienced pricing pressure in its main biologic product lines, and the stock sold off sharply during the spring, as earnings estimates were revised downward. Within the financial sector, Goldman Sachs (2.6% of net assets) declined sharply amidst an SEC investigation, and the sector was hurt more generally by the uncertainty of the economic recovery, margin pressure resulting from a prolonged period of low interest rates and the theoretical impact of financial reform. Within this difficult environment, JPMorgan Chase and State Street (2.5% and 1.5% of net assets, respectively) disappointed.

Rail industry and technology shares boosted performance

On the positive side of the ledger, Union Pacific (1.9% of net assets) enjoyed an increase in rail traffic, as the economy recovered and the rail industry as a group was able to retain its pricing power. In the technology sector, semiconductor manufacturer Atmel (1.3% of net assets) was up strongly, as it completed its restructuring program and also experienced a surge of orders for its maXTouch technology used in cell phones and tablets. Apple (3.7% of net assets) continued to enjoy success from its new product introductions, notably the iPad and iPhone4.

Looking ahead

During the course of the past year, the portfolio trended toward higher capitalization stocks, based on opportunities uncovered by our bottom-up investment style. As a result, the quality of the portfolio has improved and we are better positioned to withstand any market volatility. That said, we are anticipating a slow-growth recovery rather than the double-dip recession that some market observers have been predicting. Our current research focus is to identify companies that have the potential to prosper in a low-growth environment. Although the past twelve months were a disappointment

Net asset value per share

as of 09/30/10 ($)

Class A					12.61
Class B					11.78
Class C					11.80
Class I					12.69
Class R					12.61
Class T					12.51
Class W					12.61
Class Z					12.68

Distributions declared per share

10/01/09 – 09/30/10 ($)

Class A					0.06
Class T					0.05
Class Z					0.08

Top 5 sectors

as of 09/30/10 (%)

Information Technology					21.6
Financials					16.0
Energy					14.1
Industrials					12.2
Health Care					11.0

Top 10 holdings

as of 09/30/10 (%)

Apple, Inc.					3.7
Philip Morris International, Inc.					3.1
Exxon Mobil Corp.					3.0
Goldman Sachs Group, Inc.					2.7
International Business Machines Corp.					2.6
JPMorgan Chase & Co.					2.5
Abbott Laboratories					2.5
Chevron Corp.					2.5
Google, Inc., Class A					2.4
Target Corp.					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.

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

relative to our performance track record of the prior several years, we continue to believe that a disciplined contrarian style can be harnessed for superior long-term performance.

Equity securities are subject to 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, 2010, the fund's Class A shares returned 15.11% without sales charge.

^g The fund outperformed its benchmarks, the Russell 2000 Index¹ and the S&P SmallCap 600 Composite Index,² and also the average return of the funds in its peer group, the Lipper Small-Cap Core Funds Classification.³

^g Strong stock selection, especially in the financials and health care sectors, was the biggest driver of performance relative to the benchmark.

Portfolio Management

Richard G. D'Auteuil, lead manager, has co-managed the fund since 2005 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. D'Auteuil was associated with the fund's previous advisor or its predecessors since 1993.

Jeffrey Hershey, CFA has co-managed the fund since August 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Hershey was associated with the fund's previous advisor or its predecessors since 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.

²The Standard & Poor's (S&P) SmallCap 600 Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P SmallCap 600 is heavily weighted with the stocks of companies with small market capitalizations.

³Lipper 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 09/30/10

				+15.11%

				Class A shares (without sales charge)

				+13.35%

				Russell 2000 Index

				+14.22%

				S&P SmallCap 600 Composite Index

Morningstar Style Box^TM

The Morningstar Style Box(TM) is based on the Fund's portfolio holdings. 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.

Performance Information – Columbia Small Cap Core Fund

Performance of a $10,000 investment 10/01/00 – 09/30/10

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.

Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		21,998		20,736
Class B		20,338		20,338
Class C		20,361		20,361
Class I		n/a		n/a
Class T		21,817		20,560
Class W		n/a		n/a
Class Z		22,596		n/a

Average annual total return as of 09/30/10 (%)

Share class	A				B				C				I		T				W		Z
Inception	11/01/98				11/01/98				11/18/02				09/27/10		02/12/93				09/27/10		12/14/92
Sales charge	without		with		without		with		without		with		without		without		with		without		without
1-year		15.11		8.46		14.20		9.20		14.29		13.29	n/a			15.01		8.44	n/a			15.33
5-year		2.98		1.77		2.20		1.96		2.21		2.21	n/a			2.92		1.71	n/a			3.23
10-year/Life		8.20		7.57		7.36		7.36		7.37		7.37		2.39		8.11		7.47		2.38		8.49

All results shown assume reinvestment of distributions. Class I and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class W shares are sold at net asset value with a distribution (12b-1) fee. Class I, Class W and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund's prospectuses 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 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. Class I and Class W shares were initially offered by the Fund on September 27, 2010.

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		1,019.90			1,018.50		6.63			6.63		1.31
Class B		1,000.00		1,000.00		1,015.40			1,014.74		10.41			10.40		2.06
Class C		1,000.00		1,000.00		1,016.20			1,014.74		10.41			10.40		2.06
Class I		1,000.00		1,000.00		1,023.90	*		1,020.56		0.07	*		4.56		0.90
Class T		1,000.00		1,000.00		1,019.50			1,018.25		6.89			6.88		1.36
Class W		1,000.00		1,000.00		1,023.80	*		1,018.35		0.11	*		6.78		1.34
Class Z		1,000.00		1,000.00		1,020.90			1,019.75		5.37			5.37		1.06

*For the period September 27, 2010 through September 30, 2010. Class I and Class W commenced operations on September 27, 2010.

Portfolio Manager's Report – Columbia Small Cap Core Fund

Net asset value per share

as of 09/30/10 ($)

Class A					13.33
Class B					11.90
Class C					11.92
Class I					13.69
Class T					13.10
Class W					13.32
Class Z					13.69

Top 5 sectors

as of 09/30/10 (%)

Information Technology					26.0
Industrials					21.3
Health Care					14.5
Financials					12.6
Consumer Discretionary					10.4

Top 10 holdings

as of 09/30/10 (%)

Benchmark Electronics, Inc.					2.4
Progress Software Corp.					2.0
Air Methods Corp.					1.8
Res-Care, Inc.					1.7
Keithley Instruments, Inc.					1.5
Greif, Inc., Class A					1.3
Plexus Corp.					1.3
Digital River, Inc.					1.1
H.B. Fuller Co.					1.1
EMCOR Group, Inc.					1.1

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.

For the 12-month period that ended September 30, 2010, the fund's Class A shares returned 15.11% without sales charge. The fund's return was higher than the returns of its benchmarks, the Russell 2000 Index and the S&P SmallCap 600 Composite Index, which returned 13.35% and 14.22%, respectively. The fund also outpaced the average return of the funds in its peer group, the Lipper Small-Cap Core Funds Classification, which was 13.19%. Strong stock selection was the biggest contributor to outperformance, but sector allocations also helped.

Positive year for small-cap stocks

The market was volatile during the past year, rallying sharply when investors focused on earnings and sinking when legislative proposals and economic data came to the forefront. Most of the past year's gains came in September, after the Federal Reserve indicated its commitment to keeping the economic recovery on track. In this environment, small-cap stocks outpaced large-cap stocks, picking up added ground from low interest rates and increased merger-and-acquisition activity. Within the small-cap sector, the best absolute returns came from materials, consumer discretionary, technology and utilities stocks.

Biggest contributions from financials and health care

The biggest gains relative to the benchmark came from stocks we selected in the financials and health care sectors. In financials, the fund had no real home runs, but benefited from a lot of singles. Among them was Dupont Fabros Technology (0.6% of net assets), a real estate investment trust (REIT) that leases out space in data centers. The company profited from strong and growing demand for data storage and a shortage of data centers. In the health care sector, Valeant Pharmaceuticals International, a Canadian specialty pharmaceutical company, rallied sharply, as management helped the business grow organically and through a merger that pushed it to mid-cap size. We took profits and sold the stock. Air Methods (1.9% of net assets), an emergency rescue helicopter company, also climbed nicely, buoyed by improved earnings as well as news that a private competitor had been acquired at a handsome premium.

Buyouts boosted fund results in technology

During the first nine months of 2010, roughly 10% of the companies in the portfolio announced that they were being acquired or were in the process of negotiating an acquisition. The fund benefited from several buyouts that came in well above the trading price of the stock. They included Keithley Instruments (1.5% of net assets), a company that makes measurement instruments for testing. The company was the beneficiary of a pickup in business and recent cost reductions. Days before the period's end, it was bought out at a premium of roughly 75%. Other technology standouts included Cirrus Logic (0.5% of net assets), which makes semiconductors that improve audio clarity in the highly popular Apple iPhones, as well as in other mobile phones and audio equipment.

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

Disappointing stock selection in materials

The one sector that was a significant detractor from relative results was materials. Spartech (0.6% of net assets), which makes specialty and commodity plastics, declined after reporting weaker than expected earnings and a management change. Metals USA (0.7% of net assets), a metals service center, suffered from mediocre results as metals pricing was weaker-than-expected following the company's initial public offering. Consumer discretionary and utilities holdings also trimmed relative results.

Outlook and positioning

We believe that stock valuations still look attractive, which was confirmed by an uptick in insider buying during August and September. We also think business is better than news reports indicate, despite continued economic and electoral uncertainty. Finally, we expect to see more of a stock picker's market going forward, with investors rewarding companies that demonstrate strong earnings growth and punishing those with more uncertain outlooks. Over the period, we eliminated some very small holdings in the portfolio, ending with about 180 names. Going forward, our focus will remain on companies with good earnings growth over time, attractive stock valuations and catalysts, such as a new product or new management.

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

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

Investment Portfolio – Columbia Asset Allocation Fund

September 30, 2010

Common Stocks – 55.7%
	Shares		Value ($)
Consumer Discretionary – 6.5%
Auto Components – 0.5%
Autoliv, Inc.		7,600		496,508
BorgWarner, Inc. (a)		3,080		162,070
Cooper Tire & Rubber Co.		6,480		127,202
Dana Holding Corp. (a)		8,200		101,024
EXEDY Corp.		1,700		51,177
Lear Corp. (a)		430		33,940
Auto Components Total				971,921
Automobiles – 0.3%
Ford Motor Co. (a)		24,700		302,328
Harley-Davidson, Inc.		2,000		56,880
Nissan Motor Co., Ltd.		25,000		218,968
Automobiles Total				578,176
Distributors – 0.2%
Genuine Parts Co.		8,700		387,933
Distributors Total				387,933
Diversified Consumer Services – 0.1%
Capella Education Co. (a)		470		36,481
DeVry, Inc.		720		35,431
Grand Canyon Education, Inc. (a)		4,007		87,874
New Oriental Education & Technology Group, ADR (a)		420		40,984
Regis Corp.		1,080		20,660
Diversified Consumer Services Total				221,430
Hotels, Restaurants & Leisure – 1.2%
Bally Technologies, Inc. (a)		795		27,785
Benihana, Inc., Class A (a)		2,092		15,878
BJ's Restaurants, Inc. (a)		1,675		47,168
Bob Evans Farms, Inc.		760		21,333
California Pizza Kitchen, Inc. (a)		1,155		19,704
Carnival Corp.		8,900		340,069
CEC Entertainment, Inc. (a)		457		15,689
Chipotle Mexican Grill, Inc. (a)		290		49,880
Ctrip.com International Ltd., ADR (a)		1,360		64,940
Home Inns & Hotels Management, Inc., ADR (a)		720		35,597
International Game Technology		2,174		31,414
Jack in the Box, Inc. (a)		610		13,078
Las Vegas Sands Corp. (a)		11,830		412,276
McDonald's Corp.		8,170		608,747
OPAP SA		5,794		91,460
Panera Bread Co., Class A (a)		460		40,761
Red Robin Gourmet Burgers, Inc. (a)		690		13,531
Royal Caribbean Cruises Ltd. (a)		3,230		101,842
Starbucks Corp.		12,550		321,029

	Shares		Value ($)
Starwood Hotels & Resorts Worldwide, Inc.		4,917		258,388
WMS Industries, Inc. (a)		1,250		47,588
Hotels, Restaurants & Leisure Total				2,578,157
Household Durables – 0.4%
American Greetings Corp., Class A		790		14,686
Arnest One Corp.		11,800		130,057
Cavco Industries, Inc. (a)		482		17,308
CSS Industries, Inc.		799		13,815
D.R. Horton, Inc.		5,400		60,048
Forbo Holding AG		100		54,967
Foster Electric Co., Ltd.		6,300		159,717
SEB SA		1,715		147,312
Stanley Black & Decker, Inc.		1,125		68,940
Tempur-Pedic International, Inc. (a)		5,425		168,175
Whirlpool Corp.		480		38,861
Household Durables Total				873,886
Internet & Catalog Retail – 0.4%
Amazon.com, Inc. (a)		3,825		600,754
Liberty Media Corp., Interactive, Series A (a)		2,400		32,904
NetFlix, Inc. (a)		230		37,297
priceline.com, Inc. (a)		250		87,085
Shutterfly, Inc. (a)		1,088		28,277
Internet & Catalog Retail Total				786,317
Leisure Equipment & Products – 0.1%
Altek Corp.		46,928		69,839
Hasbro, Inc.		1,100		48,961
Jakks Pacific, Inc. (a)		1,230		21,697
Mattel, Inc.		1,400		32,844
Polaris Industries, Inc.		435		28,318
Leisure Equipment & Products Total				201,659
Media – 0.4%
CBS Corp., Class B		5,670		89,926
DISH Network Corp., Class A		2,200		42,152
Gannett Co., Inc.		1,072		13,111
Imax Corp. (a)		1,900		32,034
Knology, Inc. (a)		1,362		18,292
Lamar Advertising Co., Class A (a)		1,180		37,548
McGraw-Hill Companies, Inc.		1,930		63,806
Scholastic Corp.		710		19,752
Time Warner Cable, Inc.		1,450		78,285
Viacom, Inc., Class B		10,600		383,614
Media Total				778,520
Multiline Retail – 0.9%
Big Lots, Inc. (a)		1,460		48,545
Gordmans Stores, Inc. (a)		2,337		26,992
Kohl's Corp. (a)		6,000		316,080

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Nordstrom, Inc.		9,570		356,004
Target Corp.		23,400		1,250,496
Multiline Retail Total				1,998,117
Specialty Retail – 1.4%
Advance Auto Parts, Inc.		1,210		71,003
America's Car-Mart, Inc. (a)		645		16,241
CarMax, Inc. (a)		1,220		33,989
Christopher & Banks Corp.		2,080		16,453
Dick's Sporting Goods, Inc. (a)		7,280		204,131
EDION Corp.		9,500		69,766
Finish Line, Inc., Class A		1,330		18,500
Foot Locker, Inc.		5,787		84,085
Game Group PLC		93,145		96,636
GameStop Corp., Class A (a)		13,450		265,100
Jo-Ann Stores, Inc. (a)		745		33,190
Limited Brands, Inc.		23,100		618,618
Lowe's Companies, Inc.		7,700		171,633
Men's Wearhouse, Inc.		884		21,030
O'Reilly Automotive, Inc. (a)		6,165		327,978
OfficeMax, Inc. (a)		1,290		16,886
Pacific Sunwear of California, Inc. (a)		7,035		36,793
Pier 1 Imports, Inc. (a)		3,675		30,098
Rent-A-Center, Inc.		1,319		29,519
Shoe Carnival, Inc. (a)		1,019		20,604
TJX Companies, Inc.		13,190		588,670
Urban Outfitters, Inc. (a)		1,820		57,221
USS Co., Ltd.		2,150		160,697
Vitamin Shoppe, Inc. (a)		1,000		27,450
Yamada Denki Co., Ltd.		1,510		93,708
Specialty Retail Total				3,109,999
Textiles, Apparel & Luxury Goods – 0.6%
Adidas AG		2,813		174,351
Coach, Inc.		880		37,805
CROCS, Inc. (a)		4,110		53,471
Deckers Outdoor Corp. (a)		505		25,230
Hanesbrands, Inc. (a)		2,500		64,650
LG Fashion Corp.		5,250		156,847
Lululemon Athletica, Inc. (a)		7,715		345,015
Movado Group, Inc. (a)		1,357		14,764
NIKE, Inc., Class B		3,700		296,518
Warnaco Group, Inc. (a)		2,355		120,411
Youngone Corp.		10,020		86,383
Textiles, Apparel & Luxury Goods Total				1,375,445
Consumer Discretionary Total				13,861,560

	Shares		Value ($)
Consumer Staples – 4.1%
Beverages – 1.0%
Carlsberg A/S, Class B		1,959		204,128
Coca-Cola Co.		8,200		479,864
Cott Corp. (a)		87		683
Diageo PLC, ADR		9,151		631,511
Dr Pepper Snapple Group, Inc.		2,347		83,365
Hansen Natural Corp. (a)		740		34,499
Molson Coors Brewing Co., Class B		9,100		429,702
PepsiCo, Inc.		5,700		378,708
Beverages Total				2,242,460
Food & Staples Retailing – 0.7%
George Weston Ltd.		1,400		107,425
Koninklijke Ahold NV		14,119		190,407
Ruddick Corp.		690		23,929
Seven & I Holdings Co., Ltd.		7,800		183,079
Spartan Stores, Inc.		987		14,312
Wal-Mart Stores, Inc.		17,350		928,572
Whole Foods Market, Inc. (a)		5,050		187,405
Food & Staples Retailing Total				1,635,129
Food Products – 1.1%
Balrampur Chini Mills Ltd.		43,373		89,816
China Milk Products Group Ltd. (a)(b)		322,000		17,139
Fresh Del Monte Produce, Inc. (a)		1,453		31,530
General Mills, Inc.		8,800		321,552
Green Mountain Coffee Roasters, Inc. (a)		1,000		31,190
H.J. Heinz Co.		10,400		492,648
Hershey Co.		5,450		259,365
J.M. Smucker Co.		1,228		74,331
Kraft Foods, Inc., Class A		12,400		382,664
Marine Harvest ASA		200,961		175,479
Mead Johnson Nutrition Co., Class A		2,150		122,357
Nestle SA, Registered Shares		3,580		190,800
Parmalat SpA		58,700		150,791
Food Products Total				2,339,662
Household Products – 0.3%
Clorox Co.		1,520		101,475
Mcbride PLC		23,898		69,545
Procter & Gamble Co.		6,800		407,796
Household Products Total				578,816
Personal Products – 0.4%
Avon Products, Inc.		17,540		563,209
Elizabeth Arden, Inc. (a)		1,340		26,787

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Estée Lauder Companies, Inc., Class A		2,925		184,948
Herbalife Ltd.		1,100		66,385
Personal Products Total				841,329
Tobacco – 0.6%
Philip Morris International, Inc.		22,126		1,239,499
Tobacco Total				1,239,499
Consumer Staples Total				8,876,895
Energy – 7.1%
Energy Equipment & Services – 2.0%
Baker Hughes, Inc.		2,649		112,847
Cal Dive International, Inc. (a)		2,350		12,854
Cameron International Corp. (a)		13,828		594,051
CARBO Ceramics, Inc.		200		16,200
Complete Production Services, Inc. (a)		3,264		66,749
Core Laboratories NV		1,538		135,405
Dawson Geophysical Co. (a)		550		14,657
Dresser-Rand Group, Inc. (a)		5,656		208,650
Dril-Quip, Inc. (a)		809		50,247
Ensco PLC, ADR		1,100		49,203
FMC Technologies, Inc. (a)		812		55,451
Gulf Island Fabrication, Inc.		1,080		19,656
Halliburton Co.		36,339		1,201,731
Matrix Service Co. (a)		1,240		10,850
McDermott International, Inc. (a)		4,460		65,919
Nabors Industries Ltd. (a)		26,950		486,717
National Oilwell Varco, Inc.		2,448		108,863
Noble Corp.		5,860		198,009
Oil States International, Inc. (a)		603		28,070
Patterson-UTI Energy, Inc.		2,082		35,561
Pride International, Inc. (a)		1,900		55,917
Schlumberger Ltd.		3,224		198,631
Seadrill Ltd.		1,590		46,094
Shinko Plantech Co., Ltd.		14,700		133,492
T-3 Energy Services, Inc. (a)		610		15,951
Tecnicas Reunidas SA		1,569		83,564
Tetra Technologies, Inc. (a)		2,880		29,376
TGC Industries, Inc. (a)		2,212		8,494
Tidewater, Inc.		450		20,164
Transocean Ltd. (a)		807		51,882
Union Drilling, Inc. (a)		2,495		11,178
Vantage Drilling Co. (a)		12,518		20,029
Weatherford International Ltd. (a)		7,867		134,526
Energy Equipment & Services Total				4,280,988
Oil, Gas & Consumable Fuels – 5.1%
Alpha Natural Resources, Inc. (a)		2,672		109,953
Anadarko Petroleum Corp.		6,766		386,000

	Shares			Value ($)
Apache Corp.		8,781			858,431
Arch Coal, Inc.		991			26,470
AWE Ltd. (a)		85,777			128,513
Berry Petroleum Co., Class A		590			18,721
Bill Barrett Corp. (a)		580			20,880
BP PLC		32,619			222,997
Brigham Exploration Co. (a)		4,092			76,725
Cabot Oil & Gas Corp.		2,200			66,242
Cenovus Energy, Inc.		1,632			46,953
Chesapeake Energy Corp.		801			18,143
Chevron Corp.		28,505			2,310,330
Cimarex Energy Co.		807			53,407
Comstock Resources, Inc. (a)		418			9,401
Concho Resources, Inc. (a)		2,709			179,255
ConocoPhillips		6,104			350,553
Continental Resources, Inc. (a)		5,780			267,961
Denbury Resources, Inc. (a)		3,300			52,437
Energy XXI Bermuda Ltd. (a)		2,055			47,491
EOG Resources, Inc.		2,786			259,014
Exxon Mobil Corp.		13,127			811,117
Forest Oil Corp. (a)		2,894			85,952
Frontier Oil Corp.		1,214			16,268
Frontline Ltd.		1,350			38,381
General Maritime Corp.		1,969			9,668
Hess Corp.		1,425			84,246
Holly Corp.		500			14,375
International Coal Group, Inc. (a)		2,908			15,471
Japan Petroleum Exploration Co.		2,900			109,455
Marathon Oil Corp.		1,634			54,085
Miller Petroleum, Inc. (a)		3,792			20,439
Murphy Oil Corp.		7,568			468,611
Newfield Exploration Co. (a)		1,532			87,998
Noble Energy, Inc.		403			30,261
Northern Oil & Gas, Inc. (a)		1,215			20,582
Oasis Petroleum, Inc. (a)		2,414			46,759
Occidental Petroleum Corp.		19,014			1,488,796
Overseas Shipholding Group, Inc.		385	��		13,213
Peabody Energy Corp.		8,719			427,318
PetroHawk Energy Corp. (a)		820			13,235
Petroleo Brasileiro SA, ADR		5,442			197,381
Pioneer Natural Resources Co.		817			53,130
QEP Resources, Inc.		311			9,374
Resolute Energy Corp. (a)		2,120			23,447
Rosetta Resources, Inc. (a)		1,147			26,943
Rosneft Oil Co., GDR (a)		12,297			82,220
Royal Dutch Shell PLC, Class B		6,407			187,037
SandRidge Energy, Inc. (a)		3,300			18,744
Southwestern Energy Co. (a)		1,510			50,494
Spectra Energy Corp.		6,682			150,679
Stone Energy Corp. (a)		1,349			19,871
Suncor Energy, Inc.		2,439			79,389

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Swift Energy Co. (a)		840		23,587
Tesoro Corp.		833		11,129
Total SA		3,652		188,368
Valero Energy Corp.		1,636		28,646
Western Refining, Inc. (a)		3,206		16,799
Whiting Petroleum Corp. (a)		646		61,699
Williams Companies, Inc.		13,600		259,896
World Fuel Services Corp.		1,885		49,029
Yanzhou Coal Mining Co., Ltd., Class H		44,000		107,314
Oil, Gas & Consumable Fuels Total				11,011,283
Energy Total				15,292,271
Financials – 9.3%
Capital Markets – 1.2%
Affiliated Managers Group, Inc. (a)		1,500		117,015
Credit Suisse Group AG, Registered Shares		2,529		108,312
Deutsche Bank AG, Registered Shares		2,177		118,980
Federated Investors, Inc., Class B		463		10,538
Franklin Resources, Inc.		3,900		416,910
GFI Group, Inc.		2,995		13,897
Goldman Sachs Group, Inc.		4,400		636,152
ICAP PLC		15,225		103,396
Intermediate Capital Group PLC		29,590		139,189
International Assets Holding Corp. (a)		1,180		21,358
Investment Technology Group, Inc. (a)		1,598		22,723
Knight Capital Group, Inc., Class A (a)		2,230		27,630
Mass Financial Corp., Class A (a)		1,289		9,603
Morgan Stanley		14,150		349,222
optionsXpress Holdings, Inc. (a)		1,110		17,050
Piper Jaffray Companies, Inc. (a)		658		19,167
Raymond James Financial, Inc.		2,100		53,193
Stifel Financial Corp. (a)		690		31,940
T. Rowe Price Group, Inc.		5,090		254,831
TD Ameritrade Holding Corp. (a)		4,400		71,060
Tokai Tokyo Financial Holdings, Inc.		21,000		69,187
Capital Markets Total				2,611,353
Commercial Banks – 2.9%
Ameris Bancorp (a)		1,893		17,699
Australia & New Zealand Banking Group Ltd.		10,964		250,953
BancFirst Corp.		516		20,877
Banco Bilbao Vizcaya Argentaria SA		15,617		211,495

	Shares		Value ($)
Banco Santander SA		25,245		319,847
BancTrust Financial Group, Inc. (a)		1,398		4,278
Bank of China Ltd., Class H		193,000		101,537
BB&T Corp.		4,800		115,584
BNP Paribas		3,294		235,393
Bryn Mawr Bank Corp.		1,134		19,527
Center Financial Corp. (a)		4,540		23,109
Chemical Financial Corp.		1,270		26,213
CIT Group, Inc. (a)		8,500		346,970
City National Corp.		1,400		74,298
Columbia Banking System, Inc.		1,339		26,311
Comerica, Inc.		2,300		85,445
Community Trust Bancorp, Inc.		818		22,160
Cullen/Frost Bankers, Inc.		1,400		75,418
Fifth Third Bancorp.		33,800		406,614
First Citizens BancShares, Inc., Class A		173		32,052
First Commonwealth Financial Corp.		4,502		24,536
First Financial Corp. of Indiana		899		26,520
First National Bank of Alaska		9		17,064
Governor & Co. of the Bank of Ireland (a)		119,993		101,911
Hancock Holding Co.		691		20,778
HSBC Holdings PLC		19,145		193,882
Huntington Bancshares, Inc.		18,300		103,761
Investors Bancorp, Inc. (a)		1,382		16,363
Merchants Bancshares, Inc.		814		20,301
National Bank of Greece SA (a)		7,719		75,118
Northfield Bancorp, Inc.		1,219		13,190
Northrim BanCorp, Inc.		984		16,334
PNC Financial Services Group, Inc.		9,546		495,533
Signature Bank (a)		1,370		53,211
Sumitomo Mitsui Financial Group, Inc.		7,300		213,016
SunTrust Banks, Inc.		8,750		226,012
SVB Financial Group (a)		2,108		89,211
Svenska Handelsbanken AB, Class A		4,909		161,095
TCF Financial Corp.		3,199		51,792
U.S. Bancorp		29,039		627,823
Wells Fargo & Co.		45,566		1,145,074
West Coast Bancorp (a)		5,620		12,814
Zions Bancorporation		5,425		115,878
Commercial Banks Total				6,236,997
Consumer Finance – 0.7%
American Express Co.		27,150		1,141,114
Cash America International, Inc.		800		28,000
Discover Financial Services		9,389		156,609
Ezcorp, Inc., Class A (a)		1,385		27,755
Consumer Finance Total				1,353,478

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Diversified Financial Services – 1.2%
Citigroup, Inc. (a)		93,200		363,480
ING Groep NV (a)		17,466		180,383
IntercontinentalExchange, Inc. (a)		5,180		542,450
JPMorgan Chase & Co.		35,703		1,359,213
Medallion Financial Corp.		1,334		10,392
Moody's Corp.		1,280		31,974
MSCI, Inc., Class A (a)		1,270		42,177
Pico Holdings, Inc. (a)		400		11,944
Portfolio Recovery Associates, Inc. (a)		395		25,537
Diversified Financial Services Total				2,567,550
Insurance – 2.1%
ACE Ltd.		13,420		781,715
Allianz SE, Registered Shares		1,079		121,810
Allied World Assurance Holdings Ltd.		320		18,109
American Safety Insurance Holdings Ltd. (a)		1,240		20,262
Argo Group International Holdings Ltd.		740		25,708
Assured Guaranty Ltd.		4,300		73,573
Axis Capital Holdings Ltd.		15,532		511,624
Baldwin & Lyons, Inc., Class B		790		20,105
Brit Insurance Holdings NV (a)		8,926		143,802
CNA Surety Corp. (a)		1,480		26,522
eHealth, Inc. (a)		2,247		29,031
EMC Insurance Group, Inc.		881		18,783
FBL Financial Group, Inc., Class A		972		25,252
First Mercury Financial Corp.		1,936		19,515
Global Indemnity PLC (a)		2,478		39,772
Hanover Insurance Group, Inc.		340		15,980
Harleysville Group, Inc.		440		14,428
Horace Mann Educators Corp.		1,851		32,911
Lincoln National Corp.		4,257		101,827
MetLife, Inc.		19,279		741,277
National Western Life Insurance Co., Class A		97		13,646
Navigators Group, Inc. (a)		644		28,742
Prudential Financial, Inc.		12,719		689,115
Reinsurance Group of America, Inc.		1,700		82,093
Safety Insurance Group, Inc.		690		28,994
Sampo OYJ, Class A		7,364		199,051
Stewart Information Services Corp.		1,210		13,697
United Fire & Casualty Co.		1,459		30,945
XL Group PLC (c)		18,080		391,613
Zurich Financial Services AG, Registered Shares		848		198,903
Insurance Total				4,458,805

	Shares		Value ($)
Real Estate Investment Trusts (REITs) – 0.9%
Alexandria Real Estate Equities, Inc.		1,000		70,000
Boston Properties, Inc.		950		78,964
Chesapeake Lodging Trust		268		4,385
DCT Industrial Trust, Inc.		4,684		22,436
DiamondRock Hospitality Co. (a)		2,858		27,122
Digital Realty Trust, Inc.		810		49,977
Equity Residential Property Trust		7,900		375,803
FelCor Lodging Trust, Inc. (a)		3,962		18,225
Franklin Street Properties Corp.		1,474		18,307
Getty Realty Corp.		680		18,244
Host Hotels & Resorts, Inc.		3,897		56,429
Japan Retail Fund Investment Corp.		123		173,339
National Health Investors, Inc.		503		22,162
Nationwide Health Properties, Inc.		900		34,803
Plum Creek Timber Co., Inc.		1,030		36,359
Potlatch Corp.		799		27,166
ProLogis		11,700		137,826
Rayonier, Inc.		7,850		393,442
Starwood Property Trust, Inc.		1,430		28,414
Sunstone Hotel Investors, Inc. (a)		1,716		15,564
Tanger Factory Outlet Centers		615		28,991
Taubman Centers, Inc.		1,300		57,993
Terreno Realty Corp. (a)		990		18,038
Universal Health Realty Income Trust		550		18,926
Urstadt Biddle Properties, Inc., Class A		1,120		20,250
Vornado Realty Trust		402		34,383
Weyerhaeuser Co.		10,370		163,431
Real Estate Investment Trusts (REITs) Total				1,950,979
Real Estate Management & Development – 0.2%
Avatar Holdings, Inc. (a)		887		16,924
CB Richard Ellis Group, Inc., Class A (a)		2,200		40,216
Hongkong Land Holdings Ltd.		24,000		149,171
Huaku Development Co., Ltd.		63,875		176,263
Swire Pacific Ltd., Class A		7,000		96,191
Real Estate Management & Development Total				478,765
Thrifts & Mortgage Finance – 0.1%
Bank Mutual Corp.		4,025		20,890
BankFinancial Corp.		2,489		22,824
Beneficial Mutual Bancorp, Inc. (a)		2,581		23,152
Brookline Bancorp, Inc.		2,834		28,283
Clifton Savings Bancorp, Inc.		1,540		13,244
ESSA Bancorp, Inc.		1,299		15,380
Home Federal Bancorp, Inc.		1,947		23,695
MGIC Investment Corp. (a)		1,972		18,202

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
People's United Financial, Inc.		2,200		28,798
TrustCo Bank Corp. NY		2,580		14,345
United Financial Bancorp, Inc.		1,199		16,198
Washington Federal, Inc.		1,260		19,228
Westfield Financial, Inc.		2,623		20,459
Thrifts & Mortgage Finance Total				264,698
Financials Total				19,922,625
Health Care – 5.8%
Biotechnology – 0.8%
Acorda Therapeutics, Inc. (a)		690		22,784
Alexion Pharmaceuticals, Inc. (a)		4,798		308,799
Amgen, Inc. (a)		12,369		681,656
Celgene Corp. (a)		8,250		475,282
Cubist Pharmaceuticals, Inc. (a)		1,060		24,793
Dendreon Corp. (a)		3,940		162,249
Halozyme Therapeutics, Inc. (a)		2,375		18,311
Human Genome Sciences, Inc. (a)		2,098		62,499
Ironwood Pharmaceuticals, Inc. (a)		1,705		17,357
Martek Biosciences Corp. (a)		720		16,294
Momenta Pharmaceuticals, Inc. (a)		115		1,731
Onyx Pharmaceuticals, Inc. (a)		2,415		63,708
Biotechnology Total				1,855,463
Health Care Equipment & Supplies – 0.8%
Analogic Corp.		330		14,810
Angiodynamics, Inc. (a)		940		14,326
Cantel Medical Corp.		956		15,487
Cooper Companies, Inc.		700		32,354
Cutera, Inc. (a)		1,535		12,434
DexCom, Inc. (a)		1,720		22,738
Edwards Lifesciences Corp. (a)		3,300		221,265
Gen-Probe, Inc. (a)		690		33,437
ICU Medical, Inc. (a)		1,033		38,521
Insulet Corp. (a)		1,610		22,765
Intuitive Surgical, Inc. (a)		160		45,399
Kensey Nash Corp. (a)		743		21,465
Masimo Corp.		2,006		54,784
Medical Action Industries, Inc. (a)		1,440		13,032
NuVasive, Inc. (a)		2,731		95,967
St. Jude Medical, Inc. (a)		10,700		420,938
Symmetry Medical, Inc. (a)		1,710		16,484
Syneron Medical Ltd. (a)		1,340		13,293
Teleflex, Inc.		1,200		68,136
Thoratec Corp. (a)		1,905		70,447
Varian Medical Systems, Inc. (a)		4,650		281,325
Young Innovations, Inc.		436		12,474
Zimmer Holdings, Inc. (a)		4,300		225,019
Health Care Equipment & Supplies Total				1,766,900

	Shares		Value ($)
Health Care Providers & Services – 1.4%
AmSurg Corp. (a)		929		16,239
Brookdale Senior Living, Inc. (a)		3,920		63,935
Cardinal Health, Inc.		9,750		322,140
Catalyst Health Solutions, Inc. (a)		808		28,450
Centene Corp. (a)		580		13,682
CIGNA Corp.		1,700		60,826
Community Health Systems, Inc. (a)		1,400		43,358
Express Scripts, Inc. (a)		9,020		439,274
Healthspring, Inc. (a)		1,484		38,347
HMS Holdings Corp. (a)		590		34,775
Humana, Inc. (a)		1,100		55,264
IPC The Hospitalist Co., Inc. (a)		1,725		47,127
Kindred Healthcare, Inc. (a)		1,500		19,530
Laboratory Corp. of America Holdings (a)		1,100		86,273
LHC Group, Inc. (a)		890		20,639
Magellan Health Services, Inc. (a)		480		22,675
Medcath Corp. (a)		1,740		17,522
Medco Health Solutions, Inc. (a)		8,100		421,686
Mednax, Inc. (a)		1,670		89,011
Miraca Holdings, Inc.		4,900		173,454
NovaMed, Inc. (a)		998		9,671
Owens & Minor, Inc.		600		17,076
Patterson Companies, Inc.		1,470		42,115
PSS World Medical, Inc. (a)		1,295		27,687
Triple-S Management Corp., Class B (a)		820		13,817
U.S. Physical Therapy, Inc. (a)		800		13,376
UnitedHealth Group, Inc.		14,750		517,872
Universal Health Services, Inc., Class B		8,600		334,196
Health Care Providers & Services Total				2,990,017
Health Care Technology – 0.1%
Cerner Corp. (a)		490		41,155
Medidata Solutions, Inc. (a)		1,300		24,960
Omnicell, Inc. (a)		3,044		39,816
Quality Systems, Inc.		455		30,171
Health Care Technology Total				136,102
Life Sciences Tools & Services – 0.9%
ICON PLC, ADR (a)		3,490		75,454
Illumina, Inc. (a)		1,880		92,496
Life Technologies Corp. (a)		17,930		837,152
Mettler-Toledo International, Inc. (a)		275		34,221
Thermo Fisher Scientific, Inc. (a)		18,433		882,572
Life Sciences Tools & Services Total				1,921,895
Pharmaceuticals – 1.8%
Allergan, Inc.		7,300		485,669
Ardea Biosciences, Inc. (a)		1,015		23,345

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
AstraZeneca PLC, ADR		5,524		280,067
Auxilium Pharmaceuticals, Inc. (a)		880		21,806
GlaxoSmithKline PLC		8,456		166,825
GlaxoSmithKline PLC, ADR		7,200		284,544
Impax Laboratories, Inc. (a)		2,260		44,748
MAP Pharmaceuticals, Inc. (a)		1,150		17,595
Medicis Pharmaceutical Corp., Class A		4,550		134,907
Merck & Co., Inc.		10,212		375,904
Mylan, Inc. (a)		14,950		281,209
Novartis AG, Registered Shares		1,999		115,190
Pfizer, Inc.		32,300		554,591
Roche Holding AG, Genusschein Shares		1,857		253,555
Salix Pharmaceuticals Ltd. (a)		1,205		47,863
Sanofi-Aventis SA		4,233		282,475
Santen Pharmaceutical Co., Ltd.		3,500		121,276
Watson Pharmaceuticals, Inc. (a)		8,430		356,673
Pharmaceuticals Total				3,848,242
Health Care Total				12,518,619
Industrials – 7.0%
Aerospace & Defense – 1.5%
AAR Corp. (a)		742		13,846
AerCap Holdings NV (a)		4,978		58,890
BAE Systems PLC		35,236		189,671
BE Aerospace, Inc. (a)		1,060		32,129
Ceradyne, Inc. (a)		865		20,198
Esterline Technologies Corp. (a)		340		19,458
General Dynamics Corp.		5,000		314,050
Global Defense Technology & Systems, Inc. (a)		1,290		17,673
Goodrich Corp.		5,250		387,082
Honeywell International, Inc.		6,200		272,428
ITT Corp.		630		29,503
L-3 Communications Holdings, Inc.		400		28,908
Ladish Co., Inc. (a)		810		25,215
LMI Aerospace, Inc. (a)		2,095		33,352
MTU Aero Engines Holding AG		1,961		112,156
Precision Castparts Corp.		2,950		375,683
Spirit Aerosystems Holdings, Inc., Class A (a)		1,400		27,902
United Technologies Corp.		16,030		1,141,817
Aerospace & Defense Total				3,099,961
Air Freight & Logistics – 0.5%
Atlas Air Worldwide Holdings, Inc. (a)		1,462		73,539
C.H. Robinson Worldwide, Inc.		950		66,424
Forward Air Corp.		995		25,870

	Shares		Value ($)
Pacer International, Inc. (a)		2,183		13,185
United Parcel Service, Inc., Class B		12,150		810,283
Air Freight & Logistics Total				989,301
Airlines – 0.1%
Alaska Air Group, Inc. (a)		560		28,577
Delta Air Lines, Inc. (a)		6,990		81,364
Skywest, Inc.		970		13,541
Turk Hava Yollari A.O. (a)		26,116		106,403
United Continental Holdings, Inc.		1,530		36,154
Airlines Total				266,039
Building Products – 0.0%
A.O. Smith Corp.		320		18,525
Ameron International Corp.		327		22,223
Lennox International, Inc.		350		14,591
Universal Forest Products, Inc.		490		14,333
Building Products Total				69,672
Commercial Services & Supplies – 0.3%
ABM Industries, Inc.		740		15,977
ACCO Brands Corp. (a)		810		4,658
Aeon Delight Co., Ltd.		6,800		127,400
Consolidated Graphics, Inc. (a)		520		21,554
Ennis, Inc.		943		16,870
G&K Services, Inc., Class A		649		14,836
Republic Services, Inc.		11,000		335,390
Stericycle, Inc. (a)		490		34,045
Tetra Tech, Inc. (a)		1,865		39,109
United Stationers, Inc. (a)		410		21,939
Commercial Services & Supplies Total				631,778
Construction & Engineering – 0.5%
Comfort Systems USA, Inc.		1,362		14,614
CTCI Corp.		113,000		124,174
Dycom Industries, Inc. (a)		1,850		18,482
EMCOR Group, Inc. (a)		1,070		26,311
Fluor Corp.		6,600		326,898
Foster Wheeler AG (a)		12,500		305,750
Great Lakes Dredge & Dock Corp.		4,185		24,315
KBR, Inc.		860		21,190
KHD Humboldt Wedag International AG		899		7,343
Layne Christensen Co. (a)		660		17,087
Maire Tecnimont SpA		35,451		141,268
Pike Electric Corp. (a)		2,952		21,491
Sterling Construction Co., Inc. (a)		3,078		38,106
Construction & Engineering Total				1,087,029
Electrical Equipment – 0.3%
AMETEK, Inc.		1,310		62,579
Baldor Electric Co.		1,485		59,994
Belden, Inc.		730		19,257

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Broadwind Energy, Inc. (a)		9,393		17,565
Cooper Industries PLC, Class A		1,400		68,502
GrafTech International Ltd. (a)		1,326		20,725
Mitsubishi Electric Corp.		19,000		163,879
Schneider Electric SA		1,332		169,243
Electrical Equipment Total				581,744
Industrial Conglomerates – 0.9%
3M Co.		7,900		685,009
DCC PLC		4,817		137,949
General Electric Co.		39,629		643,971
Tyco International Ltd.		10,234		375,895
Industrial Conglomerates Total				1,842,824
Machinery – 2.0%
AGCO Corp. (a)		910		35,499
ArvinMeritor, Inc. (a)		9,535		148,174
Astec Industries, Inc. (a)		595		16,975
Bucyrus International, Inc.		1,480		102,638
CIRCOR International, Inc.		490		15,484
Columbus McKinnon Corp. (a)		1,900		31,521
Crane Co.		900		34,146
Cummins, Inc.		5,600		507,248
Deere & Co.		5,600		390,768
Demag Cranes AG (a)		2,803		107,527
Dover Corp.		7,850		409,848
Eaton Corp.		1,200		98,988
EnPro Industries, Inc. (a)		700		21,896
Flowserve Corp.		2,750		300,905
FreightCar America, Inc.		567		13,948
Harsco Corp.		470		11,553
Illinois Tool Works, Inc.		8,600		404,372
Ingersoll-Rand PLC		21,450		765,979
Kadant, Inc. (a)		988		18,683
Kennametal, Inc.		5,100		157,743
LB Foster Co., Class A (a)		497		14,383
Lindsay Corp.		480		20,794
Mueller Industries, Inc.		800		21,192
Navistar International Corp. (a)		4,011		175,040
Nordson Corp.		285		21,002
Pall Corp.		980		40,807
Parker Hannifin Corp.		6,100		427,366
Robbins & Myers, Inc.		1,820		48,740
Tennant Co.		815		25,184
Machinery Total				4,388,403
Marine – 0.0%
Diana Shipping, Inc. (a)		1,070		13,589
Marine Total				13,589
Professional Services – 0.4%
Advisory Board Co. (a)		808		35,673
Atkins WS PLC		12,910		149,382

	Shares		Value ($)
CDI Corp.		981		12,675
FTI Consulting, Inc. (a)		380		13,182
IHS, Inc., Class A (a)		590		40,120
Kforce, Inc. (a)		889		12,197
Korn/Ferry International (a)		3,309		54,731
LECG Corp. (a)		1,975		2,172
Manpower, Inc.		8,493		443,335
Navigant Consulting, Inc. (a)		1,010		11,746
Professional Services Total				775,213
Road & Rail – 0.2%
Canadian Pacific Railway Ltd.		500		30,465
Con-way, Inc.		921		28,542
Dollar Thrifty Automotive Group, Inc. (a)		550		27,577
Genesee & Wyoming, Inc., Class A (a)		660		28,637
Heartland Express, Inc.		970		14,424
Hertz Global Holdings, Inc. (a)		2,900		30,711
Kansas City Southern (a)		1,430		53,496
Landstar System, Inc.		1,730		66,813
Old Dominion Freight Line, Inc. (a)		2,912		74,023
Roadrunner Transportation Systems, Inc. (a)		2,342		25,387
Ryder System, Inc.		400		17,108
Union Pacific Corp.		813		66,504
Werner Enterprises, Inc.		1,320		27,047
Road & Rail Total				490,734
Trading Companies & Distributors – 0.3%
Applied Industrial Technologies, Inc.		660		20,196
Beacon Roofing Supply, Inc. (a)	��	1,430		20,835
Fastenal Co.		810		43,084
ITOCHU Corp.		15,000		137,641
Kaman Corp.		761		19,946
Kloeckner & Co., SE (a)		4,545		102,296
Mitsui & Co., Ltd.		9,000		133,910
W.W. Grainger, Inc.		1,800		214,398
Trading Companies & Distributors Total				692,306
Industrials Total				14,928,593
Information Technology – 9.0%
Communications Equipment – 0.9%
Anaren, Inc. (a)		952		15,984
Aruba Networks, Inc. (a)		2,855		60,926
Bel Fuse, Inc., Class B		549		11,430
Black Box Corp.		597		19,140
Brocade Communications Systems, Inc. (a)		6,200		36,208
Cisco Systems, Inc. (a)		37,045		811,286
CommScope, Inc. (a)		1,000		23,740

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
F5 Networks, Inc. (a)		630		65,400
Infinera Corp. (a)		2,835		33,084
Plantronics, Inc.		570		19,255
QUALCOMM, Inc.		15,500		699,360
Symmetricom, Inc. (a)		2,420		13,842
Tekelec (a)		1,350		17,496
Communications Equipment Total				1,827,151
Computers & Peripherals – 1.8%
Apple, Inc. (a)		6,550		1,858,562
Diebold, Inc.		2,000		62,180
EMC Corp. (a)		49,300		1,001,283
Hewlett-Packard Co.		20,553		864,665
NetApp, Inc. (a)		1,320		65,723
SanDisk Corp. (a)		2,650		97,122
Super Micro Computer, Inc. (a)		1,435		14,910
Computers & Peripherals Total				3,964,445
Electronic Equipment, Instruments & Components – 0.7%
Agilent Technologies, Inc. (a)		3,080		102,780
Anixter International, Inc. (a)		441		23,810
Arrow Electronics, Inc. (a)		2,000		53,460
Benchmark Electronics, Inc. (a)		1,501		24,616
Brightpoint, Inc. (a)		2,156		15,070
Corning, Inc.		15,200		277,856
CTS Corp.		1,553		14,940
DTS, Inc. (a)		1,185		45,231
Electro Scientific Industries, Inc. (a)		1,080		11,999
FUJIFILM Holdings Corp.		4,600		152,762
Halma PLC		23,120		115,101
Littelfuse, Inc. (a)		425		18,572
Methode Electronics, Inc.		1,584		14,383
Molex, Inc.		3,100		64,883
MTS Systems Corp.		520		16,120
Murata Manufacturing Co., Ltd.		2,700		142,337
NAM TAI Electronics, Inc. (a)		3,051		14,096
Tyco Electronics Ltd.		16,400		479,208
Electronic Equipment, Instruments & Components Total				1,587,224
Internet Software & Services – 1.0%
Akamai Technologies, Inc. (a)		6,660		334,199
Baidu, Inc., ADR (a)		600		61,572
Google, Inc., Class A (a)		2,472		1,299,753
GSI Commerce, Inc. (a)		960		23,712
InfoSpace, Inc. (a)		1,542		13,353
LogMeIn, Inc. (a)		1,260		45,335
MercadoLibre, Inc. (a)		955		68,932
OpenTable, Inc. (a)		1,315		89,525
United Online, Inc.		2,690		15,387
ValueClick, Inc. (a)		1,110		14,519
VeriSign, Inc. (a)		1,050		33,327

