N-Q/A 1 col37218nq.txt COLUMBIA FUNDS SERIES TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------------------- OMB APPROVAL --------------------------------- OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response........20.0 --------------------------------- FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-09645 ------------------------------------ Columbia Funds Series Trust ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) One Financial Center, Boston, Massachusetts 02111 ----------------------------------------------------- ------------------------ (Address of principal executive offices) (Zip code) Vincent Pietropaolo, Esq. Columbia Management Group, Inc. One Financial Center Boston, MA 02111 ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: 1-617-772-3698 -------------------------- Date of fiscal year end: 3/31/06 -------------------- Date of reporting period: 12/31/05 ------------------ Item 1. Schedule of Investments. INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($)* COMMON STOCKS - 65.9% CONSUMER DISCRETIONARY - 7.6% AUTOMOBILES - 0.1% Harley-Davidson, Inc. 2,400 123,576 Automobiles Total 123,576 DIVERSIFIED CONSUMER SERVICES - 0.5% Apollo Group, Inc., Class A(a) 1,800 108,828 Career Education Corp.(a) 900 30,348 H&R Block, Inc. 16,400 402,620 Weight Watchers International, Inc.(a) 6,100 301,523 Diversified Consumer Services Total 843,319 HOTELS, RESTAURANTS & LEISURE - 0.6% Brinker International, Inc. 5,800 224,228 Choice Hotels International, Inc. 1,200 50,112 Darden Restaurants, Inc. 6,100 237,168 GTECH Holdings Corp. 4,000 126,960 Panera Bread Co.(a) 1,100 72,248 Yum! Brands, Inc. 6,800 318,784 Hotels, Restaurants & Leisure Total 1,029,500 HOUSEHOLD DURABLES - 0.8% Lennar Corp., Class A 1,700 103,734 NVR, Inc.(a) 800 561,600 Pulte Homes, Inc. 5,800 228,288 Toll Brothers, Inc.(a) 11,200 387,968 Household Durables Total 1,281,590 LEISURE EQUIPMENT & PRODUCTS - 0.3% Marvel Entertainment, Inc.(a) 33,200 543,816 Leisure Equipment & Products Total 543,816 MEDIA - 1.7% Clear Channel Communications, Inc. 9,300 292,485 Comcast Corp., Class A(a) 3,300 85,668 DIRECTV Group, Inc.(a) 4,700 66,364 Discovery Holding Co., Class A(a) 300 4,545 EchoStar Communications Corp., Class A(a) 13,100 355,927 Gannett Co., Inc. 400 24,228 John Wiley & Sons, Inc., Class A 700 27,328 Liberty Media Corp., Class A(a) 3,200 25,184 Live Nation(a) 1,163 15,229 McGraw-Hill Companies, Inc. 4,400 227,172 Time Warner, Inc. 47,600 830,144 Viacom, Inc., Class B 18,700 609,620
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) MEDIA - (CONTINUED) Walt Disney Co. 14,700 352,359 Media Total 2,916,253 MULTILINE RETAIL - 0.5% J.C. Penney Co., Inc. 7,200 400,320 Nordstrom, Inc. 7,500 280,500 Target Corp. 3,700 203,389 Multiline Retail Total 884,209 SPECIALTY RETAIL - 3.0% Abercrombie & Fitch Co., Class A 400 26,072 American Eagle Outfitters, Inc. 1,000 22,980 Autonation, Inc.(a) 28,900 627,997 AutoZone, Inc.(a) 5,300 486,275 Barnes & Noble, Inc. 9,900 422,433 Bed Bath & Beyond, Inc.(a) 3,400 122,910 Best Buy Co., Inc. 1,000 43,480 Gap, Inc. 22,100 389,844 Home Depot, Inc. 22,100 894,608 Limited Brands, Inc. 24,500 547,575 Sherwin-Williams Co. 7,700 349,734 Staples, Inc. 29,800 676,758 TJX Companies, Inc. 20,900 485,507 Specialty Retail Total 5,096,173 TEXTILES, APPAREL & LUXURY GOODS - 0.1% Coach, Inc.(a) 3,200 106,688 NIKE, Inc., Class B 1,000 86,790 Textiles, Apparel & Luxury Goods Total 193,478 CONSUMER DISCRETIONARY TOTAL 12,911,914 CONSUMER STAPLES - 5.8% BEVERAGES - 1.8% Coca-Cola Co. 36,300 1,463,253 Diageo PLC, ADR 7,300 425,590 Pepsi Bottling Group, Inc. 9,700 277,517 PepsiCo, Inc. 13,800 815,304 Beverages Total 2,981,664 FOOD & STAPLES RETAILING - 0.9% Albertson's, Inc. 300 6,405 Kroger Co.(a) 9,800 185,024 Safeway, Inc. 1,400 33,124
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) FOOD & STAPLES RETAILING - (CONTINUED) SUPERVALU, Inc. 6,200 201,376 Sysco Corp. 2,500 77,625 Wal-Mart Stores, Inc. 23,700 1,109,160 Food & Staples Retailing Total 1,612,714 FOOD PRODUCTS - 0.5% General Mills, Inc. 400 19,728 Pilgrim's Pride Corp. 13,600 450,976 Tyson Foods, Inc., Class A 21,400 365,940 Food Products Total 836,644 HOUSEHOLD PRODUCTS - 1.2% Clorox Co. 600 34,134 Procter & Gamble Co. 34,300 1,985,284 Household Products Total 2,019,418 PERSONAL PRODUCTS - 0.0% Avon Products, Inc. 400 11,420 Personal Products Total 11,420 TOBACCO - 1.4% Altria Group, Inc. 16,700 1,247,824 Reynolds American, Inc. 12,400 1,182,092 Tobacco Total 2,429,916 CONSUMER STAPLES TOTAL 9,891,776 ENERGY - 5.7% ENERGY EQUIPMENT & SERVICES - 0.0% Patterson-UTI Energy, Inc. 200 6,590 Energy Equipment & Services Total 6,590 OIL, GAS & CONSUMABLE FUELS - 5.7% Amerada Hess Corp. 2,000 253,640 Anadarko Petroleum Corp. 7,000 663,250 Apache Corp. 8,300 568,716 Burlington Resources, Inc. 2,100 181,020 Chevron Corp. 24,200 1,373,834 ConocoPhillips 21,000 1,221,780 Exxon Mobil Corp. 59,700 3,353,349 Marathon Oil Corp. 6,900 420,693 Occidental Petroleum Corp. 3,600 287,568 Sunoco, Inc. 8,400 658,392
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) ENERGY - (CONTINUED) OIL, GAS & CONSUMABLE FUELS - (CONTINUED) Valero Energy Corp. 12,600 650,160 Oil, Gas & Consumable Fuels Total 9,632,402 ENERGY TOTAL 9,638,992 FINANCIALS - 14.2% CAPITAL MARKETS - 3.4% Ameriprise Financial, Inc. 900 36,900 Bear Stearns Companies, Inc. 800 92,424 Charles Schwab Corp. 26,000 381,420 Goldman Sachs Group, Inc. 9,000 1,149,390 Lehman Brothers Holdings, Inc. 8,900 1,140,713 Mellon Financial Corp. 13,100 448,675 Merrill Lynch & Co., Inc. 14,800 1,002,404 Morgan Stanley 14,000 794,360 Northern Trust Corp. 500 25,910 State Street Corp. 11,600 643,104 T. Rowe Price Group, Inc. 800 57,624 Capital Markets Total 5,772,924 COMMERCIAL BANKS - 2.2% BB&T Corp. 400 16,764 Comerica, Inc. 10,000 567,600 Marshall & Ilsley Corp. 1,800 77,472 National City Corp. 1,600 53,712 Popular, Inc. 5,000 105,750 U.S. Bancorp 31,300 935,557 Wachovia Corp. 11,900 629,034 Wells Fargo & Co. 13,700 860,771 Zions Bancorporation 7,300 551,588 Commercial Banks Total 3,798,248 CONSUMER FINANCE - 0.3% American Express Co. 4,500 231,570 Capital One Financial Corp. 2,600 224,640 SLM Corp. 900 49,581 Consumer Finance Total 505,791 DIVERSIFIED FINANCIAL SERVICES - 1.8% Citigroup, Inc. 47,400 2,300,322 JPMorgan Chase & Co. 19,800 785,862 Diversified Financial Services Total 3,086,184
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) INSURANCE - 4.9% Allstate Corp. 15,600 843,492 Ambac Financial Group, Inc. 5,900 454,654 American International Group, Inc. 23,200 1,582,936 Endurance Specialty Holdings Ltd. 10,300 369,255 Fidelity National Financial, Inc. 2,600 95,654 Fidelity National Title Group, Inc., Class A 1,700 41,395 Hartford Financial Services Group, Inc. 10,100 867,489 Lincoln National Corp. 12,000 636,360 MBIA, Inc. 5,400 324,864 MetLife, Inc. 11,400 558,600 Principal Financial Group, Inc. 16,200 768,366 Progressive Corp. 3,700 432,086 Prudential Financial, Inc. 10,400 761,176 SAFECO Corp. 3,400 192,100 St. Paul Travelers Companies, Inc. 4,700 209,949 Transatlantic Holdings, Inc. 1,200 80,640 Insurance Total 8,219,016 REAL ESTATE - 0.2% Apartment Investment & Management Co., Class A, REIT 800 30,296 Boston Properties, Inc., REIT 600 44,478 CB Richard Ellis Group, Inc., Class A(a) 1,500 88,275 Equity Office Properties Trust, REIT 1,600 48,528 Forest City Enterprises, Inc., Class A 500 18,965 General Growth Properties, Inc., REIT 2,300 108,077 Vornado Realty Trust, REIT 200 16,694 Real Estate Total 355,313 THRIFTS & MORTGAGE FINANCE - 1.4% Countrywide Financial Corp. 3,100 105,989 Fannie Mae 11,300 551,553 Freddie Mac 6,900 450,915 IndyMac Bancorp, Inc. 2,100 81,942 MGIC Investment Corp. 5,500 362,010 PMI Group, Inc. 12,500 513,375
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) THRIFTS & MORTGAGE FINANCE - (CONTINUED) Washington Mutual, Inc. 5,700 247,950 Thrifts & Mortgage Finance Total 2,313,734 FINANCIALS TOTAL 24,051,210 HEALTH CARE - 8.9% BIOTECHNOLOGY - 1.5% Amgen, Inc.(a) 17,600 1,387,936 Genentech, Inc.(a) 1,000 92,500 Gilead Sciences, Inc.(a) 12,600 663,138 Techne Corp.(a) 7,900 443,585 Biotechnology Total 2,587,159 HEALTH CARE EQUIPMENT & SUPPLIES - 1.2% Biomet, Inc. 2,200 80,454 Boston Scientific Corp.(a) 40,500 991,845 Kinetic Concepts, Inc.(a) 5,500 218,680 Medtronic, Inc. 11,100 639,027 PerkinElmer, Inc. 5,900 139,004 Health Care Equipment & Supplies Total 2,069,010 HEALTH CARE PROVIDERS & SERVICES - 2.6% Aetna, Inc. 7,700 726,187 AmerisourceBergen Corp. 1,200 49,680 Cardinal Health, Inc. 5,600 385,000 Caremark Rx, Inc.(a) 3,700 191,623 Cigna Corp. 7,300 815,410 Express Scripts, Inc.(a) 200 16,760 Health Net, Inc.(a) 1,700 87,635 McKesson Corp. 16,000 825,440 Quest Diagnostics, Inc. 1,500 77,220 Triad Hospitals, Inc.(a) 2,900 113,767 UnitedHealth Group, Inc. 16,300 1,012,882 Health Care Providers & Services Total 4,301,604 PHARMACEUTICALS - 3.6% Abbott Laboratories 14,600 575,678 Allergan, Inc. 200 21,592 Endo Pharmaceuticals Holdings, Inc.(a) 16,600 502,316 Forest Laboratories, Inc.(a) 6,400 260,352 Johnson & Johnson 32,000 1,923,200 King Pharmaceuticals, Inc.(a) 2,100 35,532 Merck & Co., Inc. 15,800 502,598
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) PHARMACEUTICALS - (CONTINUED) Pfizer, Inc. 85,300 1,989,196 Wyeth 6,200 285,634 Pharmaceuticals Total 6,096,098 HEALTH CARE TOTAL 15,053,871 INDUSTRIALS - 7.0% AEROSPACE & DEFENSE - 1.4% Boeing Co. 8,500 597,040 Lockheed Martin Corp. 12,400 789,012 Northrop Grumman Corp. 7,400 444,814 Precision Castparts Corp. 500 25,905 Raytheon Co. 3,900 156,585 United Technologies Corp. 7,300 408,143 Aerospace & Defense Total 2,421,499 AIR FREIGHT & LOGISTICS - 1.1% C.H. Robinson Worldwide, Inc. 17,400 644,322 FedEx Corp. 6,500 672,035 United Parcel Service, Inc., Class B 7,200 541,080 Air Freight & Logistics Total 1,857,437 AIRLINES - 0.0% Southwest Airlines Co. 4,100 67,363 Airlines Total 67,363 BUILDING PRODUCTS - 0.1% American Standard Companies, Inc. 2,600 103,870 Building Products Total 103,870 COMMERCIAL SERVICES & SUPPLIES - 1.1% Cendant Corp. 59,300 1,022,925 Herman Miller, Inc. 5,100 143,769 Robert Half International, Inc. 1,700 64,413 ServiceMaster Co. 20,600 246,170 Waste Management, Inc. 12,500 379,375 Commercial Services & Supplies Total 1,856,652 INDUSTRIAL CONGLOMERATES - 1.9% 3M Co. 9,300 720,750 General Electric Co. 70,900 2,485,045 Industrial Conglomerates Total 3,205,795 MACHINERY - 0.6% Cummins, Inc. 800 71,784 Danaher Corp. 7,800 435,084 Illinois Tool Works, Inc. 4,300 378,357
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) MACHINERY - (CONTINUED) Pentair, Inc. 3,600 124,272 Machinery Total 1,009,497 ROAD & RAIL - 0.3% J.B. Hunt Transport Services, Inc. 700 15,848 Norfolk Southern Corp. 600 26,898 YRC Worldwide, Inc.(a) 9,500 423,795 Road & Rail Total 466,541 TRADING COMPANIES & DISTRIBUTORS - 0.3% MSC Industrial Direct Co. , Class A 7,300 293,606 W.W. Grainger, Inc. 4,300 305,730 Trading Companies & Distributors Total 599,336 TRANSPORTATION - 0.2% Laidlaw International, Inc. 12,000 278,760 Transportation Total 278,760 INDUSTRIALS TOTAL 11,866,750 INFORMATION TECHNOLOGY - 10.3% COMMUNICATIONS EQUIPMENT - 1.8% Cisco Systems, Inc.(a) 92,300 1,580,176 Motorola, Inc. 48,400 1,093,356 QUALCOMM, Inc. 8,900 383,412 Communications Equipment Total 3,056,944 COMPUTERS & PERIPHERALS - 2.0% Apple Computer, Inc.(a) 4,300 309,127 Dell, Inc.(a) 38,900 1,166,611 Hewlett-Packard Co. 27,700 793,051 International Business Machines Corp. 12,900 1,060,380 Western Digital Corp.(a) 7,300 135,853 Computers & Peripherals Total 3,465,022 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2% Amphenol Corp., Class A 7,800 345,228 Electronic Equipment & Instruments Total 345,228 INTERNET SOFTWARE & SERVICES - 0.0% Google, Inc., Class A(a) 100 41,486 VeriSign, Inc.(a) 400 8,768 Internet Software & Services Total 50,254 IT SERVICES - 0.8% Accenture Ltd., Class A 9,300 268,491 Computer Sciences Corp.(a) 7,300 369,672
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) IT SERVICES - (CONTINUED) Fiserv, Inc.(a) 9,400 406,738 Global Payments, Inc. 7,700 358,897 IT Services Total 1,403,798 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% Agere Systems, Inc.(a) 200 2,580 Intel Corp. 108,000 2,695,680 Lam Research Corp.(a) 12,700 453,136 Linear Technology Corp. 6,200 223,634 MEMC Electronic Materials, Inc.(a) 5,200 115,284 National Semiconductor Corp. 10,400 270,192 Texas Instruments, Inc. 28,600 917,202 Semiconductors & Semiconductor Equipment Total 4,677,708 SOFTWARE - 2.7% Autodesk, Inc. 8,800 377,960 Citrix Systems, Inc.(a) 8,500 244,630 Computer Associates International, Inc. 136 3,834 Intuit, Inc.(a) 9,700 517,010 Microsoft Corp. 73,000 1,908,950 Oracle Corp.(a) 72,100 880,341 Reynolds & Reynolds Co., Class A 12,200 342,454 Symantec Corp.(a) 14,000 245,000 Software Total 4,520,179 INFORMATION TECHNOLOGY TOTAL 17,519,133 MATERIALS - 2.2% CHEMICALS - 0.7% Celanese Corp., Series A 100 1,912 Dow Chemical Co. 10,600 464,492 Eastman Chemical Co. 3,400 175,406 PPG Industries, Inc. 8,800 509,520 Scotts Miracle-Gro Co., Class A 400 18,096 Chemicals Total 1,169,426 CONSTRUCTION MATERIALS - 0.2% Lafarge North America, Inc. 300 16,506 Martin Marietta Materials, Inc. 4,900 375,928 Construction Materials Total 392,434 CONTAINERS & PACKAGING - 0.4% Ball Corp. 7,000 278,040 Owens-Illinois, Inc.(a) 13,900 292,456 Containers & Packaging Total 570,496
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) METALS & MINING - 0.7% Freeport-McMoRan Copper & Gold, Inc., Class B 3,300 177,540 Nucor Corp. 12,900 860,688 Phelps Dodge Corp. 1,400 201,418 Metals & Mining Total 1,239,646 PAPER & FOREST PRODUCTS - 0.2% MeadWestvaco Corp. 10,600 297,118 Paper & Forest Products Total 297,118 MATERIALS TOTAL 3,669,120 TELECOMMUNICATION SERVICES - 1.9% DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0% AT&T, Inc. 29,101 712,680 BellSouth Corp. 1,700 46,070 Citizens Communications Co. 3,200 39,136 MCI, Inc. 1,500 29,595 Verizon Communications, Inc. 31,300 942,756 Diversified Telecommunication Services Total 1,770,237 WIRELESS TELECOMMUNICATION SERVICES - 0.9% Crown Castle International Corp.(a) 13,000 349,830 NII Holdings, Inc.(a) 4,800 209,664 Sprint Nextel Corp. 38,600 901,696 Wireless Telecommunication Services Total 1,461,190 TELECOMMUNICATION SERVICES TOTAL 3,231,427 UTILITIES - 2.3% ELECTRIC UTILITIES - 0.9% American Electric Power Co., Inc. 19,000 704,710 Edison International 500 21,805 Entergy Corp. 1,700 116,705 FirstEnergy Corp. 12,500 612,375 Pepco Holdings, Inc. 3,000 67,110 Electric Utilities Total 1,522,705 GAS UTILITIES - 0.2% Energen Corp. 2,800 101,696 Equitable Resources, Inc. 100 3,669 ONEOK, Inc. 5,800 154,454 UGI Corp. 3,800 78,280 Gas Utilities Total 338,099
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) UTILITIES - (CONTINUED) INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.5% Constellation Energy Group, Inc. 1,600 92,160 TXU Corp. 14,800 742,812 Independent Power Producers & Energy Traders Total 834,972 MULTI - UTILITIES - 0.7% CenterPoint Energy, Inc. 43,500 558,975 DTE Energy Co. 12,300 531,237 PG&E Corp. 4,800 178,176 Multi - Utilities Total 1,268,388 UTILITIES TOTAL 3,964,164 TOTAL COMMON STOCKS (COST OF $89,858,152) 111,798,357 PAR ($) CORPORATE FIXED-INCOME BONDS & NOTES - 9.5% BASIC MATERIALS - 0.2% FOREST PRODUCTS & PAPER - 0.1% INTERNATIONAL PAPER CO. 4.250% 01/15/09 61,000 59,129 WESTVACO CORP. 8.200% 01/15/30 81,000 94,237 Forest Products & Paper Total 153,366 METALS & MINING - 0.1% ALCAN, INC. 4.500% 05/15/13 225,000 214,207 Metals & Mining Total 214,207 BASIC MATERIALS TOTAL 367,573 COMMUNICATIONS - 1.1% MEDIA - 0.2% COMCAST CABLE COMMUNICATIONS, INC. 7.125% 06/15/13 78,000 84,845 TCI COMMUNICATIONS, INC. 9.875% 06/15/22 51,000 68,615 TIME WARNER, INC. 7.625% 04/15/31 142,000 157,529 9.125% 01/15/13 88,000 103,231 Media Total 414,220 TELECOMMUNICATION SERVICES - 0.9% AT&T, INC. 5.100% 09/15/14 250,000 244,778
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) BRITISH TELECOMMUNICATIONS PLC 8.375% 12/15/10 53,000 60,424 CINGULAR WIRELESS SERVICES, INC. 8.125% 05/01/12 41,000 47,284 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.250% 07/22/13 183,000 181,724 NEW CINGULAR WIRELESS SERVICES, INC. 8.750% 03/01/31 37,000 49,003 SPRINT CAPITAL CORP. 6.125% 11/15/08 24,000 24,673 8.750% 03/15/32 116,000 153,336 VERIZON GLOBAL FUNDING CORP. 7.750% 12/01/30 28,000 33,312 VERIZON NEW ENGLAND, INC. 6.500% 09/15/11 224,000 229,927 VERIZON PENNSYLVANIA, INC. 5.650% 11/15/11 140,000 139,573 VODAFONE GROUP PLC 7.750% 02/15/10 250,000 274,173 Telecommunication Services Total 1,438,207 COMMUNICATIONS TOTAL 1,852,427 CONSUMER CYCLICAL - 0.7% AUTO MANUFACTURERS - 0.2% DAIMLERCHRYSLER N.A. HOLDING CORP. 4.050% 06/04/08 199,000 193,699 FORD MOTOR CO. 7.450% 07/16/31 252,000 171,360 Auto Manufacturers Total 365,059 HOME BUILDERS - 0.3% DR. HORTON, INC. 7.875% 08/15/11 156,000 169,260 KB HOME 5.750% 02/01/14 183,000 171,562 TOLL BROTHERS, INC. 4.950% 03/15/14 97,000 89,981 Home Builders Total 430,803
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER CYCLICAL - (CONTINUED) RETAIL - 0.2% TARGET CORP. 5.375% 06/15/09 22,000 22,361 5.875% 03/01/12 66,000 69,476 WAL-MART STORES, INC. 4.550% 05/01/13 325,000 317,405 Retail Total 409,242 CONSUMER CYCLICAL TOTAL 1,205,104 CONSUMER NON-CYCLICAL - 1.1% BEVERAGES - 0.5% ANHEUSER-BUSCH COMPANIES, INC. 5.950% 01/15/33 91,000 97,145 COCA-COLA ENTERPRISES, INC. 5.750% 11/01/08 325,000 332,452 DIAGEO CAPITAL PLC 3.375% 03/20/08 365,000 353,291 Beverages Total 782,888 COMMERCIAL SERVICES - 0.0% R.R. DONNELLEY & SONS CO. 4.950% 04/01/14 14,000 13,103 Commercial Services Total 13,103 COSMETICS / PERSONAL CARE - 0.0% PROCTER & GAMBLE CO. 4.750% 06/15/07 51,000 51,017 Cosmetics / Personal Care Total 51,017 FOOD - 0.3% GENERAL MILLS, INC. 2.625% 10/24/06 250,000 245,503 KROGER CO. 6.800% 04/01/11 19,000 19,916 SAFEWAY, INC. 4.950% 08/16/10 175,000 169,727 Food Total 435,146 HEALTHCARE PRODUCTS - 0.1% BAXTER FINCO BV 4.750% 10/15/10(b) 250,000 245,890 Healthcare Products Total 245,890 HEALTHCARE SERVICES - 0.2% UNITEDHEALTH GROUP, INC. 3.375% 08/15/07 325,000 317,479
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) HEALTHCARE SERVICES - (CONTINUED) WELLPOINT, INC. 6.375% 01/15/12 45,000 47,896 Healthcare Services Total 365,375 HOUSEHOLD PRODUCTS / WARES - 0.0% FORTUNE BRANDS, INC. 2.875% 12/01/06 65,000 63,803 Household Products / Wares Total 63,803 CONSUMER NON-CYCLICAL TOTAL 1,957,222 ENERGY - 0.6% OIL & GAS - 0.3% CONOCO FUNDING CO. 6.350% 10/15/11 142,000 151,481 DEVON ENERGY CORP. 7.950% 04/15/32 31,000 39,886 USX CORP. 6.650% 02/01/06 194,000 194,256 XTO ENERGY, INC. 7.500% 04/15/12 175,000 196,473 Oil & Gas Total 582,096 PIPELINES - 0.3% KINDER MORGAN ENERGY PARTNERS LP 7.300% 08/15/33 270,000 304,382 TEPPCO PARTNERS LP 7.625% 02/15/12 125,000 138,665 Pipelines Total 443,047 ENERGY TOTAL 1,025,143 FINANCIALS - 3.9% BANKS - 0.9% HSBC HOLDINGS PLC 7.350% 11/27/32 42,000 51,082 KEY BANK NATIONAL ASSOCIATION 7.000% 02/01/11 67,000 72,813 MARSHALL & ILSLEY CORP. 4.375% 08/01/09 300,000 295,557 NATIONAL CITY BANK 4.625% 05/01/13 186,000 180,611 SCOTLAND INTERNATIONAL FINANCE
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) BANKS - (CONTINUED) 4.250% 05/23/13(b) 114,000 108,681 SOUTHTRUST BANK, INC. 4.750% 03/01/13 53,000 52,575 U.S. BANK NA 6.375% 08/01/11 189,000 201,523 UNION PLANTERS CORP. 4.375% 12/01/10 203,000 197,186 WACHOVIA CORP. 4.875% 02/15/14 325,000 318,211 Banks Total 1,478,239 DIVERSIFIED FINANCIAL SERVICES - 2.7% AMERICAN EXPRESS CO. 3.750% 11/20/07 56,000 54,897 4.750% 06/17/09 153,000 152,178 5.500% 09/12/06 48,000 48,213 AMERICAN GENERAL FINANCE CORP. 2.750% 06/15/08 65,000 61,662 ASSOCIATES CORP. OF NORTH AMERICA 6.950% 11/01/18 120,000 138,206 BEAR STEARNS COMPANIES, INC. 4.500% 10/28/10 185,000 180,070 CAPITAL ONE FINANCIAL CORP. 5.500% 06/01/15 125,000 124,151 CATERPILLAR FINANCIAL SERVICES CORP. 2.350% 09/15/06 103,000 101,248 5.950% 05/01/06 154,000 154,601 CIT GROUP, INC. 7.375% 04/02/07 87,000 89,576 CITIGROUP GLOBAL MARKETS HOLDINGS, INC. 6.500% 02/15/08 70,000 72,333 CITIGROUP, INC. 5.000% 09/15/14 337,000 332,700 COUNTRYWIDE HOME LOANS, INC. 5.500% 08/01/06 302,000 303,039 CREDIT SUISSE FIRST BOSTON USA, INC. 4.875% 08/15/10 200,000 198,564 GENERAL ELECTRIC CAPITAL CORP. 5.875% 02/15/12 25,000 26,068 6.750% 03/15/32 307,000 361,876 GOLDMAN SACHS GROUP, INC.
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 4.125% 01/15/08 40,000 39,440 6.345% 02/15/34 275,000 287,075 HSBC FINANCE CORP. 5.875% 02/01/09 106,000 108,343 6.375% 11/27/12 53,000 56,430 7.200% 07/15/06 117,000 118,463 JPMORGAN CHASE CAPITAL XV 5.875% 03/15/35 475,000 474,055 LEHMAN BROTHERS HOLDINGS, INC. 5.000% 01/14/11 200,000 199,984 MASSMUTUAL GLOBAL FUNDING II 2.550% 07/15/08(b) 70,000 66,105 MERRILL LYNCH & CO., INC. 6.000% 02/17/09 149,000 153,673 MORGAN STANLEY 4.750% 04/01/14 300,000 287,664 PRINCIPAL LIFE GLOBAL FUNDING I 6.250% 02/15/12(b) 144,000 152,512 SLM CORP. 5.125% 08/27/12 300,000 299,892 Diversified Financial Services Total 4,643,018 REAL ESTATE - 0.0% ERP OPERATING LP 5.200% 04/01/13 16,000 15,910 Real Estate Total 15,910 REAL ESTATE INVESTMENT TRUSTS - 0.2% HEALTH CARE PROPERTY INVESTORS, INC. 6.450% 06/25/12 58,000 60,612 SIMON PROPERTY GROUP LP 5.750% 12/01/15(b) 200,000 202,036 Real Estate Investment Trusts Total 262,648 SAVINGS & LOANS - 0.1% WASHINGTON MUTUAL, INC. 4.625% 04/01/14 195,000 184,755
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) SAVINGS & LOANS - (CONTINUED) 5.625% 01/15/07 50,000 50,391 Savings & Loans Total 235,146 FINANCIALS TOTAL 6,634,961 INDUSTRIALS - 0.9% AEROSPACE & DEFENSE - 0.2% BOEING CO. 5.125% 02/15/13 79,000 79,707 LOCKHEED MARTIN CORP. 8.500% 12/01/29 150,000 203,500 RAYTHEON CO. 5.375% 04/01/13 73,000 74,007 Aerospace & Defense Total 357,214 ENVIRONMENTAL CONTROL - 0.1% WASTE MANAGEMENT, INC. 7.375% 08/01/10 118,000 128,218 Environmental Control Total 128,218 MACHINERY - 0.2% JOHN DEERE CAPITAL CORP. 4.625% 04/15/09 300,000 296,907 Machinery Total 296,907 MISCELLANEOUS MANUFACTURING - 0.0% GENERAL ELECTRIC CO. 5.000% 02/01/13 66,000 65,907 Miscellaneous Manufacturing Total 65,907 TRANSPORTATION - 0.4% CANADIAN NATIONAL RAILWAY CO. 6.900% 07/15/28 95,000 112,904 CSX CORP. 6.750% 03/15/11 325,000 348,247 UNION PACIFIC CORP. 3.875% 02/15/09 225,000 217,402 Transportation Total 678,553 INDUSTRIALS TOTAL 1,526,799 TECHNOLOGY - 0.2% COMPUTERS - 0.2% INTERNATIONAL BUSINESS MACHINES CORP. 4.875% 10/01/06 104,000 104,073
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) TECHNOLOGY - (CONTINUED) COMPUTERS - (CONTINUED) 6.220% 08/01/27 150,000 163,365 Computers Total 267,438 TECHNOLOGY TOTAL 267,438 UTILITIES - 0.8% ELECTRIC - 0.7% CENTERPOINT ENERGY HOUSTON ELECTRIC LLC 5.750% 01/15/14 225,000 232,094 CONSOLIDATED EDISON CO. OF NEW YORK 4.700% 06/15/09 108,000 107,623 EXELON GENERATION CO. LLC 6.950% 06/15/11 225,000 242,237 NISOURCE FINANCE CORP. 5.400% 07/15/14 113,000 113,051 NY STATE ELECTRIC & GAS CORP. 5.750% 05/01/23 18,000 17,923 PUBLIC SERVICE ELECTRIC & GAS CO. 4.000% 11/01/08 57,000 55,488 SCOTTISH POWER PLC 5.375% 03/15/15 275,000 274,621 VIRGINIA ELECTRIC & POWER CO. 5.375% 02/01/07 93,000 93,341 Electric Total 1,136,378 GAS - 0.1% SEMPRA ENERGY 4.750% 05/15/09 150,000 147,886 Gas Total 147,886 UTILITIES TOTAL 1,284,264 TOTAL CORPORATE FIXED-INCOME BONDS & NOTES (COST OF $16,123,186) 16,120,931 MORTGAGE-BACKED SECURITIES - 8.6% FEDERAL HOME LOAN MORTGAGE CORP. 5.000% 07/01/20 3,356,530 3,323,396 5.000% 09/01/20 1,563,821 1,548,384 5.000% 10/01/20 493,477 488,606 6.500% 07/01/29 161,193 165,809 6.500% 11/01/32 433,525 445,068 8.000% 07/01/10 4,013 4,079
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) MORTGAGE-BACKED SECURITIES - (CONTINUED) 8.000% 09/01/25 84,736 90,548 FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.000% 10/01/20 5,821,783 5,759,820 5.449% 08/01/36(c) 50,226 50,796 5.500% 06/01/35 1,108,693 1,098,068 5.500% 10/01/35 573,376 567,881 6.500% 10/01/24 664,549 685,166 6.500% 07/01/32 37,155 38,192 6.500% 05/01/33 21,484 22,084 7.500% 10/01/11 37,045 38,859 8.500% 08/01/11 88,631 93,516 10.000% 09/01/18 73,756 81,670 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.500% 12/15/23 37,302 39,500 TOTAL MORTGAGE-BACKED SECURITIES (COST OF $14,626,089) 14,541,442 COLLATERALIZED MORTGAGE OBLIGATIONS - 6.3% AGENCY - 2.1% FEDERAL HOME LOAN MORTGAGE CORP. 4.000% 09/15/15 1,300,000 1,262,851 4.500% 03/15/21 1,500,000 1,459,601 FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.500% 08/25/17 278,916 281,457 6.000% 04/25/17 260,000 269,199 7.000% 01/25/21 32,100 33,009 VENDEE MORTGAGE TRUST 0.303% 03/15/29(c)(d) 11,563,332 93,119 0.445% 09/15/27(c)(d) 8,341,686 89,405 AGENCY TOTAL 3,488,641 NON - AGENCY - 4.2% COUNTRYWIDE ALTERNATIVE LOAN TRUST 5.250% 03/25/35 1,394,753 1,371,265 5.250% 08/25/35 1,209,472 1,206,981 5.500% 10/25/35 1,815,315 1,819,798 WASHINGTON MUTUAL MORTGAGE SECURITIES CORP. 5.500% 10/25/35 1,400,000 1,402,534 WELLS FARGO ALTERNATIVE LOAN TRUST
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) COLLATERALIZED MORTGAGE OBLIGATIONS - (CONTINUED) NON - AGENCY - (CONTINUED) 5.500% 02/25/35 1,370,991 1,362,449 NON - AGENCY TOTAL 7,163,027 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST OF $10,770,969) 10,651,668 GOVERNMENT AGENCIES & OBLIGATIONS - 5.5% FOREIGN GOVERNMENT OBLIGATIONS - 0.7% PROVINCE OF ONTARIO 3.500% 09/17/07 325,000 318,955 PROVINCE OF QUEBEC 7.500% 09/15/29 169,000 224,434 REPUBLIC OF ITALY 2.750% 12/15/06 123,000 121,210 3.750% 12/14/07 302,000 297,319 UNITED MEXICAN STATES 7.500% 04/08/33 191,000 225,380 FOREIGN GOVERNMENT OBLIGATIONS TOTAL 1,187,298 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 4.8% U.S. TREASURY BONDS 6.250% 08/15/23 4,420,000 5,278,103 7.250% 05/15/16 1,485,000 1,823,418 U.S. TREASURY INFLATION INDEX NOTES 3.875% 01/15/09 1,020,163 1,072,208 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 8,173,729 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $9,221,406) 9,361,027 ASSET-BACKED SECURITIES - 2.4% AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 1.690% 01/15/09 125,252 123,545 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2.070% 08/06/08 439,523 435,833 BANK ONE AUTO SECURITIZATION TRUST 1.820% 09/20/07 130,651 130,045 CITIBANK CREDIT CARD ISSUANCE TRUST 2.500% 04/07/08 621,000 617,671 CITIBANK CREDIT CARD MASTER TRUST I 6.100% 05/15/08 500,000 502,535
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) FIRST PLUS HOME LOAN TRUST 7.720% 05/10/24 21,613 21,653 FORD CREDIT AUTO OWNER TRUST 2.700% 06/15/07 180,458 179,619 HONDA AUTO RECEIVABLES OWNER TRUST 3.060% 10/21/09 676,000 659,526 LONG BEACH MORTGAGE LOAN TRUST 4.459% 04/25/35(c) 498,941 498,951 NISSAN AUTO RECEIVABLES OWNER TRUST 2.700% 12/17/07 318,000 314,600 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2.270% 10/22/07 560,113 555,655 TOTAL ASSET-BACKED SECURITIES (COST OF $4,058,926) 4,039,633 SHARES COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.4% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES 5.449% 12/11/40 1,430,000 1,460,216 MERRILL LYNCH MORTGAGE INVESTORS, INC. 0.879% 12/15/30(c) 5,181,581 142,701 MERRILL LYNCH MORTGAGE TRUST 5.245% 11/12/37 790,000 799,377 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST OF $2,402,249) 2,402,294 UNITS WARRANTS - 0.0% MATERIALS - 0.0% CHEMICALS - 0.0% SOLUTIA, INC. (a)(b)(e)(f) 195 -- Chemicals Total -- MATERIALS TOTAL -- TOTAL WARRANTS (COST OF $--) -- PAR ($) SHORT-TERM OBLIGATION - 0.4% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency Obligation maturing 09/01/20, market value of $694,773 (repurchase proceeds $681,309) 681,000 681,000 TOTAL SHORT-TERM OBLIGATION (COST OF $681,000) 681,000
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II TOTAL INVESTMENTS - 100.0% (COST OF $147,741,977)(G)(H) 169,596,352 OTHER ASSETS & LIABILITIES, NET - (0.0)% (47,756) NET ASSETS - 100.0% 169,548,596
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Equity securities 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. Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities, which did not include any illiquid securities except for the following, amounted to $775,224, which represents 0.5% of net assets. Acquistion Security Date Units Cost Value -------------------------------------------------------------------------- Solutia, Inc. 07/09/02 195 $ -- $ -- (c) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. 22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Asset Allocation Fund II (d) Denotes a restricted security, which is subject to registration with the SEC or is required to be exempted from such registration prior to resale. At December 31, 2005, these securities amounted to $182,524, which represents 0.1% of net assets. Acquistion Security Date Par Cost Value -------------------------------------------------------------------------- Vendee Mortgage Trust: 0.303% 03/15/29 ..... 09/24/98- 06/23/03 $11,563,332 $82,334 $ 93,119 0.446% 09/15/27 ..... 02/26/98- 04/01/03 8,341,686 85,892 89,405 -------- $182,524 -------- (e) Rounds to less than $1. (f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. (g) Cost for federal income tax purposes is $147,741,977. (h) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ ------------ $25,406,613 $(3,552,238) $21,854,375 ACRONYM NAME ------- ---- ADR American Depositary Receipt REIT Real Estate Investment Trust 23 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Balanced Growth Portfolio
SHARES VALUE ($)* INVESTMENT COMPANIES(A) - 100.0% Columbia Acorn International Fund, Class Z 922,562 30,850,480 Columbia Acorn USA Fund, Class Z 440,226 11,899,308 Columbia Cash Reserves, Capital Class Shares 18,162,374 18,162,374 Columbia Convertible Securities Fund, Class Z 482,203 8,231,201 Columbia High Income Fund, Class Z 4,549,530 40,445,321 Columbia International Value Fund, Class Z 1,348,997 30,541,281 Columbia Large Cap Core Fund, Class Z 6,499,895 83,263,660 Columbia Large Cap Value Fund, Class Z 5,453,689 75,369,982 Columbia Marsico Focused Equities Fund, Class Z 4,232,376 86,975,317 Columbia Marsico International Opportunities Fund, Class Z 1,362,437 18,365,651 Columbia Marsico Mid Cap Growth Fund, Class Z 3,709,444 51,412,889 Columbia Mid Cap Value Fund, Class Z 2,417,860 33,777,506 Columbia Small Cap Growth Fund II, Class Z 638,373 9,907,552 Columbia Small Cap Value Fund II, Class Z 1,665,600 20,953,243 Columbia Total Return Bond Fund, Class Z 32,193,991 313,247,532 TOTAL INVESTMENT COMPANIES (COST OF $778,192,018) 833,403,297 TOTAL INVESTMENTS - 100.0% (COST OF $778,192,018)(B)(C) 833,403,297 OTHER ASSETS & LIABILITIES, NET - 0.0% (260,886) NET ASSETS - 100.0% 833,142,411
Notes to Investment Portfolio: * Security Valuation: Investments in Mortgage-and Asset-Backed Portfolio or Class Z shares of other Columbia Funds (the "Underlying Funds") are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date. (a) Mutual Funds registered under the Investment Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (b) Cost for federal income tax purposes is $778,192,018. (c) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ ------------ $62,423,505 $(7,212,226) $55,211,279 1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Balanced Growth Portfolio 2 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Growth Portfolio
SHARES VALUE ($)* INVESTMENT COMPANIES(A) - 99.9% Columbia Acorn International Fund, Class Z 1,095,460 36,632,177 Columbia Acorn USA Fund, Class Z 401,111 10,842,035 Columbia International Value Fund, Class Z 1,368,426 30,981,162 Columbia Large Cap Core Fund, Class Z 6,972,649 89,319,637 Columbia Large Cap Value Fund, Class Z 6,547,366 90,484,594 Columbia Marsico Focused Equities Fund, Class Z 4,786,849 98,369,756 Columbia Marsico International Opportunities Fund, Class Z 1,582,305 21,329,466 Columbia Marsico Mid Cap Growth Fund, Class Z 3,173,217 43,980,785 Columbia Mid Cap Value Fund, Class Z 2,784,672 38,901,867 Columbia Small Cap Growth Fund II, Class Z 515,532 8,001,063 Columbia Small Cap Value Fund II, Class Z 1,532,894 19,283,811 TOTAL INVESTMENT COMPANIES (COST OF $429,238,100) 488,126,353 TOTAL INVESTMENTS - 99.9% (COST OF $429,238,100)(B)(C) 488,126,353 OTHER ASSETS & LIABILITIES, NET - 0.1% 527,659 NET ASSETS - 100.0% 488,654,012
Notes to Investment Portfolio: * Security Valuation: Investments in Mortgage-and Asset-Backed Portfolio or Class Z shares of other Columbia Funds (the "Underlying Funds") are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date. (a) Mutual Funds registered under the Investment Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (b) Cost for federal income tax purposes is $429,238,100. (c) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $59,730,665 $(842,412) $58,888,253 1 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Income & Growth Portfolio
SHARES VALUE ($)* INVESTMENT COMPANIES(A) - 100.1% Columbia Acorn International Fund, Class Z 175,164 5,857,479 Columbia Acorn USA Fund, Class Z 43,869 1,185,773 Columbia Cash Reserves, Capital Class Shares 2,959,877 2,959,877 Columbia Convertible Securities Fund, Class Z 125,479 2,141,929 Columbia High Income Fund, Class Z 2,130,086 18,936,464 Columbia International Value Fund, Class Z 197,506 4,471,530 Columbia Large Cap Core Fund, Class Z 1,015,606 13,009,914 Columbia Large Cap Value Fund, Class Z 788,624 10,898,786 Columbia Marsico Focused Equities Fund, Class Z 661,806 13,600,120 Columbia Marsico International Opportunities Fund, Class Z 263,716 3,554,891 Columbia Marsico Mid Cap Growth Fund, Class Z 483,030 6,694,802 Columbia Mid Cap Value Fund, Class Z 314,762 4,397,221 Columbia Short Term Bond Fund, Class Z 7,128,839 69,648,753 Columbia Small Cap Growth Fund II, Class Z 62,027 962,664 Columbia Small Cap Value Fund II, Class Z 172,645 2,171,874 Columbia Total Return Bond Fund, Class Z 5,479,809 53,318,541 TOTAL INVESTMENT COMPANIES (COST OF $211,384,767) 213,810,618 TOTAL INVESTMENTS - 100.1% (COST OF $211,384,767)(B)(C) 213,810,618 OTHER ASSETS & LIABILITIES, NET - (0.1)% (118,470) NET ASSETS - 100.0% 213,692,148
Notes to Investment Portfolio: * Security Valuation: Investments in Mortgage-and Asset-Backed Portfolio or Class Z shares of other Columbia Funds (the "Underlying Funds") are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date. (a) Mutual Funds registered under the Investment Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (b) Cost for federal income tax purposes is $211,388,249. (c) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $6,145,386 $(3,719,535) $2,425,851 1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Income & Growth Portfolio 2 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia LifeGoal Income Fund
SHARES VALUE ($)* INVESTMENT COMPANIES(A) - 100.6% Columbia Cash Reserves, Capital Class Shares 1,871,225 1,871,225 Columbia Convertible Securities Fund, Class Z 112,056 1,912,803 Columbia High Income Fund, Class Z 817,570 7,268,196 Columbia Short Term Bond Fund, Class Z 1,671,241 16,328,023 Columbia Total Return Bond Fund, Class Z 377,157 3,669,736 Mortgage- and Asset-Backed Portfolio 538,516 5,358,235 TOTAL INVESTMENT COMPANIES (COST OF $36,901,748) 36,408,218 TOTAL INVESTMENTS - 100.6% (COST OF $36,901,748)(B)(C) 36,408,218 OTHER ASSETS & LIABILITIES, NET - (0.6)% (203,204) NET ASSETS - 100.0% 36,205,014
Notes to Investment Portfolio: * Security Valuation: Investments in Mortgage-and Asset-Backed Portfolio or Class Z shares of other Columbia Funds (the "Underlying Funds") are valued at the net asset value of each class of the respective Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date. (a) Mutual Funds registered under the Investment Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (b) Cost for federal income tax purposes is $36,901,748. (c) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation DEPRECIATION ------------ ------------ -------------- $120,679 $(614,209) $(493,530) 1 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Treasury Reserves
PAR ($) VALUE ($)* GOVERNMENT AGENCIES & OBLIGATIONS - 5.6% U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 5.6% U.S. TREASURY NOTES 1.500% 03/31/06 100,000,000 99,564,980 1.625% 02/28/06 685,000,000 682,703,238 6.500% 10/15/06 100,000,000 101,527,862 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 883,796,080 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $883,796,080) 883,796,080 SHORT-TERM OBLIGATIONS - 94.6% U.S. GOVERNMENT OBLIGATIONS - 1.3% UNITED STATES TREASURY BILL (a) 01/26/06 195,000,000 194,479,323 3.900% 01/19/06(b) 10,000,000 9,980,500 U.S. GOVERNMENT OBLIGATIONS TOTAL 204,459,823 REPURCHASE AGREEMENTS - 93.3% Repurchase agreement with ABN AMRO Bank US, dated 12/30/05, due on 01/03/06, at 3.500% collateralized by U.S. Treasury Notes with maturities to 05/15/06, market value $510,000,938 (repurchase proceeds $500,194,444) 500,000,000 500,000,000 Repurchase agreement with Barclays Bank PLC, dated 12/30/05, due on 01/03/06, at 3.350% collateralized by U.S. Treasury Bond, Notes and Bill with maturities to 02/15/31, market value $591,601,047 (repurchase proceeds $580,215,889) 580,000,000 580,000,000 Repurchase agreement with Barclays Bank PLC, dated 12/30/05, due on 01/03/06, at 4.250% collateralized by GNMA Bonds with maturities to 12/15/35, market value $280,500,000 (repurchase proceeds $276,298,611) 275,000,000 275,000,000 Repurchase agreement with Bear Stearns, dated 12/30/05, due on 01/03/06, at 3.100% collateralized by U.S. Treasury Bonds, Notes and Bills with maturities to 08/15/25, market value $1,881,901,990 (repurchase proceeds $1,845,635,500) 1,845,000,000 1,845,000,000
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Treasury Reserves
PAR ($) VALUE ($) SHORT-TERM OBLIGATIONS - (CONTINUED) REPURCHASE AGREEMENTS - (CONTINUED) Repurchase agreement with Bear Stearns, dated 12/30/05, due on 01/03/06, at 3.400% collateralized by U.S. Treasury Bonds and Notes with maturities to 02/15/31, market value $1,023,856,791 (repurchase proceeds $1,000,377,778) 1,000,000,000 1,000,000,000 Repurchase agreement with BNP Paribas, dated 12/30/05, due on 01/03/06, at 3.350% collateralized by U.S. Treasury Bonds, Notes and Bills with maturities to 11/15/15, market value $1,021,020,176 (repurchase proceeds $1,002,372,222) 1,001,000,000 1,001,000,000 Repurchase agreement with Countrywide Securities Corp., dated 12/30/05, due on 01/03/06, at 3.500% collateralized by U.S. Treasury Bonds and Notes with maturities to 11/15/28, market value $510,000,264 (repurchase proceeds $500,194,444) 500,000,000 500,000,000 Repurchase agreement with Countrywide Securities Corp., dated 12/30/05, due on 01/03/06, at 4.150% collateralized by GNMA Bonds with maturities to 12/15/35, market value $392,700,000 (repurchase proceeds $385,177,528) 385,000,000 385,000,000 Repurchase agreement with Deutsche Bank Securities dated 12/30/05, due on 01/03/06, at 3.350% collateralized by U.S. Treasury Notes with maturities to 11/15/29, market value $94,287,359 (repurchase proceeds $92,472,407) 92,438,000 92,438,000 Repurchase agreement with Deutsche Bank Securities, dated 12/30/05, due on 01/03/06, at 3.400% collateralized by U.S. Treasury Notes, Bonds and Bills with maturities to 05/15/21, market value $306,000,071 (repurchase proceeds $300,113,333) 300,000,000 300,000,000 Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 2.750% collateralized by a U.S. Treasury Note maturing 03/15/10 market value $99,478,880 (repurchase proceeds $97,557,800) 97,528,000 97,528,000 Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 2.900% collateralized by U.S. Treasury Bond and Notes with maturities to 05/15/16, market value $1,020,000,126 (repurchase proceeds $1,000,322,222) 1,000,000,000 1,000,000,000
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Treasury Reserves
PAR ($) VALUE ($) SHORT-TERM OBLIGATIONS - (CONTINUED) REPURCHASE AGREEMENTS - (CONTINUED) Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 3.150% collateralized by a U.S. Treasury Note maturing 03/15/10, market value $102,036,353 (repurchase proceeds $100,035,000) 100,000,000 100,000,000 Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 3.300% collateralized by U.S. Treasury Bonds, Notes and Bill with maturities to 02/15/26, market value $2,032,047,215 (repurchase proceeds $1,992,202,206) 1,991,472,000 1,991,472,000 Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 4.120% collateralized by GNMA Bonds with maturities to 12/01/35, market value $306,140,080 (repurchase proceeds $300,137,333) 300,000,000 300,000,000 Repurchase agreement with Greenwich Capital, dated 12/30/05, due on 01/03/06, at 3.450% collateralized by U.S. Treasury Bonds and Notes with maturities to 08/15/25, market value $765,000,965 (repurchase proceeds $750,287,500) 750,000,000 750,000,000 Repurchase agreement with HSBC Bank USA, dated 12/30/05, due on 01/03/06, at 3.500% collateralized by U.S. Treasury Bonds and Notes with maturities to 11/15/27, market value $510,003,476 (repurchase proceeds $500,388,889) 500,000,000 500,000,000 Repurchase agreement with HSBC Bank USA, dated 12/30/05, due on 01/03/06, at 4.150% collateralized by GNMA Bonds with maturities to 12/15/35, market value $204,000,119 (repurchase proceeds $200,092,222) 200,000,000 200,000,000 Repurchase agreement with JPMorgan Chase Bank, dated 12/30/05, due on 01/03/06, at 3.400% collateralized by U.S. Treasury Notes with maturities to 11/15/13, market value $765,002,083 (repurchase proceeds $750,283,33) 750,000,000 750,000,000 Repurchase agreement with JPMorgan Chase Bank, dated 12/30/05, due on 01/03/06, at 4.100% collateralized by GNMA Bonds with maturities to 12/15/46, market value $510,001,933 (repurchase proceeds $500,227,778) 500,000,000 500,000,000 Repurchase agreement with Morgan Stanley, dated 12/30/05, due on 01/03/06, at 3.450% collateralized by U.S. Treasury Bonds and Notes with maturities to 11/15/22, market value $2,040,000,310 (repurchase proceeds $2,000,766,667) 2,000,000,000 2,000,000,000
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Treasury Reserves
PAR ($) VALUE ($) SHORT-TERM OBLIGATIONS - (CONTINUED) REPURCHASE AGREEMENTS - (CONTINUED) Repurchase agreement with Wachovia Bank, dated 12/30/05, due on 01/03/06, at 4.150% collateralized by GNMA Bonds and a U.S. Treasury Bond with maturities to 10/15/44, market value $204,000,053 (repurchase proceeds $200,090,000) 200,000,000 200,000,000 REPURCHASE AGREEMENTS TOTAL 14,867,438,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $15,071,897,823) 15,071,897,823 TOTAL INVESTMENTS - 100.2% (COST OF $15,955,693,903)(C) 15,955,693,903 OTHER ASSETS & LIABILITIES, NET - (0.2)% (25,999,319) NET ASSETS - 100.0% 15,929,694,584
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) Zero coupon bond. (b) The rate shown represents the annualized yield at the date of purchase. (c) Cost for federal income tax purposes is $15,955,693,903.
ACRONYM NAME ------- ---- GNMA Government National Mortgage Association
4 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($)* MUNICIPAL BONDS - 99.7% NEW YORK - 92.7% NY ALBANY INDUSTRIAL DEVELOPMENT AGENCY Daughters of Sarah Housing Co., Inc., Series 2001 A, LOC: Troy Savings Bank & KeyBank N.A. 3.560% 03/01/31(a) 7,025,000 7,025,000 NY ALLEGANY COUNTY INDUSTRIAL DEVELOPMENT AGENCY Series 2004, LOC: KeyBank N.A. 3.590% 04/01/29(a) 1,890,000 1,890,000 NY CONVENTION CENTER DEVELOPMENT CORP. Series 2005, Insured: AMBAC, LIQ FAC: Citibank N.A. 3.550% 11/15/44(a) 1,000,000 1,000,000 NY DORMITORY AUTHORITY Series 2000, Insured: AMBAC, LIQ FAC: Merrill Lynch Capital Services 2.850% 05/15/07(a)(b) 2,000,000 2,000,000 Series 2005 B: Insured: CIFG, SPA: DEPFA Bank PLC 3.550% 07/01/31(a) 2,875,000 2,875,000 LOC: Bayerische Landesbank 3.530% 05/15/39(a) 1,425,000 1,425,000 Series 2005, Insured: AMBAC, SPA: BNP Paribas 3.540% 09/15/24(a) 1,000,000 1,000,000 University of Rochester, Series 1997 A, Insured: MBIA 5.500% 07/01/06 400,000 404,739 NY DUTCHESS COUNTY INDUSTRIAL DEVELOPMENT AGENCY Marist College, Series 2005, LOC: Bank of New York 3.500% 07/01/35(a) 2,000,000 2,000,000 Trinity Pawling School Corp., Series 2002, LOC: Allied Irish Banks PLC 3.400% 10/01/32(a) 500,000 500,000 NY EAST FARMINGDALE VOLUNTEER FIRE COMPANY INCOME REVENUE Series 2002, LOC: Citibank N.A. 3.480% 11/01/22(a) 2,900,000 2,900,000 NY ENERGY RESEARCH & DEVELOPMENT AUTHORITY Long Island Lighting Co. Series 1997 A, LOC: Royal Bank of Scotland
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) 3.610% 12/01/27(a) 1,000,000 1,000,000 NY ENVIRONMENTAL FACILITIES CORP. General Electric Co., Series 1992 A, AMT, 3.800% 10/01/11(a) 2,970,000 2,970,000 Series 1997 A, AMT, 3.800% 12/01/27(a) 4,100,000 4,100,000 Waste Management of New York LLC, Series 2002 B, AMT, LOC: JPMorgan Chase Bank 3.530% 05/01/19(a) 1,000,000 1,000,000 NY ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY Series 1996, LOC: KeyBank of New York 3.590% 11/01/16(a) 765,000 765,000 Series 2003, Insured: FSA, 4.000% 05/01/06 300,000 301,216 Series 2005 J, Insured: FSA, LIQ FAC: Goldman Sachs 3.530% 05/01/12(a) 3,000,000 3,000,000 NY FOREST CITY NEW ROCHELLE REVENUE CERTIFICATES OF TRUST FC Washington-Lincoln LLC, Series 2003, LOC: Wachovia Bank N.A. 3.450% 06/01/11(a) 11,720,000 11,720,000 NY GREAT NECK NORTH WATER AUTHORITY WATER SYSTEMS Series 1993, Insured: FGIC, LOC: State Street Bank & Trust Co. 3.520% 01/01/20(a) 185,000 185,000 NY HEMPSTEAD INDUSTRIAL DEVELOPMENT AGENCY Trigen-Nassau Energy Corp., Series 1998, LOC: Societe Generale 3.610% 09/15/15(a) 2,800,000 2,800,000 NY HOUSING FINANCE AGENCY 153rd Street Associates LLC, Series 2003 A, Insured: FNMA 3.410% 05/15/36(a) 1,500,000 1,500,000 Baltimore Tower Housing LLC, Series 2002 A, AMT, LOC: FNMA 3.610% 05/15/34(a) 800,000 800,000 Barclay Street Realty LLC, Series 2004 A, Insured: FNMA 3.520% 11/15/37(a) 400,000 400,000
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) Chelsea Apartments, Series 2003, 3.570% 11/15/36(a) 500,000 500,000 Housing South Cove Plaza, Series 1999, 3.570% 11/01/30(a) 450,000 450,000 Series 2003 A, AMT, Insured: FHLMC 3.550% 11/01/35(a) 500,000 500,000 Series 2003 I, LOC: Landesbank Hessen-Thuringen 3.560% 03/15/31(a) 7,700,000 7,700,000 Yorkville Plaza Associates, Series 1999 A, AMT, Insured: FHLMC 3.600% 11/01/29(a) 900,000 900,000 NY JAY STREET DEVELOPMENT CORP. COURT FACILITY LEASE REVENUE Series 2001, LOC: Toronto-Dominion Bank 3.470% 05/01/21(a) 3,400,000 3,400,000 Series 2003 A-2, LOC: DEPFA Bank PLC 3.460% 05/01/22(a) 930,000 930,000 Series 2003, LOC: DEPFA Bank: 3.470% 05/01/22(a) 910,000 910,000 3.500% 05/01/22(a) 1,000,000 1,000,000 NY LIBERTY DEVELOPMENT CORP. REVENUE 377 Greenwich LLC, Series 2004, LOC: Wells Fargo Bank N.A. 3.450% 12/01/39(a) 4,280,000 4,280,000 NY LOCAL GOVERNMENT ASSISTANCE CORP. Series 1995 E, LOC: Landesbank Hessen-Thuringen 3.500% 04/01/25(a) 2,000,000 2,000,000 Series 1995 F, LOC: Societe Generale 3.330% 04/01/25(a) 1,300,000 1,300,000 Series 1995, LOC: Scotia Bank 3.420% 04/01/25(a) 1,950,000 1,950,000 Series 2000, Insured: FGIC LIQ FAC: Lloyds TSB Bank PLC 3.250% 04/01/10(a)(b) 3,200,000 3,200,000 Series 2003 3V, Insured: FGIC LOC: Landesbank Baden-Wurttemberg 3.530% 04/01/24(a) 4,450,000 4,450,000 NY LONG ISLAND POWER AUTHORITY Series 1998 3-A, LOC: JPMorgan Chase Bank & Landesbank Baden-Wurttemberg 3.550% 05/01/33(a) 4,500,000 4,500,000
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) Series 1999, Insured: FSA, SPA: Merrill Lynch Capital Services 3.540% 12/01/22(a) 500,000 500,000 NY METROPOLITAN TRANSPORTATION AUTHORITY Dedicated Tax Fund: Series 2004 D-1, Insured: AMBAC SPA: Wachovia Bank N.A. 3.520% 11/01/34(a) 2,000,000 2,000,000 Series 2005 A-1, Insured: XLCA LOC: Citibank N.A. 3.510% 11/01/31(a) 1,000,000 1,000,000 Series 2003, Insured: MBIA SPA: Citibank N.A. 3.550% 11/15/28(a) 2,700,000 2,700,000 Series 2005, Insured: AMBAC LIQ FAC: Citibank N.A. 3.550% 11/15/15(a) 3,000,000 3,000,000 NY MONROE COUNTY INDUSTRIAL DEVELOPMENT AGENCY Margaret Woodbury Strong Museum, Series 2005, LOC: JPMorgan Chase Bank 3.530% 04/01/35(a) 2,000,000 2,000,000 Series 1998, LOC: KeyBank N.A. 3.590% 08/01/18(a) 3,460,000 3,460,000 St. Ann's Nursing Home Co. Inc., Series 2000, LOC: HSBC Bank USA 3.510% 07/01/30(a) 2,900,000 2,900,000 St. Ann's Nursing Home for Aged, Series 2000, LOC: HSBC Bank USA 3.510% 07/01/30(a) 400,000 400,000 NY NASSAU COUNTY INTERMEDIATE FINANCE AUTHORITY Series 2002, Insured: FSA, LOC: Dexia Credit Local 3.330% 11/15/22(a) 6,900,000 6,900,000 Series 2005, Insured: MBIA SPA: Merrill Lynch Capital Services 3.540% 11/15/15(a) 1,000,000 1,000,000 NY NASSAU HEALTH CARE CORP. Series 2004 C-3, Insured: FSA, SPA: Dexia Credit Local
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) 3.370% 08/01/29(a) 700,000 700,000 NY NEW YORK CITY HOUSING DEVELOPMENT CORP. 92nd Realty LLC, Series 1999 A, Insured: FNMA 3.600% 06/15/29(a) 2,200,000 2,200,000 James West Ninety LLC, Series 2002 A, 3.500% 06/15/32(a) 1,480,000 1,480,000 RBNB Wall Street Owner LLC, Series 2005 A, LOC: Landesbank Hessen-Thuringen 3.550% 12/01/36(a) 2,950,000 2,950,000 Related Broadway Development LLC, Series 2001 A, AMT, Insured: FNMA 3.600% 11/15/31(a) 2,850,000 2,850,000 Upper East Lease Associates LLC, Series 2003, AMT, LOC: Landesbank Baden-Wurttemberg 3.610% 12/01/36(a) 1,000,000 1,000,000 NY NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY Abigail Press, Inc., Series 2002, LOC: JPMorgan Chase Bank 3.620% 12/01/18(a) 402,300 402,300 Allen-Stevenson School, Series 2004, LOC: Allied Irish Bank PLC 3.550% 12/01/34(a) 1,000,000 1,000,000 Lycee Francais de New York Series 2002 B, LOC: JPMorgan Chase Bank 3.700% 06/01/32(a) 980,000 980,000 NY NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY Series 1995 A, Insured: FGIC 3.670% 06/15/25(a) 2,125,000 2,125,000 Series 2002 C-2, SPA: DEFPA Bank PLC 3.500% 06/15/18(a) 7,000,000 7,000,000 NY NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY Series 2001 B, SPA: Landesbank Hessen-Thuringen 3.670% 02/01/31(a) 4,000,000 4,000,000 Series 2002 C4, SPA: Landesbank Hessen-Thuringen 3.770% 08/01/31(a) 580,000 580,000 Series 2002: LOC: Landesbank Hessen-Thuringen 3.520% 11/01/22(a) 800,000 800,000
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) LOC: Royal Bank of Canada, 3.700% 11/01/22(a) 1,400,000 1,400,000 Series 2003, Insured: MBIA-IBC 2.850% 11/01/08(a)(b) 1,900,000 1,900,000 NY NEW YORK CITY TRUST FOR CULTURAL RESOURCES Series 1989, LOC: KBC Bank N.V. 3.500% 05/01/14(a) 1,015,000 1,015,000 NY NEW YORK CITY Series 1994 B-8, LOC: Bayerische Landesbank 3.520% 08/15/24(a) 300,000 300,000 Series 2004 C-09, Insured: MBIA, SPA: Wachovia Bank PLC 3.530% 08/01/16(a) 1,000,000 1,000,000 Series 2004 C-3, Insured: CIFG, SPA: DEFPA Bank PLC 3.510% 08/15/29(a) 260,000 260,000 Series 2005 PT-3171, Insured: XLCA, LIQ FAC: Merrill Lynch Capital Services 3.540% 09/01/22(a) 1,000,000 1,000,000 Series 2005, Insured: MBIA, LIQ FAC: Citibank N.A. 3.550% 08/01/15(a) 2,000,000 2,000,000 NY NEWBURGH INDUSTRIAL DEVELOPMENT AGENCY Multi-Family Housing Revenue, Series 2005, SPA: Merrill Lynch Capital Services, GTY AGMT: Merrill Lynch & Co. 3.640% 07/01/41(a) 980,000 980,000 NY ONEIDA COUNTY INDUSTRIAL DEVELOPMENT AGENCY REVENUE Hamilton College, Series 2002, Insured: MBIA, LOC: Bank of New York 3.520% 09/15/32(a) 940,000 940,000 NY ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY General Super Plating Co. Inc., Series 2005, AMT, LOC: Citizens Bank 3.660% 04/01/25(a) 2,185,000 2,185,000 NY PORT AUTHORITY OF NEW YORK & NEW JERSEY Series 2003, AMT, Insured: AMBAC, LIQ FAC: Citibank N.A.
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) 3.590% 12/15/32(a) 1,520,000 1,520,000 Series 2004, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.560% 11/01/16(a) 2,665,000 2,665,000 Series 2005, AMT, Insured: AMBAC, SPA: BNP Paribas 3.570% 03/01/13(a) 500,000 500,000 Series A, 3.130% 02/02/06(a) 3,000,000 3,000,000 NY SYRACUSE INDUSTRIAL DEVELOPMENT AGENCY Byrne Dairy, Inc., Series 1988, AMT, LOC: Chase Manhattan Bank 3.680% 08/01/08(a) 3,900,000 3,900,000 NY THRUWAY AUTHORITY Second General Highway & Bridge Trust Fund, Series 2004, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.540% 04/01/12(a) 5,915,000 5,915,000 Series 2005 PT-3216, Insured: FSA, SPA: DEPFA Bank PLC 3.540% 01/01/32(a) LIQF 2,000,000 2,000,000 Series 2005, Insured: FSA, LIQ FAC: Citigroup Global Markets 3.550% 01/01/24(a) 1,000,000 1,000,000 NY TOBACCO SETTLEMENT FINANCING CORP. Series 2004 PT-972, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.000% 08/12/11(a) 1,000,000 1,000,000 NY TOMPKINS COUNTY INDUSTRIAL DEVELOPMENT AGENCY REVENUE Care Community Kendal Ithaca, Series 2000, LOC: Wachovia Bank N.A. 3.470% 06/01/25(a) 1,225,000 1,225,000 NY TRIBOROUGH BRIDGE & TUNNEL AUTHORITY Series 1997, 4.000% 01/01/07(a) 2,000,000 2,017,187 Series 2002 F, SPA: ABN Amro Bank N.V. 3.550% 11/01/32(a) 7,400,000 7,400,000 NY WESTCHESTER COUNTY INDUSTRIAL DEVELOPMENT Levister Redevelopment Co. LLC, Series 2001 B, AMT, LOC: Bank of New York 3.410% 08/01/33(a) 1,000,000 1,000,000 Westchester Jewish Project, Series 1998,
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) LOC: Chase Manhattan Bank 3.610% 10/01/28(a) 990,000 990,000 NEW YORK TOTAL 192,570,442 PUERTO RICO - 7.0% PR COMMONWEALTH OF PUERTO RICO ELECTRIC POWER AUTHORITY Series 1995 W, Insured: MBIA 6.500% 07/01/06 1,000,000 1,018,461 PR COMMONWEALTH OF PUERTO RICO INFRASTRUCTURE FINANCING AUTHORITY Series 2005 Z-6, Insured: FGIC, LIQ FAC: Goldman Sachs 3.590% 06/26/37(a) 2,975,000 2,975,000 Series 2005, Insured: AMBAC, LIQ FAC: Landesbank Hessen-Thuringen 3.520% 07/01/23(a) 1,500,000 1,500,000 PR COMMONWEALTH OF PUERTO RICO Series 2001, Insured: FSA, LIQ FAC: Bank of New York 3.530% 07/01/27(a) 2,570,000 2,570,000 Series 2005 PT-3271, Insured: XLCA, SPA: Merrill Lynch Capital Services 3.500% 07/01/17(a) 2,000,000 2,000,000 Series 2005, 4.500% 07/28/06 4,500,000 4,531,610 PUERTO RICO TOTAL 14,595,071 TOTAL MUNICIPAL BONDS (COST OF $207,165,513) 207,165,513 TOTAL INVESTMENTS - 99.7% (COST OF $207,165,513)(C) 207,165,513 OTHER ASSETS & LIABILITIES, NET - 0.3% 570,560 NET ASSETS - 100.0% 207,736,073
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. 8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia New York Tax-Exempt Reserves (b) Illiquid securities. (c) Cost for federal income tax purposes is $207,165,513.
ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax CIFG CIFG Assurance North America, Inc. FGIC Financial Guaranty Insurance Co. FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. GTY AGMT Guaranty Agreement IBC Insured Bond Certificate LIQ FAC Liquidity Facility LOC Letter of Credit MBIA MBIA Insurance Corp. SPA Stand-by Purchase Agreement XLCA XL Capital Assurance, Inc.
9 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($)* COMMON STOCKS - 98.8% CONSUMER DISCRETIONARY - 15.4% AUTO COMPONENTS - 0.2% Midas, Inc. (a) 34,400 631,584 Standard Motor Products, Inc. 34,300 316,589 Superior Industries International, Inc. 62,700 1,395,702 Auto Components Total 2,343,875 AUTOMOBILES - 0.5% Coachmen Industries, Inc. 39,000 460,590 Fleetwood Enterprises, Inc. (a) 174,200 2,151,370 Monaco Coach Corp. 72,900 969,570 Winnebago Industries, Inc. 90,100 2,998,528 Automobiles Total 6,580,058 DISTRIBUTORS - 0.2% Audiovox Corp., Class A (a) 53,500 741,510 Building Material Holding Corp. 39,400 2,687,474 Distributors Total 3,428,984 DIVERSIFIED CONSUMER SERVICES - 0.2% CPI Corp. 18,800 351,748 Pre-Paid Legal Services, Inc. 28,000 1,069,880 Vertrue, Inc. (a) 26,600 939,778 Diversified Consumer Services Total 2,361,406 HOTELS, RESTAURANTS & LEISURE - 3.4% Aztar Corp. (a) 98,000 2,978,220 Bally Total Fitness Holding Corp. (a) 93,400 586,552 CEC Entertainment, Inc. (a) 93,550 3,184,442 IHOP Corp. 51,500 2,415,865 Jack in the Box, Inc. (a) 97,700 3,412,661 Landry's Restaurants, Inc. 45,600 1,217,976 Lone Star Steakhouse & Saloon, Inc. 49,300 1,170,382 Marcus Corp. 59,100 1,388,850 Multimedia Games, Inc. (a) 74,400 688,200 O'Charleys, Inc. (a) 61,300 950,763 P.F. Chang's China Bistro, Inc. (a) 72,300 3,588,249 Panera Bread Co. (a) 85,400 5,609,072 Papa John's International, Inc. (a) 32,600 1,933,506 Pinnacle Entertainment, Inc. (a) 111,100 2,745,281 RARE Hospitality International, Inc. (a) 91,500 2,780,685 Red Robin Gourmet Burgers, Inc. (a) 39,700 2,023,112 Ryan's Restaurant Group, Inc. (a) 115,100 1,388,106 Shuffle Master, Inc. (a) 95,550 2,402,127 Sonic Corp. (a) 162,600 4,796,700
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) HOTELS, RESTAURANTS & LEISURE - (CONTINUED) Steak n Shake Co. (a) 76,500 1,296,675 Triarc Companies, Inc., Class B 148,764 2,209,145 WMS Industries, Inc. (a) 62,500 1,568,125 Hotels, Restaurants & Leisure Total 50,334,694 HOUSEHOLD DURABLES - 2.7% Bassett Furniture Industries, Inc. 32,400 599,400 Champion Enterprises, Inc. (a) 208,200 2,835,684 Ethan Allen Interiors, Inc. 91,500 3,342,495 Interface, Inc., Class A (a) 131,500 1,080,930 La-Z-Boy, Inc. 141,600 1,920,096 Lenox Group, Inc. (a) 38,100 504,444 Libbey, Inc. 38,300 391,426 M.D.C. Holdings, Inc. 89,232 5,530,599 M/I Homes, Inc. 34,200 1,389,204 Meritage Corp. (a) 63,000 3,963,960 National Presto Industries, Inc. 12,900 572,115 NVR, Inc. (a) 14,500 10,179,000 Russ Berrie & Co., Inc. 32,500 371,150 Skyline Corp. 18,600 677,040 Standard Pacific Corp. 188,200 6,925,760 Household Durables Total 40,283,303 INTERNET & CATALOG RETAIL - 0.3% Insight Enterprises, Inc. (a) 130,400 2,557,144 J Jill Group, Inc. (a) 55,700 1,059,971 Internet & Catalog Retail Total 3,617,115 LEISURE EQUIPMENT & PRODUCTS - 1.1% Arctic Cat, Inc. 35,000 702,100 JAKKS Pacific, Inc. (a) 73,800 1,545,372 K2, Inc. (a) 128,500 1,299,135 Meade Instruments Corp. (a) 46,600 127,218 Nautilus Group, Inc. 91,600 1,709,256 Polaris Industries, Inc. 114,000 5,722,800 SCP Pool Corp. 142,850 5,316,877 Sturm Ruger & Co., Inc. 59,000 413,590 Leisure Equipment & Products Total 16,836,348 MEDIA - 0.6% 4Kids Entertainment, Inc. (a) 34,800 546,012 ADVO, Inc. 86,250 2,430,525 Arbitron, Inc. 84,600 3,213,108
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) MEDIA - (CONTINUED) Live Nation (a) 187,700 2,458,870 Thomas Nelson, Inc. 29,900 737,035 Media Total 9,385,550 MULTILINE RETAIL - 0.1% Fred's, Inc. 109,250 1,777,498 Multiline Retail Total 1,777,498 SPECIALTY RETAIL - 4.3% Aaron Rents, Inc. 123,250 2,598,110 Burlington Coat Factory Warehouse Corp. 45,400 1,825,534 Cato Corp., Class A 85,500 1,833,975 Children's Place Retail Stores, Inc. (a) 58,700 2,900,954 Christopher & Banks Corp. 98,700 1,853,586 Cost Plus, Inc. (a) 60,500 1,037,575 Dress Barn, Inc. (a) 61,800 2,386,098 Finish Line, Inc., Class A 120,800 2,104,336 Genesco, Inc. (a) 62,700 2,432,133 Group 1 Automotive, Inc. (a) 59,000 1,854,370 Guitar Center, Inc. (a) 71,300 3,565,713 Gymboree Corp. (a) 86,800 2,031,120 Hancock Fabrics, Inc. 52,500 213,675 Haverty Furniture Companies, Inc. 61,500 792,735 Hibbett Sporting Goods, Inc. (a) 97,900 2,788,192 HOT Topic, Inc. (a) 123,000 1,752,750 Jo-Ann Stores, Inc. (a) 64,250 758,150 Linens 'N Things, Inc. (a) 124,400 3,309,040 MarineMax, Inc. (a) 43,000 1,357,510 Men's Wearhouse, Inc. (a) 144,900 4,265,856 Movie Gallery, Inc. 70,800 397,188 Pep Boys-Manny, Moe & Jack, Inc. 148,500 2,211,165 Select Comfort Corp. (a) 96,300 2,633,805 Sonic Automotive, Inc. 81,600 1,818,048 Stage Stores, Inc. 72,550 2,160,539 Stein Mart, Inc. 73,100 1,326,765 Too, Inc. (a) 91,300 2,575,573 Tractor Supply Co. (a) 91,700 4,854,598 Zale Corp. (a) 134,000 3,370,100 Specialty Retail Total 63,009,193 TEXTILES, APPAREL & LUXURY GOODS - 1.8% Ashworth, Inc. (a) 38,300 323,635
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) TEXTILES, APPAREL & LUXURY GOODS - (CONTINUED) Brown Shoe Co., Inc. 50,600 2,146,958 Fossil, Inc. (a) 134,250 2,887,718 JOS. A. Bank Clothiers, Inc. (a) 32,700 1,419,507 K-Swiss, Inc. 71,000 2,303,240 Kellwood Co. 76,300 1,822,044 Oxford Industries, Inc. 38,800 2,122,360 Phillips-Van Heusen Corp. 101,000 3,272,400 Quiksilver, Inc. (a) 321,600 4,450,944 Russell Corp. 90,700 1,220,822 Stride Rite Corp. 99,400 1,347,864 Wolverine World Wide, Inc. 155,900 3,501,514 Textiles, Apparel & Luxury Goods Total 26,819,006 CONSUMER DISCRETIONARY TOTAL 226,777,030 CONSUMER STAPLES - 3.5% BEVERAGES - 0.2% Hansen Natural Corp. (a) 34,700 2,734,707 Beverages Total 2,734,707 FOOD & STAPLES RETAILING - 1.0% Casey's General Stores, Inc. 138,000 3,422,400 Great Atlantic & Pacific Tea Co., Inc. (a) 49,300 1,566,754 Longs Drug Stores Corp. 72,900 2,652,831 Nash Finch Co. 36,300 924,924 Performance Food Group Co. (a) 103,000 2,922,110 United Natural Foods, Inc. (a) 113,600 2,999,040 Food & Staples Retailing Total 14,488,059 FOOD PRODUCTS - 1.6% American Italian Pasta Co., Class A 50,500 343,400 Corn Products International, Inc. 202,200 4,830,558 Delta & Pine Land Co. 99,000 2,277,990 Flowers Foods, Inc. 143,400 3,952,104 Hain Celestial Group, Inc. (a) 101,300 2,143,508 J & J Snack Foods Corp. 18,600 1,105,026 Lance, Inc. 81,800 1,523,934 Peet's Coffee & Tea, Inc. (a) 38,500 1,168,475 Ralcorp Holdings, Inc. (a) 81,400 3,248,674 Sanderson Farms, Inc. 39,700 1,212,041
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) FOOD PRODUCTS - (CONTINUED) TreeHouse Foods, Inc. (a) 85,200 1,594,944 Food Products Total 23,400,654 HOUSEHOLD PRODUCTS - 0.2% Spectrum Brands, Inc. (a) 101,700 2,065,527 WD-40 Co. 45,800 1,202,708 Household Products Total 3,268,235 PERSONAL PRODUCTS - 0.4% Natures Sunshine Products, Inc. 32,300 583,984 NBTY, Inc. (a) 152,900 2,484,625 Playtex Products, Inc. (a) 173,900 2,377,213 USANA Health Sciences, Inc. (a) 27,600 1,058,736 Personal Products Total 6,504,558 TOBACCO - 0.1% Alliance One International, Inc. 238,900 931,710 Tobacco Total 931,710 CONSUMER STAPLES TOTAL 51,327,923 ENERGY - 8.0% ENERGY EQUIPMENT & SERVICES - 4.0% Atwood Oceanics, Inc. (a) 36,500 2,848,095 CAL Dive International, Inc. (a) 213,100 7,648,159 CARBO Ceramics, Inc. 54,150 3,060,558 Dril-Quip, Inc. (a) 22,100 1,043,120 Hydril (a) 53,700 3,361,620 Input/Output, Inc. (a) 192,500 1,353,275 Lone Star Technologies, Inc. (a) 83,800 4,329,108 Lufkin Industries, Inc. 40,100 1,999,787 Maverick Tube Corp. (a) 118,200 4,711,452 NS Group, Inc. (a) 61,700 2,579,677 Oceaneering International, Inc. (a) 73,300 3,648,874 Offshore Logistics, Inc. (a) 63,900 1,865,880 SEACOR Holdings, Inc. (a) 56,900 3,874,890 Tetra Technologies, Inc. (a) 95,075 2,901,689 Unit Corp. (a) 126,500 6,961,295 Veritas DGC, Inc. (a) 95,800 3,399,942 W-H Energy Services, Inc. (a) 78,300 2,590,164 Energy Equipment & Services Total 58,177,585 OIL, GAS & CONSUMABLE FUELS - 4.0% Cabot Oil & Gas Corp. 134,250 6,054,675 Cimarex Energy Co. (a) 225,900 9,715,959 Frontier Oil Corp. 155,000 5,817,150
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) ENERGY - (CONTINUED) OIL, GAS & CONSUMABLE FUELS - (CONTINUED) Massey Energy Co. 210,900 7,986,783 Penn Virginia Corp. 51,000 2,927,400 Petroleum Development Corp. (a) 45,500 1,516,970 Remington Oil & Gas Corp. (a) 64,600 2,357,900 St. Mary Land & Exploration Co. 155,100 5,709,231 Stone Energy Corp. (a) 73,800 3,360,114 Swift Energy Co. (a) 78,700 3,547,009 Vintage Petroleum, Inc. 151,100 8,058,163 World Fuel Services Corp. 75,000 2,529,000 Oil, Gas & Consumable Fuels Total 59,580,354 ENERGY TOTAL 117,757,939 FINANCIALS - 14.6% CAPITAL MARKETS - 0.5% Investment Technology Group, Inc. (a) 115,800 4,103,952 Piper Jaffray Companies, Inc. (a) 54,300 2,193,720 SWS Group, Inc. 43,200 904,608 Capital Markets Total 7,202,280 COMMERCIAL BANKS - 5.4% Boston Private Financial Holdings, Inc. 94,300 2,868,606 Central Pacific Financial Corp. 83,400 2,995,728 Chittenden Corp. 127,625 3,549,251 Community Bank System, Inc. 82,100 1,851,355 East West Bancorp, Inc. 154,200 5,626,758 First Bancorp. 221,600 2,750,056 First Midwest Bancorp, Inc. 124,400 4,361,464 First Republic Bank 62,950 2,329,780 Glacier Bancorp, Inc. 86,000 2,584,300 Gold Banc Corp., Inc. 104,800 1,909,456 Hudson United BanCorp (b) 121,900 5,080,792 Irwin Financial Corp. 48,600 1,041,012 Nara Bancorp, Inc. 54,500 969,010 PrivateBancorp, Inc. 47,700 1,696,689 Prosperity Bancshares, Inc. 58,900 1,692,786 Provident Bankshares Corp. 90,200 3,046,054 Republic Bancorp, Inc. 206,037 2,451,840 South Financial Group, Inc. 204,700 5,637,438 Sterling Bancshares, Inc. 124,500 1,922,280 Susquehanna Bancshares, Inc. 128,400 3,040,512
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) COMMERCIAL BANKS - (CONTINUED) TrustCo Bank Corp. NY 205,400 2,551,068 UCBH Holdings, Inc. (b) 255,400 4,566,552 Umpqua Holdings Corp. 122,000 3,480,660 United Bankshares, Inc. 101,700 3,583,908 Whitney Holding Corp. 173,600 4,784,416 Wintrust Financial Corp. 64,900 3,563,010 Commercial Banks Total 79,934,781 CONSUMER FINANCE - 0.3% Cash America International, Inc. 80,200 1,859,838 Rewards Network, Inc. (a) 57,400 367,360 World Acceptance Corp. (a) 50,100 1,427,850 Consumer Finance Total 3,655,048 DIVERSIFIED FINANCIAL SERVICES - 0.1% Financial Federal Corp. 48,200 2,142,490 Diversified Financial Services Total 2,142,490 INSURANCE - 2.9% Delphi Financial Group, Inc., Class A 78,600 3,616,386 Hilb Rogal & Hobbs Co. 98,200 3,781,682 Infinity Property & Casualty Corp. 56,700 2,109,807 LandAmerica Financial Group, Inc. 47,800 2,982,720 Philadelphia Consolidated Holding Co. (a) 50,600 4,892,514 Presidential Life Corp. 58,900 1,121,456 ProAssurance Corp. (a) 85,200 4,144,128 RLI Corp. 58,700 2,927,369 SCPIE Holdings, Inc. (a) 27,500 572,000 Selective Insurance Group, Inc. 77,400 4,109,940 Stewart Information Services Corp. 49,700 2,418,899 UICI 96,100 3,412,511 United Fire & Casualty Co. 46,600 1,884,038 Zenith National Insurance Corp. 99,800 4,602,776 Insurance Total 42,576,226 REAL ESTATE - 3.4% Acadia Realty Trust, REIT 86,500 1,734,325 Colonial Properties Trust 122,800 5,155,144 Commercial Net Lease Realty, Inc., REIT 148,600 3,026,982 EastGroup Properties, Inc., REIT 60,400 2,727,664 Entertainment Properties Trust, REIT 71,000 2,893,250 Essex Property Trust, Inc., REIT 62,700 5,780,940 Glenborough Realty Trust, Inc. 95,400 1,726,740
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) REAL ESTATE - (CONTINUED) Kilroy Realty Corp., REIT 79,300 4,908,670 Lexington Corporate Properties Trust 142,500 3,035,250 New Century Financial Corp. 154,950 5,589,046 Parkway Properties, Inc., REIT 38,800 1,557,432 Shurgard Storage Centers, Inc., Class A, REIT 128,600 7,292,906 Sovran Self Storage, Inc., REIT 46,900 2,202,893 Town & Country Trust, REIT 48,200 1,629,642 Real Estate Total 49,260,884 THRIFTS & MORTGAGE FINANCE - 2.0% Anchor BanCorp Wisconsin, Inc. 50,500 1,532,170 BankAtlantic Bancorp, Inc., Class A 123,200 1,724,800 Bankunited Financial Corp. 73,000 1,939,610 Brookline Bancorp, Inc. 168,900 2,393,313 Dime Community Bancshares 76,000 1,110,360 Downey Financial Corp. 57,300 3,918,747 Fidelity Bankshares, Inc. 61,300 2,004,510 FirstFed Financial Corp. (a) 45,400 2,475,208 Flagstar BanCorp, Inc. 95,800 1,379,520 Franklin Bank Corp. (a) 64,100 1,153,159 Fremont General Corp. 179,400 4,167,462 MAF Bancorp, Inc. 75,600 3,128,328 Sterling Financial Corp. 95,425 2,383,717 Thrifts & Mortgage Finance Total 29,310,904 FINANCIALS TOTAL 214,082,613 HEALTH CARE - 12.3% BIOTECHNOLOGY - 0.3% ArQule, Inc. (a) 96,800 592,416 Cambrex Corp. 73,100 1,372,087 Enzo Biochem, Inc. (a) 75,020 931,748 Regeneron Pharmaceuticals, Inc. (a) 120,100 1,915,595 Savient Pharmaceuticals, Inc. (a) 166,600 623,084 Biotechnology Total 5,434,930 HEALTH CARE EQUIPMENT & SUPPLIES - 6.3% American Medical Systems Holdings, Inc. (a) 190,500 3,396,615 Analogic Corp. 37,900 1,813,515 ArthroCare Corp. (a) 68,700 2,895,018 BioLase Technology, Inc. 63,800 509,762
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE EQUIPMENT & SUPPLIES - (CONTINUED) Biosite, Inc. (a) 47,800 2,690,662 CNS, Inc. 39,000 854,490 CONMED Corp. (a) 80,900 1,914,094 Cooper Companies, Inc. 121,100 6,212,430 Cyberonics, Inc. (a) 59,700 1,928,310 Datascope Corp. 33,700 1,113,785 Diagnostic Products Corp. 64,600 3,136,330 Dionex Corp. (a) 54,900 2,694,492 DJ Orthopedics, Inc. (a) 60,000 1,654,800 Greatbatch, Inc. (a) 59,400 1,544,994 Haemonetics Corp. (a) 72,600 3,547,236 Hologic, Inc. (a) 121,700 4,614,864 ICU Medical, Inc. (a) 38,100 1,493,901 IDEXX Laboratories, Inc. (a) 87,900 6,327,042 Immucor, Inc. (a) 125,025 2,920,584 Integra LifeSciences Holdings Corp. (a) 47,700 1,691,442 Intermagnetics General Corp. (a) 70,650 2,253,735 Invacare Corp. 87,000 2,739,630 Kensey Nash Corp. (a) 27,400 603,622 Laserscope (a) 54,900 1,233,054 Mentor Corp. 104,400 4,810,752 Merit Medical Systems, Inc. (a) 74,400 903,216 Osteotech, Inc. (a) 47,200 234,584 PolyMedica Corp. 66,300 2,219,061 Possis Medical, Inc. (a) 47,300 470,635 ResMed, Inc. (a) 193,700 7,420,647 Respironics, Inc. (a) 197,600 7,325,032 SurModics, Inc. (a) 42,600 1,575,774 Sybron Dental Specialties, Inc. (a) 110,700 4,406,967 Theragenics Corp. (a) 87,600 264,552 Viasys Healthcare, Inc. (a) 86,800 2,230,760 Vital Signs, Inc. 15,500 663,710 Health Care Equipment & Supplies Total 92,310,097 HEALTH CARE PROVIDERS & SERVICES - 4.7% Amedisys, Inc. (a) 43,300 1,828,992 American Healthways, Inc. (a) 92,700 4,194,675 AMERIGROUP Corp. (a) 141,250 2,748,725 AmSurg Corp. (a) 81,400 1,860,804 Centene Corp. (a) 117,000 3,075,930 Cerner Corp. (a) 84,900 7,718,259
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE PROVIDERS & SERVICES - (CONTINUED) Chemed Corp. 70,600 3,507,408 Cross Country Healthcare, Inc. (a) 57,300 1,018,794 CryoLife, Inc. (a) 59,000 197,060 Dendrite International, Inc. (a) 119,000 1,714,790 Gentiva Health Services, Inc. (a) 62,700 924,198 Hooper Holmes, Inc. 180,600 460,530 LCA-Vision, Inc. 56,600 2,689,066 NDC Health Corp. (a) 99,400 1,911,462 Odyssey Healthcare, Inc. (a) 93,850 1,749,364 Owens & Minor, Inc. 109,400 3,011,782 PAREXEL International Corp. (a) 73,000 1,478,980 Pediatrix Medical Group, Inc. (a) 67,700 5,996,189 Pharmaceutical Product Development, Inc. 137,900 8,542,905 RehabCare Group, Inc. (a) 46,100 931,220 SFBC International, Inc. (a) 50,600 810,106 Sierra Health Services, Inc. (a) 70,100 5,605,196 Sunrise Senior Living, Inc. (a) 98,400 3,317,064 United Surgical Partners International, Inc. (a) 121,250 3,898,188 Health Care Providers & Services Total 69,191,687 PHARMACEUTICALS - 1.0% Alpharma, Inc., Class A 114,300 3,258,693 Bradley Pharmaceuticals, Inc. (a) 38,200 362,900 Connetics Corp. (a) 96,500 1,394,425 Medicis Pharmaceutical Corp., Class A 149,200 4,781,860 MGI Pharma, Inc. (a) 212,400 3,644,784 Noven Pharmaceuticals, Inc. (a) 64,700 978,911 Pharmaceuticals Total 14,421,573 HEALTH CARE TOTAL 181,358,287 INDUSTRIALS - 18.9% AEROSPACE & DEFENSE - 2.6% AAR Corp. (a) 90,500 2,167,475 Applied Signal Technology, Inc. 31,500 715,050 Armor Holdings, Inc. (a) 81,400 3,471,710 Ceradyne, Inc. (a) 72,500 3,175,500 Cubic Corp. 42,500 848,300 Curtiss-Wright Corp. 59,600 3,254,160 DRS Technologies, Inc. 76,800 3,949,056
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) AEROSPACE & DEFENSE - (CONTINUED) EDO Corp. 40,400 1,093,224 Engineered Support Systems, Inc. 114,562 4,770,362 Esterline Technologies Corp. (a) 69,400 2,580,986 GenCorp, Inc. (a) 150,400 2,669,600 Kaman Corp., Class A 63,200 1,244,408 Mercury Computer Systems, Inc. (a) 58,200 1,200,666 Moog, Inc., Class A (a) 94,375 2,678,362 Teledyne Technologies, Inc. (a) 92,200 2,683,020 Triumph Group, Inc. (a) 43,600 1,596,196 Aerospace & Defense Total 38,098,075 AIR FREIGHT & LOGISTICS - 0.6% EGL, Inc. (a) 89,400 3,358,758 Forward Air Corp. 85,750 3,142,738 HUB Group, Inc., Class A (a) 55,400 1,958,390 Air Freight & Logistics Total 8,459,886 AIRLINES - 0.4% Frontier Airlines, Inc. (a) 99,200 916,608 Mesa Air Group, Inc. (a) 79,300 829,478 Skywest, Inc. 158,700 4,262,682 Airlines Total 6,008,768 BUILDING PRODUCTS - 1.3% Apogee Enterprises, Inc. 76,500 1,240,830 Drew Industries, Inc. (a) 41,100 1,158,609 ElkCorp. 49,800 1,676,268 Griffon Corp. (a) 71,200 1,695,272 Lennox International, Inc. 155,500 4,385,100 NCI Building Systems, Inc. (a) 58,100 2,468,088 Simpson Manufacturing Co., Inc. 100,400 3,649,540 Universal Forest Products, Inc. 44,300 2,447,575 Building Products Total 18,721,282 COMMERCIAL SERVICES & SUPPLIES - 3.9% ABM Industries, Inc. 105,600 2,064,480 Administaff, Inc. 61,900 2,602,895 Angelica Corp. 25,500 421,770 Bowne & Co., Inc. 89,400 1,326,696 Brady Corp., Class A 134,800 4,877,064 CDI Corp. 34,200 937,080 Central Parking Corp. 49,100 673,652 Coinstar, Inc. (a) 75,100 1,714,533 Consolidated Graphics, Inc. (a) 32,200 1,524,348