	Shares		Value ($)
VistaPrint NV (a)		2,255		87,156
Vocus, Inc. (a)		1,647		30,436
Internet Software & Services Total				2,117,206
IT Services – 1.3%
Acxiom Corp. (a)		1,090		17,287
Alliance Data Systems Corp. (a)		1,520		99,195
CACI International, Inc., Class A (a)		434		19,643
Cognizant Technology Solutions Corp., Class A (a)		8,930		575,717
CSG Systems International, Inc. (a)		931		16,972
ExlService Holdings, Inc. (a)		1,570		30,537
Gartner, Inc. (a)		1,460		42,982
International Business Machines Corp.		9,300		1,247,502
MAXIMUS, Inc.		310		19,090
MoneyGram International, Inc. (a)		7,386		18,022
TeleTech Holdings, Inc. (a)		1,450		21,518
Teradata Corp. (a)		9,300		358,608
VeriFone Systems, Inc. (a)		3,510		109,056
Visa, Inc., Class A		3,150		233,919
Wright Express Corp. (a)		1,106		39,495
IT Services Total				2,849,543
Semiconductors & Semiconductor Equipment – 0.9%
Amkor Technology, Inc. (a)		2,200		14,454
Analog Devices, Inc.		1,809		56,767
Atmel Corp. (a)		3,400		27,064
ATMI, Inc. (a)		850		12,631
Broadcom Corp., Class A		6,150		217,649
Cavium Networks, Inc. (a)		940		27,034
Cirrus Logic, Inc. (a)		1,205		21,497
Cree, Inc. (a)		540		29,317
Entropic Communications, Inc. (a)		5,303		50,909
GT Solar International, Inc. (a)		2,405		20,130
Integrated Device Technology, Inc. (a)		2,160		12,636
Macronix International		144,000		89,510
Marvell Technology Group Ltd. (a)		1,890		33,094
MediaTek, Inc.		7,013		98,617
MKS Instruments, Inc. (a)		583		10,482
Netlogic Microsystems, Inc. (a)		8,250		227,535
OmniVision Technologies, Inc. (a)		3,355		77,299
Power Integrations, Inc.		605		19,233
Samsung Electronics Co., Ltd.		118		80,412
SunPower Corp., Class A (a)		2,305		33,192
Tessera Technologies, Inc. (a)		650		12,025
Texas Instruments, Inc.		13,200		358,248
Varian Semiconductor Equipment Associates, Inc. (a)		6,220		179,012
Veeco Instruments, Inc. (a)		800		27,896
Verigy Ltd. (a)		1,233		10,024

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Volterra Semiconductor Corp. (a)		1,270		27,330
Xilinx, Inc.		1,920		51,091
Zoran Corp. (a)		1,605		12,262
Semiconductors & Semiconductor Equipment Total				1,837,350
Software – 2.4%
Advent Software, Inc. (a)		785		40,969
ANSYS, Inc. (a)		820		34,645
Autodesk, Inc. (a)		15,800		505,126
AutoNavi Holdings Ltd., ADR (a)		641		11,218
Autonomy Corp. PLC (a)		5,172		147,419
BroadSoft, Inc. (a)		1,644		14,237
Citrix Systems, Inc. (a)		1,030		70,287
Compuware Corp. (a)		1,590		13,563
Concur Technologies, Inc. (a)		934		46,177
Fortinet, Inc. (a)		1,250		31,250
Informatica Corp. (a)		1,025		39,370
Intuit, Inc. (a)		9,510		416,633
Jack Henry & Associates, Inc.		500		12,750
Microsoft Corp.		22,980		562,780
Monotype Imaging Holdings, Inc. (a)		1,398		12,792
Netscout Systems, Inc. (a)		1,796		36,836
Nintendo Co., Ltd.		500		124,957
Nintendo Co., Ltd., ADR		4,603		143,614
Nuance Communications, Inc. (a)		22,700		355,028
Oracle Corp.		37,600		1,009,560
Parametric Technology Corp. (a)		780		15,241
Pegasystems, Inc.		990		30,739
Progress Software Corp. (a)		570		18,867
RealPage, Inc. (a)		1,016		19,385
Red Hat, Inc. (a)		2,430		99,630
Rovi Corp. (a)		6,801		342,838
Salesforce.com, Inc. (a)		3,050		340,990
Solera Holdings, Inc.		590		26,054
Sourcefire, Inc. (a)		1,190		34,320
SuccessFactors, Inc. (a)		12,802		321,458
Taleo Corp., Class A (a)		1,430		41,456
TIBCO Software, Inc. (a)		10,285		182,456
VanceInfo Technologies, Inc., ADR (a)		890		28,783
Software Total				5,131,428
Information Technology Total				19,314,347
Materials – 3.2%
Chemicals – 0.8%
Albemarle Corp.		1,425		66,704
BASF SE		4,569		288,667
Celanese Corp., Series A		5,300		170,130
CF Industries Holdings, Inc.		2,110		201,505

	Shares		Value ($)
Clariant AG, Registered Shares (a)		11,336		166,280
H.B. Fuller Co.		1,450		28,811
Hitachi Chemical Co., Ltd.		5,500		102,886
International Flavors & Fragrances, Inc.		800		38,816
Minerals Technologies, Inc.		390		22,979
OM Group, Inc. (a)		1,525		45,933
Potash Corp. of Saskatchewan, Inc.		3,000		432,120
PPG Industries, Inc.		1,300		94,640
Solutia, Inc. (a)		2,230		35,725
STR Holdings, Inc. (a)		1,120		24,125
Chemicals Total				1,719,321
Construction Materials – 0.1%
Ciments Francais SA		777		69,322
Eagle Materials, Inc.		382		9,054
Martin Marietta Materials, Inc.		600		46,182
Construction Materials Total				124,558
Containers & Packaging – 0.2%
Crown Holdings, Inc. (a)		3,340		95,725
Greif, Inc., Class A		335		19,711
Greif, Inc., Class B		841		48,273
Packaging Corp. of America		15,534		359,923
Silgan Holdings, Inc.		1,500		47,550
Containers & Packaging Total				571,182
Metals & Mining – 1.9%
Agnico-Eagle Mines Ltd.		1,857		131,903
Allegheny Technologies, Inc.		11,425		530,691
AngloGold Ashanti Ltd., ADR		807		37,316
Aurubis AG		2,801		133,680
Barrick Gold Corp.		3,637		168,357
BHP Billiton PLC		9,756		311,507
Carpenter Technology Corp.		380		12,810
Centerra Gold, Inc.		6,441		103,917
Cliffs Natural Resources, Inc.		1,080		69,034
Coeur d'Alene Mines Corp. (a)		990		19,721
Eastern Platinum Ltd. (a)		72,500		100,058
First Quantum Minerals Ltd.		968		73,618
Freeport-McMoRan Copper & Gold, Inc.		6,302		538,128
Gammon Gold, Inc. (a)		3,805		26,673
Goldcorp, Inc.		2,449		106,581
Haynes International, Inc.		587		20,498
IAMGOLD Corp.		2,382		42,185
Ivanhoe Mines Ltd. (a)		2,247		52,602
Newmont Mining Corp.		7,846		492,807
Novagold Resources, Inc. (a)		2,397		20,950
Olympic Steel, Inc.		759		17,449
OneSteel Ltd.		32,464		91,943

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
RTI International Metals, Inc. (a)		580		17,760
Silver Wheaton Corp. (a)		4,480		119,392
Steel Dynamics, Inc.		2,600		36,686
Stillwater Mining Co. (a)		2,675		45,047
Teck Resources Ltd., Class B		4,715		194,069
Terra Nova Royalty Corp. (a)		950		7,087
Thompson Creek Metals Co., Inc. (a)		17,599		189,703
Titanium Metals Corp. (a)		1,630		32,535
United States Steel Corp.		6,275		275,096
US Gold Corp. (a)		3,225		16,028
Vale SA, ADR		2,241		70,076
Walter Energy, Inc.		1,005		81,696
Metals & Mining Total				4,187,603
Paper & Forest Products – 0.2%
International Paper Co.		10,000		217,500
Svenska Cellulosa AB, Class B		10,281		156,608
Paper & Forest Products Total				374,108
Materials Total				6,976,772
Telecommunication Services – 1.5%
Diversified Telecommunication Services – 0.7%
AT&T, Inc.		28,752		822,307
Bezeq Israeli Telecommunication Corp., Ltd.		49,181		122,785
Qwest Communications International, Inc.		7,500		47,025
Tele2 AB, Class B		8,963		188,263
Telefonica SA		3,551		88,093
Telenor ASA		6,928		108,613
Warwick Valley Telephone Co.		1,048		14,924
Diversified Telecommunication Services Total				1,392,010
Wireless Telecommunication Services – 0.8%
Advanced Info Service PCL, Foreign Registered Shares		23,700		74,185
American Tower Corp., Class A (a)		7,484		383,630
Crown Castle International Corp. (a)		1,210		53,422
Freenet AG		15,468		181,883
Millicom International Cellular SA		1,632		156,590
NII Holdings, Inc. (a)		8,095		332,704
NTELOS Holdings Corp.		1,240		20,981
NTT DoCoMo, Inc.		53		88,515
SBA Communications Corp., Class A (a)		2,615		105,385
Shenandoah Telecommunications Co.		786		14,282
Softbank Corp.		6,200		203,173

	Shares		Value ($)
Syniverse Holdings, Inc. (a)		772		17,501
Vivo Participacoes SA, ADR		3,076		83,575
Vodafone Group PLC		30,489		75,474
Wireless Telecommunication Services Total				1,791,300
Telecommunication Services Total				3,183,310
Utilities – 2.2%
Electric Utilities – 0.9%
ALLETE, Inc.		730		26,594
American Electric Power Co., Inc.		16,100		583,303
Enel SpA		20,723		110,626
Fortum OYJ		7,702		201,743
MGE Energy, Inc.		610		24,150
NextEra Energy, Inc.		12,500		679,875
Northeast Utilities		8,024		237,269
Electric Utilities Total				1,863,560
Gas Utilities – 0.1%
Laclede Group, Inc.		600		20,652
Nicor, Inc.		680		31,157
PT Perusahaan Gas Negara		212,500		91,855
Gas Utilities Total				143,664
Independent Power Producers & Energy Traders – 0.1%
AES Corp. (a)		3,020		34,277
International Power PLC		36,783		224,463
Independent Power Producers & Energy Traders Total				258,740
Multi-Utilities – 1.1%
AGL Energy Ltd.		10,448		163,296
Avista Corp.		1,200		25,056
CenterPoint Energy, Inc.		2,794		43,922
CH Energy Group, Inc.		440		19,430
CMS Energy Corp.		2,400		43,248
NorthWestern Corp.		860		24,510
PG&E Corp.		12,558		570,384
Public Service Enterprise Group, Inc.		1,900		62,852
RWE AG		2,776		187,254
Sempra Energy		9,850		529,930
Wisconsin Energy Corp.		5,214		301,369
Xcel Energy, Inc.		21,300		489,261
Multi-Utilities Total				2,460,512
Utilities Total				4,726,476
Total Common Stocks (Cost of $102,661,895)				119,601,468

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes – 14.1%
	Par ($)		Value ($)
Basic Materials – 0.5%
Chemicals – 0.2%
Celanese U.S. Holdings LLC
6.625% 10/15/18 (d)		3,000		3,068
CF Industries, Inc.
6.875% 05/01/18		70,000		75,337
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.875% 02/01/18		115,000		112,700
INEOS Finance PLC
9.000% 05/15/15 (d)		110,000		114,812
Lyondell Chemical Co.
8.000% 11/01/17 (d)		72,000		78,660
11.000% 05/01/18		6,000		6,638
Chemicals Total				391,215
Forest Products & Paper – 0.1%
Cascades, Inc.
7.750% 12/15/17		15,000		15,638
Georgia-Pacific LLC
8.000% 01/15/24		100,000		112,250
Forest Products & Paper Total				127,888
Iron/Steel – 0.1%
ArcelorMittal USA, Inc.
6.500% 04/15/14		200,000		221,655
Iron/Steel Total				221,655
Metals & Mining – 0.1%
Novelis, Inc.
7.250% 02/15/15		9,000		9,157
Vale Overseas Ltd.
6.250% 01/23/17		200,000		228,933
Metals & Mining Total				238,090
Basic Materials Total				978,848
Communications – 2.6%
Advertising – 0.1%
Interpublic Group of Companies, Inc.
10.000% 07/15/17		55,000		64,213
inVentiv Health, Inc.
10.000% 08/15/18 (d)		40,000		39,750
Visant Corp.
10.000% 10/01/17 (d)		30,000		31,350
Advertising Total				135,313
Media – 0.9%
Belo Corp.
8.000% 11/15/16		30,000		32,062
Cablevision Systems Corp.
8.625% 09/15/17		90,000		99,000

	Par ($)		Value ($)
CCO Holdings LLC/CCO Holdings Capital Corp.
7.250% 10/30/17 (d)		65,000		65,894
Clear Channel Worldwide Holdings, Inc.
9.250% 12/15/17		65,000		69,387
DIRECTV Holdings LLC
3.550% 03/15/15		200,000		207,609
DISH DBS Corp.
7.875% 09/01/19		115,000		123,769
Entravision Communications Corp.
8.750% 08/01/17 (d)		45,000		45,900
Gannett Co., Inc.
6.375% 09/01/15 (d)		15,000		14,831
Gray Television, Inc.
10.500% 06/29/15		40,000		39,950
Insight Communications Co., Inc.
9.375% 07/15/18 (d)		20,000		21,250
Mediacom LLC/Mediacom Capital Corp.
9.125% 08/15/19		65,000		67,275
NBC Universal, Inc.
5.950% 04/01/41 (d)(e)		230,000		236,581
News America, Inc.
6.550% 03/15/33		200,000		223,229
RR Donnelley & Sons Co.
6.125% 01/15/17		300,000		314,095
Salem Communications Corp.
9.625% 12/15/16		70,000		74,375
Sinclair Television Group, Inc.
8.375% 10/15/18 (d)(e)		15,000		15,112
9.250% 11/01/17 (d)		74,000		79,365
Sirius XM Radio, Inc.
8.750% 04/01/15 (d)		50,000		53,125
9.750% 09/01/15 (d)		20,000		22,025
Time Warner, Inc.
6.200% 03/15/40		185,000		201,539
Umbrella Acquisition, Inc.
PIK, 9.750% 03/15/15 (03/15/12) (d)(f)(g)		10,525		10,032
Media Total				2,016,405
Telecommunication Services – 1.6%
America Movil SAB de CV
5.625% 11/15/17		200,000		225,643
AT&T, Inc.
4.950% 01/15/13		250,000		271,659
5.350% 09/01/40 (d)		215,000		216,013
British Telecommunications PLC
5.150% 01/15/13		225,000		240,448
Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14		365,000		412,762

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Cincinnati Bell, Inc.
8.250% 10/15/17		50,000		50,500
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000% 12/01/15 (d)		62,000		66,805
Crown Castle International Corp.
7.125% 11/01/19		65,000		69,225
Frontier Communications Corp.
8.250% 04/15/17		65,000		71,094
Intelsat Corp.
9.250% 06/15/16		70,000		74,638
ITC Deltacom, Inc.
10.500% 04/01/16		115,000		116,869
Level 3 Financing, Inc.
8.750% 02/15/17		60,000		53,400
9.250% 11/01/14		35,000		32,900
MetroPCS Wireless, Inc.
7.875% 09/01/18		40,000		41,200
Nextel Communications, Inc.
7.375% 08/01/15		195,000		195,975
Nielsen Finance LLC/Nielsen Finance Co.
7.750% 10/15/18 (b)(d)(e)		50,000		49,634
PAETEC Holding Corp.
8.875% 06/30/17		75,000		78,375
Qwest Communications International, Inc.
7.500% 02/15/14		255,000		260,100
Sprint Capital Corp.
6.875% 11/15/28		30,000		27,450
Telecom Italia Capital SA
4.950% 09/30/14		210,000		223,593
Telefonica Emisiones SAU
0.775% 02/04/13 (11/04/10) (f)(g)		250,000		244,724
Vodafone Group PLC
5.750% 03/15/16		175,000		200,356
Wind Acquisition Finance SA
11.750% 07/15/17 (d)		90,000		100,856
Windstream Corp.
7.875% 11/01/17		65,000		67,763
8.125% 09/01/18 (d)		35,000		36,225
Telecommunication Services Total				3,428,207
Communications Total				5,579,925
Consumer Cyclical – 0.6%
Auto Manufacturers – 0.0%
Oshkosh Corp.
8.500% 03/01/20		2,000		2,165
Auto Manufacturers Total				2,165
Auto Parts & Equipment – 0.1%
Accuride Corp.
9.500% 08/01/18 (d)		7,000		7,350

	Par ($)		Value ($)
Lear Corp.
7.875% 03/15/18		65,000		68,900
Tenneco, Inc.
7.750% 08/15/18 (d)		5,000		5,125
Auto Parts & Equipment Total				81,375
Distribution/Wholesale – 0.0%
McJunkin Red Man Corp.
9.500% 12/15/16 (d)		52,000		45,760
Distribution/Wholesale Total				45,760
Entertainment – 0.1%
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.
9.125% 08/01/18 (d)		10,000		10,500
Pinnacle Entertainment, Inc.
8.750% 05/15/20		55,000		54,175
Shingle Springs Tribal Gaming Authority
9.375% 06/15/15 (d)		105,000		78,225
Entertainment Total				142,900
Home Builders – 0.0%
K. Hovnanian Enterprises, Inc.
10.625% 10/15/16		45,000		45,056
Home Builders Total				45,056
Home Furnishings – 0.0%
Norcraft Companies LP/Norcraft Finance Corp.
10.500% 12/15/15		70,000		73,150
Home Furnishings Total				73,150
Housewares – 0.0%
Libbey Glass, Inc.
10.000% 02/15/15 (d)		65,000		69,875
Housewares Total				69,875
Lodging – 0.1%
MGM Resorts International
9.000% 03/15/20 (d)		65,000		68,412
11.375% 03/01/18		40,000		38,100
11.375% 03/01/18 (d)		20,000		19,050
Wyndham Worldwide Corp.
6.000% 12/01/16		110,000		114,755
Lodging Total				240,317
Retail – 0.3%
CVS Pass-Through Trust
7.507% 01/10/32 (d)		222,549		261,130
Michaels Stores, Inc.
11.375% 11/01/16		10,000		10,863
Neiman Marcus Group, Inc.
PIK, 9.000% 10/15/15		39,000		40,511

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
QVC, Inc.
7.500% 10/01/19 (d)		135,000		141,075
Rite Aid Corp.
8.000% 08/15/20 (d)		10,000		10,150
10.250% 10/15/19		17,000		17,701
Toys R Us - Delaware, Inc.
7.375% 09/01/16 (d)		32,000		32,560
Retail Total				513,990
Consumer Cyclical Total				1,214,588
Consumer Non-Cyclical – 1.5%
Beverages – 0.4%
Anheuser-Busch InBev Worldwide, Inc.
2.500% 03/26/13		275,000		282,143
Bottling Group LLC
6.950% 03/15/14		200,000		237,107
Cott Beverages USA, Inc.
8.125% 09/01/18 (d)		11,000		11,646
Cott Beverages, Inc.
8.375% 11/15/17 (d)		25,000		26,500
Miller Brewing Co.
5.500% 08/15/13 (d)		200,000		219,939
Beverages Total				777,335
Commercial Services – 0.1%
Cardtronics, Inc.
8.250% 09/01/18		25,000		26,312
Garda World Security Corp.
9.750% 03/15/17 (d)		20,000		21,300
Hertz Corp.
7.500% 10/15/18 (d)		20,000		20,000
Interactive Data Corp.
10.250% 08/01/18 (d)		40,000		42,800
Trans Union LLC/TransUnion Financing Corp.
11.375% 06/15/18 (d)		15,000		17,063
United Rentals North America, Inc.
9.250% 12/15/19		20,000		21,650
10.875% 06/15/16		65,000		73,369
Commercial Services Total				222,494
Food – 0.3%
ConAgra Foods, Inc.
5.875% 04/15/14		190,000		216,925
Kraft Foods, Inc.
5.375% 02/10/20		225,000		251,336
Kroger Co.
5.400% 07/15/40		215,000		223,457
Michael Foods, Inc.
9.750% 07/15/18 (d)		25,000		26,750
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
9.250% 04/01/15		30,000		31,200

	Par ($)		Value ($)
U.S. Foodservice
PIK, 10.250% 06/30/15 (d)		3,000		3,015
Food Total				752,683
Healthcare Services – 0.4%
Apria Healthcare Group, Inc.
11.250% 11/01/14		65,000		71,500
Capella Healthcare, Inc.
9.250% 07/01/17 (d)		5,000		5,350
Community Health Systems, Inc.
8.875% 07/15/15		100,000		106,250
HCA, Inc.
7.250% 09/15/20		65,000		69,550
PIK, 9.625% 11/15/16		100,000		108,500
Healthsouth Corp.
8.125% 02/15/20		6,000		6,240
LifePoint Hospitals, Inc.
6.625% 10/01/20 (d)		15,000		15,300
Multiplan, Inc.
9.875% 09/01/18 (d)		26,000		27,170
Radiation Therapy Services, Inc.
9.875% 04/15/17 (d)		20,000		19,750
Roche Holdings, Inc.
6.000% 03/01/19 (d)		200,000		242,293
Select Medical Corp.
7.625% 02/01/15		30,000		29,288
Tenet Healthcare Corp.
8.000% 08/01/20 (d)		35,000		34,912
Vanguard Health Holding Co. II, LLC/Vanguard Holding Co. II, Inc.
8.000% 02/01/18		75,000		76,125
Healthcare Services Total				812,228
Household Products/Wares – 0.1%
Jarden Corp.
8.000% 05/01/16		65,000		69,225
Spectrum Brands Holdings, Inc.
9.500% 06/15/18 (d)		45,000		48,262
Household Products/Wares Total				117,487
Pharmaceuticals – 0.2%
Express Scripts, Inc.
6.250% 06/15/14		175,000		200,918
NBTY, Inc.
9.000% 10/01/18 (d)(e)		5,000		5,250
Omnicare, Inc.
6.875% 12/15/15		55,000		55,550
Valeant Pharmaceuticals International
6.750% 10/01/17 (d)		10,000		10,200
7.000% 10/01/20 (d)		15,000		15,337

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Warner Chilcott Co., LLC/Warner Chilcott Finance LLC
7.750% 09/15/18 (d)		32,000		32,880
Wyeth
5.500% 02/01/14		180,000		204,273
Pharmaceuticals Total				524,408
Consumer Non-Cyclical Total				3,206,635
Energy – 1.9%
Coal – 0.2%
Arch Coal, Inc.
7.250% 10/01/20		3,000		3,169
8.750% 08/01/16		200,000		220,500
Consol Energy, Inc.
8.000% 04/01/17 (d)		50,000		54,125
8.250% 04/01/20 (d)		50,000		54,625
Coal Total				332,419
Oil & Gas – 1.0%
Anadarko Petroleum Corp.
6.200% 03/15/40		275,000		268,093
Berry Petroleum Co.
8.250% 11/01/16		5,000		5,125
Brigham Exploration Co.
8.750% 10/01/18 (d)		10,000		10,300
Canadian Natural Resources Ltd.
5.700% 05/15/17		200,000		230,126
Chesapeake Energy Corp.
6.625% 08/15/20		70,000		73,150
Comstock Resources, Inc.
8.375% 10/15/17		4,000		4,125
Concho Resources, Inc.
8.625% 10/01/17		65,000		68,900
Continental Resources, Inc.
7.125% 04/01/21 (d)		15,000		15,600
Denbury Resources, Inc.
7.500% 12/15/15		65,000		67,437
EXCO Resources, Inc.
7.500% 09/15/18		45,000		44,719
Forest Oil Corp.
7.250% 06/15/19		65,000		66,463
Hilcorp Energy I LP/Hilcorp Finance Co.
7.750% 11/01/15 (d)		80,000		80,800
Nexen, Inc.
5.875% 03/10/35		210,000		214,301
PetroHawk Energy Corp.
7.250% 08/15/18 (d)		20,000		20,400
7.875% 06/01/15		110,000		115,225
Petroleos Mexicanos
5.500% 01/21/21 (d)		230,000		244,950
QEP Resources, Inc.
6.875% 03/01/21		30,000		32,475

	Par ($)		Value ($)
Quicksilver Resources, Inc.
8.250% 08/01/15		15,000		15,825
9.125% 08/15/19		65,000		71,256
Range Resources Corp.
6.750% 08/01/20		25,000		26,000
7.500% 05/15/16		200,000		209,000
SandRidge Energy, Inc.
PIK, 8.625% 04/01/15		30,000		30,000
Talisman Energy, Inc.
6.250% 02/01/38		180,000		197,922
Oil & Gas Total				2,112,192
Oil & Gas Services – 0.2%
Expro Finance Luxembourg SCA
8.500% 12/15/16 (d)		50,000		47,625
Weatherford International Ltd.
5.150% 03/15/13		190,000		203,435
6.750% 09/15/40		230,000		239,724
Oil & Gas Services Total				490,784
Pipelines – 0.5%
El Paso Corp.
6.875% 06/15/14		195,000		208,484
7.750% 01/15/32		55,000		57,110
Energy Transfer Equity LP
7.500% 10/15/20		45,000		47,363
Enterprise Products Operating LLC
4.600% 08/01/12		190,000		200,097
Regency Energy Partners LP/Regency Energy Finance Corp.
9.375% 06/01/16 (d)		195,000		214,987
TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (f)(g)		245,000		229,075
Williams Partners LP
7.250% 02/01/17		180,000		214,407
Pipelines Total				1,171,523
Energy Total				4,106,918
Financials – 5.0%
Banks – 2.9%
ANZ National International Ltd.
6.200% 07/19/13 (d)		250,000		277,845
Barclays Bank PLC
6.750% 05/22/19		375,000		445,638
Bear Stearns Companies LLC
7.250% 02/01/18		425,000		517,707
Capital One Financial Corp.
5.500% 06/01/15		250,000		275,015

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
CIT Group, Inc.
7.000% 05/01/17		225,000		220,219
Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (d)		750,000		880,791
Citigroup Funding, Inc.
2.000% 03/30/12 (h)		800,000		816,760
Commonwealth Bank of Australia
3.750% 10/15/14 (d)		200,000		213,743
Credit Suisse/New York NY
6.000% 02/15/18		325,000		358,919
Goldman Sachs Group, Inc.
5.350% 01/15/16		215,000		236,374
Keycorp
6.500% 05/14/13		225,000		246,587
Merrill Lynch & Co., Inc.
6.875% 04/25/18		525,000		588,890
Morgan Stanley
6.750% 04/15/11		150,000		154,497
Royal Bank of Scotland PLC
3.950% 09/21/15		300,000		303,137
Santander U.S. Debt SA Unipersonal
2.991% 10/07/13 (d)(e)		200,000		199,640
Wachovia Corp.
4.875% 02/15/14		375,000		400,710
Banks Total				6,136,472
Diversified Financial Services – 1.0%
Ally Financial, Inc.
7.500% 09/15/20 (d)		15,000		15,975
8.000% 03/15/20 (d)		175,000		191,187
American General Finance Corp.
6.900% 12/15/17		85,000		70,975
E*Trade Financial Corp.
7.375% 09/15/13		10,000		9,775
7.875% 12/01/15		25,000		24,438
PIK, 12.500% 11/30/17		25,000		28,500
ERAC USA Finance LLC
6.375% 10/15/17 (d)		200,000		232,509
Ford Motor Credit Co., LLC
6.625% 08/15/17		100,000		106,544
8.000% 12/15/16		75,000		84,778
General Electric Capital Corp.
2.250% 03/12/12		800,000		820,409
5.000% 01/08/16		430,000		472,423
International Lease Finance Corp.
8.750% 03/15/17 (d)		30,000		32,175
8.875% 09/01/17		35,000		37,800
Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (i)		350,000		77,437

	Par ($)		Value ($)
Pinafore LLC/Pinafore, Inc.
9.000% 10/01/18 (d)		5,000		5,250
Diversified Financial Services Total				2,210,175
Insurance – 0.8%
Chubb Corp.
5.750% 05/15/18		150,000		173,592
CNA Financial Corp.
7.350% 11/15/19		185,000		208,001
ING Groep NV
5.775% 12/29/49 (12/08/15) (f)(g)		25,000		22,438
Lincoln National Corp.
8.750% 07/01/19		175,000		225,113
MetLife, Inc.
6.817% 08/15/18		210,000		253,357
Principal Life Income Funding Trusts
5.300% 04/24/13		225,000		243,460
Prudential Financial, Inc.
6.100% 06/15/17		200,000		224,070
Transatlantic Holdings, Inc.
8.000% 11/30/39		200,000		208,381
UnitedHealth Group, Inc.
5.250% 03/15/11		200,000		203,801
Insurance Total				1,762,213
Investment Companies – 0.0%
Offshore Group Investments Ltd.
11.500% 08/01/15 (d)		50,000		52,500
Investment Companies Total				52,500
Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
8.250% 08/15/19		200,000		236,858
Kimco Realty Corp.
4.300% 02/01/18		180,000		182,397
Simon Property Group LP
6.750% 02/01/40		170,000		200,468
Real Estate Investment Trusts (REITs) Total				619,723
Financials Total				10,781,083
Industrials – 0.8%
Aerospace & Defense – 0.2%
Esterline Technologies Corp.
7.000% 08/01/20 (d)		5,000		5,175
Kratos Defense & Security Solutions, Inc.
10.000% 06/01/17		15,000		15,900
United Technologies Corp.
5.375% 12/15/17		250,000		293,667
Aerospace & Defense Total				314,742

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)
	Par ($)		Value ($)
Building Materials – 0.0%
Gibraltar Industries, Inc.
8.000% 12/01/15		15,000		14,625
Nortek, Inc.
11.000% 12/01/13		20,000		21,250
Building Materials Total				35,875
Machinery-Diversified – 0.1%
Case New Holland, Inc.
7.875% 12/01/17 (d)		55,000		59,744
Manitowoc Co., Inc.
9.500% 02/15/18		65,000		67,925
Machinery-Diversified Total				127,669
Miscellaneous Manufacturing – 0.2%
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		180,000		222,720
SPX Corp.
6.875% 09/01/17 (d)		18,000		19,080
Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19		180,000		224,064
Miscellaneous Manufacturing Total				465,864
Packaging & Containers – 0.1%
Graphic Packaging International, Inc.
7.875% 10/01/18		8,000		8,220
9.500% 06/15/17		140,000		149,100
Packaging & Containers Total				157,320
Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		225,000		259,604
Canadian Pacific Railway Co.
4.450% 03/15/23		220,000		224,491
Transportation Total				484,095
Industrials Total				1,585,565
Technology – 0.2%
Networking Products – 0.1%
Cisco Systems, Inc.
4.950% 02/15/19		195,000		223,083
Networking Products Total				223,083
Semiconductors – 0.0%
Freescale Semiconductor, Inc.
9.250% 04/15/18 (d)		20,000		20,800
NXP BV/NXP Funding LLC
9.750% 08/01/18 (d)		65,000		69,225
Semiconductors Total				90,025
Software – 0.1%
First Data Corp.
8.875% 08/15/20 (d)		35,000		36,312
9.875% 09/24/15		35,000		28,613

	Par ($)		Value ($)
Oracle Corp.
6.500% 04/15/38		190,000		236,006
Software Total				300,931
Technology Total				614,039
Utilities – 1.0%
Electric – 0.7%
Commonwealth Edison Co.
6.150% 09/15/17		200,000		236,926
Consolidated Edison Co. of New York
5.850% 03/15/36		185,000		210,748
Dominion Resources, Inc.
5.200% 08/15/19		190,000		217,266
Dynegy Holdings, Inc.
7.500% 06/01/15		15,000		11,812
7.750% 06/01/19		16,000		10,960
Edison Mission Energy
7.000% 05/15/17		40,000		28,900
Energy Future Holdings Corp.
10.000% 01/15/20 (d)		40,000		39,710
Indiana Michigan Power Co.
5.650% 12/01/15		175,000		197,375
Nevada Power Co.
6.500% 08/01/18		90,000		108,900
NRG Energy, Inc.
7.375% 01/15/17		40,000		41,000
Pacific Gas & Electric Co.
5.800% 03/01/37		200,000		222,108
Progress Energy, Inc.
7.750% 03/01/31		200,000		264,021
Electric Total				1,589,726
Gas – 0.3%
Atmos Energy Corp.
6.350% 06/15/17		175,000		200,401
Nisource Finance Corp.
6.400% 03/15/18		200,000		231,949
Sempra Energy
6.500% 06/01/16		180,000		215,363
Gas Total				647,713
Utilities Total				2,237,439
Total Corporate Fixed-Income Bonds & Notes (Cost of $28,298,140)				30,305,040
Mortgage-Backed Securities – 9.9%
Federal Home Loan Mortgage Corp.
4.500% 01/01/40		2,310,375		2,405,341
4.500% 06/01/40		1,715,638		1,786,159
4.500% 07/01/40		347,883		362,182
4.500% 09/01/40		1,425,000		1,483,574

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Mortgage-Backed Securities (continued)
	Par ($)		Value ($)
5.000% 06/01/36		428,462		451,182
5.000% 02/01/38		604,573		635,560
5.000% 04/01/38		674,999		709,595
5.000% 08/01/40		549,865		577,993
5.000% 09/01/40		1,824,818		1,918,163
5.500% 12/01/38		675,000		716,462
5.500% 01/01/39		1,249,876		1,326,650
6.000% 01/01/38		675,000		724,938
6.500% 02/01/11		429		433
6.500% 04/01/11		4,195		4,431
6.500% 05/01/11		2,125		2,300
6.500% 10/01/11		4,706		4,845
6.500% 07/01/16		6,961		7,471
6.500% 04/01/26		19,083		21,064
6.500% 06/01/26		25,719		28,388
6.500% 02/01/27		22,704		25,135
6.500% 06/01/31		26,906		29,875
6.500% 07/01/31		8,171		9,072
7.000% 07/01/28		29,903		33,864
7.000% 04/01/29		20,074		22,733
7.000% 01/01/30		4,390		4,976
7.000% 06/01/31		5,731		6,502
7.000% 08/01/31		64,404		73,072
7.500% 08/01/15		268		289
7.500% 01/01/30		43,133		49,184
8.000% 09/01/15		15,399		16,738
TBA,
5.000% 12/01/40 (e)		725,000		761,476
Federal National Mortgage Association
4.000% 01/01/25		462,795		483,786
4.500% 04/01/40		830,741		866,057
4.500% 05/01/40		253,310		264,079
5.000% 01/01/38		662,584		698,030
5.000% 05/01/40		1,356,685		1,429,051
5.500% 03/01/37		1,062,756		1,132,894
5.500% 06/01/37		300,493		319,697
5.500% 04/01/39		681,535		725,091
6.000% 03/01/39		316,512		340,571
6.500% 03/01/11		572		619
7.000% 03/01/15		25,853		27,658
7.000% 07/01/16		6,561		7,150
7.000% 02/01/31		17,432		19,789
7.000% 07/01/31		58,023		65,908
7.000% 07/01/32		5,206		5,909
7.500% 06/01/15		5,144		5,603
7.500% 08/01/15		27,438		29,886
7.500% 09/01/15		9,063		9,871
7.500% 02/01/31		19,674		22,463
7.500% 08/01/31		15,511		17,720
8.000% 12/01/29		18,451		21,386
8.000% 04/01/30		27,356		31,427

	Par ($)		Value ($)
8.000% 05/01/30		2,585		2,996
8.000% 07/01/31		23,545		27,302
Government National Mortgage Association
6.000% 04/15/13		1,672		1,814
6.500% 05/15/13		5,774		6,268
6.500% 06/15/13		1,845		2,003
6.500% 08/15/13		1,569		1,703
6.500% 11/15/13		11,085		12,021
6.500% 07/15/14		10,555		11,459
6.500% 01/15/29		4,059		4,560
6.500% 03/15/29		59,823		67,204
6.500% 04/15/29		82,243		92,391
6.500% 05/15/29		73,365		82,417
6.500% 07/15/31		33,894		38,034
7.000% 11/15/13		70,532		74,901
7.000% 05/15/29		8,663		9,894
7.000% 09/15/29		22,082		25,219
7.000% 06/15/31		21,839		24,967
7.500% 06/15/23		681		685
7.500% 01/15/26		16,289		18,585
7.500% 09/15/29		23,079		26,424
8.000% 07/15/25		8,535		9,280
8.500% 12/15/30		2,531		3,039
9.000% 12/15/17		15,071		16,701
Total Mortgage-Backed Securities (Cost of $20,902,457)				21,284,159
Government & Agency Obligations – 8.0%
Foreign Government Obligations – 0.5%
Province of Ontario
5.450% 04/27/16		500,000		590,151
Province of Quebec
4.625% 05/14/18		435,000		495,506
Foreign Government Obligations Total				1,085,657
U.S. Government Agencies – 0.1%
Federal Home Loan Bank
5.500% 08/13/14		165,000		192,288
Federal Home Loan Mortgage Corp.
3.125% 10/25/10 (j)		85,000		85,166
U.S. Government Agencies Total				277,454
U.S. Government Obligations – 7.4%
U.S. Treasury Bonds
5.375% 02/15/31		4,280,000		5,510,500
U.S. Treasury Inflation Indexed Bonds
2.125% 02/15/40		75,649		84,532
2.375% 01/15/25		491,542		565,235
3.875% 04/15/29		371,322		516,370
U.S. Treasury Inflation Indexed Notes
1.625% 01/15/15		376,774		402,648

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Government & Agency Obligations (continued)
	Par ($)		Value ($)
1.875% 07/15/13		249,270		264,927
2.000% 01/15/14		277,269		297,372
2.000% 01/15/16		269,110		294,928
2.125% 01/15/19		284,318		320,079
2.625% 07/15/17		220,895		254,685
3.000% 07/15/12		1,685,389		1,789,672
U.S. Treasury Notes
1.375% 10/15/12		3,720,000		3,789,750
2.125% 11/30/14		850,000		888,383
2.375% 10/31/14		750,000		791,602
U.S. Government Obligations Total				15,770,683
Total Government & Agency Obligations (Cost of $15,802,340)				17,133,794
Commercial Mortgage-Backed Securities – 5.1%
Bear Stearns Commercial Mortgage Securities
4.804% 09/11/42		799,749		840,224
5.742% 09/11/42 (10/01/10) (f)(g)		1,000,000		1,109,636
5.746% 09/11/42		707,000		788,948
Commercial Mortgage Pass Through Certificates
5.234% 07/10/37 (10/01/10) (f)(g)		980,000		1,020,335
Credit Suisse First Boston Mortgage Securities Corp.
4.681% 04/15/37		232,847		242,766
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		725,000		772,137
Greenwich Capital Commercial Funding Corp.
5.190% 04/10/37 (10/01/10) (f)(g)		350,000		377,258
JPMorgan Chase Commercial Mortgage Securities Corp.
4.134% 10/15/37		264,935		276,128
4.824% 10/15/42 (10/01/10) (f)(g)		361,854		382,394
5.201% 08/12/37 (10/01/10) (f)(g)		489,318		517,223
5.440% 06/12/47		1,020,000		1,069,153
5.447% 06/12/47		509,000		545,337
Morgan Stanley Capital I
5.325% 12/15/43		800,000		877,340
5.380% 04/15/49		289,873		297,805
5.809% 12/12/49		1,500,000		1,587,937
Nationslink Funding Corp.
7.104% 01/22/26		380,321		418,106
Total Commercial Mortgage-Backed Securities (Cost of $10,236,926)				11,122,727

Collateralized Mortgage Obligations – 1.4%
	Par ($)		Value ($)
Agency – 1.2%
Federal Home Loan Mortgage Corp.
4.500% 02/15/18		277,199		291,280
4.500% 09/25/24		358,671		375,205
5.000% 05/15/33		720,000		778,118
6.000% 02/15/28		152,905		153,469
Federal National Mortgage Association
4.000% 12/25/20		377,308		390,340
5.000% 12/25/15		42,364		42,359
5.000% 12/25/16		275,000		282,407
Government National Mortgage Association
4.000% 05/16/39		204,583		209,776
Agency Total				2,522,954
Non-Agency – 0.2%
American Mortgage Trust
8.445% 09/27/22 (b)(f)		5,818		3,527
Countrywide Alternative Loan Trust
5.500% 10/25/35		455,884		393,123
Non-Agency Total				396,650
Total Collateralized Mortgage Obligations (Cost of $2,962,729)				2,919,604
Asset-Backed Securities – 0.7%
Franklin Auto Trust
5.360% 05/20/16		989,000		1,013,253
Green Tree Financial Corp.
6.870% 01/15/29		95,754		100,390
Harley-Davidson Motorcycle Trust
5.350% 03/15/13		309,616		314,560
Total Asset-Backed Securities (Cost of $1,391,606)				1,428,203
Convertible Preferred Stocks – 0.4%
	Shares
Energy – 0.1%
Oil, Gas & Consumable Fuels – 0.1%
Apache Corp., 6.000%		4,020		233,160
Oil, Gas & Consumable Fuels Total				233,160
Energy Total				233,160
Financials – 0.2%
Commercial Banks – 0.1%
Fifth Third Bancorp., 8.500%		900		115,313
Commercial Banks Total				115,313

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Convertible Preferred Stocks (continued)
	Shares		Value ($)
Diversified Financial Services – 0.1%
Citigroup, Inc., 7.500%		2,098		248,634
Diversified Financial Services Total				248,634
Financials Total				363,947
Industrials – 0.1%
Automobiles – 0.1%
Ford Motor Co. Capital Trust II,
6.500%		6,300		301,833
Automobiles Total				301,833
Industrials Total				301,833
Total Convertible Preferred Stocks (Cost of $846,075)				898,940
Convertible Bonds – 0.1%
	Par ($)
Consumer Cyclical – 0.0%
Auto Manufacturers – 0.0%
Navistar International Corp.
3.000% 10/15/14		80,000		89,900
Auto Manufacturers Total				89,900
Consumer Cyclical Total				89,900
Energy – 0.0%
Oil & Gas Services – 0.0%
Cameron International Corp.
2.500% 06/15/26		13,000		16,786
Oil & Gas Services Total				16,786
Energy Total				16,786
Technology – 0.1%
Computers & Peripherals – 0.1%
EMC Corp.
1.750% 12/01/13		140,000		192,675
Computers & Peripherals Total				192,675
Technology Total				192,675
Total Convertible Bonds (Cost of $287,159)				299,361

Preferred Stock – 0.1%
	Shares		Value ($)
Consumer Staples – 0.1%
Household Products – 0.1%
Henkel AG & Co., KGaA		3,429		184,438
Household Products Total				184,438
Consumer Staples Total				184,438
Total Preferred Stock (Cost of $169,839)				184,438
Investment Company – 0.1%
iShares MSCI EAFE Index Fund		4,901		269,163
Total Investment Company (Cost of $245,487)				269,163
Purchased Call Options – 0.0%
	Contracts
CBOE SPX Volatility Index strike price $30.00, expiration 12/30/10		62		22,320
Total Purchased Call Options (Cost of $16,926)				22,320
	Par ($)
Short-Term Obligation – 3.9%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due on 10/01/10, at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 11/20/14, market value $8,628,125 (repurchase proceeds $8,442,054)		8,442,000		8,442,000
Total Short-Term Obligation (Cost of $8,442,000)				8,442,000
Total Investments – 99.5% (Cost of $192,263,579) (k)				213,911,217
Other Assets & Liabilities, Net – 0.5%				983,236
Net Assets – 100.0%				214,894,453

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $70,300, which represents less than 0.1% of net assets.

(c) All or a portion of this security is pledged as collateral for open written option contracts. At September 30, 2010, market value of this security pledged amounted to $391,613.

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

(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, 2010, these securities, which are not illiquid, amounted to $5,991,336, which represents 2.8% of net assets.

(e) Security purchased on a delayed delivery basis.

(f) The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

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

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

(i) 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, 2010, the value of this security amounted to $77,437 which represents less than 0.1% of net assets.

(j) All or a portion of this security is held as collateral for open futures contracts. At September 30, 2010, market value of the security pledged amounted to $70,136.

(k) Cost for federal income tax purposes is $193,725,345.

The following table summarizes the inputs used, as of September 30, 2010, 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	$	12,099,675	$	1,761,885	$	—	$	13,861,560
Consumer Staples		7,605,711		1,254,045		17,139		8,876,895
Energy		14,131,531		1,160,740		—		15,292,271
Financials		16,229,572		3,693,053		—		19,922,625
Health Care		11,405,844		1,112,775		—		12,518,619
Industrials		13,018,351		1,910,242		—		14,928,593
Information Technology		18,363,232		951,115		—		19,314,347
Materials		5,655,879		1,320,893		—		6,976,772
Telecommunication Services		2,052,326		1,130,984		—		3,183,310
Utilities		3,747,239		979,237		—		4,726,476
Total Common Stocks		104,309,360		15,274,969		17,139		119,601,468
Corporate Fixed-Income Bonds & Notes
Basic Materials		—		978,848		—		978,848
Communications		—		5,530,291		49,634		5,579,925
Consumer Cyclical		—		1,214,588		—		1,214,588
Consumer Non-Cyclical		—		3,206,635		—		3,206,635
Energy		—		4,106,918		—		4,106,918
Financials		—		10,781,083		—		10,781,083
Industrials		—		1,585,565		—		1,585,565
Technology		—		614,039		—		614,039
Utilities		—		2,237,439		—		2,237,439
Total Corporate Fixed-Income Bonds & Notes		—		30,255,406		49,634		30,305,040
Total Mortgage-Backed Securities		761,476		20,522,683		—		21,284,159
Government & Agency Obligations
Foreign Government Obligations		—		1,085,657		—		1,085,657
U.S. Government Agencies		—		277,454		—		277,454
U.S. Government Obligations		15,770,683		—		—		15,770,683

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total Government & Agency Obligations	$	15,770,683		$	1,363,111		$	—	$	17,133,794
Total Commercial Mortgage-Backed Securities		—			11,122,727			—		11,122,727
Collateralized Mortgage Obligations
Agency		—			2,522,954			—		2,522,954
Non- Agency		—			393,123			3,527		396,650
Total Collateralized Mortgage Obligations		—			2,916,077			3,527		2,919,604
Total Asset-Backed Securities		—			1,428,203			—		1,428,203
Convertible Preferred Stocks
Energy		233,160			—			—		233,160
Financials		248,634			115,313			—		363,947
Industrials		301,833			—			—		301,833
Total Convertible Preferred Stocks		783,627			115,313			—		898,940
Total Convertible Bonds		—			299,361			—		299,361
Total Preferred Stock		—			184,438			—		184,438
Total Investment Company		269,163			—			—		269,163
Total Purchased Call Options		22,320			—			—		22,320
Total Short-Term Obligation		—			8,442,000			—		8,442,000
Total Investments		121,916,629			91,924,288			70,300		213,911,217
Unrealized Appreciation on Futures Contracts		151,191			—			—		151,191
Unrealized Depreciation on Futures Contracts		(49,505	)		—			—		(49,505	)
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		—			98,839			—		98,839
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		—			(49,148	)		—		(49,148	)
Total of Written Option Contracts		(8,801	)		—			—		(8,801	)
Total	$	122,009,514		$	91,973,979		$	70,300	$	214,053,793

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

These assets include foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized byt the third party statistical pricing service take into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and Exchange Traded Funds ("ETF") movements.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

The following table reconciles asset balances for the year ending September 30, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2010
Common Stock Consumer Staples	$	—	$	—	$	—	$	(97,818	)	$	—	$	—		$	114,957	$	—	$	17,139
Corporate Fixed-Income Bonds Notes Communications		—		—		—		—			49,634		—			—		—		49,634
Collateralized Mortgage Obligations Non Agency		—		—		74		289			—		(921	)		4,085		—		3,527
	$	—	$	—	$	74	$	(97,529	)	$	49,634	$	(921	)	$	119,042	$	—	$	70,300

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

The change in unrealized appreciation attributable to securities owned at September 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $(97,529).

Financial Assets were transferred from Level 2 to Level 3 due to be provided by valuation the pricing vendor discontinuing coverage, as a result the security was fair valued by management.

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy.

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	119,042	$	119,042	$	—

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

Investments in affiliates during the year ended September 30, 2010:

Affiliate				Value, beginning of period				Purchases				Sales Proceeds				Interest Income				Value, end of period
Merrill Lynch & Co., Inc. 6.050% 08/15/12				$	373,270			$	—			$	374,420			$	12,352			$	—

As of May 1, 2010, this company was no longer an affiliate of the Fund. The above table reflects activity for the period from October 1, 2009 through April 30, 2010.

At September 30, 2010, the Fund held the following open long futures contracts:

Risk Exposure Equity Risk				Number of Contracts				Value				Aggregate Face Value				Expiration Date				Unrealized Appreciation
S&P 500 Index Futures					15			$	4,262,625			$	4,111,434			Dec-2010				$	151,191

At September 30, 2010, the Fund held the following open short futures contracts:

Risk Exposure Interest Rate Risk				Number of Contracts				Value				Aggregate Face Value				Expiration Date				Unrealized (Depreciation)
5-Year U.S. Treasury Notes					40			$	4,834,687			$	4,785,182			Dec.-2010				$	(49,505	)

As of September 30, 2010, cash of $965,000 was pledged as collateral for open futures contracts.