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) COMMERCIAL SERVICES & SUPPLIES - (CONTINUED) G&K Services, Inc., Class A 57,900 2,272,575 Gevity HR, Inc. 75,400 1,939,288 Healthcare Services Group, Inc. 73,800 1,528,398 Heidrick & Struggles International, Inc. (a) 51,000 1,634,550 John H. Harland Co. 77,200 2,902,720 Labor Ready, Inc. (a) 146,100 3,041,802 Mobile Mini, Inc. (a) 41,700 1,976,580 NCO Group, Inc. (a) 88,200 1,492,344 On Assignment, Inc. (a) 70,400 768,064 Portfolio Recovery Associates, Inc. (a) 43,100 2,001,564 School Specialty, Inc. (a) 62,800 2,288,432 SOURCECORP, Inc. (a) 42,700 1,023,946 Spherion Corp. (a) 163,500 1,636,635 Standard Register Co. 34,800 550,188 Tetra Tech, Inc. (a) 156,300 2,449,221 United Stationers, Inc. (a) 88,600 4,297,100 Viad Corp. 61,500 1,803,795 Volt Information Sciences, Inc. (a) 22,300 424,146 Waste Connections, Inc. (a) 127,150 4,381,589 Watson Wyatt & Co. Holdings 115,500 3,222,450 Commercial Services & Supplies Total 57,777,905 CONSTRUCTION & ENGINEERING - 1.0% EMCOR Group, Inc. (a) 42,600 2,876,778 Insituform Technologies, Inc., Class A (a) 73,800 1,429,506 Shaw Group, Inc. (a) 216,800 6,306,712 URS Corp. (a) 118,200 4,445,502 Construction & Engineering Total 15,058,498 ELECTRICAL EQUIPMENT - 1.7% A.O. Smith Corp. 55,300 1,941,030 Acuity Brands, Inc. 123,300 3,920,940 Artesyn Technologies, Inc. (a) 109,300 1,125,790 Baldor Electric Co. 77,200 1,980,180 C&D Technologies, Inc. 69,700 531,114 MagneTek, Inc. (a) 79,800 259,350 Regal-Beloit Corp. 84,000 2,973,600 Roper Industries, Inc. 235,200 9,292,752 Vicor Corp. 52,900 836,349
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) ELECTRICAL EQUIPMENT - (CONTINUED) Woodward Governor Co. 27,000 2,322,270 Electrical Equipment Total 25,183,375 INDUSTRIAL CONGLOMERATES - 0.1% Standex International Corp. 30,700 852,232 Tredegar Corp. 76,300 983,507 Industrial Conglomerates Total 1,835,739 MACHINERY - 4.6% A.S.V., Inc. (a) 48,600 1,214,028 Albany International Corp., Class A 88,400 3,196,544 Astec Industries, Inc. (a) 48,000 1,567,680 Barnes Group, Inc. 47,700 1,574,100 Briggs & Stratton Corp. 141,800 5,500,422 CLARCOR, Inc. 142,200 4,224,762 EnPro Industries, Inc. (a) 58,300 1,571,185 Gardner Denver, Inc. (a) 71,200 3,510,160 IDEX Corp. 143,450 5,897,229 JLG Industries, Inc. 141,700 6,470,022 Kaydon Corp. 77,200 2,481,208 Lindsay Manufacturing Co. 31,600 607,668 Lydall, Inc. (a) 44,300 361,045 Manitowoc Co., Inc. 82,900 4,163,238 Mueller Industries, Inc. 100,400 2,752,968 Oshkosh Truck Corp. 201,200 8,971,508 Robbins & Myers, Inc. 31,800 647,130 Stewart & Stevenson Services, Inc. 80,300 1,696,739 Toro Co. 115,300 5,046,681 Valmont Industries, Inc. 45,100 1,509,046 Wabash National Corp. 85,700 1,632,585 Watts Water Technologies, Inc., Class A 69,800 2,114,242 Wolverine Tube, Inc. (a) 41,200 208,472 Machinery Total 66,918,662 MARINE - 0.3% Kirby Corp. (a) 70,400 3,672,768 Marine Total 3,672,768 ROAD & RAIL - 1.5% Arkansas Best Corp. 69,200 3,022,656 Heartland Express, Inc. 123,451 2,504,821 Kansas City Southern (a) 203,100 4,961,733 Knight Transportation, Inc. 156,900 3,252,537
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) ROAD & RAIL - (CONTINUED) Landstar System, Inc. 160,500 6,699,270 Old Dominion Freight Line, Inc. (a) 77,650 2,094,997 Road & Rail Total 22,536,014 TRADING COMPANIES & DISTRIBUTORS - 0.9% Applied Industrial Technologies, Inc. 68,050 2,292,604 Hughes Supply, Inc. 183,400 6,574,890 Lawson Products 12,600 475,524 Watsco, Inc. 65,000 3,887,650 Trading Companies & Distributors Total 13,230,668 INDUSTRIALS TOTAL 277,501,640 INFORMATION TECHNOLOGY - 15.9% COMMUNICATIONS EQUIPMENT - 1.2% Bel Fuse, Inc., Class B 32,100 1,020,780 Belden CDT, Inc. 118,850 2,903,506 Black Box Corp. 47,300 2,241,074 C-COR, Inc. (a) 131,200 637,632 Comtech Telecommunications Corp. (a) 55,500 1,694,970 Digi International, Inc. (a) 56,400 591,636 Ditech Communications Corp. (a) 88,600 739,810 Harmonic, Inc. (a) 201,800 978,730 Inter-Tel, Inc. 57,500 1,125,275 NETGEAR, Inc. (a) 90,300 1,738,275 Network Equipment Technologies, Inc. (a) 67,500 297,000 PC-Tel, Inc. (a) 58,600 513,336 Symmetricom, Inc. (a) 126,700 1,073,149 Tollgrade Communications, Inc. (a) 36,100 394,573 ViaSat, Inc. (a) 61,700 1,649,241 Communications Equipment Total 17,598,987 COMPUTERS & PERIPHERALS - 1.1% Adaptec, Inc. (a) 310,900 1,809,438 Avid Technology, Inc. (a) 114,275 6,257,699 Hutchinson Technology, Inc. (a) 70,100 1,994,345 Komag, Inc. (a) 82,100 2,845,586 Novatel Wireless, Inc. (a) 80,300 972,433 SBS Technologies, Inc. (a) 42,900 432,003 Synaptics, Inc. (a) 66,500 1,643,880 Computers & Peripherals Total 15,955,384
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.0% Aeroflex, Inc. (a) 204,800 2,201,600 Agilysys, Inc. 83,500 1,521,370 Anixter International, Inc. 89,200 3,489,504 Bell Microproducts, Inc. (a) 82,000 627,300 Benchmark Electronics, Inc. (a) 115,150 3,872,494 Brightpoint, Inc. (a) 75,400 2,090,842 Checkpoint Systems, Inc. (a) 105,300 2,595,645 Cognex Corp. 129,700 3,902,673 Coherent, Inc. (a) 85,400 2,534,672 CTS Corp. 98,800 1,092,728 Daktronics, Inc. 42,900 1,268,553 Electro Scientific Industries, Inc. (a) 78,600 1,898,190 FLIR Systems, Inc. (a) 190,200 4,247,166 Gerber Scientific, Inc. (a) 61,200 585,684 Global Imaging Systems, Inc. (a) 63,800 2,209,394 Itron, Inc. (a) 68,000 2,722,720 Keithley Instruments, Inc. 39,200 548,016 Littelfuse, Inc. (a) 61,200 1,667,700 Methode Electronics, Inc., Class A 103,400 1,030,898 MTS Systems Corp. 54,300 1,880,952 Park Electrochemical Corp. 55,100 1,431,498 Paxar Corp. (a) 99,900 1,961,037 Photon Dynamics, Inc. (a) 46,600 851,848 Planar Systems, Inc. (a) 40,500 338,985 RadiSys Corp. (a) 56,400 977,976 Rogers Corp. (a) 44,600 1,747,428 ScanSource, Inc. (a) 34,800 1,902,864 Technitrol, Inc. 111,100 1,899,810 Trimble Navigation Ltd. (a) 147,500 5,234,775 X-Rite, Inc. 50,600 506,000 Electronic Equipment & Instruments Total 58,840,322 INTERNET SOFTWARE & SERVICES - 1.2% Blue Coat Systems, Inc. (a) 35,400 1,618,488 Digital Insight Corp. (a) 94,400 3,022,688 InfoSpace, Inc. (a) 75,700 1,954,574 j2 Global Communications, Inc. (a) 67,800 2,897,772 MIVA, Inc. (a) 76,400 378,180 Secure Computing Corp. (a) 101,300 1,241,938 WebEx Communications, Inc. (a) 95,300 2,061,339
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) INTERNET SOFTWARE & SERVICES - (CONTINUED) Websense, Inc. (a) 65,300 4,286,292 Internet Software & Services Total 17,461,271 IT SERVICES - 1.9% CACI International, Inc., Class A (a) 82,600 4,739,588 Carreker Corp. (a) 58,900 293,911 CIBER, Inc. (a) 150,800 995,280 eFunds Corp. (a) 125,400 2,939,376 Global Payments, Inc. 180,400 8,408,444 Intrado, Inc. (a) 48,900 1,125,678 iPayment, Inc. (a) 35,400 1,469,808 Keane, Inc. (a) 124,700 1,372,947 Mantech International Corp. (a) 49,000 1,365,140 MAXIMUS, Inc. 52,300 1,918,887 Pegasus Solutions, Inc. (a) 48,400 434,148 Startek, Inc. 30,900 556,200 TALX Corp. 58,450 2,671,750 IT Services Total 28,291,157 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9% Actel Corp. (a) 69,600 886,008 Advanced Energy Industries, Inc. (a) 80,300 949,949 ATMI, Inc. (a) 103,600 2,897,692 Axcelis Technologies, Inc. (a) 275,600 1,314,612 Brooks Automation, Inc. (a) 204,330 2,560,255 Cohu, Inc. 60,700 1,388,209 Cymer, Inc. (a) 97,900 3,476,429 DSP Group, Inc. (a) 78,300 1,962,198 ESS Technology, Inc. (a) 97,100 333,053 Exar Corp. (a) 96,600 1,209,432 FEI Co. (a) 68,300 1,309,311 Kopin Corp. (a) 188,700 1,009,545 Kulicke & Soffa Industries, Inc. (a) 142,800 1,262,352 Microsemi Corp. (a) 171,900 4,754,754 Pericom Semiconductor Corp. (a) 72,100 574,637 Photronics, Inc. (a) 113,200 1,704,792 Power Integrations, Inc. (a) 81,000 1,928,610 Rudolph Technologies, Inc. (a) 39,000 502,320 Skyworks Solutions, Inc. (a) 434,300 2,210,587 Standard Microsystems Corp. (a) 57,500 1,649,675
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (CONTINUED) Supertex, Inc. (a) 32,300 1,429,275 Ultratech, Inc. (a) 66,200 1,087,004 Varian Semiconductor Equipment Associates, Inc. (a) 103,500 4,546,755 Veeco Instruments, Inc. (a) 73,200 1,268,556 Semiconductors & Semiconductor Equipment Total 42,216,010 SOFTWARE - 3.6% Altiris, Inc. (a) 63,600 1,074,204 ANSYS, Inc. (a) 87,600 3,739,644 Captaris, Inc. (a) 77,900 287,451 Catapult Communications Corp. (a) 28,300 418,557 EPIQ Systems, Inc. (a) 35,100 650,754 FactSet Research Systems, Inc. 92,800 3,819,648 FileNET Corp. (a) 114,200 2,952,070 Hyperion Solutions Corp. (a) 163,050 5,840,451 Internet Security Systems, Inc. (a) 105,900 2,218,605 JDA Software Group, Inc. (a) 79,000 1,343,790 Kronos, Inc. (a) 87,400 3,658,564 Manhattan Associates, Inc. (a) 75,900 1,554,432 MapInfo Corp. (a) 56,700 714,987 Micros Systems, Inc. (a) 105,100 5,078,432 MRO Software, Inc. (a) 59,200 831,168 Napster, Inc. (a) 120,300 423,456 Open Solutions, Inc. (a) 54,500 1,249,140 Phoenix Technologies Ltd. (a) 68,500 428,810 Progress Software Corp. (a) 108,900 3,090,582 Quality Systems, Inc. (a) 22,400 1,719,424 Radiant Systems, Inc. (a) 62,600 761,216 Serena Software, Inc. (a) 79,400 1,861,136 Sonic Solutions (a) 67,900 1,025,969 SPSS, Inc. (a) 44,400 1,373,292 Take-Two Interactive Software, Inc. (a) 194,250 3,438,225 THQ, Inc. (a) 172,750 4,120,087 Software Total 53,674,094 INFORMATION TECHNOLOGY TOTAL 234,037,225 MATERIALS - 5.7% CHEMICALS - 1.1% Arch Chemicals, Inc. 64,900 1,940,510 Georgia Gulf Corp. 93,500 2,844,270 H.B. Fuller Co. 79,800 2,559,186
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) CHEMICALS - (CONTINUED) MacDermid, Inc. 68,800 1,919,520 Material Sciences Corp. (a) 34,900 492,090 OM Group, Inc. (a) 79,300 1,487,668 Omnova Solutions, Inc. (a) 112,700 540,960 Penford Corp. 24,600 300,120 PolyOne Corp. (a) 252,100 1,621,003 Quaker Chemical Corp. 26,700 513,441 Schulman (A.), Inc. 84,200 1,811,984 Wellman, Inc. 47,200 320,016 Chemicals Total 16,350,768 CONSTRUCTION MATERIALS - 0.9% Florida Rock Industries, Inc. 129,250 6,341,005 Headwaters, Inc. (a) 115,000 4,075,600 Texas Industries, Inc. 63,100 3,144,904 Construction Materials Total 13,561,509 CONTAINERS & PACKAGING - 0.6% AptarGroup, Inc. 95,800 5,000,760 Caraustar Industries, Inc. (a) 78,900 685,641 Chesapeake Corp. 54,000 916,920 Myers Industries, Inc. 85,800 1,250,964 Rock-Tenn Co., Class A 85,400 1,165,710 Containers & Packaging Total 9,019,995 METALS & MINING - 2.6% A.M. Castle & Co. (a) 26,700 583,128 Aleris International, Inc. (a) 85,265 2,748,943 AMCOL International Corp. 60,400 1,239,408 Brush Engineered Materials, Inc. (a) 52,700 837,930 Carpenter Technology Corp. 59,800 4,214,106 Century Aluminum Co. (a) 62,600 1,640,746 Chaparral Steel Co. (a) 62,500 1,890,625 Cleveland-Cliffs, Inc. 60,100 5,323,057 Commercial Metals Co. 159,700 5,995,138 Quanex Corp. 69,300 3,462,921 Reliance Steel & Aluminum Co. 75,900 4,639,008 RTI International Metals, Inc. (a) 63,100 2,394,645 Ryerson Tull, Inc. 69,200 1,682,944 Steel Technologies, Inc. 30,500 853,695 Metals & Mining Total 37,506,294
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) PAPER & FOREST PRODUCTS - 0.5% Buckeye Technologies, Inc. (a) 90,700 730,135 Deltic Timber Corp. 33,700 1,747,682 Neenah Paper, Inc. 40,500 1,134,000 Pope & Talbot, Inc. 44,700 372,351 Schweitzer-Mauduit International, Inc. 41,800 1,035,804 Wausau-Mosinee Paper Corp. 140,600 1,666,110 Paper & Forest Products Total 6,686,082 MATERIALS TOTAL 83,124,648 TELECOMMUNICATION SERVICES - 0.2% DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2% Commonwealth Telephone Enterprises, Inc. 59,900 2,022,823 General Communication, Inc., Class A (a) 128,800 1,330,504 Diversified Telecommunication Services Total 3,353,327 TELECOMMUNICATION SERVICES TOTAL 3,353,327 UTILITIES - 4.3% ELECTRIC UTILITIES - 1.0% ALLETE, Inc. 82,500 3,630,000 Central Vermont Public Service Corp. 33,700 606,937 Cleco Corp. 137,000 2,856,450 El Paso Electric Co. (a) 131,600 2,768,864 Green Mountain Power Corp. 14,300 411,411 UIL Holdings Corp. 35,500 1,632,645 Unisource Energy Corp. 95,200 2,970,240 Electric Utilities Total 14,876,547 GAS UTILITIES - 2.9% Atmos Energy Corp. 221,000 5,781,360 Cascade Natural Gas Corp. 31,200 608,712 Energen Corp. (b) 200,900 7,296,688 Laclede Group, Inc. 58,100 1,697,101 New Jersey Resources Corp. 75,500 3,162,695 Northwest Natural Gas Co. 75,500 2,580,590 Piedmont Natural Gas Co. 210,000 5,073,600 South Jersey Industries, Inc. 78,700 2,293,318 Southern Union Co. (a) 268,287 6,339,622 Southwest Gas Corp. 107,300 2,832,720 UGI Corp. 287,600 5,924,560 Gas Utilities Total 43,590,966
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) UTILITIES - (CONTINUED) MULTI - UTILITIES - 0.3% Avista Corp. 133,200 2,358,972 CH Energy Group, Inc. 37,200 1,707,480 Multi - Utilities Total 4,066,452 WATER UTILITIES - 0.1% American States Water Co. 46,000 1,416,800 Water Utilities Total 1,416,800 UTILITIES TOTAL 63,950,765 TOTAL COMMON STOCKS (COST OF $970,518,321) 1,453,271,397 UNITS WARRANTS - 0.0% TIMCO AVIATION SERVICES, INC. Expires 12/31/07 (a)(c) 2,188 -- TOTAL WARRANTS (COST OF $0) -- PAR ($) SHORT-TERM OBLIGATION - 1.4% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency Obligation maturing 02/23/07, market value of $20,644,189 (repurchase proceeds $20,246,174) 20,237,000 20,237,000 TOTAL SHORT-TERM OBLIGATION (COST OF $20,237,000) 20,237,000
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Small Cap Index Fund
TOTAL INVESTMENTS - 100.2% (COST OF $990,755,321)(D)(E) 1,473,508,397 OTHER ASSETS & LIABILITIES, NET - (0.2)% (2,469,999) NET ASSETS - 100.0% 1,471,038,398 Notes to Investment Portfolio: * Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days 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. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Security pledged as collateral for open futures contracts. (c) Illiquid security. (d) Cost for federal income tax purposes is $990,755,321. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ ------------- $543,773,304 ($61,020,228) $482,753,076 At December 31, 2005, the Fund held the following open long futures contracts: EXPIRATION UNREALIZED TYPE CONTRACTS VALUE AGGREGATE FACE VALUE DATE DEPRECIATION -------------------------------------------------------------------------------------------------------------- Russell 2000 Index 53 $18,124,549 $17,974,950 March -2006 $(149,599) ACRONYM NAME ------- ----- REIT Real Estate Investment Trust
21 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 94.9% EDUCATION - 4.5% EDUCATION - 4.5% CA EDUCATION FACILITIES AUTHORITY REVENUE Pitzer College, Series 2005 A, 5.000% 10/01/25 1,250,000 1,289,838 University of Redlands, Series 2005 A, 5.000% 04/01/25 1,270,000 1,308,811 CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK REVENUE American Center For Wine Food Arts Project, Series 1999, Insured: ACA 5.250% 12/01/08 1,040,000 1,085,739 CA PUBLIC WORKS BOARD LEASE REVENUE University of California Institute Project, Series 2005 C, 5.000% 04/01/16 1,000,000 1,074,640 Series 2005 D, 5.000% 05/01/15 1,000,000 1,081,270 Education Total 5,840,298 EDUCATION TOTAL 5,840,298 HEALTH CARE - 9.4% CONTINUING CARE RETIREMENT - 1.1% CA ABAG FINANCE AUTHORITY FOR NON-PROFIT CORPS Certificates of Participation, Refunding, American Baptist Homes Project, Series 1998 A, 5.500% 10/01/07 195,000 200,041 Certificates of Participation, Refunding, Episcopal Homes Foundation Project, Series 1998, 5.000% 07/01/07 1,250,000 1,267,875 Continuing Care Retirement Total 1,467,916 HOSPITALS - 8.3% CA LOMA LINDA HOSPITAL REVENUE Loma Linda University Medical Center A, Series 2005, 5.000% 12/01/16 2,000,000 2,090,960 5.000% 12/01/18 2,000,000 2,066,620 CA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE Adventist Health Facilities, Series 2005 A, 5.000% 03/01/17 1,000,000 1,041,360 Certificates of Participation, Catholic Healthcare West Project, Series 1999,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) 6.000% 07/01/09 490,000 508,095 Kaiser Permanente, Series 2004 E, 3.875% 04/01/32 5,000,000 4,992,950 Total Hospitals 10,699,985 HEALTH CARE TOTAL 12,167,901 HOUSING - 3.2% MULTI-FAMILY - 3.2% CA ABAG FINANCE AUTHORITY FOR NON-PROFIT CORPS. Winterland San Francisco Partners LP, Series 2000 B, 6.250% 08/15/30 2,000,000 2,103,320 CA MUNICIPAL MORTGAGE AND EQUITY TAX EXEMPT BOND SUBSIDIARY LLC, Perpetual Preferred, Series 2004 A-2, 4.900% 06/30/49(a) 2,000,000 2,005,680 Total Multi-family 4,109,000 HOUSING TOTAL 4,109,000 OTHER - 7.4% REFUNDED/ESCROWED (B) - 6.6% CA DEPARTMENT OF WATER RESOURCES REVENUE Central Valley Project, Series 1998 T, Pre-refunded 12/01/08, 5.500% 12/01/08 20,000 21,297 CA FOOTHILL/EASTERN TRANSPORTATION CORRIDOR AGENCY CALIFORNIA TOLL ROAD REVENUE Senior Lien, Series 1995 A, Pre-refunded 01/01/10, 7.150% 01/01/13 1,750,000 2,027,813 CA HEALTH FACILITIES FINANCE AUTHORITY REVENUE Cedars-Sinai Medical Center Project, Series 1999 A, Pre-refunded 12/01/09, 6.125% 12/01/19 1,000,000 1,110,860 Kaiser Permanente Project, Series 1998 A, Escrowed to Maturity, Insured: FSA 5.250% 06/01/12 2,000,000 2,127,500
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED/ESCROWED (B) - (CONTINUED) CA LOS GATOS JOINT UNION HIGH SCHOOL DISTRICT GO, Series 2002 C, Pre-refunded 06/01/12, Insured: FSA 5.375% 06/01/13 1,105,000 1,226,826 CA SAN MATEO COUNTY TRANSIT DISTRICT Series 1997 A, Pre-refunded 06/01/13, Insured: MBIA 5.000% 06/01/13 1,180,000 1,282,931 CA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY Catholic West, Series 1999, Escrowed to Maturity, 6.000% 07/01/09 715,000 746,617 Total Refunded/Escrowed 8,543,844 TOBACCO - 0.8% CA GOLDEN STATE TOBACCO SECURITIZATION CORP. Tobacco Settlement Revenue, Series 2003 A-1, 3.400% 06/01/08 1,000,000 980,180 Tobacco Total 980,180 OTHER TOTAL 9,524,024 TAX-BACKED - 50.1% LOCAL APPROPRIATED - 15.4% CA ALAMEDA COUNTY REVENUE Certificates of Participation, Refunding, Series 2001 A, Insured: MBIA 4.250% 12/01/11 1,000,000 1,036,670 CA ANAHEIM PUBLIC FINANCING AUTHORITY LEASE REVENUE Public Improvements Project, Series 1997 C, Insured: FSA 6.000% 09/01/11 1,000,000 1,123,830 CA COUNTY OF SAN DIEGO REVENUE Certificates of Participation, Refunding, N&E County Justice Facilities, Series 2005, Insured: AMBAC 5.000% 11/15/19 2,030,000 2,168,547 CA FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT REVENUE Refunding, Series 2005,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL APPROPRIATED - (CONTINUED) Insured: FGIC 5.250% 08/01/18 1,000,000 1,120,530 CA FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT Refunding, Series 2005 D, Insured: FGIC 5.250% 08/01/21 1,000,000 1,131,450 CA KINGS RIVER CONSERVATIVE DISTRICT REVENUE Certificates of Participation, Peaking Project, Series 2004, 5.000% 05/01/14 3,135,000 3,347,647 CA LOS ANGELES COMMUNITY REDEVELOPMENT AGENCY LEASE REVENUE Vermont Manchester Social Services Project, Insured: AMBAC 5.000% 09/01/15 1,095,000 1,190,550 CA LOS ANGELES COUNTY LEASE REVENUE Refunding, Series 2002B, Insured: AMBAC 6.000% 12/01/12 1,000,000 1,142,720 CA LOS ANGELES MUNICIPAL IMPROVEMENT CORPORATE LEASE REVENUE Special Tax-Police Emergency Projects, Series 2002 G, Insured: FGIC 5.250% 09/01/13 1,500,000 1,651,515 CA OAKLAND J.T. POWERS FINANCING AUTHORITY LEASE REVENUE Refunding, Oakland Convention Centers, Series 2001, Insured: AMBAC 5.500% 10/01/11 3,000,000 3,305,100 CA RIVERSIDE COUNTY REVENUE Refunding, Certificates of Participation, Series 2005 A, Insured: FGIC 5.000% 11/01/17 1,465,000 1,576,911 CA SAN JOSE FINANCING AUTHORITY LEASE REVENUE Convention Center Project, Series 2001F, Insured: MBIA 5.000% 09/01/15 1,000,000 1,068,680 Local Appropriated Total 19,864,150 LOCAL GENERAL OBLIGATIONS - 21.0% CA CENTER COMMUNITY COLLEGE DISTRICT GO, Election of 2002, Series 2004 A,
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Insured: MBIA 5.250% 08/01/22 965,000 1,048,241 CA COMPTON COMMUNITY COLLEGE DISTRICT GO, Series 2004A, Insured: MBIA 5.250% 07/01/17 1,330,000 1,457,866 CA EAST BAY MUNICIPAL UTILITIES DISTRICT WASTEWATER SYSTEM REVENUE GO, Refunding, Series 2003 F, Insured: AMBAC 5.000% 04/01/15 1,000,000 1,075,060 CA LOS ALTOS SCHOOL DISTRICT GO, Series 2001B, 5.000% 08/01/14 1,290,000 1,377,849 CA LOS ANGELES COMMUNITY COLLEGE DISTRICT GO, Series 2003 B, Insured: FSA 5.000% 08/01/12 500,000 542,445 CA LOS GATOS JOINT UNION HIGH SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: FSA 5.000% 12/01/17 2,000,000 2,147,180 CA LUCIA MAR UNIFIED SCHOOL DISTRICT GO, Election 2004, Series 2004 A, Insured: FGIC 5.250% 08/01/20 1,230,000 1,340,762 CA PAJARO VALLEY UNIFIED SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: FSA 5.250% 08/01/18 1,535,000 1,692,905 CA RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT GO, Refunding, Series 2005, Insured: FSA 5.250% 09/01/19 1,000,000 1,123,840 CA RESCUE UNIFIED SCHOOL DISTRICT GO, Election 1998, Capital Appreciation, Series 2005, Insured: MBIA (c) 09/01/26 1,100,000 411,840 CA SAN BERNARDINO COMMUNITY COLLEGE DISTRICT
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) GO, Refunding, Series 2005, Insured: PSF 5.000% 08/01/17 3,000,000 3,249,240 CA SAN DIEGO COMMUNITY COLLEGE DISTRICT GO, Election of 2002, Series 2005, Insured: FSA (c) 05/01/15 1,000,000 674,050 CA SAN MATEO FOSTER CITY SCHOOL FACILITIES FINANCING AUTHORITY REVENUE GO, Series 2005, Insured: FSA 5.500% 08/15/19 2,000,000 2,303,560 CA SAN RAMON VALLEY SCHOOL DISTRICT GO, Election 2002, Series 2004, Insured: FSA 5.250% 08/01/16 1,800,000 1,979,658 CA SOUTHWESTERN COMMUNITY COLLEGE DISTRICT GO, Refunding, Series 2005 B, Insured: FGIC 5.250% 08/01/17 1,230,000 1,371,167 CA VENTURA COUNTY COMMUNITY COLLEGE DISTRICT GO, Election 2002, Series 2005 B, Insured: MBIA 5.000% 08/01/18 1,000,000 1,078,120 CA WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT GO, Election 2002, Series 2005 D, Insured: FGIC (c) 08/01/17 1,000,000 601,760 CA WILLIAM S. HART UNION HIGH SCHOOL DISTRICT GO, Series 2005 B, Insured: FSA (c) 09/01/22 2,000,000 922,860 CA YOSEMITE COMMUNITY COLLEGE DISTRICT GO, Series 2005 A, Insured: FGIC
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) 5.000% 08/01/16 2,505,000 2,727,319 Local General Obligations Total 27,125,722 SPECIAL NON-PROPERTY TAX - 2.7% CA ECONOMIC RECOVERY Series 2004 A, AMT, Insured: FGIC 5.250% 07/01/14 1,870,000 2,074,036 CA UNIVERSITY REVENUE Series 2003 A, Insured: FGIC 5.000% 11/01/12 1,325,000 1,440,394 Special Non-Property Tax Total 3,514,430 SPECIAL PROPERTY TAX - 9.2% CA CULVER CITY REDEVELOPMENT FINANCE AUTHORITY TAX ALLOCATION REVENUE Series 1993, Insured: AMBAC 5.500% 11/01/14 2,025,000 2,240,400 CA INDIAN WELLS REDEVELOPMENT AGENCY TAX ALLOCATION REVENUE Consolidated Whitewater Project, Series 2003A, Insured: AMBAC 5.000% 09/01/14 1,455,000 1,569,843 CA LONG BEACH BOND FINANCE AUTHORITY TAX ALLOCATION REVENUE Series 2002 B, Insured: AMBAC 5.500% 11/01/19 1,070,000 1,220,827 CA OAKLAND REDEVELOPMENT AGENCY TAX ALLOCATION REVENUE Center District Project Redevelopment, Series 1992, Insured: AMBAC 5.500% 02/01/14 3,700,000 4,046,912 Center District Project, Series 2003, Insured: FGIC 5.500% 09/01/12 1,500,000 1,665,975 CA REDWOOD CITY REDEVELOPMENT AGENCY TAX ALLOCATION REVENUE Redevelopment Project Area NO.2, Series 2003A, Insured: AMBAC 5.250% 07/15/13 1,000,000 1,101,110 Special Property Tax Total 11,845,067 STATE APPROPRIATED - 1.0% CA PUBLIC WORKS BOARD LEASE REVENUE Department of General Services-Butterfield, Series 2005 A,
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) STATE APPROPRIATED - (CONTINUED) 5.000% 06/01/15 1,200,000 1,286,076 State Appropriated Total 1,286,076 STATE GENERAL OBLIGATIONS - 0.8% PR COMMONWEALTH OF PUERTO RICO GO, Series 2004 A, 5.250% 07/01/19 1,000,000 1,059,750 State General Obligations Total 1,059,750 TAX-BACKED TOTAL 64,695,195 TRANSPORTATION - 1.7% AIRPORTS - 1.7% CA SAN FRANCISCO CITY & COUNTY AIRPORT COMMISSION, INTERNATIONAL AIRPORT REVENUE Refunding, Second Tier, Series 2003 29B, Insured: FGIC 5.250% 05/01/13 2,000,000 2,199,220 Airports Total 2,199,220 TRANSPORTATION TOTAL 2,199,220 UTILITIES - 18.6% INDEPENDENT POWER PRODUCERS - 3.4% CA SACRAMENTO POWER AUTHORITY REVENUE Cogeneration Project, Refunding: Series 1998, Insured: MBIA 5.250% 07/01/09 1,000,000 1,054,450 Series 2005, Insured: AMBAC 5.250% 07/01/15 3,000,000 3,316,530 Independent Power Producers Total 4,370,980 MUNICIPAL ELECTRIC - 13.4% CA DEPARTMENT OF WATER RESOURCES Series 2002 A, 6.000% 05/01/13 2,375,000 2,684,581 CA LOS ANGELES WATER & POWER REVENUE Series 2001 A, Insured: MBIA 5.250% 07/01/15 1,300,000 1,400,503 CA MODESTO IRRIGATION DISTRICT Certificates of Participation,
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) MUNICIPAL ELECTRIC - (CONTINUED) Series 2001 A, Insured: FSA 5.250% 07/01/18 1,185,000 1,273,816 CA SACRAMENTO MUNICIPAL UTILITY DISTRICT Electronic Revenue, Series 2003 R, Insured: MBIA 5.000% 08/15/12 1,615,000 1,752,598 CA SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PROJECT REVENUE Power Authority: Series 1989, 6.750% 07/01/13 3,000,000 3,515,340 Series 2005 A, Insured: FSA 5.000% 01/01/18 2,000,000 2,148,400 CA WALNUT ENERGY CENTER AUTHORITY Series 2004 A, Insured: AMBAC 5.000% 01/01/16 2,055,000 2,201,809 PR COMMONWEALTH OF PUERTO RICO ELECTRIC POWER AUTHORITY Series 1997 A, Insured: MBIA 6.250% 07/01/10 2,000,000 2,235,240 Municipal Electric Total 17,212,287 WATER & SEWER - 1.8% CA METROPOLITAN WATER DISTRICT WATERWORKS REVENUE Series 2004 B, 5.000% 07/01/14 1,500,000 1,637,715 CA ORANGE COUNTY WATER DISTRICT REVENUE Certificates of Participation, Series 2003 B, Insured: MBIA 5.375% 08/15/17 650,000 707,759 Water & Sewer Total 2,345,474 UTILITIES TOTAL 23,928,741 TOTAL MUNICIPAL BONDS (COST OF $120,825,195) 122,464,379 SHARES INVESTMENT COMPANY - 5.1% Columbia Tax-Exempt Reserves, Capital Class (d) 6,671,734 6,671,734 TOTAL INVESTMENT COMPANY (COST OF $6,671,733) 6,671,734
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund TOTAL INVESTMENTS - 100.0% (COST OF $127,496,928)(E)(F) 129,136,113 OTHER ASSETS & LIABILITIES, NET - 0.0% (58,962) NET ASSETS - 100.0% 129,077,151 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, the value of this security represents 1.6% of net assets. (b) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (c) Zero coupon bond. (d) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (e) Cost for federal income tax purposes is $127,496,928. (f) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $2,036,092 $(396,907) $1,639,185
10 INVESTMENT PORTFOLIO ___________________________________________________________ December 31, 2005 (Unaudited) Columbia California Intermediate Municipal Bond Fund ACRONYM NAME ------- ----- ABAG Association of Bay Area Government ACA ACA Financial Guaranty Corp. AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GO General Obligation MBIA MBIA Insurance Corp. PSFG Permanent School Fund Guaranteed
11 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.9% CALIFORNIA - 90.1% CA ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS. Jewish Community Center of San Francisco, Series 2002, LOC: Allied Irish Bank PLC 3.700% 11/15/31(a) 19,430,000 19,430,000 Lease Pass Through Obligations, Series 2003 A, LOC: Societe Generale 4.400% 07/01/08(a) 12,000,000 12,000,000 CA ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2002, Insured: MBIA, SPA: ABN AMRO Bank N.V. 3.530% 07/01/09(a) 14,485,000 14,485,000 Series 2003, Insured: FGIC, SPA: ABN AMRO Bank N.V. 3.530% 08/01/11(a) 8,895,000 8,895,000 Series 2004: Insured: FGIC, SPA: ABN AMRO Bank N.V. 3.530% 07/01/11(a) 10,590,000 10,590,000 Insured: FSA, SPA: ABN AMRO Bank N.V. 3.530% 06/01/12(a) 7,825,000 7,825,000 Insured: MBIA, SPA: ABN AMRO Bank N.V. 3.530% 08/01/12(a) 8,575,000 8,575,000 Series 2005: Insured: AMBAC, SPA: ABN AMRO Bank N.V. 3.530% 12/01/12(a) 6,925,000 6,925,000 Insured: FGIC, SPA: ABN AMRO Bank N.V. 3.530% 08/01/13(a) 14,995,000 14,995,000 Insured: FSA, SPA: ABN AMRO Bank N.V. 3.530% 08/01/13(a) 10,000,000 10,000,000 Insured: MBIA, SPA: ABN AMRO Bank N.V. 3.530% 08/01/13(a) 8,845,000 8,845,000 CA ALAMEDA CONTRA COSTA SCHOOLS FINANCING AUTHORITY Certificates of Participation: Series 1997 D, LOC: Bank of Nova Scotia 3.530% 07/01/18(a) 700,000 700,000 Series 1997, LOC: Scotia Bank 3.530% 07/01/23(a) 1,730,000 1,730,000 Series 1999 G, Insured: AMBAC 3.530% 08/01/24(a) 7,300,000 7,300,000 Series 2000 F, LOC: KBC Bank N.V.
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 3.580% 08/01/23(a) 945,000 945,000 Series 2000 I, Insured: AMBAC 3.530% 08/01/29(a) 620,000 620,000 Series 2003 L, LOC: Scotia Bank 3.530% 08/01/33(a) 13,360,000 13,360,000 Series 2005 M, LOC: Bank of Nova Scotia 3.530% 08/01/30(a) 5,515,000 5,515,000 CA ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY Series 1999 CMC-1, Insured: MBIA 3.590% 10/01/13(a) 6,480,000 6,480,000 Series 2005, Insured: AMBAC, LIQ FAC: Merrill Lynch Capital Services 3.570% 10/01/20(a) 8,695,000 8,695,000 CA ALAMEDA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Edward L Shimmon Inc Project, Series 1996 A, AMT, LOC: Bank of the West & BNP Paribas 3.580% 11/01/26(a) 5,400,000 5,400,000 Jeta LLC, Series 2004 A, LOC: Comerica Bank 3.570% 04/01/34(a) 1,000,000 1,000,000 OZ Enterprises LLC, Series 2005, LOC: Comerica Bank 3.570% 08/01/35(a) 5,000,000 5,000,000 Segale Brothers Wood Production Project, Series 2002, AMT, LOC: Bank of the West 3.440% 10/01/32(a) 2,680,000 2,680,000 CA ALVORD UNIFIED SCHOOL DISTRICT Series 2004, Insured: MBIA, SPA: BNP Paribas 3.530% 02/01/24(a) 4,020,000 4,020,000 CA ANTELOPE VALLEY COMMUNITY COLLEGE DISTRICT Series 2005, Insured: MBIA, LIQ FAC: Merrill Lynch Capital Services 3.530% 08/01/26(a) 7,965,000 7,965,000 CA BERKELEY Series 1993, LOC: Wells Fargo Bank N.A. 3.480% 06/01/23(a) 7,460,000 7,460,000 CA BURBANK GLENDALE PASADENA AIRPORT AUTHORITY Series 2005 137, Insured: AMBAC,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) SPA: Merrill Lynch Capital Services 3.590% 07/01/18(a) 2,885,000 2,885,000 Series 2005 904, Insured: AMBAC, LIQ FAC: JPMorgan Chase & Co. 3.560% 01/01/13(a) 5,740,000 5,740,000 CA CARLSBAD UNIFIED SCHOOL DISTRICT CERTIFICATES OF PARTICIPATION School Facilities Bridge Funding Program, Series 2001, Insured: FSA 3.340% 09/01/24(a) 1,700,000 1,700,000 CA CARSON REDEVELOPMENT AGENCY Series 2003, Insured: MBIA 3.550% 10/01/19(a) 3,165,000 3,165,000 CA CLOVIS UNIFIED SCHOOL DISTRICT Series 2005 Pz-49, Insured: FGIC, LOC: Merrill Lynch Capital Services 3.570% 08/01/24(a) 3,395,000 3,395,000 Series 2005, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.590% 08/01/28(a) 1,515,000 1,515,000 CA COLTON JOINT UNIFIED SCHOOL DISTRICT Series 2004, Insured: FGIC 3.530% 02/01/12(a) 5,440,000 5,440,000 CA COMMUNITIES DEVELOPMENT 3.500% 01/04/06 74,385,000 74,385,000 CA COVINA REDEVELOPMENT AGENCY Shadowhills Apartments, Inc., Series 1994 A, Insured: FNMA 3.430% 12/01/15(a) 7,375,000 7,375,000 CA DALY CITY HOUSING DEVELOPMENT FINANCE AGENCY Series 1999 A, 3.430% 10/15/29(a) 6,700,000 6,700,000 CA DEPARTMENT OF WATER RESOURCES Center Valley Project: Series 1999 127, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.040% 12/01/22(a) 11,600,000 11,600,000 Series 2004 2168, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.530% 12/01/10(a) 5,155,000 5,155,000 Power Supply Revenue: Series 2002 C-15, LOC: Bank of Nova Scotia 3.400% 05/01/22(a) 36,245,000 36,245,000 Series 2002 C-4, LOC: JPMorgan Chase Bank & California State Teachers' Retirement System
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 3.530% 05/01/22(a) 94,900,000 94,900,000 Series 2003, Insured: MBIA-IBC 3.530% 05/01/11(a) 75,000 75,000 Series 2005 G-1, LOC: Bank of Nova Scotia Trust Co. 3.150% 05/01/11(a) 24,100,000 24,100,000 Series 2005 G-12, Insured: FGIC, LOC: Landesbank Baden-Wurttemberg, 3.170% 05/01/18(a) 20,800,000 20,800,000 CA DESERT COMMUNITY COLLEGE DISTRICT Series 2005 912, Insured: MBIA, LIQ FAC: JPMorgan Chase Bank 3.540% 02/01/13(a) 4,185,000 4,185,000 CA DUARTE REDEVELOPMENT AGENCY CERTIFICATES OF PARTICIPATION Johnson Duarte Partners Project, Series 1984 B, LOC: General Electric Capital Corp. 3.430% 12/01/14(a) 5,000,000 5,000,000 Piken Duarte Partners Project, Series 1984 A, LOC: General Electric Capital Corp. 3.430% 12/01/14(a) 7,000,000 7,000,000 CA EAST BAY MUNICIPAL UTILITY DISTRICT Water System Revenue, Series 2003, Insured: MIBIA, LIQ FAC: Citigroup Global Market, Inc., 3.550% 06/01/19(a) 4,060,000 4,060,000 CA EASTERN MUNICIPAL WATER DISTRICT CERTIFICATES OF PARTICIPATION Water & Sewer Revenue, Series 2003 B, Insured: MBIA 3.340% 07/01/33(a) 34,925,000 34,925,000 CA ECONOMIC RECOVERY Series 2004 C-1, SPA: Landesbank Baden-Wurttemberg 3.750% 07/01/23(a) 12,710,000 12,709,999 Series 2004 C-14, Insured: XLCA, LOC: DEPFA Bank PLC 3.340% 07/01/23(a) 35,400,000 35,400,000 Series 2004 C-18, Insured: XLCA, LOC: DEPFA Bank PLC 3.500% 07/01/23(a) 5,550,000 5,550,000 Series 2004 C-21, Insured: XLCA, SPA: Dexia Credit Local 3.530% 07/01/23(a) 4,000,000 4,000,000 Series 2004, LIQ FAC: Citibank N.A.
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 3.550% 07/01/23(a) 18,745,000 18,745,000 Series 2004C-11, LOC: BNP Paribas 3.450% 07/01/23(a) 26,980,000 26,980,000 CA EDUCATIONAL FACILITIES AUTHORITY Life Chiropractic College, Series 1999, LOC: Bank of the West 3.520% 01/01/25(a) 6,200,000 6,200,000 Pitzer College, Series 2005 B, LOC: Bank of New York 3.470% 04/01/45(a) 5,500,000 5,500,000 Series 2000 A, LIQ FAC: Societe Generale 3.550% 10/01/27(a) 14,275,000 14,275,000 CA FREMON CERTIFICATES OF PARTICIPATION Capital Improvement Funding Project, Series 2001, LOC: Scotia Bank 3.500% 08/01/30(a) 31,095,000 31,095,000 CA FREMONT UNIFIED SCHOOL DISTRICT CERTIFICATES OF PARTICIPATION Series 2005, Insured: FSA, LOC: Dexia Credit Local 3.510% 09/01/30(a) 10,500,000 10,500,000 CA FREMONT UNION HIGH SCHOOL DISTRICT Series 2005, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.530% 09/01/23(a) 3,530,000 3,530,000 CA FULLERTON SCHOOL DISTRICT Series 2002, Insured: FGIC 3.530% 08/01/21(a) 5,800,000 5,800,000 CA GOLETA WATER DISTRICT CERTIFICATES OF PARTICIPATION Series 2003, Insured: MBIA 3.550% 12/01/22(a) 1,740,000 1,740,000 CA GROSSMONT-CUYAMACA COMMUNITY COLLEGE DISTRICT Series 2005 949, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.540% 02/01/13(a) 6,190,000 6,190,000 CA HAYWARD Multi-Family Housing: Series 1998 A, AMT, Insured: FNMA 3.540% 03/15/33(a) 2,600,000 2,600,000 Series 2001 A, LOC: U.S. Bank N.A. 3.800% 08/01/32(a) 5,100,000 5,100,000
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) CA HEALTH FACILITIES FINANCING AUTHORITY REVENUE Catholic Healthcare West Series 1988 B, Insured: MBIA 3.370% 07/01/16(a) 11,745,000 11,745,000 CA HOUSING FINANCE AGENCY Series 2000, AMT, LOC: State Street Bank & Trust Co. 3.590% 08/01/29(a) 7,245,000 7,245,000 Series 2001 E, AMT, 3.530% 02/01/36(a) 5,675,000 5,675,000 Series 2002 A, SPA: FNMA 3.530% 02/01/37(a) 1,300,000 1,300,000 Series 2002 B, AMT, SPA: FNMA 3.530% 02/01/35(a) 13,015,000 13,015,000 Series 2003 K, AMT, 3.600% 08/01/34(a) 7,565,000 7,565,000 Series 2004 E-1, LIQ FAC: JPMorgan Chase Bank 3.530% 02/01/23(a) 5,000,000 5,000,000 Series 2004 E-2, AMT, 3.530% 02/01/35(a) 58,740,000 58,740,000 Series 2005 116, LIQ FAC: Landesbank Hessen-Thuringen 3.560% 11/01/07(a) 24,995,000 24,995,000 Series 2005 B, AMT, SPA: BNP Paribas 3.600% 02/01/35(a) 77,800,000 77,800,000 Series 2005 F, SPA: Lloyds TSB Bank PLC 3.530% 02/01/37(a) 23,315,000 23,315,000 Series 2005, AMT, GIC: AIG Matched Funding Corp., LIQ FAC: Landesbank Hessen-Thuringen 3.580% 11/01/07(a) 16,665,000 16,665,000 Series 2005, LIQ FAC: Lloyds TSB Bank PLC 3.580% 02/01/08(a) 30,000,000 30,000,000 CA INDIO MULTI-FAMILY HOUSING REVENUE Series 1996 A, Insured: FNMA 3.430% 08/01/26(a) 5,650,000 5,650,000 CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK REVENUE Industrial Development Revenue: Kruger & Sons, Inc., Series 2002, AMT, LOC: Bank of the West 3.550% 11/01/28(a) 4,980,000 4,980,000 Series 2003, AMT, LOC: Mellon Bank 3.600% 08/01/28(a) 2,260,000 2,260,000 J Paul Getty Trust, Series D,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 2.250% 04/01/33(a) 14,000,000 14,000,000 Series 2001, LOC: Bank of New York, LOC: California State Teachers' Retirement System 3.554% 11/15/37(a) 29,450,000 29,450,000 Series 2003 A: Insured: AMBAC 3.550% 07/01/37(a) 22,070,000 22,070,000 Insured: FGIC 3.550% 07/01/29(a) 7,000,000 7,000,000 LOC: Wells Fargo Bank N.A. 3.490% 09/01/28(a) 4,000,000 4,000,000 Series 2003 B, AMT, 2.250% 04/01/33(a) 15,000,000 15,000,000 CA KERN HIGH SCHOOL DISTRICT Series 2005, Insured: FSA, LIQ FAC: Merrill Lynch Capital Services 3.530% 08/01/25(a) 8,420,000 8,420,000 CA LAKE ESLINORE RECREATION AUTHORITY Series 2000 A, LOC: Union Bank of California, LOC: California State Teachers' Retirement System 3.520% 02/01/32(a) 6,790,000 6,790,000 CA LASSEN MUNICIPAL UTILITY DISTRICT REVENUE Series 1996 A, 3.560% 05/01/08(a) 3,800,000 3,800,000 CA LIVERMORE CERTIFICATES OF PARTICIPATION Insured: AMBAC, LOC: Dexia Public Finance Bank 3.500% 10/01/30(a) 2,085,000 2,085,000 CA LODI ELECTRIC SYSTEM REVENUE CERTIFICATES OF PARTICIPATION Series 2002 A, Insured: MBIA, SPA: BNP Paribas 3.430% 07/01/32(a) 12,500,000 12,500,000 CA LONG BEACH BOND FINANCE AUTHORITY Series 1999, LOC: Bank One N.A. 3.470% 09/01/09(a) 3,060,000 3,060,000 CA LONG BEACH HARBOR REVENUE Series 2004 A, AMT, Insured: FGIC 2.500% 05/15/06 2,155,000 2,151,390 Series 2005 140, AMT, Insured: FGIC, LIQ FAC: BNP Paribas 3.560% 05/15/14(a) 3,330,000 3,330,000 Series 2005 MT-175, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.230% 05/15/15(a)(b) 4,995,000 4,995,000
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) CA LOS ANGELES COMMUNITY REDEVELOPMENT AGENCY Multi-Family Housing Revenue: Second & Central Apartment Project, Series 2003 A, AMT, LOC: HSBC Bank USA 3.390% 12/01/38(a) 17,965,000 17,965,000 Series 1985, Insured: FNMA 3.410% 12/15/24(a) 12,665,000 12,665,000 Grand Promenade Project, Series 2002, 3.430% 04/01/32(a) 11,800,000 11,800,000 CA LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY 3.150% 02/06/06 11,649,000 11,649,000 Sales Tax Revenue: Series 2002, Insured: MBIA 3.530% 01/01/07(a) 11,630,000 11,630,000 Series 2004 A, Insured: MBIA 3.550% 07/01/34(a) 9,700,000 9,700,000 CA LOS ANGELES DEPARTMENT OF AIRPORTS Series 2002 C-1, LOC: Bayerische Landesbank, LOC: JP Morgan Chase Bank, LOC: Landesbank Baden-Wurttmberg 3.340% 05/15/20(a) 18,700,000 18,700,000 CA LOS ANGELES DEPARTMENT OF WATER & POWER REVENUE Series 2001, Insured: MBIA 3.590% 01/01/09(a) 12,995,000 12,995,000 Series 2002 A-1, LOC: National Australia Bank 3.450% 07/01/35(a) 10,000,000 10,000,000 Series 2002 A-2, LOC: National Australia Bank 3.340% 07/01/35(a) 25,700,000 25,700,000 Series 2002 A-4, 3.450% 07/01/35(a) 18,400,000 18,400,000 Series 2002 A-5, LOC: National Australia Bank 3.450% 07/01/35(a) 10,775,000 10,775,000 Series 2002 A-6, 3.340% 07/01/35(a) 9,000,000 9,000,000 Series 2002 A-7, LOC: National Australia Bank 3.450% 07/01/35(a) 5,000,000 5,000,000 Series 2002 A-8, 3.500% 07/01/35(a) 5,100,000 5,100,000 CA LOS ANGELES MULTI-FAMILY REVENUE Series 1991 B,
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Insured: FHLMC 3.450% 12/01/32(a) 7,840,000 7,840,000 CA LOS ANGELES WASTEWATER SYSTEM REVENUE Series 2001 A, Insured: FGIC 3.340% 12/01/31(a) 20,000,000 20,000,000 CA MADERA IRRIGATION FINANCING AUTHORITY Series 2005 A, Insured: XLCA, LOC: Dexia Credit Local 3.750% 01/01/36(a) 7,155,000 7,155,000 CA METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA Waterworks Revenue, Series 2002 A, SPA: Landesbank Baden-Wurttemberg 3.530% 07/01/25(a) 60,285,000 60,285,000 CA MODESTO IRRIGATION DISTRICT CERTIFICATES OF PARTICIPATION Series 2003, Insured: MBIA 3.530% 07/01/25(a) 20,390,000 20,390,000 CA MORGAN HILL UNITED SCHOOL DISTRICT Series 2000 S, Insured: FGIC 3.530% 08/01/25(a) 4,290,000 4,290,000 CA MULTI-FAMILY HOUSING REVENUE Turnleaf Apartments, Series 2003 A, 3.510% 06/01/36(a) 15,290,000 15,290,000 CA NEWPORT MESA UNIFIED SCHOOL DISTRICT Series 2003, Insured: FGIC 3.550% 08/01/20(a) 5,900,000 5,900,000 CA OAKLAND REDEVELOPMENT AGENCY Series 2003, Insured: FGIC 3.530% 03/01/11(a) 11,750,000 11,750,000 CA OAKLAND-ALAMEDA COUNTY COLISEUM AUTHORITY LEASE REVENUE Series 2000 C-1, LOC: Bank of New York, LOC: California State Teachers' Retirement System 3.520% 02/01/25(a) 7,800,000 7,800,000 CA OAKLAND Series 2002 756, Insured: FGIC, LOC: Morgan Stanley Dean Witter 3.530% 01/15/32(a) 8,248,500 8,248,500 CA ORANGE COUNTY APARTMENT DEVELOPMENT REVENUE Series 1985 Z,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) LOC: FHLMC 3.430% 11/01/07(a) 5,200,000 5,200,000 Series 1998 H, Insured: FNMA 3.490% 11/15/28(a) 10,700,000 10,700,000 Series 1999 D, LOC: FHLMC 3.490% 12/01/29(a) 4,500,000 4,500,000 The Lake Joint Venture, Series 1991 A, LOC: FHLMC 3.490% 12/01/06(a) 5,400,000 5,400,000 CA ORANGE COUNTY HOUSING AUTHORITY Apartment Development Revenue, Oasis Martinique Project, Series 1998 I, 3.440% 06/15/28(a) 19,700,000 19,700,000 CA ORANGE COUNTY IMPROVEMENT BOND ACT 1915 Series 1988, LOC: KBC Bank N.V. 3.700% 09/02/18(a) 4,115,000 4,115,000 CA ORANGE COUNTY SPECIAL FINANCING AUTHORITY Teeter Plan Revenue: Series 1995 B, Insured: AMBAC 3.530% 11/01/14(a) 14,900,000 14,900,000 Series 1995 C, Insured: AMBAC 3.530% 11/01/14(a) 23,775,000 23,775,000 Series 1995 D, Insured: AMBAC 3.530% 11/01/14(a) 17,170,000 17,170,000 Series 1995 E, Insured: AMBAC 3.530% 11/01/14(a) 10,625,000 10,625,000 CA ORANGE COUNTY WATER DISTRICT REVENUE CERTIFICATES OF PARTICIPATION Series 2003, Insured: MBIA 3.530% 02/15/11(a) 4,575,000 4,575,000 CA OXNARD FINANCING AUTHORITY Series 2003 B, Insured: AMBAC, SPA: Wachovia Bank N.A. 3.480% 06/01/33(a) 7,200,000 7,200,000 Series B, Insured: AMBAC 3.480% 06/01/34(a) 2,900,000 2,900,000 CA PAJARO VALLEY UNIFIED SCHOOL DISTRICT CERTIFICATES OF PARTICIPATION School Facilities Bridge Funding Project, Series 2000, Insured: FSA 3.340% 09/01/23(a) 115,000 115,000
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) CA PASADENA CERTIFICATES OF PARTICIPATION City Hall & Park Improvement Projects, Insured: AMBAC, LOC: State Street Bank & Trust Co. 3.470% 02/01/33(a) 8,500,000 8,500,000 CA PASADENA WATER REVENUE Series 2003, Insured: FGIC 3.530% 06/01/27(a) 5,285,000 5,285,000 CA PERALTA COMMUNITY COLLEGE DISTRICT Series 2004, Insured: MBIA 3.530% 08/01/08(a) 5,875,000 5,875,000 CA PITTSBURG REDEVELOPMENT AGENCY TAX ALLOCATION Series 2004 A, Insured: AMBAC, LOC: State Street Bank & Trust Co. 3.750% 09/01/35(a) 45,365,000 45,365,000 CA PLEASANTON MULTI-FAMILY HOUSING REVENUE Greenbriar Bernal Apartments LP, Series 2001 A, Insured: FNMA 3.550% 09/15/34(a) 2,900,000 2,900,000 CA POLLUTION CONTROL FINANCING AUTHORITY Amador Valley Industries LLC, Series 2005 A, LOC: Wells Fargo Bank N.A. 3.550% 06/01/15(a) 5,950,000 5,950,000 Blue Line Transfer, Inc., Series 2002 A, AMT, LOC: Wells Fargo Bank N.A. 3.550% 08/01/14(a) 1,995,000 1,995,000 Sierra Pacific Industries, Inc., Series 1993, LOC: Wells Fargo Bank N.A. 3.510% 02/01/13(a) 13,400,000 13,400,000 Solid Waste Disposal: Series 1997 A, AMT, LOC: JPMorgan Chase Bank 3.540% 09/01/19(a) 20,000,000 20,000,000 Series1998 A, AMT, LOC: Comerica Bank 3.600% 03/01/18(a) 1,100,000 1,100,000 CA POMONA CERTIFICATES OF PARTICIPATION Serise 2004, LOC: HSH Nordbank Agency 3.450% 01/01/34(a) 25,045,000 25,045,000 CA POWAY REDEVELOPMENT AGENCY Tax Allocation, Series 2003 R, Insured: MBIA 3.550% 06/15/20(a) 4,270,000 4,270,000 CA POWAY UNIFIED SCHOOL DISTRICT Series 2004, Insured: MBIA
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 3.530% 08/01/08(a) 7,465,000 7,465,000 CA RESCUE UNION SCHOOL DISTRICT CERTIFICATES OF PARTICIPATION Series 2001, Insured: FSA, LIQ FAC: First Union National Bank 3.500% 10/01/25(a) 14,145,000 14,145,000 CA RIVERSIDE COMMUNITY COLLEGE DISTRICT Series 2005 913, Insured: FSA, LOC: JPMorgan Chase Bank 3.540% 02/01/13(a) 2,490,000 2,490,000 CA RIVERSIDE COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue, Series 1998 A, AMT, Insured: FHLMC 3.610% 01/15/29(a) 12,600,000 12,600,000 CA RIVERSIDE ELECTRIC REVENUE Series 1998, Insured: AMBAC 3.590% 10/01/11(a) 1,600,000 1,600,000 CA ROWLAND UNIFIED SCHOOL DISTRICT Series 2003, Insured: FSA 3.550% 08/01/22(a) 5,950,000 5,950,000 CA SACRAMENTO COUNTY CERTIFICATES OF PARTICIPATION Series 1990, LOC: Bayerische Landesbank 3.500% 06/01/20(a) 10,115,000 10,115,000 CA SACRAMENTO COUNTY HOUSING AUTHORITY Wasatch Pool Holdings LLC: Series 2001 E, Insured: FNMA 3.430% 02/15/31(a) 12,000,000 12,000,000 Series 2001 F, Insured: FNMA 3.540% 02/15/31(a) 3,750,000 3,750,000 CA SACRAMENTO COUNTY MULTI-FAMILY HOUSING REVENUE Woodbridge-301 LLC, Series 2004 B, Insured: FNMA 3.430% 06/15/34(a) 10,200,000 10,200,000 CA SAN BERNARDINO COUNTY CERTIFICATES OF PARTICIPATION County Center Refinancing Project, Series 1996, 3.450% 07/01/15(a) 2,900,000 2,900,000 CA SAN BERNARDINO COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue: Series 1985, Inusred: FNMA 3.520% 05/15/30(a) 3,500,000 3,500,000
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Arrowview Park Apartments Project, Series 1992 A, LOC: Redlands Federal Bank 3.430% 09/01/22(a) 2,930,000 2,930,000 Indian Knoll Apartments Project, Series 1985 A, Insured: FNMA 3.500% 05/15/31(a) 3,580,000 3,580,000 CA SAN DIEGO COUNTY REGIONAL TRANSPORTATION 3.150% 02/06/06 56,159,000 56,159,000 CA SAN DIEGO HOUSING AUTHORITY Multi-Family Housing Revenue, Series 2004 C, Insured: FNMA 3.490% 01/15/35(a) 11,915,000 11,915,000 CA SAN FRANCISCO CITY & COUNTY REDEVELOPMENT AGENCY Multi-Family Housing Revenue: 8th & Howard Family Apartments, Series 2000 B, AMT, LOC: Citibank N.A. 3.530% 12/01/34(a) 7,905,000 7,905,000 Fillmore Center Project: Series 1992 B-1, LOC: Credit Suisse First Boston Bank 3.500% 12/01/17(a) 35,125,000 35,125,000 Series 1992 A, LOC: Credit Suisse First Boston Bank 3.500% 12/01/17(a) 18,500,000 18,500,000 Series 1992, AMT, LOC: Credit Suisse First Boston Bank 3.510% 12/01/17(a) 3,000,000 3,000,000 South Harbor Project, Series 1986, LOC: Credit Local de France 3.550% 12/01/16(a) 7,200,000 7,200,000 CA SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY 3.180% 01/04/06 37,300,000 37,300,000 CA SAN JOSE FINANCING AUTHORITY Lease Revenue, Series 2003, Insured: AMBAC 3.530% 06/01/10(a) 6,485,000 6,485,000 CA SAN JOSE MULTI-FAMILY HOUSING REVENUE Fairfield Trestles LP, Series 2004 A, LOC: FHLMC 3.540% 03/01/37(a) 3,650,000 3,650,000 Pollard Plaza Apartments Project, Series 2002 D, 3.390% 08/01/35(a) 11,500,000 11,500,000
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Sunset Square LP, Series 2002 E, LOC: Citibank N.A. 3.580% 06/01/34(a) 6,494,000 6,494,000 CA SAN JOSE REDEVELOPMENT AGENCY Series 2005, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.530% 08/01/26(a) 7,530,000 7,530,000 CA SAN JOSE UNIFIED SCHOOL DISTRICT Series 2005, Insured: FGIC, LIQ FAC: Citibank N.A. 3.550% 08/01/29(a) 14,800,000 14,800,000 CA SAN RAMON VALLEY UNIFIED SCHOOL DISTRICT Series 2004, 3.530% 08/01/23(a) 5,170,000 5,170,000 CA SANTA ANA HEALTH FACILITY REVENUE Town & Country Manor Christian & Missionary Alliance, Series 1990, LOC: BNP Paribas 3.700% 10/01/20(a) 5,400,000 5,400,000 CA SANTA ROSA HIGH SCHOOL DISTRICT Series 2004, Insured: MBIA 3.530% 08/01/11(a) 4,350,000 4,350,000 CA SANTA ROSA HOUSING AUTHORITY Multi-Family Housing Revenue, Apple Creek Apartments, Series 1995 E, LOC: FHLMC 3.550% 03/01/12(a) 17,040,000 17,040,000 CA SANTA ROSA WASTEWATER REVENUE Series 2005, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.610% 09/01/31(a) 3,470,000 3,470,000 CA SCHOOL CASH RESERVE PROGRAM AUTHORITY Series 2005 A, 4.000% 07/06/06 54,520,000 54,719,928 CA SIMI VALLEY COMMUNITY DEVELOPMENT AGENCY Multi-Family Housing Revenue, Series 1985 A, 3.450% 05/01/10(a) 15,500,000 15,500,000 CA SONOMA COUNTY JUNIOR COLLEGE DISTRICT Series 2005 PT-3231, Insured: FSA, LIQ FAC: DEPFA Bank PLC 3.530% 08/01/29(a) 10,260,000 10,260,000 CA SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Single Family Revenue, Series 2004 B, 3.530% 02/01/35(a) 15,960,000 15,960,000 CA SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY Power Project Revenue, Series 2003, Insured: AMBAC 3.530% 07/01/11(a) 4,930,000 4,930,000 CA SOUTHERN HOME FINANCING AUTHORITY Series 2004 B, AMT, 3.530% 02/01/34(a) 28,800,000 28,800,000 CA STANISLAUS WASTE-TO-ENERGY FINANCING AGENCY Covanta Energy Corp. Series 2000, Insured: MBIA, LOC: Morgan Guaranty Trust of NY 3.500% 01/01/10(a) 7,420,000 7,420,000 CA STATE 3.120% 03/08/06 7,284,000 7,284,000 3.200% 02/01/06 312,000 312,000 CA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY 3.200% 02/01/06 312,000 312,000 Fairfax Senior Citizens Housing Project, Series 2000 A, 3.510% 09/15/30(a) 5,935,000 5,935,000 Hanna Boys Center Project, Series 2002, LOC: Northern Trust Co. 3.550% 12/31/32(a) 5,000,000 5,000,000 Industrial Development Revenue, Series 2002 A, AMT, LOC: Bank of the West 3.550% 12/01/17(a) 3,600,000 3,600,000 Multi-Family Revenue: Bay Vista at Meadow Park LP, Series 2003 1, AMT, LOC: Wells Fargo Bank N.A. 3.580% 12/15/37(a) 7,500,000 7,500,000 Canion County Apartments, Series 2002 M, 3.550% 12/01/34(a) 10,900,000 10,900,000 Chateau Pleasant Hill Associates LLC, Series 2005 C, Insured: FNMA 3.430% 07/15/35(a) 7,500,000 7,500,000 Cienega Preservation LP, Series 2002 V, LOC: Washington Mutual Bank 3.650% 10/01/33(a) 11,760,000 11,760,000 Community Housing Solutions, Series 2004 A, LOC: Citibank N.A. 3.430% 09/01/36(a) 9,000,000 9,000,000
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Greentree Senior Apartments, Series 2000 P, AMT, LIQ FAC: FNMA 3.540% 11/15/30(a) 7,350,000 7,350,000 Maple Square Apartments Project, Series 2004, AMT, 3.580% 08/01/39(a) 6,000,000 6,000,000 UHC Madera LP, Series 2005 B, AMT, LOC: Citibank N.A. 3.580% 01/01/38(a) 5,750,000 5,750,000 Plan Nine Partners LLC, Series 2005 A, LOC: Union Bank of California N.A. 3.500% 02/01/35(a) 13,415,000 13,415,000 Series 2005 A-4, 4.000% 06/30/06 15,200,000 15,253,865 Series 2005, LOC: BNP Paribas 3.470% 10/01/45(a) 20,000,000 20,000,000 Solid Waste Revenue, Chevron Corp. Series 1994, QTY AGMT: Chevron Corp. 3.560% 12/15/24(a) 8,300,000 8,300,000 CA STATE Series 2003 B-3, LOC: BNP Paribas & Bank of New York, LOC: California State Teachers' Retirement System 3.520% 05/01/33(a) 1,000,000 1,000,000 Series 2005 A: LOC: Calyon Bank 3.070% 05/01/40(a) 78,000,000 78,000,000 LOC: Fortis Bank S.A./N.A. 3.070% 05/01/40(a) 87,500,000 87,500,000 Series 2005 B, LOC: Societe Generale 3.080% 05/01/40(a) 50,000,000 50,000,000 Series 2005 MT-162, Insured: FSA, LOC: DEPFA Bank PLC 3.150% 08/01/17(a)(b) 13,510,000 13,510,000 Series 2005 MT-171, Insured: FSA, LOC: DEPFA Bank PLC 3.230% 08/01/16(a)(b) 9,895,000 9,895,000 Series 2005: Insured MBIA-IBC, LIQ FAC: Dexia Credit Local 3.530% 02/01/25(a) 10,665,000 10,665,000 Insured: MBIA, LIQ FAC: Societe Generale 3.550% 03/01/35(a) 15,000,000 15,000,000 CA TRANSIT FINANCE AUTHORITY Series 1997, Insured: FSA,
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) LOC: Credit Suisse First Boston 3.500% 10/01/27(a) 9,395,000 9,395,000 CA UNIFIED HIGH SCHOOL DISTRICT CERTIFICATES OF PARTICIPATION Series 2001, 3.340% 06/01/13(a) 8,215,000 8,215,000 CA UNIVERSITY OF CALIFORNIA Series 2003, Insured: FSA 3.530% 09/01/09(a) 7,615,000 7,615,000 Series 2005, Insured: FSA, LIQ FAC: Lehman Liquidity Co. 3.550% 05/15/38(a) 6,480,000 6,480,000 Series SGB-57-A, Insured: AMBAC, LIQ FAC: Societe Generale 3.550% 05/15/33(a) 12,815,000 12,815,000 CA VALLEJO CERTIFICATES OF PARTICIPATION Capital Improvement Project, Series 2003, LOC: Union Bank of California, LOC: California State Teachers Retirement, 3.580% 12/01/23(a) 7,490,000 7,490,000 CA WALNUT ENERGY CENTER AUTHORITY 3.250% 01/12/06 7,750,000 7,750,000 CA WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT Series 2004, Insured: FGIC 3.530% 08/01/24(a) 5,960,000 5,960,000 EAGLE TAX-EXEMPT TRUST Series 1998, Insured: FGIC, LIQ FAC: Citibank N.A. 3.580% 05/15/15(a) 13,000,000 13,000,000 CALIFORNIA TOTAL 2,805,841,682 PUERTO RICO - 8.8% EAGLE TAX-EXEMPT TRUST Series 2000, LIQ FAC: Citibank N.A. 3.540% 10/01/34(a) 9,000,000 9,000,000 Series 2001, LIQ FAC: Citibank N.A. 3.540% 10/01/34(a) 9,725,000 9,725,000 PR COMMONWEALTH OF PUERTO RICO ELECTRIC POWER AUTHORITY Series 2000, LIQ FAC: Merrill Lynch Capital Services 3.500% 07/01/20(a) 2,600,000 2,599,897 Series 2005-681, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.540% 07/01/12(a) 1,745,000 1,745,000
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PUERTO RICO - (CONTINUED) PR COMMONWEALTH OF PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY Series 1999, Insured: AMBAC 3.500% 01/01/19(a) 17,005,000 17,005,000 Series 2003, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.500% 01/01/11(a) 19,595,000 19,595,000 Series 2004, Insured: MBIA 3.500% 07/01/18(a) 11,740,000 11,738,872 Series 2005 MT-174, Insured: CIFG, LOC: Merrill Lynch Capital Services 3.230% 07/01/19(a)(b) 4,945,000 4,945,000 Series 2005, Insured: MBIA, LIQ FAC: Lehman Liquidity Co. 3.550% 07/01/35(a) 9,460,000 9,460,000 PR COMMONWEALTH OF PUERTO RICO INFRASTRUCTURE FINANCING AUTHORITY Series 2005 MT-173, Insured: AMBAC, LOC: Merrill Lynch Capital Services 3.230% 07/01/26(b) 3,065,000 3,065,000 Series 2005, Insured: AMBAC, LIQ FAC: Landesbank Hessen-Thuringen 3.520% 07/01/23(a) 5,500,000 5,500,000 Series 2005 MT-172, Insured: FGIC, SPA: Merrill Lynch Capital Services 3.230% 07/01/26(a)(b) 2,485,000 2,485,000 PR COMMONWEALTH OF PUERTO RICO PUBLIC BUILDINGS AUTHORITY Series 2004, Insured: FGIC 3.500% 01/01/13(a) 14,140,000 14,140,000 PR COMMONWEALTH OF PUERTO RICO PUBLIC FINANCING CORP. Series 2004, 3.540% 08/01/30(a) 5,045,000 5,045,000 PR COMMONWEALTH OF PUERTO RICO Series 2001, Insured: FSA, LIQ FAC: Bank of New York 3.530% 07/01/27(a) 14,160,000 14,160,000 Series 2005 PT-3271, Insured: XLCA, SPA: Merrill Lynch Capital Services 3.500% 07/01/17(a) 4,560,000 4,560,000 Series 2005, 4.500% 07/28/06 85,325,000 85,933,129 TICS/TOCS TRUST Series 2001-2,
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia California Tax-Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PUERTO RICO - (CONTINUED) Insured: FSA, LIQ FAC: Bank of New York 3.540% 07/01/19(a) 17,545,000 17,545,000 Series 2002, Insured: MBIA, LIQ FAC: Bank of New York 3.550% 04/01/44(a) 36,160,000 36,160,000 PUERTO RICO TOTAL 274,406,898 TOTAL MUNICIPAL BONDS (COST OF $3,080,248,580) 3,080,248,580 TOTAL INVESTMENTS - 98.9% (COST OF $3,080,248,580)(C) 3,080,248,580 OTHER ASSETS & LIABILITIES, NET - 1.1% 34,394,696 NET ASSETS - 100.0% 3,114,643,276 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (b) Illiquid security. (c) Cost for federal income tax purposes is $3,080,248,580. ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax CIFG CIFG Assurance North America, Inc. FGIC Financial Guaranty Insurance Co. FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. IBC Insured Bond Certificate LIQ FAC Liquidity Facility LOC Letter of Credit MBIA MBIA Insurance Corp. SPA Stand-by Purchase Agreement XLCA XL Capital Assurance, Inc.
19 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($)* CORPORATE FIXED-INCOME BONDS & NOTES - 78.9% BASIC MATERIALS - 4.0% CHEMICALS - 1.3% DOW CHEMICAL CO. 6.125% 02/01/11 248,000 259,671 7.375% 11/01/29 208,000 250,338 EASTMAN CHEMICAL CO. 6.300% 11/15/18 169,000 172,071 PRAXAIR, INC. 4.750% 07/15/07 111,000 110,912 Chemicals Total 792,992 FOREST PRODUCTS & PAPER - 1.8% CHAMPION INTERNATIONAL CORP. 7.350% 11/01/25 116,000 123,285 INTERNATIONAL PAPER CO. 5.850% 10/30/12 402,000 408,436 MEADWESTVACO CORP. 6.850% 04/01/12 368,000 391,044 WESTVACO CORP. 8.200% 01/15/30 145,000 168,696 Forest Products & Paper Total 1,091,461 METALS & MINING - 0.9% ALCAN, INC. 6.450% 03/15/11 288,000 304,998 ALCOA, INC. 7.375% 08/01/10 223,000 244,680 Metals & Mining Total 549,678 BASIC MATERIALS TOTAL 2,434,131 COMMUNICATIONS - 13.1% MEDIA - 2.5% COMCAST CABLE COMMUNICATIONS, INC. 7.125% 06/15/13 172,000 187,095 NEWS AMERICA HOLDINGS, INC. 6.550% 03/15/33 22,000 22,568 8.150% 10/17/36 209,000 252,081 9.250% 02/01/13 125,000 152,207 ROGERS CABLE, INC. 6.250% 06/15/13 11,000 10,780 TCI COMMUNICATIONS, INC. 9.875% 06/15/22 192,000 258,315 TIME WARNER, INC. 7.625% 04/15/31 100,000 110,936
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) MEDIA - (CONTINUED) 9.125% 01/15/13 440,000 516,155 Media Total 1,510,137 TELECOMMUNICATION SERVICES - 10.6% BELLSOUTH CORP. 6.000% 10/15/11 83,000 86,298 BELLSOUTH TELECOMMUNICATIONS, INC. 6.375% 06/01/28 140,000 145,732 BRITISH TELECOMMUNICATIONS PLC 8.375% 12/15/10 112,000 127,689 8.875% 12/15/30 43,000 57,786 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.250% 07/22/13 490,000 486,585 8.000% 06/15/10 840,000 937,146 FRANCE TELECOM SA 7.750% 03/01/11 370,000 414,629 8.500% 03/01/31 263,000 354,611 SBC COMMUNICATIONS, INC. 4.125% 09/15/09 400,000 386,204 5.875% 02/01/12 500,000 514,920 SPRINT CAPITAL CORP. 6.125% 11/15/08 43,000 44,205 8.375% 03/15/12 560,000 650,076 8.750% 03/15/32 310,000 409,777 TELECOM ITALIA CAPITAL SA 5.250% 10/01/15 450,000 436,513 TELEFONOS DE MEXICO SA 4.500% 11/19/08 80,000 78,600 TELUS CORP. 7.500% 06/01/07 452,000 467,359 VERIZON GLOBAL FUNDING CORP. 7.750% 12/01/30 221,000 262,926 VERIZON PENNSYLVANIA, INC.
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) 5.650% 11/15/11 644,000 642,036 Telecommunication Services Total 6,503,092 COMMUNICATIONS TOTAL 8,013,229 CONSUMER CYCLICAL - 3.2% AIRLINES - 0.4% CONTINENTAL AIRLINES, INC. 7.461% 04/01/15 278,868 260,044 Airlines Total 260,044 AUTO MANUFACTURERS - 1.3% DAIMLERCHRYSLER N.A. HOLDING CORP. 4.050% 06/04/08 839,000 816,649 Auto Manufacturers Total 816,649 LODGING - 0.5% HARRAH'S OPERATING CO., INC. 5.625% 06/01/15 300,000 292,818 Lodging Total 292,818 RETAIL - 1.0% CVS CORP. 5.298% 01/11/27(b) 153,459 152,227 KOHL'S CORP. 6.700% 02/01/06 170,000 170,238 TARGET CORP. 5.400% 10/01/08 169,000 171,615 WAL-MART STORES, INC. 7.550% 02/15/30 100,000 127,528 Retail Total 621,608 CONSUMER CYCLICAL TOTAL 1,991,119 CONSUMER NON-CYCLICAL - 5.3% BEVERAGES - 0.8% ANHEUSER-BUSCH COMPANIES, INC. 5.950% 01/15/33 245,000 261,542 COCA-COLA ENTERPRISES, INC. 7.000% 10/01/26 180,000 209,234 Beverages Total 470,776 COMMERCIAL SERVICES - 0.8% ERAC USA FINANCE CO.
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) COMMERCIAL SERVICES - (CONTINUED) 6.750% 05/15/07(a) 500,000 512,545 Commercial Services Total 512,545 COSMETICS / PERSONAL CARE - 0.2% PROCTER & GAMBLE CO. 4.750% 06/15/07 136,000 136,046 Cosmetics / Personal Care Total 136,046 FOOD - 1.8% CADBURY-SCHWEPPES PLC 5.125% 10/01/13(a) 449,000 444,223 FRED MEYER, INC. 7.450% 03/01/08 384,000 399,510 KROGER CO. 6.750% 04/15/12 12,000 12,621 6.800% 04/01/11 202,000 211,742 Food Total 1,068,096 HEALTHCARE SERVICES - 0.9% WELLPOINT, INC. 6.375% 06/15/06 377,000 379,628 6.375% 01/15/12 185,000 196,905 Healthcare Services Total 576,533 PHARMACEUTICALS - 0.8% WYETH 5.500% 02/01/14 450,000 456,327 Pharmaceuticals Total 456,327 CONSUMER NON-CYCLICAL TOTAL 3,220,323 DIVERSIFIED - 0.9% HOLDING COMPANIES - DIVERSIFIED - 0.9% HUTCHISON WHAMPOA INTERNATIONAL LTD. 6.250% 01/24/14(a) 500,000 523,350 Holding Companies - Diversified Total 523,350 DIVERSIFIED TOTAL 523,350 ENERGY - 7.5% OIL & GAS - 5.8% AMERADA HESS CORP. 7.300% 08/15/31 325,000 376,181 CONOCO FUNDING CO.