At September 30, 2010, the Fund held the following written call option contracts:

Name of Issuer	Strike Price		Number of Contracts		Expiration Date	Premium		Value
CBOE SPX Volitility Index	$	42.5		62	12/22/10	$	4,588	$	(8,060	)
XL Group PLC		23		39	10/16/10		586		(741	)
Total written call options: (proceeds $5,174)								$	(8,801	)

For the year ended September 30, 2010 transactions in written call option contracts were as follows:

Equity Risk	Number of contracts			Premium received
Options outstanding at September 30, 2009		—			—
Options written		1,309		$	42,984
Options terminated in closing purchase transactions		(423	)		(18,650	)
Options exercised		(317	)		(3,738	)
Options expired		(468	)		(15,422	)
Options outstanding at September 30, 2010		101		$	5,174

See Accompanying Notes to Financial Statements.

Columbia Asset Allocation Fund

September 30, 2010

Forward foreign currency exchange contracts outstanding on September 30, 2010 are:

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
UBS AG	AUD	$	851,816	$	788,203	11/18/10	$	63,613
UBS AG	CAD		88,349		88,789	11/18/10		(440	)
UBS AG	CHF		313,571		299,358	11/18/10		14,213
UBS AG	EUR		87,218		82,380	11/18/10		4,838
UBS AG	EUR		35,432		35,544	11/18/10		(112	)
UBS AG	GBP		909,257		905,614	11/18/10		3,643
UBS AG	JPY		235,134		230,193	11/18/10		4,941
UBS AG	JPY		113,894		112,633	11/18/10		1,261
UBS AG	SGD		235,706		229,519	11/18/10		6,187
							$	98,144
Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
UBS AG	AUD	$	69,222	$	63,425	11/18/10	$	(5,797	)
UBS AG	CAD		607,761		605,714	11/18/10		(2,047	)
UBS AG	DKK		52,123		49,258	11/18/10		(2,865	)
UBS AG	DKK		51,940		48,484	11/18/10		(3,456	)
UBS AG	EUR		69,502		64,874	11/18/10		(4,628	)
UBS AG	JPY		87,829		87,972	11/18/10		143
UBS AG	KRW		304,352		294,954	11/18/10		(9,398	)
UBS AG	NOK		137,911		131,574	11/18/10		(6,337	)
UBS AG	SEK		53,642		49,198	11/18/10		(4,444	)
UBS AG	THB		52,734		52,732	11/18/10		(2	)
UBS AG	TWD		517,401		507,779	11/18/10		(9,622	)
							$	(48,453	)

At September 30, 2010, the asset allocation of the Fund is as follows:

Asset Allocation (Unaudited)	% of Net Assets
Common Stocks		55.7
Corporate Fixed-Income Bonds & Notes		14.1
Mortgaged-Backed Securities		9.9
Government & Agency Obligations		8.0
Commercial Mortgage-Backed Securities		5.1
Collateralized Mortgage Obligations		1.4
Asset-Backed Securities		0.7
Convertible Preferred Stocks		0.4
Convertible Bonds		0.1
Preferred Stock		0.1
Purchased Call Options		0.0	*
		95.5
Investment Company		0.1
Short-Term Obligation		3.9
Other Assets & Liabilities, Net		0.5
		100.0

* Rounds to less than 0.01%.

Acronym				Name
ADR				American Depositary Receipt

AUD				Australian Dollar

CAD				Canadian Dollar

CHF				Swiss Franc

DKK				Danish Krone

ETF				Exchange Traded Fund

EUR				Euro

GBP				Pound Sterling

GDR				Global Depositary Receipt

JPY				Japanese Yen

KRW				South Korean Won

NOK				Norwegian Krone

PIK				Payment-in-Kind

SEK				Swedish Krona

SGD				Singapore Dollar

TBA				To Be Announced

THB				Thailand Baht

TWD				Taiwan Dollar

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Large Cap Growth Fund

September 30, 2010

Common Stocks – 100.4%
	Shares		Value ($)
Consumer Discretionary – 13.7%
Auto Components – 1.3%
Autoliv, Inc.		242,500		15,842,525
Auto Components Total				15,842,525
Automobiles – 0.8%
Ford Motor Co. (a)		785,600		9,615,744
Automobiles Total				9,615,744
Hotels, Restaurants & Leisure – 2.4%
Las Vegas Sands Corp. (a)		336,600		11,730,510
McDonald's Corp.		98,900		7,369,039
Starbucks Corp.		404,200		10,339,436
Hotels, Restaurants & Leisure Total				29,438,985
Internet & Catalog Retail – 1.5%
Amazon.com, Inc. (a)		121,400		19,067,084
Internet & Catalog Retail Total				19,067,084
Media – 1.2%
Time Warner Cable, Inc.		44,800		2,418,752
Viacom, Inc., Class B		327,700		11,859,463
Media Total				14,278,215
Multiline Retail – 2.2%
Kohl's Corp. (a)		188,300		9,919,644
Target Corp.		316,400		16,908,416
Multiline Retail Total				26,828,060
Specialty Retail – 3.7%
Dick's Sporting Goods, Inc. (a)		192,000		5,383,680
GameStop Corp., Class A (a)		402,500		7,933,275
Limited Brands, Inc.		350,800		9,394,424
Lowe's Companies, Inc.		241,900		5,391,951
TJX Companies, Inc.		376,000		16,780,880
Specialty Retail Total				44,884,210
Textiles, Apparel & Luxury Goods – 0.6%
Lululemon Athletica, Inc. (a)		167,000		7,468,240
Textiles, Apparel & Luxury Goods Total				7,468,240
Consumer Discretionary Total				167,423,063
Consumer Staples – 8.7%
Beverages – 2.5%
Coca-Cola Co.		256,300		14,998,676
Dr Pepper Snapple Group, Inc.		75,329		2,675,686
PepsiCo, Inc.		184,800		12,278,112
Beverages Total				29,952,474
Food & Staples Retailing – 2.1%
Wal-Mart Stores, Inc.		354,300		18,962,136
Whole Foods Market, Inc. (a)		162,900		6,045,219
Food & Staples Retailing Total				25,007,355

	Shares		Value ($)
Food Products – 1.0%
Hershey Co.		176,400		8,394,876
Mead Johnson Nutrition Co., Class A		68,700		3,909,717
Food Products Total				12,304,593
Personal Products – 1.4%
Avon Products, Inc.		405,700		13,027,027
Estée Lauder Companies, Inc., Class A		69,200		4,375,516
Personal Products Total				17,402,543
Tobacco – 1.7%
Philip Morris International, Inc.		373,100		20,901,062
Tobacco Total				20,901,062
Consumer Staples Total				105,568,027
Energy – 8.5%
Energy Equipment & Services – 2.5%
Dresser-Rand Group, Inc. (a)		115,100		4,246,039
Halliburton Co.		530,195		17,533,549
Nabors Industries Ltd. (a)		439,400		7,935,564
Energy Equipment & Services Total				29,715,152
Oil, Gas & Consumable Fuels – 6.0%
Apache Corp.		84,900		8,299,824
Chevron Corp.		182,500		14,791,625
Continental Resources, Inc. (a)		163,300		7,570,588
EOG Resources, Inc.		80,700		7,502,679
Exxon Mobil Corp.		287,500		17,764,625
Occidental Petroleum Corp.		143,242		11,215,848
Peabody Energy Corp.		131,100		6,425,211
Oil, Gas & Consumable Fuels Total				73,570,400
Energy Total				103,285,552
Financials – 6.1%
Capital Markets – 2.5%
Franklin Resources, Inc.		124,800		13,341,120
Morgan Stanley		438,100		10,812,308
T. Rowe Price Group, Inc.		134,200		6,718,723
Capital Markets Total				30,872,151
Commercial Banks – 0.3%
Fifth Third Bancorp.		340,200		4,092,606
Commercial Banks Total				4,092,606
Consumer Finance – 1.2%
American Express Co.		354,600		14,903,838
Consumer Finance Total				14,903,838
Diversified Financial Services – 1.3%
IntercontinentalExchange, Inc. (a)		147,200		15,414,784
Diversified Financial Services Total				15,414,784

See Accompanying Notes to Financial Statements.

Columbia Large Cap Growth Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Insurance – 0.8%
MetLife, Inc.		249,400		9,589,430
Insurance Total				9,589,430
Financials Total				74,872,809
Health Care – 12.1%
Biotechnology – 2.9%
Alexion Pharmaceuticals, Inc. (a)		120,100		7,729,636
Amgen, Inc. (a)		153,100		8,437,341
Celgene Corp. (a)		275,800		15,888,838
Dendreon Corp. (a)		93,400		3,846,212
Biotechnology Total				35,902,027
Health Care Equipment & Supplies – 2.4%
Edwards Lifesciences Corp. (a)		106,400		7,134,120
St. Jude Medical, Inc. (a)		341,800		13,446,412
Varian Medical Systems, Inc. (a)		143,700		8,693,850
Health Care Equipment & Supplies Total				29,274,382
Health Care Providers & Services – 3.3%
Cardinal Health, Inc.		314,100		10,377,864
Express Scripts, Inc. (a)		223,200		10,869,840
UnitedHealth Group, Inc.		224,400		7,878,684
Universal Health Services, Inc., Class B		274,600		10,670,956
Health Care Providers & Services Total				39,797,344
Life Sciences Tools & Services – 1.2%
Life Technologies Corp. (a)		127,000		5,929,630
Thermo Fisher Scientific, Inc. (a)		169,469		8,114,176
Life Sciences Tools & Services Total				14,043,806
Pharmaceuticals – 2.3%
Allergan, Inc.		226,700		15,082,351
Medicis Pharmaceutical Corp., Class A		122,500		3,632,125
Mylan, Inc. (a)		494,400		9,299,664
Pharmaceuticals Total				28,014,140
Health Care Total				147,031,699
Industrials – 13.0%
Aerospace & Defense – 3.2%
Goodrich Corp.		170,200		12,548,846
Precision Castparts Corp.		81,300		10,353,555
United Technologies Corp.		221,100		15,748,953
Aerospace & Defense Total				38,651,354
Air Freight & Logistics – 1.2%
United Parcel Service, Inc., Class B		224,200		14,951,898
Air Freight & Logistics Total				14,951,898

	Shares		Value ($)
Commercial Services & Supplies – 0.9%
Republic Services, Inc.		352,100		10,735,529
Commercial Services & Supplies Total				10,735,529
Industrial Conglomerates – 1.8%
3M Co.		109,900		9,529,429
General Electric Co.		377,800		6,139,250
Tyco International Ltd.		165,000		6,060,450
Industrial Conglomerates Total				21,729,129
Machinery – 5.4%
Cummins, Inc.		135,800		12,300,764
Deere & Co.		179,100		12,497,598
Dover Corp.		250,300		13,068,163
Flowserve Corp.		92,400		10,110,408
Ingersoll-Rand PLC		228,500		8,159,735
Parker Hannifin Corp.		141,200		9,892,472
Machinery Total				66,029,140
Trading Companies & Distributors – 0.5%
W.W. Grainger, Inc.		57,400		6,836,914
Trading Companies & Distributors Total				6,836,914
Industrials Total				158,933,964
Information Technology – 32.9%
Communications Equipment – 3.9%
Cisco Systems, Inc. (a)		1,141,923		25,008,113
QUALCOMM, Inc.		493,500		22,266,720
Communications Equipment Total				47,274,833
Computers & Peripherals – 8.1%
Apple, Inc. (a)		210,517		59,734,199
EMC Corp. (a)		1,276,600		25,927,746
Hewlett-Packard Co.		239,057		10,057,128
SanDisk Corp. (a)		82,000		3,005,300
Computers & Peripherals Total				98,724,373
Electronic Equipment, Instruments & Components – 1.4%
Corning, Inc.		468,300		8,560,524
Tyco Electronics Ltd.		290,500		8,488,410
Electronic Equipment, Instruments & Components Total				17,048,934
Internet Software & Services – 4.0%
Akamai Technologies, Inc. (a)		168,500		8,455,330
Google, Inc., Class A (a)		76,866		40,415,374
Internet Software & Services Total				48,870,704
IT Services – 4.5%
Cognizant Technology Solutions Corp., Class A (a)		243,400		15,691,998
International Business Machines Corp.		170,000		22,803,800

See Accompanying Notes to Financial Statements.

Columbia Large Cap Growth Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Teradata Corp. (a)		243,100		9,373,936
Visa, Inc., Class A		102,000		7,574,520
IT Services Total				55,444,254
Semiconductors & Semiconductor Equipment – 2.5%
Broadcom Corp., Class A		189,300		6,699,327
Netlogic Microsystems, Inc. (a)		268,300		7,399,714
Texas Instruments, Inc.		417,600		11,333,664
Varian Semiconductor Equipment Associates, Inc. (a)		164,500		4,734,310
Semiconductors & Semiconductor Equipment Total				30,167,015
Software – 8.5%
Autodesk, Inc. (a)		415,600		13,286,732
Intuit, Inc. (a)		275,400		12,065,274
Microsoft Corp.		717,198		17,564,179
Nintendo Co., Ltd., ADR		151,547		4,728,266
Oracle Corp.		1,198,236		32,172,637
Rovi Corp. (a)		154,100		7,768,181
Salesforce.com, Inc. (a)		75,900		8,485,620
SuccessFactors, Inc. (a)		313,700		7,877,007
Software Total				103,947,896
Information Technology Total				401,478,009
Materials – 3.3%
Chemicals – 0.3%
CF Industries Holdings, Inc.		36,400		3,476,200
Chemicals Total				3,476,200
Containers & Packaging – 0.7%
Packaging Corp. of America		348,028		8,063,809
Containers & Packaging Total				8,063,809
Metals & Mining – 2.3%
Allegheny Technologies, Inc.		217,100		10,084,295
Freeport-McMoRan Copper & Gold, Inc.		84,100		7,181,299
Newmont Mining Corp.		174,900		10,985,469
Metals & Mining Total				28,251,063
Materials Total				39,791,072
Telecommunication Services – 2.1%
Wireless Telecommunication Services – 2.1%
American Tower Corp., Class A (a)		189,800		9,729,148
Millicom International Cellular SA		71,151		6,826,938
NII Holdings, Inc. (a)		219,906		9,038,137
Wireless Telecommunication Services Total				25,594,223
Telecommunication Services Total				25,594,223
Total Common Stocks (Cost of $1,008,330,134)				1,223,978,418

Short-Term Obligation – 0.5%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10, at 0.220%, collateralized by a U.S. Treasury obligation maturing 05/15/19, market value $6,615,850 (repurchase proceeds $6,483,040)		6,483,000		6,483,000
Total Short-Term Obligation (Cost of $6,483,000)				6,483,000
Total Investments – 100.9% (Cost of $1,014,813,134) (b)				1,230,461,418
Other Assets & Liabilities, Net – (0.9)%				(11,241,145	)
Net Assets – 100.0%				1,219,220,273

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $1,017,621,164.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,223,978,418	$	—	$	—	$	1,223,978,418
Total Short-Term Obligation		—		6,483,000		—		6,483,000
Total Investments	$	1,223,978,418	$	6,483,000	$	—	$	1,230,461,418

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

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 Large Cap Growth Fund

September 30, 2010

At September 30, 2010, the Fund held investments in the following sectors:

Sector (Unaudited)	% of Net Assets
Information Technology		32.9
Consumer Discretionary		13.7
Industrials		13.0
Health Care		12.1
Consumer Staples		8.7
Energy		8.5
Financials		6.1
Materials		3.3
Telecommunication Services		2.1
		100.4
Short-Term Obligation		0.5
Other Assets & Liabilities, Net		(0.9	)
		100.0
Acronym	Name
ADR		American Depositary Receipt

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Disciplined Value Fund

September 30, 2010

Common Stocks – 101.6%
	Shares		Value ($)
Consumer Discretionary – 7.4%
Auto Components – 0.7%
Lear Corp. (a)		12,500		986,625
TRW Automotive Holdings Corp. (a)		13,300		552,748
Auto Components Total				1,539,373
Hotels, Restaurants & Leisure – 0.1%
Hyatt Hotels Corp., Class A (a)		2,900		108,431
Hotels, Restaurants & Leisure Total				108,431
Household Durables – 0.1%
Garmin Ltd.		8,400		254,940
Household Durables Total				254,940
Media – 4.8%
Comcast Corp., Class A		243,975		4,411,068
DISH Network Corp., Class A		24,350		466,546
Time Warner Cable, Inc.		13,350		720,766
Time Warner, Inc.		138,550		4,246,558
Viacom, Inc., Class B		7,180		259,844
Media Total				10,104,782
Multiline Retail – 0.1%
Macy's, Inc.		7,360		169,942
Multiline Retail Total				169,942
Specialty Retail – 1.6%
Gap, Inc.		87,960		1,639,574
Limited Brands, Inc.		60,120		1,610,014
Specialty Retail Total				3,249,588
Consumer Discretionary Total				15,427,056
Consumer Staples – 10.4%
Food & Staples Retailing – 2.3%
Wal-Mart Stores, Inc.		89,200		4,773,984
Food & Staples Retailing Total				4,773,984
Food Products – 3.0%
Corn Products International, Inc.		24,400		915,000
Del Monte Foods Co.		157,615		2,066,333
Hershey Co.		69,185		3,292,514
Food Products Total				6,273,847
Household Products – 1.5%
Kimberly-Clark Corp.		2,170		141,159
Procter & Gamble Co.		48,830		2,928,335
Household Products Total				3,069,494
Tobacco – 3.6%
Altria Group, Inc.		85,660		2,057,553
Lorillard, Inc.		9,475		760,937
Philip Morris International, Inc.		84,190		4,716,324
Tobacco Total				7,534,814
Consumer Staples Total				21,652,139

	Shares		Value ($)
Energy – 11.4%
Energy Equipment & Services – 1.0%
National-Oilwell Varco, Inc.		22,475		999,463
Oceaneering International, Inc. (a)		3,200		172,352
Rowan Companies, Inc. (a)		30,790		934,785
Energy Equipment & Services Total				2,106,600
Oil, Gas & Consumable Fuels – 10.4%
Alpha Natural Resources, Inc. (a)		21,600		888,840
Apache Corp.		48,050		4,697,368
Chevron Corp.		108,540		8,797,167
ConocoPhillips		71,070		4,081,550
Devon Energy Corp.		18,215		1,179,239
Marathon Oil Corp.		18,400		609,040
Valero Energy Corp.		13,305		232,971
Whiting Petroleum Corp. (a)		11,595		1,107,438
Oil, Gas & Consumable Fuels Total				21,593,613
Energy Total				23,700,213
Financials – 27.8%
Capital Markets – 1.3%
Franklin Resources, Inc.		10,950		1,170,555
Goldman Sachs Group, Inc.		10,570		1,528,210
Capital Markets Total				2,698,765
Commercial Banks – 1.3%
Fifth Third Bancorp.		39,640		476,869
KeyCorp		29,165		232,153
PNC Financial Services Group, Inc.		13,725		712,465
Wells Fargo & Co.		51,665		1,298,342
Commercial Banks Total				2,719,829
Consumer Finance – 2.2%
Capital One Financial Corp.		13,305		526,213
Discover Financial Services		148,175		2,471,559
SLM Corp. (a)		141,980		1,639,869
Consumer Finance Total				4,637,641
Diversified Financial Services – 7.8%
Bank of America Corp.		131,525		1,724,293
Citigroup, Inc. (a)		1,604,700		6,258,330
JPMorgan Chase & Co.		212,720		8,098,250
NYSE Euronext		7,200		205,704
Diversified Financial Services Total				16,286,577
Insurance – 10.2%
AFLAC, Inc.		68,900		3,562,819
Allied World Assurance Holdings Ltd.		31,775		1,798,147
Allstate Corp.		13,900		438,545
AON Corp.		96,000		3,754,560
Berkshire Hathaway, Inc., Class B (a)		24,160		1,997,549

See Accompanying Notes to Financial Statements.

Columbia Disciplined Value Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Brown & Brown, Inc.		70,500		1,423,395
CNA Financial Corp. (a)		20,800		582,192
Hartford Financial Services Group, Inc.		63,705		1,462,030
Protective Life Corp.		124,810		2,715,866
Reinsurance Group of America, Inc.		70,795		3,418,690
Insurance Total				21,153,793
Real Estate Investment Trusts (REITs) – 5.0%
Annaly Capital Management, Inc.		154,170		2,713,392
Apartment Investment & Management Co., Class A		153,300		3,277,554
Hospitality Properties Trust		80,035		1,787,182
Simon Property Group, Inc.		27,410		2,542,003
Real Estate Investment Trusts (REITs) Total				10,320,131
Financials Total				57,816,736
Health Care – 13.5%
Biotechnology – 2.7%
Amgen, Inc. (a)		57,880		3,189,767
Biogen Idec, Inc. (a)		42,700		2,396,324
Biotechnology Total				5,586,091
Health Care Providers & Services – 4.5%
AmerisourceBergen Corp.		1,395		42,771
Cardinal Health, Inc.		9,155		302,481
Humana, Inc. (a)		72,170		3,625,821
Lincare Holdings, Inc.		2,990		75,019
UnitedHealth Group, Inc.		150,255		5,275,453
Health Care Providers & Services Total				9,321,545
Pharmaceuticals – 6.3%
Abbott Laboratories		4,530		236,647
Bristol-Myers Squibb Co.		29,230		792,425
Eli Lilly & Co.		116,800		4,266,704
Endo Pharmaceuticals Holdings, Inc. (a)		54,930		1,825,873
Johnson & Johnson		33,975		2,105,091
Merck & Co., Inc.		62,195		2,289,398
Pfizer, Inc.		91,785		1,575,949
Pharmaceuticals Total				13,092,087
Health Care Total				27,999,723
Industrials – 9.3%
Aerospace & Defense – 2.4%
Raytheon Co.		60,970		2,786,939
United Technologies Corp.		32,185		2,292,537
Aerospace & Defense Total				5,079,476

	Shares		Value ($)
Commercial Services & Supplies – 1.5%
R.R. Donnelley & Sons Co.		182,095		3,088,331
Commercial Services & Supplies Total				3,088,331
Industrial Conglomerates – 3.7%
General Electric Co.		474,570		7,711,763
Industrial Conglomerates Total				7,711,763
Machinery – 0.4%
Dover Corp.		8,870		463,103
Eaton Corp.		3,775		311,400
Machinery Total				774,503
Road & Rail – 1.3%
Ryder System, Inc.		62,690		2,681,251
Road & Rail Total				2,681,251
Industrials Total				19,335,324
Information Technology – 5.6%
Computers & Peripherals – 1.4%
Hewlett-Packard Co.		58,140		2,445,950
Lexmark International, Inc., Class A (a)		9,300		414,966
Computers & Peripherals Total				2,860,916
IT Services – 0.3%
Teradata Corp. (a)		13,660		526,730
IT Services Total				526,730
Semiconductors & Semiconductor Equipment – 1.3%
Intel Corp.		100,665		1,935,788
Texas Instruments, Inc.		31,710		860,609
Semiconductors & Semiconductor Equipment Total				2,796,397
Software – 2.6%
Microsoft Corp.		224,535		5,498,862
Software Total				5,498,862
Information Technology Total				11,682,905
Materials – 3.5%
Chemicals – 3.4%
Ashland, Inc.		36,145		1,762,792
Cabot Corp.		34,705		1,130,342
Eastman Chemical Co.		34,870		2,580,380
Lubrizol Corp.		14,060		1,489,938
PPG Industries, Inc.		900		65,520
Chemicals Total				7,028,972

See Accompanying Notes to Financial Statements.

Columbia Disciplined Value Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Metals & Mining – 0.1%
Freeport-McMoRan Copper & Gold, Inc.		1,890		161,387
Metals & Mining Total				161,387
Materials Total				7,190,359
Telecommunication Services – 5.3%
Diversified Telecommunication Services – 5.3%
AT&T, Inc.		159,615		4,564,989
Qwest Communications International, Inc.		193,385		1,212,524
Verizon Communications, Inc.		163,620		5,332,376
Diversified Telecommunication Services Total				11,109,889
Telecommunication Services Total				11,109,889
Utilities – 7.4%
Electric Utilities – 3.5%
DPL, Inc.		53,140		1,388,548
Edison International		13,400		460,826
Entergy Corp.		11,325		866,703
Exelon Corp.		100,045		4,259,916
FirstEnergy Corp.		5,580		215,053
Electric Utilities Total				7,191,046
Gas Utilities – 0.7%
Energen Corp.		2,925		133,731
Questar Corp.		69,500		1,218,335
UGI Corp.		2,265		64,801
Gas Utilities Total				1,416,867
Multi-Utilities – 3.2%
NiSource, Inc.		47,000		817,800
NSTAR		49,135		1,933,462
Public Service Enterprise Group, Inc.		119,960		3,968,277
Multi-Utilities Total				6,719,539
Utilities Total				15,327,452
Total Common Stocks (Cost of $182,672,677)				211,241,796

Short-Term Obligation – 0.8%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.220%, collateralized by a U.S. Treasury obligation maturing 05/15/19, market value $1,578,538 (repurchase proceeds $1,547,009)		1,547,000		1,547,000
Total Short-Term Obligation (Cost of $1,547,000)				1,547,000
Total Investments – 102.4% (Cost of $184,219,677) (b)				212,788,796
Other Assets & Liabilities, Net – (2.4)%				(4,959,373	)
Net Assets – 100.0%				207,829,423

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $184,707,247.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	211,241,796	$	—	$	—	$	211,241,796
Total Short-Term Obligation		—		1,547,000		—		1,547,000
Total Investments	$	211,241,796	$	1,547,000	$	—	$	212,788,796

The Fund's assets assigned to the Level 2 input category represent certain short-term obligatons which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

At September 30, 2010, the Fund held investments in the following sectors:

Sector (unaudited)	% of Net Assets
Financials		27.8
Health Care		13.5
Energy		11.4
Consumer Staples		10.4
Industrials		9.3
Consumer Discretionary		7.4
Utilities		7.4
Information Technology		5.6
Telecommunication Services		5.3
Materials		3.5
		101.6
Short Term Obligation		0.8
Other Assets & Liabilities, Net		(2.4	)
		100.0

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Contrarian Core Fund

September 30, 2010

Common Stocks – 100.1%
	Shares		Value ($)
Consumer Discretionary – 8.3%
Hotels, Restaurants & Leisure – 1.4%
Carnival Corp.		169,000		6,457,490
Las Vegas Sands Corp. (a)		44,000		1,533,400
Hotels, Restaurants & Leisure Total				7,990,890
Media – 1.7%
Comcast Corp., Class A		556,000		10,052,480
Media Total				10,052,480
Multiline Retail – 3.4%
Kohl's Corp. (a)		138,200		7,280,376
Target Corp.		233,000		12,451,520
Multiline Retail Total				19,731,896
Specialty Retail – 1.2%
American Eagle Outfitters, Inc.		280,100		4,190,296
GameStop Corp., Class A (a)		154,600		3,047,166
Specialty Retail Total				7,237,462
Textiles, Apparel & Luxury Goods – 0.6%
NIKE, Inc., Class B		46,300		3,710,482
Textiles, Apparel & Luxury Goods Total				3,710,482
Consumer Discretionary Total				48,723,210
Consumer Staples – 9.2%
Beverages – 1.9%
PepsiCo, Inc.		173,900		11,553,916
Beverages Total				11,553,916
Food & Staples Retailing – 1.9%
CVS Caremark Corp.		349,200		10,989,324
Food & Staples Retailing Total				10,989,324
Food Products – 1.7%
Kraft Foods, Inc., Class A		323,200		9,973,952
Food Products Total				9,973,952
Personal Products – 0.6%
Herbalife Ltd.		63,500		3,832,225
Personal Products Total				3,832,225
Tobacco – 3.1%
Philip Morris International, Inc.		323,400		18,116,868
Tobacco Total				18,116,868
Consumer Staples Total				54,466,285
Energy – 14.1%
Energy Equipment & Services – 2.3%
Halliburton Co.		237,900		7,867,353
Schlumberger Ltd.		94,100		5,797,501
Energy Equipment & Services Total				13,664,854

	Shares		Value ($)
Oil, Gas & Consumable Fuels – 11.8%
Alpha Natural Resources, Inc. (a)		127,400		5,242,510
Apache Corp.		97,500		9,531,600
Chevron Corp.		182,100		14,759,205
ConocoPhillips		94,500		5,427,135
Devon Energy Corp.		71,300		4,615,962
Exxon Mobil Corp.		289,300		17,875,847
Petroleo Brasileiro SA, ADR		202,100		6,632,922
Suncor Energy, Inc.		166,800		5,429,340
Oil, Gas & Consumable Fuels Total				69,514,521
Energy Total				83,179,375
Financials – 16.0%
Capital Markets – 6.6%
Bank of New York Mellon Corp.		245,200		6,407,076
Goldman Sachs Group, Inc.		112,000		16,192,960
Invesco Ltd.		222,500		4,723,675
State Street Corp.		231,900		8,733,354
Waddell & Reed Financial, Inc., Class A		103,200		2,823,552
Capital Markets Total				38,880,617
Commercial Banks – 1.6%
Itau Unibanco Holding SA, ADR		142,100		3,435,978
Wells Fargo & Co.		240,522		6,044,318
Commercial Banks Total				9,480,296
Diversified Financial Services – 4.1%
Citigroup, Inc. (a)		2,416,900		9,425,910
JPMorgan Chase & Co.		391,372		14,899,532
Diversified Financial Services Total				24,325,442
Insurance – 3.7%
AON Corp.		186,200		7,282,282
Berkshire Hathaway, Inc., Class B (a)		71,450		5,907,486
MetLife, Inc.		229,600		8,828,120
Insurance Total				22,017,888
Financials Total				94,704,243
Health Care – 11.0%
Biotechnology – 1.9%
Amgen, Inc. (a)		97,400		5,367,714
Celgene Corp. (a)		104,800		6,037,528
Biotechnology Total				11,405,242
Health Care Equipment & Supplies – 0.7%
Baxter International, Inc.		86,000		4,103,060
Health Care Equipment & Supplies Total				4,103,060

See Accompanying Notes to Financial Statements.

Columbia Contrarian Core Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Health Care Providers & Services – 2.6%
Cardinal Health, Inc.		170,900		5,646,536
Express Scripts, Inc. (a)		87,800		4,275,860
Medco Health Solutions, Inc. (a)		109,515		5,701,351
Health Care Providers & Services Total				15,623,747
Life Sciences Tools & Services – 1.6%
Thermo Fisher Scientific, Inc. (a)		197,250		9,444,330
Life Sciences Tools & Services Total				9,444,330
Pharmaceuticals – 4.2%
Abbott Laboratories		284,387		14,856,376
Pfizer, Inc.		309,000		5,305,530
Teva Pharmaceutical Industries Ltd., ADR		84,600		4,462,650
Pharmaceuticals Total				24,624,556
Health Care Total				65,200,935
Industrials – 12.2%
Aerospace & Defense – 2.6%
Honeywell International, Inc.		161,550		7,098,507
United Technologies Corp.		114,000		8,120,220
Aerospace & Defense Total				15,218,727
Air Freight & Logistics – 1.4%
FedEx Corp.		100,700		8,609,850
Air Freight & Logistics Total				8,609,850
Commercial Services & Supplies – 1.4%
Avery Dennison Corp.		222,400		8,255,488
Commercial Services & Supplies Total				8,255,488
Electrical Equipment – 0.8%
Sensata Technologies Holding NV (a)		229,600		4,536,896
Electrical Equipment Total				4,536,896
Industrial Conglomerates – 2.4%
General Electric Co.		643,440		10,455,900
Tyco International Ltd.		103,500		3,801,555
Industrial Conglomerates Total				14,257,455
Machinery – 1.7%
Illinois Tool Works, Inc.		211,800		9,958,836
Machinery Total				9,958,836
Road & Rail – 1.9%
Union Pacific Corp.		135,820		11,110,076
Road & Rail Total				11,110,076
Industrials Total				71,947,328

	Shares		Value ($)
Information Technology – 21.6%
Communications Equipment – 4.0%
Cisco Systems, Inc. (a)		474,500		10,391,550
Motorola, Inc. (a)		358,700		3,059,711
QUALCOMM, Inc.		229,600		10,359,552
Communications Equipment Total				23,810,813
Computers & Peripherals – 5.0%
Apple, Inc. (a)		76,700		21,763,625
EMC Corp. (a)		377,400		7,664,994
Computers & Peripherals Total				29,428,619
Electronic Equipment, Instruments & Components – 1.0%
Corning, Inc.		314,700		5,752,716
Electronic Equipment, Instruments & Components Total				5,752,716
Internet Software & Services – 4.4%
eBay, Inc. (a)		501,800		12,243,920
Google, Inc., Class A (a)		26,900		14,143,751
Internet Software & Services Total				26,387,671
IT Services – 3.8%
International Business Machines Corp.		113,900		15,278,546
Visa, Inc., Class A		94,000		6,980,440
IT Services Total				22,258,986
Semiconductors & Semiconductor Equipment – 1.3%
Atmel Corp. (a)		979,200		7,794,432
Semiconductors & Semiconductor Equipment Total				7,794,432
Software – 2.1%
Adobe Systems, Inc. (a)		165,900		4,338,285
Microsoft Corp.		327,120		8,011,169
Software Total				12,349,454
Information Technology Total				127,782,691
Materials – 5.8%
Chemicals – 3.5%
Air Products & Chemicals, Inc.		120,900		10,012,938
Celanese Corp., Series A		142,200		4,564,620
Syngenta AG, ADR		122,600		6,104,254
Chemicals Total				20,681,812
Metals & Mining – 2.3%
Freeport-McMoRan Copper & Gold, Inc.		85,100		7,266,689
Vale SA, ADR		197,000		6,160,190
Metals & Mining Total				13,426,879
Materials Total				34,108,691

See Accompanying Notes to Financial Statements.

Columbia Contrarian Core Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Telecommunication Services – 0.9%
Wireless Telecommunication Services – 0.9%
MetroPCS Communications, Inc. (a)		264,700		2,768,762
Millicom International Cellular SA		24,400		2,341,180
Wireless Telecommunication Services Total				5,109,942
Telecommunication Services Total				5,109,942
Utilities – 1.0%
Independent Power Producers & Energy Traders – 1.0%
AES Corp. (a)		504,700		5,728,345
Independent Power Producers & Energy Traders Total				5,728,345
Utilities Total				5,728,345
Total Common Stocks (Cost of $507,394,667)				590,951,045
	Par ($)
Short-Term Obligation – 0.0%
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.220%, collateralized by a U.S. Treasury obligation maturing 05/15/19, market value $161,625 (repurchase proceeds $158,001)		158,000		158,000
Total Short-Term Obligation (Cost of $158,000)				158,000
Total Investments – 100.1% (Cost of $507,552,667) (b)				591,109,045
Other Assets & Liabilities, Net – (0.1)%				(617,473	)
Net Assets – 100.0%				590,491,572

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $510,889,362.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	590,951,045	$	—	$	—	$	590,951,045
Total Short-Term Obligation		—		158,000		—		158,000
Total Investments	$	590,951,045	$	158,000	$	—	$	591,109,045

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

At September 30, 2010, the Fund held investments in the following sectors:

Sector (Unaudited)	% of Net Assets
Information Technology		21.6
Financials		16.0
Energy		14.1
Industrials		12.2
Health Care		11.0
Consumer Staples		9.2
Consumer Discretionary		8.3
Materials		5.8
Utilities		1.0
Telecommunication Services		0.9
		100.1
Short-Term Obligation		0.0	*
Other Assets & Liabilities, Net		(0.1	)
		100.0

* Round to less than 0.1%.

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.

Investment Portfolio – Columbia Small Cap Core Fund

September 30, 2010

Common Stocks – 98.0%
	Shares		Value ($)
Consumer Discretionary – 10.4%
Auto Components – 1.0%
Cooper Tire & Rubber Co.		49,696		975,533
Dorman Products, Inc. (a)		176,172		5,429,621
Auto Components Total				6,405,154
Diversified Consumer Services – 0.5%
CPI Corp.		60,818		1,573,970
Nobel Learning Communities, Inc. (a)		250,966		1,734,175
Diversified Consumer Services Total				3,308,145
Hotels, Restaurants & Leisure – 1.7%
CEC Entertainment, Inc. (a)		196,007		6,728,920
Morgans Hotel Group Co. (a)		204,831		1,499,363
O'Charleys, Inc. (a)		360,062		2,588,846
Hotels, Restaurants & Leisure Total				10,817,129
Household Durables – 0.3%
Jarden Corp.		64,092		1,995,184
Household Durables Total				1,995,184
Leisure Equipment & Products – 1.5%
Callaway Golf Co.		222,847		1,559,929
RC2 Corp. (a)		262,447		5,498,265
Steinway Musical Instruments, Inc. (a)		147,764		2,544,496
Leisure Equipment & Products Total				9,602,690
Media – 1.8%
Arbitron, Inc.		171,700		4,802,449
John Wiley & Sons, Inc., Class A		102,100		4,171,806
Scholastic Corp.		83,986		2,336,490
Media Total				11,310,745
Specialty Retail – 3.5%
Buckle, Inc.		91,331		2,423,925
Collective Brands, Inc. (a)		315,307		5,089,055
Foot Locker, Inc.		121,000		1,758,130
Penske Auto Group, Inc. (a)		253,000		3,339,600
Rent-A-Center, Inc.		260,682		5,834,063
Stage Stores, Inc.		302,028		3,926,364
Specialty Retail Total				22,371,137
Textiles, Apparel & Luxury Goods – 0.1%
Rocky Brands, Inc. (a)		107,199		816,856
Textiles, Apparel & Luxury Goods Total				816,856
Consumer Discretionary Total				66,627,040
Consumer Staples – 1.5%
Food & Staples Retailing – 0.8%
Casey's General Stores, Inc.		59,851		2,498,779
Pantry, Inc. (a)		105,216		2,536,758
Food & Staples Retailing Total				5,035,537

	Shares		Value ($)
Food Products – 0.7%
Corn Products International, Inc.		115,401		4,327,538
Food Products Total				4,327,538
Consumer Staples Total				9,363,075
Energy – 3.7%
Energy Equipment & Services – 3.2%
Gulfmark Offshore, Inc., Class A (a)		114,691		3,523,308
Helix Energy Solutions Group, Inc. (a)		224,700		2,503,158
Newpark Resources, Inc. (a)		457,058		3,839,287
Oceaneering International, Inc. (a)		36,570		1,969,660
Tetra Technologies, Inc. (a)		628,281		6,408,466
Unit Corp. (a)		61,400		2,289,606
Energy Equipment & Services Total				20,533,485
Oil, Gas & Consumable Fuels – 0.5%
EXCO Resources, Inc.		202,287		3,008,008
Oil, Gas & Consumable Fuels Total				3,008,008
Energy Total				23,541,493
Financials – 12.6%
Capital Markets – 1.0%
Investment Technology Group, Inc. (a)		255,650		3,635,343
Waddell & Reed Financial, Inc., Class A		112,407		3,075,456
Capital Markets Total				6,710,799
Commercial Banks – 3.3%
Centerstate Banks, Inc.		188,180		1,614,584
Hancock Holding Co.		72,106		2,168,227
Iberiabank Corp.		46,535		2,325,819
Oriental Financial Group		509,659		6,778,465
SCBT Financial Corp.		52,136		1,626,122
Simmons First National Corp., Class A		91,400		2,583,878
Southwest Bancorp, Inc.		23,306		302,279
Union First Market Bankshares Corp.		121,924		1,592,328
Webster Financial Corp.		120,470		2,115,453
Commercial Banks Total				21,107,155
Consumer Finance – 1.1%
Cash America International, Inc.		173,268		6,064,380
QC Holdings, Inc.		177,170		689,191
Consumer Finance Total				6,753,571

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Insurance – 2.8%
Arthur J. Gallagher & Co.		94,900		2,502,513
CNO Financial Group, Inc. (a)		434,450		2,406,853
Delphi Financial Group, Inc., Class A		94,100		2,351,559
eHealth, Inc. (a)		90,800		1,173,136
First Mercury Financial Corp.		238,217		2,401,228
Horace Mann Educators Corp.		208,017		3,698,542
National Interstate Corp.		72,821		1,585,313
State Auto Financial Corp.		143,254		2,178,893
Insurance Total				18,298,037
Real Estate Investment Trusts (REITs) – 2.9%
Acadia Realty Trust		150,596		2,861,324
American Campus Communities, Inc.		152,732		4,649,162
DiamondRock Hospitality Co. (a)		266,733		2,531,296
DuPont Fabros Technology, Inc.		139,800		3,515,970
First Potomac Realty Trust		239,848		3,597,720
Mack-Cali Realty Corp.		52,200		1,707,462
Real Estate Investment Trusts (REITs) Total				18,862,934
Thrifts & Mortgage Finance – 1.5%
Abington Bancorp, Inc.		176,921		1,864,747
Dime Community Bancshares		193,167		2,675,363
First Niagara Financial Group, Inc.		152,159		1,772,653
Jefferson Bancshares, Inc.		219,422		757,006
NewAlliance Bancshares, Inc.		196,389		2,478,429
Thrifts & Mortgage Finance Total				9,548,198
Financials Total				81,280,694
Health Care – 14.5%
Biotechnology – 0.6%
Myriad Genetics, Inc. (a)		248,000		4,069,680
Biotechnology Total				4,069,680
Health Care Equipment & Supplies – 5.4%
Analogic Corp.		133,106		5,973,797
Cooper Companies, Inc.		136,874		6,326,316
Greatbatch, Inc. (a)		186,953		4,335,440
Invacare Corp.		258,151		6,843,583
STAAR Surgical Co. (a)		1,061,667		5,743,619
Symmetry Medical, Inc. (a)		281,308		2,711,809
West Pharmaceutical Services, Inc.		84,740		2,907,430
Health Care Equipment & Supplies Total				34,841,994
Health Care Providers & Services – 6.6%
Air Methods Corp. (a)		282,725		11,755,705
LifePoint Hospitals, Inc. (a)		64,015		2,244,366
Magellan Health Services, Inc. (a)		81,426		3,846,564

	Shares		Value ($)
Owens & Minor, Inc.		106,128		3,020,403
Providence Service Corp. (a)		314,005		5,146,542
PSS World Medical, Inc. (a)		143,202		3,061,659
Res-Care, Inc. (a)		823,884		10,932,941
U.S. Physical Therapy, Inc. (a)		118,939		1,988,660
Health Care Providers & Services Total				41,996,840
Life Sciences Tools & Services – 0.9%
Accelrys, Inc. (a)		421,459		2,933,354
Cambrex Corp. (a)		686,303		2,916,788
Life Sciences Tools & Services Total				5,850,142
Pharmaceuticals – 1.0%
Hi-Tech Pharmacal Co., Inc. (a)		110,465		2,235,812
Obagi Medical Products, Inc. (a)		383,931		4,031,275
Pharmaceuticals Total				6,267,087
Health Care Total				93,025,743
Industrials – 21.3%
Aerospace & Defense – 3.8%
AAR Corp. (a)		290,494		5,420,618
American Science & Engineering, Inc.		71,800		5,288,070
Global Defense Technology & Systems, Inc. (a)		260,369		3,567,055
Ladish Co., Inc. (a)		87,637		2,728,140
LMI Aerospace, Inc. (a)		137,702		2,192,216
Moog, Inc., Class A (a)		151,441		5,377,670
Aerospace & Defense Total				24,573,769
Air Freight & Logistics – 1.0%
Atlas Air Worldwide Holdings, Inc. (a)		110,683		5,567,355
Pacer International, Inc. (a)		169,838		1,025,821
Air Freight & Logistics Total				6,593,176
Commercial Services & Supplies – 2.3%
Consolidated Graphics, Inc. (a)		83,303		3,452,909
McGrath Rentcorp		180,268		4,317,419
Unifirst Corp.		159,419		7,038,349
Commercial Services & Supplies Total				14,808,677
Construction & Engineering – 2.1%
EMCOR Group, Inc. (a)		293,068		7,206,542
MasTec, Inc. (a)		293,028		3,024,049
Northwest Pipe Co. (a)		93,981		1,644,667
Sterling Construction Co., Inc. (a)		148,162		1,834,246
Construction & Engineering Total				13,709,504
Electrical Equipment – 3.2%
Belden, Inc.		203,200		5,360,416
EnerSys (a)		122,500		3,058,825
GrafTech International Ltd. (a)		201,646		3,151,727

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
LaBarge, Inc. (a)		177,714		2,219,648
LSI Industries, Inc.		710,388		4,560,691
Powell Industries, Inc. (a)		72,500		2,256,200
Electrical Equipment Total				20,607,507
Machinery – 3.6%
Albany International Corp., Class A		345,700		6,540,644
Flanders Corp. (a)		892,015		2,720,646
Key Technology, Inc. (a)		175,917		2,272,848
Miller Industries, Inc.		165,782		2,243,030
PMFG, Inc. (a)		189,500		3,230,975
Tennant Co.		93,248		2,881,363
Wabash National Corp. (a)		407,301		3,295,065
Machinery Total				23,184,571
Professional Services – 2.7%
FTI Consulting, Inc. (a)		140,562		4,876,096
Hill International, Inc. (a)		405,900		1,818,432
Kforce, Inc. (a)		409,989		5,625,049
Navigant Consulting, Inc. (a)		222,878		2,592,071
SFN Group, Inc. (a)		361,545		2,172,886
Professional Services Total				17,084,534
Road & Rail – 0.6%
Kansas City Southern (a)		92,015		3,442,281
Road & Rail Total				3,442,281
Trading Companies & Distributors – 2.0%
Kaman Corp.		209,695		5,496,106
Rush Enterprises, Inc., Class A (a)		155,430		2,384,296
Rush Enterprises, Inc., Class B (a)		159,851		2,197,951
Titan Machinery, Inc. (a)		162,966		2,656,346
Trading Companies & Distributors Total				12,734,699
Industrials Total				136,738,718
Information Technology – 26.0%
Communications Equipment – 1.6%
Adtran, Inc.		98,346		3,471,614
EMS Technologies, Inc. (a)		167,836		3,126,785
Globecomm Systems, Inc. (a)		267,539		2,239,301
Performance Technologies, Inc. (a)(b)		619,141		1,331,153
Communications Equipment Total				10,168,853
Computers & Peripherals – 1.9%
Avid Technology, Inc. (a)		89,028		1,167,157
Hypercom Corp. (a)		615,515		4,000,848
Imation Corp. (a)		220,204		2,054,503
Presstek, Inc. (a)		396,137		867,540
Rimage Corp. (a)		260,161		4,277,047
Computers & Peripherals Total				12,367,095

	Shares		Value ($)
Electronic Equipment, Instruments & Components – 7.5%
Benchmark Electronics, Inc. (a)		926,000		15,186,400
FARO Technologies, Inc. (a)		297,406		6,486,425
Keithley Instruments, Inc.		439,562		9,454,979
LeCroy Corp. (a)		202,148		1,596,969
Newport Corp. (a)		270,756		3,070,373
Plexus Corp. (a)		283,032		8,306,989
Spectrum Control, Inc. (a)		165,100		2,430,272
Technitrol, Inc.		417,423		1,840,835
Electronic Equipment, Instruments & Components Total				48,373,242
Internet Software & Services – 2.1%
Digital River, Inc. (a)		215,500		7,335,620
EarthLink, Inc.		708,940		6,444,264
Internet Software & Services Total				13,779,884
IT Services – 2.7%
Analysts International Corp. (a)		171,353		394,112
Computer Task Group, Inc. (a)		708,325		5,411,603
Integral Systems, Inc. (a)		350,055		2,583,406
NCI, Inc., Class A (a)		173,600		3,284,512
Startek, Inc. (a)		52,590		219,826
TNS, Inc. (a)		313,901		5,320,622
IT Services Total				17,214,081
Semiconductors & Semiconductor Equipment – 4.6%
ATMI, Inc. (a)		173,159		2,573,143
BTU International, Inc. (a)		277,842		1,922,667
Cirrus Logic, Inc. (a)		162,192		2,893,505
Exar Corp. (a)		302,013		1,809,058
Fairchild Semiconductor International, Inc. (a)		486,187		4,570,158
IXYS Corp. (a)		156,629		1,495,807
MIPS Technologies, Inc. (a)		406,000		3,950,380
ON Semiconductor Corp. (a)		639,506		4,610,838
Pericom Semiconductor Corp. (a)		276,657		2,404,149
Ultratech, Inc. (a)		194,130		3,319,623
Semiconductors & Semiconductor Equipment Total				29,549,328
Software – 5.6%
Bottomline Technologies, Inc. (a)		205,012		3,148,984
Epicor Software Corp. (a)		315,464		2,744,537
Lawson Software, Inc. (a)		520,925		4,412,235
Mentor Graphics Corp. (a)		346,924		3,666,987
Progress Software Corp. (a)		388,290		12,852,399
S1 Corp. (a)		506,660		2,639,698
Sonic Solutions (a)		216,244		2,460,857
Websense, Inc. (a)		210,000		3,725,400
Software Total				35,651,097
Information Technology Total				167,103,580

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2010

Common Stocks (continued)
	Shares		Value ($)
Materials – 5.1%
Chemicals – 2.7%
H.B. Fuller Co.		366,114		7,274,685
Sensient Technologies Corp.		206,086		6,283,562
Spartech Corp. (a)		446,607		3,666,644
Chemicals Total				17,224,891
Containers & Packaging – 1.3%
Greif, Inc., Class A		143,690		8,454,720
Containers & Packaging Total				8,454,720
Metals & Mining – 0.6%
Metals USA Holdings Corp. (a)		320,790		4,163,854
Metals & Mining Total				4,163,854
Paper & Forest Products – 0.5%
Glatfelter Co.		262,822		3,195,915
Paper & Forest Products Total				3,195,915
Materials Total				33,039,380
Telecommunication Services – 0.5%
Diversified Telecommunication Services – 0.5%
General Communication, Inc., Class A (a)		308,542		3,076,164
Diversified Telecommunication Services Total				3,076,164
Telecommunication Services Total				3,076,164
Utilities – 2.4%
Gas Utilities – 1.4%
New Jersey Resources Corp.		96,499		3,784,691
South Jersey Industries, Inc.		108,890		5,386,788
Gas Utilities Total				9,171,479
Water Utilities – 1.0%
American States Water Co.		114,859		4,109,655
California Water Service Group		52,873		1,953,657
Water Utilities Total				6,063,312
Utilities Total				15,234,791
Total Common Stocks (Cost of $586,326,125)				629,030,678

Short-Term Obligation – 1.9%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.220%, collateralized by a U.S. Treasury obligation maturing 08/15/19, market value $12,644,500 (repurchase proceeds $12,394,076)		12,394,000		12,394,000
Total Short-Term Obligation (Cost of $12,394,000)				12,394,000
Total Investments – 99.9% (Cost of $598,720,125) (c)				641,424,678
Other Assets & Liabilities, Net – 0.1%				793,296
Net Assets – 100.0%				642,217,974

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 in this affiliated company during the year ended September 30, 2010, are as follows:

Affiliate				Value, beginning of period				Purchases				Sales Proceeds				Dividend Income				Value, end of period
Performance Technologies, Inc.				$	1,776,935			$	—			$	—			$	—			$	1,331,153

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund's assets:

Description	Quoted (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	629,030,678	$	—	$	—	$	629,030,678
Total Short-Term Obligation		—		12,394,000		—		12,394,000
Total Investments	$	629,030,678	$	12,394,000	$	—	$	641,424,678

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

See Accompanying Notes to Financial Statements.