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) ENERGY - (CONTINUED) OIL & GAS - (CONTINUED) 6.350% 10/15/11 271,000 289,095 DEVON FINANCING CORP. 7.875% 09/30/31 225,000 286,673 GAZPROM INTERNATIONAL SA 7.201% 02/01/20(a) 275,000 293,563 NEXEN, INC. 5.875% 03/10/35 100,000 99,387 7.875% 03/15/32 90,000 112,294 PEMEX PROJECT FUNDING MASTER TRUST 7.875% 02/01/09 25,000 26,725 8.625% 02/01/22 392,000 479,220 RAS LAFFAN LIQUEFIED NATURAL GAS CO., LTD. III 5.838% 09/30/27(a) 350,000 349,898 USX CORP. 6.650% 02/01/06 351,000 351,463 VALERO ENERGY CORP. 6.875% 04/15/12 243,000 264,904 7.500% 04/15/32 13,000 15,722 XTO ENERGY, INC. 7.500% 04/15/12 545,000 611,871 Oil & Gas Total 3,556,996 PIPELINES - 1.7% CENTERPOINT ENERGY RESOURCES CORP. 7.875% 04/01/13 188,000 215,636 DUKE CAPITAL LLC. 4.370% 03/01/09 418,000 408,975 TEPPCO PARTNERS LP 7.625% 02/15/12 346,000 383,825 Pipelines Total 1,008,436 ENERGY TOTAL 4,565,432 FINANCIALS - 32.8% BANKS - 6.2% BANK ONE CORP. 6.000% 08/01/08 987,000 1,013,915 BARCLAYS BANK PLC 7.400% 12/15/09 6,000 6,517 BB&T CAPITAL TRUST I 5.850% 08/18/35 150,000 150,650 CHINATRUST COMMERCIAL BANK 5.625% 12/29/49(a)(b) 105,000 101,920
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) BANKS - (CONTINUED) FIRST UNION NATIONAL BANK 5.800% 12/01/08 482,000 494,281 HSBC HOLDINGS PLC 7.350% 11/27/32 123,000 149,596 MELLON FUNDING CORP. 4.875% 06/15/07 186,000 186,229 NATIONAL CITY BANK 4.625% 05/01/13 445,000 432,108 POPULAR NORTH AMERICA, INC. 4.250% 04/01/08 20,000 19,624 6.125% 10/15/06 312,000 314,175 REGIONS FINANCIAL CORP. 7.750% 09/15/24 87,000 110,046 SCOTLAND INTERNATIONAL FINANCE 4.250% 05/23/13(a) 322,000 306,975 SOUTHTRUST BANK, INC. 4.750% 03/01/13 75,000 74,399 US BANCORP 4.500% 07/29/10 450,000 442,332 Banks Total 3,802,767 DIVERSIFIED FINANCIAL SERVICES - 20.5% AMERICAN EXPRESS CO. 3.750% 11/20/07 100,000 98,031 AMERICAN GENERAL FINANCE CORP. 2.750% 06/15/08 143,000 135,657 BEAR STEARNS COMPANIES, INC. 4.500% 10/28/10 652,000 634,624 CAPITAL ONE BANK 5.125% 02/15/14 300,000 294,756 CIT GROUP, INC. 7.375% 04/02/07 193,000 198,715 CITICORP 8.040% 12/15/19(a) 500,000 602,685 CITIGROUP GLOBAL MARKETS HOLDINGS, INC. 6.500% 02/15/08 210,000 216,999 CITIGROUP, INC. 6.000% 02/21/12 237,000 250,087 COUNTRYWIDE HOME LOANS, INC. 5.500% 08/01/06 660,000 662,270
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) CREDIT SUISSE FIRST BOSTON USA, INC. 4.625% 01/15/08 30,000 29,861 6.125% 11/15/11 229,000 240,828 FORD MOTOR CREDIT CO. 5.800% 01/12/09 254,000 220,952 7.375% 02/01/11 758,000 664,326 FUND AMERICAN COMPANIES, INC. 5.875% 05/15/13 275,000 277,789 GENERAL ELECTRIC CAPITAL CORP. 6.750% 03/15/32(c) 1,032,000 1,216,470 GENERAL MOTORS ACCEPTANCE CORP. 6.150% 04/05/07 178,000 169,084 GOLDMAN SACHS GROUP, INC. 4.750% 07/15/13 304,000 294,220 6.600% 01/15/12 711,000 765,996 HSBC FINANCE CORP. 5.875% 02/01/09 202,000 206,464 6.375% 11/27/12 402,000 428,017 INTERNATIONAL LEASE FINANCE CORP. 4.875% 09/01/10 500,000 493,920 JOHN DEERE CAPITAL CORP. 7.000% 03/15/12 165,000 181,797 LEHMAN BROTHERS HOLDINGS, INC. 4.000% 01/22/08 333,000 327,302 7.000% 02/01/08 352,000 366,260 7.875% 08/15/10 262,000 291,742 MASSMUTUAL GLOBAL FUNDING II 2.550% 07/15/08(a) 152,000 143,543 MERRILL LYNCH & CO., INC. 2.070% 06/12/06 125,000 123,470 3.700% 04/21/08 76,000 74,076 6.000% 02/17/09 539,000 555,903 MORGAN STANLEY 5.300% 03/01/13 518,000 520,621 6.600% 04/01/12 294,000 316,747 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 3.250% 10/01/07 355,000 345,625 5.750% 08/28/09 221,000 226,890 8.000% 03/01/32 163,000 215,300 PRINCIPAL LIFE GLOBAL FUNDING
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 6.125% 03/01/06 50,000 50,112 PRUDENTIAL FUNDING LLC 6.600% 05/15/08(a) 399,000 413,440 SLM CORP. 5.000% 04/15/15 275,000 273,105 Diversified Financial Services Total 12,527,684 INSURANCE - 1.2% HARTFORD FINANCIAL SERVICES GROUP, INC. 2.375% 06/01/06 78,000 77,262 4.625% 07/15/13 72,000 69,564 HARTFORD LIFE, INC. 7.375% 03/01/31 32,000 39,219 METLIFE, INC. 5.375% 12/15/12 110,000 111,278 6.500% 12/15/32 235,000 261,113 PRUDENTIAL FINANCIAL, INC. 4.500% 07/15/13 52,000 49,840 TRAVELERS PROPERTY CASUALTY CORP. 6.375% 03/15/33 125,000 131,951 Insurance Total 740,227 REAL ESTATE - 0.0% ERP OPERATING LP 5.200% 04/01/13 11,000 10,938 Real Estate Total 10,938 REAL ESTATE INVESTMENT TRUSTS - 2.9% CAMDEN PROPERTY TRUST 5.375% 12/15/13 509,000 506,124 EOP OPERATING LP 4.750% 03/15/14 443,000 419,796 7.000% 07/15/11 208,000 222,487 HEALTH CARE PROPERTY INVESTORS, INC. 6.450% 06/25/12 149,000 155,710 SIMON PROPERTY GROUP LP 3.750% 01/30/09 487,000 467,354 Real Estate Investment Trusts Total 1,771,471 SAVINGS & LOANS - 2.0% GOLDEN WEST FINANCIAL CORP. 4.750% 10/01/12 271,000 267,707
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) SAVINGS & LOANS - (CONTINUED) WASHINGTON MUTUAL, INC. 4.625% 04/01/14 587,000 556,159 5.625% 01/15/07 421,000 424,297 Savings & Loans Total 1,248,163 FINANCIALS TOTAL 20,101,250 INDUSTRIALS - 3.5% AEROSPACE & DEFENSE - 1.2% BOEING CO. 5.125% 02/15/13 233,000 235,085 GENERAL DYNAMICS CORP. 4.500% 08/15/10 8,000 7,875 NORTHROP GRUMMAN CORP. 7.125% 02/15/11 322,000 351,286 RAYTHEON CO. 5.375% 04/01/13 120,000 121,655 Aerospace & Defense Total 715,901 ELECTRICAL COMPONENTS & EQUIPMENT - 0.3% EMERSON ELECTRIC CO. 4.750% 10/15/15 200,000 195,638 Electrical Components & Equipment Total 195,638 ENVIRONMENTAL CONTROL - 0.4% WASTE MANAGEMENT, INC. 7.375% 08/01/10 244,000 265,128 Environmental Control Total 265,128 MISCELLANEOUS MANUFACTURING - 0.8% GENERAL ELECTRIC CO. 5.000% 02/01/13 508,000 507,289 Miscellaneous Manufacturing Total 507,289 TRANSPORTATION - 0.8% BURLINGTON NORTHERN SANTA FE CORP. 6.750% 07/15/11 222,000 239,480 CANADIAN NATIONAL RAILWAY CO. 6.900% 07/15/28 188,000 223,431 UNION PACIFIC CORP.
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) INDUSTRIALS - (CONTINUED) TRANSPORTATION - (CONTINUED) 4.698% 01/02/24 20,929 20,170 Transportation Total 483,081 INDUSTRIALS TOTAL 2,167,037 TECHNOLOGY - 0.3% COMPUTERS - 0.3% INTERNATIONAL BUSINESS MACHINES CORP. 6.500% 01/15/28 172,000 194,074 Computers Total 194,074 TECHNOLOGY TOTAL 194,074 UTILITIES - 8.3% ELECTRIC - 8.3% AEP TEXAS CENTRAL CO. 6.650% 02/15/33 400,000 438,076 AMERICAN ELECTRIC POWER CO., INC. 5.250% 06/01/15 93,000 92,362 APPALACHIAN POWER CO. 3.600% 05/15/08 97,000 93,970 COLUMBUS SOUTHERN POWER CO. 6.600% 03/01/33 111,000 122,431 COMMONWEALTH EDISON CO. 4.700% 04/15/15 125,000 119,788 DOMINION RESOURCES, INC. 4.819% 09/28/07(b) 185,000 185,146 5.000% 03/15/13 31,000 30,279 DUQUESNE LIGHT CO. 6.700% 04/15/12 60,000 64,952 DUQUESNE LIGHT HOLDINGS, INC. 6.250% 08/15/35 275,000 269,222 ENERGY EAST CORP. 6.750% 06/15/12 35,000 38,392 FIRSTENERGY CORP. 6.450% 11/15/11 88,000 93,293 KIOWA POWER PARTNERS LLC 5.737% 03/30/21(a) 210,000 207,908 MIDAMERICAN ENERGY HOLDINGS CO. 5.000% 02/15/14 507,000 492,074 NISOURCE FINANCE CORP.
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC - (CONTINUED) 5.400% 07/15/14 310,000 310,139 OHIO EDISON CO. 4.000% 05/01/08 16,000 15,629 PACIFIC GAS & ELECTRIC CO. 6.050% 03/01/34 130,000 134,681 PEPCO HOLDINGS, INC. 3.750% 02/15/06 122,000 121,854 5.500% 08/15/07 45,000 45,270 PROGRESS ENERGY, INC. 6.050% 04/15/07 433,000 438,235 PSEG POWER LLC 5.500% 12/01/15 26,000 25,777 PUBLIC SERVICE ELECTRIC & GAS CO. 4.000% 11/01/08 94,000 91,507 SOUTHERN CALIFORNIA EDISON CO. 6.000% 01/15/34 104,000 110,020 6.650% 04/01/29 200,000 224,042 SOUTHERN CO. CAPITAL FUNDING, INC. 5.300% 02/01/07 255,000 255,638 SOUTHERN POWER CO. 6.250% 07/15/12 126,000 132,014 TXU CORP. 5.550% 11/15/14 300,000 285,987 6.550% 11/15/34 500,000 474,065 VIRGINIA ELECTRIC & POWER CO. 5.375% 02/01/07 180,000 180,659 Electric Total 5,093,410 UTILITIES TOTAL 5,093,410 TOTAL CORPORATE FIXED-INCOME BONDS & NOTES (COST OF $48,598,063) 48,303,355 GOVERNMENT AGENCIES & OBLIGATIONS - 14.0% FOREIGN GOVERNMENT OBLIGATIONS - 3.6% EXPORT-IMPORT BANK OF KOREA 4.625% 03/16/10 225,000 220,658 REGION OF LOMBARDY 5.804% 10/25/32 157,000 170,409 REPUBLIC OF CHILE 5.500% 01/15/13 101,000 103,626
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) FOREIGN GOVERNMENT OBLIGATIONS - (CONTINUED) REPUBLIC OF SOUTH AFRICA 6.500% 06/02/14 233,000 252,222 UNITED MEXICAN STATES 6.375% 01/16/13 188,000 200,220 7.500% 04/08/33 524,000 618,320 8.375% 01/14/11 523,000 596,220 FOREIGN GOVERNMENT OBLIGATIONS TOTAL 2,161,675 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 10.4% U.S. TREASURY BONDS 5.375% 02/15/31 425,000 477,394 8.500% 02/15/20 105,000 147,295 U.S. TREASURY NOTES 3.750% 05/15/08 65,000 64,076 4.375% 12/15/10 3,500,000 3,502,734 4.500% 11/15/15 2,175,000 2,192,842 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 6,384,341 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $8,410,141) 8,546,016 COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4% CS FIRST BOSTON MORTGAGE SECURITIES CORP. 5.230% 12/15/40(b) 250,000 249,600 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST OF $247,305) 249,600 SHORT-TERM OBLIGATIONS - 5.4% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency maturing 02/15/08, market value of $3,397,946 (repurchase proceeds $3,331,510) 3,330,000 3,330,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $3,330,000) 3,330,000
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Corporate Bond Portfolio TOTAL INVESTMENTS - 98.7% (COST OF $60,585,509)(D)(E) 60,428,971 OTHER ASSETS & LIABILITIES, NET - 1.3% 813,892 NET ASSETS - 100.0% 61,242,863
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days 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. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities amounted to $3,900,050, which represents 6.4% of net assets. (b) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (c) A portion of this security with a market value of $58,693 is pledged as collateral for open futures contracts. (d) Cost for federal income tax purposes is $60,585,509. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION DEPRECIATION ------------ ------------ -------------- $733,368 ($889,906) ($156,538) At December 312005, the Fund held the following open short futures contracts: NUMBER OF AGGREGATE EXPIRATION UNREALIZED TYPE CONTRACTS VALUE FACE VALUE DATE DEPRECIATION -------------------------------------------------------------------------- 10-Year U.S. Treasury Notes 25 $2,712,109 $2,735,156 Mar-2005 $ (23,047) 5- Year U.S Treasury Notes 6 638,203 538,062 Mar-2005 141 ----------- $ (22,906) ----------- 13 At December 31, 2005, the Fund held the following open long futures contracts: NUMBER OF AGGREGATE EXPIRATION UNREALIZED TYPE CONTRACTS VALUE FACE VALUE DATE APPRECIATION -------------------------------------------------------------------------- 2-Year U.S. Treasury Notes 15 $3,079,219 $3,077,812 Mar-2005 $ (1,407) U.S. Treasury Bonds 13 1,462,906 1,484,437 Mar-2005 21,531 ----------- $ 20,124 ----------- 14 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 99.5% EDUCATION - 2.0% EDUCATION - 2.0% FL BROWARD COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE Nova Southeastern University Project, Series 2004 B, 5.250% 04/01/17 610,000 639,616 FL MIAMI-DADE COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE University of Miami Project, Series 2004 A, Insured: AMBAC: 5.000% 04/01/14 1,465,000 1,591,693 5.000% 04/01/15 1,000,000 1,080,590 FL VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE Embry Riddle Aeronautical University Project, Series 1999 A, 5.750% 10/15/29 2,380,000 2,442,784 Education Total 5,754,683 EDUCATION TOTAL 5,754,683 HEALTH CARE - 13.1% HOSPITALS - 13.1% FL ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY REVENUE REFUNDING Ascension Health Credit Group Project, Series 2003 A: 5.250% 11/15/11 2,125,000 2,286,351 5.250% 11/15/14 1,000,000 1,085,950 FL HIGHLANDS COUNTY HEALTH FACILITIES AUTHORITY REVENUE Refunding, Adventist Health Systems Project, Series 2005 A, 5.000% 11/15/20 1,000,000 1,037,040 Refunding, Adventist Health Systems Project, Series 2005 B, 5.000% 11/15/20 1,000,000 1,037,040 FL HILLSBOROUGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY HOSPITAL REVENUE Refunding, Tampa General Hospital Project, Series 2003 A, 5.000% 10/01/18 1,000,000 1,035,330 FL LEE MEMORIAL HEALTH SYSTEM HOSPITAL BOARD REVENUE Refunding, Series 2002 A, Insured: FSA, 5.750% 04/01/15 1,000,000 1,113,030
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) FL MARION COUNTY HOSPITAL DISTRICT REVENUE Refunding, Series 1999, 5.250% 10/01/11 2,025,000 2,140,020 FL MIAMI-DADE COUNTY PUBLIC FACILITIES REVENUE Refunding, Jackson Health Systems Project, Series 2005 B, Insured: MBIA, 5.000% 06/01/19 2,000,000 2,123,340 FL NORTH BROWARD HOSPITAL DISTRICT REVENUE Unrefunded Balance, Series 1997, Insured: MBIA, 5.250% 01/15/17 1,210,000 1,243,118 FL ORANGE COUNTY HEALTH FACILITIES AUTHORITY REVENUE Unrefunded Balance, Series 1999 A, Insured: MBIA, 6.250% 10/01/16 1,815,000 2,138,923 FL SARASOTA COUNTY PUBLIC HOSPITAL BOARD REVENUE Refunding, Sarasota Memorial Hospital Project, Series 1998 B, Insured: MBIA, 5.250% 07/01/11 1,750,000 1,882,125 FL SOUTH BROWARD HOSPITAL DISTRICT REVENUE Refunding, Series 2003 A, Insured: MBIA, 5.250% 05/01/13 1,500,000 1,632,720 Refunding, Series 2003 A, Insured: MBIA, 5.250% 05/01/12 3,955,000 4,281,287 Series 2002: 5.500% 05/01/22 1,000,000 1,071,790 5.600% 05/01/27 4,000,000 4,301,760 FL ST. PETERSBURG HEALTH FACILITIES AUTHORITY REVENUE All Children's Hospital Project, Series 2002, Insured: AMBAC: 5.500% 11/15/14 1,720,000 1,878,515 5.500% 11/15/15 1,995,000 2,168,605 5.500% 11/15/16 1,980,000 2,148,221 FL TAMPA HEALTH SYSTEMS REVENUE
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Catholic Health East Project, Series 1998 A-1, Insured: MBIA, 4.875% 11/15/15 2,000,000 2,076,100 Total Hospitals 36,681,265 HEALTH CARE TOTAL 36,681,265 HOUSING - 5.5% MULTI-FAMILY - 4.0% FL CAPITAL TRUST AGENCY HOUSING REVENUE Atlantic Housing Foundation C, 5.250% 07/01/15 2,410,000 2,411,783 FL CAPITAL TRUST AGENCY MULTI-FAMILY HOUSING REVENUE Shadow Run Project, Series 2000 A, Mandatory Put 11/01/10 @ 100, 5.150% 11/01/30 4,300,000 4,488,899 FL COLLIER COUNTY HOUSING FINANCE AUTHORITY MULTI-FAMILY REVENUE Goodlette Arms Project, Series 2002 A-1, 4.900% 02/15/32 3,250,000 3,391,928 FL HOUSING FINANCE AGENCY REVENUE REFUNDING The Vineyards Project, Series 1995 H, 6.400% 11/01/15 1,000,000 1,022,220 Total Multi-Family 11,314,830 SINGLE-FAMILY - 1.5% FL ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY SINGLE-FAMILY MORTGAGE REVENUE Series 2000 A, AMT, Insured: MBIA, 6.300% 10/01/20 190,000 191,047 FL HOUSING FINANCE CORPORATION REVENUE Homeowner Mortgage Project: Series 1997-2, AMT, Insured: MBIA, 5.750% 07/01/14 1,570,000 1,625,013 Series 1998-1, Insured: MBIA: 4.950% 01/01/11 990,000 1,020,027
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HOUSING - (CONTINUED) SINGLE-FAMILY - (CONTINUED) 4.950% 07/01/11 1,360,000 1,400,963 Single-Family Total 4,237,050 HOUSING TOTAL 15,551,880 INDUSTRIALS - 1.1% FOREST PRODUCTS & PAPER - 1.1% FL BAY COUNTY POLLUTION CONTROL REVENUE Refunding, International Paper Company, Series 1998 A, 5.100% 09/01/12 2,375,000 2,485,414 FL ESCAMBIA COUNTY POLLUTION CONTROL REVENUE International Paper Company, Series 2003 A, 4.700% 04/01/15 500,000 497,595 Forest Products & Paper Total 2,983,009 INDUSTRIALS TOTAL 2,983,009 OTHER - 11.1% POOL / BOND BANK - 1.6% FL GULF BREEZE REVENUE Local Government Loan Program, Series 1985 C, Insured: FGIC, 5.000% 12/01/15 1,000,000 1,050,380 FL STATE MUNICIPAL LOAN COUNCIL REVENUE Series 2002 A, Insured: MBIA, 5.500% 05/01/13 1,000,000 1,104,950 Series 2003 B, Insured: MBIA, 5.250% 12/01/13 1,125,000 1,237,398 Series 2005 A, Insured: MBIA, 5.000% 02/01/19 1,015,000 1,081,300 Pool / Bond Bank Total 4,474,028 REFUNDED / ESCROWED (A) - 9.5% FL BOCA RATON GO, Series 2000, Pre-refunded 07/01/09, 5.000% 07/01/13 1,470,000 1,564,639
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) FL BREVARD COUNTY SCHOOL BOARD CONSTITUTIONAL FUEL TAX REVENUE Series 2000, Pre-refunded 08/01/10, Insured: FSA, 6.000% 08/01/14 1,195,000 1,335,030 FL HILLSBOROUGH COUNTY SCHOOL BOARD DISTRICT SALES TAX REVENUE Series 2002, Pre-refunded 10/01/11, Insured: AMBAC, 5.375% 10/01/13 1,060,000 1,159,227 FL LAKELAND ELECTRICITY & WATER REVENUE Refunding, Series 1990, Escrowed to Maturity, Insured: AMBAC, (b) 10/01/09 1,000,000 875,000 FL MIAMI-DADE COUNTY SCHOOL BOARD Series 2001 A, Certificates of Participation, Escrowed to Maturity, Insured: MBIA, 5.500% 05/01/10 2,000,000 2,158,940 FL ORANGE COUNTY HEALTH FACILITIES AUTHORITY REVENUE Orlando Regional Healthcare System Project, Series 1996 A, Escrowed to Maturity, Insured: MBIA: 6.250% 10/01/08 4,640,000 5,002,152 6.250% 10/01/16 4,705,000 5,672,818 FL ORLANDO UTILITIES COMMISSION WATER & ELECTRIC REVENUE Series 1989 D, Escrowed to Maturity, 6.750% 10/01/17 1,800,000 2,163,960 FL PORT ST. LUCIE UTILITIES REVENUE Series 2003, Pre-refunded 09/01/13, 5.000% 09/01/16 510,000 553,789 FL REEDY CREEK IMPROVEMENT DISTRICT UTILITIES REVENUE Series 2003 1, Pre-refunded 10/01/13, Insured: MBIA, 5.250% 10/01/15 1,490,000 1,643,276 VA ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Virginia Hospital Arlington Health Systems Project, Pre-refunded 07/01/11, Series 2001,
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 5.500% 07/01/14 4,180,000 4,594,447 Total Refunded / Escrowed 26,723,278 OTHER TOTAL 31,197,306 OTHER REVENUE - 1.3% RECREATION - 1.3% FL STATE BOARD OF EDUCATION LOTTERY REVENUE Series 2000 C, Insured: FGIC, 5.250% 07/01/17 1,000,000 1,070,880 Series 2002 A: Insured: FGIC, 5.375% 07/01/17 1,450,000 1,583,081 Insured: FGIC, 5.500% 07/01/12 1,000,000 1,106,840 Recreation Total 3,760,801 OTHER REVENUE TOTAL 3,760,801 RESOURCE RECOVERY - 2.6% DISPOSAL - 0.6% FL OKEECHOBEE COUNTY Various Disposal-Waste Management/Landfill, Series 2004 A, AMT, 4.200% 07/01/39 1,750,000 1,756,790 Disposal Total 1,756,790 RESOURCE RECOVERY - 2.0% FL PALM BEACH COUNTY SOLID WASTE AUTHORITY REVENUE Unrefunded Balance, Series 1997 A, Insured: AMBAC, 6.000% 10/01/10 5,000,000 5,481,150 Resource Recovery Total 5,481,150 RESOURCE RECOVERY TOTAL 7,237,940 TAX - BACKED - 35.5% LOCAL APPROPRIATED - 5.9% FL BREVARD COUNTY SCHOOL BOARD Certificates of Participation, Series 2004 A,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL APPROPRIATED - (CONTINUED) Insured: FGIC, 5.000% 07/01/17 1,470,000 1,569,901 FL BROWARD COUNTY Certificates of Participation, Series 2004, Insured: MBIA, 5.000% 06/01/13 1,000,000 1,077,790 FL COLLIER COUNTY SCHOOL BOARD Certificates of Participation, Series 2002, Insured: FSA, 5.000% 02/15/13 1,500,000 1,599,585 FL FLAGLER COUNTY SCHOOL BOARD Certificates Participation, Series A, Master Lease Revenue Program, Insured: FSA, 5.000% 08/01/18 2,320,000 2,472,679 FL LEE COUNTY SCHOOL BOARD Certificates of Participation, Series 2004 A, Insured: FSA, 5.000% 08/01/16 1,000,000 1,068,470 FL MIAMI-DADE COUNTY SPECIAL OBLIGATION BONDS Series 2002 A-1, Insured: AMBAC, 5.000% 04/01/11 1,000,000 1,070,610 FL ORANGE COUNTY SCHOOL BOARD Certificates of Participation, Series 2005 A, Insured: MBIA, 5.000% 08/01/18 1,000,000 1,067,440 FL OSCEOLA COUNTY SCHOOL BOARD Certificates of Participation, Series 2004 A, Insured: FGIC: 5.000% 06/01/16 2,240,000 2,406,589 5.000% 06/01/17 1,000,000 1,068,950 FL PALM BEACH COUNTY SCHOOL BOARD Certificates of Participation, Series 2002 A, Insured: FSA, 5.375% 08/01/14 3,000,000 3,289,200 Local Appropriated Total 16,691,214 LOCAL GENERAL OBLIGATIONS - 2.4% FL BROWARD COUNTY GO, Series 2001 A, 5.250% 01/01/14 1,025,000 1,109,880
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) FL PALM BEACH COUNTY GO, Refunding, Series 1998, 5.500% 12/01/11 2,000,000 2,210,440 FL PORT ST. LUCIE GO, Series 2005, Insured: MBIA, 5.000% 07/01/18 1,170,000 1,257,902 FL REEDY CREEK IMPROVEMENT DISTRICT GO, Series 2004 A, Insured: MBIA, 5.000% 06/01/17 1,000,000 1,068,920 PR COMMONWEALTH OF PUERTO RICO MUNICIPAL FINANCE AGENCY Series 1999 A, Insured: FSA, 5.500% 08/01/09 1,000,000 1,072,160 Local General Obligations Total 6,719,302 SPECIAL NON - PROPERTY TAX - 21.4% FL COLLIER COUNTY GAS TAX REVENUE Series 2003, Insured: AMBAC, 5.250% 06/01/15 3,285,000 3,580,814 FL HIALEAH CAPITAL IMPROVEMENT REVENUE Series 1993, 5.500% 10/01/18 1,375,000 1,376,265 FL HILLSBOROUGH COUNTY CAPITAL IMPROVEMENT REVENUE Refunding, Criminal Justice Facilities Project, Series 2003, Insured: FGIC, 5.000% 08/01/12 1,000,000 1,075,040 FL HILLSBOROUGH COUNTY INDIVIDUAL DEVELOPMENT AUTHORITY Cigarette Tax Allocation, H. Lee Moffitt Cancer Project, Series 2002 B, Insured: AMBAC, 5.500% 09/01/15 2,335,000 2,575,902 FL JACKSONVILLE EXCISE TAX REVENUE Refunding, Series 1995 A, Insured: FGIC, 5.000% 10/01/09 1,000,000 1,056,960
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - (CONTINUED) FL JACKSONVILLE GUARANTEED ENTITLEMENT IMPROVEMENT REVENUE Refunding, Series 2002, Insured: FGIC: 5.375% 10/01/18 3,450,000 3,749,322 5.375% 10/01/19 3,720,000 4,042,747 FL JACKSONVILLE SALES TAX REVENUE Refunding: Series 2002, Insured: FGIC, 5.375% 10/01/18 1,000,000 1,086,760 Series 2003, Insured: MBIA, 5.250% 10/01/19 1,080,000 1,175,170 Series 2001, Insured FGIC, 5.500% 10/01/12 2,000,000 2,218,920 FL JEA ST. JOHNS RIVER POWER PARK SYSTEMS REVENUE Refunding Issue 2-Series 21, Insured: MBIA, 5.000% 10/01/19 1,000,000 1,067,870 Refunding, Series 2002, 5.250% 10/01/13 4,500,000 4,826,385 FL LEE COUNTY CAPITAL IMPROVEMENT REVENUE Series 1997 A, Insured: MBIA, 5.750% 10/01/11 1,000,000 1,112,680 FL MANATEE COUNTY SCHOOL DISTRICT SALES TAX REVENUE Series 2003, Insured: AMBAC, 5.000% 10/01/12 4,285,000 4,621,587 FL OCALA CAPITAL IMPROVEMENT REVENUE Refunding, Series 2003, Insured: AMBAC, 5.375% 10/01/16 1,530,000 1,680,720 FL ORANGE COUNTY TOURIST DEVELOPMENT TAX AUTHORITY REVENUE Refunding, Series 1998 A, Insured: AMBAC, 5.000% 10/01/15 4,000,000 4,203,320 FL OSCEOLA COUNTY TOURIST DEVELOPMENT TAX REVENUE Series 2002 A, Insured: FGIC,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - (CONTINUED) 5.500% 10/01/14 1,555,000 1,721,494 FL PALM BEACH COUNTY CRIMINAL JUSTICE FACILITIES REVENUE Series 1993, Insured: FGIC, 5.375% 06/01/09 1,500,000 1,597,470 FL PALM BEACH COUNTY PUBLIC IMPROVEMENT REVENUE GO, Refunding, Series 2004, 5.000% 08/01/17 1,000,000 1,071,280 FL PASCO COUNTY SALES TAX REVENUE Series 2003, Insured: AMBAC, 5.000% 12/01/16 1,240,000 1,330,384 FL POLK COUNTY TRANSIT IMPROVEMENT REVENUE Refunding, Series 2004, Insured: FSA, 5.000% 12/01/25 1,000,000 1,056,110 FL PORT ST. LUCIE SALES TAX REVENUE Series 2003, Insured: MBIA, 5.000% 09/01/19 1,000,000 1,067,450 FL SEMINOLE COUNTY SALES TAX REVENUE Series 2001, Insured: FGIC, 5.375% 10/01/13 1,295,000 1,419,566 FL TALLAHASSEE BLUE PRINT 2000 INTERN GOVERNMENT REVENUE Series 2003, Insured: FSA, 5.000% 10/01/13 3,775,000 4,057,483 FL TAMPA SPORTS AUTHORITY SALES TAX REVENUE Tampa Bay Arena Project, Series 1995, Insured: MBIA: 5.750% 10/01/15 2,500,000 2,817,650 5.750% 10/01/20 1,000,000 1,180,010 PR COMMONWEALTH OF PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY Series 2005 BB, Insured: FSA,
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - (CONTINUED) 5.250% 07/01/22 3,000,000 3,387,600 Special Non - Property Tax Total 60,156,959 SPECIAL PROPERTY TAX - 0.4% FL WEST PALM BEACH COMMUNITY REDEVELOPMENT AGENCY Tax Increment Revenue, Northwood/Pleasant City, Series A, 5.000% 03/01/25 980,000 1,009,890 Special Property Tax Total 1,009,890 STATE APPROPRIATED - 2.4% FL STATE DEPARTMENT MANAGEMENT SERVICES Division Facilities Management Revenue, Refunding, Florida Facilities Pool, Series A, Insured: AMBAC, 5.000% 09/01/21 3,000,000 3,225,900 FL STATE DEPARTMENT OF GENERAL SERVICES Division of Facilities Management Revenue, Series 2003 A, Insured: FSA, 5.250% 09/01/15 1,515,000 1,684,422 PR COMMONWEALTH OF PUERTO RICO PUBLIC FINANCE CORP. Commonwealth Appropriation, Series 2004 A, Insured: AMBAC, 5.750% 08/01/27 1,675,000 1,809,637 State Appropriated Total 6,719,959 STATE GENERAL OBLIGATIONS - 3.0% FL STATE BOARD OF EDUCATION Public Education Capital Outlay, GO, Refunding, Series 2000 A, 5.750% 06/01/13 1,000,000 1,096,360 FL STATE DEPARTMENT OF TRANSPORTATION GO, Series 2004 A, 5.000% 07/01/30 1,000,000 1,050,150 PR COMMONWEALTH OF PUERTO RICO PUBLIC FINANCE CORP. Commonwealth Appropriation, Series 2004 A, Insured: AMBAC, 5.250% 08/01/30 1,000,000 1,082,220 GO, Series 1997, Insured: MBIA,
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 6.500% 07/01/15 4,190,000 5,077,861 State General Obligations Total 8,306,591 TAX - BACKED TOTAL 99,603,915 TRANSPORTATION - 5.0% AIRPORTS - 2.6% FL GREATER ORLANDO AVIATION AUTHORITY Orlando Airport Facilities Revenue, Refunding, Series 2003 A, Insured: FSA, 5.000% 10/01/13 1,500,000 1,618,245 FL MIAMI-DADE COUNTY AVIATION REVENUE Series 1998 C, AMT, Insured: MBIA, 5.250% 10/01/15 3,500,000 3,657,185 FL PENSACOLA AIRPORT REVENUE Series 1997 B, AMT, Insured: MBIA, 5.625% 10/01/14 2,000,000 2,097,940 Airports Total 7,373,370 TOLL FACILITIES - 2.4% FL ORLANDO & ORANGE COUNTY EXPRESSWAY AUTHORITY REVENUE Junior Lien, Series 1990, Insured: FGIC, 6.500% 07/01/10 2,000,000 2,247,960 FL OSCEOLA COUNTY TRANSPORTATION REVENUE Osceola Parkway Project, Series 2004, Insured: MBIA, 5.000% 04/01/18 1,000,000 1,066,740 FL STATE TURNPIKE AUTHORITY REVENUE Refunding, Series 2005 A, Insured: AMBAC, 5.000% 07/01/21 3,000,000 3,223,230 Toll Facilities Total 6,537,930 TRANSPORTATION TOTAL 13,911,300 UTILITIES - 20.9% JOINT POWER AUTHORITY - 0.7% FL STATE MUNICIPAL POWER AGENCY REVENUE Refunding, Stanton II Project,
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) JOINT POWER AUTHORITY - (CONTINUED) Series 2002, Insured: AMBAC, 5.500% 10/01/21 1,850,000 2,021,828 Joint Power Authority Total 2,021,828 MUNICIPAL ELECTRIC - 9.5% FL CHARLOTTE COUNTY UTILITIES REVENUE Refunding, Series 1996 A, Insured: FGIC, 5.625% 10/01/16 1,250,000 1,296,325 FL GAINESVILLE UTILITIES SYSTEMS REVENUE Series 1992 B, 6.500% 10/01/11 3,000,000 3,444,030 FL KISSIMMEE UTILITIES AUTHORITY Electrical System Improvement Revenue, Refunding, Series 2003, Insured: FSA, 5.250% 10/01/15 2,235,000 2,442,095 FL ORLANDO UTILITIES COMMISSION UTILITY SYSTEMS REVENUE Series B, 5.000% 10/01/24 3,000,000 3,177,930 FL ORLANDO UTILITIES COMMISSION WATER & ELECTRIC REVENUE Refunding: Series 2001, 5.000% 10/01/09 5,865,000 6,194,848 Series 2002 C: 5.250% 10/01/16 1,500,000 1,628,100 5.250% 10/01/18 6,425,000 6,931,226 FL PORT ST. LUCIE UTILITIES REVENUE Series 2003, Insured: MBIA, 5.000% 09/01/17 920,000 985,219 PR COMMONWEALTH OF PUERTO RICO ELECTRIC POWER AUTHORITY Series 2003 NN, Insured: MBIA, 5.250% 07/01/19 500,000 562,490 Municipal Electric Total 26,662,263 WATER & SEWER - 10.7% FL BREVARD COUNTY UTILITIES REVENUE Refunding, Series 2002, Insured: FGIC, 5.250% 03/01/14 2,000,000 2,171,560 FL COCOA WATER & SEWER REVENUE
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Refunding, Series 2003, Insured: AMBAC, 5.500% 10/01/19 1,000,000 1,137,690 FL DAYTONA BEACH UTILITIES SYSTEMS REVENUE Refunding, Series D, Insured: FSA, 5.250% 11/15/16 1,200,000 1,303,524 FL HOLLY HILL WATER & SEWER REVENUE Refunding, Series 2002, Insured: MBIA, 5.000% 10/01/15 745,000 798,543 FL HOLLYWOOD WATER & SEWER IMPROVEMENT REVENUE Refunding, Series 2003, Insured: FSA, 5.000% 10/01/17 1,070,000 1,146,548 FL MANATEE COUNTY PUBLIC UTILITIES & IMPROVEMENT REVENUE Refunding, Series 2003 A, Insured: MBIA, 5.000% 10/01/12 2,000,000 2,159,580 FL MIAMI-DADE COUNTY STORMWATER UTILITIES REVENUE Series 2004, Insured: MBIA, 5.000% 04/01/24 2,445,000 2,587,764 FL MUNICIPAL LOAN COUNCIL REVENUE North Miami Beach Water Project, Series 2002 B, Insured: MBIA, 5.375% 08/01/16 1,485,000 1,622,600 FL OCALA UTILITIES SYSTEM REVENUE Refunding, Series B, Insured: FGIC, 5.250% 10/01/20 1,000,000 1,096,670 FL PORT ST. LUCIE UTILITIES REVENUE Series 2003, Insured: MBIA, 5.000% 09/01/19 2,115,000 2,257,657 Unrefunded Balance, Series 2003, 5.000% 09/01/16 490,000 524,736 FL SARASOTA COUNTY UTILITIES SYSTEMS REVENUE Refunding, Series 2002 C,
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Insured: FGIC, 5.250% 10/01/16 1,000,000 1,085,400 FL SEBRING WATER & WASTEWATER REVENUE Refunding, Series 2002, Insured: FGIC, 5.250% 01/01/14 1,030,000 1,125,038 FL STATE GOVERNMENTAL UTILITY AUTHORITY REVENUE Lehigh Utilities Systems, Series 2003, Insured: AMBAC, 5.000% 10/01/17 1,180,000 1,264,417 FL TALLAHASSEE CONSERVATIVE UTILITIES SYSTEM REVENUE Refunding, Series 2001, Insured: FGIC: 5.500% 10/01/14 1,330,000 1,500,107 5.500% 10/01/18 1,000,000 1,146,480 FL TAMPA BAY WATER UTILITY SYSTEMS REVENUE Refunding And Improvement, Insured: FGIC, 5.500% 10/01/19 1,500,000 1,729,245 FL TAMPA WATER & SEWER REVENUE Series 2002 B, 5.000% 07/01/10 1,000,000 1,064,560 FL TOHOPEKALIGA WATER UTILITIES AUTHORITY REVENUE Series 2003 B, Insured: FSA, 5.250% 10/01/17 1,110,000 1,210,133 FL WATER POLLUTION CONTROL FINANCING CORPORATION REVENUE Series 2001, 5.500% 01/15/13 1,390,000 1,516,629 FL WINTER PARK WATER & SEWER REVENUE Series 2002, Insured: AMBAC, 5.250% 12/01/14 1,405,000 1,533,782 Water & Sewer Total 29,982,663 UTILITIES TOTAL 58,666,754 TOTAL MUNICIPAL BONDS (COST OF $267,056,191) 275,348,853
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund
SHARES VALUE ($) INVESTMENT COMPANY - 0.0% Columbia Tax-Exempt Reserves, Capital Class (c) 1,000 1,000 TOTAL INVESTMENT COMPANY (COST OF $1,000) 1,000 TOTAL INVESTMENTS - 98.1% (COST OF $267,057,191)(D)(E) 275,349,853 OTHER ASSETS & LIABILITIES, NET - 1.9% 5,362,563 NET ASSETS - 100.0% 280,712,416
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Zero coupon bond. (c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (d) Cost for federal income tax purposes is $267,057,191. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $8,953,389 $(660,727) $8,292,662 ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. 16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Florida Intermediate Municipal Bond Fund GO General Obligation MBIA MBIA Insurance Corp. 17 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 95.6% EDUCATION - 5.7% EDUCATION - 5.7% GA ATHENS UNIVERSITY OF GEORGIA STUDENT HOUSING AUTHORITY REVENUE REFUNDING Series 2002, Insured: AMBAC, 5.250% 12/01/19 1,150,000 1,231,075 GA BULLOCH COUNTY DEVELOPMENT AUTHORITY Student Housing Lease Revenue, Georgia Southern University Project, Series 2002, Insured: AMBAC: 3.750% 08/01/10 1,055,000 1,069,411 4.000% 08/01/11 1,090,000 1,116,018 GA COBB COUNTY DEVELOPMENT AUTHORITY University Facilities Lease Revenue, Kennesaw State University Foundation, Inc. Project, Series 2004, Insured: MBIA, 5.000% 07/15/19 1,870,000 1,997,160 GA FULTON COUNTY DEVELOPMENT AUTHORITY REVENUE Georgia Tech Foundation Facilities Project, Series 1997 A, 5.000% 09/01/17 1,735,000 1,801,590 Education Total 7,215,254 EDUCATION TOTAL 7,215,254 HEALTH CARE - 15.9% HOSPITALS - 15.9% GA CHATHAM COUNTY HOSPITAL AUTHORITY REVENUE Memorial Health University, Series 2004 A, 5.375% 01/01/26 1,000,000 1,052,080 Memorial Health Medical Center Project, Series 2001 A, 6.125% 01/01/24 3,000,000 3,287,940 GA CLAYTON COUNTY HOSPITAL AUTHORITY REVENUE Anticipation Certificates, Southern Regional Medical Center Project, Series 1998 A, Insured: MBIA, 5.250% 08/01/09 3,190,000 3,381,272 GA FULCO HOSPITAL AUTHORITY REVENUE Anticipation Certificates, Catholic Health East Project, Series 1998 A, Insured: MBIA, 4.600% 11/15/09 2,000,000 2,080,840 GA GAINESVILLE & HALL COUNTY HOSPITAL AUTHORITY REVENUE Anticipation Certificates, Northeast Georgia Health System, Inc. Project,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Series 2001, 5.000% 05/15/15 1,000,000 1,029,790 GA HENRY COUNTY HOSPITAL AUTHORITY REVENUE Henry Medical Center Project, Series 1997, Pre-refunded 07/01/07, Insured: AMBAC, 6.000% 07/01/29 3,000,000 3,317,490 GA SAVANNAH HOSPITAL AUTHORITY REVENUE St. Joseph's Candler Health Systems Project: Series 1998 A, Insured: FSA: 5.250% 07/01/11 1,225,000 1,291,616 5.250% 07/01/12 1,310,000 1,380,465 Series 1998 B, Insured: FSA, 5.250% 07/01/10 1,000,000 1,057,600 GA TIFT COUNTY HOSPITAL AUTHORITY REVENUE Series 2002, Insured: AMBAC, 5.250% 12/01/18 2,225,000 2,380,639 Total Hospitals 20,259,732 HEALTH CARE TOTAL 20,259,732 HOUSING - 7.0% MULTI-FAMILY - 6.8% GA ATLANTA URBAN RESIDENTIAL FINANCE AUTHORITY MULTI-FAMILY REVENUE REFUNDING Housing City Plaza Project, Series 1998, AMT, Insured: FNMA, 4.550% 12/01/28 2,000,000 2,044,240 GA CLAYTON COUNTY HOUSING AUTHORITY MULTI-FAMILY HOUSING REVENUE REFUNDING Tara Court II Apartments Project, Series 2001, Mandatory Put 12/01/11 @ 100, Insured: FNMA, 4.350% 12/01/31 3,755,000 3,851,842 GA COBB COUNTY DEVELOPMENT AUTHORITY University Facilities Revenue, Kennesaw State University Housing Project, Series 2004 A, Insured: MBIA, 5.250% 07/15/19 2,000,000 2,180,860 GA LAWRENCEVILLE HOUSING AUTHORITY MULTI-FAMILY REVENUE Knollwood Park Apartments Project, Series 1997, AMT, Insured: FNMA,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HOUSING - (CONTINUED) MULTI-FAMILY - (CONTINUED) 6.250% 12/01/29 500,000 545,805 Total Multi-Family 8,622,747 SINGLE-FAMILY - 0.2% GA STATE HOUSING & FINANCE AUTHORITY SINGLE-FAMILY MORTGAGE REVENUE Series 1998 B-3, Insured: FHA, 4.400% 06/01/17 290,000 290,287 Single-Family Total 290,287 HOUSING TOTAL 8,913,034 INDUSTRIALS - 4.8% FOOD PRODUCTS - 0.8% GA CARTERSVILLE DEVELOPMENT AUTHORITY SEWER FACILITIES REVENUE REFUNDING Anheuser Busch Companies, Inc. Project, Series 1997, AMT, 6.125% 05/01/27 1,000,000 1,030,190 Food Products Total 1,030,190 FOREST PRODUCTS & PAPER - 2.4% GA RICHMOND COUNTY DEVELOPMENT AUTHORITY ENVIRONMENTAL IMPROVEMENT REVENUE International Paper Company Project, Series 2001 A, 5.150% 03/01/15 3,000,000 3,101,700 Forest Products & Paper Total 3,101,700 OIL & GAS SERVICES - 1.6% LA CALCASIEU PARISH INDUSTRIAL DEVELOPMENT BOARD Pollution Control Revenue, Occidental Petroleum Project, Series 2001, 4.800% 12/01/06 2,000,000 2,014,120 Oil &Gas Services Total 2,014,120 INDUSTRIALS TOTAL 6,146,010 OTHER - 21.2% POOL / BOND BANK - 1.1% AK MUNICIPAL BOND BANK AUTHORITY REVENUE Series 2003, Insured: MBIA, 5.250% 12/01/17 1,315,000 1,420,213 Pool / Bond Bank Total 1,420,213
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - 18.8% GA ATLANTA AIRPORT FACILITIES REVENUE REFUNDING Series 2000 A, Pre-refunded 01/01/10, Insured: FGIC, 5.600% 01/01/30 5,000,000 5,450,150 GA ATLANTA WATER & WASTEWATER Series 1999 A, Pre-refunded 05/01/09, Insured: FGIC, 5.000% 11/01/38 1,060,000 1,123,621 GA CLAYTON COUNTY WATER & SEWER AUTHORITY REVENUE Series 2000, Pre-refunded 05/01/10: 5.600% 05/01/18 1,000,000 1,095,020 6.250% 05/01/17 2,000,000 2,241,140 GA FORSYTH COUNTY SCHOOL DISTRICT GO, Series 1999, Pre-refunded 02/01/10, 6.000% 02/01/15 2,000,000 2,230,220 GA FULTON COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue, Concorde Place Apartments Project, Series 1996 A, AMT, Pre-refunded 07/01/08, 6.375% 01/01/27 2,900,000 3,091,690 GA MACON BIBB COUNTY INDUSTRIAL AUTHORITY REVENUE Weyerhaeuser Company Project, Series 1982, Escrowed to Maturity, 9.000% 10/01/07 1,000,000 1,094,420 GA METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY SALES TAX REVENUE Series 1983 D, Escrowed to Maturity, 7.000% 07/01/11 540,000 631,503 Series 1998 B, Pre-refunded 07/01/08, Insured: MBIA, 5.100% 07/01/13 2,500,000 2,630,900 GA STATE GO: Series 1999 D, Pre-refunded 11/01/09, 5.800% 11/01/13 3,000,000 3,311,760 Series 2002 B, Pre-refunded 05/01/12, 5.000% 05/01/20 1,000,000 1,079,050 Total Refunded / Escrowed 23,979,474
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) TOBACCO - 1.3% SC TOBACCO SETTLEMENT FINANCING CORP. Series 2001 B, 6.375% 05/15/28 1,500,000 1,606,095 Tobacco Total 1,606,095 OTHER TOTAL 27,005,782 TAX - BACKED - 21.9% LOCAL APPROPRIATED - 7.3% GA COLLEGE PARK BUSINESS & INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Refunding, Civic Center Project, Insured: AMBAC, 5.250% 09/01/19 3,230,000 3,548,220 GA EAST POINT BUILDING AUTHORITY REVENUE Series 2000, Insured: FSA, (b) 02/01/18 2,490,000 1,322,489 GA FULTON COUNTY BUILDING AUTHORITY REVENUE Judicial Center Facilities Project, Series 2002 B, Insured: MBIA, 4.000% 01/01/08 2,000,000 2,025,760 GA MUNICIPAL ASSOCIATION, INC. Certificates of Participation, City Court Atlanta Project, Series 2002, Insured: AMBAC, 5.250% 12/01/26 1,250,000 1,332,887 GA SMYRNA DOWNTOWN DEVELOPMENT AUTHORITY REVENUE REFUNDING Series 2002, Insured: AMBAC, 5.250% 02/01/16 1,000,000 1,108,750 Local Appropriated Total 9,338,106 LOCAL GENERAL OBLIGATIONS - 12.5% AL BIRMINGHAM GO, Refunding, Series 2003 A, Insured: AMBAC, 5.250% 06/01/18 2,320,000 2,525,621 GA CHEROKEE COUNTY SCHOOL SYSTEMS GO, Series 1993, Insured: AMBAC, 5.875% 02/01/09 805,000 838,271 State Aid Withholding: Series 1999, 5.000% 02/01/13 1,500,000 1,624,710 Series 2001:
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) 5.250% 08/01/15 1,000,000 1,085,640 5.250% 08/01/17 1,000,000 1,079,910 GA GWINNETT COUNTY GO, Series 2002, 4.000% 01/01/11 1,000,000 1,026,930 GA MERIWETHER COUNTY SCHOOL DISTRICT GO, State Aid Withholding, Series 1996, Insured: FSA, 5.500% 02/01/16 1,000,000 1,041,860 GA PEACH COUNTY SCHOOL DISTRICT GO, State Aid Withholding, Series 1994, Insured: MBIA, 6.500% 02/01/08 500,000 531,875 GA ROSEWELL GO, Series 2000, 5.500% 02/01/12 2,000,000 2,139,600 MI DETROIT GO, Refunding, Series 2001 B, Insured: MBIA, 5.375% 04/01/14 3,650,000 3,951,599 Local General Obligations Total 15,846,016 SPECIAL NON - PROPERTY TAX - 2.1% GA COBB-MARIETTA COUNTY COLISEUM & EXHIBIT HALL AUTHORITY REVENUE REFUNDING Series 2005, Insured: MBIA, 5.250% 10/01/19 2,430,000 2,707,822 Special Non - Property Tax Total 2,707,822 TAX - BACKED TOTAL 27,891,944 TRANSPORTATION - 1.9% TRANSPORTATION - 1.9% GA METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY REVENUE REFUNDING Series 1992, Insured: MBIA,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) TRANSPORTATION - (CONTINUED) 6.250% 07/01/18 2,000,000 2,354,940 Transportation Total 2,354,940 TRANSPORTATION TOTAL 2,354,940 UTILITIES - 17.2% INVESTOR OWNED - 4.9% GA MONROE COUNTY DEVELOPMENT AUTHORITY POLLUTION CONTROL REVENUE Georgia Power Company Plant Scherer Project, Series 2001, Mandatory Put 12/01/08 @ 100, Insured: AMBAC, 4.200% 01/01/12 5,000,000 5,084,000 Oglethorpe Power Corporation Project, Series 1992 A, 6.800% 01/01/12 1,000,000 1,153,300 Investor Owned Total 6,237,300 JOINT POWER AUTHORITY - 0.8% GA MUNICIPAL ELECTRIC AUTHORITY REVENUE Project One Subordinated, Series 1998 A, Insured: MBIA, 5.250% 01/01/13 1,000,000 1,093,560 Joint Power Authority Total 1,093,560 MUNICIPAL ELECTRIC - 1.7% TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 2,000,000 2,141,620 Municipal Electric Total 2,141,620 WATER & SEWER - 9.8% GA CHEROKEE COUNTY WATER & SEWER AUTHORITY REVENUE REFUNDING Series 1993, Insured: MBIA, 5.300% 08/01/09 350,000 363,444 GA COBB & MARIETTA COUNTY WATER AUTHORITY REVENUE Series 2000, 5.125% 11/01/20 5,195,000 5,601,872 GA COLUMBUS COUNTY WATER & SEWER REVENUE REFUNDING Series 2003, Insured: FSA, 5.250% 05/01/13 2,220,000 2,442,644 GA GRIFFIN COMBINED PUBLIC UTILITY IMPROVEMENT REVENUE REFUNDING Series 2002,
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Insured: AMBAC, 5.125% 01/01/19 2,585,000 2,787,690 GA UPPER OCONEE BASIN WATER AUTHORITY REVENUE REFUNDING Series 2005, Insured: MBIA, 5.000% 07/01/17 1,140,000 1,247,593 Water & Sewer Total 12,443,243 UTILITIES TOTAL 21,915,723 TOTAL MUNICIPAL BONDS (COST OF $116,963,198) 121,702,419 SHARES INVESTMENT COMPANY - 3.3% Columbia Tax-Exempt Reserves, Capital Class (c) 4,187,000 4,187,000 TOTAL INVESTMENT COMPANY (COST OF $4,187,000) 4,187,000 TOTAL INVESTMENTS - 98.9% (COST OF $121,150,198)(D)(E) 125,889,419 OTHER ASSETS & LIABILITIES, NET - 1.1% 1,338,921 NET ASSETS - 100.0% 127,228,340 NOTES TO INVESTMENT PORTFOLIO:
* Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. 8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Georgia Intermediate Municipal Bond Fund (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Zero coupon bond. (c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (d) Cost for federal income tax purposes is $121,150,198. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $4,894,989 $(155,768) $4,739,221 ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FHA Federal Housing Administration FNMA Federal National Mortgage Association FSA Financial Security Assurance Inc. GO General Obligation MBIA MBIA Insurance Corp. 9 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($)* COMMON STOCKS - 94.5% CONSUMER DISCRETIONARY - 10.5% AUTO COMPONENTS - 0.0% Goodyear Tire & Rubber Co. (a) 8,700 151,206 Auto Components Total 151,206 AUTOMOBILES - 0.4% Harley-Davidson, Inc. 39,000 2,008,110 Automobiles Total 2,008,110 DISTRIBUTORS - 0.1% Genuine Parts Co. 4,700 206,424 Distributors Total 206,424 DIVERSIFIED CONSUMER SERVICES - 0.0% Apollo Group, Inc., Class A (a) 800 48,368 H&R Block, Inc. 2,200 54,010 Diversified Consumer Services Total 102,378 HOTELS, RESTAURANTS & LEISURE - 2.1% Carnival Corp. 8,700 465,189 Darden Restaurants, Inc. 78,500 3,052,080 International Game Technology 36,600 1,126,548 McDonald's Corp. 58,700 1,979,364 Yum! Brands, Inc. 59,200 2,775,296 Hotels, Restaurants & Leisure Total 9,398,477 HOUSEHOLD DURABLES - 0.5% Black & Decker Corp. 2,500 217,400 Pulte Homes, Inc. 53,700 2,113,632 Household Durables Total 2,331,032 INTERNET & CATALOG RETAIL - 0.4% Amazon.com, Inc. (a) 1,400 66,010 eBay, Inc. (a) 38,200 1,652,150 Internet & Catalog Retail Total 1,718,160 MEDIA - 2.9% Comcast Corp., Class A (a) 58,600 1,521,256 Gannett Co., Inc. 14,900 902,493 McGraw-Hill Companies, Inc. 39,500 2,039,385 Time Warner, Inc. 201,500 3,514,160 Tribune Co. 4,200 127,092 Viacom, Inc., Class B 109,300 3,563,180 Walt Disney Co. 67,700 1,622,769 Media Total 13,290,335 MULTILINE RETAIL - 1.4% Dollar General Corp. 44,800 854,336 Federated Department Stores, Inc. 20,100 1,333,233
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) MULTILINE RETAIL - (CONTINUED) J.C. Penney Co., Inc. 26,700 1,484,520 Nordstrom, Inc. 71,300 2,666,620 Target Corp. 4,400 241,868 Multiline Retail Total 6,580,577 SPECIALTY RETAIL - 2.5% Autonation, Inc. (a) 84,500 1,836,185 Bed Bath & Beyond, Inc. (a) 15,000 542,250 Home Depot, Inc. 81,700 3,307,216 Linens 'N Things, Inc. (a) 42,900 1,141,140 Lowe's Companies, Inc. 15,400 1,026,564 OfficeMax, Inc. 1,700 43,112 Sherwin-Williams Co. 40,700 1,848,594 Staples, Inc. 60,100 1,364,871 TJX Companies, Inc. 7,200 167,256 Specialty Retail Total 11,277,188 TEXTILES, APPAREL & LUXURY GOODS -0.2% Coach, Inc. (a) 21,700 723,478 Jones Apparel Group, Inc. 4,974 152,801 Liz Claiborne, Inc. 2,600 93,132 V.F. Corp. 1,100 60,874 Textiles, Apparel & Luxury Goods Total 1,030,285 CONSUMER DISCRETIONARY TOTAL 48,094,172 CONSUMER STAPLES - 9.0% BEVERAGES - 2.3% Coca-Cola Co. 153,300 6,179,523 Pepsi Bottling Group, Inc. 3,600 102,996 PepsiCo, Inc. 67,300 3,976,084 Beverages Total 10,258,603 FOOD & STAPLES RETAILING - 1.6% Kroger Co. (a) 127,600 2,409,088 Safeway, Inc. 20,800 492,128 SUPERVALU, Inc. 19,500 633,360 Sysco Corp. 26,500 822,825 Wal-Mart Stores, Inc. 67,600 3,163,680 Food & Staples Retailing Total 7,521,081 FOOD PRODUCTS - 0.4% General Mills, Inc. 3,200 157,824 H.J. Heinz Co. 9,900 333,828
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) FOOD PRODUCTS - (CONTINUED) Kellogg Co. 4,900 211,778 Tyson Foods, Inc., Class A 69,000 1,179,900 Food Products Total 1,883,330 HOUSEHOLD PRODUCTS - 2.4% Clorox Co. 25,700 1,462,073 Colgate-Palmolive Co. 1,000 54,850 Kimberly-Clark Corp. 48,200 2,875,130 Procter & Gamble Co. 115,500 6,685,140 Household Products Total 11,077,193 TOBACCO - 2.3% Altria Group, Inc. 85,900 6,418,448 Reynolds American, Inc. 41,600 3,965,728 Tobacco Total 10,384,176 CONSUMER STAPLES TOTAL 41,124,383 ENERGY - 8.8% ENERGY EQUIPMENT & SERVICES - 0.5% BJ Services Co. 23,300 854,411 Schlumberger Ltd. 12,900 1,253,235 Energy Equipment & Services Total 2,107,646 OIL & GAS SERVICES - 8.3% Anadarko Petroleum Corp. 7,400 701,150 Apache Corp. 18,200 1,247,064 Burlington Resources, Inc. 13,800 1,189,560 Chevron Corp. 102,600 5,824,602 ConocoPhillips 103,800 6,039,084 Devon Energy Corp. 23,900 1,494,706 Exxon Mobil Corp. 260,100 14,609,817 Kerr-McGee Corp. 6,600 599,676 Marathon Oil Corp. 11,500 701,155 Occidental Petroleum Corp. 29,900 2,388,412 Sunoco, Inc. 29,700 2,327,886 Valero Energy Corp. 16,000 825,600 Oil & Gas Services Total 37,948,712 ENERGY TOTAL 40,056,358 FINANCIALS - 20.0% CAPITAL MARKETS - 4.4% Ameriprise Financial, Inc. 14,000 574,000 Bank of New York Co., Inc. 50,700 1,614,795 Charles Schwab Corp. 88,400 1,296,828
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) CAPITAL MARKETS - (CONTINUED) Franklin Resources, Inc. 700 65,807 Goldman Sachs Group, Inc. 39,700 5,070,087 Lehman Brothers Holdings, Inc. 23,900 3,063,263 Mellon Financial Corp. 13,700 469,225 Merrill Lynch & Co., Inc. 52,300 3,542,279 Morgan Stanley 56,700 3,217,158 State Street Corp. 17,800 986,832 Capital Markets Total 19,900,274 COMMERCIAL BANKS - 3.2% BB&T Corp. 30,227 1,266,814 Comerica, Inc. 12,100 686,796 Fifth Third Bancorp 15,500 584,660 KeyCorp 14,600 480,778 National City Corp. 71,900 2,413,683 PNC Financial Services Group, Inc. 5,700 352,431 Regions Financial Corp. 7,500 256,200 U.S. Bancorp 104,800 3,132,472 Wachovia Corp. 16,400 866,904 Wells Fargo & Co. 52,000 3,267,160 Zions Bancorporation 15,700 1,186,292 Commercial Banks Total 14,494,190 CONSUMER FINANCE - 0.7% American Express Co. 49,700 2,557,562 Capital One Financial Corp. 5,900 509,760 SLM Corp. 600 33,054 Consumer Finance Total 3,100,376 DIVERSIFIED FINANCIAL SERVICES - 3.4% CIT Group, Inc. 18,800 973,464 Citigroup, Inc. ClassA 206,000 9,997,180 JPMorgan Chase & Co. 112,100 4,449,249 Diversified Financial Services Total 15,419,893 INSURANCE - 6.9% Ace Ltd. 34,000 1,816,960 AFLAC, Inc. 4,400 204,248 Allstate Corp. 70,500 3,811,935 American International Group, Inc. 108,500 7,402,955 Aon Corp. 800 28,760 Chubb Corp. 1,500 146,475 Hartford Financial Services Group, Inc. 8,800 755,832
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) INSURANCE - (CONTINUED) Loews Corp. 8,500 806,225 MBIA, Inc. 21,100 1,269,376 MetLife, Inc. 66,200 3,243,800 Principal Financial Group, Inc. 48,600 2,305,098 Progressive Corp. 9,300 1,086,054 Prudential Financial, Inc. 39,300 2,876,367 SAFECO Corp. 15,700 887,050 St. Paul Travelers Companies, Inc. 57,900 2,586,393 Torchmark Corp. 1,285 71,446 UICI 19,843 704,625 UnumProvident Corp. 35,700 812,175 XL Capital Ltd., Class A 13,400 902,892 Insurance Total 31,718,666 REAL ESTATE - 0.6% Equity Office Properties Trust, REIT 55,600 1,686,348 Equity Residential Property Trust, REIT 200 7,824 Plum Creek Timber Co., Inc., REIT 9,161 330,254 Public Storage, Inc., REIT 6,900 467,268 Vornado Realty Trust, REIT 700 58,429 Real Estate Total 2,550,123 THRIFTS & MORTGAGE FINANCE - 0.8% Countrywide Financial Corp. 20,500 700,895 Fannie Mae 18,800 917,628 Freddie Mac 10,500 686,175 MGIC Investment Corp. 14,100 928,062 Sovereign Bancorp, Inc. 9,100 196,742 Washington Mutual, Inc. 8,600 374,100 Thrifts & Mortgage Finance Total 3,803,602 FINANCIALS TOTAL 90,987,124 HEALTH CARE - 12.5% BIOTECHNOLOGY - 1.7% Amgen, Inc. (a) 61,600 4,857,776 Applera Corp. - Applied Biosystems Group 700 18,592 Genzyme Corp. (a) 3,100 219,418 Gilead Sciences, Inc. (a) 52,200 2,747,286 Biotechnology Total 7,843,072 HEALTH CARE EQUIPMENT & SUPPLIES - 1.3% Bausch & Lomb, Inc. 5,200 353,080 Baxter International, Inc. 12,800 481,920 Boston Scientific Corp. (a) 98,300 2,407,367
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE EQUIPMENT & SUPPLIES - (CONTINUED) Fisher Scientific International, Inc. (a) 9,000 556,740 Medtronic, Inc. 26,100 1,502,577 PerkinElmer, Inc. 7,400 174,344 Waters Corp. (a) 11,500 434,700 Health Care Equipment & Supplies Total 5,910,728 HEALTH CARE PROVIDERS & SERVICES - 3.9% Aetna, Inc. 15,800 1,490,098 AmerisourceBergen Corp. 60,400 2,500,560 Beverly Enterprises, Inc. (a) 93,400 1,089,978 Cardinal Health, Inc. 11,500 790,625 Caremark Rx, Inc. (a) 11,200 580,048 CIGNA Corp. 40,400 4,512,680 Coventry Health Care, Inc. (a) 400 22,784 Express Scripts, Inc. (a) 5,400 452,520 HCA, Inc. 14,300 722,150 Humana, Inc. (a) 13,652 741,713 McKesson Corp. 23,200 1,196,888 UnitedHealth Group, Inc. 60,500 3,759,470 Health Care Providers & Services Total 17,859,514 PHARMACEUTICALS - 5.6% Abbott Laboratories 68,400 2,697,012 Bristol-Myers Squibb Co. 6,200 142,476 Eli Lilly & Co. 1,900 107,521 Forest Laboratories, Inc. (a) 43,500 1,769,580 Johnson & Johnson 131,100 7,879,110 King Pharmaceuticals, Inc. (a) 9,200 155,664 Merck & Co., Inc. 57,700 1,835,437 Pfizer, Inc. 317,000 7,392,440 Watson Pharmaceuticals, Inc. (a) 20,451 664,862 Wyeth 63,900 2,943,873 Pharmaceuticals Total 25,587,975 HEALTH CARE TOTAL 57,201,289 INDUSTRIALS - 10.7% AEROSPACE & DEFENSE - 2.0% Boeing Co. 29,100 2,043,984 General Dynamics Corp. 20,500 2,338,025 Lockheed Martin Corp. 20,900 1,329,867 Northrop Grumman Corp. 19,900 1,196,189
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) AEROSPACE & DEFENSE - (CONTINUED) Raytheon Co. 43,200 1,734,480 Rockwell Collins, Inc. 6,400 297,408 United Technologies Corp. 3,100 173,321 Aerospace & Defense Total 9,113,274 AIR FREIGHT & LOGISTICS - 1.0% FedEx Corp. 7,400 765,086 United Parcel Service, Inc., Class B 48,100 3,614,715 Air Freight & Logistics Total 4,379,801 BUILDING PRODUCTS - 0.2% American Standard Companies, Inc. 8,700 347,565 Masco Corp. 26,100 787,959 Building Products Total 1,135,524 COMMERCIAL SERVICES & SUPPLIES - 1.2% Cendant Corp. 155,100 2,675,475 Equifax, Inc. 41,700 1,585,434 Pitney Bowes, Inc. 3,558 150,326 R.R. Donnelley & Sons Co. 9,011 308,266 Robert Half International, Inc. 24,420 925,274 Commercial Services & Supplies Total 5,644,775 CONSTRUCTION & ENGINEERING - 0.1% Fluor Corp. 7,400 571,724 Construction & Engineering Total 571,724 ELECTRICAL EQUIPMENT - 0.6% Cooper Industries Ltd., Class A 11,100 810,300 Emerson Electric Co. 21,600 1,613,520 Rockwell Automation, Inc. 1,800 106,488 Electrical Equipment Total 2,530,308 INDUSTRIAL CONGLOMERATES - 3.8% 3M Co. 51,300 3,975,750 General Electric Co. (b) 294,300 10,315,215 Tyco International Ltd. 101,400 2,926,404 Industrial Conglomerates Total 17,217,369 MACHINERY - 1.0% Cummins, Inc. 2,800 251,244 Danaher Corp. 3,100 172,918 Illinois Tool Works, Inc. 8,800 774,312 Ingersoll-Rand Co., Ltd., Class A 38,800 1,566,356 ITT Industries, Inc. 15,800 1,624,556 Navistar International Corp. (a) 6,700 191,754
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) MACHINERY - (CONTINUED) Parker Hannifin Corp. 2,200 145,112 Machinery Total 4,726,252 ROAD & RAIL - 0.8% Burlington Northern Santa Fe Corp. 23,500 1,664,270 CSX Corp. 27,700 1,406,329 Norfolk Southern Corp. 11,100 497,613 Road & Rail Total 3,568,212 INDUSTRIALS TOTAL 48,887,239 INFORMATION TECHNOLOGY - 14.3% COMMUNICATIONS EQUIPMENT - 3.1% Cisco Systems, Inc. (a) 435,000 7,447,200 Corning, Inc. (a) 8,700 171,042 Motorola, Inc. 197,200 4,454,748 QUALCOMM, Inc. 49,700 2,141,076 Communications Equipment Total 14,214,066 COMPUTERS & PERIPHERALS - 3.0% Apple Computer, Inc. (a) 26,800 1,926,652 Dell, Inc. (a) 120,300 3,607,797 EMC Corp. (a) 4,400 59,928 Hewlett-Packard Co. 135,300 3,873,639 International Business Machines Corp 48,900 4,019,580 Lexmark International, Inc., Class A (a) 3,600 161,388 QLogic Corp. (a) 700 22,757 Seagate Technology, Inc., Escrow Shares (a) 97,200 972 Computers & Peripherals Total 13,672,713 INTERNET SOFTWARE & SERVICES - 0.1% Yahoo!, Inc. (a) 18,500 724,830 Internet Software & Services Total 724,830 IT SERVICES - 0.5% Fiserv, Inc. (a) 53,800 2,327,926 IT Services Total 2,327,926 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3% Analog Devices, Inc. 21,800 781,966 Freescale Semiconductor, Inc., Class B (a) 36,500 918,705 Intel Corp. 385,500 9,622,080 Linear Technology Corp. 7,600 274,132
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (CONTINUED) LSI Logic Corp. (a) 67,600 540,800 Micron Technology, Inc. (a) 4,800 63,888 National Semiconductor Corp. 31,600 820,968 NVIDIA Corp. (a) 36,400 1,330,784 Texas Instruments, Inc. 163,300 5,237,031 Semiconductors & Semiconductor Equipment Total 19,590,354 SOFTWARE - 3.3% Autodesk, Inc. 27,100 1,163,945 Intuit, Inc. (a) 12,400 660,920 Microsoft Corp. (b) 303,700 7,941,755 Oracle Corp. (a) 335,800 4,100,118 Siebel Systems, Inc. 95,500 1,010,390 Software Total 14,877,128 INFORMATION TECHNOLOGY TOTAL 65,407,017 MATERIALS - 2.8% CHEMICALS - 0.6% Dow Chemical Co. 48,200 2,112,124 Eastman Chemical Co. 4,900 252,791 International Flavors & Fragrances, Inc. 835 27,972 PPG Industries, Inc. 8,100 468,990 Chemicals Total 2,861,877 CONSTRUCTION MATERIALS - 0.1% Vulcan Materials Co. 8,900 602,975 Construction Materials Total 602,975 CONTAINERS & PACKAGING - 0.2% Ball Corp. 14,022 556,954 Sealed Air Corp. (a) 1,499 84,199 Containers & Packaging Total 641,153 METALS & MINING - 1.8% Freeport-McMoRan Copper & Gold, Inc., Class B 45,900 2,469,420 Nucor Corp. 51,300 3,422,736 Phelps Dodge Corp. 16,200 2,330,694 Metals & Mining Total 8,222,850
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) PAPER & FOREST PRODUCTS - 0.1% MeadWestvaco Corp. 12,162 340,901 Paper & Forest Products Total 340,901 MATERIALS TOTAL 12,669,756 TELECOMMUNICATION SERVICES - 2.9% DIVERSIFIED TELECOMMUNICATION SERVICES - 2.9% AT&T, Inc. 140,000 3,428,600 BellSouth Corp. 89,300 2,420,030 MCI, Inc. 33,900 668,847 Sprint Nextel Corp. 70,100 1,637,536 Verizon Communications, Inc. 163,200 4,915,584 Diversified Telecommunication Services Total 13,070,597 TELECOMMUNICATION SERVICES TOTAL 13,070,597 UTILITIES - 3.0% ELECTRIC UTILITIES - 1.4% American Electric Power Co., Inc. 50,400 1,869,336 Edison International 8,800 383,768 Entergy Corp. 9,800 672,770 FirstEnergy Corp. 46,300 2,268,237 PPL Corp. 8,700 255,780 Progress Energy, Inc. 27,200 1,194,624 Electric Utilities Total 6,644,515 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.8% Duke Energy Corp. 53,900 1,479,555 TXU Corp. 41,400 2,077,866 Independent Power Producers & Energy Traders Total 3,557,421 MULTI - UTILITIES - 0.8% CenterPoint Energy, Inc. 199,300 2,561,005 PG&E Corp. 27,600 1,024,512 Multi - Utilities Total 3,585,517 UTILITIES TOTAL 13,787,453 TOTAL COMMON STOCKS (COST OF $372,144,158) 431,285,388 CONTRACTS VALUE ($) PURCHASED CALL OPTIONS - 0.1% Euro 1 Year Swaption Strike Price: $3.75 Expiring: 07/10/06 100,000 75,054 TOTAL PURCHASED CALL OPTIONS (COST OF $56,720) 75,054
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
PAR($) SHORT-TERM OBLIGATIONS - 5.4% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Obligation maturing 02/23/07, market value of $24,939,009 (repurchase proceeds $24,460,084) 24,449,000 24,449,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $24,449,000) 24,449,000 TOTAL INVESTMENTS - 99.9% (COST OF $396,649,878)(D)(E) 455,809,442 OTHER ASSETS & LIABILITIES, NET - 0.1% 354,832 NET ASSETS - 100.0% 456,164,274
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days 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. Forward currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies. Options are valued at the last reported sale price, or in the absence of a sale, the mean between the last quoted bid and ask price. Swap transactions such as interest rate, total return, index or currency swaps, consistent with their investment objective and policies to obtain a desired return at a lower cost than if the Funds had invested directly in the asset that yielded the desired return. Swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest or total return throughout the lives of the agreements. The interest to be paid or received on interest rate swaps is included in net realized gain/(loss) on investments. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statement of net assets. A realized gain or loss is recorded upon termination of swap agreements and is equal to the difference between the Fund's basis in the swap and the proceeds from (or cost of) the closing transaction. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Security pledged as collateral for open futures contracts. (d) Cost for federal income tax purposes is $396,649,878. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $65,301,413 ($6,141,849) $59,159,564 11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund At December 31, 2005, the Fund held the following open long futures contracts:
Expiration Unrealized TYPE CONTRACTS VALUE AGGREGATE FACE VALUE DATE DEPRECIATION ----------------------------------------------------------------------------------------------- S & P 500 Index 96 $30,355,459 $30,115,200 Mar-06 $(240,589)
At December 31, 2005, the Fund held the following open long swap contracts:
NOTIONAL PAYMENTS MADE BY THE PAYMENTS RECEIVED BY THE UNREALIZED DESCRIPTION AMOUNT FUND FUND DEPRECIATION ------------------------------------------------------------------------------------------------------------------- Contract with Bear Stearns, Notional Amount X Notional Amount X Effective: 10/06/05 (Morgan Stanley ) (Morgan Stanley) Expires: 04/21/06 $ 5,154,639 Max (0, Strike^2-Vol^2) Max (0, Vol^2-Strike^2) (105,670) Contract with Bear Stearns, Notional Amount X Notional Amount X Effective: 10/06/05 (SPX Index) (SPX Index) Expires: 04/21/06 13,071895 Max (0, Strike^2-Vol^2) Max (0, Vol^2-Strike^2) 0 ----------------- Total unrealized depreciation $ (105,670) =================
At December 31, 2005, the Fund held the following open long swap contracts:
NOTIONAL PAYMENTS MADE BY THE PAYMENTS RECEIVED BY THE UNREALIZED DESCRIPTION AMOUNT FUND FUND APPRECIATION ----------------------------------------------- ------------------------------------------------------------------- Contract with Bear Stearns, Notional Amount X Notional Amount X Effective: 10/06/05 (Morgan Stanley) (Morgan Stanley) Expires: 04/21/06 $(5,154,639) Max (0, Strike^2-Vol^2) Max (0, Vol^2-Strike^2) $ 0 Contract with Bear Stearns, Notional Amount X Notional Amount X Effective: 10/06/05 (SPX Index) (SPX Index) Expires: 04/21/06 (13,071,895) Max (0, Strike^2-Vol^2) Max (0, Vol^2-Strike^2) 105,882 ----------------- Total unrealized appreciation $ 105,882 =================
At December 31, 2005, the Fund had entered into the following forward currency exchange contracts:
Forward Currency Contracts Aggregate Settlement Unrealized to Sell In exchange for Value Face Value Date Appreciation --------------------------------------------------------------------------------------------------------- CHF EUR $ 1,997,252 $ 1,997,549 01/05/06 $ 20,297 CHF USD 1,975,409 2,000,000 01/05/06 24,590 EUR GBP 2,001,335 2,004,352 01/05/06 3,017 JPY USD 2,036,024 2,000,000 01/05/06 (36,024) -------------- $ 11,880 ==============
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Enhanced Core Fund
Forward Currency Contracts Aggregate Settlement Unrealized to Buy In exchange for Value Face Value Date Depreciation --------------------------------------------------------------------------------------------------------- EUR CHF $ 2,001,335 $ 1,997,549 01/05/06 $ 3,786 GBP EUR 1,996,971 2,004,352 01/05/06 (37,381) -------------- $ (33,595) ==============
13 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 99.0% EDUCATION - 1.9% EDUCATION - 1.9% MD STATE HEALTH & HIGHER EDUCATION FACILITIES AUTHORITY REVENUE College of Notre Dame Project, Series 1998, Insured: MBIA, 4.600% 10/01/14 510,000 542,064 MD STATE INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY REVENUE Refunding, American Center for Physics Facilities Project, Series 2001, 5.250% 12/15/15 1,000,000 1,080,690 MD UNIVERSITY SYSTEMS AUXILIARY FACILITIES & TUITION REVENUE Series 2000 A, 5.000% 10/01/08 1,975,000 2,065,751 Education Total 3,688,505 EDUCATION TOTAL 3,688,505 HEALTH CARE - 2.9% HOSPITALS - 2.9% MD STATE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY REVENUE Johns Hopkins Medical Project, Series 1998, Insured: MBIA, 5.000% 07/01/29 1,000,000 1,032,710 MS STATE HOSPITAL FACILITIES & EQUIPMENT AUTHORITY REVENUE Forrest County General Hospital Project, Series 2000, Insured: FSA: 5.500% 01/01/24 3,100,000 3,288,046 5.625% 01/01/20 1,000,000 1,082,630 Total Hospitals 5,403,386 HEALTH CARE TOTAL 5,403,386 HOUSING - 8.6% MULTI-FAMILY - 3.8% MD MONTGOMERY COUNTY HOUSING OPPORTUNITIES COMMISSION MULTI-FAMILY MORTGAGE REVENUE Series 2000 A, 6.100% 07/01/30 1,500,000 1,568,250 MD STATE ECONOMIC DEVELOPMENT CORPORATION STUDENT HOUSING REVENUE
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HOUSING - (CONTINUED) MULTI-FAMILY - (CONTINUED) Collegiate Housing Project, Series 1999 A,: 5.300% 06/01/08 495,000 506,241 5.600% 06/01/11 575,000 605,970 Salisbury Collegiate Housing Project, Series 1999 A,: 5.600% 06/01/10 575,000 600,726 5.700% 06/01/12 1,000,000 1,051,390 6.000% 06/01/19 815,000 856,418 6.000% 06/01/30 1,850,000 1,933,287 Total Multi-Family 7,122,282 SINGLE-FAMILY - 4.8% MD PRINCE GEORGES COUNTY HOUSING AUTHORITY SINGLE-FAMILY MORTGAGE REVENUE Series 2000 A, AMT, Insured: GNMA, 6.150% 08/01/19 30,000 31,245 MD STATE COMMUNITY DEVELOPMENT ADMINISTRATION DEPARTMENT OF HOUSING & COMMUNITY DEVELOPMENT REVENUE Residential Project,: Series 1998 B, AMT, Insured: FHA, 4.950% 09/01/11 500,000 515,165 Series 1999 D, AMT, 5.375% 09/01/24 2,410,000 2,479,817 Single-Family Program,: Series 1997-1, Insured: FHA, 4.950% 04/01/07 915,000 929,091 Series 1998-3, AMT,: 4.500% 04/01/08 3,440,000 3,500,647 4.700% 04/01/10 1,685,000 1,730,950 Single-Family Total 9,186,915 HOUSING TOTAL 16,309,197 INDUSTRIALS - 0.6% MANUFACTURING - 0.6% TN MAURY COUNTY INDUSTRIAL DEVELOPMENT BOARD MULTI-MODEL POLLUTION CONTROL REVENUE General Motors Corp.-Saturn Corp., Series 1997,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) MANUFACTURING - (CONTINUED) 6.500% 09/01/24 1,355,000 1,042,442 Manufacturing Total 1,042,442 INDUSTRIALS TOTAL 1,042,442 OTHER - 20.6% OTHER - 1.6% MD STATE TRANSPORTATION AUTHORITY Baltimore/Washington International Airport Project, Series 2002 A, Insured: AMBAC, 4.500% 03/01/15 3,000,000 3,124,710 Other Total 3,124,710 POOL / BOND BANK - 1.1% TX WATER DEVELOPMENT BOARD REVENUE Series 1997, 5.000% 07/15/12 2,000,000 2,064,720 Pool / Bond Bank Total 2,064,720 REFUNDED / ESCROWED (A) - 17.9% MD BALTIMORE CONSOLIDATED PUBLIC IMPROVEMENT GO, Series 1997 A, Pre-refunded 10/15/07, Insured: FGIC, 5.300% 10/15/16 1,740,000 1,834,360 MD HOWARD COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO,: Series 2000 A, Pre-refunded 02/15/08: 5.250% 02/15/16 1,500,000 1,575,225 5.250% 02/15/17 1,900,000 1,995,285 5.250% 02/15/18 2,000,000 2,100,299 Series 2002 A, Pre-refunded 02/15/12, 5.250% 08/15/15 1,800,000 1,966,014 MD MONTGOMERY COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO, Series 1997 A, Pre-refunded 05/01/07, 5.375% 05/01/13 1,000,000 1,046,810 MD PRINCE GEORGES COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO, Series 1999, Pre-refunded 10/01/09, Insured: FSA,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 5.000% 10/01/12 1,935,000 2,061,588 MD QUEEN ANNES COUNTY SCHOOL & PUBLIC FACILITIES GO, Series 2000, Pre-refunded 10/15/10, Insured: FGIC, 5.250% 01/15/14 1,200,000 1,293,960 MD STATE & LOCAL FACILITIES LOAN GO,: Series 1998-2, Pre-refunded 07/15/08, 5.000% 07/15/11 1,000,000 1,051,260 Series 1996-2, Pre-refunded 06/15/06, 5.250% 06/15/11 1,550,000 1,594,671 MD STATE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY REVENUE Johns Hopkins Hospital Redevelopment Project, Series 1979, Escrowed to Maturity, 5.750% 07/01/09 2,000,000 2,158,080 Johns Hopkins University Project, Series 1999, Pre-refunded 07/01/09, 6.000% 07/01/39 5,000,000 5,477,250 MD STATE TRANSPORTATION AUTHORITY REVENUE Transportation Facilities Project, Series 1978, Escrowed to Maturity, 6.800% 07/01/16 680,000 787,345 MD UNIVERSITY SYSTEMS AUXILIARY FACILITIES & TUITION REVENUE Series 1996 A, Pre-refunded 04/01/06: 5.600% 04/01/13 3,520,000 3,574,701 5.600% 04/01/14 3,115,000 3,163,407 Series 1997 A, Pre-refunded 04/01/07, 5.125% 04/01/13 1,000,000 1,032,390 MD WASHINGTON SUBURBAN SANITATION DISTRICT AUTHORITY General Construction, GO, Series 2000, Pre-refunded 06/01/10, 5.250% 06/01/22 1,000,000 1,075,160 MO ST. LOUIS COUNTY MORTGAGE REVENUE Series 1989 A, AMT, Escrowed to Maturity, Insured: GNMA,
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 7.950% 08/01/09 150,000 161,837 Total Refunded / Escrowed 33,949,642 OTHER TOTAL 39,139,072 RESOURCE RECOVERY - 6.1% DISPOSAL - 3.9% FL ORANGE COUNTY SOLID WASTE FACILITIES REVENUE Refunding, Series 2003, Insured: MBIA, 5.000% 10/01/15 2,915,000 3,096,517 MD PRINCE GEORGES COUNTY SOLID WASTE MANAGEMENT SYSTEM REVENUE Series 2003, Insured: MBIA, 5.000% 06/15/08 4,135,000 4,302,799 Disposal Total 7,399,316 RESOURCE RECOVERY - 2.2% MD NORTHEAST WASTE DISPOSAL AUTHORITY REVENUE Refunding, Series 2003, AMT, Insured: AMBAC, 5.500% 04/01/10 2,500,000 2,671,375 MD NORTHEAST SOLID WASTE DISPOSAL AUTHORITY REVENUE Montgomery County Resources Recreation Project, Series 1993 A, AMT, 6.000% 07/01/07 1,500,000 1,540,245 Resource Recovery Total 4,211,620 RESOURCE RECOVERY TOTAL 11,610,936 TAX - BACKED - 48.0% LOCAL GENERAL OBLIGATIONS - 30.6% MD ANNE ARUNDEL COUNTY GO, Refunding,: Series 1995,: 5.200% 04/01/08 2,855,000 2,888,061 5.300% 04/01/10 500,000 505,860 Series 2003, 5.000% 03/01/13 4,045,000 4,394,528 MD BALTIMORE CONSOLIDATED PUBLIC IMPROVEMENT
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) GO,: Series 1991 C, Insured: FGIC, 6.375% 10/15/07 2,075,000 2,188,067 Series 1998 B, Insured: FGIC, 6.500% 10/15/08 1,000,000 1,045,400 MD BALTIMORE GO, Series 1989 B, Insured: MBIA, 7.050% 10/15/07 1,000,000 1,064,780 MD HARFORD COUNTY GO, Series 1997, 5.500% 12/01/07 1,000,000 1,041,570 MD HOWARD COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO,: Series 2002 A, 5.000% 08/15/09 3,900,000 4,121,910 Unrefunded Balance, Series 2002 A, 5.250% 08/15/15 795,000 864,722 MD LAUREL PUBLIC IMPROVEMENT GO, Refunding, Series 1996 A, Insured: FGIC, 5.000% 10/01/11 1,530,000 1,564,486 MD MONTGOMERY COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO,: Series 1992 A, 5.800% 07/01/07 1,500,000 1,556,325 Series 1997 A, 5.375% 05/01/08 1,000,000 1,046,370 Series 2005 A, 5.000% 06/01/24 5,000,000 5,348,550 MD MONTGOMERY COUNTY GO, Refunding, Series 2001,: 5.250% 10/01/10 3,800,000 4,110,270 5.250% 10/01/14 1,000,000 1,091,390 MD PRINCE GEORGES COUNTY CONSOLIDATED PUBLIC IMPROVEMENT GO,: 5.125% 10/01/10 1,000,000 1,076,200 Series 1999, Insured: FSA,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) 5.125% 10/01/16 3,300,000 3,517,041 Series 2000, 5.125% 10/01/08 1,000,000 1,048,940 Series 2001, Insured: FGIC: 5.250% 12/01/11 4,825,000 5,263,351 5.250% 12/01/12 4,650,000 5,084,403 Unrefunded Balance, Series 1999, Insured: FSA, 5.000% 10/01/12 65,000 69,087 MD ST. MARY'S COUNTY GO, Refunding, Series 2003, 3.000% 11/01/07 1,565,000 1,558,239 MD WASHINGTON SUBURBAN SANITATION DISTRICT GO, Water Supply, 5.000% 06/01/18 3,180,000 3,451,349 MD WICOMICO COUNTY PUBLIC IMPROVEMENT GO, Series 1997, Insured: MBIA: 4.800% 12/01/10 1,290,000 1,335,021 4.900% 12/01/11 1,355,000 1,403,401 5.000% 12/01/12 1,425,000 1,479,606 Local General Obligations Total 58,118,927 SPECIAL NON - PROPERTY TAX - 5.3% MD BALTIMORE EXCHANGED REVENUE Series 1996 A, Insured: FGIC, 5.900% 07/01/10 1,725,000 1,896,086 MD STATE DEPARTMENT OF TRANSPORTATION REVENUE Series 2002,: 5.500% 02/01/11 1,265,000 1,386,288 5.500% 02/01/14 6,115,000 6,881,148 Special Non - Property Tax Total 10,163,522 SPECIAL PROPERTY TAX - 1.5% MD WASHINGTON SUBURBAN SANITATION DISTRICT AUTHORITY GO, Refunding, Series 2001, 5.000% 06/01/08 2,700,000 2,809,215 Special Property Tax Total 2,809,215