Columbia Small Cap Core Fund

September 30, 2010

At September 30, 2010, the Fund held investments in the following sectors:

Sector (Unaudited)	% of Net Assets
Information Technology		26.0
Industrials		21.3
Health Care		14.5
Financials		12.6
Consumer Discretionary		10.4
Materials		5.1
Energy		3.7
Utilities		2.4
Consumer Staples		1.5
Telecommunication Services		0.5
		98.0
Short-Term Obligation		1.9
Other Assets & Liabilities, Net		0.1
		100.0

See Accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities – Stock Funds

September 30, 2010

	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	$	192,263,579		$	1,014,813,134		$	184,219,677		$	507,552,667		$	593,306,893
Affiliated investments, at identified cost		—			—			—			—			5,413,232
Total investments, at identified cost		192,263,579			1,014,813,134			184,219,677			507,552,667			598,720,125
Unaffiliated investments, at value		213,911,217			1,230,461,418			212,788,796			591,109,045			640,093,525
Affiliated investments, at value		—			—			—			—			1,331,153
Total investments, at value		213,911,217			1,230,461,418			212,788,796			591,109,045			641,424,678
Cash		154,940			2,821,591			104			10,079			632
Cash collateral for open futures contracts		965,000			—			—			—			—
Foreign currency (cost of $10,990, $—, $—, $— and $—, respectively)		11,011			—			—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		98,839			—			—			—			—
Receivable for:
Investments sold		2,480,538			8,829,908			—			3,374,584			1,826,291
Fund shares sold		19,114			296,492			108,149			870,300			961,184
Dividends		184,923			953,171			364,702			704,841			395,045
Interest		661,258			40			9			1			76
Foreign tax reclaims		42,842			—			—			—			—
Expense reimbursement due from investment advisor		123,756			—			4,699			106,602			—
Trustees' deferred compensation plan		51,275			202,766			50,645			55,881			90,382
Prepaid expenses		3,011			15,321			3,183			5,825			7,719
Other assets		—			1,234			—			—			—
Total Assets		218,707,724			1,243,581,941			213,320,287			596,237,158			644,706,007
Liabilities
Written option contracts, at value (premium of $5,174, $—, $—, $— and $—, respectively)		8,801			—			—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		49,148			—			—			—			—
Payable for:
Investments purchased		2,205,809			15,815,129			—			2,933,163			776,250
Investments purchased on a delayed delivery basis		1,021,683			—			—			—			—
Fund shares repurchased		113,643			7,272,487			5,162,997			2,170,212			853,569
Futures variation margin		17,625			—			7,733			—			—
Foreign capital gains taxes withheld		934			—			—			—			—
Investment advisory fee		115,984			516,136			122,922			329,564			370,348
Administration fee		12,006			49,358			11,766			31,852			33,481
Pricing and bookkeeping fees		15,539			11,895			6,820			9,982			11,498
Transfer agent fee		52,822			279,958			40,079			80,807			216,833
Trustees' fees		415			396			203			100			1,566
Audit fee		36,971			31,171			27,971			32,571			30,571
Custody fee		45,607			6,724			3,175			3,625			3,961
Distribution and service fees		34,303			93,503			21,791			66,709			70,734
Chief compliance officer expenses		250			525			235			319			360
Trustees' deferred compensation plan		51,275			202,766			50,645			55,881			90,382
Other liabilities		30,456			81,620			34,527			30,801			28,480
Total Liabilities		3,813,271			24,361,668			5,490,864			5,745,586			2,488,033
Net Assets		214,894,453			1,219,220,273			207,829,423			590,491,572			642,217,974
Net Assets Consist of
Paid-in capital		225,890,067			1,254,627,133			292,709,938			518,033,925			616,994,363
Undistributed (overdistributed) net investment income		92,622			2,996,957			220,560			1,431,478			(547,519	)
Accumulated net realized loss		(32,887,992	)		(254,052,101	)		(113,670,194	)		(12,530,209	)		(16,933,423	)
Net unrealized appreciation (depreciation) on:
Investments		21,647,638			215,648,284			28,569,119			83,556,378			42,704,553
Foreign currency translations and forward foreign currency exchange contracts		54,993			—			—			—			—
Futures contracts		101,686			—			—			—			—
Written option contracts		(3,627	)		—			—			—			—
Foreign capital gains tax		(934	)		—			—			—			—
Net Assets		214,894,453			1,219,220,273			207,829,423			590,491,572			642,217,974

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (continued) – Stock Funds

September 30, 2010

	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	$	9,161,180		$	148,455,253		$	9,109,442		$	111,182,019		$	121,455,516
Shares outstanding		684,028			7,193,914			903,238			8,816,877			9,112,757
Net asset value per share (a)	$	13.39		$	20.64		$	10.09		$	12.61		$	13.33
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	14.21		$	21.90		$	10.71		$	13.38		$	14.14
Class B
Net assets	$	2,874,447		$	14,526,570		$	1,643,588		$	3,990,937		$	15,477,644
Shares outstanding		214,860			765,782			172,968			338,703			1,300,574
Net asset value and offering price per share (a)	$	13.38		$	18.97		$	9.50		$	11.78		$	11.90
Class C
Net assets	$	1,519,057		$	15,989,900		$	1,879,191		$	18,368,411		$	19,635,260
Shares outstanding		113,509			842,508			198,574			1,557,077			1,647,681
Net asset value and offering price per share (a)	$	13.38		$	18.98		$	9.46		$	11.80		$	11.92
Class E
Net assets		—		$	12,800,418			—			—			—
Shares outstanding		—			621,432			—			—			—
Net asset value per share (a)		—		$	20.60			—			—			—
Maximum sales charge					4.50	%
Maximum offering price per share (b)		—		$	21.57			—			—			—
Class F
Net assets		—		$	425,226			—			—			—
Shares outstanding		—			22,427			—			—			—
Net asset value and offering price per share (a)		—		$	18.96			—			—			—
Class I (c)
Net assets		—		$	2,495			—		$	2,497		$	2,560
Shares outstanding		—			118			—			197			187
Net asset value, offering and redemption price per share (a)		—		$	21.14			—		$	12.69	(d)	$	13.69
Class R (c)
Net assets		—		$	2,495			—		$	2,497			—
Shares outstanding		—			121			—			198			—
Net asset value, offering and redemption price per share		—		$	20.64	(d)		—		$	12.61			—

(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.

(d) Net asset value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (continued) – Stock Funds

September 30, 2010

	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Class T
Net assets	$	109,252,528		$	143,783,874		$	69,025,236		$	112,861,722		$	73,959,976
Shares outstanding		8,155,013			7,016,073			6,844,289			9,019,636			5,644,671
Net asset value per share (a)	$	13.40		$	20.49		$	10.09		$	12.51		$	13.10
Maximum sales charge		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (b)	$	14.22		$	21.74		$	10.71		$	13.27		$	13.90
Class W (c)
Net assets		—		$	2,495			—		$	2,497		$	2,560
Shares outstanding		—			121			—			198			192
Net asset value, offering and redemption price per share		—		$	20.64	(d)		—		$	12.61		$	13.32	(d)
Class Y
Net assets		—		$	22,272,056			—			—			—
Shares outstanding		—			1,053,680			—			—			—
Net asset value, offering and redemption price per share		—		$	21.14			—			—			—
Class Z
Net assets	$	92,087,241		$	860,959,491		$	126,171,966		$	344,080,992		$	411,684,458
Shares outstanding		6,847,762			40,760,043			12,184,353			27,128,637			30,063,379
Net asset value, offering and redemption price per share	$	13.45		$	21.12		$	10.36		$	12.68		$	13.69

(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.

(d) Net asset value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statements of Operations – Stock Funds

For the Year Ended September 30, 2010

	Columbia Asset Allocation Fund			Columbia Large Cap Growth Fund			Columbia Disciplined Value Fund			Columbia Contrarian Core Fund			Columbia Small Cap Core Fund
Investment Income
Dividends	$	2,207,450		$	16,393,112		$	6,571,307		$	7,644,016		$	5,510,429
Interest		4,504,818			222,155			33,398			3,890			11,864
Interest from affiliates		12,352			—			—			—			—
Foreign taxes withheld		(58,123	)		(92,578	)		—			(121,633	)		(7,098	)
Total Investment Income		6,666,497			16,522,689			6,604,705			7,526,273			5,515,195
Expenses
Investment advisory fee		1,428,488			6,603,459			1,818,195			3,533,971			4,378,058
Administration fee		147,295			636,518			174,009			339,562			395,196
Distribution fee:
Class B		25,218			145,009			14,456			29,044			123,504
Class C		11,116			125,726			15,375			102,777			142,113
Class E		—			13,009			—			—			—
Class F		—			2,969			—			—			—
Class R (a)		—			—	*		—			—	*		—
Service fee:
Class A		21,752			372,954			24,434			175,325			251,012
Class B		8,406			48,336			4,819			9,682			41,168
Class C		3,705			41,908			5,125			34,259			47,371
Class E		—			32,522			—			—			—
Class F		—			990			—			—			—
Class W (a)		—			—	*		—			—	*		—	*
Shareholder service fee—Class T		335,387			436,951			213,459			347,462			223,174
Transfer agent fee— Class A, Class B, Class C, Class T and Class Z		393,775			—			297,081			—			—
Transfer agent fee— Class A, Class B, Class C, Class E, Class F, Class R, Class T, Class W and Class Z		—			2,667,626			—			—			—
Transfer agent fee— Class A, Class B, Class C, Class R, Class T, Class W and Class Z		—			—			—			658,225			—
Transfer agent fee— Class A, Class B, Class C, Class T, Class W and Class Z		—			—			—			—			1,018,748
Transfer agent fee—Class Y		—			42			—			—			—
Pricing and bookkeeping fees		143,227			141,553			79,963			115,837			130,787
Trustees' fees		23,498			69,752			28,050			31,455			35,343
Custody fee		252,626			39,134			17,868			21,899			19,430
Chief compliance officer expenses		1,006			1,836			1,039			1,234			1,338
Other expenses		222,380			653,256			243,067			345,515			244,508
Expenses before interest expense		3,017,879			12,033,550			2,936,940			5,746,247			7,051,750
Interest expense		—			5,699			732			—			—
Total Expenses		3,017,879			12,039,249			2,937,672			5,746,247			7,051,750
Fees waived or expenses reimbursed by investment advisor		(523,026	)		—			(60,657	)		(285,554	)		—
Expense reductions		(750	)		(79	)		(5	)		(24	)		(64	)
Net Expenses		2,494,103			12,039,170			2,877,010			5,460,669			7,051,686
Net Investment Income (Loss)		4,172,394			4,483,519			3,727,695			2,065,604			(1,536,491	)

* Rounds to less than $1.

(a) Class R and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statements of Operations (continued) – Stock Funds

For the Year Ended September 30, 2010

	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 Option Contracts
Net realized gain (loss) on:
Investments	$	13,153,277		$	132,554,148		$	35,391,949		$	24,721,344		$	14,737,595
Foreign currency transactions and forward foreign currency exchange contracts		(70,411	)		(305	)		—			477			—
Futures contracts		(203,068	)		—			782,385			—			—
Written option contracts		10,428			—			—			—			—
Net realized gain		12,890,226			132,553,843			36,174,334			24,721,821			14,737,595
Net change in unrealized appreciation (depreciation) on:
Investments		784,857			(6,602,770	)		(20,507,376	)		8,379,488			70,278,331
Foreign currency translations and forward foreign currency exchange contracts		(34,036	)		—			—			(37	)		—
Futures contracts		48,811			—			(27,918	)		—			—
Written option contracts		(3,627	)		—			—			—			—
Foreign capital gains tax		(934	)		—			—			—			—
Net change in unrealized appreciation (depreciation)		795,071			(6,602,770	)		(20,535,294	)		8,379,451			70,278,331
Net Gain		13,685,297			125,951,073			15,639,040			33,101,272			85,015,926
Net Increase Resulting from Operations		17,857,691			130,434,592			19,366,735			35,166,876			83,479,435

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, 2010 ($)			Year Ended September 30, 2009 ($)			Year Ended September 30, 2010 ($)			Year Ended September 30, 2009 ($)			Year Ended September 30, 2010 ($)			Year Ended September 30, 2009 ($)
Operations
Net investment income (loss)		4,172,394			4,898,776			4,483,519			6,338,320			3,727,695			5,566,376
Net realized gain (loss) on investments, foreign currency transactions, forward foreign currency exchange contracts, futures contracts and written option contracts		12,890,226			(35,320,273	)		132,553,843			(338,092,454	)		36,174,334			(103,097,904	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts, futures contracts and written option contracts		795,071			31,491,817			(6,602,770	)		266,910,172			(20,535,294	)		71,099,837
Net increase (decrease) resulting from operations		17,857,691			1,070,320			130,434,592			(64,843,962	)		19,366,735			(26,431,691	)
Distributions to Shareholders
From net investment income:
Class A		(177,876	)		(150,796	)		(706,752	)		(140,147	)		(125,111	)		(209,449	)
Class B		(43,218	)		(55,722	)		—			—			(10,868	)		(31,603	)
Class C		(18,826	)		(18,706	)		—			—			(11,938	)		(24,079	)
Class E		—			—			(52,446	)		(1,130	)		—			—
Class T		(2,212,179	)		(2,288,522	)		(644,779	)		—			(878,838	)		(1,247,692	)
Class Y		—			—			(144,925	)		—			—			—
Class Z		(2,137,943	)		(2,159,589	)		(6,417,493	)		(2,956,052	)		(2,534,221	)		(4,279,319	)
From net realized gains:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class T		—			—			—			—			—			—
Class Z		—			—			—			—			—			—
Total distributions to shareholders		(4,590,042	)		(4,673,335	)		(7,966,395	)		(3,097,329	)		(3,560,976	)		(5,792,142	)
Net Capital Stock Transactions		(22,212,031	)		(24,306,040	)		(207,285,552	)		(28,921,925	)		(113,954,525	)		3,409,644
Increase from regulatory settlements		39			—			24,162			663,170			4			—
Total increase (decrease) in net assets		(8,944,343	)		(27,909,055	)		(84,793,193	)		(96,200,046	)		(98,148,762	)		(28,814,189	)
Net Assets
Beginning of period		223,838,796			251,747,851			1,304,013,466			1,400,213,512			305,978,185			334,792,374
End of period		214,894,453			223,838,796			1,219,220,273			1,304,013,466			207,829,423			305,978,185
Undistributed (Overdistributed) net investment income at end of period		92,622			266,974			2,996,957			6,455,976			220,560			53,837

See Accompanying Notes to Financial Statements.

Increase (Decrease) in Net Assets	Columbia Contrarian Core Fund						Columbia Small Cap Core Fund
	Year Ended September 30, 2010 ($)			Year Ended September 30, 2009 ($)			Year Ended September 30, 2010 ($)			Year Ended September 30, 2009 ($)
Operations
Net investment income (loss)		2,065,604			2,909,706			(1,536,491	)		(854,945	)
Net realized gain (loss) on investments, foreign currency transactions, forward foreign currency exchange contracts, futures contracts and written option contracts		24,721,821			(34,481,649	)		14,737,595			(30,320,543	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts, futures contracts and written option contracts		8,379,451			50,682,774			70,278,331			(37,219,629	)
Net increase (decrease) resulting from operations		35,166,876			19,110,831			83,479,435			(68,395,117	)
Distributions to Shareholders
From net investment income:
Class A		(201,274	)		(87,616	)		—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class E		—			—			—			—
Class T		(531,782	)		(717,940	)		—			—
Class Y		—			—			—			—
Class Z		(1,864,758	)		(2,057,319	)		—			—
From net realized gains:
Class A		—			—			—			(8,907,282	)
Class B		—			—			—			(1,940,780	)
Class C		—			—			—			(1,989,757	)
Class T		—			—			—			(7,421,795	)
Class Z		—			—			—			(31,170,222	)
Total distributions to shareholders		(2,597,814	)		(2,862,875	)		—			(51,429,836	)
Net Capital Stock Transactions		154,523,114			64,862,004			13,647,902			(10,237,809	)
Increase from regulatory settlements		—			5,432			—			5,313
Total increase (decrease) in net assets		187,092,176			81,115,392			97,127,337			(130,057,449	)
Net Assets
Beginning of period		403,399,396			322,284,004			545,090,637			675,148,086
End of period		590,491,572			403,399,396			642,217,974			545,090,637
Undistributed (Overdistributed) net investment income at end of period		1,431,478			1,963,211			(547,519	)		(85,558	)

See Accompanying Notes to Financial Statements.

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

	Columbia Asset Allocation Fund
	Year Ended September 30, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		209,081			2,715,792			242,754			2,594,996
Distributions reinvested		12,269			160,092			12,955			141,198
Redemptions		(158,514	)		(2,081,457	)		(212,773	)		(2,318,316	)
Net increase		62,836			794,427			42,936			417,878
Class B
Subscriptions		17,803			230,184			63,535			696,944
Distributions reinvested		2,855			37,047			4,637			49,933
Redemptions		(110,295	)		(1,432,555	)		(137,489	)		(1,481,838	)
Net decrease		(89,637	)		(1,165,324	)		(69,317	)		(734,961	)
Class C
Subscriptions		18,904			245,247			40,293			442,888
Distributions reinvested		1,255			16,318			1,489			16,136
Redemptions		(23,162	)		(301,944	)		(44,295	)		(486,881	)
Net decrease		(3,003	)		(40,379	)		(2,513	)		(27,857	)
Class T
Subscriptions		49,429			711,217			47,805			517,944
Distributions reinvested		156,227			2,035,883			203,820			2,211,059
Redemptions		(1,080,880	)		(14,103,465	)		(1,620,242	)		(17,373,997	)
Net decrease		(875,224	)		(11,356,365	)		(1,368,617	)		(14,644,994	)
Class Z
Subscriptions		279,300			3,656,141			268,237			3,235,752
Distributions reinvested		112,573			1,472,006			167,719			1,827,162
Redemptions		(1,191,485	)		(15,572,537	)		(1,324,767	)		(14,379,020	)
Net decrease		(799,612	)		(10,444,390	)		(888,811	)		(9,316,106	)

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, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		805,686			16,024,417			1,591,508			24,021,794
Distributions reinvested		32,869			640,942			8,857			126,318
Redemptions		(1,414,921	)		(27,969,499	)		(1,831,457	)		(28,061,174	)
Net decrease		(576,366	)		(11,304,140	)		(231,092	)		(3,913,062	)
Class B
Subscriptions		20,276			375,246			107,673			1,522,097
Redemptions		(696,983	)		(12,816,473	)		(1,894,336	)		(26,316,082	)
Net decrease		(676,707	)		(12,441,227	)		(1,786,663	)		(24,793,985	)
Class C
Subscriptions		59,499			1,084,006			345,304			4,759,197
Redemptions		(215,573	)		(3,928,733	)		(514,603	)		(7,172,499	)
Net decrease		(156,074	)		(2,844,727	)		(169,299	)		(2,413,302	)
Class E
Subscriptions		932			18,418			4,972			74,331
Distributions reinvested		2,687			52,351			79			1,128
Redemptions		(83,767	)		(1,658,131	)		(60,277	)		(935,864	)
Net decrease		(80,148	)		(1,587,362	)		(55,226	)		(860,405	)
Class F
Subscriptions		6,919			120,000			23			354
Redemptions		(1,365	)		(25,254	)		(4,123	)		(57,722	)
Net increase (decrease)		5,554			94,746			(4,100	)		(57,368	)
Class I (a)(b)
Subscriptions		118			2,500			—			—
Net increase		118			2,500			—			—
Class R (a)(b)
Subscriptions		121			2,500			—			—
Net increase		121			2,500			—			—
Class T
Subscriptions		82,332			1,626,732			97,232			1,472,114
Distributions reinvested		32,478			629,102			—			—
Redemptions		(878,814	)		(17,268,207	)		(1,034,974	)		(15,755,361	)
Net decrease		(764,004	)		(15,012,373	)		(937,742	)		(14,283,247	)
Class W (a)(b)
Subscriptions		121			2,500			—			—
Net increase		121			2,500			—			—
Class Y
Subscriptions		241,185			4,654,648			1,566,787			28,038,000
Distributions reinvested		5			97			—			—
Redemptions		(56,363	)		(1,164,873	)		(697,934	)		(12,618,649	)
Net increase		184,827			3,489,872			868,853			15,419,351
Class Z
Subscriptions		3,131,342			62,888,945			9,868,328			157,965,419
Distributions reinvested		184,404			3,673,328			119,365			1,738,022
Redemptions		(11,558,386	)		(234,250,114	)		(9,894,536	)		(157,723,348	)
Net increase (decrease)		(8,242,640	)		(167,687,841	)		93,157			1,980,093

(a) ��Shares commenced operations on September 27, 2010

(b) Shares reflect activity for the period September 27, 2010 through September 30, 2010.

See Accompanying Notes to Financial Statements.

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

	Columbia Disciplined Value Fund
	Year Ended September 30, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		186,672			1,851,059			288,028			2,281,055
Distributions reinvested		10,659			105,510			23,100			179,703
Redemptions		(402,173	)		(3,973,883	)		(739,426	)		(5,805,700	)
Net decrease		(204,842	)		(2,017,314	)		(428,298	)		(3,344,942	)
Class B
Subscriptions		13,113			125,979			17,707			131,169
Distributions reinvested		969			8,961			3,913			28,225
Redemptions		(83,047	)		(772,352	)		(174,185	)		(1,255,003	)
Net decrease		(68,965	)		(637,412	)		(152,565	)		(1,095,609	)
Class C
Subscriptions		125,709			1,149,866			67,614			542,251
Distributions reinvested		1,025			9,459			2,863			20,584
Redemptions		(154,143	)		(1,436,340	)		(127,694	)		(912,243	)
Net decrease		(27,409	)		(277,015	)		(57,217	)		(349,408	)
Class T
Subscriptions		64,224			634,915			65,624			514,004
Distributions reinvested		83,258			824,551			157,011			1,221,118
Redemptions		(924,578	)		(9,113,863	)		(1,123,058	)		(8,716,795	)
Net decrease		(777,096	)		(7,654,397	)		(900,423	)		(6,981,673	)
Class Z
Subscriptions		1,141,944			11,426,712			8,733,478			71,166,602
Distributions reinvested		77,238			783,117			206,897			1,660,628
Redemptions		(11,415,362	)		(115,578,216	)		(7,144,516	)		(57,645,954	)
Net increase (decrease)		(10,196,180	)		(103,368,387	)		1,795,859			15,181,276

See Accompanying Notes to Financial Statements.

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

	Columbia Contrarian Core Fund
	Year Ended September 30, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		8,497,843			105,495,991			1,851,140			18,894,886
Distributions reinvested		15,560			189,054			8,794			77,084
Redemptions		(2,055,029	)		(24,867,159	)		(442,332	)		(4,101,888	)
Net increase		6,458,374			80,817,886			1,417,602			14,870,082
Class B
Subscriptions		169,133			1,953,902			107,507			1,009,446
Redemptions		(141,450	)		(1,638,196	)		(122,331	)		(1,037,793	)
Net increase (decrease)		27,683			315,706			(14,824	)		(28,347	)
Class C
Subscriptions		1,128,021			13,116,080			604,409			5,864,349
Redemptions		(214,012	)		(2,471,200	)		(115,428	)		(1,028,223	)
Net increase		914,009			10,644,880			488,981			4,836,126
Class I (a)(b)
Subscriptions		197			2,500			—			—
Net increase		197			2,500			—			—
Class R (a)(b)
Subscriptions		198			2,500			—			—
Net increase		198			2,500			—			—
Class T
Subscriptions		45,158			552,326			57,531			530,596
Distributions reinvested		38,797			469,356			77,542			675,392
Redemptions		(1,100,312	)		(13,448,179	)		(1,305,440	)		(11,973,025	)
Net decrease		(1,016,357	)		(12,426,497	)		(1,170,367	)		(10,767,037	)
Class W (a)(b)
Subscriptions		198			2,500			—			—
Net increase		198			2,500			—			—
Class Z
Subscriptions		12,537,693			155,092,288			11,481,253			103,217,377
Distributions reinvested		94,601			1,154,130			178,491			1,572,554
Redemptions		(6,471,030	)		(81,082,779	)		(5,182,054	)		(48,838,751	)
Net increase		6,161,264			75,163,639			6,477,690			55,951,180

(a) Shares commenced operations on September 27, 2010.

(b) Shares reflect activity for the period September 27, 2010 through September 30, 2010.

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, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		4,149,507			51,127,715			2,080,374			19,805,781
Distributions reinvested		—			—			980,677			8,610,346
Redemptions		(2,070,656	)		(25,689,627	)		(4,177,022	)		(38,542,843	)
Net increase (decrease)		2,078,851			25,438,088			(1,115,971	)		(10,126,716	)
Class B
Subscriptions		39,113			429,257			96,693			842,189
Distributions reinvested		—			—			228,050			1,813,000
Redemptions		(400,346	)		(4,476,695	)		(442,312	)		(3,691,488	)
Net decrease		(361,233	)		(4,047,438	)		(117,569	)		(1,036,299	)
Class C
Subscriptions		318,672			3,538,275			271,949			2,444,023
Distributions reinvested		—			—			226,347			1,801,724
Redemptions		(440,235	)		(4,877,105	)		(635,154	)		(5,307,813	)
Net decrease		(121,563	)		(1,338,830	)		(136,858	)		(1,062,066	)
Class I (a)(b)
Subscriptions		187			2,500			—			—
Net increase		187			2,500			—			—
Class T
Subscriptions		43,232			529,032			81,099			725,579
Distributions reinvested		—			—			800,276			6,914,381
Redemptions		(957,438	)		(11,648,106	)		(1,373,498	)		(13,187,203	)
Net decrease		(914,206	)		(11,119,074	)		(492,123	)		(5,547,243	)
Class W (a)(b)
Subscriptions		192			2,500			—			—
Net increase		192			2,500			—			—
Class Z
Subscriptions		7,740,576			98,116,927			9,744,342			94,177,339
Distributions reinvested		—			—			2,513,202			22,568,553
Redemptions		(7,423,189	)		(93,406,771	)		(11,209,503	)		(109,211,377	)
Net increase		317,387			4,710,156			1,048,041			7,534,515

(a) Shares commenced operations on September 27, 2010.

(b) Shares reflect activity for the period September 27, 2010 through September 30, 2010.

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.61		$	12.57		$	16.80		$	16.06		$	16.47
Income from Investment Operations:
Net investment income (a)		0.24			0.26			0.31			0.32			0.22
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.81			0.03			(2.76	)		1.86			0.92
Total from investment operations		1.05			0.29			(2.45	)		2.18			1.14
Less Distributions to Shareholders:
From net investment income		(0.27	)		(0.25	)		(0.34	)		(0.33	)		(0.31	)
From net realized gains		—			—			(1.44	)		(1.11	)		(1.24	)
Total distributions to shareholders		(0.27	)		(0.25	)		(1.78	)		(1.44	)		(1.55	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	13.39		$	12.61		$	12.57		$	16.80		$	16.06
Total return (c)		8.36	%(d)		2.63	%(d)		(16.23	)%		14.24	%		7.39	%(d)(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.20	%(f)		1.25	%(f)		1.29	%(g)		1.32	%(f)		1.31	%(f)
Interest expense		—			—	%(h)		—			—			—
Net expenses		1.20	%(f)		1.25	%(f)		1.29	%(g)		1.32	%(f)		1.31	%(f)
Waiver/Reimbursement		0.24	%		0.22	%		—			—			0.01	%
Net investment income		1.84	%(f)		2.35	%(f)		2.17	%(g)		1.98	%(f)		1.38	%(f)
Portfolio turnover rate		109	%		107	%		94	%		100	%		98	%
Net assets, end of period (000s)	$	9,161		$	7,833		$	7,266		$	8,314		$	5,863

(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) 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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.60		$	12.57		$	16.80		$	16.06		$	16.47
Income from Investment Operations:
Net investment income (a)		0.14			0.18			0.20			0.20			0.17
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.81			0.02			(2.76	)		1.86			0.85
Total from investment operations		0.95			0.20			(2.56	)		2.06			1.02
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.17	)		(0.23	)		(0.21	)		(0.19	)
From net realized gains		—			—			(1.44	)		(1.11	)		(1.24	)
Total distributions to shareholders		(0.17	)		(0.17	)		(1.67	)		(1.32	)		(1.43	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	13.38		$	12.60		$	12.57		$	16.80		$	16.06
Total return (c)		7.56	%(d)		1.79	%(d)		(16.88	)%		13.40	%		6.59	%(d)(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.95	%(f)		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)
Interest expense		—			—	%(h)		—			—			—
Net expenses		1.95	%(f)		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)
Waiver/Reimbursement		0.24	%		0.22	%		—			—			0.01	%
Net investment income		1.08	%(f)		1.61	%(f)		1.40	%(g)		1.21	%(f)		1.08	%(f)
Portfolio turnover rate		109	%		107	%		94	%		100	%		98	%
Net assets, end of period (000s)	$	2,874		$	3,835		$	4,699		$	6,219		$	6,788

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

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

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

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.60		$	12.57		$	16.81		$	16.06		$	16.47
Income from Investment Operations:
Net investment income (a)		0.14			0.17			0.21			0.20			0.16
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.81			0.03			(2.78	)		1.87			0.86
Total from investment operations		0.95			0.20			(2.57	)		2.07			1.02
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.17	)		(0.23	)		(0.21	)		(0.19	)
From net realized gains		—			—			(1.44	)		(1.11	)		(1.24	)
Total distributions to shareholders		(0.17	)		(0.17	)		(1.67	)		(1.32	)		(1.43	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	13.38		$	12.60		$	12.57		$	16.81		$	16.06
Total return (c)		7.56	%(d)		1.79	%(d)		(16.93	)%		13.46	%		6.59	%(d)(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.95	%(f)		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)
Interest expense		—			—	%(h)		—			—			—
Net expenses		1.95	%(f)		2.00	%(f)		2.04	%(g)		2.07	%(f)		2.06	%(f)
Waiver/Reimbursement		0.24	%		0.22	%		—			—			0.01	%
Net investment income		1.08	%(f)		1.60	%(f)		1.41	%(g)		1.23	%(f)		0.98	%(f)
Portfolio turnover rate		109	%		107	%		94	%		100	%		98	%
Net assets, end of period (000s)	$	1,519		$	1,468		$	1,496		$	1,806		$	1,281

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

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

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

(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	2010			2009			2008			2007 (a)			2006
Net Asset Value, Beginning of Period	$	12.61		$	12.58		$	16.82		$	16.08		$	16.48
Income from Investment Operations:
Net investment income (b)		0.23			0.25			0.31			0.31			0.28
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.82			0.02			(2.78	)		1.86			0.87
Total from investment operations		1.05			0.27			(2.47	)		2.17			1.15
Less Distributions to Shareholders:
From net investment income		(0.26	)		(0.24	)		(0.33	)		(0.32	)		(0.31	)
From net realized gains		—			—			(1.44	)		(1.11	)		(1.24	)
Total distributions to shareholders		(0.26	)		(0.24	)		(1.77	)		(1.43	)		(1.55	)
Increase from regulatory settlements		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	13.40		$	12.61		$	12.58		$	16.82		$	16.08
Total return (d)		8.39	%(e)		2.50	%(e)		(16.32	)%		14.17	%		7.39	%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.25	%(g)		1.30	%(g)		1.34	%(h)		1.37	%(g)		1.36	%(g)
Interest expense		—			—	%(i)		—			—			—
Net expenses		1.25	%(g)		1.30	%(g)		1.34	%(h)		1.37	%(g)		1.36	%(g)
Waiver/Reimbursement		0.24	%		0.22	%		—			—			0.01	%
Net investment income		1.79	%(g)		2.31	%(g)		2.10	%(h)		1.92	%(g)		1.78	%(g)
Portfolio turnover rate		109	%		107	%		94	%		100	%		98	%
Net assets, end of period (000s)	$	109,253		$	113,895		$	130,863		$	180,757		$	175,348

(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.

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.66		$	12.58		$	16.82		$	16.07		$	16.48
Income from Investment Operations:
Net investment income (a)		0.27			0.29			0.35			0.36			0.33
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.82			0.07			(2.77	)		1.87			0.85
Total from investment operations		1.09			0.36			(2.42	)		2.23			1.18
Less Distributions to Shareholders:
From net investment income		(0.30	)		(0.28	)		(0.38	)		(0.37	)		(0.35	)
From net realized gains		—			—			(1.44	)		(1.11	)		(1.24	)
Total distributions to shareholders		(0.30	)		(0.28	)		(1.82	)		(1.48	)		(1.59	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	13.45		$	12.66		$	12.58		$	16.82		$	16.07
Total return (c)		8.67	%(d)		3.21	%(d)		(16.06	)%		14.58	%		7.65	%(d)(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.95	%(f)		1.00	%(f)		1.04	%(g)		1.07	%(f)		1.06	%(f)
Interest expense		—			—	%(h)		—			—			—
Net expenses		0.95	%(f)		1.00	%(f)		1.04	%(g)		1.07	%(f)		1.06	%(f)
Waiver/Reimbursement		0.24	%		0.22	%		—			—			0.01	%
Net investment income		2.07	%(f)		2.60	%(f)		2.40	%(g)		2.21	%(f)		2.09	%(f)
Portfolio turnover rate		109	%		107	%		94	%		100	%		98	%
Net assets, end of period (000s)	$	92,087		$	96,807		$	107,424		$	144,513		$	151,703

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

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

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

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	18.77		$	19.57		$	26.76		$	22.27		$	21.11
Income from Investment Operations:
Net investment income (a)		0.04			0.07			0.01			0.02			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.92			(0.86	)		(5.40	)		4.87			1.19
Total from investment operations		1.96			(0.79	)		(5.39	)		4.89			1.20
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.02	)		—			(0.03	)		(0.04	)
From net realized gains		—			—			(1.81	)		(0.37	)		—
Total distributions to shareholders		(0.09	)		(0.02	)		(1.81	)		(0.40	)		(0.04	)
Increase from regulatory settlements		—	(b)		0.01			0.01			—			—
Net Asset Value, End of Period	$	20.64		$	18.77		$	19.57		$	26.76		$	22.27
Total return (c)		10.48	%		(3.97	)%		(21.73	)%		22.19	%		5.69	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.10	%(e)		1.13	%(e)		1.02	%(f)		1.00	%(e)		1.01	%(e)
Interest expense		—	%(g)		—	%(g)		—			—	%(g)		—	%(g)
Net expenses		1.10	%(e)		1.13	%(e)		1.02	%(f)		1.00	%(e)		1.01	%(e)
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment income		0.19	%(e)		0.43	%(e)		0.01	%(f)		0.07	%(e)		0.07	%(e)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%
Net assets, end of period (000s)	$	148,455		$	145,825		$	156,585		$	167,408		$	125,124

(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%.

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	17.30		$	18.15		$	25.12		$	21.05		$	20.07
Income from Investment Operations:
Net investment loss (a)		(0.10	)		(0.04	)		(0.17	)		(0.16	)		(0.13	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.77			(0.82	)		(5.00	)		4.60			1.11
Total from investment operations		1.67			(0.86	)		(5.17	)		4.44			0.98
Less Distributions to Shareholders:
From net realized gains		—			—			(1.81	)		(0.37	)		—
Increase from regulatory settlements		—	(b)		0.01			0.01			—			—
Net Asset Value, End of Period	$	18.97		$	17.30		$	18.15		$	25.12		$	21.05
Total return (c)		9.65	%		(4.68	)%		(22.31	)%		21.31	%		4.88	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.85	%(e)		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)
Interest expense		—	%(g)		—	%(g)		—			—	%(g)		—	%(g)
Net expenses		1.85	%(e)		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment loss		(0.56	)%(e)		(0.30	)%(e)		(0.77	)%(f)		(0.69	)%(e)		(0.72	)%(e)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%
Net assets, end of period (000s)	$	14,527		$	24,951		$	58,609		$	168,284		$	227,160

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

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

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

(e) 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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	17.31		$	18.16		$	25.14		$	21.06		$	20.10
Income from Investment Operations:
Net investment loss (a)		(0.10	)		(0.05	)		(0.16	)		(0.16	)		(0.13	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.77			(0.81	)		(5.02	)		4.61			1.09
Total from investment operations		1.67			(0.86	)		(5.18	)		4.45			0.96
Less Distributions to Shareholders:
From net realized gains		—			—			(1.81	)		(0.37	)		—
Increase from regulatory settlements		—	(b)		0.01			0.01			—			—
Net Asset Value, End of Period	$	18.98		$	17.31		$	18.16		$	25.14		$	21.06
Total return (c)		9.65	%		(4.68	)%		(22.33	)%		21.34	%		4.78	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.85	%(e)		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)
Interest expense		—	%(g)		—	%(g)		—			—	%(g)		—	%(g)
Net expenses		1.85	%(e)		1.88	%(e)		1.77	%(f)		1.75	%(e)		1.76	%(e)
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment loss		(0.55	)%(e)		(0.33	)%(e)		(0.75	)%(f)		(0.68	)%(e)		(0.69	)%(e)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%
Net assets, end of period (000s)	$	15,990		$	17,283		$	21,208		$	31,834		$	31,046

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

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

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

(e) 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	2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	18.73		$	19.53		$	26.74		$	22.27		$	22.13
Income from Investment Operations:
Net investment income (loss) (b)		0.02			0.05			(0.02	)		(0.01	)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		1.93			(0.86	)		(5.39	)		4.87			0.14
Total from investment operations		1.95			(0.81	)		(5.41	)		4.86			0.14
Less Distributions to Shareholders:
From net investment income		(0.08	)		—	(c)		—			(0.02	)		—
From net realized gains		—			—			(1.81	)		(0.37	)		—
Total distributions to shareholders		(0.08	)		—	(c)		(1.81	)		(0.39	)		—
Increase from regulatory settlements		—	(c)		0.01			0.01			—			—
Net Asset Value, End of Year	$	20.60		$	18.73		$	19.53		$	26.74		$	22.27
Total Return (d)		10.41	%		(4.09	)%		(21.82	)%		22.07	%		0.63	%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.20	%(g)		1.23	%(g)		1.12	%(h)		1.10	%(g)		1.12	%(g)(i)
Interest expense		—	%(j)		—	%(j)		—			—	%(j)		—	%(i)(j)
Net expenses		1.20	%(g)		1.23	%(g)		1.12	%(h)		1.10	%(g)		1.12	%(g)(i)
Waiver/Reimbursement		—			—			—			—			—	%(i)(j)
Net investment income (loss)		0.10	%(g)		0.33	%(g)		(0.09	)%(h)		(0.03	)%(g)		(0.23	)%(g)(i)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%(f)
Net assets, end of period (000s)	$	12,800		$	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	2010			2009			2008			2007			2006 (a)
Net Asset Value, Beginning of Period	$	17.29		$	18.14		$	25.11		$	21.05		$	20.93
Income from Investment Operations:
Net investment loss (b)		(0.10	)		(0.05	)		(0.18	)		(0.16	)		—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		1.77			(0.81	)		(4.99	)		4.59			0.12
Total from investment operations		1.67			(0.86	)		(5.17	)		4.43			0.12
Less Distributions to Shareholders:
From net realized gains		—			—			(1.81	)		(0.37	)		—
Increase from regulatory settlements		—	(c)		0.01			0.01			—			—
Net Asset Value, End of Year	$	18.96		$	17.29		$	18.14		$	25.11		$	21.05
Total Return (d)		9.66	%		(4.69	)%		(22.31	)%		21.26	%		0.57	%(e)(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.85	%(g)		1.88	%(g)		1.77	%(h)		1.75	%(g)		1.77	%(g)(i)
Interest expense		—	%(j)		—	%(j)		—			—	%(j)		—	%(i)(j)
Net expenses		1.85	%(g)		1.88	%(g)		1.77	%(h)		1.75	%(g)		1.77	%(g)(i)
Waiver/Reimbursement		—			—			—			—			—	%(i)(j)
Net investment loss		(0.55	)%(g)		(0.32	)%(g)		(0.80	)%(h)		(0.70	)%(g)		(0.88	)%(g)(i)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%(f)
Net assets, end of period (000s)	$	425		$	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 the period is as follows:

Class I Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	21.18
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized loss on investments and foreign currency		(0.04	)
Total from investment operations		(0.04	)
Net Asset Value, End of Period	$	21.14
Total return (d)(e)		(0.19	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.60	%
Net investment income (f)(g)		1.89	%
Portfolio turnover rate (e)		122	%
Net assets, end of period (000s)	$	2

(a) Class I shares commenced operations on September 27, 2010. 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.

(e) Not annualized

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

Class R Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	20.68
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized loss on investments and foreign currency		(0.04	)
Total from investment operations		(0.04	)
Net Asset Value, End of Period	$	20.64
Total return (d)(e)		(0.19	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.21	%
Net investment income (f)(g)		1.28	%
Portfolio turnover rate (e)		122	%
Net assets, end of period (000s)	$	2

(a) Class R shares commenced operations on September 27, 2010. 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.

(e) Not annualized

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

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	2010			2009			2008			2007 (a)			2006
Net Asset Value, Beginning of Period	$	18.64		$	19.42		$	26.58		$	22.13		$	20.98
Income from Investment Operations:
Net investment income (loss) (b)		0.03			0.06			(0.01	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.90			(0.85	)		(5.35	)		4.84			1.17
Total from investment operations		1.93			(0.79	)		(5.36	)		4.85			1.18
Less Distributions to Shareholders:
From net investment income		(0.08	)		—			—			(0.03	)		(0.03	)
From net realized gains		—			—			(1.81	)		(0.37	)		—
Total distributions to shareholders		(0.08	)		—			(1.81	)		(0.40	)		(0.03	)
Increase from regulatory settlements		—	(c)		0.01			0.01			—			—
Net Asset Value, End of Period	$	20.49		$	18.64		$	19.42		$	26.58		$	22.13
Total return (d)		10.40	%		(4.02	)%		(21.76	)%		22.14	%		5.63	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.15	%(f)		1.18	%(f)		1.07	%(g)		1.05	%(f)		1.06	%(f)
Interest expense		—	%(h)		—	%(h)		—			—	%(h)		—	%(h)
Net expenses		1.15	%(f)		1.18	%(f)		1.07	%(g)		1.05	%(f)		1.06	%(f)
Waiver/Reimbursement		—			—			—			—			—	%(h)
Net investment income (loss)		0.15	%(f)		0.38	%(f)		(0.05	)%(g)		0.02	%(f)		0.06	%(f)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%
Net assets, end of period (000s)	$	143,784		$	145,011		$	169,295		$	244,901		$	209,952

(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.

(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 W Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	20.68
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized loss on investments and foreign currency		(0.04	)
Total from investment operations		(0.04	)
Net Asset Value, End of Period	$	20.64
Total return (d)(e)		(0.19	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.96	%
Net investment income (f)(g)		1.52	%
Portfolio turnover rate (e)		122	%
Net assets, end of period (000s)	$	2

(a) Class W shares commenced operations on September 27, 2010. 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.

(e) Not annualized

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Growth Fund

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

Class Y Shares	Year Ended September 30, 2010			Period Ended September 30, 2009 (a)
Net Asset Value, Beginning of Period	$	19.20		$	17.02
Income from Investment Operations:
Net investment income (b)		0.13			0.03
Net realized and unrealized gain on investments and foreign currency		1.97			2.15
Total from investment operations		2.10			2.18
Less Distributions to Shareholders:
From net investment income		(0.16	)		—
Increase from regulatory settlements		—	(c)		—
Net Asset Value, End of Period	$	21.14		$	19.20
Total return (d)		11.01	%		12.81	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.64	%		0.63	%(g)
Interest expense (h)		—	%		—	%(g)
Net expenses (f)		0.64	%		0.63	%(g)
Net investment income (f)		0.66	%		0.78	%(g)
Portfolio turnover rate		122	%		146	%(e)
Net assets, end of period (000s)	$	22,272		$	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) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

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

(g) Annualized.

(h) Rounds to less than 0.01%.

See Accompanying Notes to Financial Statements.

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	19.20		$	20.02		$	27.32		$	22.68		$	21.50
Income from Investment Operations:
Net investment income (a)		0.09			0.11			0.06			0.08			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		1.96			(0.88	)		(5.51	)		4.97			1.19
Total from investment operations		2.05			(0.77	)		(5.45	)		5.05			1.27
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.06	)		(0.05	)		(0.04	)		(0.09	)
From net realized gains		—			—			(1.81	)		(0.37	)		—
Total distributions to shareholders		(0.13	)		(0.06	)		(1.86	)		(0.41	)		(0.09	)
Increase from regulatory settlements		—	(b)		0.01			0.01			—			—
Net Asset Value, End of Period	$	21.12		$	19.20		$	20.02		$	27.32		$	22.68
Total return (c)		10.74	%		(3.71	)%		(21.55	)%		22.53	%		5.92	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.85	%(e)		0.88	%(e)		0.77	%(f)		0.75	%(e)		0.76	%(e)
Interest expense		—	%(g)		—	%(g)		—			—	%(g)		—	%(g)
Net expenses		0.85	%(e)		0.88	%(e)		0.77	%(f)		0.75	%(e)		0.76	%(e)
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment income		0.45	%(e)		0.67	%(e)		0.25	%(f)		0.32	%(e)		0.35	%(e)
Portfolio turnover rate		122	%		146	%		164	%		151	%		171	%
Net assets, end of period (000s)	$	860,959		$	940,823		$	979,353		$	1,302,932		$	1,169,103

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

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

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

(e) 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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.52		$	10.53		$	16.32		$	15.70		$	14.60
Income from Investment Operations:
Net investment income (a)		0.13			0.15			0.17			0.14			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		0.57			(1.00	)		(3.96	)		2.10			2.18
Total from investment operations		0.70			(0.85	)		(3.79	)		2.24			2.35
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.16	)		(0.17	)		(0.16	)		(0.18	)
From net realized gains		—			—			(1.83	)		(1.46	)		(1.07	)
Total distributions to shareholders		(0.13	)		(0.16	)		(2.00	)		(1.62	)		(1.25	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	10.09		$	9.52		$	10.53		$	16.32		$	15.70
Total return (c)		7.36	%(d)		(7.72	)%		(26.09	)%		15.00	%		17.19	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.25	%		1.29	%		1.28	%		1.24	%		1.21	%
Interest expense		—	%(f)		—	%(f)		—	%(f)		—			—	%(f)
Net expenses (e)		1.25	%		1.29	%		1.28	%		1.24	%		1.21	%
Waiver/Reimbursement		0.02	%		—			—			—			—	%(f)
Net investment income (e)		1.30	%		1.94	%		1.32	%		0.89	%		1.15	%
Portfolio turnover rate		79	%		170	%		78	%		91	%		81	%
Net assets, end of period (000s)	$	9,109		$	10,543		$	16,171		$	34,706		$	12,717

(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%.