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE APPROPRIATED - 0.3% MD STATE STADIUM AUTHORITY LEASE REVENUE Ocean City Convention Project, Series 1995, 5.375% 12/15/13 500,000 505,865 State Appropriated Total 505,865 STATE GENERAL OBLIGATIONS - 10.3% GU GOVERNMENT GO, Series 1993 A, 5.200% 11/15/08 600,000 599,298 MD BALTIMORE BOARD OF SCHOOL COMMISSIONERS SCHOOL SYSTEM REVENUE Series 2003 A, 5.000% 05/01/12 1,375,000 1,487,420 MD STATE State & Local Facilities Loan, GO,: Series 2000,: 5.500% 08/01/09 5,500,000 5,904,580 5.750% 08/01/11 2,970,000 3,276,504 Series 2002, 5.500% 03/01/13 2,245,000 2,513,816 PR PUBLIC BUILDINGS AUTHORITY REVENUE Guaranteed Refunding, Government Facilities, Series 2003 H, Insured: AMBAC, 5.500% 07/01/18 5,000,000 5,716,350 State General Obligations Total 19,497,968 TAX - BACKED TOTAL 91,095,497 TRANSPORTATION - 4.6% AIR TRANSPORTATION - 1.1% TN MEMPHIS SHELBY COUNTY AIRPORT AUTHORITY Federal Express Corp., Series 2001, 5.000% 09/01/09 2,000,000 2,073,740 Air Transportation Total 2,073,740 TRANSPORTATION - 3.5% DC WASHINGTON METROPOLITAN AREA TRANSPORTATION AUTHORITY REVENUE Refunding, Series 1993, Insured: FGIC, 6.000% 07/01/10 350,000 388,006
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) TRANSPORTATION - (CONTINUED) MD STATE TRANSPORTATION AUTHORITY FACILITIES PROJECTS REVENUE Series 2004, Insured: FSA, 5.250% 07/01/14 3,090,000 3,434,288 MD STATE TRANSPORTATION AUTHORITY REVENUE Series 1992, 5.800% 07/01/06 2,800,000 2,835,812 Transportation Total 6,658,106 TRANSPORTATION TOTAL 8,731,846 UTILITIES - 5.7% INVESTOR OWNED - 1.8% KS BURLINGTON ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, Kansas City Power & Light Project, Series 1998 K, 4.750% 09/01/15 1,000,000 1,016,010 MD CALVERT COUNTY POLLUTION CONTROL REVENUE Refunding, Baltimore Gas & Electric Company Project, Series 1993, 5.550% 07/15/14 800,000 811,672 MD PRINCE GEORGES COUNTY POLLUTION CONTROL REVENUE Refunding, Potomac Electric Project, Series 1995, 5.750% 03/15/10 1,500,000 1,631,280 Investor Owned Total 3,458,962 MUNICIPAL ELECTRIC - 3.9% TX AUSTIN UTILITY SYSTEM REVENUE Refunding, Series 1997, Insured: FSA, 5.125% 11/15/13 3,000,000 3,089,520 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 2,000,000 2,141,620 TX SAN ANTONIO ELECTRIC & GAS REVENUE GO, Refunding, Series 1998 A,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) MUNICIPAL ELECTRIC - (CONTINUED) 5.250% 02/01/16 2,000,000 2,109,820 Municipal Electric Total 7,340,960 UTILITIES TOTAL 10,799,922 TOTAL MUNICIPAL BONDS (COST OF $182,634,973) 187,820,803 SHARES INVESTMENT COMPANY - 0.4% Columbia Tax-Exempt Reserves, Capital Class (b) 744,279 744,279 TOTAL INVESTMENT COMPANY (COST OF $744,279) 744,279 TOTAL INVESTMENTS - 99.4% (COST OF $183,379,252)(C)(D) 188,565,082 OTHER ASSETS & LIABILITIES, NET - 0.6% 1,193,192 NET ASSETS - 100.0% 189,758,274
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Maryland Intermediate Municipal Bond Fund NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (c) Cost for federal income tax purposes is $183,379,252. (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $6,123,598 $(937,768) $5,185,830 ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FHA Federal Housing Administration FSA Financial Security Assurance, Inc. GNMA Government National Mortgage Co. GO General Obligation MBIA MBIA Insurance Corp. 11 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.3% EDUCATION - 6.6% EDUCATION - 6.6% IL EDUCATIONAL FACILITIES AUTHORITY Depaul University, Series 2003 C, Insured: AMBAC, 5.000% 09/01/18 8,650,000 8,935,104 SC FLORENCE DARLINGTON Communication For Technical Education Special Fee Revenue, Series A, Insured: MBIA: 5.000% 03/01/18 1,725,000 1,853,081 5.000% 03/01/20 1,905,000 2,034,845 Education Total 12,823,030 EDUCATION TOTAL 12,823,030 HEALTH CARE - 13.7% HOSPITALS - 13.7% SC CHARLESTON COUNTY Hospital Facilities Revenue, Care Alliance Health Services Project Refunding, Series 1999 A, Insured: FSA: 5.000% 08/15/12 1,000,000 1,054,700 5.125% 08/15/15 6,370,000 6,883,613 SC GREENVILLE HOSPITAL FACILITIES SYSTEMS REVENUE, Series 1996 B, 5.250% 05/01/17 2,000,000 2,047,600 Series 1996 A, 5.400% 05/01/07 1,000,000 1,025,290 SC HORRY COUNTY HOSPITAL FACILITIES REVENUE Conway Hospital, Inc., Project, Series 1998, Insured: AMBAC: 4.750% 07/01/10 1,100,000 1,142,757 4.875% 07/01/11 1,200,000 1,246,992 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY, HOSPITAL FACILITIES REVENUE Georgetown Memorial Hospital Project, Series 2001, Insured: RAD, 5.250% 02/01/21 1,250,000 1,298,300 Oconee Memorial Hospital, Inc. Project, Series 1999, Insured: FSA, 5.300% 02/01/14 4,375,000 4,620,919 SC LEXINGTON COUNTY HEALTH SERVICES DISTRICT REVENUE Lexemed, Inc., Project,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Series 1997, Insured: FSA: 5.125% 11/01/21 3,000,000 3,157,020 5.500% 11/01/06 1,180,000 1,201,936 Lexington Medical Center, Series 2003, 5.500% 11/01/23 2,000,000 2,117,180 SC SPARTANBURG COUNTY HEALTH SERVICES DISTRICT HOSPITAL REVENUE Series 1997 B, Insured: MBIA, 5.125% 04/15/17 1,000,000 1,027,950 Total Hospitals 26,824,257 HEALTH CARE TOTAL 26,824,257 INDUSTRIALS - 2.9% FOREST PRODUCTS & PAPER - 2.9% SC GEORGETOWN COUNTY ENVIRONMENTAL POLLUTION CONTROL REVENUE International Paper Company Project: Series 1999 A, 5.125% 02/01/12 5,000,000 5,137,750 Refunding, Series 1997 A, AMT, 5.700% 10/01/21 500,000 512,830 Forest Products & Paper Total 5,650,580 INDUSTRIALS TOTAL 5,650,580 OTHER - 18.9% OTHER - 0.5% SC COLUMBIA PARKING FACILITIES REVENUE Series 1994, AMT, Insured: AMBAC, 5.750% 12/01/09 1,000,000 1,012,020 Other Total 1,012,020 REFUNDED / ESCROWED (A) - 16.5% IL CHICAGO Series 2001 A, Pre-refunded 01/01/11, Insured: MBIA, 5.500% 01/01/14 1,845,000 2,027,618 SC BEAUFORT COUNTY School District, GO: Series 2000 B, Pre-refunded 03/01/09,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 5.500% 03/01/16 1,725,000 1,835,780 Series 2000 C, Pre-refunded 03/01/09, 5.125% 03/01/12 1,200,000 1,263,636 Series 2001 A, Pre-refunded 03/01/11, 5.000% 03/01/18 1,135,000 1,213,871 SC BERKELEY COUNTY School District, GO, Series 2000, Pre-refunded 04/01/08, 5.000% 04/01/21 2,500,000 2,638,975 SC CAMDEN PUBLIC UTILITY REVENUE Series 1997, Pre-refunded 03/01/07, Insured: MBIA, 5.500% 03/01/17 950,000 992,503 SC CHARLESTON COUNTY Hospital Facilities, Revenue, Series 1992, Escrowed to Maturity, Insured: MBIA, 6.000% 10/01/09 1,000,000 1,002,250 Public Improvement Authority, GO, Series 1994, Pre-refunded 06/01/06, 5.500% 06/01/14 1,000,000 1,009,210 SC GEORGETOWN COUNTY School District, GO, Series 2000, Pre-refunded 03/01/11, 5.250% 03/01/19 1,000,000 1,081,210 SC GREENVILLE Water Utility Improvement, Waterworks Revenue, Series 1997, Pre-refunded 02/01/12, 5.500% 02/01/22 1,500,000 1,564,770 SC HILTON HEAD ISLAND GO, Series 2001, Pre-refunded 03/01/09, 5.000% 03/01/13 1,000,000 1,049,300 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY, HOSPITAL FACILITIES REVENUE Palmetto Health Alliance Project, Series 2000 A, Pre-refunded 12/12/10, 7.125% 12/15/15 5,500,000 6,474,050 SC LEXINGTON Water and Sewer Authority Revenue, Series 1997, Pre-refunded 10/01/14, Insured: RAD,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 5.450% 04/01/19 2,000,000 2,137,260 SC MEDICAL UNIVERSITY Hospital Facilities Revenue, Series 1999, Escrowed to Maturity, 5.500% 07/01/09 1,575,000 1,682,273 SC PIEDMONT MUNICIPAL POWER AGENCY Electric Revenue, Refunding, Series 2001 A, Pre-refunded 01/01/07, Insured: MBIA, 5.250% 01/01/09 5,000,000 5,159,950 SC TRANSPORTATION INFRASTRUCTURE BANK REVENUE Series 1998 A, Pre-refunded 10/01/08, Insured: MBIA, 5.000% 10/01/12 1,000,000 1,053,470 Total Refunded / Escrowed 32,186,126 TOBACCO - 1.9% SC TOBACCO SETTLEMENT FINANCING CORP. Series 2001 B, 6.375% 05/15/28 3,500,000 3,747,555 Tobacco Total 3,747,555 OTHER TOTAL 36,945,701 RESOURCE RECOVERY - 2.2% RESOURCE RECOVERY - 2.2% SC CHARLESTON COUNTY RESOURCES RECOVERY REVENUE Foster Wheeler Charleston, Series 1997, AMT, Insured: AMBAC, 5.250% 01/01/10 4,000,000 4,237,880 Resource Recovery Total 4,237,880 RESOURCE RECOVERY TOTAL 4,237,880 TAX - BACKED - 19.4% LOCAL APPROPRIATED - 4.6% SC CHARLESTON COUNTY CERTIFICATES OF PARTICIPATION Public Facilities Corp., Series 2005, Insured: MBIA, 5.125% 06/01/17 2,470,000 2,680,765
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL APPROPRIATED - (CONTINUED) SC GREENVILLE COUNTY SCHOOL DISTRICT INSTALLMENT PURCHASE REVENUE Building Equity Sooner Tomorrow Project, Series 2003, 5.250% 12/01/16 4,625,000 4,955,595 SC NEWBERRY INVESTING IN CHILDREN'S EDUCATION INSTALLMENT PURCHASE REVENUE Newberry County School District Project, Series 2005, 5.250% 12/01/15 1,265,000 1,350,944 Local Appropriated Total 8,987,304 LOCAL GENERAL OBLIGATIONS - 11.2% IL CHICAGO GO, Series 2001 A, Insured: MBIA, 5.500% 01/01/14 655,000 716,046 SC GEORGETOWN COUNTY School District, GO, Series 2000, 5.500% 03/01/09 2,480,000 2,641,026 SC HILTON HEAD ISLAND GO: Series 2002, Insured: AMBAC, 5.000% 12/01/16 1,825,000 1,981,257 Series A, Insured: AMBAC, 5.000% 12/01/17 1,960,000 2,119,466 SC RICHLAND COUNTY School District Number 001, GO, Refunding, Series 2001 A, 5.250% 03/01/19 3,570,000 3,829,789 SC SPARTANBURG COUNTY School District Number 007, GO, Series 2001: 4.000% 03/01/12 1,275,000 1,304,861 4.125% 03/01/13 3,240,000 3,333,506 5.000% 03/01/18 2,000,000 2,181,840 SC YORK COUNTY SCHOOL DISTRICT School District Number 003, GO, Series 2001, 5.000% 03/01/12 3,410,000 3,669,296 Local General Obligations Total 21,777,087
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - 1.9% IL METROPOLITAN PIER & EXPOSITION AUTHORITY Dedicated State Tax Revenue, McCormick Place Expansion, Refunding, Series 2002 B, Insured: MBIA, 5.750% 06/15/23 2,000,000 2,227,420 SC HILTON HEAD ISLAND REVENUE Series 2002, Insured: MBIA, 5.250% 12/01/16 1,440,000 1,564,675 Special Non - Property Tax Total 3,792,095 STATE GENERAL OBLIGATIONS - 1.7% SC STATE Highway Improvement, GO: Series 1999 A, 4.600% 05/01/11 1,885,000 1,986,752 Series 2000 A, 4.800% 03/01/09 1,245,000 1,299,718 State General Obligations Total 3,286,470 TAX - BACKED TOTAL 37,842,956 TRANSPORTATION - 5.0% TRANSPORTATION - 5.0% SC TRANSPORTATION INFRASTRUCTURE REVENUE Junior Lien: Series 2004 A, Insured: AMBAC, 5.000% 10/01/16 1,985,000 2,129,766 Series 2001 B, Insured: AMBAC: 5.250% 10/01/13 3,340,000 3,601,722 5.250% 10/01/17 3,670,000 3,940,479 Transportation Total 9,671,967 TRANSPORTATION TOTAL 9,671,967 UTILITIES - 29.6% INVESTOR OWNED - 1.9% SC JOBS-ECONOMIC DEVELOPMENT AUTHORITY Electric & Gas Company Project, AMT, Insured: AMBAC, 4.200% 11/01/12 3,615,000 3,667,020 Investor Owned Total 3,667,020
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) JOINT POWER AUTHORITY - 5.6% SC PUBLIC SERVICE AUTHORITY REVENUE Refunding: Series 2002 D, Insured: FSA, 5.000% 01/01/18 2,000,000 2,128,640 Series 2001 A, Insured: FSA, 5.250% 01/01/18 1,615,000 1,742,585 Series 2002 A, Insured: FSA, 5.500% 01/01/17 1,480,000 1,629,051 Series 1999 A, Insured: MBIA, 5.625% 01/01/13 2,000,000 2,176,420 WA ENERGY NORTHWEST, ELECTRIC REVENUE Columbia Generating Project, Series 2002 A, Insured: MBIA, 5.500% 07/01/17 3,000,000 3,275,160 Joint Power Authority Total 10,951,856 MUNICIPAL ELECTRIC - 4.4% SC ROCK HILL Water Utility System Revenue, Series 2003 A, Insured: FSA: 5.250% 01/01/13 2,350,000 2,574,425 5.375% 01/01/19 1,500,000 1,631,565 SC WINNSBORO UTILITY REVENUE Refunding, Series 1999, Insured: MBIA, 5.250% 08/15/13 1,020,000 1,121,674 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 3,000,000 3,212,430 Municipal Electric Total 8,540,094 WATER & SEWER - 17.7% SC BERKELEY COUNTY WATER & SEWER REVENUE Series 2003, Insured: MBIA: 5.250% 06/01/17 2,790,000 3,028,685 5.250% 06/01/19 1,000,000 1,083,540 SC CAMDEN PUBLIC UTILITY REVENUE Series 1997, Insured: MBIA, 5.500% 03/01/17 50,000 52,150 SC CHARLESTON WATERWORKS & SEWER Capital Improvement Revenue,
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Refunding, Series 1998, 5.250% 01/01/08 5,105,000 5,298,428 SC COLUMBIA WATERWORKS & SEWER SYSTEMS REVENUE Refunding, Series 1993, 5.500% 02/01/09 7,000,000 7,442,400 SC GRAND STRAND WATER & SEWER SYSTEMS REVENUE Series A, Insured: FSA, 5.375% 06/01/14 2,000,000 2,189,920 SC GREENVILLE WATER UTILITY IMPROVEMENT Waterworks Revenue, Series 2002, 5.250% 02/01/14 1,555,000 1,687,346 SC MOUNT PLEASANT WATER & SEWER REVENUE Refunding, Series 2002, Insured: FGIC, 5.250% 12/01/16 1,980,000 2,151,428 5.250% 12/01/18 1,270,000 1,372,260 SC NORTH CHARLESTON WATER & SEWER DISTRICT REVENUE Refunding, Series 2002, Insured: FSA, 5.500% 07/01/17 3,040,000 3,346,158 SC WESTERN CAROLINA REGIONAL SEWER AUTHORITY Series 2005 B, Insured: FSA, 5.250% 03/01/16 6,250,000 6,938,563 Water & Sewer Total 34,590,878 UTILITIES TOTAL 57,749,848 TOTAL MUNICIPAL BONDS (COST OF $184,677,656) 191,746,219 SHARES INVESTMENT COMPANY - 0.9% Columbia Tax Exempt Reserves Capital Class (b) 57,794 57,794
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia South Carolina Intermediate Municipal Bond Fund
SHARES VALUE ($) INVESTMENT COMPANY - (CONTINUED) Columbia Tax Exempt Reserves Capital Class (b) 1,633,000 1,633,000 TOTAL INVESTMENT COMPANY (COST OF $1,690,794) 1,690,794 TOTAL INVESTMENTS - 99.2% (COST OF $186,368,450)(C)(D) 193,437,013 OTHER ASSETS & LIABILITIES, NET - 0.8% 1,536,436 NET ASSETS - 100.0% 194,973,449 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (c) Cost for federal income tax purposes is $186,368,450. (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $7,230,417 $(161,854) $7,068,563 ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance Inc. GO General Obligation MBIA MBIA Insurance Corp. RAD Radian Asset Assurance, Inc.
9 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($)* CORPORATE FIXED-INCOME BONDS & NOTES - 33.7% BASIC MATERIALS - 0.4% CHEMICALS - 0.2% EQUISTAR CHEMICALS L P 6.500% 02/15/06 2,500,000 2,501,550 Chemicals Total 2,501,550 FOREST PRODUCTS & PAPER - 0.2% INTERNATIONAL PAPER CO. 4.250% 01/15/09 3,335,000 3,232,716 Forest Products & Paper Total 3,232,716 BASIC MATERIALS TOTAL 5,734,266 COMMUNICATIONS - 3.9% MEDIA - 0.9% COMCAST CABLE COMMUNICATIONS, INC. 6.375% 01/30/06 2,510,000 2,513,012 JONES INTERCABLE, INC. 7.625% 04/15/08 1,875,000 1,977,150 TIME WARNER, INC. 6.125% 04/15/06 2,460,000 2,467,700 8.110% 08/15/06 4,641,000 4,714,096 Media Total 11,671,958 TELECOMMUNICATION SERVICES - 3.0% DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.000% 06/15/10 5,450,000 6,080,292 GTE SOUTHWEST, INC. 6.000% 01/15/06 2,225,000 2,225,779 NEW CINGULAR WIRELESS SERVICES, INC 7.500% 05/01/07 5,970,000 6,169,398 SBC COMMUNICATIONS, INC. 5.750% 05/02/06 10,000,000 10,029,400 SPRINT CAPITAL CORP. 6.375% 05/01/09 3,750,000 3,892,875 VERIZON GLOBAL FUNDING CORP. 7.250% 12/01/10 6,000,000 6,523,380 7.600% 03/15/07 600,000 617,430 VODAFONE GROUP PLC
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) 7.750% 02/15/10 5,100,000 5,593,119 Telecommunication Services Total 41,131,673 COMMUNICATIONS TOTAL 52,803,631 CONSUMER CYCLICAL - 2.5% AUTO MANUFACTURERS - 0.6% DAIMLERCHRYSLER NA HOLDING CORP. 4.750% 01/15/08 3,950,000 3,913,660 TOYOTA MOTOR CREDIT CORP. 2.800% 01/18/06 4,000,000 3,997,600 Auto Manufacturers Total 7,911,260 HOME BUILDERS - 0.1% KB HOME 9.500% 02/15/11 2,000,000 2,102,500 Home Builders Total 2,102,500 LODGING - 0.3% AMERISTAR CASINOS, INC. 10.750% 02/15/09 2,000,000 2,120,000 MGM MIRAGE 7.250% 10/15/06 1,500,000 1,522,500 Lodging Total 3,642,500 RETAIL - 1.5% HOME DEPOT, INC. 5.375% 04/01/06 5,000,000 5,008,050 LOWE'S COMPANIES, INC. 8.250% 06/01/10 1,135,000 1,284,888 TARGET CORP. 5.950% 05/15/06 6,000,000 6,026,880 WAL-MART STORES, INC. 4.000% 01/15/10 8,485,000 8,211,698 Retail Total 20,531,516 CONSUMER CYCLICAL TOTAL 34,187,776 CONSUMER NON-CYCLICAL - 4.6% BEVERAGES - 1.4% BOTTLING GROUP LLC 2.450% 10/16/06 10,300,000 10,115,012
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) BEVERAGES - (CONTINUED) COCA-COLA ENTERPRISES, INC. 5.750% 11/01/08 1,275,000 1,304,236 CONSTELLATION BRANDS, INC. 8.625% 08/01/06 2,000,000 2,035,000 DIAGEO CAPITAL PLC 3.500% 11/19/07 5,000,000 4,874,500 Beverages Total 18,328,748 COSMETICS / PERSONAL CARE - 0.5% PROCTER & GAMBLE CO. 4.750% 06/15/07 6,675,000 6,677,269 Cosmetics / Personal Care Total 6,677,269 FOOD - 1.2% GENERAL MILLS, INC. 2.625% 10/24/06 1,800,000 1,767,618 5.125% 02/15/07 5,710,000 5,720,792 KROGER CO. 7.650% 04/15/07 1,585,000 1,630,569 7.800% 08/15/07 2,860,000 2,969,080 SAFEWAY, INC. 4.950% 08/16/10 3,725,000 3,612,766 Food Total 15,700,825 HEALTHCARE PRODUCTS - 0.5% BAXTER FINCO BV 4.750% 10/15/10(a) 7,500,000 7,376,700 Healthcare Products Total 7,376,700 HEALTHCARE SERVICES - 0.6% UNITEDHEALTH GROUP, INC. 3.375% 08/15/07 5,415,000 5,289,697 WELLPOINT, INC. 6.375% 06/15/06 3,000,000 3,020,910 Healthcare Services Total 8,310,607 HOUSEHOLD PRODUCTS / WARES - 0.2% FORTUNE BRANDS, INC. 2.875% 12/01/06 3,275,000 3,214,675 Household Products / Wares Total 3,214,675 PHARMACEUTICALS - 0.2% GLAXOSMITHKLINE CAPITAL PLC
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) PHARMACEUTICALS - (CONTINUED) 2.375% 04/16/07 3,000,000 2,915,160 Pharmaceuticals Total 2,915,160 CONSUMER NON-CYCLICAL TOTAL 62,523,984 ENERGY - 1.5% OIL & GAS - 1.5% CHEVRONTEXACO CAPITAL CO. 3.500% 09/17/07 7,850,000 7,693,235 DEVON ENERGY CORP. 2.750% 08/01/06 5,825,000 5,754,226 MARATHON OIL CORP. 5.375% 06/01/07 1,725,000 1,735,609 USX CORP. 6.850% 03/01/08 5,550,000 5,767,505 Oil & Gas Total 20,950,575 ENERGY TOTAL 20,950,575 FINANCIALS - 15.6% BANKS - 4.0% BANK ONE N.A. 5.500% 03/26/07 9,500,000 9,579,325 FIFTH THIRD BANK 2.700% 01/30/07 7,266,000 7,114,286 MARSHALL & ILSLEY CORP. 5.750% 09/01/06 5,000,000 5,023,050 US BANCORP 2.750% 03/30/06 11,000,000 10,957,100 WACHOVIA CORP. 3.625% 02/17/09 10,000,000 9,654,700 WELLS FARGO & CO. 4.520% 03/10/08(b) 13,000,000 13,006,500 Banks Total 55,334,961 DIVERSIFIED FINANCIAL SERVICES - 9.3% AMERICAN EXPRESS CREDIT CORP. 3.000% 05/16/08 2,500,000 2,397,925 AMERICAN GENERAL FINANCE CORP. 3.000% 11/15/06 3,000,000 2,954,460 5.875% 07/14/06 6,125,000 6,160,035 BEAR STEARNS COMPANIES, INC. 3.000% 03/30/06 4,500,000 4,483,170
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 6.500% 05/01/06 1,100,000 1,106,259 CAPITAL ONE BANK 4.875% 05/15/08 3,800,000 3,784,534 CATERPILLAR FINANCIAL SERVICES CORP. 3.625% 11/15/07 1,850,000 1,808,338 5.950% 05/01/06 8,000,000 8,031,200 CIT GROUP, INC. 4.125% 02/21/06 1,700,000 1,698,895 5.500% 11/30/07 4,000,000 4,040,800 CITIGROUP, INC. 5.500% 08/09/06 10,000,000 10,043,400 COUNTRYWIDE HOME LOANS, INC. 2.875% 02/15/07 500,000 488,645 4.125% 09/15/09 7,000,000 6,747,230 CREDIT SUISSE FIRST BOSTON USA, INC. 4.875% 08/15/10 5,480,000 5,440,654 GENERAL ELECTRIC CAPITAL CORP. 4.875% 10/21/10 7,000,000 6,979,420 GOLDMAN SACHS GROUP, INC. 4.125% 01/15/08 8,560,000 8,440,160 HOUSEHOLD FINANCE CORP. 6.400% 06/17/08 5,725,000 5,909,173 JPMORGAN CHASE & CO. 3.800% 10/02/09 2,500,000 2,408,500 LEHMAN BROTHERS HOLDINGS, INC. 4.000% 01/22/08 5,440,000 5,346,922 5.000% 01/14/11 3,825,000 3,824,694 MERRILL LYNCH & CO., INC. 4.125% 01/15/09 8,000,000 7,820,720 MORGAN STANLEY 3.875% 01/15/09 9,400,000 9,122,230 PITNEY BOWES CREDIT CORP. 5.750% 08/15/08 1,525,000 1,556,796 USA EDUCATION, INC. 5.625% 04/10/07 12,000,000 12,113,160 WELLS FARGO FINANCIAL, INC. 4.875% 06/12/07 4,000,000 4,007,080 Diversified Financial Services Total 126,714,400 INSURANCE - 0.5% ALLSTATE FINANCIAL GLOBAL FUNDING
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) INSURANCE - (CONTINUED) 6.150% 02/01/06(a) 1,500,000 1,501,560 ALLSTATE FINANCIAL GLOBAL FUNDING II 2.625% 10/22/06(a) 2,450,000 2,399,751 GENWORTH FINANCIAL, INC. 4.750% 06/15/09 2,010,000 1,992,332 HARTFORD FINANCIAL SERVICES GROUP, INC. 2.375% 06/01/06 699,000 692,387 Insurance Total 6,586,030 REAL ESTATE - 0.5% SECURITY CAPITAL GROUP, INC. 7.150% 06/15/07 6,315,000 6,528,636 Real Estate Total 6,528,636 REAL ESTATE INVESTMENT TRUSTS - 0.3% AMERICAN HEALTH PROPERTIES 7.500% 01/15/07 3,420,000 3,501,806 Real Estate Investment Trusts Total 3,501,806 SAVINGS & LOANS - 1.0% WASHINGTON MUTUAL, INC. 4.200% 01/15/10 8,855,000 8,571,020 WORLD SAVINGS BANK 4.125% 03/10/08 5,750,000 5,668,178 Savings & Loans Total 14,239,198 FINANCIALS TOTAL 212,905,031 INDUSTRIALS - 2.9% AEROSPACE & DEFENSE - 0.8% BOEING CO. 8.100% 11/15/06 1,820,000 1,869,650 UNITED TECHNOLOGIES CORP. 4.875% 11/01/06 8,475,000 8,475,593 Aerospace & Defense Total 10,345,243 AUTO MANUFACTURERS - 0.6% FORD MOTOR CREDIT CO. 7.375% 10/28/09 8,760,000 7,769,507 Auto Manufacturers Total 7,769,507 ENVIRONMENTAL CONTROL - 0.3% USA WASTE SERVICES, INC. 7.125% 10/01/07 1,430,000 1,482,567
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) INDUSTRIALS - (CONTINUED) ENVIRONMENTAL CONTROL - (CONTINUED) WASTE MANAGEMENT, INC. 7.375% 08/01/10 3,000,000 3,259,770 Environmental Control Total 4,742,337 MACHINERY - 0.4% JOHN DEERE CAPITAL CORP. 4.625% 04/15/09 5,855,000 5,794,635 Machinery Total 5,794,635 MISCELLANEOUS MANUFACTURING - 0.1% HONEYWELL INTERNATIONAL, INC. 5.125% 11/01/06 1,620,000 1,624,633 Miscellaneous Manufacturing Total 1,624,633 TRANSPORTATION - 0.7% CANADIAN NATIONAL RAILWAY CO. 6.450% 07/15/06(b) 910,000 917,944 CSX CORP. 6.750% 03/15/11 3,450,000 3,696,778 UNION PACIFIC CORP. 3.875% 02/15/09 5,325,000 5,145,175 Transportation Total 9,759,897 INDUSTRIALS TOTAL 40,036,252 TECHNOLOGY - 0.6% COMPUTERS - 0.6% INTERNATIONAL BUSINESS MACHINES CORP. 2.375% 11/01/06 2,700,000 2,647,998 4.875% 10/01/06 5,000,000 5,003,500 Computers Total 7,651,498 TECHNOLOGY TOTAL 7,651,498 UTILITIES - 1.7% ELECTRIC - 1.2% EXELON GENERATION CO. LLC 6.950% 06/15/11 5,350,000 5,759,863 SCOTTISH POWER PLC 4.910% 03/15/10 6,900,000 6,842,799 VIRGINIA ELECTRIC & POWER CO. 5.750% 03/31/06 3,562,000 3,569,872 Electric Total 16,172,534 GAS - 0.5% KINDER MORGAN ENERGY PARTNERS LP
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) UTILITIES - (CONTINUED) GAS - (CONTINUED) 6.750% 03/15/11 3,525,000 3,755,218 SEMPRA ENERGY 4.750% 05/15/09 3,810,000 3,756,317 Gas Total 7,511,535 UTILITIES TOTAL 23,684,069 TOTAL CORPORATE FIXED-INCOME BONDS & NOTES (COST OF $469,069,876) 460,477,082 ASSET-BACKED SECURITIES - 22.6% AAMES MORTGAGE INVESTMENT TRUST 4.719% 01/25/35(b) 7,969,291 7,970,247 ABFS MORTGAGE LOAN TRUST (c) 12/15/33 (4.428% 02/15/06) 61,536 60,009 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST 1.690% 01/15/09 4,051,790 3,996,564 AMRESCO RESIDENTIAL SECURITIES MORTGAGE LOAN TRUST 4.799% 06/25/27(b) 49,605 49,617 4.859% 07/25/28(b) 128,492 130,124 BEAR STEARNS ASSET BACKED SECURITIES, INC. 4.489% 06/25/35(b) 11,622,447 11,623,609 BMW VEHICLE OWNER TRUST 2.530% 02/25/08 1,822,067 1,799,655 CHASE MANHATTAN AUTO OWNER TRUST 1.520% 05/15/07 332,168 331,873 2.080% 05/15/08 6,859,540 6,783,331 2.260% 11/15/07 845,891 839,682 2.570% 02/16/10 3,953,084 3,858,724 CIT EQUIPMENT COLLATERAL 2.200% 03/20/08 1,916,617 1,889,043 CITIBANK CREDIT CARD ISSUANCE TRUST 2.500% 04/07/08 5,000,000 4,973,200 5.650% 06/16/08 5,575,000 5,597,913 CITYSCAPE HOME EQUITY LOAN TRUST (c) 07/25/28 (7.380% 02/25/06) 182,440 181,999 7.410% 05/25/28 46,763 46,654
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) COUNTRYWIDE ASSET-BACKED CERTIFICATES 4.469% 08/25/35(b) 3,607,900 3,607,611 4.499% 08/25/35(b) 10,316,179 10,317,004 4.559% 02/25/36(b) 20,372,344 20,377,029 CREDIT-BASED ASSET SERVICING AND SECURITIZATION CORP. (c) 12/25/35 (4.134% 02/25/06) 2,365,000 2,325,765 DAIMLER CHRYSLER AUTO TRUST 2.580% 04/08/09 5,000,000 4,853,150 DISCOVER CARD MASTER TRUST 5.750% 12/15/08 8,500,000 8,538,675 EDUCAP, INC. 4.650% 09/20/15(b) 588,591 592,846 FIRST ALLIANCE MORTGAGE LOAN TRUST 6.680% 06/25/25 186,186 185,616 8.225% 09/20/27 520,296 520,223 FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES 4.579% 03/25/25(b) 8,669,198 8,671,972 FIRST PLUS HOME LOAN TRUST (c) 05/10/24 (7.720% 03/10/06) 88,852 89,017 FORD CREDIT AUTO OWNER TRUST 4.419% 01/15/07(b) 225,734 225,729 GMAC MORTGAGE CORPORATION LOAN TRUST 3.970% 09/25/34(b) 1,900,000 1,843,399 GREEN TREE MORTGAGE LOAN TRUST 4.529% 12/25/32(a)(b) 5,315,613 5,315,613 GSAA HOME EQUITY TRUST 4.220% 08/25/34(b) 1,090,000 1,074,762 4.736% 06/25/34(b) 1,785,572 1,763,449 GSAMP TRUST 4.549% 11/25/34(b) 4,165,298 4,165,923 HARLEY-DAVIDSON MOTORCYCLE TRUST 3.090% 06/15/10 1,723,264 1,689,557 HONDA AUTO RECEIVABLES OWNER TRUST 2.790% 03/16/09 4,000,000 3,929,200 IMC HOME EQUITY LOAN TRUST 7.080% 08/20/28 78,517 78,302 7.310% 11/20/28 98,828 98,715 7.500% 04/25/26 491,688 493,517 7.520% 08/20/28 524,587 523,580 IRWIN HOME EQUITY
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) 4.549% 09/25/17(b) 1,557,035 1,556,895 JOHN DEERE OWNER TRUST 2.320% 12/17/07 5,000,000 4,941,291 KEYCORP STUDENT LOAN TRUST 4.510% 10/25/25(b) 12,080,000 12,141,125 4.879% 01/27/23(a)(b) 2,833,437 2,845,621 LONG BEACH AUTO RECEIVABLES TRUST (c) 07/15/10 (2.841% 02/15/06) 8,100,000 7,893,936 MASTR ASSET BACKED SECURITIES TRUST 4.529% 11/25/35(b) 30,468,829 30,476,751 MBNA CREDIT CARD MASTER NOTE TRUST 6.550% 12/15/08 5,000,000 5,035,900 MORGAN STANLEY ABS CAPITAL 4.459% 02/25/35(b) 5,330,872 5,331,245 4.559% 05/25/34(b) 2,931,851 2,932,026 NISSAN AUTO RECEIVABLES OWNER TRUST 1.510% 08/15/07 462,029 461,151 2.610% 07/15/08 1,415,552 1,397,914 NOVASTAR HOME EQUITY LOAN 4.509% 01/25/36(b) 13,887,454 13,890,093 4.769% 05/25/33(b) 4,306,605 4,336,277 RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC. 3.981% 04/25/29 930,000 907,643 4.479% 03/25/35(b) 8,830,320 8,830,055 4.509% 09/25/35(b) 31,852,127 31,858,815 4.719% 03/25/33(b) 2,028,244 2,026,338 4.719% 09/25/33(b) 450,063 453,465 RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. 4.669% 08/25/33(b) 86,272 86,418 (c) 07/25/28 (4.760% 02/25/06) 2,180,000 2,087,001 SLM STUDENT LOAN TRUST 5.219% 01/25/13(b) 8,950,000 9,197,645 TERWIN MORTGAGE TRUST 4.829% 07/25/34(b) 2,508,844 2,534,284 TOYOTA AUTO RECEIVABLES OWNER TRUST 2.200% 03/15/10 4,000,000 3,953,040 WFS FINANCIAL OWNER TRUST 2.810% 08/22/11 20,700,000 20,278,134
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) 3.540% 11/21/11 1,895,000 1,863,505 TOTAL ASSET-BACKED SECURITIES (COST OF $310,388,915) 308,729,466 COLLATERALIZED MORTGAGE OBLIGATIONS - 16.2% AGENCY - 5.7% FEDERAL HOME LOAN MORTGAGE CORP. 3.000% 06/15/09 1,123,031 1,118,137 4.000% 07/15/14 28,670,000 28,121,503 4.000% 09/15/15 3,980,000 3,887,484 4.000% 10/15/26 15,460,000 15,107,402 5.500% 11/15/21 15,427,443 15,549,458 5.500% 01/15/23 1,200,135 56,202 5.500% 05/15/27 1,294,503 103,444 6.000% 06/15/31 695,418 704,604 7.000% 06/15/22 183,177 182,861 8.500% 09/15/06 10,327 10,311 FEDERAL NATIONAL MORTGAGE ASSOCIATION (d) 05/25/23 1,295,000 992,847 4.929% 09/25/18(b) 1,248,243 1,242,446 5.000% 04/25/31 4,704,263 4,658,464 6.000% 01/25/16 31,278 31,193 8.000% 10/25/06 3,265 3,276 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 3.500% 12/20/26 1,140,767 1,136,003 5.000% 05/16/27 550,029 540,267 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES 4.880% 11/01/24 4,829,171 4,783,451 AGENCY TOTAL 78,229,353 NON - AGENCY - 10.5% BANK OF AMERICA MORTGAGE SECURITIES 5.250% 02/25/18(e) 1,325,920 1,315,379 BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 3.513% 06/25/34(b) 3,583,400 3,503,884 COUNTRYWIDE ALTERNATIVE LOAN TRUST 4.779% 03/25/34(b) 1,170,427 1,172,476 5.250% 08/25/35 10,928,230 10,905,717 5.500% 10/25/35 13,376,003 13,409,042 COUNTRYWIDE HOME LOAN MORTGAGE PASS THROUGH TRUST 4.879% 03/25/34(b) 5,318,870 5,323,284
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) COLLATERALIZED MORTGAGE OBLIGATIONS - (CONTINUED) NON - AGENCY - (CONTINUED) 5.000% 01/25/18 264,817 263,816 5.500% 09/25/35 32,253,878 32,283,229 CS FIRST BOSTON MORTGAGE SECURITIES CORP. 5.500% 09/25/35(b) 20,434,313 20,443,180 GMAC MORTGAGE CORPORATION LOAN TRUST 4.879% 05/25/18(b) 3,541,930 3,544,374 OCWEN RESIDENTIAL MBS CORP. 7.000% 10/25/40(a) 22,417 22,363 PNC MORTGAGE SECURITIES CORP. (d) 04/28/27 6,089 5,582 RESIDENTIAL ACCREDIT LOANS, INC. 4.979% 07/25/32(b) 93,208 93,294 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC. 4.779% 07/25/18(b) 8,074,562 8,085,705 SACO I, INC. 4.579% 04/25/35(a)(b) 26,666,396 26,654,951 7.000% 08/25/36(a) 395,268 391,552 SEARS CORP. 8.500% 04/01/17 50,174 50,174 STRUCTURED ASSET SECURITIES CORP. 5.500% 05/25/33 403,414 396,846 5.500% 07/25/33 287,558 286,760 5.750% 04/25/33 2,805,124 2,770,652 WASHINGTON MUTUAL MORTGAGE SECURITIES CORP. 5.500% 10/25/35 4,060,000 4,067,349 WELLS FARGO MORTGAGE BACKED SECURITIES 4.500% 08/25/18 3,189,127 3,112,779 5.250% 08/25/33 4,758,747 4,749,230 NON - AGENCY TOTAL 142,851,618 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST OF $223,260,326) 221,080,971 MORTGAGE-BACKED SECURITIES - 12.3% FEDERAL HOME LOAN MORTGAGE CORP. 4.000% 05/01/11 5,138,650 4,991,710
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) MORTGAGE-BACKED SECURITIES - (CONTINUED) 4.000% 06/01/11 23,712,091 23,031,682 4.500% 10/01/14 18,260,764 17,820,031 5.000% 09/01/19 4,447,692 4,405,752 5.000% 04/01/20 4,092,604 4,052,205 5.000% 07/01/20 9,674,792 9,579,290 5.000% 08/01/20 3,500,430 3,465,876 5.000% 09/01/20 2,064,136 2,043,760 5.500% 05/01/17 209,343 210,723 5.500% 09/01/17 798,083 803,345 5.500% 12/01/17 3,753,138 3,777,885 5.500% 01/01/19 17,279 17,387 5.500% 07/01/19 687,842 692,118 6.000% 10/01/06 34,882 35,047 6.000% 03/01/17 115,754 118,157 6.000% 04/01/17 115,305 117,699 6.000% 08/01/17 314,621 321,152 7.000% 05/01/19 291 293 7.500% 09/01/15 180,389 189,447 8.500% 07/01/30 104,800 113,397 FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.500% 11/01/14 4,170,144 4,099,696 4.500% 02/01/20 3,247,908 3,160,560 4.500% 08/01/20 6,953,003 6,766,013 4.500% 09/01/20 995,877 969,094 4.500% 10/01/20 6,969,420 6,781,989 5.000% 08/01/19 884,159 875,163 5.000% 11/01/19 13,587,916 13,449,658 5.000% 03/01/20 1,688,954 1,670,978 5.000% 04/01/20 13,090,423 12,951,097 5.000% 05/01/20 9,121,270 9,024,188 5.000% 06/01/20 727,815 720,068 5.000% 08/01/20 6,678,834 6,607,749 6.000% 03/01/09 242,905 243,591 6.000% 05/01/09 59,964 60,134 6.000% 01/01/14 131,237 134,103 6.000% 02/01/17 660,008 674,667 6.000% 05/01/17 283,048 289,334 6.500% 03/01/12 58,398 60,046 6.500% 07/01/32 23,777 24,437 7.500% 11/01/09 27,200 27,399 7.500% 08/01/15 113,706 119,576
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) MORTGAGE-BACKED SECURITIES - (CONTINUED) 8.000% 05/01/15 148,747 158,845 8.000% 08/01/30 40,967 43,761 8.000% 05/01/31 55,885 59,696 8.000% 07/01/31 69,172 73,882 9.000% 04/01/16 602,345 635,248 TBA, 5.500% 01/18/21(f) 17,270,000 17,372,549 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 4.375% 04/20/22(b) 3,283,861 3,291,515 4.375% 06/20/29(b) 1,051,234 1,056,154 6.500% 09/15/13 100,028 103,344 6.500% 03/15/32 5,611 5,863 6.500% 11/15/33 522,834 546,210 7.000% 11/15/13 113,669 118,627 7.000% 04/15/29 141,151 148,267 7.000% 08/15/29 5,891 6,188 SMALL BUSINESS ADMINISTRATION 2.375% 06/25/22(b) 509,676 510,102 TOTAL MORTGAGE-BACKED SECURITIES (COST OF $171,521,494) 168,626,747 GOVERNMENT AGENCIES & OBLIGATIONS - 9.0% FOREIGN GOVERNMENT OBLIGATIONS - 1.9% GOVERNMENT OF CANADA 6.750% 08/28/06 1,000,000 1,014,510 MOROCCO GOVERNMENT AID BOND 4.688% 05/01/23(b) 437,500 434,569 PROVINCE OF ONTARIO 3.500% 09/17/07 3,500,000 3,434,900 PROVINCE OF QUEBEC 6.500% 01/17/06 1,100,000 1,100,748 7.000% 01/30/07 5,000,000 5,119,850 REPUBLIC OF ITALY 2.500% 03/31/06 1,950,000 1,940,191 SWEDISH EXPORT CREDIT 2.875% 01/26/07 5,000,000 4,918,700 UNITED MEXICAN STATES
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) FOREIGN GOVERNMENT OBLIGATIONS - (CONTINUED) 4.625% 10/08/08 8,000,000 7,920,000 FOREIGN GOVERNMENT OBLIGATIONS TOTAL 25,883,468 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 7.1% FEDERAL HOME LOAN BANK SYSTEM 2.000% 02/13/06 6,000,000 5,981,916 4.500% 05/11/07 20,400,000 20,330,069 U.S. TREASURY NOTES 2.875% 11/30/06 30,000,000 29,583,990 3.875% 01/15/09 39,123,438 41,119,359 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 97,015,334 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $124,671,921) 122,898,802 COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.4% CITIGROUP COMMERCIAL MORTGAGE TRUST 4.733% 10/15/41 1,820,000 1,778,268 CS FIRST BOSTON MORTGAGE SECURITIES CORP. 6.480% 05/17/40 21,900,061 22,502,969 LB-UBS COMMERCIAL MORTGAGE TRUST 5.642% 12/15/25 11,866,990 11,975,455 MERRILL LYNCH MORTGAGE INVESTORS, INC. 0.879% 12/15/30(b)(g) 14,432,176 397,462 NATIONSLINK FUNDING CORP. 6.888% 11/10/30 2,630,000 2,694,698 PNC MORTGAGE ACCEPTANCE CORP. 5.910% 03/12/34 2,802,355 2,841,195 PRUDENTIAL SECURITIES SECURED FINANCING CORP. 6.480% 11/01/31 4,070,127 4,172,653 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST OF $47,613,240) 46,362,700