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.97		$	9.92		$	15.47		$	14.96		$	13.96
Income from Investment Operations:
Net investment income (a)		0.05			0.09			0.07			0.03			0.06
Net realized and unrealized gain (loss) on investments and futures contracts		0.53			(0.94	)		(3.72	)		1.98			2.08
Total from investment operations		0.58			(0.85	)		(3.65	)		2.01			2.14
Less Distributions to Shareholders:
From net investment income		(0.05	)		(0.10	)		(0.07	)		(0.04	)		(0.07	)
From net realized gains		—			—			(1.83	)		(1.46	)		(1.07	)
Total distributions to shareholders		(0.05	)		(0.10	)		(1.90	)		(1.50	)		(1.14	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	9.50		$	8.97		$	9.92		$	15.47		$	14.96
Total return (c)		6.51	%(d)		(8.33	)%		(26.59	)%		14.12	%		16.35	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.00	%		2.04	%		2.03	%		1.99	%		1.96	%
Interest expense		—	%(f)		—	%(f)		—	%(f)		—			—	%(f)
Net expenses (e)		2.00	%		2.04	%		2.03	%		1.99	%		1.96	%
Waiver/Reimbursement		0.02	%		—			—			—			—	%(f)
Net investment income (e)		0.55	%		1.22	%		0.56	%		0.19	%		0.43	%
Portfolio turnover rate		79	%		170	%		78	%		91	%		81	%
Net assets, end of period (000s)	$	1,644		$	2,169		$	3,914		$	7,690		$	5,332

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

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

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

(e) 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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.94		$	9.89		$	15.44		$	14.93		$	13.94
Income from Investment Operations:
Net investment income (a)		0.05			0.09			0.07			0.02			0.05
Net realized and unrealized gain (loss) on investments and futures contracts		0.52			(0.94	)		(3.72	)		1.99			2.08
Total from investment operations		0.57			(0.85	)		(3.65	)		2.01			2.13
Less Distributions to Shareholders:
From net investment income		(0.05	)		(0.10	)		(0.07	)		(0.04	)		(0.07	)
From net realized gains		—			—			(1.83	)		(1.46	)		(1.07	)
Total distributions to shareholders		(0.05	)		(0.10	)		(1.90	)		(1.50	)		(1.14	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	9.46		$	8.94		$	9.89		$	15.44		$	14.93
Total return (c)		6.42	%(d)		(8.35	)%		(26.64	)%		14.15	%		16.30	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		2.00	%		2.04	%		2.03	%		1.99	%		1.96	%
Interest expense		—	%(f)		—	%(f)		—	%(f)		—			—	%(f)
Net expenses (e)		2.00	%		2.04	%		2.03	%		1.99	%		1.96	%
Waiver/Reimbursement		0.02	%		—			—			—			—	%(f)
Net investment income (e)		0.55	%		1.18	%		0.55	%		0.14	%		0.39	%
Portfolio turnover rate		79	%		170	%		78	%		91	%		81	%
Net assets, end of period (000s)	$	1,879		$	2,020		$	2,801		$	5,650		$	1,801

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

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

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

(e) 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	2010			2009			2008			2007 (a)			2006
Net Asset Value, Beginning of Period	$	9.52		$	10.53		$	16.33		$	15.70		$	14.60
Income from Investment Operations:
Net investment income (b)		0.12			0.15			0.16			0.15			0.17
Net realized and unrealized gain (loss) on investment and futures contracts		0.57			(1.00	)		(3.97	)		2.09			2.18
Total from investment operations		0.69			(0.85	)		(3.81	)		2.24			2.35
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.16	)		(0.16	)		(0.15	)		(0.18	)
From net realized gains		—			—			(1.83	)		(1.46	)		(1.07	)
Total distributions to shareholders		(0.12	)		(0.16	)		(1.99	)		(1.61	)		(1.25	)
Increase from regulatory settlements		—	(c)		—			—			—			—
Net Asset Value, End of Period	$	10.09		$	9.52		$	10.53		$	16.33		$	15.70
Total return (d)		7.30	%(e)		(7.77	)%		(26.18	)%		15.01	%		17.13	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.30	%		1.34	%		1.33	%		1.29	%		1.26	%
Interest expense		—	%(g)		—	%(g)		—	%(g)		—			—	%(g)
Net expenses (f)		1.30	%		1.34	%		1.33	%		1.29	%		1.26	%
Waiver/Reimbursement		0.02	%		—			—			—			—	%(g)
Net investment income (f)		1.25	%		1.84	%		1.27	%		0.91	%		1.15	%
Portfolio turnover rate		79	%		170	%		78	%		91	%		81	%
Net assets, end of period (000s)	$	69,025		$	72,555		$	89,694		$	140,443		$	137,595

(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.

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.77		$	10.80		$	16.69		$	16.02		$	14.87
Income from Investment Operations:
Net investment income (a)		0.16			0.17			0.21			0.20			0.22
Net realized and unrealized gain (loss) on investments and futures contracts		0.58			(1.02	)		(4.07	)		2.13			2.22
Total from investment operations		0.74			(0.85	)		(3.86	)		2.33			2.44
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.18	)		(0.20	)		(0.20	)		(0.22	)
From net realized gains		—			—			(1.83	)		(1.46	)		(1.07	)
Total distributions to shareholders		(0.15	)		(0.18	)		(2.03	)		(1.66	)		(1.29	)
Increase from regulatory settlements		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	10.36		$	9.77		$	10.80		$	16.69		$	16.02
Total return (c)		7.63	%(d)		(7.49	)%		(25.92	)%		15.29	%		17.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (e)		1.00	%		1.04	%		1.03	%		0.99	%		0.96	%
Interest expense		—	%(f)		—	%(f)		—	%(f)		—			—	%(f)
Net expenses (e)		1.00	%		1.04	%		1.03	%		0.99	%		0.96	%
Waiver/Reimbursement		0.02	%		—			—			—			—	%(f)
Net investment income (e)		1.54	%		2.13	%		1.58	%		1.20	%		1.45	%
Portfolio turnover rate		79	%		170	%		78	%		91	%		81	%
Net assets, end of period (000s)	$	126,172		$	218,691		$	222,212		$	341,612		$	285,941

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

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

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

(e) 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	2010			2009 (a)			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.76		$	11.89		$	15.51		$	14.03		$	13.59
Income from Investment Operations:
Net investment income (b)		0.04			0.08			0.07			0.05			—	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.87			(0.14	)		(2.17	)		2.60			1.21
Total from investment operations		0.91			(0.06	)		(2.10	)		2.65			1.21
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.07	)		(0.05	)		—			(0.01	)
From net realized gains		—			—			(1.47	)		(1.17	)		(0.76	)
Total distributions to shareholders		(0.06	)		(0.07	)		(1.52	)		(1.17	)		(0.77	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	12.61		$	11.76		$	11.89		$	15.51		$	14.03
Total return (d)(e)		7.75	%		(0.28	)%		(15.35	)%		19.82	%		9.24	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.19	%(f)		1.17	%(f)		1.14	%(g)		1.14	%(f)		1.14	%(f)
Interest expense		—			—	%(h)		—	%(h)		—			—
Net expenses		1.19	%(f)		1.17	%(f)		1.14	%(g)		1.14	%(f)		1.14	%(f)
Waiver/Reimbursement		0.06	%		0.11	%		0.10	%		0.10	%		0.12	%
Net investment income		0.32	%(f)		0.77	%(f)		0.53	%(g)		0.32	%(f)		—	%(f)(h)
Portfolio turnover rate		94	%		131	%		106	%		88	%		63	%
Net assets, end of period (000s)	$	111,182		$	27,742		$	11,187		$	12,054		$	10,578

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

(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) 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.

100

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	2010			2009 (a)			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.02		$	11.14		$	14.67		$	13.42		$	13.12
Income from Investment Operations:
Net investment income (loss) (b)		(0.05	)		0.01			(0.03	)		(0.06	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currency		0.81			(0.13	)		(2.03	)		2.48			1.16
Total from investment operations		0.76			(0.12	)		(2.06	)		2.42			1.06
Less Distributions to Shareholders:
From net realized gains		—			—			(1.47	)		(1.17	)		(0.76	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	11.78		$	11.02		$	11.14		$	14.67		$	13.42
Total return (d)(e)		6.90	%		(1.08	)%		(15.96	)%		18.94	%		8.40	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.94	%(f)		1.92	%(f)		1.89	%(g)		1.89	%(f)		1.89	%(f)
Interest expense		—			—	%(h)		—	%(h)		—			—
Net expenses		1.94	%(f)		1.92	%(f)		1.89	%(g)		1.89	%(f)		1.89	%(f)
Waiver/Reimbursement		0.06	%		0.11	%		0.10	%		0.10	%		0.12	%
Net investment income (loss)		(0.46	)%(f)		0.12	%(f)		(0.22	)%(g)		(0.44	)%(f)		(0.75	)%(f)
Portfolio turnover rate		94	%		131	%		106	%		88	%		63	%
Net assets, end of period (000s)	$	3,991		$	3,428		$	3,629		$	4,796		$	5,637

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

(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) 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.

101

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	2010			2009 (a)			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.03		$	11.15		$	14.68		$	13.43		$	13.13
Income from Investment Operations:
Net investment income (loss) (b)		(0.05	)		0.01			(0.03	)		(0.06	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currency		0.82			(0.13	)		(2.03	)		2.48			1.16
Total from investment operations		0.77			(0.12	)		(2.06	)		2.42			1.06
Less Distributions to Shareholders:
From net realized gains		—			—			(1.47	)		(1.17	)		(0.76	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	11.80		$	11.03		$	11.15		$	14.68		$	13.43
Total return (d)(e)		6.98	%		(1.08	)%		(15.95	)%		18.93	%		8.40	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.94	%(f)		1.92	%(f)		1.89	%(g)		1.89	%(f)		1.89	%(f)
Interest expense		—			—	%(h)		—	%(h)		—			—
Net expenses		1.94	%(f)		1.92	%(f)		1.89	%(g)		1.89	%(f)		1.89	%(f)
Waiver/Reimbursement		0.06	%		0.11	%		0.10	%		0.10	%		0.12	%
Net investment income (loss)		(0.44	)%(f)		0.03	%(f)		(0.21	)%(g)		(0.41	)%(f)		(0.75	)%(f)
Portfolio turnover rate		94	%		131	%		106	%		88	%		63	%
Net assets, end of period (000s)	$	18,368		$	7,094		$	1,718		$	1,428		$	906

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

(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) 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.

102

Financial Highlights – Columbia Contrarian Core Fund

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

Class I Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	12.70
Income from Investment Operations:
Net investment income (b)		0.01
Net realized and unrealized loss on investments and foreign currency		(0.02	)
Total from investment operations		(0.01	)
Net Asset Value, End of Period	$	12.69
Total return (c)(d)		(0.08	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.85	%
Net investment income (e)(f)		4.99	%
Portfolio turnover rate (d)		94	%
Net assets, end of period (000s)	$	2

(a) Class I shares commenced operations on September 27, 2010. 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.

See Accompanying Notes to Financial Statements.

103

Financial Highlights – Columbia Contrarian Core Fund

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

Class R Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	12.62
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized loss on investments and foreign currency		(0.01	)
Total from investment operations		(0.01	)
Net Asset Value, End of Period	$	12.61
Total return (d)(e)		(0.08	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.44	%
Net investment income (f)(g)		4.34	%
Portfolio turnover rate (e)		94	%
Net assets, end of period (000s)	$	2

(a) Class R shares commenced operations on September 27, 2010. 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.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

104

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	2010			2009 (a)			2008			2007 (b)			2006
Net Asset Value, Beginning of Period	$	11.67		$	11.80		$	15.40		$	13.95		$	13.52
Income from Investment Operations:
Net investment income (loss) (c)		0.03			0.08			0.06			0.04			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		0.86			(0.14	)		(2.15	)		2.58			1.21
Total from investment operations		0.89			(0.06	)		(2.09	)		2.62			1.20
Less Distributions to Shareholders:
From net investment income		(0.05	)		(0.07	)		(0.04	)		—	(d)		(0.01	)
From net realized gains		—			—			(1.47	)		(1.17	)		(0.76	)
Total distributions to shareholders		(0.05	)		(0.07	)		(1.51	)		(1.17	)		(0.77	)
Increase from regulatory settlements		—			—	(d)		—			—			—
Net Asset Value, End of Period	$	12.51		$	11.67		$	11.80		$	15.40		$	13.95
Total return (e)(f)		7.68	%		(0.35	)%		(15.37	)%		19.70	%		9.16	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.24	%(g)		1.22	%(g)		1.19	%(h)		1.19	%(g)		1.19	%(g)
Interest expense		—			—	%(i)		—	%(i)		—			—
Net expenses		1.24	%(g)		1.22	%(g)		1.19	%(h)		1.19	%(g)		1.19	%(g)
Waiver/Reimbursement		0.06	%		0.11	%		0.10	%		0.10	%		0.12	%
Net investment income (loss)		0.24	%(g)		0.81	%(g)		0.48	%(h)		0.27	%(g)		(0.05	)%(g)
Portfolio turnover rate		94	%		131	%		106	%		88	%		63	%
Net assets, end of period (000s)	$	112,862		$	117,161		$	132,272		$	177,345		$	168,506

(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) 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) 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.

105

Financial Highlights – Columbia Contrarian Core Fund

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

Class W Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	12.62
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized loss on investments and foreign currency		(0.01	)
Total from investment operations		(0.01	)
Net Asset Value, End of Period	$	12.61
Total return (d)(e)		(0.08	)%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.19	%
Net investment income (f)(g)		4.64	%
Portfolio turnover rate (e)		94	%
Net assets, end of period (000s)	$	2

(a) Class W shares commenced operations on September 27, 2010. 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.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

106

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	2010			2009 (a)			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.83		$	11.97		$	15.60		$	14.10		$	13.66
Income from Investment Operations:
Net investment income (b)		0.07			0.11			0.11			0.08			0.03
Net realized and unrealized gain (loss) on investments and foreign currency		0.86			(0.15	)		(2.18	)		2.62			1.21
Total from investment operations		0.93			(0.04	)		(2.07	)		2.70			1.24
Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.10	)		(0.09	)		(0.03	)		(0.04	)
From net realized gains		—			—			(1.47	)		(1.17	)		(0.76	)
Total distributions to shareholders		(0.08	)		(0.10	)		(1.56	)		(1.20	)		(0.80	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	12.68		$	11.83		$	11.97		$	15.60		$	14.10
Total return (d)(e)		7.93	%		(0.01	)%		(15.11	)%		20.13	%		9.45	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.94	%(f)		0.92	%(f)		0.89	%(g)		0.89	%(f)		0.89	%(f)
Interest expense		—			—	%(h)		—	%(h)		—			—
Net expenses		0.94	%(f)		0.92	%(f)		0.89	%(g)		0.89	%(f)		0.89	%(f)
Waiver/Reimbursement		0.06	%		0.11	%		0.10	%		0.10	%		0.12	%
Net investment income		0.54	%(f)		1.09	%(f)		0.77	%(g)		0.57	%(f)		0.25	%(f)
Portfolio turnover rate		94	%		131	%		106	%		88	%		63	%
Net assets, end of period (000s)	$	344,081		$	247,974		$	173,479		$	245,529		$	256,039

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

(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.

(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.

107

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.58		$	14.14		$	20.01		$	19.72		$	19.32
Income from Investment Operations:
Net investment income (loss) (a)		(0.05	)		(0.02	)		(0.09	)		0.04	(b)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.80			(1.39	)		(2.11	)		2.46			1.91
Total from investment operations		1.75			(1.41	)		(2.20	)		2.50			1.85
Less Distributions to Shareholders:
From net investment income		—			—			(0.03	)		—			—
From net realized gains		—			(1.15	)		(3.64	)		(2.21	)		(1.45	)
Total distributions to shareholders		—			(1.15	)		(3.67	)		(2.21	)		(1.45	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	13.33		$	11.58		$	14.14		$	20.01		$	19.72
Total return (d)		15.11	%		(7.41	)%		(12.86	)%		13.30	%		10.08	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.30	%		1.33	%		1.25	%		1.21	%		1.16	%
Interest expense		—			—			—			—			—	%(g)
Net expenses (f)		1.30	%		1.33	%		1.25	%		1.21	%		1.16	%
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment income (loss) (f)		(0.38	)%		(0.28	)%		(0.56	)%		0.22	%		(0.30	)%
Portfolio turnover rate		26	%		11	%		25	%		44	%		14	%
Net assets, end of period (000s)	$	121,456		$	81,474		$	115,246		$	176,504		$	190,390

(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 $0.07 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.

108

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.42		$	12.97		$	18.75		$	18.73		$	18.56
Income from Investment Operations:
Net investment loss (a)		(0.12	)		(0.09	)		(0.19	)		(0.10	)(b)		(0.19	)
Net realized and unrealized gain (loss) on investments		1.60			(1.31	)		(1.95	)		2.33			1.81
Total from investment operations		1.48			(1.40	)		(2.14	)		2.23			1.62
Less Distributions to Shareholders:
From net realized gains		—			(1.15	)		(3.64	)		(2.21	)		(1.45	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	11.90		$	10.42		$	12.97		$	18.75		$	18.73
Total return (d)		14.20	%		(8.08	)%		(13.53	)%		12.49	%		9.17	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		2.05	%		2.08	%		2.00	%		1.96	%		1.91	%
Interest expense		—			—			—			—			—	%(g)
Net expenses (f)		2.05	%		2.08	%		2.00	%		1.96	%		1.91	%
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment loss (f)		(1.11	)%		(1.03	)%		(1.31	)%		(0.53	)%		(1.05	)%
Portfolio turnover rate		26	%		11	%		25	%		44	%		14	%
Net assets, end of period (000s)	$	15,478		$	17,317		$	23,085		$	35,918		$	39,109

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

(b) Net investment loss per share reflects a special dividend. The effect of this dividend amounted to $0.06 per share.

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

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

(f) 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.

109

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.43		$	12.99		$	18.76		$	18.75		$	18.57
Income from Investment Operations:
Net investment loss (a)		(0.12	)		(0.09	)		(0.19	)		(0.10	)(b)		(0.19	)
Net realized and unrealized gain (loss) on investments		1.61			(1.32	)		(1.94	)		2.32			1.82
Total from investment operations		1.49			(1.41	)		(2.13	)		2.22			1.63
Less Distributions to Shareholders:
From net realized gains		—			(1.15	)		(3.64	)		(2.21	)		(1.45	)
Increase from regulatory settlements		—			—	(c)		—			—			—
Net Asset Value, End of Period	$	11.92		$	10.43		$	12.99		$	18.76		$	18.75
Total return (d)		14.29	%		(8.15	)%		(13.46	)%		12.41	%		9.23	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		2.05	%		2.08	%		2.00	%		1.96	%		1.91	%
Interest expense		—			—			—			—			—	%(g)
Net expenses (f)		2.05	%		2.08	%		2.00	%		1.96	%		1.91	%
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment loss (f)		(1.12	)%		(1.03	)%		(1.29	)%		(0.53	)%		(1.05	)%
Portfolio turnover rate		26	%		11	%		25	%		44	%		14	%
Net assets, end of period (000s)	$	19,635		$	18,461		$	24,756		$	42,312		$	46,241

(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 $0.06 per share.

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

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

(f) 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.

110

Financial Highlights – Columbia Small Cap Core Fund

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

Class I Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	13.37
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized gain on investments		0.32
Total from investment operations		0.32
Net Asset Value, End of Period	$	13.69
Total return (d)(e)		2.39	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.90	%
Net investment income (f)(g)		2.13	%
Portfolio turnover rate (e)		26	%
Net assets, end of period (000s)	$	3

(a) Class I shares commenced operations on September 27, 2010. 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.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

111

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	2010			2009			2008			2007 (a)			2006
Net Asset Value, Beginning of Period	$	11.39		$	13.94		$	19.78		$	19.53		$	19.15
Income from Investment Operations:
Net investment income (loss) (b)		(0.05	)		(0.03	)		(0.10	)		0.03	(c)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.76			(1.37	)		(2.08	)		2.43			1.90
Total from investment operations		1.71			(1.40	)		(2.18	)		2.46			1.83
Less Distributions to Shareholders:
From net investment income		—			—			(0.02	)		—			—
From net realized gains		—			(1.15	)		(3.64	)		(2.21	)		(1.45	)
Total distributions to shareholders		—			(1.15	)		(3.66	)		(2.21	)		(1.45	)
Increase from Regulatory Settlements		—			—	(d)		—			—			—
Net Asset Value, End of Period	$	13.10		$	11.39		$	13.94		$	19.78		$	19.53
Total return (e)		15.01	%		(7.45	)%		(12.90	)%		13.22	%		10.04	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (g)		1.35	%		1.38	%		1.30	%		1.26	%		1.21	%
Interest expense		—			—			—			—			—	%(h)
Net expenses (g)		1.35	%		1.38	%		1.30	%		1.26	%		1.21	%
Waiver/Reimbursement		—			—			—			—			—	%(h)
Net investment income (loss) (g)		(0.42	)%		(0.34	)%		(0.63	)%		0.17	%		(0.35	)%
Portfolio turnover rate		26	%		11	%		25	%		44	%		14	%
Net assets, end of period (000s)	$	73,960		$	74,722		$	98,299		$	136,381		$	135,538

(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 $0.07 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.

112

Financial Highlights – Columbia Small Cap Core Fund

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

Class W Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	13.01
Income from Investment Operations:
Net investment income (b)(c)		—
Net realized and unrealized gain on investments		0.31
Total from investment operations		0.31
Net Asset Value, End of Period	$	13.32
Total return (d)(e)		2.38	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		1.34	%
Net investment income (f)(g)		1.69	%
Portfolio turnover rate (e)		26	%
Net assets, end of period (000s)	$	3

(a) Class W shares commenced operations on September 27, 2010. 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.

(e) Not annualized.

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

(g) Annualized.

See Accompanying Notes to Financial Statements.

113

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.87		$	14.42		$	20.33		$	19.96		$	19.54
Income from Investment Operations:
Net investment income (loss) (a)		(0.02	)		—	(b)		(0.04	)		0.09	(c)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.84			(1.40	)		(2.15	)		2.49			1.93
Total from investment operations		1.82			(1.40	)		(2.19	)		2.58			1.92
Less Distributions to Shareholders:
From net investment income		—			—			(0.08	)		—			—
From net realized gains		—			(1.15	)		(3.64	)		(2.21	)		(1.50	)
Total distributions to shareholders		—			(1.15	)		(3.72	)		(2.21	)		(1.50	)
Increase from regulatory settlements		—			—	(b)		—			—			—
Net Asset Value, End of Period	$	13.69		$	11.87		$	14.42		$	20.33		$	19.96
Total return (d)		15.33	%		(7.18	)%		(12.60	)%		13.56	%		10.32	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		1.05	%		1.08	%		1.00	%		0.96	%		0.91	%
Interest expense		—			—			—			—			—	%(g)
Net expenses (f)		1.05	%		1.08	%		1.00	%		0.96	%		0.91	%
Waiver/Reimbursement		—			—			—			—			—	%(g)
Net investment income (loss) (f)		(0.12	)%		(0.04	)%		(0.27	)%		0.46	%		(0.05	)%
Portfolio turnover rate		26	%		11	%		25	%		44	%		14	%
Net assets, end of period (000s)	$	411,684		$	353,117		$	413,763		$	834,537		$	929,791

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

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

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

114

Notes to Financial Statements – Stock Funds

September 30, 2010

Note 1. Organization

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

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, Class I, Class R, Class W and Class Y shares. Columbia Contrarian Core Fund also offers Class I, Class R and Class W shares. Columbia Small Cap Core Fund also offers Class I and Class W shares Effective September 27, 2010, Class I, Class R and Class W shares of Columbia Large Cap Growth Fund commenced operations. Also on that date, Class I, Class R and Class W shares of Columbia Contrarian Core Fund and Class I and Class W shares of Columbia Small Cap Core Fund commenced operations. Each share class has its own expense structure and sales charges, as applicable.

Columbia Large Cap Growth Fund is authorized to issue Class R4 and Class R5 shares and Columbia Contrarian Core Fund is authorized to issue Class R4 shares, however as of the date of this report these share classes are not offered for sale and have not commenced operations.

The Funds no longer accept investments by 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. Columbia Large Cap Growth Fund's Class E and Class F shares are closed to new investors and new accounts.

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 maximum contingent deferred sales charge ("CDSC") of 1.00% based upon the holding period 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 I, Class R, Class W, Class Y and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, 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.

115

Stock Funds, September 30, 2010 (continued)

Management has evaluated the events and transactions that have occurred through 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

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 may also be valued based upon an over-the-counter or exchange bid quotation.

Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Equity securities, exchange-traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

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 systema tic 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

116

Stock Funds, September 30, 2010 (continued)

and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

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

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

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

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

On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the "amendment"), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and requires disclosure of the reason(s) for sign ificant transfers. Additionally, purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 rollforward. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009; except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment and the impact to the financial statements.

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.

Derivative Instruments

Each Fund may invest in derivative instruments. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

Each Fund may engage in repurchase agreement transactions with institutions that that management has determined are creditworthy. Each Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management 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 identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

117

Stock Funds, September 30, 2010 (continued)

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.

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. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

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 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.

118

Stock Funds, September 30, 2010 (continued)

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, 2010, permanent book and tax basis differences resulting primarily from differing treatments for 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, reversal of net capital losses on a redemption-in-kind and paydown adjustments were identified and reclassified among the components of the Fund's net assets as follows:

	Undistributed/ (Overdistributed) Net Investment Income		Accumulated Net Realized Gain (Loss)			Paid-In Capital
Columbia Asset Allocation Fund	$	243,296	$	(243,294	)	$	(2	)
Columbia Large Cap Growth Fund		23,857		92,626,324			(92,650,181	)
Columbia Disciplined Value Fund		4		75,926			(75,930	)
Columbia Contrarian Core Fund		477		(477	)		—
Columbia Small Cap Core Fund		1,074,530		(1	)		(1,074,529	)

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, 2010 and September 30, 2009 was as follows:

	September 30, 2010
	Ordinary Income*		Long-term Capital Gains
Columbia Asset Allocation Fund	$	4,590,042	$	—
Columbia Large Cap Growth Fund		7,966,395		—
Columbia Disciplined Value Fund		3,560,976		—
Columbia Contrarian Core Fund		2,597,814		—
Columbia Small Cap Core Fund		—		—

119

Stock Funds, September 30, 2010 (continued)

	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

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

As of September 30, 2010, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Net Unrealized Appreciation*
Columbia Asset Allocation Fund $ 459,679	$	—		$		20,185,872
Columbia Large Cap Growth Fund		3,184,638		—		212,840,254
Columbia Disciplined Value Fund		268,407		—		28,081,549
Columbia Contrarian Core Fund		1,476,369		—		80,219,683
Columbia Small Cap Core Fund		—		—		41,914,191

* 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, 2010, 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
Columbia Asset Allocation Fund	$	23,885,016	$	(3,699,144	)	$	20,185,872
Columbia Large Cap Growth Fund		226,205,839		(13,365,585	)		212,840,254
Columbia Disciplined Value Fund		30,916,269		(2,834,720	)		28,081,549
Columbia Contrarian Core Fund		85,847,387		(5,627,704	)		80,219,683
Columbia Small Cap Core Fund		140,711,101		(98,796,910	)		41,914,191

120

Stock Funds, September 30, 2010 (continued)

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
	2011		2017		2018		Total
Columbia Asset Allocation Fund	$	—	$	15,394,963	$	16,050,883	$	31,445,846
Columbia Large Cap Growth Fund		5,529,590		101,274,621		144,439,858		251,244,069
Columbia Disciplined Value Fund		—		57,648,687		55,533,936		113,182,623
Columbia Contrarian Core Fund		—		9,193,513		—		9,193,513
Columbia Small Cap Core Fund		—		6,883,381		9,719,746		16,603,127

Of the capital loss carryforwards attributable to Columbia Large Cap Growth Fund, $5,529,590 expiring September 30, 2011 remain from the merger with Columbia Growth Stock Fund.

Capital loss carryforwards were utilized and/or expired during the year ended September 30, 2010. Expired capital loss carryforwards are recorded as a reduction of paid-in capital. Capital loss carryforwards were utilized and/or expired were as follows:

Columbia Asset Allocation Fund	$	—
Columbia Large Cap Growth Fund		92,626,019
Columbia Disciplined Value Fund		—
Columbia Contrarian Core Fund		6,328,523
Columbia Small Cap Core Fund		—

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

After the close of business on April 30, 2010, Ameriprise Financial, Inc. ("Ameriprise Financial") acquired a portion of the asset management business of Columbia Management Group, LLC (the "Transaction"), including the business of managing the Funds. In connection with the closing of the Transaction (the "Closing"), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Funds and subsequently changed its name to Columbia Management Investment Advisers, LLC

121

Stock Funds, September 30, 2010 (continued)

(the "New Advisor"). The New Advisor 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	%

Prior to the Closing, Columbia Management Advisors, LLC ("Columbia"), an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"), provided investment advisory services to the Funds under the same fee structure.

For the year ended September 30, 2010, 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		0.52	%
Columbia Disciplined Value Fund		0.70	%
Columbia Contrarian Core Fund		0.70	%
Columbia Small Cap Core Fund		0.74	%

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Funds under a new Administrative Services Agreement (the "Administrative Agreement"). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Funds, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor 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. The New Advisor 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. Prior to the Closing, Columbia provided administrative services to the Fund at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Funds entered into a Financial Reporting Services Agreement (the "Financial Reporting Services Agreement") with State Street Bank and Trust Company ("State Street") and Columbia pursuant to which State Street provides financial reporting services to the Funds. The Funds 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. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. Under the State Street Agreements, the Funds pay 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 Funds for the month. The aggregate fee will not exceed

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$140,000 per year (exclusive of out-of-pocket expenses and charges). The Funds also reimburse State Street for certain out-of-pocket expenses and charges.

Also prior to the Closing, the Funds entered into a Pricing and Bookkeeping Oversight and Services Agreement (the "Services Agreement") with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Funds reimbursed Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund's portfolio securities, incurred by Columbia in the performance of services under the Services Agreement. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Funds and subsequently changed its name to Columbia Management Investment Services Corp. (the "New Transfer Agent"). The New Transfer Agent has contracted with Boston Financial Data Services ("BFDS") to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Funds.

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

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Funds and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the year ended September 30, 2010, the funds' effective transfer agent fee rates of the Funds' average net assets were as follows:

	Class A			Class B			Class C			Class E			Class F			Class R			Class T			Class W			Class Y			Class Z
Columbia Asset Allocation Fund		0.18	%		0.18	%		0.18	%		—			—			—			0.18	%		—			—			0.18	%
Columbia Large Cap Growth Fund		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%		0.11	%		0.21	%		0.11	%		0.00	%*		0.21	%
Columbia Disciplined Value Fund		0.11	%		0.11	%		0.11	%		—			—			—			0.11	%		—			—			0.11	%
Columbia Contrarian Core Fund		0.13	%		0.13	%		0.13	%		—			—			0.10	%		0.13	%		0.10	%		—			0.13	%
Columbia Small Cap Core Fund		0.17	%		0.17	%		0.17	%		—			—			—			0.17	%		0.19	%		—			0.17	%

*Rounds to less than 0.01%.

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Class I shares do not pay transfer agent fees.

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, 2010, no minimum account balance fees were charged by the Funds.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Funds and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the "New Distributor").

For the year ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A, Class E and Class T shares and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares were as follows:

	Front-End Sales Charge						CDSC
	Class A		Class E		Class T		Class A		Class B		Class C		Class E
Columbia Asset Allocation Fund	$	4,497	$	—	$	1,836	$	—	$	2,598	$	10	$	—
Columbia Large Cap Growth Fund		10,453		88		4,898		451		19,269		1,872		598
Columbia Disciplined Value Fund		1,434		—		1,521		—		1,635		266		—
Columbia Contrarian Core Fund		47,594		—		1,978		6		3,157		4,090		—
Columbia Small Cap Core Fund		2,131		—		—		—		1,251		—		—

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 New 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			Class R			Class W
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	%		0.50	%		0.25	%
Columbia Disciplined Value Fund		0.10	%		0.75	%		0.75	%		—			—			—			—
Columbia Contrarian Core Fund		0.10	%		0.75	%		0.75	%		—			—			0.50	%		0.25	%
Columbia Small Cap Core Fund		0.10	%		0.75	%		0.75	%		—			—			—			0.25	%

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	Service Fee
	Class A			Class B			Class C			Class E			Class F			Class W
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	%		0.25	%
Columbia Disciplined Value Fund		0.25	%		0.25	%		0.25	%		—			—			—
Columbia Contrarian Core Fund		0.25	%		0.25	%		0.25	%		—			—			0.25	%
Columbia Small Cap Core Fund		0.25	%		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.

Columbia Contrarian Core Fund, Columbia Small Cap Core Fund and Columbia Large Cap Growth Fund may pay a distribution fee of up to 0.25% of each Fund's average daily net assets attributable to Class W shares and a service fee of up to 0.25% of each Fund's average daily net assets attributable to Class W shares, provided, however, that the aggregate fee shall not exceed 0.25% of each Fund's average daily net assets attributable to Class W shares. For the year ended September 30, 2010, the distribution and service fees were 0.00% and 0.25%, respectively, of each Fund's average daily net assets attributable to Class W.

The CDSC and the distribution fees received from the Plans are used principally as repayment to the New Distributor for amounts paid by the New 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, 2010, the shareholder services fee was 0.30% of each Fund's average daily net assets attributable to Class T shares.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Funds' shares. There were no changes to the underwriting discount structure of the Funds or the service, distribution or shareholder services fee rates paid by the Funds as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective September 27, 2010, the New Advisor has contractually agreed to reimburse a portion of Columbia Large Cap Growth Fund and Columbia Contrarian Core Fund expenses through September 30, 2011, so that each Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from each Fund's custodian, do not exceed the following annual rates, based on each Fund's average daily net assets. This expense arrangement may only be modified or amended with approval from all parties to such arrangements, including each Fund and the Advisor.

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Stock Funds, September 30, 2010 (continued)

	Columbia Large Cap Growth Fund			Columbia Contrarian Core Fund
	Annual Rates
Class A		1.25	%		1.19	%
Class B		2.00	%		1.94	%
Class C		2.00	%		1.94	%
Class E		1.35	%		N/A
Class F		2.00	%		N/A
Class I		0.85	%		0.86	%
Class R		1.50	%		1.44	%
Class T		1.30	%		1.24	%
Class W		1.25	%		1.19	%
Class Y		1.00	%		N/A
Class Z		1.00	%		0.94	%

Effective September 27, 2010, the New Advisor has voluntarily agreed to reimburse a portion of Columbia Small Cap Core Fund expenses so that ordinary operating expenses (excluding any 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 the annual rates of 1.35%, 2.10%, 2.10%, 0.96%, 1.40%, 1.35% and 1.10% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class T, Class W and Class Z shares, respectively, based on the Fund's average daily net assets. These arrangements may be modified or terminated by the New Advisor at any time.

From May 1, 2010 to September 26, 2010, the New Advisor had voluntarily agreed to reimburse a portion of Columbia Large Cap Growth Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from each Fund's custodian, did not exceed the following annual rates, based on each Fund's average daily net assets. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of each Fund's expenses in the same manner.

Fund	Annual Rates
Columbia Large Cap Growth Fund		1.00	%
Columbia Contrarian Core Fund		0.94	%
Columbia Small Cap Core Fund		1.10	%

Effective May 1, 2010, the New Advisor has voluntarily agreed to reimburse a portion of Columbia Asset Allocation Fund and Columbia Disciplined Value Fund expenses so that ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from each Fund's custodian, do not exceed the following annual rates, based on each Fund's average daily net assets:

Fund	Annual Rates
Columbia Asset Allocation Fund		0.95	%
Columbia Disciplined Value Fund		1.00	%

These arrangements may be modified or terminated by the New Advisor at any time. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of each Fund's expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Funds are employees of the New Advisor or its affiliates and, with the exception of the Funds' Chief Compliance Officer, receive no compensation from the Funds. The Board of Trustees has appointed a Chief Compliance Officer to the Funds in accordance with federal securities regulations. The Funds, along with other affiliated funds, pay their pro-rata share of the expenses associated with the Chief Compliance Officer. Each Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, each Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

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.

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Stock Funds, September 30, 2010 (continued)

Trustees are compensated for their services to the Funds, as set forth on the Statements of Operations. 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.

Other Related Party Transactions

Prior to the Closing, the Funds used one or more brokers that were affiliates of BOA in connection with the purchase and sale of their securities. Total brokerage commissions paid to affiliated brokers for the period prior to the Closing were as follows:

	Amount
Columbia Asset Allocation Fund	$	314
Columbia Contrarian Core Fund		5,007
Columbia Small Cap Core Fund		2,576

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, 2010, these custody credits reduced total expenses for the Funds as follows:

	Custody Credits
Columbia Asset Allocation Fund	$	750
Columbia Large Cap Growth Fund		79
Columbia Disciplined Value Fund		5
Columbia Contrarian Core Fund		24
Columbia Small Cap Core Fund		64

Note 6. Objectives and Strategies for Investing in Derivative Instruments

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

In pursuit of the Funds' investment objectives, the Funds are exposed to the following market risks, among others:

Equity risk: Equity risk relates to change 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.

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

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 generally will decline in value upon an increase in general interest rates and their value generally will increase upon a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The following note provides more detailed information about each derivative type held by the Funds:

Foreign Forward Currency Exchange Contracts—Columbia Asset Allocation Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the

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Stock Funds, September 30, 2010 (continued)

period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the 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.

During the year ended September 30, 2010, Columbia Asset Allocation Fund entered into 20 forward foreign currency exchange contracts.

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, among others: (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, and (3) an inaccurate prediction of the future direction of interest rates by the Funds' investment advisor. In addition, upon entering into index futures contracts, the Fund bears risks which may include securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.

Upon entering into a futures contract, a Fund identifies within its portfolio of investments cash or securities in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed or expires.

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

During the year ended September 30, 2010, Columbia Asset Allocation Fund entered into 141 futures contracts.

During the year ended September 30, 2010, Columbia Disciplined Value Fund entered into 335 futures contracts.

The Columbia Disciplined Value Fund did not have any open futures contracts at the end of the year.

Options—Columbia Asset Allocation Fund had written covered and purchased call options to neutralize the Fund's exposure to equity risk on underlying securities. Written covered call options and purchased call options become more valuable as the price of the underlying instruments depreciates and appreciates, respectively, 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 a 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. Th e Fund identifies within its portfolio of investments cash or liquid portfolio securities equal to the amount of the written options contract commitment.

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Stock Funds, September 30, 2010 (continued)

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 the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction ar e greater or less than the cost of the option.

During the year ended September 30, 2010, Columbia Asset Allocation Fund entered into 1,039 written options contracts and 92 purchased options contracts.

The following table is a summary of the value of the Funds' derivative instruments as of September 30, 2010:

		Statement of Assts and Liabilities
		Fair Value of Derivative Instruments
		Assets								Liabilities
	Risk	Futures		Call Options				Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange		Futures		Call Options				Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange
Funds	Exposure	Contracts*		Written		Purchased**		Contracts		Contracts*		Written		Purchased		Contracts
Columbia Asset Allocation Fund	Equity	$	—	$	—	$	22,320	$	—	$	—	$	8,801	$	—	$	—
Columbia Asset Allocation Fund	Interest Rate		—		—		—		—		17,625		—		—		—
Columbia Asset Allocation Fund	Foreign Exchange Rate		—		—		—		98,839		—		—		—		49,148
Columbia Disciplined Value Fund	Equity		—		—		—		—		7,733		—		—		—

* Includes only the current day's variation margin.

** This amount is included in the Investments, at value on the Statement of Assets and Liabilities.

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Stock Funds, September 30, 2010 (continued)

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2010:

		Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations									Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Operations
	Risk	Futures		Call Options				Forward Foreign Currency Exchange			Futures			Call Options					Forward Foreign Currency Exchange
Funds	Exposure	Contracts		Written		Purchased		Contracts			Contracts			Written			Purchased		Contracts
Columbia Asset Allocation Fund	Equity	$	—	$	10,428	$	—	$	—		$	—		$	(3,627	)	$	5,394	$	—
Columbia Asset Allocation Fund	Interest Rate		(203,068)		—		—		—			48,811			—			—		—
Columbia Asset Allocation Fund	Foreign Exchange Rate		—		—		—		(65,020	)		—			—			—		(32,894	)
Columbia Disciplined Value Fund	Equity		782,385		—		—		—			(27,918	)		—			—		—

Note 7. Portfolio Information

For the year ended September 30, 2010, 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	$	44,751,258	$	53,593,528	$	180,310,137	$	193,596,267
Columbia Large Cap Growth Fund		—		—		1,517,972,509		1,720,340,682
Columbia Disciplined Value Fund		—		—		199,517,489		293,420,985
Columbia Contrarian Core Fund		—		—		628,994,655		467,205,283
Columbia Small Cap Core Fund		—		—		167,940,061		147,386,910

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Stock Funds, September 30, 2010 (continued)

Note 8. Regulatory Settlements

During the years ended September 30, 2010 and September 30, 2009, the following Funds received payments relating to certain regulatory settlements that the Funds had participated in during the respective periods. The payments have been included in "Increase from regulatory settlements" on the Statements of Changes in Net Assets. The payments were as follows:

	Year Ended September 30,
	2010		2009
Columbia Asset Allocation Fund	$	39	$	—
Columbia Large Cap Growth Fund		24,162		663,170
Columbia Disciplined Value Fund		4		—
Columbia Contrarian Core Fund		—		5,432
Columbia Small Cap Core Fund		—		5,313

Note 9. Redemption-in-Kind

Sales of securities for the Columbia Disciplined Value Fund include the value of securities delivered through an in-kind redemption of certain fund shares on August 6, 2010. Any realized gain or loss on securities delivered through an in-kind redemption of fund shares is not taxable to the Fund. The value of securities and realized gain (loss) on securities delivered through in-kind redemption of fund shares aggregated $13,089,208 and $(73,911), respectively.

Note 10. 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.

Effective October 15, 2009, 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.

Prior to October 15, 2009, interest was 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 were accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the year ended September 30, 2010, 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:

Fund	Average Daily Loan Balance Outstanding on Days Were Borrowing Existed		Weighted Average Interest Rate
Columbia Large Cap Growth Fund	$	4,122,581		1.447	%
Columbia Disciplined Value Fund		3,400,000		1.424

Note 11. Shareholder Concentration

As of September 30, 2010, certain shareholder accounts owned of record more than 10% of the outstanding shares of one or more of the Funds. The number of accounts and aggregate percentages of shares outstanding held therein are as follows:

	Number of Accounts		% of Shares Outstanding Held
Columbia Asset Allocation Fund		1		23.4
Columbia Large Cap Growth Fund		1		28.5
Columbia Disciplined Value Fund		2		56.6
Columbia Contrarian Core Fund		1		25.4
Columbia Small Cap Core Fund		2		43.4

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Stock Funds, September 30, 2010 (continued)

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

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 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

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market's assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Information Regarding Pending and Settled Legal Proceedings

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Stock Funds, September 30, 2010 (continued)

The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the Distric t Court proceedings while the Supreme Court considered and rules in a case captioned Jones v. Harris Associates, which involved issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates.

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)), entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Directors/Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obt ained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Note 13. Subsequent Events

The Board of Trustees has approved a proposal to merge Columbia Asset Allocation Fund into Columbia LifeGoal Balanced Growth Portfolio and Columbia Disciplined Value Fund into Columbia Large Value Quantitative Fund (formerly known as RiverSource Disciplined Large Cap Value Fund). Shareholders of Columbia Asset Allocation Fund and Columbia Disciplined Value Fund will vote on each respective

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Stock Funds, September 30, 2010 (continued)

proposed merger at a Special Meeting of Shareholders to be held during the first half of 2011.

Effective October 22, 2010, Columbia Asset Allocation Fund transitioned to a fund-of-fund structure, which means the Fund will seek to achieve its objective by investing primarily in shares of mutual funds managed by the New Advisor or its affiliates (Columbia Funds). Columbia Asset Allocation Fund may also invest in exchange-traded funds and third party-advised funds, equity and fixed income securities, including Treasury inflation protected securities, and other instruments such as derivatives.

Effective October 22, 2010, the New Advisor has contractually agreed to waive a portion of its advisory fee for Columbia Asset Allocation Fund through January 31, 2012 so that the effective advisory fee rate will be a blend of (i) 0.00% on assets invested in other Columbia Funds, exchange-traded funds or third party mutual funds, and (ii) 0.65% on other assets.

In addition, effective October 22, 2010, the New Advisor has contractually agreed to bear a portion of the Columbia Asset Allocation Fund's expenses, through January 31, 2012, so that the Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes, extraordinary expenses, acquired fund fees and expenses and certain advisory fees, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 0.51%, 1.26%, 1.26%, 0.56% and 0.26% of Columbia Asset Allocation Fund's average daily net assets attributable to Class A, Class B, Class C, Class T and Class Z shares, respectively.

Effective October 14, 2010, the line of credit disclosed in Note 10 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

134

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, 2010, 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") a re 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, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
November 19, 2010

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Federal Income Tax Information (Unaudited) – Stock Funds

Columbia Asset Allocation Fund

For non-corporate shareholders 45.07% 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, 2010 may represent qualified dividend income.

31.66% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2010, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011 of amounts for use in preparing 2010 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, 2010 may represent qualified dividend income.

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2010, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Columbia Disciplined Value Fund

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2010, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Columbia Contrarian Core Fund

100.00% of the ordinary income distributed by the Fund, for the fiscal year ended September 30, 2010, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

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Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and birth years 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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held
John D. Collins (Born 1938)

c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)				Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 64; Mrs. Fields Original Cookies, Inc. (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (Born 1943)

c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994) and Chairman of the Board (since 2009)				Co-Founder of Baringo Capital LLC (private equity) since 2002; CEO of Crystal River Capital, Inc. (real estate investment trust) since 2003; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 64; 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); The Helios Funds (exchange-traded funds); and Apex Silver Mines Ltd. from 2007 to 2009

Douglas A. Hacker (Born 1955)

c/o Columbia Management Investment Advisers, 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 64; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (Born 1957)

c/o Columbia Management Investment Advisers, 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 64; None

Charles R. Nelson (Born 1942)

c/o Columbia Management Investment Advisers, 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 64; None

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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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held
John J. Neuhauser (Born 1943)

c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1984)				President, Saint Michael's College, since August 2007; Director or Trustee of several non-profit organizations, including Fletcher Allen Health Care, Inc.; 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 64; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (Born 1938)

c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)				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 64; None

Patrick J. Simpson (Born 1944)

c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)				Partner, Perkins Coie LLP (law firm). Oversees 64; None

Anne-Lee Verville (Born 1945)

c/o Columbia Management Investment Advisers, 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 64; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

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Fund Governance (continued)

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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held
William E. Mayer¹ (Born 1940)

c/o Columbia Management Investment Advisers, 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 and Management, University of Maryland from 1992 to 1996. Oversees 64; DynaVox Inc. (software developer); Lee Enterprises (print media); WR Hambrecht + Co. (financial service provider); BlackRock Kelso Capital Corporation (investment company)

¹ Mr. Mayer may technically be 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, engage in principal transactions with or distribute shares of a Fund or other funds or accounts advised/managed by the Adviser or any sub-adviser to a Fund.

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, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964)

One Financial Center Boston, MA 02111 President (since 2009)				Senior Vice President and General Manager–Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (Born 1969)

One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)				Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Scott R. Plummer (Born 1959)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)				Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel–Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel–Asset Management, from 2005 to April 2010, and Vice President–Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

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Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Linda J. Wondrack (Born 1964)

One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)				Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010; Director of Corporate Compliance and Conflicts Officer of MFS Investment Management (investment management) from August 2004 to May 2005.

William F. Truscott (Born 1960)

53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President–U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Colin Moore (Born 1958)

One Financial Center Boston, MA 02111 Senior Vice President (since 2010)				Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (Born 1959)

100 Federal Street Boston, MA 02110 Senior Vice President (since 2010)				Director and President, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Amy Johnson (Born 1965)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President—Asset Management and Trust Company Services, from 2006 to 2009, and Vice President—Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (Born 1968)

One Financial Center Boston, MA 02111 Treasurer (since 2009) and Chief Accounting Officer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

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Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Marybeth Pilat (Born 1968)

One Financial Center Boston, MA 02111 Deputy Treasurer (since 2010)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children's Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (Born 1967)

One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (Born 1957)

One Financial Center Boston, MA 02111 Vice President (since 2006)				President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

141

Board Consideration and Approval of Advisory Agreements

Columbia Large Cap Growth Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund

In September 2010, the Board of Trustees (the "Board") unanimously approved new Investment Management Services Agreements (the "Advisory Agreements") on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an "Affected Fund") to Columbia Management for investment advisory services. For each of Columbia Large Cap Growth Fund, Columbia Contrarian Core Fund and Columbia Small Cap Core Fund, the Advisory Agreement would, subject to shareholder approval, increase contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds' former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the "Committee") of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia Funds Complex"). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management projected that t he proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares of funds, the expenses of which exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds' other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust (the "Independent Trustees") requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approval of the curr ent investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees' independent legal counsel, who advised on the legal standards for consideration

142

by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the "Fee Consultant") appointed by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management Advisors, LLC, the Affected Funds' previous adviser, with the New York Attorney General ("NYAG") to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the "NYAG Settlement"). Under the NYAG Settlement, the Fee Consultant's role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms' length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The trustees considered all materials that they, their legal counsel or Columbia Management believed reasonably necessary to evaluate and to determine whether to approve the Advisory Agreements. The factors considered by the Committee and the trustees in recommending approval and approving the Advisory Agreement for each Affected Fund included the following:

• The expected benefits of continuing to retain Columbia Management as the Affected Funds' investment manager;

• The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

• The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund's total expense ratio;

• For each of Columbia Contrarian Core Fund, Columbia Large Cap Growth Fund and Columbia Small Cap Core Fund, the reduction in the rates payable under each Fund's administrative services agreement at certain asset levels;

• The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for each of Columbia Contrarian Core Fund, Columbia Large Cap Growth Fund and Columbia Small Cap Core Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund's custodian) of class A shares would not exceed the median expenses of such fund's class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

• That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

• The expected impact on expenses for certain Affected Funds of proposed mergers; and

• The expected benefits of further integrating the Combined Fund Complex by:

o Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

o Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

143

those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management's investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party's methodology for identifying each Fund's peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund's Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund's investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund's investment strategy; (iii) that the Affected Fund's performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted the performance of each Affected Fund through February 28, 2010 relative to that of a peer group selected by an independent third-party data provider for purposes of performance comparisons. Specifically, Columbia Contrarian Core Fund's performance was in the second quintile (where the best performance would be in the first quintile) for the one-year period and in the first quintile for the three-, five- and ten-year periods; Columbia Large Cap Growth Fund's performance was in the third quintile for the one-, three- and five- year periods; and Columbia Small Cap Core Fund's performance was in the second quintile for the one-, three-, five- and ten-year periods.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions regarding each of the Advisory Agreements, that the performance of each Affected Fund and Columbia Management was sufficient, in light of other considerations, to warrant the approval of the Advisory Agreement pertaining to that Affected Fund.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for each of Columbia Contrarian Core Fund, Columbia Large Cap Growth Fund and Columbia Small Cap Core Fund would increase the contractual investment advisory fee rates payable by each fund and would be otherwise identical to each fund's current investment management services agreement. In addition, the trustees also considered that, for Columbia Contrarian Core Fund, with the proposed fee reductions under the administrative services agreement, the contractual fee rate under both the Advisory Agreement and the proposed administrative services agreement would be lower than the current combined contractual fee rate under those agreements at certain asset levels. The trustees also considered that based on its expenses for its most recent fiscal year, adjusted to give effect to its Advisory Agreement and other proposed contractual changes, including the contractual expense limitatio ns described above, Columbia Contrarian Core Fund's contractual management fees and total net expenses would have been in the fourth and third quintiles (where the lowest fees and expenses would be in the first quintile), respectively, of the peer group selected by an

144

independent third-party data provider for purposes of expense comparisons; Columbia Large Cap Growth Fund's contractual management fees and total net expenses would have been in the fourth and first quintiles, respectively; and Columbia Small Cap Core Fund's contractual management fees and total net expenses would have been in the third and first quintiles, respectively.

After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the advisory fee rates under the Advisory Agreements and anticipated total expenses of each Affected Fund supported the approval of the Advisory Agreements.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund's proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

The trustees also considered the compensation directly or indirectly received by Columbia Management and its affiliates in connection with their relationships with the Affected Funds. The trustees reviewed information provided by management as to the projected profitability to Columbia Management and its affiliates of their relationships with each Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

After reviewing those and related factors, the trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fees, and the related profitability to Columbia Management and its affiliates of their relationships with the Affected Fund, supported the approval of the Advisory Agreement pertaining to that Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management's investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. Th e trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected "fall-out" or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management's affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the

145

Affected Funds' distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds' securities transactions, and reviewed information about Columbia Management's practices with respect to allocating portfolio brokerage and the use of "soft" commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would b e in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management's profitability would be somewhat lower without these benefits.

In their deliberations, the trustees did not identify any single item that was paramount or controlling and individual trustees may have attributed different weights to various factors. The trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Affected Fund.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel and the Fee Consultant, the trustees, including the Independent Trustees, approved each Advisory Agreement.

146

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

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

September 21, 2010

I. Overview

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

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

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the "Bank") pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia's long-term asset management business, including management of the Atlantic Funds (the "Transaction"). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and the shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC ("CMIA"). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by, for example, proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, sub-transfer agency, custody, and pricing/bookkeeping fees paid by the Funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consiste nt with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an

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

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

³ CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 ("June 7 Materials"), Tab 1 at p. 1.

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds.

147

annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

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

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

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

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

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

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

II. Findings

1. Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a "Fee Change Fund").

2. In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm's length and reasonable and consistent with the AOD.

3. There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a "Fee Increase Fund"). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

4. The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA's proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5. Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund – High Yield Opportunity Fund – would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

6. CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to a contractual expense limitation calculated as the median of the relevant fund's Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

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7. CMIA reviewed differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels reflecting CMIA's reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

8. CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds' investment adviser), historical profitability data was judged to have little relevance.

9. CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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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 each the 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.

Transfer Agent

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

Distributor

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

Investment Advisor

Columbia Management Investment Advisers, LLC
100 Federal Street
Boston, MA 02110

153

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

Stock Funds
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. Read the prospectus carefully before investing. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

C-1401 A (11/10)

LOGO

Columbia Dividend Income Fund

Annual Report for the Period Ended September 30, 2010

LOGO

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			25

Report of Independent Registered Public Accounting Firm			34

Federal Income Tax Information			35

Fund Governance			36

Board Consideration and Approval of Advisory Agreements			41

Summary of Management Fee Evaluation by Independent Fee Consultant			45

Important Information About This Report			49

President’s Message

LOGO

Dear Shareholder:

The Columbia Management story began over 100 years ago, and today, we are one of the nation’s largest dedicated asset managers. The recent acquisition by Ameriprise Financial, Inc. brings together the talents, resources and capabilities of Columbia Management with those of RiverSource Investments, Threadneedle (acquired by Ameriprise in 2003) and Seligman Investments (acquired by Ameriprise in 2008) to build a best-in-class asset management business that we believe is truly greater than its parts.

Threadneedle, a leader in global asset management and one of Europe’s largest asset managers, offers sophisticated international experience from a dedicated U.K. management team. Headquartered in London, it is named for Threadneedle Street in the heart of the city’s financial district, where British investors pioneered international and global investing. Threadneedle was acquired in 2003 and today operates as an affiliate of Columbia Management.

Seligman Investments’ beginnings date back to the establishment of the investment firm J. & W. Seligman & Co. in 1864. In the years that followed, Seligman played a major role in the geographical expansion and industrial development of the United States. In 1874, President Ulysses S. Grant named Seligman as fiscal agent for the U.S. Navy — an appointment that would last through World War I. Seligman helped finance the westward path of the railroads and the building of the Panama Canal. The firm organized its first investment company in 1929 and began managing its first mutual fund in 1930. In 2008, J. & W. Seligman & Co. Incorporated was acquired and Seligman Investments became an offering brand of RiverSource Investments, LLC.

A singular focus on our shareholders. Our business is asset management, so investors are our first priority. We dedicate our resources to identifying timely investment opportunities and provide a comprehensive choice of equity, fixed-income and alternative investments to help meet your individual needs.

First-class research and thought leadership. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

A disciplined investment approach. We aren’t distracted by passing fads. Our teams adhere to a rigorous investment process that helps ensure the integrity of our products and enables you and your financial advisor to match our solutions to your objectives with confidence.

Sincerely,

LOGO

J. Kevin Connaughton

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Dividend Income Fund

Summary

1-year return as of 09/30/10



		+11.02% Class A shares (without sales charge)

		+10.75% Russell 1000 Index

Morningstar Style Box^TM

Equity Style

LOGO

The Morningstar Style Box^™ is based on the fund’s portfolio holdings. 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.

^© 2010 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Summary

For the 12-month period that ended September 30, 2010, the fund’s Class A shares returned 11.02% without sales charge.

The fund outperformed its benchmark, the Russell 1000 Index¹, but trailed the average return of its peer group, the Lipper Equity Income Funds Classification.²

Successful stock selection in the materials, consumer and health care sectors fed the fund’s solid performance during the year.

Portfolio Management

Scott L. Davis has co-managed the fund since November 2001 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Davis was associated with the fund’s previous advisor or its predecessors since 1985.

Richard E. Dahlberg has co-managed the fund since October 2003 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Dahlberg was associated with the fund’s previous advisor or its predecessors since 2003.

Effective May 1, 2010, RiverSource Investments, LLC, a subsidiary of Ameriprise Financial, Inc., became the investment advisor to the fund and changed its name to Columbia Management Investment Advisers, LLC. Please see the fund’s prospectuses, as supplemented, for more information regarding the change in investment advisor and certain other changes.

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

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, 2010

The U.S. stock market, as measured by the S&P 500 Index, delivered solid returns, despite a summer correction. Emerging market stocks, as measured by the MSCI Emerging Markets Index (Net), outperformed U.S. stocks as well as stock markets in developed foreign markets, as measured by the MSCI EAFE Index.


S&P Index		MSCI Emerging Markets Index


10.16%		20.22%

Modest economic growth and relatively low interest rates boosted bond market returns. The Barclays Capital Aggregate Bond Index delivered solid results. High-yield bonds outperformed stocks, as measured by the JPMorgan Developed BB High Yield Index.


Barclays Aggregate Index		JPMorgan Index


8.16%		16.19%

Consumer spending on cars, clothing and other goods increased throughout the year, although the pace of increased spending was small. Personal income also moved higher. Consumer confidence, as measured by the Conference Board Consumer Confidence Index, gained ground in the first half of 2010. However, the index fell sharply during the summer. Consumers surveyed in the final months of the reporting period indicated they were concerned about business conditions and job prospects and generally apprehensive about the future.

The housing market — another bellwether for the consumer sector — showed a glimmer of improvement in the final months of the period. Although both new and existing home sales fell during the summer after a federal tax credit for new and repeat homebuyers expired, sales of existing homes picked up in August 2010. Sales of new homes were flat in August 2010 and the inventory of new homes for sale fell to a 42-year low. Pending home sales, a forward-looking indicator, rose in both July 2010 and August 2010. The latest data points to rising sales in the months ahead. Distressed properties continued to pressure prices. The national median price of existing homes rose slightly over the one-year period, while the national median price of new homes declined slightly. The inventory of unsold new homes declined sharply at the end of the period.

Reports from the business side of the economy were generally positive. A key measure of the nation’s manufacturing situation — the Institute for Supply Management’s Index — trended higher for 14 consecutive months before dipping downward in September. Industrial production moved higher, as did the amount of manufacturing capacity utilized — a key measure of the health of the manufacturing sector.

Stock rally regains its footing

Economic Update (continued) – Columbia Dividend Income Fund

September, investors reversed course and bid stocks sharply higher. The S&P 500 Index¹ returned 10.16% for the 12-month period. Outside the United States, stock market returns were mixed. The MSCI EAFE Index (Net),² a broad gauge of stock market performance in foreign developed markets, returned 3.27% (in U.S. dollars) for the period, as concerns about the impact of a bailout for weak eurozone economies weighed on the markets. Emerging stock markets were more resilient. The MSCI Emerging Markets Index (Net)³ returned 20.22% (in U.S. dollars) for the 12-month period.

Bonds delivered solid returns

Past performance is no guarantee of future results.

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

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of May 27, 2010, the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The Morgan Stanley Capital International Emerging Markets (MSCI EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of May 27, 2010, the MSCI Emerging Markets Index (Net) consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

⁴

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.

⁵	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.

⁶

The Barclays Capital U.S. Treasury Index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting.

Performance Information – Columbia Dividend Income Fund


Net asset value per share

as of 09/30/10 ($)
Class A			12.12
Class B			11.86
Class C			11.85
Class I			12.13
Class R			12.13
Class T			12.13
Class W			12.12
Class Z			12.13
Distributions declared per share

10/01/09 – 09/30/10 ($)
Class A			0.28
Class B			0.20
Class C			0.20
Class R			0.25
Class T			0.28
Class Z			0.31

Performance of a $10,000 investment 10/01/00 – 09/30/10

The chart above shows the change in 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.


Performance of a $10,000 investment 10/01/00 – 09/30/10 ($)

Sales charge	without		with
Class A		15,654		14,752
Class B		14,515		14,515
Class C		14,504		14,504
Class I		n/a		n/a
Class R		15,568		n/a
Class T		15,600		14,701
Class W		n/a		n/a
Class Z		16,167		n/a


Average annual total return as of 09/30/10 (%)

Share class	A				B				C				I		R		T				W		Z
Inception	11/25/02				11/25/02				11/25/02				09/27/10		03/28/08		03/04/98				09/27/10		03/04/98
Sales charge	without		with		without		with		without		with		without		without		without		with		without		without
1-year		11.02		4.65		10.24		5.24		10.25		9.25		n/a		10.84		11.06		4.69		n/a		11.38
5-year		2.91		1.70		2.16		1.79		2.16		2.16		n/a		2.80		2.88		1.67		n/a		3.18
10-year/Life		4.58		3.96		3.80		3.80		3.79		3.79		–0.08		4.53		4.55		3.93		–0.08		4.92

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 I and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with a distribution (12b-1) fee. Class I, Class R, Class W and Class Z shares have limited eligibility and the investment minimum requirements may vary. Please see the fund’s prospectuses 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 B and Class C, and the returns shown for periods prior to March 28, 2008 would be lower for Class R shares.

Class I and Class W shares were initially offered by the fund on September 27, 2010.

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 Investment Services Corp., your account balance is available online at www.columbiamanagement.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 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

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


04/01/10 – 09/30/10
	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		996.40			1,019.80		5.25			5.32		1.05
Class B		1,000.00		1,000.00		993.30			1,016.04		8.99			9.10		1.80
Class C		1,000.00		1,000.00		993.30			1,016.04		8.99			9.10		1.80
Class I		1,000.00		1,000.00		999.20	*		1,021.51		0.06	*		3.60		0.71
Class R		1,000.00		1,000.00		995.90			1,018.55		6.50			6.58		1.30
Class T		1,000.00		1,000.00		997.00			1,019.55		5.51			5.57		1.10
Class W		1,000.00		1,000.00		999.20	*		1,019.80		0.09	*		5.32		1.05
Class Z		1,000.00		1,000.00		998.50			1,021.06		4.01			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.

*For	the period September 27, 2010 through September 30, 2010. Class I and Class W shares commenced operations on September 27, 2010.

Portfolio Managers’ Report – Columbia Dividend Income Fund


Sectors

as of 09/30/10 (%)
Consumer Staples			13.4
Financials			12.4
Energy			11.0
Industrials			10.1
Health Care			10.1
Information Technology			9.5
Consumer Discretionary			8.1
Telecommunications Services			7.1
Utilities			5.9
Materials			5.5
Cash & Equivalents			6.9

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.

For the 12-month period that ended September 30, 2010, the fund’s Class A shares returned 11.02% without sales charge. The fund’s benchmark, the Russell 1000 Index, returned 10.75% for the same period. The average return of the fund’s peer group, the Lipper Equity Income Funds Classification, was 11.40%. The fund’s dividend increased over the period.

As the recession began to wind down last year, investors developed a renewed appetite for risk in anticipation of a healthy economic recovery. Money began to shift from the most conservative commitments into equities, initially favoring smaller company stocks over those of larger, more stable issues. However, after peaking in the third quarter of 2009, the pace of economic growth decelerated right through this year’s second quarter. A resulting decline in stock prices persisted over the summer. Faced with the prospect of a long period of mediocre growth, market participants moved heavily into bonds, raising prices and driving yields to extremely low levels. As a result, many company dividend yields now exceed the yields available on their bonds.

Consumer and health care holdings led performance

Defensive positioning and good selection among companies with growing dividends aided returns in the consumer staples and health care sectors. McDonald’s (1.8% of net assets) continued to execute its business plan skillfully, increasing same-store sales despite recessionary conditions. Philip Morris International (2.8% of net assets) also delivered strong operating results, as did Altria Group and H.J. Heinz (1.1% and 1.3% of net assets, respectively). Philip Morris International and McDonald’s are among the few stocks whose prices remain above their pre-recession levels. Health care standouts included Bristol-Myers Squibb (2.1% of net assets) and Schering Plough, which was acquired by Merck & Co. (2.6% of net assets).

Good stock selection also brought positive results in the materials sector. Sherwin-Williams (1.7% of net assets) led the way as it maintained margins and profitability despite a very difficult housing environment. China’s relentless demand helped push up prices of industrial commodities, aiding energy and materials companies. Farm equipment manufacturer Deere & Co. (0.9% of net assets) rode the global agricultural boom as prices on farm commodities hit new highs. In energy, drilling specialist Smith International spiked higher on news of its pending takeover by Schlumberger (0.9% of net assets), the largest supplier of drilling products and services. In telecom, Verizon Communications (3.1% of net assets) was a strong contributor, and laggard AT&T (3.4% of net assets) edged higher late in the period.

Technology and financials lagged

Results in technology suffered from the absence of strong-performing stocks, among them Apple. Technology is normally an area of relative weakness for the fund because so few tech companies pay meaningful dividends. Similarly, not owning Amazon penalized relative returns among consumer discretionary issues. A decline in steelmaker Nucor (0.8% of net assets) was largely offset by good performance in Allegheny Technologies (no longer in the portfolio), which makes specialized metals and alloys.

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

The fund’s positioning in financials was positive overall, but sector results were mixed. We kept bank holdings at below-benchmark levels due to a foggy regulatory outlook and focused instead on insurers and investment management companies. Avoiding CitiGroup, Bank of America and Goldman Sachs bolstered relative returns. JPMorgan Chase and Morgan Stanley (1.8% and 0.6% of net assets, respectively) disappointed, but American Express (1.1% of net assets) rose sharply thanks to reduced charge offs and an expected recovery in business travel.

Looking ahead

We believe economic growth will proceed at a snail’s pace as countries and companies throughout the developed world strive to contain debt. Consumers have been attempting to reduce their own debt loads in response to high unemployment levels and shrunken housing values. With the public skittish about reentering the stock market, dividends could be an attractive incentive now that many corporate dividends exceed the yields on bonds of the same issuers. And of course, the upcoming elections will be important, as future monetary and fiscal policies take shape.

There has not yet been a widespread move by equity investors up the ladder of stock quality. But we believe that trend may not be far off, given the current appealing valuations on many high-grade, dividend-paying equities. Meanwhile, the fund’s positive cash flow allows us to continue to pursue our established investment policies.

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

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

Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time.

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

Investment Portfolio – Columbia Dividend Income Fund

September 30, 2010

Common Stocks – 92.6%


	Shares		Value ($)
Consumer Discretionary – 8.1%
Hotels, Restaurants & Leisure – 1.8%
McDonald’s Corp.		600,000		44,706,000

Hotels, Restaurants & Leisure Total				44,706,000

Media – 2.5%
McGraw-Hill Companies, Inc.		440,000		14,546,400
Meredith Corp.		570,000		18,986,700
Time Warner, Inc.		965,000		29,577,250

Media Total				63,110,350

Multiline Retail – 1.7%
Nordstrom, Inc.		365,000		13,578,000
Target Corp.		565,000		30,193,600

Multiline Retail Total				43,771,600

Specialty Retail – 2.1%
Home Depot, Inc.		960,000		30,412,800
Staples, Inc.		440,000		9,204,800
TJX Companies, Inc.		280,000		12,496,400

Specialty Retail Total				52,114,000

Consumer Discretionary Total				203,701,950

Consumer Staples – 12.9%
Beverages – 2.3%
Coca-Cola Co.		260,000		15,215,200
Diageo PLC, ADR		410,000		28,294,100
PepsiCo, Inc.		225,000		14,949,000

Beverages Total				58,458,300

Food & Staples Retailing – 0.9%
Wal-Mart Stores, Inc.		434,061		23,230,945

Food & Staples Retailing Total				23,230,945

Food Products – 3.1%
General Mills, Inc.		545,000		19,914,300
H.J. Heinz Co.		685,000		32,448,450
J.M. Smucker Co.		190,000		11,500,700
Kraft Foods, Inc., Class A		425,000		13,115,500

Food Products Total				76,978,950

Household Products – 2.7%
Kimberly-Clark Corp.		465,000		30,248,250
Procter & Gamble Co.		640,000		38,380,800

Household Products Total				68,629,050

Tobacco – 3.9%
Altria Group, Inc.		1,200,000		28,824,000
Philip Morris International, Inc.		1,260,000		70,585,200

Tobacco Total				99,409,200

Consumer Staples Total				326,706,445


	Shares		Value ($)
Energy – 11.0%
Energy Equipment & Services – 1.9%
Schlumberger Ltd.		348,300		21,458,763
Transocean Ltd. (a)		400,000		25,716,000

Energy Equipment & Services Total				47,174,763

Oil, Gas & Consumable Fuels – 9.1%
Chevron Corp.		600,000		48,630,000
ConocoPhillips		290,000		16,654,700
Encana Corp.		740,000		22,370,200
Exxon Mobil Corp.		1,010,000		62,407,900
Murphy Oil Corp.		170,000		10,526,400
Occidental Petroleum Corp.		260,000		20,358,000
Royal Dutch Shell PLC, ADR		810,000		48,843,000

Oil, Gas & Consumable Fuels Total				229,790,200

Energy Total				276,964,963

Financials – 12.4%

Capital Markets – 3.5%
Eaton Vance Corp.		645,000		18,730,800
Federated Investors, Inc., Class B		800,000		18,208,000
Morgan Stanley		600,000		14,808,000
Northern Trust Corp.		460,000		22,190,400
T. Rowe Price Group, Inc.		260,000		13,016,900

Capital Markets Total				86,954,100

Commercial Banks – 2.4%
PNC Financial Services Group, Inc.		325,000		16,870,750
Toronto-Dominion Bank		50,000		3,613,000
U.S. Bancorp		790,000		17,079,800
Wells Fargo & Co.		860,000		21,611,800

Commercial Banks Total				59,175,350

Consumer Finance – 1.1%
American Express Co.		685,000		28,790,550

Consumer Finance Total				28,790,550

Diversified Financial Services – 1.8%
JPMorgan Chase & Co.		1,188,000		45,227,160

Diversified Financial Services Total				45,227,160
Insurance – 3.0%
Arthur J. Gallagher & Co.		690,000		18,195,300
Chubb Corp.		290,000		16,527,100
MetLife, Inc.		488,000		18,763,600
RenaissanceRe Holdings Ltd.		110,000		6,595,600

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Financials (continued)
Unum Group		745,000		16,501,750

Insurance Total				76,583,350

Thrifts & Mortgage Finance – 0.6%
People’s United Financial, Inc.		1,165,000		15,249,850

Thrifts & Mortgage Finance Total				15,249,850

Financials Total				311,980,360

Health Care – 10.1%
Pharmaceuticals – 10.1%
Abbott Laboratories		895,000		46,754,800
Bristol-Myers Squibb Co.		1,940,000		52,593,400
Johnson & Johnson		625,000		38,725,000
Merck & Co., Inc.		1,775,000		65,337,750
Pfizer, Inc.		3,025,000		51,939,250

Pharmaceuticals Total				255,350,200

Health Care Total				255,350,200

Industrials – 10.1%
Aerospace & Defense – 3.5%
Honeywell International, Inc.		710,000		31,197,400
Raytheon Co.		580,000		26,511,800
United Technologies Corp.		425,000		30,272,750

Aerospace & Defense Total				87,981,950

Commercial Services & Supplies – 0.9%
Waste Management, Inc.		645,000		23,052,300

Commercial Services & Supplies Total				23,052,300

Electrical Equipment – 0.8%
Emerson Electric Co.		385,000		20,274,100

Electrical Equipment Total				20,274,100

Industrial Conglomerates – 1.1%
General Electric Co.		1,760,000		28,600,000

Industrial Conglomerates Total				28,600,000

Machinery – 3.1%
Deere & Co.		340,000		23,725,200
Dover Corp.		425,000		22,189,250
Illinois Tool Works, Inc.		275,000		12,930,500
Parker Hannifin Corp.		275,000		19,266,500

Machinery Total				78,111,450

Road & Rail – 0.7%
Norfolk Southern Corp.		292,500		17,406,675

Road & Rail Total				17,406,675

Industrials Total				255,426,475


	Shares		Value ($)
Information Technology – 9.5%
Computers & Peripherals – 0.8%
Hewlett-Packard Co.		485,000		20,403,950

Computers & Peripherals Total				20,403,950

IT Services – 3.6%
Automatic Data Processing, Inc.		525,000		22,065,750
International Business Machines Corp.		510,000		68,411,400

IT Services Total				90,477,150

Office Electronics – 0.5%
Canon, Inc., ADR		290,000		13,548,800

Office Electronics Total				13,548,800

Semiconductors & Semiconductor Equipment – 2.8%
Intel Corp.		2,285,000		43,940,550
Linear Technology Corp.		210,000		6,453,300
Texas Instruments, Inc.		750,000		20,355,000

Semiconductors & Semiconductor Equipment Total				70,748,850

Software – 1.8%
Microsoft Corp.		1,840,000		45,061,600

Software Total				45,061,600

Information Technology Total				240,240,350

Materials – 5.5%
Chemicals – 3.4%
E.I. du Pont de Nemours & Co.		365,000		16,286,300
International Flavors & Fragrances, Inc.		300,000		14,556,000
RPM International, Inc.		605,000		12,051,600
Sherwin-Williams Co.		565,000		42,454,100

Chemicals Total				85,348,000

Containers & Packaging – 0.7%
Sonoco Products Co.		525,000		17,556,000

Containers & Packaging Total				17,556,000

Metals & Mining – 1.4%
BHP Billiton Ltd., ADR		210,000		16,027,200
Nucor Corp.		505,000		19,291,000

Metals & Mining Total				35,318,200

Materials Total				138,222,200

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Telecommunication Services – 7.1%
Diversified Telecommunication Services – 7.1%
AT&T, Inc.		3,040,000		86,944,000
Frontier Communications Corp.		720,000		5,882,400
Verizon Communications, Inc.		2,435,000		79,356,650
Windstream Corp.		610,000		7,496,900

Diversified Telecommunication Services Total				179,679,950

Telecommunication Services Total				179,679,950

Utilities – 5.9%
Electric Utilities – 3.2%
American Electric Power Co., Inc.		420,000		15,216,600
Entergy Corp.		125,000		9,566,250
Exelon Corp.		230,000		9,793,400
FirstEnergy Corp.		450,000		17,343,000
NextEra Energy, Inc.		205,000		11,149,950
PPL Corp.		665,000		18,107,950

Electric Utilities Total				81,177,150

Gas Utilities – 0.7%
National Fuel Gas Co.		340,000		17,615,400

Gas Utilities Total				17,615,400

Multi-Utilities – 2.0%
PG&E Corp.		305,000		13,853,100
Public Service Enterprise Group, Inc.		600,000		19,848,000
Sempra Energy		280,000		15,064,000

Multi-Utilities Total				48,765,100

Utilities Total				147,557,650

Total Common Stocks (cost of $2,099,841,336)				2,335,830,543

Convertible Preferred Stock – 0.5%

Consumer Staples – 0.5%

Food Products – 0.5%
Archer-Daniels-Midland Co., 6.250%		325,000		13,435,500

Food Products Total				13,435,500

Consumer Staples Total				13,435,500

Total Convertible Preferred Stock (cost of $12,291,823)				13,435,500

Investment Company – 2.5%


	Shares		Value ($)
SPDR S&P 500 ETF Trust		550,000		62,766,000

Total Investment Company (cost of $62,605,115)				62,766,000

Short-Term Obligation – 4.2%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due 10/01/10 at 0.220%, collateralized by a U.S. Treasury obligation maturing 08/15/19, market value $107,712,000 (repurchase proceeds $105,599,645)		105,599,000		105,599,000

Total Short-Term Obligation (cost of $105,599,000)				105,599,000

Total Investments – 99.8% (cost of $2,280,337,274)(b)				2,517,631,043

Other Assets & Liabilities, Net – 0.2%				6,213,032

Net Assets – 100.0%				2,523,844,075

Notes to Investment Portfolio:

(a)	Non-income producing security.

(b)	Cost for federal income tax purposes is $2,280,939,069.

The following table summarizes the inputs used, as of September 30, 2010, in valuing the Fund’s assets:


Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	2,335,830,543	$	—	$	—	$	2,335,830,543

Total Convertible Preferred Stock		13,435,500		—		—		13,435,500

Total Investment Company		62,766,000		—		—		62,766,000

Total Short-Term Obligation		—		105,599,000		—		105,599,000

Total Investments	$	2,412,032,043	$	105,599,000	$	—	$	2,517,631,043

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the premium or discount at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

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

See Accompanying Notes to Financial Statements.

Columbia Dividend Income Fund

September 30, 2010

At September 30, 2010, the Fund held investments in the following sectors:


Sector Allocation (Unaudited)	% of Net Assets
Consumer Staples		13.4
Financials		12.4
Energy		11.0
Industrials		10.1
Health Care		10.1
Information Technology		9.5
Consumer Discretionary		8.1
Telecommunication Services		7.1
Utilities		5.9
Materials		5.5

		93.1
Investment Company		2.5
Short-Term Obligation		4.2
Other Assets & Liabilities, Net		0.2

		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, 2010


		($)
Assets	Investments, at identified cost		2,280,337,274

	Investments, at value		2,517,631,043
	Cash		939
	Receivable for:
	Investments sold		6,454,898
	Fund shares sold		9,835,400
	Dividends		7,078,535
	Interest		645
	Expense reimbursement due from investment advisor		280,142
	Trustees’ deferred compensation plan		106,811
	Prepaid expenses		30,459

	Total Assets		2,541,418,872

Liabilities	Payable for:
	Investments purchased		13,262,691
	Fund shares repurchased		2,048,479
	Investment advisory fee		1,230,916
	Administration fee		134,929
	Pricing and bookkeeping fees		11,934
	Transfer agent fee		413,220
	Trustees’ fees		93
	Custody fee		9,505
	Distribution and service fees		257,294
	Chief compliance officer expenses		797
	Trustees’ deferred compensation plan		106,811
	Other liabilities		98,128

	Total Liabilities		17,574,797


	Net Assets		2,523,844,075

Net Assets Consist of	Paid-in capital		2,385,542,698
	Undistributed net investment income		648,759
	Accumulated net realized loss		(99,641,151	)
	Net unrealized appreciation on investments		237,293,769

	Net Assets		2,523,844,075

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Dividend Income Fund

September 30, 2010



Class A	Net assets	$	728,218,616
	Shares outstanding		60,060,516
	Net asset value per share	$	12.12	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share($12.12/0.9425)	$	12.86	(b)

Class B	Net assets	$	21,126,333
	Shares outstanding		1,781,705
	Net asset value and offering price per share	$	11.86	(a)

Class C	Net assets	$	94,091,042
	Shares outstanding		7,941,406
	Net asset value and offering price per share	$	11.85	(a)

Class I (c)	Net assets	$	2,499
	Shares outstanding		206
	Net asset value, offering and redemption price per share	$	12.13

Class R	Net assets	$	8,577,453
	Shares outstanding		707,057
	Net asset value, offering and redemption price per share	$	12.13

Class T	Net assets	$	80,405,173
	Shares outstanding		6,630,315
	Net asset value per share	$	12.13	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share($12.13/0.9425)	$	12.87	(b)

Class W (c)	Net assets	$	2,498
	Shares outstanding		206
	Net asset value, offering and redemption price per share	$	12.12	(d)

Class Z	Net assets	$	1,591,420,461
	Shares outstanding		131,201,543
	Net asset value, offering and redemption price per share	$	12.13

(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.

(c)	Shares commenced operations on September 27, 2010.

(d)	Net asset value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Dividend Income Fund

For the Year Ended September 30, 2010


		($) (a)
Investment Income	Dividends		73,809,419
	Interest		480,092
	Foreign taxes withheld		(514,729	)

	Total Investment Income		73,774,782

Expenses	Investment advisory fee		13,230,692
	Administration fee		1,429,520
	Distribution fee:
	Class B		184,600
	Class C		532,546
	Class R		19,027
	Service fee:
	Class A		1,539,059
	Class B		61,533
	Class C		177,515
	Class W		—	*
	Shareholder services fee – Class T		239,195
	Transfer agent fee – Class A, Class B, Class C, Class R, Class T, Class W and Class Z		1,917,108
	Pricing and bookkeeping fees		141,503
	Trustees’ fees		86,443
	Custody fee		55,155
	Chief compliance officer expenses		2,452
	Other expenses		670,971

	Total Expenses		20,287,319

	Fees waived or expenses reimbursed by investment advisor		(466,874	)
	Expense reductions		(66	)

	Net Expenses		19,820,379


	Net Investment Income		53,954,403

Net Realized and Unrealized Gain (Loss) on Investments	Net realized gain on investments		43,830,633
Net Realized and Unrealized Gain (Loss) on Investments	Net change in unrealized appreciation on investments		114,609,413

	Net Gain		158,440,046


	Net Increase Resulting from Operations		212,394,449

*	Rounds to less than $1.

(a)	Class I and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Dividend Income Fund


Increase (Decrease) in Net Assets		Year Ended September 30, 2010 ($)(a)			Year Ended September 30, 2009 ($)
Operations	Net investment income		53,954,403			37,742,177
	Net realized gain (loss) on investments		43,830,633			(97,509,148	)
	Net change in unrealized appreciation (depreciation) on investments		114,609,413			103,911,886

	Net increase resulting from operations		212,394,449			44,144,915

Distributions to Shareholders	From net investment income:
	Class A		(15,010,735	)		(9,328,760	)
	Class B		(408,584	)		(520,145	)
	Class C		(1,243,004	)		(572,360	)
	Class R		(90,437	)		(3,846	)
	Class T		(1,868,788	)		(1,630,665	)
	Class Z		(36,042,620	)		(25,318,495	)

	Total distributions to shareholders		(54,664,168	)		(37,374,271	)

	Net Capital Stock Transactions		671,056,299			621,633,779
	Increase from regulatory settlements		—			665,701

	Total increase in net assets		828,786,580			629,070,124

Net Assets	Beginning of period		1,695,057,495			1,065,987,371
	End of period		2,523,844,075			1,695,057,495
	Undistributed net investment income at end of period		648,759			1,358,520

(a)	Class I and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Dividend Income Fund


	Capital Stock Activity
	Year Ended September 30, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		27,619,891			326,418,937			27,895,461			276,099,772
Distributions reinvested		1,091,127			12,956,124			778,447			7,861,416
Redemptions		(11,936,159	)		(140,954,594	)		(8,547,450	)		(85,291,578	)

Net increase		16,774,859			198,420,467			20,126,458			198,669,610

Class B
Subscriptions		287,214			3,327,780			1,129,813			10,598,969
Distributions reinvested		28,145			326,729			44,163			430,960
Redemptions		(1,094,271	)		(12,733,090	)		(1,277,029	)		(12,135,167	)

Net decrease		(778,912	)		(9,078,581	)		(103,053	)		(1,105,238	)

Class C
Subscriptions		4,345,783			50,314,346			3,828,234			36,845,519
Distributions reinvested		78,265			908,798			43,574			432,821
Redemptions		(914,304	)		(10,483,246	)		(515,925	)		(5,019,427	)

Net increase		3,509,744			40,739,898			3,355,883			32,258,913

Class I (a)(b)
Subscriptions		206			2,500			—			—

Net increase		206			2,500			—			—

Class R
Subscriptions		758,691			9,240,343			57,996			584,229
Distributions reinvested		6,868			81,266			346			3,834
Redemptions		(117,253	)		(1,359,907	)		(503	)		(5,468	)

Net increase		648,306			7,961,702			57,839			582,595

Class T
Subscriptions		784,478			9,235,572			1,258,177			12,683,562
Distributions reinvested		146,661			1,740,293			156,696			1,572,896
Redemptions		(898,540	)		(10,598,500	)		(830,271	)		(8,164,564	)

Net increase		32,599			377,365			584,602			6,091,894

Class W (a)(b)
Subscriptions		206			2,500			—			—

Net increase		206			2,500			—			—

Class Z
Subscriptions		62,622,462			742,481,198			71,665,405			704,770,708
Distributions reinvested		971,154			11,539,013			524,210			5,276,709
Redemptions		(27,195,653	)		(321,389,763	)		(33,309,318	)		(324,911,412	)

Net increase		36,397,963			432,630,448			38,880,297			385,136,005

(a)	Shares commenced operations on September 27, 2010.

(b)	Shares reflect activity for the period September 27, 2010 through September 30, 2010.

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.18		$	12.01		$	15.35		$	13.45		$	12.01

Income from Investment Operations:
Net investment income (a)		0.28			0.29			0.31			0.28			0.26
Net realized and unrealized gain (loss) on investments		0.94			(0.86	)		(3.18	)		2.02			1.45

Total from investment operations		1.22			(0.57	)		(2.87	)		2.30			1.71

Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.27	)		(0.31	)		(0.27	)		(0.27	)
From net realized gains		—			—			(0.16	)		(0.13	)		—

Total distributions to shareholders		(0.28	)		(0.27	)		(0.47	)		(0.40	)		(0.27	)

Increase from regulatory settlements		—			0.01			—			—			—

Net Asset Value, End of Period	$	12.12		$	11.18		$	12.01		$	15.35		$	13.45
Total return (b)(c)		11.02	%		(4.33	)%		(19.06	)%		17.31	%		14.45	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%		0.07	%		0.12	%
Net investment income (d)		2.41	%		2.88	%		2.24	%		1.90	%		2.19	%
Portfolio turnover rate		17	%		23	%		16	%		21	%		52	%
Net assets, end of period (000s)	$	728,219		$	483,916		$	278,122		$	370,358		$	345,595

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.94		$	11.75		$	15.03		$	13.17		$	11.77

Income from Investment Operations:
Net investment income (a)		0.19			0.21			0.20			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.93			(0.82	)		(3.11	)		1.99			1.42

Total from investment operations		1.12			(0.61	)		(2.91	)		2.15			1.58

Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.20	)		(0.21	)		(0.16	)		(0.18	)
From net realized gains		—			—			(0.16	)		(0.13	)		—

Total distributions to shareholders		(0.20	)		(0.20	)		(0.37	)		(0.29	)		(0.18	)

Increase from regulatory settlements		—			—	(b)		—			—			—

Net Asset Value, End of Period	$	11.86		$	10.94		$	11.75		$	15.03		$	13.17
Total return (c)(d)		10.24	%		(4.97	)%		(19.71	)%		16.49	%		13.55	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%		0.07	%		0.12	%
Net investment income (e)		1.67	%		2.18	%		1.48	%		1.16	%		1.30	%
Portfolio turnover rate		17	%		23	%		16	%		21	%		52	%
Net assets, end of period (000s)	$	21,126		$	28,006		$	31,307		$	52,937		$	57,644

(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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.93		$	11.74		$	15.02		$	13.17		$	11.76

Income from Investment Operations:
Net investment income (a)		0.19			0.20			0.20			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.93			(0.82	)		(3.11	)		1.98			1.43

Total from investment operations		1.12			(0.62	)		(2.91	)		2.14			1.59

Less Distributions to Shareholders:
From net investment income		(0.20	)		(0.20	)		(0.21	)		(0.16	)		(0.18	)
From net realized gains		—			—			(0.16	)		(0.13	)		—

Total distributions to shareholders		(0.20	)		(0.20	)		(0.37	)		(0.29	)		(0.18	)

Increase from regulatory settlements		—			0.01			—			—			—

Net Asset Value, End of Period	$	11.85		$	10.93		$	11.74		$	15.02		$	13.17
Total return (b)(c)		10.25	%		(4.98	)%		(19.72	)%		16.42	%		13.64	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%		0.07	%		0.12	%
Net investment income (d)		1.66	%		2.08	%		1.48	%		1.14	%		1.29	%
Portfolio turnover rate		17	%		23	%		16	%		21	%		52	%
Net assets, end of period (000s)	$	94,091		$	48,438		$	12,635		$	20,622		$	12,950

(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 the period is as follows:


Class I Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	12.14

Income from Investment Operations:
Net investment income (b)		0.01
Net realized and unrealized loss on investments		(0.02	)

Total from investment operations		(0.01	)

Net Asset Value, End of Period	$	12.13
Total return (c)(d)		(0.08	)%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.71	%
Net investment income (e)(f)		8.17	%
Portfolio turnover rate (d)		17	%
Net assets, end of period (000s)	$	2

(a)	Class I shares commenced operations on September 27, 2010. 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)	Total return at net asset value.

(d)	Not annualized.

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

(f)	Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Dividend Income Fund

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


	Year Ended September 30,						Period Ended September 30,
Class R Shares	2010			2009			2008 (a)
Net Asset Value, Beginning of Period	$	11.18		$	12.01		$	13.39

Income from Investment Operations:
Net investment income (b)		0.27			0.28			0.14
Net realized and unrealized gain (loss) on investments		0.93			(0.86	)		(1.38	)

Total from investment operations		1.20			(0.58	)		(1.24	)

Less Distributions to Shareholders:
From net investment income		(0.25	)		(0.25	)		(0.14	)

Increase from regulatory settlements		—			—	(c)		—

Net Asset Value, End of Period	$	12.13		$	11.18		$	12.01
Total return (d)(e)		10.84	%		(4.57	)%		(9.28	)%(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		1.30	%		1.30	%		1.30	%(h)
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%(h)
Net investment income (g)		2.27	%		2.59	%		2.10	%(h)
Portfolio turnover rate		17	%		23	%		16	%(f)
Net assets, end of period (000s)	$	8,577		$	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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.18		$	12.01		$	15.35		$	13.45		$	12.01

Income from Investment Operations:
Net investment income (a)		0.28			0.29			0.30			0.27			0.25
Net realized and unrealized gain (loss) on investments		0.95			(0.85	)		(3.18	)		2.02			1.46

Total from investment operations		1.23			(0.56	)		(2.88	)		2.29			1.71

Less Distributions to Shareholders:
From net investment income		(0.28	)		(0.27	)		(0.30	)		(0.26	)		(0.27	)
From net realized gains		—			—			(0.16	)		(0.13	)		—

Total distributions to shareholders		(0.28	)		(0.27	)		(0.46	)		(0.39	)		(0.27	)

Increase from regulatory settlements		—			—	(b)		—			—			—

Net Asset Value, End of Period	$	12.13		$	11.18		$	12.01		$	15.35		$	13.45
Total return (c)(d)		11.06	%		(4.38	)%		(19.10	)%		17.25	%		14.39	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%		0.07	%		0.12	%
Net investment income (e)		2.36	%		2.87	%		2.19	%		1.85	%		1.96	%
Portfolio turnover rate		17	%		23	%		16	%		21	%		52	%
Net assets, end of period (000s)	$	80,405		$	73,773		$	72,213		$	100,932		$	96,651

(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 the period is as follows:


Class W Shares	Period Ended September 30, 2010 (a)
Net Asset Value, Beginning of Period	$	12.13

Income from Investment Operations:
Net investment income (b)		0.01
Net realized and unrealized loss on investments		(0.02	)

Total from investment operations		(0.01	)

Net Asset Value, End of Period	$	12.12
Total return (c)(d)		(0.08	)%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.05	%
Waiver/Reimbursement (f)		0.01	%
Net investment income (e)(f)		7.83	%
Portfolio turnover rate (d)		17	%
Net assets, end of period (000s)	$	2

(a)	Class W shares commenced operations on September 27, 2010. 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)	Total return at net asset value.

(d)	Not annualized.

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

(f)	Annualized.

See Accompanying Notes to Financial Statements.

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.18		$	12.01		$	15.36		$	13.45		$	12.01

Income from Investment Operations:
Net investment income (a)		0.31			0.31			0.34			0.31			0.28
Net realized and unrealized gain (loss) on		0.95			(0.85	)		(3.19	)		2.04			1.47

Total from investment operations		1.26			(0.54	)		(2.85	)		2.35			1.75

Less Distributions to Shareholders:
From net investment income		(0.31	)		(0.30	)		(0.34	)		(0.31	)		(0.31	)
From net realized gains		—			—			(0.16	)		(0.13	)		—

Total distributions to shareholders		(0.31	)		(0.30	)		(0.50	)		(0.44	)		(0.31	)

Increase from regulatory settlements		—			0.01			—			—			—

Net Asset Value, End of Period	$	12.13		$	11.18		$	12.01		$	15.36		$	13.45
Total return (b)(c)		11.38	%		(4.10	)%		(18.90	)%		17.67	%		14.73	%

Ratios to Average Net Assets/Supplemental Data:
Net expenses (d)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Waiver/Reimbursement		0.02	%		0.06	%		0.06	%		0.07	%		0.12	%
Net investment income (d)		2.66	%		3.15	%		2.51	%		2.15	%		2.27	%
Portfolio turnover rate		17	%		23	%		16	%		21	%		52	%
Net assets, end of period (000s)	$	1,591,420		$	1,060,268		$	671,700		$	594,859		$	471,876

(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, 2010

Note 1. Organization

Columbia Dividend Income Fund (the “Fund”), a series of Columbia Funds Series Trust I (the “Trust”), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

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 eight classes of shares: Class A, Class B, Class C, Class I, Class R, Class T, Class W and Class Z. Effective September 27, 2010, Class I and Class W shares commenced operations. Each share class has its own expense structure and sales charges, as applicable.

The Fund no longer accepts investments by 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 maximum contingent deferred sales charge (“CDSC”) of 1.00% based upon the holding period 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 I, Class R, Class W and Class Z shares are offered continuously at net asset value. There are certain restrictions on the purchase of these share classes, 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 the date the financial statements were issued and, except as disclosed in Note 11, noted no items requiring adjustment of the financial statements or additional disclosures.

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

Security Valuation

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.

GAAP establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the

Columbia Dividend Income Fund

September 30, 2010

highest priority to unadjusted quoted prices in active markets for identical securities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below:

Level 1 — quoted prices in active markets for identical securities

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

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

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

On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the “amendment”), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and requires disclosure of the reason(s) for significant transfers. Additionally, purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 roll forward. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009; except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment and the impact to the financial statements.

Security Transactions

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through its custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management 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 a specific class of shares are charged to that share class. Expenses directly attributable to the Fund are charged to the Fund.

Columbia Dividend Income Fund

September 30, 2010

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 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, 2010, permanent book and tax basis differences resulting primarily from differing treatments for proceeds received from litigation settlements and expired capital loss carryforwards 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
$4	$71,401,738	$(71,401,742)

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, 2010 and September 30, 2009 was as follows:


	September 30,
	2010		2009
Ordinary Income*	$	54,664,168	$	37,374,271

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

As of September 30, 2010, the components of distributable earnings on a tax basis were as follows:



Undistributed Ordinary Income	Undistributed Long-term Capital Gains	Net Unrealized Appreciation*
$822,821	$—	$236,691,974

*	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, 2010, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	344,789,120
Unrealized depreciation		(108,097,146	)

Net unrealized appreciation	$	236,691,974

Columbia Dividend Income Fund

September 30, 2010

The following capital loss carryforwards determined as of September 30, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:



Year of Expiration	Capital Loss Carryforwards
2011	$	2,393,321
2013		990,327
2014		4,705,019
2017		65,052,409
2018		25,898,280

Total	$	99,039,356

Of the capital loss carryforwards attributable to the Fund, $8,088,667 ($2,393,321 of which expires on September 30, 2011, $990,327 of which expires on September 30, 2013 and $4,705,019 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 $71,401,738 expired during the year ended September 30, 2010. Expired capital loss carryforwards are recorded as a reduction of paid-in capital.

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

After the close of business on April 30, 2010, Ameriprise Financial, Inc. (“Ameriprise Financial”) acquired a portion of the asset management business of Columbia Management Group, LLC (the “Transaction”), including the business of managing the Fund. In connection with the closing of the Transaction (the “Closing”), RiverSource Investments, LLC, a wholly owned subsidiary of Ameriprise Financial, became the investment advisor of the Fund and subsequently changed its name to Columbia Management Investment Advisers, LLC (the “New Advisor”). The New Advisor 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%

Prior to the Closing, Columbia Management Advisors, LLC (“Columbia”), an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”), provided investment advisory services to the Fund under the same fee structure.

For the year ended September 30, 2010, the Fund’s effective investment advisory fee rate was 0.62% of the Fund’s average daily net assets.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Fund under a new Administrative Services Agreement (the “Administrative Agreement”). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Fund, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor receives a monthly administration fee at the annual rate of 0.067% of the Fund’s average daily net assets. Prior to the Closing, Columbia

Columbia Dividend Income Fund

September 30, 2010

provided administrative services to the Fund at the same fee rates.

Pricing and Bookkeeping Fees

Prior to the Closing, the Fund entered into a Financial Reporting Services Agreement (the “Financial Reporting Services Agreement”) with State Street Bank and Trust Company (“State Street”) and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund 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. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the New Advisor. 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.

Also prior to the Closing, the Fund entered into a Pricing and Bookkeeping Oversight and Services Agreement (the “Services Agreement”) with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimbursed Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred by Columbia in the performance of services under the Services Agreement. The Services Agreement was terminated upon the Closing. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Fund and subsequently changed its name to Columbia Management Investment Services Corp. (the “New Transfer Agent”). The New Transfer Agent has contracted with Boston Financial Data Services (“BFDS”) to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New 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 New 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 New Transfer Agent from shareholders of the Fund and credits (net of bank charges) earned with respect to balances in accounts the New Transfer Agent maintains in connection with its services to the Fund. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Fund and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the year ended September 30, 2010, the Fund’s effective transfer agent fee rate for each class as a percentage of average daily net assets was as follows:



Class A	Class B	Class C	Class R	Class T	Class W	Class Z
0.09%	0.09%	0.09%	0.09%	0.09%	0.10%	0.09%

Class I shares do not pay transfer agent fees.

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, 2010, no minimum account balance fees were charged by the Fund.

Columbia Dividend Income Fund

September 30, 2010

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Fund and subsequently changed its name to Columbia Management Investment Distributors, Inc. (the “New Distributor”).

For the year ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A and Class T shares amounted to $157,121 and $690, respectively. For the same time period, net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $7,725, $24,617 and $19,053, respectively.

The Fund has 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 New 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	Class W
0.10%	0.75%	0.75%	0.50%	0.25%


Service Fee
Class A	Class B	Class C	Class W
0.25%	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, 2010, the distribution and service fees were 0.00% and 0.25%, respectively, of the Fund’s average daily net assets.

The Fund may pay a distribution fee of up to 0.25% of the Fund’s average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class W shares, provided, however, that the aggregate fee shall not exceed 0.25% of the Fund’s average daily net assets attributable to Class W 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 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 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, 2010, the shareholder services fee was 0.30% of each Fund’s average daily net assets attributable to Class T shares.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Fund’s shares. There were no changes to the underwriting discount structure of the Fund or the service, distribution or shareholder services fee rates paid by the Fund as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective September 27, 2010, the New Advisor has contractually agreed to reimburse a portion of the Fund’s expenses through September 30, 2011, so that the Fund’s ordinary operating expenses (excluding any 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 the annual rates of 1.05%, 1.80%, 1.80%, 0.74%, 1.30%, 1.10%, 1.05% and 0.80% of the Fund’s average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class T, Class W, and Class Z shares, respectively. This expense arrangement may only be modified or amended with approval from all parties to such arrangements, including the Fund’s and the New Advisor.

From May 1, 2010 to September 26, 2010, the New Advisor had 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

Columbia Dividend Income Fund

September 30, 2010

custodian, did not exceed 0.80% of the Fund’s average daily net assets on an annualized basis. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Fund’s expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Fund are employees of the New Advisor 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. Prior to the Closing, the Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. 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

Prior to the Closing, the Fund used one or more brokers that were affiliates of BOA in connection with the purchase and sale of its securities. Total brokerage commissions paid to affiliated brokers for the period prior to the Closing were $11,250.

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, 2010, these custody credits reduced total expenses by $66 for the Fund.

Note 6. Portfolio Information

For the year ended September 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $985,102,692 and $342,518,741, respectively.

Note 7. Regulatory Settlements

During the year ended September 30, 2009, the Fund received payments totaling $665,701 relating to certain regulatory settlements with third parties that the Fund had participated in during the twelve month period. 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.

Effective October 15, 2009, 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.

Prior to October 15, 2009, interest was 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 were accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the year ended September 30, 2010, the Fund did not borrow under these arrangements.

Note 9. Shareholder Concentration

As of September 30, 2010, one shareholder account owned 36.6% of the outstanding shares of the Fund. Purchase and

Columbia Dividend Income Fund

September 30, 2010

redemption activity of this account may have a significant effect on the operations of the Fund.

Note 10. Significant Risks and Contingencies

Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as legacy RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates.

Columbia Dividend Income Fund

September 30, 2010

we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Note 11. Subsequent Event

Effective October 14, 2010, the line of credit disclosed in Note 8 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and 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, 2010, the results of its operations for the period 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, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 19, 2010

Federal Income Tax Information (Unaudited) – Columbia Dividend Income 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, 2010 may represent qualified dividend income.

100.00% of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2010, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Fund Governance

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 Columbia Funds Complex overseen by trustee, Other directorships held

John D. Collins (born 1938)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)		Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 64; Mrs. Fields Original Cookies, Inc. (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (born 1943)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994) and Chairman of the Board (since 2009)		Co-Founder of Baringo Capital LLC (private equity) since 2002; CEO of Crystal River Capital, Inc. (real estate investment trust) since 2003; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 64; 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); The Helios Funds (exchange-traded funds); and Apex Silver Mines Ltd. from 2007 to 2009

Douglas A. Hacker (born 1955)
c/o Columbia Management Investment Advisers, 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 64; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (born 1957)
c/o Columbia Management Investment Advisers, 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 64; None

Charles R. Nelson (born 1942)
c/o Columbia Management Investment Advisers, 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 64; 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 Columbia Funds Complex overseen by trustee, Other directorships held

John J. Neuhauser (born 1943)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1984)		President, Saint Michael’s College, since August 2007; Director or Trustee of several non-profit organization, including Fletcher Allen Health Care, Inc.; 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 64; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (born 1938)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)		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 64; None

Patrick J. Simpson (born 1944)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)		Partner, Perkins Coie LLP (law firm). Oversees 64; None

Anne-Lee Verville (born 1945)
c/o Columbia Management Investment Advisers, 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 64; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Fund Governance (continued)

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 Columbia Funds Complex overseen by trustee, Other directorships held

William E. Mayer¹ (born 1940)
c/o Columbia Management Investment Advisers, 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 and Management, University of Maryland from 1992 to 1996. Oversees 64; DynaVox Inc. (software developer); Lee Enterprises (print media), WR Hambrecht + Co. (financial service provider); BlackRock Kelso Capital Corporation (investment company)

Mr. Mayer may technically be 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, engage in principal transactions with or distribute shares of a Fund or other funds or accounts advised/managed by the Advisor or any sub-advisor to a Fund.

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, Year of birth and address		Principal occupation(s) during the past five years

J. Kevin Connaughton (born 1964)
One Financial Center Boston, MA 02111 President (since 2009)		Senior Vice President and General Manager–Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)		Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Scott R. Plummer (born 1959)
5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)		Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel–Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel–Asset Management, from 2005 to April 2010, and Vice President–Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)		Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010; Director of Corporate Compliance and Conflicts Officer of MFS Investment Management (investment management) from August 2004 to May 2005.

William F. Truscott (born 1960)
53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)		Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President–U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Fund Governance (continued)

Officers (continued)


Name, Year of birth and address		Principal occupation(s) during the past five years

Colin Moore (born 1958)
One Financial Center Boston, MA 02111 Senior Vice President (since 2010)		Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (born 1959)
100 Federal Street Boston, MA 02110 Senior Vice President (since 2010)		Director and President, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Amy Johnson (born 1965)
5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)		Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President–Asset Management and Trust Company Services, from 2006 to 2009, and Vice President–Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (born 1968)
One Financial Center Boston, MA 02111 Treasurer (since 2009) and Chief Accounting Officer (since 2008)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (born 1968)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2010)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children’s Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (born 1957)
One Financial Center Boston, MA 02111 Vice President (since 2006)		President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

Board Consideration and Approval of Advisory Agreements

In September 2010, the Board of Trustees (the “Board”) unanimously approved new Investment Management Services Agreements (the “Advisory Agreements”) on behalf of various Columbia funds that would increase or decrease the contractual investment advisory fee rates payable by each affected Columbia fund (each, an “Affected Fund”) to Columbia Management for investment advisory services. For Columbia Dividend Income Fund, the Advisory Agreement will decrease contractual investment advisory fee rates. As detailed below, the Board held numerous meetings and discussions with the management team of Columbia Management and reviewed and considered materials in connection with the approval of the investment advisory fee before determining to approve the Advisory Agreements.

On April 30, 2010, Ameriprise Financial, Inc. acquired the long-term asset management business of Columbia Management Group, LLC, a subsidiary of Bank of America and the parent of the Affected Funds’ former investment adviser. In connection with that acquisition, the Affected Funds entered into investment management services agreements with Columbia Management, a subsidiary of Ameriprise Financial, Inc.

Beginning in April 2010, Columbia Management presented to the Advisory Fees and Expenses Committee (the “Committee”) of the Board a proposal to rationalize the fees and expenses, including the advisory fees, of the various registered investment companies in the combined complex of Columbia-, RiverSource-, Seligman- and Threadneedle-branded funds (the “Columbia Funds Complex”). Because these funds were organized at different times by many different sponsors, their fees and expenses did not reflect a common overall design, and Columbia Management proposed to implement a more consistent schedule of fees for similar funds based on a uniform pricing model across all of the funds. In this regard, Columbia Management presented the Committee with various data comparing current and proposed fee schedules to the fee schedules of peer funds, as selected by an independent third-party data provider. While Columbia Management projected that the proposed rationalization would reduce the overall fees and expenses of all of the funds in the aggregate, it was expected that certain fees and expenses, including advisory fees, would increase for certain funds. At the same time, Columbia Management presented the Committee with proposals to provide for consistent administrative services fee schedules across funds in the same asset class, reduced custody fee rates and a consistent transfer agency fee schedule across the funds, as well as initial proposals to merge various funds. In connection with these proposals, the Committee and the trustees considered a proposal by Columbia Management to contractually limit the total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of Class A shares of funds, the expenses of which exceed the median expenses of such fund’s Class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider), to such median expenses (or a lower, agreed-upon rate), and to limit the total expenses of such funds’ other classes to a corresponding amount, adjusted to reflect any class-specific expenses (including transfer agency fees and payments under any distribution plan, shareholder servicing plan, and/or plan administration agreement).

The Committee and the trustees who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Trust (the “Independent Trustees”) requested and evaluated materials from, and were provided materials and information regarding the Advisory Agreements by, Columbia Management. The Committee, at meetings held on April 20, 2010, May 3, 2010, June 7, 2010, July 27, 2010 and August 10, 2010, and the Independent Trustees, at meetings held on April 20, 2010, May 4, 2010, June 7, 2010 and August 11, 2010, reviewed the materials provided in connection with their consideration of the Advisory Agreements and other matters relating to the proposals and discussed them with representatives of Columbia Management. The Committee and the Independent Trustees also reviewed and considered information that they had previously received in connection with their most recent consideration and approval of the current investment management services agreements with Columbia Management. They also consulted with Fund counsel and with the Independent Trustees’ independent legal counsel, who advised on the legal standards for consideration by the trustees and otherwise assisted the trustees in their deliberations. The trustees also met with, and reviewed and considered a report prepared and provided by, the independent fee consultant (the “Fee Consultant”) appointed by the Independent Trustees pursuant to an assurance of discontinuance entered into by Columbia Management

Advisors, LLC, the Affected Funds’ previous adviser, with the New York Attorney General (“NYAG”) to settle a civil complaint filed by the NYAG relating to trading in mutual fund shares (the “NYAG Settlement”). Under the NYAG Settlement, the Fee Consultant’s role is to manage the process by which management fees are negotiated so that they are negotiated in a manner that is at arms’ length and reasonable. On August 10, 2010, the Committee recommended that the trustees approve the Advisory Agreements. On September 14, 2010, the trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for each Affected Fund, subject to shareholder approval.

The expected benefits of continuing to retain Columbia Management as the Affected Funds’ investment manager;

The terms and conditions of the Advisory Agreements, including the increase or decrease, as applicable, in the advisory fee schedule for each Affected Fund;

The impact of the proposed changes in investment advisory fee rates, as well as proposed changes in administrative services, transfer agency and custody fee rates, on each Affected Fund’s total expense ratio;

For Columbia Dividend Income Fund, the reduction in the rates payable under its administrative services agreement;

The willingness of Columbia Management to agree to contractually limit or cap total operating expenses for Columbia Dividend Income Fund so that total operating expenses (exclusive of brokerage commissions, interest (but including custodial charges relating to overdrafts), taxes and extraordinary expenses, after giving effect to any balance credits from each fund’s custodian) of Class A shares would not exceed the median expenses of such fund’s class A shares peer group (as determined from time to time, generally annually, by an independent third-party data provider);

That Columbia Management, and not any Affected Fund, would bear the costs of obtaining any necessary shareholder approvals of the Advisory Agreements;

The expected impact on expenses for certain Affected Funds of proposed mergers; and

The expected benefits of further integrating the Combined Fund Complex by:

Standardizing total management fees across similar funds in the Combined Fund Complex to promote comparability of pricing among a menu of funds available to investors, including through exchange privileges; and

Aligning investment advisory fee rates across funds in the Combined Fund Complex that are in the same investment category (e.g., the amendment would align the investment advisory fee rates of Columbia Large Cap Growth Fund with those of all other actively managed large-cap funds in the Combined Fund Complex).

Nature, Extent and Quality of Services Provided under the Advisory Agreements

The trustees considered the nature, extent and quality of services provided to the Affected Funds by Columbia Management and its affiliates under the Advisory Agreements and under separate agreements for the provision of transfer agency and administrative services, and the resources dedicated to the Affected Funds by Columbia Management and its affiliates. The trustees considered, among other things, the ability of Columbia Management to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including Columbia Management’s personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Affected Funds and the quality of Columbia Management’s investment research capabilities and the other resources that it devotes to each Affected Fund. For each Affected Fund, the trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Affected Fund under the

Advisory Agreements supported the approval of the Advisory Agreements.

Investment Performance

The trustees reviewed information about the performance of each Affected Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Affected Fund to the performance of peer groups of mutual funds and performance benchmarks. The trustees also reviewed a description of the third party’s methodology for identifying each Fund’s peer group for purposes of performance and expense comparisons. In the case of each Affected Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the Affected Fund’s Advisory Agreement. Those factors varied from fund to fund, but included one or more of the following: (i) that the Affected Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Affected Fund’s investment strategy and policies and that the Affected Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Affected Fund’s investment strategy; (iii) that the Affected Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that Columbia Management had taken or was taking steps designed to help improve the Affected Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

The trustees noted that, through February 28, 2010, Columbia Dividend Income Fund’s performance was in the fourth quintile (where the best performance would be in the first quintile) for the one-year period and in the second quintile for the three- and five-year periods of the peer group selected by an independent third-party data provider for the purposes of performance comparisons.

Investment Advisory Fee Rates and Other Expenses

The trustees considered that the Advisory Agreement for Columbia Dividend Income Fund would decrease the contractual investment advisory fee rates payable by that Fund and would be otherwise identical to that Fund’s current investment management services agreement. The trustees reviewed and considered information that they had previously received in connection with the most recent approval of Columbia Dividend Income Fund’s current investment management services agreement with Columbia Management.

Costs of Services Provided and Profitability

The trustees considered information about the advisory fees charged by Columbia Management to comparable institutional accounts. In considering the fees charged to those accounts, the trustees took into account, among other things, Columbia Management’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for Columbia Management, and the additional resources required to manage mutual funds effectively. In evaluating each Affected Fund’s proposed advisory fees, the trustees also took into account the demands, complexity and quality of the investment management of the Affected Fund.

Affected Fund, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the trustees also considered court cases in which adviser profitability was an issue in whole or in part, the performance of the relevant Affected Funds, the current and anticipated expense levels of each Affected Fund, and the implementation of breakpoints and/or expense limitations with respect to each Affected Fund.

Economies of Scale

The trustees considered the existence of any economies of scale in the provision by Columbia Management of services to each Affected Fund, to groups of related funds and to Columbia Management’s investment advisory clients as a whole, and whether those economies of scale were shared with the Affected Funds through breakpoints in the proposed investment advisory fees or other means, such as expense limitation arrangements and additional investments by Columbia Management in investment, trading and compliance resources. The trustees noted that all of the Affected Funds were expected to benefit from breakpoints and/or expense limitation arrangements. In considering those issues, the trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to Columbia Management and its affiliates of their relationships with the Affected Funds, as discussed above. The trustees also noted the expected expense synergies and other anticipated benefits to Columbia Management and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Affected Funds. After reviewing these and related factors, the trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Affected Funds supported the approval of the Advisory Agreements.

Other Benefits to Columbia Management

The trustees received and considered information regarding any expected “fall-out” or ancillary benefits to be received by Columbia Management and its affiliates as a result of their relationships with the Affected Funds, such as the provision by Columbia Management of administrative services to the Affected Funds and the provision by Columbia Management’s affiliates of distribution and transfer agency services to the Affected Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent fees payable by the Affected Funds decrease, and the fees for such Funds were subject to a contractual limit or cap on expenses, Columbia Management may pay less in expense reimbursements. The trustees considered that the Affected Funds’ distributor, an affiliate of Columbia Management, retains a portion of the distribution fees from the Affected Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Affected Funds, and that other affiliates of Columbia Management receive various forms of compensation in connection with their sale of shares of the Affected Funds. The trustees also considered the benefits of research made available to Columbia Management by reason of brokerage commissions generated by the Affected Funds’ securities transactions, and reviewed information about Columbia Management’s practices with respect to allocating portfolio brokerage and the use of “soft” commission dollars to pay for research. The trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The trustees recognized that Columbia Management’s profitability would be somewhat lower without these benefits.

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA ATLANTIC BOARD

Prepared Pursuant to the February 9, 2005 Assurance of Discontinuance among the Office of Attorney General of New York State, Columbia Management Advisors, LLC, and Columbia Management Distributors, Inc. September 21, 2010

I. Overview

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

With effect from January 1, 2007, the Independent Members of the Board of Trustees for certain Columbia Funds known collectively as the “Atlantic Funds” (together with the other members of that Board, the “Trustees”) retained me as IFC for the Atlantic Funds.² In this capacity, I have prepared this written evaluation of the fee negotiation process. As has been the case with my previous reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report.

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the “Bank”) pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia’s long-term asset management business, including management of the Atlantic Funds (the “Transaction”). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and the shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC (“CMIA”). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by, for example, proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, sub-transfer agency, custody, and pricing/bookkeeping fees paid by the Funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

A. Role of the Independent Fee Consultant

The AOD charges the IFC with “managing the process by which proposed management fees … to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms’ length and reasonable and consistent with this Assurance of Discontinuance.” The AOD also provides that CMA “may manage or advise a Columbia

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

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

Unless otherwise stated or required by the context, this report covers only the Atlantic Funds.

³	CMIA, Materials Prepared for the Atlantic Fees and Expense Committee, June 7, 2010 (“June 7 Materials”), Tab 1 at p. 1.

Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees … using … an annual independent written evaluation prepared by or under the direction of … the Independent Fee Consultant.” Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

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

1.	The nature and quality of the adviser’s services, including the Fund’s performance;

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

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

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

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

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

II. Findings

Based upon my examination of the information supplied by CMIA and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed contractual advisory and/or administrative fee changes at any asset level for each affected Atlantic Fund (each a “Fee Change Fund”).

2.	In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm’s length and reasonable and consistent with the AOD.

There are 25 Funds for which CMIA has proposed an increase either in the contractual advisory or management fee (each a “Fee Increase Fund”). Seven of these Funds have a combination of higher contractual advisory fees and either lower or unchanged contractual management fees. The remaining 18 Funds have higher contractual management fees with the majority resulting from higher contractual advisory fees. For five Funds, however, the higher management fees result from a combination of lower advisory fees and higher administrative fees.

The actual management fee, computed on the basis of assets as of October 31, 2009, would increase for 16 of the Fee Increase Funds after accounting for CMIA’s proposed expense limitation program, non-management fee changes, and proposed mergers. Seven Funds would have lower actual management fees, and two would experience no change in actual management fees.

5.	Sixteen of the 25 Fee Increase Funds have generally median or better-than-median performance. Only one Fee Increase Fund – High Yield Opportunity Fund – would be identified for further review based on performance criteria used by the Trustees in past contract review processes.

CMIA proposed that the Funds and most other mutual funds it or its affiliates advise or sponsor (together, the “CMIA Funds”) be subject to a contractual expense limitation calculated as the median of the relevant fund’s Lipper expense group. As a result, all Fee Increase Funds are projected to have total expenses in the first, second, or third quintiles after full implementation of the proposed fee changes, expense limitations, and mergers. The expense limitation would be recalculated every year based on updated Lipper data. An analysis of the changes in median expenses for 2009 and 2010 indicates that some Funds are likely to experience sizable changes in their expense limits. Some Funds would have higher-than-median actual management fees notwithstanding the newly-established expense limitations.

CMIA reviewed differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels reflecting CMIA’s reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

8.	CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds’ investment adviser), historical profitability data was judged to have little relevance.

9.	CMIA provided projections of both the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) and the synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

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Important Information About This Report

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

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Investment Advisers, LLC

100 Federal Street

Boston, MA 02110

LOGO

Columbia Dividend Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. Read the prospectus carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

C-1391 A (11/10)

LOGO

Columbia Liberty Fund

Annual Report for the Period Ended September 30, 2010

LOGO

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			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			39

Federal Income Tax Information			40

Fund Governance			41

Important Information About This Report			49

President’s Message

LOGO

Dear Shareholder:

Sincerely,

LOGO

J. Kevin Connaughton

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Liberty Fund

Summary

1-year return as of 09/30/10



		+8.63% Class A shares (without sales charge)

		+10.16% S&P 500 Index

		+8.16% Barclays Capital Aggregate Bond Index³

Summary

For the 12-month period that ended September 30, 2010, the fund’s Class A shares returned 8.63% without sales charge.

The fund trailed the 9.26% average return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate Funds Classification.¹

The fund’s investment-grade bonds produced strong results, while performance from large-cap value and overseas developed market stocks was disappointing relative to the S&P 500².

Portfolio Management

Anwiti Bahuguna, PhD has co-managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Ms. Bahuguna was associated with the fund’s previous advisor or its predecessors since 2002.

Kent M. Bergene has co-managed the fund since May 2010 and has been associated with the advisor or its predecessors since 1981.

David Joy has co-managed the fund since May 2010 and has been associated with the advisor or its predecessors since 2003.

Colin Moore has co-managed the fund since 2008 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Moore was associated with the fund’s previous advisor or its predecessors since 2002.

Kent M. Peterson, PhD has co-managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Mr. Peterson was associated with the fund’s previous advisor or its predecessors since 2006.

Marie M. Schofield, CFA has co-managed the fund since 2009 and has been associated with the advisor since May 2010. Prior to joining the advisor, Ms. Schofield was associated with the fund’s previous advisor or its predecessors since 1990.

Effective as of May 1, 2010, Kent M. Bergene and David Joy became co-managers of the fund.

Effective May 1, 2010, RiverSource Investments, LLC, a subsidiary of Ameriprise Financial, Inc., became the investment advisor to the fund and changed its name to Columbia Management Investment Advisers, LLC. Please see the fund’s prospectus, as supplemented, for more information regarding the change in investment advisor and certain other changes.

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.

Economic Update – Columbia Liberty Fund

Summary

For the 12-month period that ended September 30, 2010


S&P Index		MSCI Emerging Markets Index


10.16%		20.22%


Barclays Aggregate Index		JPMorgan Index


8.16%		16.19%

Although it has been more than a year since U.S. economic growth turned positive, the economy continues to send mixed signals about the sustainability of this recovery. Economic growth, as measured by gross domestic product (GDP), was a solid 5.0% in the last quarter of 2009. However, it was 3.7% in the first quarter of 2010 and only 1.7% in the second quarter. Expectations are for continued lackluster growth through the end of the year, as government incentive programs have ended and stimulus spending winds down. Even so, it appears to be unlikely that the U.S. economy will sink back into recession, as many key indicators remain positive.

The housing market — another bellwether for the consumer sector — showed a glimmer of improvement in the final months of the period. Although both new and existing home sales fell during the summer after a federal tax credit for new and repeat homebuyers expired, sales of existing homes picked up in August 2010. Sales of new homes were flat in August 2010 and the inventory of new homes for sales fell to a 42-year low. Pending home sales, a forward-looking indicator, rose in both July 2010 and August 2010. The latest data points to rising sales in the months ahead. Distressed properties continued to pressure prices. The national median price of existing homes rose slightly over the one-year period, while the national median price of new homes declined slightly. The inventory of unsold new homes declined sharply at the end of the period.

Reports from the business side of the economy were generally positive. A key measure of the nation’s manufacturing situation — the Institute for Supply Management’s Index — trended higher for 14 consecutive months, before dipping downward in September. Industrial production moved higher, as did the amount of manufacturing capacity utilized — a key measure of the health of the manufacturing sector.

Stock rally regains its footing

Economic Update (continued) – Columbia Liberty Fund

September, investors reversed course and bid stocks sharply higher. The S&P 500 Index¹ returned 10.16% for the 12-month period. Outside the United States, stock market returns were mixed. The MSCI EAFE Index (Net)², a broad gauge of stock market performance in foreign developed markets, returned 3.27% (in U.S. dollars) for the period, as concerns about the impact of a bailout for weak eurozone economies weighed on the markets. Emerging stock markets were more resilient. The MSCI Emerging Markets Index (Net)³ returned 20.22% (in U.S. dollars) for the 12-month period.

Bonds delivered solid returns

As the economy strengthened, bonds also delivered solid returns. The Barclays Capital Aggregate Bond Index⁴ returned 8.16%. The high-yield bond market outpaced stocks by a sizeable margin during the period. For the 12 months covered by this report, the JPMorgan Developed BB High Yield Index⁵ returned 16.19%. The Treasury market was also positive. As the yield on the 10-year U.S. Treasury, a common bellwether for the bond market, fell over the 12-month period (Bond prices and yields move in opposite directions), the Barclays Capital U.S. Treasury Index⁶ returned 7.32%. Despite positive economic activity, the Federal Reserve Board (the Fed) kept a key short-term interest rate — the federal funds rate—close to zero.

Past performance is no guarantee of future results.

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

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of May 27, 2010 the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The Morgan Stanley Capital International Emerging Markets (MSCI EMI) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010, the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

⁴

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.

⁵	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.

⁶

Performance Information – Columbia Liberty Fund


Net asset value per share

as of 09/30/10 ($)
Class A			7.52
Class B			7.55
Class C			7.53
Class Z			8.11

Distributions declared per share

10/01/09 – 09/30/10 ($)
Class A			0.13
Class B			0.08
Class C			0.08
Class Z			0.15

Performance of a $10,000 investment 10/01/00 – 09/30/10

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 $10,000 investment 10/01/00 – 09/30/10 ($)
Sales charge	without		with
Class A		11,602		10,935
Class B		10,755		10,755
Class C		10,747		10,747
Class Z		11,879		n/a


Average annual total return as of 09/30/10 (%)
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		8.63		2.39		7.80		2.80		7.82		6.82		8.92
5-year		2.75		1.54		1.95		1.61		1.95		1.95		3.00
10-year		1.50		0.90		0.73		0.73		0.72		0.72		1.74

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

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


04/01/10 – 09/30/10

	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		1,015.90		1,019.45		5.66		5.67		1.12
Class B		1,000.00		1,000.00		1,012.00		1,015.69		9.43		9.45		1.87
Class C		1,000.00		1,000.00		1,012.10		1,015.69		9.43		9.45		1.87
Class Z		1,000.00		1,000.00		1,018.30		1,020.66		4.45		4.46		0.88

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

Portfolio Managers’ Report – Columbia Liberty Fund


Top 5 equity sectors

as of 09/30/10 (%)
Information Technology			10.5
Financials			10.0
Industrials			8.4
Consumer Discretionary			7.9
Health Care			6.6


Top 10 equity holdings

as of 09/30/10 (%)
Chevron			1.2
Apple			1.2
JPMorgan			0.9
Philip Morris International			0.9
Google			0.9
International Business Machines			0.8
Occidental Petroleum			0.8
Target			0.8
United Technologies			0.8
Wells Fargo			0.8


Portfolio structure

as of 09/30/10 (%)
Common Stocks			60.3
Mortgage-Backed Securities			9.9
Corporate Fixed-Income Bonds & Notes			9.9
Government & Agency Obligations			7.6
Commercial Mortgage-Backed Securities			5.4
Collateralized Mortgage Obligations			1.5
Cash & Equivalents			4.3
Asset-Backed Securities			0.8
Convertible Preferred Stocks			0.4
Convertible Bonds			0.2
Preferred Stock			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.

For the 12-month period that ended September 30, 2010, the fund’s Class A shares returned 8.63% without sales charge. Performance trailed the fund’s peer group, the Lipper Mixed-Asset Target Allocation Moderate Funds Classification, which had an average return of 9.26%. By comparison, the fund’s equity benchmark, the S&P 500 Index, returned 10.16%, and its fixed-income benchmark, the Barclays Capital Aggregate Bond Index, returned 8.16%. We believe the fund’s underperformance came from the equity side of the portfolio.

Extreme volatility in second half of reporting period

Stocks rallied during the first six months of the period, as businesses started spending to restock depleted inventories and government stimulus measures transferred money to unemployed workers. Starting in April, however, the stock market became much more volatile, as investors worried about the impact of a European sovereign debt crisis, the end of U.S. government stimulus programs and a fragile economic recovery. Stocks regained some momentum in July, before sliding in August as investors reacted to more disappointing economic data. Stocks ended the period with a sharp rally in September, triggered by indications from the Federal Reserve that it was ready to intervene to keep the economic recovery on track and by prospects for a shift in Congressional leadership in the upcoming November elections. Bonds also produced strong returns in the past year, but lagged stocks. Fixed-income markets benefited as interest rates stayed low, Treasury yields fell and risk-averse investors shifted into fixed-income assets.

Gains from fixed-income investments

The fund picked up ground as the fixed-income side of the portfolio, which consists entirely of investment-grade bond issues, outperformed its benchmark, the Barclays Capital Aggregate Bond Index. Selections in the finance, insurance and real estate investment trust (REIT) segments were especially helpful. Over the year, we locked in gains and reduced the investment-grade bond allocation from 41% to 35%. We used the proceeds to take advantage of buying opportunities in the large-cap and developed market foreign equities sectors.

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

²	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.

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of May 27, 2010 the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Portfolio Managers’ Report (continued) – Columbia Liberty Fund

Disappointing results from large-cap and overseas portfolios

More than half the fund’s assets at period end were invested in large-cap stocks, split nearly equally between the growth and value disciplines. Large-cap value stocks were the biggest hindrance overall to performance, in part as the Russell 1000 Value Index’s¹ 8.90% return put the sector behind the broader market. In addition, the fund’s large-cap value return lagged the Russell index. On the large-cap growth side, performance was very strong in absolute terms, outpacing the S&P 500. The fund’s large-cap growth stocks, however, fell modestly behind the 12.65% return of their benchmark, the Russell 1000 Growth Index². An 11% stake in developed overseas markets also pressured results, as developed international market stock returns were well behind U.S. stock returns, mainly because of concerns that some peripheral European countries might default on their sovereign debt. The fund’s overseas holdings trailed the 3.27% return of their benchmark, the MSCI EAFE Index (Net)³.

Positioned for slow economic growth

By period end, economic data seemed to confirm a loss of momentum in growth. However, we do not think we’ll see the double-dip recession that some market observers have feared. Going forward, we plan to continue to favor equities, particularly higher-quality domestic stocks that pay dividends. We believe these types of stocks will benefit as investors search for yield in a period of prolonged low interest rates, low inflation and muted economic growth. Over the period, we increased the fund’s stake in large-cap stocks from 47% to 52%, as we found attractively-valued buying opportunities in the sector. We funded these purchases with the proceeds from selling investment-grade bond holdings. The fund’s fixed-income investments remain focused on issues with a yield advantage, as we expect income to be a bigger driver of bond returns than price appreciation going forward.

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

Equity securities are subject to 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.

Investment Portfolio – Columbia Liberty Fund

September 30, 2010

Common Stocks – 60.3%


	Shares		Value ($)
Consumer Discretionary – 7.7%
Auto Components – 1.0%
Autoliv, Inc. (a)		17,290		1,129,556
Bridgestone Corp.		38,100		695,707
Continental AG (a)		9,232		717,772
Dana Holding Corp. (a)		18,700		230,384
Hyundai Mobis		3,133		706,165

Auto Components Total				3,479,584

Automobiles – 0.6%
Daimler AG, Registered Shares (a)		14,521		921,289
Ford Motor Co. (a)		56,250		688,500
Suzuki Motor Corp.		21,100		443,835

Automobiles Total				2,053,624

Distributors – 0.3%
CFAO SA		8,212		327,336
Genuine Parts Co.		19,700		878,423

Distributors Total				1,205,759

Hotels, Restaurants & Leisure – 1.4%
Carnival Corp.		21,000		802,410
Carnival PLC		12,173		478,827
Las Vegas Sands Corp. (a)		24,060		838,491
McDonald’s Corp.		18,526		1,380,372
Starbucks Corp.		28,620		732,099
Starwood Hotels & Resorts Worldwide, Inc.		8,285		435,377

Hotels, Restaurants & Leisure Total				4,667,576

Internet & Catalog Retail – 0.5%
Amazon.com, Inc. (a)		8,660		1,360,140
Rakuten, Inc.		289		211,522

Internet & Catalog Retail Total				1,571,662

Media – 0.3%
Time Warner Cable, Inc.		3,290		177,627
Viacom, Inc., Class B		24,030		869,646

Media Total				1,047,273

Multiline Retail – 1.2%
Kohl’s Corp. (a)		13,610		716,975
Nordstrom, Inc.		18,600		691,920
Target Corp.		53,370		2,852,092

Multiline Retail Total				4,260,987

Specialty Retail – 1.5%
Dick’s Sporting Goods, Inc. (a)		13,350		374,334
Esprit Holdings Ltd.		115,900		623,977
GameStop Corp., Class A (a)		28,860		568,831
Limited Brands, Inc.		46,730		1,251,430
Lowe’s Companies, Inc.		17,480		389,629
O’Reilly Automotive, Inc. (a)		11,947		635,580


	Shares		Value ($)
TJX Companies, Inc.		26,800		1,196,084

Specialty Retail Total				5,039,865

Textiles, Apparel & Luxury Goods – 0.9%
Compagnie Financiére Richemont SA		16,684		803,005
lululemon athletica, Inc. (a)		12,120		542,006
NIKE, Inc., Class B		8,500		681,190
Swatch Group AG		2,120		799,058
Warnaco Group, Inc. (a)		4,000		204,520

Textiles, Apparel & Luxury Goods Total				3,029,779

Consumer Discretionary Total				26,356,109

Consumer Staples – 5.9%
Beverages – 1.2%
Coca-Cola Co.		18,700		1,094,324
Diageo PLC, ADR		18,026		1,243,974
Dr Pepper Snapple Group, Inc.		5,374		190,885
Molson Coors Brewing Co., Class B		18,300		864,126
PepsiCo, Inc.		13,030		865,713

Beverages Total				4,259,022

Food & Staples Retailing – 0.7%
Wal-Mart Stores, Inc.		39,560		2,117,251
Whole Foods Market, Inc. (a)		11,600		430,476

Food & Staples Retailing Total				2,547,727

Food Products – 1.7%
Danone SA		14,148		847,270
General Mills, Inc.		20,000		730,800
H.J. Heinz Co.		20,400		966,348
Hershey Co.		12,440		592,020
Kraft Foods, Inc., Class A		28,200		870,252
Mead Johnson Nutrition Co., Class A		4,920		279,997
Nestle SA, Registered Shares		28,464		1,517,023

Food Products Total				5,803,710

Household Products – 0.3%
Procter & Gamble Co.		15,900		953,523

Household Products Total				953,523

Personal Products – 0.4%
Avon Products, Inc.		29,610		950,777
Estée Lauder Companies, Inc., Class A		4,940		312,356

Personal Products Total				1,263,133

Tobacco – 1.6%
British American Tobacco PLC		28,098		1,049,785
Japan Tobacco, Inc.		400		1,333,901
Philip Morris International, Inc.		53,584		3,001,776

Tobacco Total				5,385,462

Consumer Staples Total				20,212,577

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Energy – 5.9%
Energy Equipment & Services – 1.4%
Cameron International Corp. (a)		22,100		949,416
Dresser-Rand Group, Inc. (a)		8,460		312,090
Halliburton Co.		65,934		2,180,437
John Wood Group PLC		85,946		590,479
Nabors Industries Ltd. (a)		56,770		1,025,266

Energy Equipment & Services Total				5,057,688

Oil, Gas & Consumable Fuels – 4.5%
Alpha Natural Resources, Inc. (a)		2,300		94,645
Anadarko Petroleum Corp.		8,000		456,400
Apache Corp.		16,940		1,656,055
BG Group PLC		55,921		983,295
Cairn Energy PLC (a)		100,817		718,953
Chevron Corp.		52,900		4,287,545
Continental Resources, Inc. (a)		11,350		526,186
EOG Resources, Inc.		5,730		532,718
Exxon Mobil Corp.		20,580		1,271,638
Murphy Oil Corp.		7,800		482,976
Occidental Petroleum Corp.		36,639		2,868,834
Peabody Energy Corp.		9,620		471,476
Petroleo Brasileiro SA, ADR		12,397		449,639
Williams Companies, Inc.		31,100		594,321

Oil, Gas & Consumable Fuels Total				15,394,681

Energy Total				20,452,369

Financials – 9.8%
Capital Markets – 1.4%
Affiliated Managers Group, Inc. (a)		1,200		93,612
Credit Suisse Group AG, Registered Shares		20,857		893,262
Franklin Resources, Inc.		8,920		953,548
Goldman Sachs Group, Inc.		10,100		1,460,258
Morgan Stanley		32,060		791,241
T. Rowe Price Group, Inc.		9,350		468,108

Capital Markets Total				4,660,029

Commercial Banks – 3.0%
Banco Santander Brasil SA, ADR		42,095		579,648
BB&T Corp.		10,900		262,472
CIT Group, Inc. (a)		16,300		665,366
Danske Bank A/S (a)		36,776		886,580
Fifth Third Bancorp.		63,470		763,544
Huntington Bancshares, Inc.		30,500		172,935
Mitsubishi UFJ Financial Group, Inc.		168,700		787,393
PNC Financial Services Group, Inc.		21,729		1,127,953
Societe Generale		13,796		798,721
SVB Financial Group (a)		2,000		84,640


	Shares		Value ($)
U.S. Bancorp		66,113		1,429,363
Wells Fargo & Co.		103,696		2,605,881
Zions Bancorporation		8,100		173,016

Commercial Banks Total				10,337,512

Consumer Finance – 0.9%
American Express Co.		61,640		2,590,729
SKS Microfinance Ltd. (a)		17,939		531,364

Consumer Finance Total				3,122,093

Diversified Financial Services – 1.5%
Citigroup, Inc. (a)		212,300		827,970
IntercontinentalExchange, Inc. (a)		10,720		1,122,598
JPMorgan Chase & Co.		81,528		3,103,771

Diversified Financial Services Total				5,054,339

Insurance – 2.0%
ACE Ltd.		28,099		1,636,767
Assured Guaranty Ltd.		4,400		75,284
Axis Capital Holdings Ltd.		22,200		731,268
MetLife, Inc.		44,051		1,693,761
Prudential Financial, Inc.		28,930		1,567,427
Prudential PLC		64,902		649,586
XL Group PLC		28,300		612,978

Insurance Total				6,967,071

Real Estate Investment Trusts (REITs) – 0.5%
Equity Residential Property Trust		12,800		608,896
ProLogis		18,500		217,930
Rayonier, Inc.		13,800		691,656
Weyerhaeuser Co.		16,743		263,870

Real Estate Investment Trusts (REITs) Total				1,782,352

Thrifts & Mortgage Finance – 0.5%
Housing Development Finance Corp., Ltd.		101,225		1,643,683

Thrifts & Mortgage Finance Total				1,643,683

Financials Total				33,567,079

Health Care – 6.6%
Biotechnology – 1.0%
Alexion Pharmaceuticals, Inc. (a)		8,460		544,485
Amgen, Inc. (a)		23,310		1,284,614
Celgene Corp. (a)		19,080		1,099,199
Dendreon Corp. (a)		6,800		280,024
NeuroSearch AS (a)		11,345		171,081

Biotechnology Total				3,379,403

Health Care Equipment & Supplies – 0.9%
Edwards Lifesciences Corp. (a)		7,550		506,228
Mindray Medical International Ltd., ADR		19,750		584,007

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Health Care (continued)
St. Jude Medical, Inc. (a)		24,390		959,503
Varian Medical Systems, Inc. (a)		10,560		638,880
Zimmer Holdings, Inc. (a)		8,500		444,805

Health Care Equipment & Supplies Total				3,133,423

Health Care Providers & Services – 1.4%
Cardinal Health, Inc.		22,210		733,819
CIGNA Corp.		3,800		135,964
Express Scripts, Inc. (a)		16,440		800,628
Humana, Inc. (a)		2,600		130,624
Medco Health Solutions, Inc. (a)		18,800		978,728
UnitedHealth Group, Inc.		33,430		1,173,727
Universal Health Services, Inc., Class B		19,570		760,490

Health Care Providers & Services Total				4,713,980

Life Sciences Tools & Services – 1.2%
Life Technologies Corp. (a)		36,950		1,725,196
QIAGEN N.V. (a)		31,637		565,963
Thermo Fisher Scientific, Inc. (a)		41,916		2,006,938

Life Sciences Tools & Services Total				4,298,097

Pharmaceuticals – 2.1%
Allergan, Inc.		16,590		1,103,733
GlaxoSmithKline PLC, ADR		16,400		648,128
Medicis Pharmaceutical Corp., Class A		8,920		264,478
Merck & Co., Inc.		22,928		843,980
Mylan, Inc. (a)		34,340		645,935
Novo-Nordisk A/S, Class B		11,057		1,094,411
Pfizer, Inc.		75,300		1,292,901
Roche Holding AG, Genusschein Shares		3,906		533,326
Watson Pharmaceuticals, Inc. (a)		15,000		634,650

Pharmaceuticals Total				7,061,542

Health Care Total				22,586,445

Industrials – 8.4%
Aerospace & Defense – 1.6%
General Dynamics Corp.		11,400		716,034
Goodrich Corp.		11,970		882,548
Honeywell International, Inc.		14,100		619,554
Precision Castparts Corp.		5,840		743,724
United Technologies Corp.		36,526		2,601,747

Total Aerospace & Defense				5,563,607

Air Freight & Logistics – 0.5%
United Parcel Service, Inc., Class B		27,720		1,848,647

Air Freight & Logistics Total				1,848,647


	Shares		Value ($)
Airlines – 0.2%
Jet Airways India Ltd. (a)		43,701		793,445

Airlines Total				793,445

Commercial Services & Supplies – 0.2%
Republic Services, Inc.		25,100		765,299

Commercial Services & Supplies Total				765,299

Construction & Engineering – 0.5%
Fluor Corp.		14,900		737,997
Foster Wheeler AG (a)		23,800		582,148
Outotec Oyj		9,469		401,757

Construction & Engineering Total				1,721,902

Electrical Equipment – 0.6%
ABB Ltd., Registered Shares (a)		37,331		787,700
Dongfang Electrical Machinery Co., Ltd., Class H		230		1,085
Prysmian SpA		33,570		614,475
Vestas Wind Systems A/S (a)		14,880		560,125

Electrical Equipment Total				1,963,385

Industrial Conglomerates – 1.0%
3M Co.		17,990		1,559,913
General Electric Co.		90,355		1,468,269
Tyco International Ltd.		12,180		447,371

Industrial Conglomerates Total				3,475,553

Machinery – 2.8%
ArvinMeritor, Inc. (a)		14,500		225,330
Cummins, Inc.		9,890		895,836
Deere & Co.		12,800		893,184
Dover Corp.		17,890		934,037
Eaton Corp.		2,700		222,723
Flowserve Corp.		6,450		705,759
GEA Group AG		21,122		528,481
Illinois Tool Works, Inc.		19,600		921,592
Ingersoll-Rand PLC		45,030		1,608,021
Kennametal, Inc.		9,400		290,742
Komatsu Ltd.		26,300		612,323
Navistar International Corp. (a)		7,567		330,224
Parker Hannifin Corp.		10,420		730,025
Vallourec		5,789		576,058

Machinery Total				9,474,335

Professional Services – 0.3%
Manpower, Inc.		16,450		858,690

Professional Services Total				858,690

Trading Companies & Distributors – 0.5%
Mitsui & Co., Ltd.		52,400		779,654
W.W. Grainger, Inc.		4,080		485,969
Wolseley PLC (a)		19,180		482,864

Trading Companies & Distributors Total				1,748,487

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Industrials (continued)
Transportation Infrastructure – 0.2%
Koninklijke Vopak NV		13,368		638,776

Transportation Infrastructure Total				638,776

Industrials Total				28,852,126

Information Technology – 10.5%
Communications Equipment – 1.0%
Cisco Systems, Inc. (a)		84,055		1,840,805
QUALCOMM, Inc.		35,260		1,590,931

Communications Equipment Total				3,431,736

Computers & Peripherals – 2.7%
Apple, Inc. (a)		14,990		4,253,412
EMC Corp. (a)		112,350		2,281,828
Gemalto NV		9,998		410,716
Hewlett-Packard Co.		46,551		1,958,401
SanDisk Corp. (a)		6,060		222,099

Computers & Peripherals Total				9,126,456

Electronic Equipment, Instruments & Components – 0.7%
Corning, Inc.		34,450		629,746
Nippon Electric Glass Co., Ltd.		61,000		834,082
Tyco Electronics Ltd.		37,250		1,088,445

Electronic Equipment, Instruments & Components Total				2,552,273

Internet Software & Services – 1.1%
Akamai Technologies, Inc. (a)		12,330		618,720
Google, Inc., Class A (a)		5,651		2,971,239

Internet Software & Services Total				3,589,959

IT Services – 1.5%
Cognizant Technology Solutions Corp., Class A (a)		17,430		1,123,712
International Business Machines Corp.		21,720		2,913,521
Teradata Corp. (a)		17,590		678,271
Visa, Inc., Class A		7,190		533,929

IT Services Total				5,249,433

Semiconductors & Semiconductor Equipment – 0.6%
Broadcom Corp., Class A		13,930		492,983
Netlogic Microsystems, Inc. (a)		18,980		523,468
Texas Instruments, Inc.		30,200		819,628
Varian Semiconductor Equipment Associates, Inc. (a)		12,100		348,238

Semiconductors & Semiconductor Equipment Total				2,184,317


	Shares		Value ($)
Software – 2.9%
Autodesk, Inc. (a)		29,780		952,067
Autonomy Corp. PLC (a)		30,776		877,215
Intuit, Inc. (a)		20,060		878,829
Microsoft Corp.		52,245		1,279,480
Nintendo Co., Ltd., ADR		10,569		329,753
Nuance Communications, Inc. (a)		46,700		730,388
Oracle Corp.		85,700		2,301,045
Rovi Corp. (a)		11,340		571,649
Salesforce.com, Inc. (a)		5,550		620,490
SuccessFactors, Inc. (a)		22,840		573,512
Temenos Group AG (a)		26,475		811,658

Software Total				9,926,086

Information Technology Total				36,060,260

Materials – 2.3%
Chemicals – 0.6%
Celanese Corp., Series A		7,800		250,380
CF Industries Holdings, Inc.		2,670		254,985
Linde AG		4,590		598,735
Potash Corp. of Saskatchewan, Inc.		6,800		979,472

Chemicals Total				2,083,572

Containers & Packaging – 0.2%
Packaging Corp. of America		25,573		592,526

Containers & Packaging Total				592,526

Metals & Mining – 1.4%
Allegheny Technologies, Inc.		26,140		1,214,203
Freeport-McMoRan Copper & Gold, Inc.		8,982		766,973
Newmont Mining Corp.		12,310		773,191
Rio Tinto Ltd.		11,159		828,064
United States Steel Corp.		10,400		455,936
Xstrata PLC		45,533		874,365

Metals & Mining Total				4,912,732

Paper & Forest Products – 0.1%
International Paper Co.		22,700		493,725

Paper & Forest Products Total				493,725

Materials Total				8,082,555

Telecommunication Services – 1.3%
Diversified Telecommunication Services – 0.6%
AT&T, Inc.		67,415		1,928,069

Diversified Telecommunication Services Total				1,928,069

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Common Stocks (continued)


	Shares		Value ($)
Telecommunication Services (continued)
Wireless Telecommunication Services – 0.7%
American Tower Corp., Class A (a)		13,460		689,960
Millicom International Cellular SA		4,979		477,735
NII Holdings, Inc. (a)		15,672		644,119
Vodafone Group PLC		309,796		766,889

Wireless Telecommunication Services Total				2,578,703

Telecommunication Services Total				4,506,772

Utilities – 1.9%
Electric Utilities – 0.9%
American Electric Power Co., Inc.		31,700		1,148,491
NextEra Energy, Inc.		28,300		1,539,237
Northeast Utilities		14,021		414,601

Electric Utilities Total				3,102,329

Multi-Utilities – 1.0%
PG&E Corp.		25,448		1,155,848
Sempra Energy		17,800		957,640
Wisconsin Energy Corp.		7,875		455,175
Xcel Energy, Inc.		39,700		911,909

Multi-Utilities Total				3,480,572

Utilities Total				6,582,901

Total Common Stocks (cost of $176,721,142)				207,259,193


Mortgage-Backed Securities – 9.9%
	Par ($)
Federal Home Loan Mortgage Corp.
4.500% 02/01/39		339,873		354,055
4.500% 04/01/39		653,122		679,968
4.500% 10/01/39		832,985		867,224
4.500% 01/01/40		1,495,958		1,557,448
4.500% 06/01/40		4,432,264		4,614,450
4.500% 07/01/40		646,068		672,624
4.500% 09/01/40		1,375,000		1,431,519
5.000% 06/01/36		793,914		836,014
5.000% 04/01/38		1,199,999		1,261,503
5.000% 11/01/38		1,582,136		1,663,226
5.000% 08/01/39		1,157,924		1,217,156
5.000% 08/01/40		1,471,261		1,546,521
5.000% 09/01/40		924,908		972,220
5.500% 07/01/21		10,796		11,624
5.500% 12/01/38		1,200,000		1,273,711
6.000% 01/01/38		1,200,000		1,288,778
6.500% 07/01/14		18,477		19,997


	Par ($)		Value ($)
6.500% 12/01/14		15,727		17,021
6.500% 06/01/29		20,914		23,222
6.500% 01/01/30		60,124		66,758
7.000% 11/01/29		40,797		46,237
7.000% 01/01/30		2,634		2,985
8.000% 07/01/20		14,663		15,915

TBA:
4.500% 10/01/40 (b)		1,425,000		1,481,778
5.000% 10/01/40 (b)		1,175,000		1,234,117

Federal National Mortgage Association
4.500% 05/01/40		139,015		144,925
5.000% 04/01/40		1,656,242		1,744,587
5.000% 05/01/40		2,170,696		2,286,482
5.500% 03/01/37		1,839,996		1,961,429
5.500% 06/01/37		1,340,660		1,426,340
5.500% 09/01/37		1,440,722		1,532,798
5.500% 04/01/39		338,727		360,375
6.500% 04/01/11		15,838		17,139
6.500% 05/01/11		56,728		61,389
6.500% 11/01/25		2		2
6.500% 08/01/34		256,390		284,320
7.000% 08/15/23		107,846		122,315
7.000% 07/01/32		11,930		13,541
7.000% 01/01/37		37,198		41,475
7.000% 07/01/37		210,861		235,102

Government National Mortgage Association
6.000% 12/15/37		507,942		552,151

Total Mortgage-Backed Securities (cost of $33,368,007)				33,940,441

Corporate Fixed-Income Bonds & Notes – 9.9%

Basic Materials – 0.2%
Iron/Steel – 0.1%
ArcelorMittal USA, Inc.
6.500% 04/15/14		350,000		387,896

Iron/Steel Total				387,896

Metals & Mining – 0.1%
Vale Overseas Ltd.
6.250% 01/23/17		325,000		372,016

Metals & Mining Total				372,016

Basic Materials Total				759,912

Communications – 1.5%
Media – 0.6%
DIRECTV Holdings LLC
3.550% 03/15/15		330,000		342,554
NBC Universal, Inc.
5.950% 04/01/41 (c)		375,000		385,729

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)		Value ($)
Communications (continued)
News America, Inc.
6.550% 03/15/33		295,000		329,263

RR Donnelley & Sons Co.
6.125% 01/15/17		550,000		575,841

Time Warner, Inc.
6.200% 03/15/40		350,000		381,289

Media Total				2,014,676

Telecommunication Services – 0.9%
America Movil SAB de CV
5.625% 11/15/17		325,000		366,670

AT&T, Inc.
5.350% 09/01/40 (c)		388,000		389,828

British Telecommunications PLC
5.150% 01/15/13		400,000		427,464

Cellco Partnership/Verizon Wireless Capital LLC
5.550% 02/01/14		625,000		706,784

Telecom Italia Capital SA
4.950% 09/30/14		375,000		399,274

Telefonica Emisiones SAU
0.775% 02/04/13 (11/04/10) (d)(e)		400,000		391,559

Vodafone Group PLC
5.750% 03/15/16		370,000		423,611

Telecommunication Services Total				3,105,190

Communications Total				5,119,866

Consumer Cyclical – 0.2%
Retail – 0.2%
CVS Pass-Through Trust
7.507% 01/10/32 (c)		440,152		516,457

Retail Total				516,457

Consumer Cyclical Total				516,457

Consumer Non-Cyclical – 1.0%
Beverages – 0.3%
Anheuser-Busch InBev Worldwide, Inc.
2.500% 03/26/13		350,000		359,091

Bottling Group LLC
6.950% 03/15/14		300,000		355,661

Miller Brewing Co.
5.500% 08/15/13 (c)(f)		316,000		347,503

Beverages Total				1,062,255


	Par ($)		Value ($)
Food – 0.4%
ConAgra Foods, Inc.
5.875% 04/15/14		325,000		371,056

Kraft Foods, Inc.
5.375% 02/10/20		390,000		435,649

Kroger Co.
5.400% 07/15/40		375,000		389,750

Food Total				1,196,455

Healthcare Services – 0.1%
Roche Holdings, Inc.
6.000% 03/01/19 (c)(f)		325,000		393,726

Healthcare Services Total				393,726

Pharmaceuticals – 0.2%
Express Scripts, Inc.
6.250% 06/15/14		250,000		287,025

Wyeth
5.500% 02/01/14		325,000		368,826

Pharmaceuticals Total				655,851

Consumer Non-Cyclical Total				3,308,287

Energy – 1.1%
Oil & Gas – 0.6%
Anadarko Petroleum Corp.
6.200% 03/15/40		500,000		487,442

Canadian Natural Resources Ltd.
5.700% 05/15/17		300,000		345,189

Nexen, Inc.
5.875% 03/10/35		350,000		357,169

Petroleos Mexicanos
5.500% 01/21/21 (c)		410,000		436,650

Talisman Energy, Inc.
6.250% 02/01/38		315,000		346,363

Oil & Gas Total				1,972,813

Oil & Gas Services – 0.2%
Weatherford International Ltd.
5.150% 03/15/13		340,000		364,043
6.750% 09/15/40		385,000		401,276

Oil & Gas Services Total				765,319

Pipelines – 0.3%
Enterprise Products Operating LLC
4.600% 08/01/12		350,000		368,600

TransCanada Pipelines Ltd.
6.350% 05/15/67 (05/15/17) (d)(e)		450,000		420,750

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)		Value ($)
Energy (continued)
Williams Partners LP
7.250% 02/01/17		310,000		369,257

Pipelines Total				1,158,607

Energy Total				3,896,739

Financials – 4.1%
Banks – 2.5%
ANZ National International Ltd.
6.200% 07/19/13 (c)(f)		450,000		500,121

Barclays Bank PLC
6.750% 05/22/19		500,000		594,183

Bear Stearns Companies, Inc.
7.250% 02/01/18		750,000		913,601

Capital One Financial Corp.
5.500% 06/01/15		450,000		495,027

Citicorp Lease Pass-Through Trust
8.040% 12/15/19 (c)(f)		1,360,000		1,597,168

Commonwealth Bank of Australia
3.750% 10/15/14 (c)		350,000		374,050

Credit Suisse/New York NY
6.000% 02/15/18		550,000		607,401

Goldman Sachs Group, Inc.
5.350% 01/15/16		400,000		439,766

Keycorp
6.500% 05/14/13		420,000		460,295

Merrill Lynch & Co., Inc.
6.875% 04/25/18		750,000		841,272

Morgan Stanley
6.750% 04/15/11		310,000		319,294

Royal Bank of Scotland PLC
3.950% 09/21/15		500,000		505,228

Santander U.S. Debt SA Unipersonal
2.991% 10/07/13 (b)(c)		400,000		399,280

Wachovia Corp.
4.875% 02/15/14		650,000		694,565

Banks Total				8,741,251

Diversified Financial Services – 0.4%
ERAC USA Finance LLC
6.375% 10/15/17 (c)		340,000		395,265

General Electric Capital Corp.
5.000% 01/08/16		605,000		664,689

Lehman Brothers Holdings, Inc.
5.750% 07/18/11 (g)		750,000		165,937

Diversified Financial Services Total				1,225,891


	Par ($)		Value ($)
Insurance – 0.9%
Chubb Corp.
5.750% 05/15/18		375,000		433,979
CNA Financial Corp.
7.350% 11/15/19		350,000		393,516

Lincoln National Corp.
8.750% 07/01/19		285,000		366,613

MetLife, Inc.
6.817% 08/15/18		315,000		380,036

Principal Life Income Funding Trusts
5.300% 04/24/13		300,000		324,614

Prudential Financial, Inc.
6.100% 06/15/17		310,000		347,308

Transatlantic Holdings, Inc.
8.000% 11/30/39		350,000		364,667

UnitedHealth Group, Inc.
5.250% 03/15/11		376,000		383,146

Insurance Total				2,993,879

Real Estate Investment Trusts (REITs) – 0.3%
Duke Realty LP
8.250% 08/15/19		325,000		384,894

Kimco Realty Corp.
4.300% 02/01/18		325,000		329,328

Simon Property Group LP
6.750% 02/01/40		300,000		353,767

Real Estate Investment Trusts (REITs) Total				1,067,989

Financials Total				14,029,010

Industrials – 0.5%
Aerospace & Defense – 0.1%
United Technologies Corp.
5.375% 12/15/17		350,000		411,134

Aerospace & Defense Total				411,134

Miscellaneous Manufacturing – 0.2%
Ingersoll-Rand Global Holding Co., Ltd.
9.500% 04/15/14		300,000		371,201

Tyco International Ltd./Tyco International Finance SA
7.000% 12/15/19		290,000		360,991

Miscellaneous Manufacturing Total				732,192

Transportation – 0.2%
Burlington Northern Santa Fe Corp.
6.200% 08/15/36		290,000		334,601

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Corporate Fixed-Income Bonds & Notes (continued)


	Par ($)		Value ($)
Industrials (continued)
Canadian Pacific Railway Co.
4.450% 03/15/23		370,000		377,553

Transportation Total				712,154

Industrials Total				1,855,480

Technology – 0.2%
Networking Products – 0.1%
Cisco Systems, Inc.
4.950% 02/15/19		325,000		371,805

Networking Products Total				371,805

Software – 0.1%
Oracle Corp.
6.500% 04/15/38		325,000		403,695

Software Total				403,695

Technology Total				775,500

Utilities – 1.1%
Electric – 0.9%
Commonwealth Edison Co.
6.150% 09/15/17		350,000		414,620

Consolidated Edison Co. of New York
5.850% 03/15/36		345,000		393,016

Dominion Resources, Inc.
5.200% 08/15/19		360,000		411,662

Indiana Michigan Power Co.
5.650% 12/01/15		323,000		364,297

Nevada Power Co.
6.500% 08/01/18		175,000		211,749

Nisource Finance Corp.
6.400% 03/15/18		365,000		423,308

Pacific Gas & Electric Co.
5.800% 03/01/37		360,000		399,795

Progress Energy, Inc.
7.750% 03/01/31		325,000		429,034

Electric Total				3,047,481

Gas – 0.2%
Atmos Energy Corp.
6.350% 06/15/17		325,000		372,174


	Par ($)		Value ($)
Sempra Energy
6.500% 06/01/16		300,000		358,938

Gas Total				731,112

Utilities Total				3,778,593

Total Corporate Fixed-Income Bonds & Notes (cost of $31,649,340)				34,039,844

Government & Agency Obligations – 7.6%


Foreign Government Obligations – 0.5%
Province of Ontario
5.450% 04/27/16		700,000		826,212

Province of Quebec
4.625% 05/14/18		760,000		865,712

Foreign Government Obligations Total				1,691,924

U.S. Government Agencies – 1.2%
Federal Home Loan Bank
5.500% 08/13/14		2,055,000		2,394,864

Federal Home Loan Mortgage Corp.
3.125% 10/25/10		95,000		95,185
5.500% 08/23/17		1,285,000		1,552,497

U.S. Government Agencies Total				4,042,546

U.S. Government Obligations – 5.9%
U.S. Treasury Bonds
5.375% 02/15/31		6,496,000		8,363,600

U.S. Treasury Inflation Indexed Notes
3.000% 07/15/12		2,788,773		2,961,328

U.S. Treasury Notes
1.375% 10/15/12		5,170,000		5,266,938
2.375% 10/31/14		3,700,000		3,905,235

U.S. Government Obligations Total				20,497,101

Total Government & Agency Obligations (cost of $24,034,611)				26,231,571

Commercial Mortgage-Backed Securities – 5.4%
Bear Stearns Commercial Mortgage Securities, Inc.
4.804% 09/11/42		1,456,542		1,530,258
4.980% 02/11/41		462,525		489,788
5.882% 09/11/38 (10/01/10) (d)(e)		1,500,000		1,655,453

Credit Suisse First Boston Mortgage Securities Corp.
4.681% 04/15/37		433,096		451,545

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Commercial Mortgage-Backed Securities (continued)


	Par ($)		Value ($)
GE Capital Commercial Mortgage Corp.
4.819% 01/10/38		1,375,000		1,464,397

JPMorgan Chase Commercial Mortgage Securities Corp.
4.659% 07/15/42		433,935		457,054
5.201% 08/12/37 (10/01/10) (d)(e)		638,240		674,638
5.440% 06/12/47		2,040,000		2,138,305
5.447% 06/12/47		1,023,000		1,096,032
5.506% 12/12/44 (10/01/10) (d)(e)		1,157,372		1,243,957

LB-UBS Commercial Mortgage Trust
6.510% 12/15/26		664,951		665,878

Morgan Stanley Capital I
4.500% 06/15/40		384,550		387,467
5.325% 12/15/43		1,500,000		1,645,012
5.558% 03/12/44 (10/01/10) (d)(e)		2,800,000		3,060,002

Morgan Stanley Dean Witter Capital I
4.390% 09/15/37		549,845		556,687

NationsLink Funding Corp.
7.104% 01/22/26		760,641		836,212

Total Commercial Mortgage-Backed Securities (cost of $16,801,977)				18,352,685

Collateralized Mortgage Obligations – 1.5%
Agency – 1.3%
Federal Home Loan Mortgage Corp.
4.500% 08/15/28		373,338		386,809
5.500% 09/15/33		1,600,000		1,735,384

Federal National Mortgage Association
5.000% 12/25/15		95,318		95,307

Federal National Mortgage Association REMICS
4.350% 10/25/20		432,941		443,529
5.000% 12/25/16		525,000		539,140
5.000% 05/25/32		873,695		919,495

Government National Mortgage Association
4.000% 05/16/39		431,896		442,861

Agency Total				4,562,525

Non-Agency – 0.2%
Countrywide Alternative Loan Trust
5.500% 10/25/35		759,807		655,205

Non-agency Total				655,205

Total Collateralized Mortgage Obligations (cost of $5,276,401)				5,217,730


	Par ($)		Value ($)
Asset-Backed Securities – 0.8%
Franklin Auto Trust
5.360% 05/20/16		1,890,000		1,936,349

Green Tree Financial Corp.
6.870% 01/15/29		229,809		240,935

Harley-Davidson Motorcycle Trust
5.350% 03/15/13		643,048		653,317

Total Asset-Backed Securities (cost of $2,759,421)				2,830,601

Convertible Preferred Stocks – 0.4%
	Shares
Consumer Discretionary – 0.2%
Automobiles – 0.2%
Ford Motor Co. Capital Trust II, 6.500%		14,300		685,113

Automobiles Total				685,113

Consumer Discretionary Total				685,113

Financials – 0.2%
Commercial Banks – 0.1%
Fifth Third Bancorp., 8.500%		1,700		217,813

Commercial Banks Total				217,813

Diversified Financial Services – 0.1%
Citigroup, Inc., 7.500%		4,597		544,790

Diversified Financial Services Total				544,790

Financials Total				762,603

Total Convertible Preferred Stocks (cost of $1,393,270)				1,447,716

Convertible Bonds – 0.2%
	Par ($)
Industrials – 0.1%
Machinery – 0.1%
Navistar International Corp.
3.000% 10/15/14		180,000		202,275

Machinery Total				202,275

Industrials Total				202,275

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010

Convertible Bonds – 0.2%


	Par ($)		Value ($)
Information Technology – 0.1%
Computers & Peripherals – 0.1%
EMC Corp.
1.750% 12/01/13		330,000		454,162

Computers & Peripherals Total				454,162

Information Technology Total				454,162

Total Convertible Bonds (cost of $630,872)				656,437

Preferred Stock – 0.2%
	Shares ($)
Energy – 0.2%
Oil, Gas & Consumable Fuels – 0.2%
Apache Corp., 6.000%		9,187		532,846

Oil, Gas & Consumable Fuels Total				532,846

Energy Total				532,846

Total Preferred Stock (cost of $479,631)				532,846

Short-Term Obligation – 4.3%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 09/30/10, due on 10/01/10, at 0.230%, collateralized by U.S. Government Agency obligations with various maturities to 04/15/14, market value $15,219,271 (repurchase proceeds $14,915,095)		14,915,000		14,915,000

Total Short-Term Obligation (cost of $14,915,000)				14,915,000

Total Investments – 100.5% (cost of $308,029,672)(h)				345,424,064

Other Assets & Liabilities, Net – (0.5)%				(1,666,923	)

Net Assets – 100.0%				343,757,141

Notes to Investment Portfolio:

(a)	Non-income producing security.

(b)	Security purchased on a delayed delivery basis.

(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, the value of these securities, which are not illiquid, amounted to $5,735,777, which represents 1.7% of net assets.

(d)	Parenthetical date represents the next interest rate reset date for the security.

(e)	The interest rate shown on floating rate or variable rate securities reflects the rate at September 30, 2010.

(f)	Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration. At September 30, 2010, the value of these securities amounted $2,838,518, which represent 0.8% of net assets.


Security	Acquisition Date		Par		Acquisition Cost		Market Value
ANZ National International Ltd. 6.200% 07/19/13		04/27/2009- 05/19/2009	$	450,000	$	451,868	$	500,121
Citicorp Lease Pass-Through Trust, 8.040% 12/15/19		01/06/2000- 04/12/2001		1,360,000		1,371,414		1,597,168
Miller Brewing Co., 5.500% 08/15/13		06/09/2009		316,000		450,971		347,503
Roche Holdings, Inc., 6.000% 03/01/19		07/30/2009		325,000		353,451		393,726

							$	2,838,518

(g)	The issuer has filed for bankruptcy protection under Chapter 11. Income is not being accrued. At September 30, 2010, the value of this security amounted to $165,937, which represents less than 0.1% of net assets.

(h)	Cost for federal income tax purposes is $309,221,950.

Investments in affiliates during the six months ended September 30, 2010:


Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Interest Income		Value, end of period
Merrill Lynch & Co., Inc. 6.050% 08/15/12	$	774,304	$	—	$	—	$	3,655	$	—

As of May 1, 2010, this company was no longer an affiliate of the fund. The above table reflects activity for the period from April 1, 2010 through April 30, 2010.

The following table summarizes the inputs used, as of September 30, 2010, 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	$	19,627,616	$	6,728,493	$	—	$	26,356,109
Consumer Staples		15,464,598		4,747,979		—		20,212,577
Energy		18,159,642		2,292,727		—		20,452,369
Financials		27,376,490		6,190,589		—		33,567,079
Health Care		20,221,664		2,364,781		—		22,586,445
Industrials		22,075,383		6,776,743		—		28,852,126
Information Technology		33,126,589		2,933,671		—		36,060,260
Materials		5,781,391		2,301,164		—		8,082,555
Telecommunication Services		3,739,883		766,889		—		4,506,772
Utilities		6,582,901		—		—		6,582,901

Total Common Stocks		172,156,157		35,103,036		—		207,259,193

Total Mortgage-Backed Securities		1,234,117		32,706,324		—		33,940,441

Total Corporate Fixed-Income Bonds & Notes		—		34,039,844		—		34,039,844

See Accompanying Notes to Financial Statements.

Columbia Liberty Fund

September 30, 2010


Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Government & Agency Obligations
Foreign Government Obligations	$	—		$	1,691,924	$	—	$	1,691,924
U.S. Government Agencies		—			4,042,546		—		4,042,546
U.S. Government Obligations		—			20,497,101		—		20,497,101

Total Government & Agency Obligations		—			26,231,571		—		26,231,571

Total Commercial Mortgage-Backed Securities		—			18,352,685		—		18,352,685

Total Collateralized Mortgage Obligations		—			5,217,730		—		5,217,730

Total Asset-Backed Securities		—			2,830,601		—		2,830,601

Convertible Preferred Stock
Energy		532,846			—		—		532,846
Financials		544,790			217,813		—		762,603
Consumer Discretionary		685,113			—		—		685,113

Total Convertible Preferred Stock		1,762,749			217,813		—		1,980,562

Total Convertible Bonds		—			656,437		—		656,437

Total Short-Term Obligation		—			14,915,000		—		14,915,000

Total Investments		175,153,023			170,271,041		—		345,424,064

Unrealized Appreciation on Futures Contracts		238,798			—		—		238,798
Unrealized Depreciation on Futures Contracts		(75,495	)		—		—		(75,495	)

Total	$	175,316,326		$	170,271,041	$	—	$	345,587,367

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

At September 30, 2010, 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		24	$	6,820,200	$	6,581,402		Dec-2010	$	238,798

At September 30, 2010, the Fund held the following open short futures contracts:


Interest Rate Risk
Type	Number of Contracts		Value		Aggregate Face Value		Expiration Date		Unrealized Depreciation
5-Year U.S. Treasury Notes		61	$	7,372,898	$	7,297,403		Dec-2010	$	(75,495	)

As of September 30, 2010, cash of $1,215,000 was pledged as collateral for open futures contracts.

At September 30, 2010, the asset allocation of the Fund is as follows:


Asset Allocation (Unaudited)	% of Net Assets
Common Stocks		60.3
Mortgage-Backed Securities		9.9
Corporate Fixed-Income Bonds & Notes		9.9
Government & Agency Obligations		7.6
Commercial Mortgage-Backed Securities		5.4
Collateralized Mortgage Obligations		1.5
Asset-Backed Securities		0.8
Convertible Preferred Stocks		0.4
Convertible Bonds		0.2
Preferred Stock		0.2

		96.2
Short-Term Obligation		4.3
Other Assets & Liabilities, Net		(0.5	)

		100.0


Acronym		Name
ADR		American Depositary Receipt
REMICS		Real Estate Mortgage Investment Conduits
TBA		To Be Announced

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Liberty Fund

September 30, 2010


		($)
Assets	Investments, at identified cost		308,029,672

	Investments, at value		345,424,064
	Cash		210,269
	Foreign currency (cost of $27,045)		27,557
	Cash collateral for open futures contracts		1,215,000
	Receivable for:
	Investments sold		2,876,819
	Fund shares sold		17,290
	Dividends		289,119
	Interest		801,649
	Foreign tax reclaims		63,606
	Trustees’ deferred compensation plan		90,368
	Prepaid expenses		5,172

	Total Assets		351,020,913

Liabilities	Payable for:
	Investments purchased		207,610
	Investments purchased on a delayed delivery basis		5,702,400
	Fund shares repurchased		745,997
	Futures variation margin		26,664
	Foreign capital gains taxes withheld		67,103
	Investment advisory fee		153,899
	Pricing and bookkeeping fees		10,545
	Transfer agent fee		71,471
	Trustees’ fees		733
	Audit fee		50,546
	Custody fee		22,602
	Distribution and service fees		74,667
	Chief compliance officer expenses		284
	Trustees’ deferred compensation plan		90,368
	Other liabilities		38,883

	Total Liabilities		7,263,772


	Net Assets		343,757,141

Net Assets Consist of	Paid-in capital		366,037,715
	Undistributed net investment income		233,573
	Accumulated net realized loss		(60,013,262	)
	Net unrealized appreciation (depreciation) on:
	Investments		37,394,392
	Foreign currency translations		8,523
	Futures contracts		163,303
	Foreign capital gains tax		(67,103	)

	Net Assets		343,757,141

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Liberty Fund

September 30, 2010



Class A	Net assets	$	331,372,155
	Shares outstanding		44,075,422
	Net asset value per share	$	7.52	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($7.52/0.9425)	$	7.98	(b)

Class B	Net assets	$	7,269,035
	Shares outstanding		962,488
	Net asset value and offering price per share	$	7.55	(a)

Class C	Net assets	$	4,098,967
	Shares outstanding		544,245
	Net asset value and offering price per share	$	7.53	(a)

Class Z	Net assets	$	1,016,984
	Shares outstanding		125,460
	Net asset value, offering and redemption price per share	$	8.11

(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, 2010


		($)
Investment Income	Dividends		3,648,939
	Interest		6,258,767
	Interest from affiliates		3,655
	Foreign taxes withheld		(61,918	)

	Total Investment Income		9,849,443

Expenses	Investment advisory fee		1,952,405
	Distribution fee:
	Class B		71,097
	Class C		31,205
	Service fee:
	Class A		820,422
	Class B		22,808
	Class C		10,026
	Transfer agent fee		611,477
	Pricing and bookkeeping fees		117,102
	Trustees’ fees		31,228
	Custody fee		136,934
	Chief compliance officer expenses		1,128
	Other expenses		288,317

	Total Expenses		4,094,149
	Expense reductions		(813	)

	Net Expenses		4,093,336


	Net Investment Income		5,756,107

Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency and Foreign Capital Gains Tax	Net realized gain (loss) on:
	Investments		21,897,291
	Foreign currency transactions		(27,617	)
	Futures contracts		50,027

	Net realized gain		21,919,701

	Net change in unrealized appreciation (depreciation) on:
	Investments		1,325,945
	Foreign currency translations		3,386
	Futures contracts		124,685
	Foreign capital gains tax		3,490

	Net change in unrealized appreciation (depreciation)		1,457,506

	Net Gain		23,377,207


	Net Increase Resulting from Operations		29,133,314

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Liberty Fund


		Year Ended September 30,
Increase (Decrease) in Net Assets		2010 ($)			2009 ($)
Operations	Net investment income		5,756,107			7,892,596
	Net realized gain (loss) on investments, futures contracts and foreign currency transactions		21,919,701			(66,041,687	)
	Net change in unrealized appreciation (depreciation) on investments, futures contracts, foreign currency translations and foreign capital gains tax		1,457,506			53,611,790

	Net increase (decrease) resulting from operations		29,133,314			(4,537,301	)

Distributions to Shareholders	From net investment income:
	Class A		(6,227,412	)		(7,937,444	)
	Class B		(101,531	)		(263,578	)
	Class C		(45,346	)		(62,787	)
	Class Z		(18,498	)		(19,444	)

	Total distributions to shareholders		(6,392,787	)		(8,283,253	)

	Net Capital Stock Transactions		(45,040,768	)		(44,655,167	)
	Increase from regulatory settlements		20,589			—

	Total decrease in net assets		(22,279,652	)		(57,475,721	)

Net Assets	Beginning of period		366,036,793			423,512,514
	End of period		343,757,141			366,036,793
	Undistributed net investment income at end of period		233,573			376,153

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Liberty Fund


	Capital Stock Activity
	Year Ended September 30, 2010						Year Ended September 30, 2009
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		860,116			6,299,617			1,615,185			9,816,547
Distributions reinvested		769,837			5,643,740			1,176,047			7,279,444
Redemptions		(7,040,195	)		(51,270,536	)		(8,541,579	)		(52,173,187	)

Net decrease		(5,410,242	)		(39,327,179	)		(5,750,347	)		(35,077,196	)

Class B
Subscriptions		18,126			134,142			82,928			496,044
Distributions reinvested		12,714			93,244			41,084			251,924
Redemptions		(757,471	)		(5,577,072	)		(1,730,218	)		(10,553,453	)

Net decrease		(726,631	)		(5,349,686	)		(1,606,206	)		(9,805,485	)

Class C
Subscriptions		44,504			324,424			121,898			763,588
Distributions reinvested		5,699			41,772			9,606			59,444
Redemptions		(107,212	)		(780,241	)		(104,380	)		(644,439	)

Net increase (decrease)		(57,009	)		(414,045	)		27,124			178,593

Class Z
Subscriptions		16,926			132,528			23,681			151,192
Distributions reinvested		2,171			17,177			2,750			18,379
Redemptions		(12,554	)		(99,563	)		(17,473	)		(120,650	)

Net increase		6,543			50,142			8,958			48,921

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	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.05		$	7.15		$	9.63		$	8.79		$	8.36

Income from Investment Operations:
Net investment income (a)		0.12			0.15			0.18			0.19			0.18
Net realized and unrealized gain (loss) on investment, foreign currency, futures contracts, foreign capital gains tax and written options		0.48			(0.10	)		(1.53	)		1.12			0.44

Total from investment operations		0.60			0.05			(1.35	)		1.31			0.62

Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.15	)		(0.20	)		(0.21	)		(0.19	)
From net realized gains		—			—			(0.93	)		(0.26	)		—

Total distributions to shareholders		(0.13	)		(0.15	)		(1.13	)		(0.47	)		(0.19	)

Increase from regulatory settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	7.52		$	7.05		$	7.15		$	9.63		$	8.79
Total return (c)		8.63	%		1.07	%(d)		(15.83	)%		15.29	%		7.47	%(e)(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.12	%(g)		1.16	%(g)		1.03	%(h)		1.04	%(g)		1.03	%(g)
Interest expense		—			—			—	%(i)		—			—
Net expenses		1.12	%(g)		1.16	%(g)		1.03	%(h)		1.04	%(g)		1.03	%(g)
Waiver/Reimbursement		—			—			—			—			0.01	%
Net investment income		1.65	%(g)		2.36	%(g)		2.18	%(h)		2.06	%(g)		2.07	%(g)
Portfolio turnover rate		96	%		105	%		88	%		106	%		98	%
Net assets, end of period (000s)	$	331,372		$	348,922		$	394,884		$	532,413		$	514,826

(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)	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.

(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 had an impact of less than 0.01%.

(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 Liberty Fund

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


	Year Ended September 30,
Class B Shares	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.08		$	7.18		$	9.62		$	8.78		$	8.36

Income from Investment Operations:
Net investment income (a)		0.06			0.10			0.12			0.12			0.11
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.49			(0.09	)		(1.54	)		1.12			0.43

Total from investment operations		0.55			0.01			(1.42	)		1.24			0.54

Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.11	)		(0.09	)		(0.14	)		(0.12	)
From net realized gains		—			—			(0.93	)		(0.26	)		—

Total distributions to shareholders		(0.08	)		(0.11	)		(1.02	)		(0.40	)		(0.12	)

Increase from regulatory settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	7.55		$	7.08		$	7.18		$	9.62		$	8.78
Total return (c)		7.80	%		0.32	%(d)		(16.51	)%		14.46	%		6.55	%(e)(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.87	%(g)		1.91	%(g)		1.78	%(h)		1.79	%(g)		1.78	%(g)
Interest expense		—			—			—	%(i)		—			—
Net expenses		1.87	%(g)		1.91	%(g)		1.78	%(h)		1.79	%(g)		1.78	%(g)
Waiver/Reimbursement		—			—			—			—			0.01	%
Net investment income		0.88	%(g)		1.67	%(g)		1.39	%(h)		1.28	%(g)		1.31	%(g)
Portfolio turnover rate		96	%		105	%		88	%		106	%		98	%
Net assets, end of period (000s)	$	7,269		$	11,965		$	23,672		$	51,229		$	85,766

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

(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 had an impact of less than 0.01%.

(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 Liberty Fund

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


	Year Ended September 30,
Class C Shares	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.06		$	7.16		$	9.59		$	8.76		$	8.34

Income from Investment Operations:
Net investment income (a)		0.07			0.10			0.12			0.12			0.11
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.48			(0.09	)		(1.53	)		1.11			0.43

Total from investment operations		0.55			0.01			(1.41	)		1.23			0.54

Less Distributions to Shareholders:
From net investment income		(0.08	)		(0.11	)		(0.09	)		(0.14	)		(0.12	)
From net realized gains		—			—			(0.93	)		(0.26	)		—

Total distributions to shareholders		(0.08	)		(0.11	)		(1.02	)		(0.40	)		(0.12	)

Increase from regulatory settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	7.53		$	7.06		$	7.16		$	9.59		$	8.76
Total return (c)		7.82	%		0.33	%(d)		(16.46	)%		14.38	%		6.56	%(e)(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		1.87	%(g)		1.91	%(g)		1.78	%(h)		1.79	%(g)		1.78	%(g)
Interest expense		—			—			—	%(i)		—			—
Net expenses		1.87	%(g)		1.91	%(g)		1.78	%(h)		1.79	%(g)		1.78	%(g)
Waiver/Reimbursement		—			—			—			—			0.01	%
Net investment income		0.90	%(g)		1.60	%(g)		1.43	%(h)		1.31	%(g)		1.31	%(g)
Portfolio turnover rate		96	%		105	%		88	%		106	%		98	%
Net assets, end of period (000s)	$	4,099		$	4,247		$	4,112		$	5,447		$	5,076

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

(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 had an impact of less than 0.01%.

(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 Liberty Fund

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


	Year Ended September 30,
Class Z Shares	2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.59		$	7.68		$	10.28		$	9.34		$	8.88

Income from Investment Operations:
Net investment income (a)		0.15			0.17			0.22			0.22			0.21
Net realized and unrealized gain (loss) on investments, foreign currency, futures contracts, foreign capital gains tax and written options		0.52			(0.09	)		(1.65	)		1.21			0.46

Total from investment operations		0.67			0.08			(1.43	)		1.43			0.67

Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.17	)		(0.24	)		(0.23	)		(0.21	)
From net realized gains		—			—			(0.93	)		(0.26	)		—

Total distributions to shareholders		(0.15	)		(0.17	)		(1.17	)		(0.49	)		(0.21	)

Increase from regulatory settlements		—	(b)		—			—			—			—

Net Asset Value, End of Period	$	8.11		$	7.59		$	7.68		$	10.28		$	9.34
Total return (c)		8.92	%		1.35	%(d)		(15.67	)%		15.72	%		7.60	%(e)(f)

Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense		0.88	%(g)		0.92	%(g)		0.79	%(h)		0.80	%(g)		0.79	%(g)
Interest expense		—			—			—	%(i)		—			—
Net expenses		0.88	%(g)		0.92	%(g)		0.79	%(h)		0.80	%(g)		0.79	%(g)
Waiver/Reimbursement		—			—			—			—			0.01	%
Net investment income		1.90	%(g)		2.58	%(g)		2.44	%(h)		2.29	%(g)		2.34	%(g)
Portfolio turnover rate		96	%		105	%		88	%		106	%		98	%
Net assets, end of period (000s)	$	1,017		$	903		$	845		$	856		$	1,175

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

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

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

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

(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 had an impact of less than 0.01%.

(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.

Notes to Financial Statements – Columbia Liberty Fund

September 30, 2010

Note 1. Organization

Columbia Liberty Fund (the “Fund”), a series of Columbia Funds Series Trust I (the “Trust”), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

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. 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 the 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 maximum contingent deferred sales charge (“CDSC”) of 1.00% based upon the holding period 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

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

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

Security Valuation

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 may also be valued based upon 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, 2010

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.

GAAP 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)

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

Columbia Liberty Fund

September 30, 2010

Security Transactions

Derivative Instruments

The Fund may invest in derivative instruments. For additional information on derivative instruments, please see Note 6.

Repurchase Agreements

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (“TIPS”). The principal amount of TIPS 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 an increase to the cost basis of such securities.

Columbia Liberty Fund

September 30, 2010

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. Expenses directly attributable to a specific class of shares are charged to that share class.

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 Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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.

Distributions to Shareholders

Indemnification

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, 2010, permanent book and tax basis differences resulting primarily from differing treatments for paydown reclassifications, foreign currency transactions, 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
$494,100	$(473,511)	$(20,589)

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

Columbia Liberty Fund

September 30, 2010

The tax character of distributions paid during the years ended September 30, 2010 and September 30, 2009 was as follows:


	September 30, 2010	September 30, 2009
Distributions paid from:
Ordinary Income*	$6,392,787	$8,283,253

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

As of September 30, 2010, the components of distributable earnings on a tax basis were as follows:



Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Net Unrealized Appreciation*
$451,997	$—	$36,202,114

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

Unrealized appreciation and depreciation at September 30, 2010, based on cost of investments for federal income tax purposes were:



Unrealized appreciation	$	41,050,133
Unrealized depreciation		(4,848,019	)

Net unrealized appreciation	$	36,202,114

The following capital loss carryforward 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
2018		33,715,527

Total	$	58,733,856

Note 4. Fees and Compensation Paid to Affiliates

Investment Advisory Fee



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	%

Prior to the Closing, Columbia Management Advisors, LLC (“Columbia”), an indirect, wholly owned subsidiary of Bank of America Corporation (“BOA”), provided investment advisory, administrative and other services to the Fund under the same fee structure.

For the year ended September 30, 2010, the Fund’s effective investment advisory fee rate was 0.55% of the Fund’s average daily net assets.

Columbia Liberty Fund

September 30, 2010

Sub-Advisory Fee

Nordea Investment Management North America, Inc. (“NIMNAI”) has been retained by the New Advisor 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 the New Advisor 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. The New Advisor, from the investment advisory fee it receives, pays NIMNAI a monthly sub-advisory fee.

Prior to the Closing, NIMNAI provided sub-advisory services to the Fund under the same fee structure in accordance with an agreement with Columbia. Effective October 22, 2010, NIMNAI will no longer serve as the investment sub-advisor to the Fund.

Administration Fee

Effective upon the Closing, the New Advisor became the administrator of the Fund under a new Administrative Services Agreement (the “Administrative Agreement”). Under the Administrative Agreement, the New Advisor provides administrative and other services to the Fund, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The New Advisor does not receive a fee for its services under the Administrative Agreement. Prior to the Closing, Columbia provided administrative services to the Fund as discussed in the Investment Advisory Fee note above.

Pricing and Bookkeeping Fees

Also prior to the Closing, the Fund entered into a Pricing and Bookkeeping Oversight and Services Agreement (the “Services Agreement”) with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimbursed Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred by Columbia in the performance of services under the Services Agreement. These services are now provided under the Administrative Agreement discussed above.

Transfer Agent Fee

Columbia Liberty Fund

September 30, 2010

with its services to the Fund. The New Transfer Agent also receives reimbursement for certain out-of-pocket expenses.

Prior to the Closing, Columbia Management Services, Inc. an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Fund and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the year ended September 30, 2010, the Fund’s effective transfer agent fee rate for each class was 0.17% of the Fund’s average daily net assets.

Underwriting Discounts, Service and Distribution Fees

For the year ended September 30, 2010, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $8,849 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $225, $7,789 and $527, 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 New Distributor. The annual service fee portion of the Plans may equal up to 0.15% 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, 2010, 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 New 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 New Distributor for amounts paid by the New Distributor to dealers who sold such shares.

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Fund’s shares. There were no changes to the underwriting discount structure of the Fund or the service or distribution fee rates paid by the Fund as a result of the Transaction.

Fee Waivers and Expense Reimbursements

Effective May 1, 2010, the New Advisor 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. This arrangement may be modified or terminated by the New Advisor at any time. Prior to May 1, 2010, Columbia 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, did not exceed 0.95% of the Fund’s average daily net assets on an annualized basis.

Fees Paid to Officers and Trustees

Columbia Liberty Fund

September 30, 2010

expenses associated with the Chief Compliance Officer. The Fund’s expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, the Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Other Related Party Transactions

Note 5. Custody Credits

Note 6. Objectives and Strategies for Investing in Derivative Instruments

The Fund uses derivatives 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 an analysis of various risk factors, and if the strategies for the 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:

Equity risk: Equity risk relates to change 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 relates to the fluctuation in value of fixed income securities because of the inverse relationship of price and yield. Fixed income securities generally will decline in value upon an increase in general interest rates and their value generally will increase upon a decline in general interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The following provides more detailed information about the 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, among these: (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, and (3) an inaccurate prediction of the future direction of interest rates by the Fund’s investment advisor. In addition, upon entering into index futures contracts, the Fund bears risks which may include securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.

Upon entering into a futures contract, the Fund identifies within its portfolio of investments cash or securities 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.

Columbia Liberty Fund

September 30, 2010

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

During the year ended September 30, 2010, the Fund entered into 677 futures contracts.

The following table is a summary of the value of the Fund’s derivative instruments as of September 30, 2010.

*	Includes only the current day’s variation margin.

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended September 30, 2010.



	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/Equity	$	50,027	$	124,685

Note 7. Portfolio Information

For the year ended September 30, 2010, the cost of purchases and proceeds from sales of securities, excluding short-term obligations, for the Fund were $325,226,790 and $367,710,603, respectively, of which $79,440,241 and $80,721,005, respectively, were U.S. Government securities.

Note 8. Regulatory Settlements

During the year ended September 30, 2010, the Fund received payments totaling $20,589 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 9. Line of Credit

For the year ended September 30, 2010, the Fund did not borrow under these arrangements.

Note 10. Shareholder Concentration

As of September 30, 2010, one shareholder account owned 15.3% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 11. Significant Risks and Contingencies

Foreign Securities Risk

Columbia Liberty Fund

September 30, 2010

Asset-Backed Securities Risk

The value of asset-backed securities may be affected by, among other factors, changes in interest rates, the market’s assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, factors concerning the interests in and structure of the issuer or the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility.

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market’s assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as legacy RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates.

Columbia Liberty Fund

September 30, 2010

an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

Note 12. Subsequent Events

The Board of Trustees has approved a proposal to merge the Fund into Columbia LifeGoal Balanced Growth Portfolio. Shareholders of the Fund will vote on the proposed merger at a Special Meeting of Shareholders scheduled to be held during the first half of 2011.

Effective October 22, 2010, the Fund transitioned to a fund-of-fund structure, which means the Fund will seek to achieve its objective by investing primarily in shares of mutual funds managed by the New Advisor or its affiliates (Columbia Funds). The Fund may also invest in exchange- traded funds and third party-advised funds, equity and fixed income securities, including Treasury inflation protected securities, and other instruments such as derivatives.

Effective October 22, 2010, the New Advisor has contractually agreed to waive a portion of its advisory fee through January 31, 2012 so that the effective advisory fee rate will be a blend of (i) 0.00% on assets invested in other Columbia Funds, exchange-traded funds or third party mutual funds, and (ii) 0.55% on other assets.

In addition, effective October 22, 2010, the New Advisor has contractually agreed to reimburse a portion of the Fund’s expenses, through January 31, 2012, so that the Fund’s ordinary operating expenses (excluding any brokerage commissions, interest, taxes, extraordinary expenses, acquired fund fees and expenses and certain advisory fees, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund’s custodian, do not exceed the annual rates of 0.51%, 1.26%, 1.26% and 0.27% of the Fund’s average daily net assets attributable to Class A, Class B, Class C and Class Z shares, respectively.

Effective October 14, 2010, the line of credit disclosed in Note 9 was extended. Interest on the $280,000,000 committed, unsecured revolving line of credit provided by State Street will continue to be charged 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%. The commitment fee has been decreased from 0.15% per annum to 0.125% per annum and will continue to be accrued and apportioned among the participating funds pro rata based on their relative net assets.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust I and 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, 2010, 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, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 19, 2010

Federal Income Tax Information (Unaudited) – Columbia Liberty Fund

For non-corporate shareholders, 54.57%, 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, 2010 may represent qualified dividend income.

43.37% of the ordinary income distributed by the Fund for the fiscal year ended September 30, 2010 qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2011, of the amounts used in preparing 2010 income tax return.

Fund Governance

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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John D. Collins (born 1938)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2005)		Retired. Consultant, KPMG, LLP (accounting and tax firm) from July 1999 to June 2000; Partner, KPMG, LLP from March 1962 to June 1999. Oversees 64; Mrs. Fields Original Cookies, Inc. (consumer products); Suburban Propane Partners, L.P.; and Montpelier Re (insurance underwriting firm)

Rodman L. Drake (born 1943)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994) and Chairman of the Board (since 2009)		Co-Founder of Baringo Capital LLC (private equity) since 2002; CEO of Crystal River Capital, Inc. (real estate investment trust) since 2003; President, Continuation Investments Group, Inc. from 1997 to 2001. Oversees 64; 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); The Helios Funds (exchange-traded funds); and Apex Silver Mines Ltd. from 2007 to 2009

Douglas A. Hacker (born 1955)
c/o Columbia Management Investment Advisers, 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 64; Nash Finch Company (food distributor); Aircastle Limited (aircraft leasing)

Janet Langford Kelly (born 1957)
c/o Columbia Management Investment Advisers, 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 64; None

Charles R. Nelson (born 1942)
c/o Columbia Management Investment Advisers, 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 64; 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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held

John J. Neuhauser (born 1943)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1984)		President, Saint Michael’s College, since August 2007; Director or Trustee of several non-profit organization, including Fletcher Allen Health Care, Inc.; 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 64; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. (closed-end funds)

Jonathan Piel (born 1938)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 1994)		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 64; None

Patrick J. Simpson (born 1944)
c/o Columbia Management Investment Advisers, LLC One Financial Center Boston, MA 02111 Trustee (since 2000)		Partner, Perkins Coie LLP (law firm). Oversees 64; None

Anne-Lee Verville (born 1945)
c/o Columbia Management Investment Advisers, 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 64; Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Fund Governance (continued)

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 Columbia Funds Complex Overseen by Trustee, Other Directorships Held

William E. Mayer¹ (born 1940)
c/o Columbia Management Investment Advisers, 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 and Management, University of Maryland from 1992 to 1996. Oversees 64; DynaVox Inc. (software developer); 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, Year of Birth and Address		Principal Occupation(s) During the Past Five Years

J. Kevin Connaughton (born 1964)
One Financial Center Boston, MA 02111 President (since 2009)		Senior Vice President and General Manager–Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (born 1969)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Financial Officer (since 2009)		Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Scott R. Plummer (born 1959)
5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)		Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel–Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel–Asset Management, from 2005 to April 2010, and Vice President–Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (born 1964)
One Financial Center Boston, MA 02111 Senior Vice President and Chief Compliance Officer (since 2007)		Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010; Director of Corporate Compliance and Conflicts Officer of MFS Investment Management (investment management) from August 2004 to May 2005.

William F. Truscott (born 1960)
53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)		Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President–U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President–Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Fund Governance (continued)

Officers (continued)


Name, Year of Birth and Address		Principal Occupation(s) During the Past Five Years

Colin Moore (born 1958)
One Financial Center Boston, MA 02111 Senior Vice President (since 2010)		Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (born 1959)
100 Federal Street Boston, MA 02110 Senior Vice President (since 2010)		Director and President, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Amy Johnson (born 1965)
5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)		Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President–Asset Management and Trust Company Services, from 2006 to 2009, and Vice President–Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (born 1968)
One Financial Center Boston, MA 02111 Treasurer (since 2009) and Chief Accounting Officer (since 2008)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (born 1968)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2010)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children’s Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (born 1967)
One Financial Center Boston, MA 02111 Deputy Treasurer (since 2008)		Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (born 1957)
One Financial Center Boston, MA 02111 Vice President (since 2006)		President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

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Important Information About This Report

Transfer Agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

1-800-345-6611

Distributor

Columbia Management Investment

Distributors, Inc.

One Financial Center

Boston, MA 02111

Investment Advisor

Columbia Management Investment Advisers, LLC

100 Federal Street

Boston, MA 02110

LOGO

Columbia Liberty Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. Read the prospectus carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

C-1396 A (11/10)

Item 2. Code of Ethics.

(a) The registrant has 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 is included in this annual filing.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended September 30, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	238,500	$	241,000

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. Audit fees in fiscal

year 2009 also include 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, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	32,200	$	32,200

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 2010 and 2009, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports.

During the fiscal years ended September 30, 2010 and September 30, 2009, 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, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	37,300	$	27,700

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 2010 also includes tax fees for assistance with foreign tax filings.

During the fiscal years ended September 30, 2010 and September 30, 2009, 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, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	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, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	999,300	$	891,900

In both fiscal years 2010 and 2009, All Other Fees consist of fees billed for internal control examinations of the registrant’s transfer agent and investment advisor. Fiscal year 2010 also includes fees for agreed upon procedures related to the sale of the long-term asset management business and fees related to the review of revenue modeling schedules.

(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 adopted 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 provided 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, 2010 and September 30, 2009 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, 2010 and September 30, 2009 are approximately as follows:

2010		2009
$	1,068,800	$	951,800

(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 were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

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 material 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 19, 2010

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 19, 2010


By (Signature and Title)			/s/Michael G. Clarke
			Michael G. Clarke, Chief Financial Officer


Date			November 19, 2010

Fair Value of Derivative Instruments

Statement of Assets and Liabilities

Fair Value

Liability

Fair Value

Futures
variation
margin