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund
PAR ($) VALUE ($) SHORT-TERM OBLIGATIONS - 3.9% REPURCHASE AGREEMENT - 2.7% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by U.S. Government Agency Obligations maturing 02/23/07, market value of $37,993,086 (repurchase proceeds $37,260,884) 37,244,000 37,244,000 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 1.2% FEDERAL HOME LOAN BANK, DISCOUNT NOTES 4.170% 01/11/06(h) 17,000,000 16,980,308 U.S. Government Agencies & Obligations Total 16,980,308 TOTAL SHORT-TERM OBLIGATIONS (COST OF $54,224,308) 54,224,308 TOTAL INVESTMENTS - 101.1% (COST OF $1,400,750,080)(I)(J) 1,382,400,076 OTHER ASSETS & LIABILITIES, NET - (1.1)% (15,221,688) NET ASSETS - 100.0% 1,367,178,388
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. 16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short Term Bond Fund (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities amounted to $46,508,111, which represents 3.4% of net assets. (b) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (c) Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate. (d) Zero coupon bond. (e) Investments in affiliates during the nine months ended December 31, 2005: Security name: Bank of America Mortgage Securities Par as of 03/31/05: $- Par purchases: $1,499,444 Par sold: $173,524 Par as of 12/31/05: $1,325,920 Net realized gain/loss: $(2,724) Interest income earned: 7,333 Value at end of period: $1,315,379 (f) Security, or a portion thereof, purchased on a delayed delivery basis. (g) Accrued interest accumulates in the value of this security and is payable at redemption. (h) The rate shown represents the annualized yield at the date of purchase. (i) Cost for federal income tax purposes is $1,400,750,080. (j) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION DEPRECIATION ------------ ------------- -------------- $679,873 $(19,029,877) $(18,350,004) ACRONYM NAME ------- ----- TBA To Be Announced 17 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.3% EDUCATION - 7.0% EDUCATION - 5.4% IL EDUCATIONAL FACILITIES AUTHORITY REVENUE National Louis University, Series 1999 A, LOC: America National Bank & Trust, 2.970% 06/01/29 5,700,000 5,700,000 MI OAKLAND UNIVERSITY OF MICHIGAN REVENUE Series 2001, Insured: FGIC, 2.950% 03/01/31 5,330,000 5,330,000 NC UNIVERSITY OF NORTH CAROLINA Series 2002 B, 5.000% 12/01/06 2,800,000 2,844,800 PA CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Malvern Prep School Project, Series 2001, LOC: First Union National Bank, 3.020% 04/01/31 8,450,000 8,450,000 PA STATE HIGHER EDUCATIONAL FACILITIES REVENUE Drexel University Project, Series 2003, 5.000% 05/01/08 1,030,000 1,064,948 SC UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE Series 2005, 3.500% 03/16/06 4,425,000 4,425,221 TX TECH UNIVERSITY REVENUE Financing Systems, Seventh Series, Insured: MBIA, 5.250% 08/15/09 1,100,000 1,168,805 TX UNIVERSITY OF TEXAS REVENUE REFUNDING Permian University Project, Series 2002 A: 5.000% 07/01/06 4,000,000 4,035,240 5.000% 07/01/08 3,500,000 3,637,550 Education Total 36,656,564 PREP SCHOOL - 1.2% DC PRIVATE SCHOOLS REVENUE Field School Project, Series 2001 A, LOC: First Union National Bank, 2.970% 07/01/31 2,840,000 2,840,000 TX RED RIVER AUTHORITY EDUCATION FINANCING REVENUE Parish Day School Project, Series 2001 A, LOC: Allied Irish Bank PLC,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) EDUCATION - (CONTINUED) PREP SCHOOL - (CONTINUED) 3.100% 12/01/31 5,000,000 4,919,900 Prep School Total 7,759,900 STUDENT LOAN - 0.4% AK STUDENT LOAN CORPORATION Student Loan Revenue, Series 1999 A, AMT, Insured: AMBAC, 4.900% 07/01/08 2,500,000 2,577,000 Student Loan Total 2,577,000 EDUCATION TOTAL 46,993,464 HEALTH CARE - 4.9% HEALTH SERVICES - 0.2% MN MINNEAPOLIS & ST. PAUL HOUSING & REDEVELOPMENT AUTHORITY REVENUE Health Care Systems, HealthPartners Obligation Group Project, Series 2003, 4.500% 12/01/07 1,500,000 1,522,695 Health Services Total 1,522,695 HOSPITALS - 4.5% AZ UNIVERSITY MEDICAL CENTER CORPORATION Hospital Revenue: Refunding: Series 2004: 5.000% 07/01/06 700,000 705,187 5.000% 07/01/07 300,000 305,826 FL ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY REVENUE Ascension Health Credit Project, Series 2003 A, 5.000% 11/15/07 1,700,000 1,747,855 GA GAINESVILLE & HALL COUNTY HOSPITAL AUTHORITY REVENUE Refunding, Northeast Georgia Health System, Inc. Project, Series 2000, 4.000% 05/15/07 950,000 954,465 MI STATE HOSPITAL FINANCE AUTHORITY REVENUE Ascension Health Credit Project, Series 1999 B, Mandatory Put 11/15/06 @ 100, 5.300% 11/15/33 1,800,000 1,827,288 Refunding Hospital Henry Ford Health Systems A, 5.000% 03/01/06 2,980,000 2,987,569 MO STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REVENUE Saint Lukes Episcopal-Presbyterian Hospital Project, Series 2001,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Insured: FSA, 4.000% 12/01/06 2,470,000 2,484,203 SSM Health Care Project, Series 2002 A, 5.000% 06/01/07 4,000,000 4,085,800 NC MEDICAL CARE COMMISSION HEALTH CARE FACILITIES REVENUE Refunding, Novant Health Obligation Group A, 5.000% 11/01/07 1,825,000 1,876,374 Mission St. Josephs Health System, Series 2001, 5.000% 10/01/08 1,675,000 1,743,424 Halifax Regional Medical Center, Inc. Project, Series 1998, 4.600% 08/15/06 660,000 662,086 NM STATE HOSPITAL EQUIPMENT LOAN COUNCIL REVENUE Presbyterian Healthcare Project, Series 2001 A, 4.600% 08/01/08 2,900,000 2,969,687 SC FLORENCE COUNTY HOSPITAL REVENUE McLeord Regional Medical Center Project: Series 1998 A, Insured: MBIA, 5.500% 11/01/07 1,330,000 1,381,577 Series 2004 A, Insured: FSA, 5.000% 11/01/09 1,155,000 1,219,056 TX HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORPORATION REVENUE St. Luke's Episcopal Hospital Project, Series 2001 A, 5.250% 02/15/06 2,000,000 2,004,520 WI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REVENUE Gundersen Lutheran Hospital Project, Series 2003 A, Insured: FSA, 5.000% 02/15/07 1,005,000 1,023,291 Refunding, Prohealth Care, Inc. Obligation Group, 4.300% 08/15/07 2,040,000 2,054,198 Total Hospitals 30,032,406 NURSING HOMES - 0.2% CO HEALTH FACILITIES AUTHORITY REVENUE Evangelical Lutheran, Series 2004 B,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) NURSING HOMES - (CONTINUED) 3.750% 06/01/34 1,500,000 1,485,495 Nursing Homes Total 1,485,495 HEALTH CARE TOTAL 33,040,596 HOUSING - 2.3% MULTI-FAMILY - 1.1% GA CLAYTON COUNTY HOUSING AUTHORITY MULTI-FAMILY HOUSING REVENUE Refunding, Tara Court II Apartments Project, Series 2001, Mandatory Put 12/01/11 @ 100, Insured: FNMA 4.350% 12/01/31 3,280,000 3,364,591 MI STATE HOUSING DEVELOPMENT AUTHORITY Rental Housing Revenue, Series 2000 B, Insured: MBIA, 2.880% 04/01/24 4,500,000 4,500,000 Total Multi-Family 7,864,591 SINGLE-FAMILY - 1.2% ID HOUSING & FINANCE ASSOCIATION Single-Family Mortgage Project, Series 2002 B-1, AMT, LOC: Bayerische Landesbank Girozentrale, 3.000% 07/01/33 5,000,000 5,000,000 MA STATE HOUSING FINANCE AGENCY Series 2003 O, AMT, 2.200% 12/01/06 3,000,000 2,950,200 Single-Family Total 7,950,200 HOUSING TOTAL 15,814,791 INDUSTRIALS - 6.1% CHEMICALS - 0.4% TX RED RIVER AUTHORITY POLLUTION CONTROL REVENUE REFUNDING Hoechst Celanese Corporation Project, Series 1994, 5.200% 05/01/07 2,440,000 2,446,417 Chemicals Total 2,446,417 FOREST PRODUCTS & PAPER - 2.3% SC JOBS ECONOMIC DEVELOPMENT AUTHORITY REVENUE Shannon Forest Project, Series 2003, 2.970% 04/01/23 2,740,000 2,740,000
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) FOREST PRODUCTS & PAPER - (CONTINUED) SC RICHLAND COUNTY ENVIRONMENTAL IMPROVEMENT REVENUE REFUNDING International Paper Company Project, Series 2002 A, 4.250% 10/01/07 7,750,000 7,796,423 WI KAUKAUNA POLLUTION CONTROL REVENUE REFUNDING International Paper Company Project, Series 1997 A, 5.150% 07/01/06 5,000,000 5,033,550 Forest Products & Paper Total 15,569,973 MANUFACTURING - 0.7% GA GWINNETT COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Maltese Signs, Inc. Project, Series 2000, LOC: SunTrust Bank, 3.050% 02/01/15 2,000,000 2,000,000 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY REVENUE RBC Linear Precision Products Project, Series 1998, AMT, LOC: First Union National Bank, 3.120% 09/01/19 1,030,000 1,030,000 Valley Proteins, Inc. Project, Series 1995, AMT: 3.020% 04/01/10 410,000 410,000 3.020% 09/01/10 1,570,000 1,570,000 Manufacturing Total 5,010,000 OIL, GAS & CONSUMABLE FUELS - 2.7% LA CALCASIEU PARISH INDUSTRIAL DEVELOPMENT BOARD Pollution Control Revenue, Occidental Petroleum Project, Series 2001, 4.800% 12/01/06 5,000,000 5,035,300 LA STATE OFFSHORE TERM AUTHORITY Deepwater Port Revenue Refunding, Loop LLC Project, Series 2003, Mandatory Put 09/01/08 @ 100, 4.000% 09/01/23 1,000,000 996,870 TX GULF COAST WASTE DISPOSAL AUTHORITY Environmental Facility Revenue Refunding, Occidental Chemical Corporation Project, Series 2001, 4.200% 11/01/06 4,000,000 4,013,520 WY UINTA COUNTY POLLUTION CONTROL REFUNDING REVENUE Amoco Project, Remarketing 12/01/03, Series 1998, Mandatory Put 07/01/07 @ 100,
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) OIL & GAS SERVICES - (CONTINUED) 2.250% 07/01/26 8,350,000 8,171,978 Oil & Gas Services Total 18,217,668 INDUSTRIALS TOTAL 41,244,058 OTHER - 5.3% OTHER - 2.0% NY CONVENTION CENTER OPERATING CORP. Yale Building Project, Series 2003, 06/01/08(a) 15,000,000 13,789,050 Other Total 13,789,050 POOL / BOND BANK - 0.3% MI MUNICIPAL BOND AUTHORITY REVENUE Clean Water Revolving Fund Project, Series 2001, 5.000% 10/01/08 1,900,000 1,984,740 Pool / Bond Bank Total 1,984,740 REFUNDED / ESCROWED (B) - 1.9% AZ MARICOPA COUNTY UNIFIED HIGH SCHOOL DISTRICT GO, Number 210 Phoenix, Unrefunded Balance, Series 2009, Pre-refunded 07/01/06, 5.000% 07/01/09 2,010,000 2,047,386 FL JEA WATER & SEWER SYSTEMS REVENUE Refunding, Series 2002 B, Escrowed to Maturity, Insured: FSA, 5.250% 10/01/07 1,975,000 2,042,347 TX AUSTIN UTILITIES SYSTEMS REVENUE Refunding, Series 1992 A, Escrowed to Maturity, Insured: MBIA, 6.000% 11/15/06 1,265,000 1,294,765 TX KELLER INDEPENDENT SCHOOL DISTRICT GO, Series 1993, Pre-refunded 02/15/06, Insured: PSFG, 5.500% 08/15/13 6,445,000 6,462,466 TX MIDLOTHIAN INDEPENDENT SCHOOL DISTRICT GO, Series 1995,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (B) - (CONTINUED) Escrowed to Maturity, Insured: PSFG, (a) 02/15/07 1,145,000 1,102,624 Total Refunded / Escrowed 12,949,588 TOBACCO - 1.1% AL 21ST CENTURY AUTHORITY TOBACCO SETTLEMENT REVENUE Series 2001, 5.250% 12/01/07 2,000,000 2,047,540 VA TOBACCO SETTLEMENT FINANCING CORPORATION Series 2005, 4.000% 06/01/13 5,000,000 4,987,150 Tobacco Total 7,034,690 OTHER TOTAL 35,758,068 RESOURCE RECOVERY - 3.1% DISPOSAL - 1.5% AR STATE DEVELOPMENT FINANCE AUTHORITY Facilities Revenue, Waste Management, Inc. Project, Series 2001, AMT, Mandatory Put 08/01/06 @ 100, 3.650% 08/01/21 3,000,000 2,995,950 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY REVENUE Refunding: Republic Services, Inc. Project, Series 2004, AMT, Mandatory Put 04/01/07 @ 100, 3.250% 04/01/34 2,000,000 1,978,160 Waste Management South Carolina, Inc. Project, Series 2001, AMT, Mandatory Put 11/01/07 @ 100, 3.300% 11/01/16 5,500,000 5,421,130 Disposal Total 10,395,240 RESOURCE RECOVERY - 1.6% MS BUSINESS FINANCE CORPORATION SOLID WASTE DISPOSAL REVENUE Waste Management, Inc. Project, Series 2004, AMT, Mandatory Put 03/01/09 @ 100, 3.350% 03/01/29 3,000,000 2,893,620 NY STATE ENVIRONMENTAL FACILITIES CORPORATION Solid Waste Disposal Revenue, Waste Management Project, Series 2002 A, AMT, Mandatory Put 05/01/06 @ 100, 2.900% 05/01/12 3,650,000 3,638,722
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) RESOURCE RECOVERY - (CONTINUED) RESOURCE RECOVERY - (CONTINUED) VA FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY Resource Recovery Revenue Refunding, Series 1998 A, AMT, Insured: AMBAC, 5.950% 02/01/07 4,000,000 4,104,760 Resource Recovery Total 10,637,102 RESOURCE RECOVERY TOTAL 21,032,342 TAX - BACKED - 36.4% LOCAL APPROPRIATED - 1.3% NC CHARLOTTE CERTIFICATES OF PARTICIPATION Equipment Acquisition Project, Series 2003 C, 5.000% 03/01/07 1,000,000 1,019,450 NC FAYETTEVILLE INSTALLMENT PAYMENT REVENUE Municipal Building Project, Series 2005, Insured: MBIA: 4.000% 02/01/07 1,240,000 1,249,647 4.000% 02/01/08 1,465,000 1,484,587 NC LINCOLN COUNTY CERTIFICATES OF PARTICIPATION Series 2003, Insured: FSA, 4.500% 06/01/07 1,285,000 1,306,228 NC RUTHERFORD COUNTY CERTIFICATES OF PARTICIPATION Series 2002, Insured: AMBAC, 4.500% 09/01/06 1,125,000 1,134,293 NC WINSTON SALEM CERTIFICATES OF PARTICIPATION Risk Acceptance Management Corporation Project, Series 1988, 2.950% 07/01/09 1,545,000 1,545,000 SC NEWBERRY INVESTING IN CHILDREN EDUCATION Newberry County School Project: 4.000% 12/01/08 300,000 302,073 5.000% 12/01/09 600,000 625,218 Local Appropriated Total 8,666,496 LOCAL GENERAL OBLIGATIONS - 15.5% AK ANCHORAGE GO,
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Series 2002 A, Insured: MBIA, 4.000% 06/01/06 4,890,000 4,905,355 AK NORTH SLOPE BOROUGH GO: Series 1996, Insured: MBIA, (a) 06/30/07 10,700,000 10,166,391 Series 2001 A, Insured: MBIA, (a) 06/30/07 1,500,000 1,424,985 AL HOOVER GO, Series 2003, Insured: MBIA, 5.000% 03/01/08 2,100,000 2,173,164 AZ MARICOPA COUNTY SCHOOL DISTRICT NUMBER 014 CREIGHTON GO, Unrefunded Balance, School Improvement Project, Series 1991 C, 7.875% 07/01/06 1,030,000 1,053,309 AZ MARICOPA COUNTY UNIFIED SCHOOL DISTRICT NUMBER 97 GO, Refunding, Series 2003, Insured: FGIC, 5.000% 07/01/07 2,925,000 2,999,061 CO DENVER CITY & COUNTY BOARD WATER COMMISSION Refunding Revenue, Series 2001 B, 5.000% 09/01/06 1,000,000 1,011,600 GA COWETA COUNTY SCHOOL DISTRICT SALES TAX GO, State Aid Withholding, Series 2002, 4.000% 08/01/07 1,200,000 1,213,908 GA COWETA COUNTY SCHOOL DISTRICT GO, Series 2002, State Aid Withholding, 5.000% 08/01/07 2,000,000 2,053,840 GA DOWNTOWN SAVANNAH AUTHORITY REVENUE Refunding, Series 2005, 4.000% 01/01/09 2,120,000 2,157,227 GA FAYETTE COUNTY SCHOOL DISTRICT GO, State Aid Withholding, Series 2001,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) 5.250% 03/01/09 2,600,000 2,747,004 IL CHICAGO METROPOLITAN WATER RECLAMATION DISTRICT GO, Greater Chicago Capital Improvement Bonds, Series 2002 D, 5.000% 12/01/07 2,000,000 2,061,660 IL CHICAGO GO, Capital Appreciation, Central Loop Project, Series 2003 A, Insured: XLCA, (a) 12/01/08 5,000,000 4,507,850 IL COOK COUNTY GO: High School District No 209 Proviso Township, Series 2004, Insured: FSA, 1.000% 12/01/09 1,885,000 1,762,305 Refunding, Series 2003 B, Insured: MBIA, 5.000% 11/15/07 4,545,000 4,682,123 IL EVANSTON GO, Refunding, Series 2002 C, 5.000% 01/01/06 1,400,000 1,400,070 IL SCHAUMBERG GO, Series 2002 A, 5.000% 01/01/07 1,000,000 1,017,430 LA NEW ORLEANS GO, Public Improvement, Series 1997 A, Insured: AMBAC, (a) 09/01/07 7,110,000 6,645,930 MN MINNEAPOLIS GO, Convention Center Project, Series 2002, 4.000% 12/01/07 2,200,000 2,231,240 NJ ESSEX COUNTY GO, Refunding, Series 1996 A-1, Insured: FGIC, 6.000% 11/15/07 3,000,000 3,146,250 NV CLARK COUNTY GO, Refunding,
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) School District, Series 1996, Insured: FGIC, 4.750% 06/15/09 3,300,000 3,353,394 NV LAS VEGAS GO, Refunding, Tax & Sewer, Series 2002 B, 4.000% 01/01/08 2,000,000 2,024,600 OK MOORE GO, Refunding, Series 1999, Insured: MBIA, 6.000% 04/01/08 1,565,000 1,615,956 PA BERKS COUNTY GO, Series 2002, Insured: MBIA, 2.940% 11/01/23 6,600,000 6,600,000 PA PHILADELPHIA GO, Refunding, School District, Series 1998 B, Insured: MBIA, 5.000% 10/01/06 3,000,000 3,038,370 TN FRANKLIN GO, Refunding, Special School District, Series 2002, 4.500% 06/01/06 1,335,000 1,342,009 TN MAURY COUNTY GO, Series 2004 A, Insured: MBIA, 4.000% 04/01/08 1,125,000 1,141,920 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY GO, Refunding, Public Improvement, Series 2004, 5.000% 11/15/07 2,700,000 2,784,186 TX AUSTIN GO: Refunding, Public Improvement, Series 2001, 5.250% 09/01/08 3,000,000 3,145,260 Series 2001, 5.250% 09/01/08 4,110,000 4,309,006 TX CARROLLTON GO, Refunding,
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Farmers Branch Independent School District: Series 1993, (a) 02/15/07 1,555,000 1,495,879 Series 2000, Insured: PSFG 5.000% 02/15/07 1,245,000 1,268,344 TX FORT BEND GO, Independent School District, Series 2002, Insured: PSFG, 5.000% 08/15/07 1,330,000 1,365,338 TX SOCORRO GO, Refunding, Independent School District, Series 2002, Insured: PSFG 5.000% 08/15/06 1,725,000 1,743,509 TX TARRANT COUNTY GO, Refunding, Series 2004, 4.000% 07/15/09 2,000,000 2,039,500 WA KING COUNTY GO, School District Number 408 Auburn, Series 1992 A, 6.375% 12/01/06 1,975,000 2,029,352 WI MILWAUKEE GO, Refunding: Series 2002 W, Insured: FSA, 4.500% 03/15/09 2,080,000 2,149,784 Series 2002, Insured: FSA, 5.000% 09/01/07 2,070,000 2,126,718 WI OSHKOSH GO, Refunding, Area School District, Series 1996 B, Insured: MBIA 4.900% 03/01/06 1,695,000 1,699,746 Local General Obligations Total 104,633,573 SPECIAL NON - PROPERTY TAX - 5.7% AZ STATE TRANSPORTATION BOARD HIGHWAY REVENUE Refunding, Series 1993 A,
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - (CONTINUED) 5.000% 07/01/09 1,370,000 1,443,199 CO REGIONAL TRANSPORTATION DISTRICT Sales Tax Revenue Refunding, Series 2003 A, Insured: FSA, 5.000% 11/01/07 2,370,000 2,441,835 CT SPECIAL TAX OBLIGATION REVENUE Transportation Infrastructure, Series 1993 A, 5.375% 09/01/08 2,000,000 2,104,220 AK FAYETTEVILLE SALES AND USE TAX CAPITAL IMPROVEMENT Series B, Insured: MBIA, 4.000% 12/01/11 6,830,000 6,972,474 FL JEA ST. JOHNS RIVER POWER PARK SYSTEMS REVENUE REFUNDING Series 2002, 5.000% 10/01/06 5,000,000 5,063,200 FL PINELLAS COUNTY CAPITAL IMPROVEMENT REVENUE Series 2000, 4.500% 01/01/06 4,250,000 4,250,170 MD STATE ECONOMIC DEVELOPMENT CORPORATION LEASE REVENUE Maryland Aviation Administration Facilities, Series 2003, AMT, Insured: FSA, 5.000% 06/01/07 3,680,000 3,761,843 NM STATE SEVERANCE TAX REVENUE Series 2002, 5.000% 07/01/07 5,000,000 5,125,100 NV STATE HIGHWAY IMPROVEMENT REVENUE Series 2000 A, 5.000% 12/01/08 7,000,000 7,309,190 Special Non - Property Tax Total 38,471,231 SPECIAL PROPERTY TAX - 0.9% GA DE KALB COUNTY GO, Special Recreation Tax District, Series 2001, 5.000% 12/01/06 6,185,000 6,285,630 Special Property Tax Total 6,285,630 STATE APPROPRIATED - 3.3% AL MONTGOMERY DOWNTOWN REDEVELOPMENT AUTHORITY LEASE REVENUE Refunding, State of Alabama Project, Series 2002, Insured: MBIA,
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE APPROPRIATED - (CONTINUED) 5.000% 10/01/07 3,085,000 3,172,922 IN STATE OFFICE BUILDING COMMISSION FACILITIES REVENUE Indiana State Museum Facility, Series 2003, Insured: MBIA, 5.000% 07/01/07 1,550,000 1,587,867 OH STATE BUILDING AUTHORITY REVENUE Arts Facilities Building Project, Series 1996, 5.000% 10/01/06 4,000,000 4,051,440 OH STATE HIGHER EDUCATIONAL CAPITAL FACILITIES REVENUE Series 2002 II-A, 5.000% 12/01/07 10,000,000 10,315,900 VA PORT AUTHORITY PORT FACILITY REVENUE Series 2003, AMT, Insured: MBIA: 4.000% 07/01/09 1,120,000 1,136,464 5.000% 07/01/07 1,015,000 1,039,198 5.000% 07/01/08 1,065,000 1,102,967 State Appropriated Total 22,406,758 STATE GENERAL OBLIGATIONS - 9.7% FL STATE BOARD OF EDUCATION GO, Series 2003 D, 5.000% 06/01/07 2,195,000 2,247,417 Series 2003 I, 5.000% 06/01/08 2,000,000 2,077,580 HI STATE GO, Refunding, Series 2002 CY, Insured: FSA, 5.250% 02/01/07 2,500,000 2,552,500 IL STATE GO, Series 2001, 5.000% 05/01/07 1,680,000 1,716,893 LA STATE GO, Refunding, Series 2005 A, Insured: MBIA, 5.000% 08/01/08 5,000,000 5,194,700 MS STATE GO, Refunding: Gaming County Highway Improvements Project, Series 2001 B,
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 5.000% 10/01/06 6,750,000 6,828,772 Series 1996, 5.100% 12/01/09 2,000,000 2,026,440 NM STATE GO, Refunding, Series 2001 B, 5.000% 09/01/06 5,915,000 5,984,028 OR STATE Pension, GO, Series 2003: 3.312% 06/01/07 2,055,000 2,012,277 3.742% 06/01/08 2,000,000 1,952,240 PA STATE GO, Refunding, First Series, 5.000% 01/15/09 2,270,000 2,379,232 PR COMMONWEALTH OF PUERTO RICO GO, Refunding, Public Improvement, Series 2003 C, 5.000% 07/01/18 7,375,000 7,550,746 PR PUBLIC BUILDINGS AUTHORITY REVENUE Guaranteed Government Facilities: Series 2002 C, 5.250% 07/01/08 6,470,000 6,721,748 Series 2004 K, 4.500% 07/01/22 3,000,000 3,025,290 TX STATE GO, Refunding, Series 1992 A, 8.000% 10/01/07 5,000,000 5,390,400 WA STATE GO: Refunding, Series 2002 R-A, 5.000% 09/01/06 1,500,000 1,517,205 Series 2001 B, 5.000% 09/01/06 3,655,000 3,696,923 WI STATE GO, Refunding, Series 1993,
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 4.900% 11/01/06 2,250,000 2,280,420 State General Obligations Total 65,154,811 TAX - BACKED TOTAL 245,618,499 TRANSPORTATION - 12.5% AIR TRANSPORTATION - 2.4% OH DAYTON FACILITIES REVENUE FUNDING Series 1993, 6.050% 10/01/09 2,000,000 2,163,860 Air Freight Corporation Project, Series 1993 F, 6.050% 10/01/09 3,000,000 3,245,790 Series 1996 D, AMT, 6.200% 10/01/09 2,575,000 2,790,373 TN MEMPHIS SHELBY COUNTY AIRPORT AUTHORITY Federal Express Corp., Series 2001, 5.000% 09/01/09 7,710,000 7,994,268 Air Transportation Total 16,194,291 AIRPORTS - 4.6% CO DENVER COLORADO CITY & COUNTY SPECIAL FACILITIES AIRPORT REVENUE Rental Car Project, Series 1999 A, AMT, Insured: MBIA, 5.500% 01/01/08 1,000,000 1,034,830 DC METROPOLITAN WASHINGTON DISTRICT OF COLUMBIA AIRPORTS AUTHORITY REVENUE Virginia General Airport Project, Series 1997 B, AMT, Insured: FGIC, 6.000% 10/01/06 4,000,000 4,075,800 FL GREATER ORLANDO AVIATION AUTHORITY REVENUE Refunding, Airport Facilities Project, Series 2002 C, Insured: MBIA, 5.250% 10/01/07 1,240,000 1,279,072 FL MIAMI-DADE COUNTY AVIATION REVENUE Refunding: Series 1998 A, AMT, Insured: FGIC, 5.250% 10/01/07 7,305,000 7,518,817 Series 2000-SG141, Societe Generale SpA,
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) AIRPORTS - (CONTINUED) Insured: FGIC, 2.960% 10/01/29 2,870,000 2,870,000 HI STATE AIRPORTS SYSTEM REVENUE Series 2001, AMT, Insured: FGIC, 5.000% 07/01/08 9,815,000 10,124,467 OK TULSA AIRPORTS IMPROVEMENT TRUST GENERAL REVENUE Tulsa International Airport, Series 2004 A, AMT, Insured: FGIC, 5.000% 06/01/09 1,165,000 1,212,544 WA SEATTLE PORT OF SEATTLE REVENUE Series 2001 B, AMT, Insured: FGIC, 5.500% 04/01/08 2,750,000 2,860,110 Airports Total 30,975,640 PORTS - 0.7% NY PORT AUTHORITY New York & New Jersey Revenue, Series 2004, AMT: 4.000% 12/01/06 1,400,000 1,407,476 4.000% 12/01/07 1,600,000 1,613,120 4.000% 12/01/08 1,900,000 1,916,796 Ports Total 4,937,392 TOLL FACILITIES - 4.1% CO PUBLIC HIGHWAY AUTHORITY REVENUE Series 1997 B, Insured: MBIA, (a) 09/01/07 14,895,000 14,056,709 DE TRANSPORTATION AUTHORITY SYSTEM REVENUE Series 1998, Insured: FGIC, 4.500% 07/01/09 1,000,000 1,036,590 LA STATE TRANSPORTATION AUTHORITY TOLL REVENUE Series 2005, 5.000% 09/01/09 5,000,000 5,225,600 TX DALLAS HIGHWAY AUTHORITY REVENUE Refunding, Series 2003 C, Mandatory Put 07/01/08 @ 100, Insured: FSA, 5.000% 01/01/18 2,450,000 2,540,307 TX HARRIS COUNTY TOLL ROAD REVENUE Series 2004 B-2, Insured: FGIC, 5.000% 08/15/21 5,000,000 5,233,600 Toll Facilities Total 28,092,806
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) TRANSPORTATION - 0.7% SC TRANSITION INFRASTRUCTURE BANK REVENUE Series 1998 A, Insured: MBIA, 5.000% 10/01/06 4,500,000 4,558,185 Transportation Total 4,558,185 TRANSPORTATION TOTAL 84,758,314 UTILITIES - 20.7% INVESTOR OWNED - 9.2% FL HILLSBOROUGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Pollution Control Revenue Refunding, Tampa Electric Company Project, Series 1993, AMT, Mandatory Put 08/01/07 @ 100, 4.250% 11/01/20 7,000,000 7,055,160 GA BURKE COUNTY DEVELOPMENT AUTHORITY Pollution Control Revenue, Oglethorpe Power Corporation, Series 1993 A, Insured: FGIC, 2.950% 01/01/16 9,800,000 9,800,000 GA MONROE COUNTY DEVELOPMENT AUTHORITY POLLUTION CONTROL REVENUE Georgia Power Company Plant Scherer Project, Series 2001, Mandatory Put 12/01/08 @ 100, Insured: AMBAC, 4.200% 01/01/12 3,750,000 3,813,000 IN ROCKPORT POLLUTION CONTROL REVENUE Refunding: AEP Generating Company Project: Series 1995 A, Mandatory Put 07/13/06 @ 100, 4.050% 07/01/25 1,500,000 1,503,000 Series 1995 B, Mandatory Put 07/13/06 @ 100, 4.050% 07/01/25 6,000,000 6,012,000 Indiana Michigan Power Company Project, Series 2003 C, Mandatory Put 10/01/06 @ 100, 2.625% 04/01/25 3,000,000 2,963,610 KS BURLINGTON ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, Power & Light Project, Series 1998 C, Mandatory Put 10/01/07 @ 100, 4.750% 09/01/15 9,000,000 9,144,090 NH STATE BUSINESS FINANCE AUTHORITY Pollution Control Revenue Refunding, United Illuminating Company Project,
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) INVESTOR OWNED - (CONTINUED) Series 1999 A, AMT, Mandatory Put 12/03/07 @ 100, 3.250% 12/01/29 3,000,000 2,974,170 OH HAMILTON COUNTY LOCAL DISTRICT COOLING FACILITIES REVENUE Trigen Cinergy Corporation, Remarketing 05/25/99, AMT, Mandatory Put 06/01/09 @ 100, 4.600% 06/01/23 5,000,000 4,992,800 OH STATE WATER DEVELOPMENT AUTHORITY Pollution Control Revenue Refunding, Ohio Education, Remarketing 06/01/05, Series 1999 A, Mandatory Put 06/01/06 @ 100, 3.350% 06/01/33 2,000,000 1,997,620 TX BRAZOS RIVER AUTHORITY POLLUTION CONTROL REVENUE Refunding, Texas Utilities Electric Company Project: Series 2001 A, AMT, Mandatory Put 05/01/06 @ 100, 5.400% 04/01/30 4,000,000 4,028,160 Series 2001 B, Mandatory Put 11/01/06 @ 100, 4.750% 05/01/29 6,910,000 6,977,718 WV PUTNAM COUNTY POLLUTION CONTROL REVENUE Refunding, Appalachian Power Company Project, Series 2003 E, Mandatory Put 11/01/06 @ 100, 2.800% 05/01/19 1,000,000 987,910 Investor Owned Total 62,249,238 JOINT POWER AUTHORITY - 0.6% AZ AGRICULTURAL IMPROVEMENT & POWER DISTRICT Electric Systems Revenue Refunding, Salt River Project, Series 2002 D, 5.000% 01/01/08 2,400,000 2,478,456 GA MUNICIPAL ELECTRIC AUTHORITY POWER REVENUE Unrefunded, Series 1998 W, 6.400% 01/01/06 1,130,000 1,130,090 Joint Power Authority Total 3,608,546 MUNICIPAL ELECTRIC - 5.6% AK ANCHORAGE ELECTRIC UTILITY REVENUE Refunding, Senior Lien, Series 1999, Insured: MBIA, 5.000% 06/01/06 4,600,000 4,633,074 FL GAINESVILLE UTILITIES AUTHORITY Electric Systems Revenue, Series 2003 C,
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) MUNICIPAL ELECTRIC - (CONTINUED) 5.000% 10/01/08 5,000,000 5,214,950 FL KISSIMMEE UTILITIES AUTHORITY Electric System Revenue, Refunding, Series 2001, Insured: AMBAC, 5.000% 10/01/06 1,380,000 1,398,050 LA STATE ENERGY & POWER AUTHORITY REVENUE Refunding, Power Project, Series 2000, Insured: FSA, 5.250% 01/01/06 3,000,000 3,000,150 PR ELECTRIC POWER AUTHORITY REVENUE Refunding, Series 2002, 5.000% 07/01/06 3,000,000 3,023,730 TN MEMPHIS ELECTRIC SYSTEMS REVENUE Subordinated, Series 2003 A, Insured: MBIA, 5.000% 12/01/09 10,000,000 10,553,300 TX AUSTIN UTILITIES SYSTEMS REVENUE Refunding, Unrefunded Balance, Series 1992 A, Insured: MBIA, 6.000% 11/15/06 2,735,000 2,798,890 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 5.000% 10/01/07 3,265,000 3,313,551 WA LEWIS COUNTY PUBLIC UTILITIES DISTRICT NO. 001 REVENUE Refunding, Series 2003, 5.000% 10/01/06 2,000,000 2,025,580 WEST VIRGINIA PUBLIC ENERGY AUTHORITY ENERGY REVENUE Morgantown Associates Project A, LOC: Dexia, 5.050% 07/01/08 2,015,000 2,046,978 Municipal Electric Total 38,008,253 WATER & SEWER - 5.3% AL BIRMINGHAM WATERWORKS & SEWER BOARD Water & Sewer Revenue, Series 2004 B, Insured: FGIC:
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) 2.880% 01/01/07 1,110,000 1,087,578 3.420% 01/01/08 1,145,000 1,112,196 3.890% 01/01/09 1,185,000 1,150,031 AL JEFFERSON COUNTY SEWER REVENUE Series 2003 C-10, Insured: FSA, 3.250% 02/01/42 4,000,000 4,000,000 FL JEA WATER & SEWER SYSTEMS REVENUE Refunding, Unrefunded Balance, Series 2002 B, Insured: FSA, 5.250% 10/01/07 1,800,000 1,859,832 IN FORT WAYNE SEWER WORKS IMPROVEMENTS REVENUE Refunding, Series 2002 B, Insured: AMBAC, 5.000% 08/01/06 1,585,000 1,600,628 KS JOHNSON COUNTY WATER DISTRICT NO. 001 REVENUE Series 1996 A, 5.250% 12/01/06 1,100,000 1,120,075 NJ ECONOMIC DEVELOPMENT AUTHORITY REVENUE North Jersey Port District Project, Insured: AMBAC: 7.050% 02/15/06 1,175,000 1,178,983 7.100% 02/15/07 1,260,000 1,291,727 7.150% 02/15/09 1,445,000 1,544,069 PA PHILADELPHIA WATER & WASTEWATER REVENUE Refunding, Series 1993, Insured: MBIA-IBC, 5.500% 06/15/06 5,000,000 5,051,450 TX CORPUS CHRISTI UTILITIES SYSTEM REVENUE Refunding: Series 1999, Insured: FSA, 5.000% 07/15/07 1,000,000 1,025,300 Series 2002, Insured: FSA, 4.000% 07/15/07 1,000,000 1,010,400 TX DALLAS WATERWORKS & SEWER SYSTEM REVENUE Refunding, Series 2001, 5.000% 10/01/06 1,000,000 1,012,790 TX HOUSTON WATER & SEWER SYSTEM REVENUE
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Series 1991 C, Insured: AMBAC, (a) 12/01/08 2,400,000 2,163,384 TX HOUSTON WATER & SEWER SYSTEMS REVENUE Series 1991 C, Insured: AMBAC, (a) 12/01/06 6,485,000 6,288,050 TX SAN ANTONIO WATER SYSTEM REVENUE Series 2002 A, Insured: FSA, 5.000% 05/15/06 1,000,000 1,006,500 WI APPLETON WATERWORKS REVENUE Refunding: Series 2001, Insured: FGIC, 4.000% 01/01/07 1,375,000 1,384,955 4.000% 01/01/08 1,000,000 1,013,070 Water & Sewer Total 35,901,018 UTILITIES TOTAL 139,767,055 TOTAL MUNICIPAL BONDS (COST OF $666,999,018) 664,027,187 SHARES INVESTMENT COMPANY - 1.0% Columbia Tax-Exempt Reserves, Capital Class (c) 6,545,000 6,545,000 TOTAL INVESTMENT COMPANY (COST OF $6,545,000) 6,545,000 TOTAL INVESTMENTS - 99.3% (COST OF $673,544,018)(D)(E) 670,572,187 OTHER ASSETS & LIABILITIES, NET - 0.7% 5,003,386 NET ASSETS - 100.0% 675,575,573
22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Short-Term Municipal Bond Fund
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Zero coupon bond. (b) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (d) Cost for federal income tax purposes is $673,544,018. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Depreciation ------------ ------------ -------------- $2,049,340 $(5,021,171) $(2,971,831) ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FNMA Federal National Mortgage Association FSA Financial Security Assurance Inc. GO General Obligation IBC Insured Bond Certificate LOC Letter of Credit MBIA MBIA Insurance Corp. PSFG Permenant School Fund Gauranteed SpA Stand-by Purchase Agreement XLCA XL Capital Assurance, Inc.
23 ` INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($)* MUNICIPAL BONDS - 102.6% ALABAMA - 3.8% AL ASMS MOBILE PUBLIC EDUCATIONAL BUILDING AUTHORITY Alabama High School Math & Science Foundation, Series 1997, LOC: AmSouth Bank of Alabama 3.580% 07/01/22(a) 8,215,000 8,215,000 AL BIRMINGHAM MEDICAL CLINIC BOARD University of Alabama Health Services Foundation: Series 2001 A, LOC: First Commercial Bank 3.610% 03/01/31(a) 6,295,000 6,295,000 Series 2005, LOC: SunTrust Bank 3.550% 09/01/15(a) 10,000,000 10,000,000 Series 1991, LOC: AmSouth Bank 1.000% 12/01/26(a) 94,500,000 94,500,000 AL FOLEY PUBLIC PARK & RECREATION BOARD YMCA of Mobile, Series 2002, LOC: Regions Bank 3.580% 10/01/22(a) 1,990,000 1,990,000 AL MOBILE INDUSTRIAL DEVELOPMENT BOARD Holnam, Inc., Series 1999 A, LOC: Bayerische Landesbank 1.000% 06/01/32(a) 9,230,000 9,230,000 AL SCOTTSBORO SOLID WASTE DISPOSAL AUTHORITY Series 2003, LOC: Regions Bank 3.540% 11/01/18(a) 5,460,000 5,460,000 AL SPACE SCIENCE EXHIBIT FINANCE AUTHORITY Series 2005 A, LOC: AmSouth Bank 3.610% 10/01/22(a) 4,400,000 4,400,000 AL TUSCALOOSA COUNTY EDUCATION BOARD Series 2003, LOC: Regions Bank 3.530% 02/01/16(a) 5,600,000 5,600,000 AL TUSCALOOSA EDUCATIONAL BUILDING AUTHORITY Stillman College, Series 2002 A, LOC: AmSouth Bank 3.630% 10/01/23(a) 14,760,000 14,760,000 ALABAMA TOTAL 160,450,000 ALASKA - 2.9% AK HOUSING FINANCE CORP. Series 2005-703, Insured: FGIC
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ALASKA - (CONTINUED) 3.550% 12/01/12(a) 6,275,000 6,275,000 AK VALDEZ MARINE TERMINAL REVENUE BP PLC, Series 2003 A, 3.780% 06/01/37(a) 20,195,000 20,195,000 BP Pipelines, Inc., Series 2003 C, 3.780% 07/01/37(a) 55,000,000 55,000,000 Exxon Mobil Corp., Series 1993 C, 3.750% 12/01/33(a) 40,675,000 40,675,000 ALASKA TOTAL 122,145,000 ARIZONA - 1.0% AZ HEALTH FACILITIES AUTHORITY Banner Health System, Series 2005 A, Insured: MBIA 3.490% 01/01/29(a) 26,400,000 26,400,000 AZ PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Broadway Proper Retirement Community I LP, Series 2000 A, Insured: GNMA, LOC: State Street Bank & Trust Co. 3.500% 12/01/25(a) 9,285,000 9,285,000 AZ TEMPE INDUSTRIAL DEVELOPMENT AUTHORITY Centers for Habilitation, Series 2001, LOC: Wells Fargo Bank N.A. 3.630% 12/01/21(a) 2,800,000 2,800,000 AZ TOURISM & SPORTS AUTHORITY Series 2004, Insured: MBIA, LIQ FAC: Citigroup Global Markets, Inc. 3.560% 07/01/21(a) 3,210,000 3,210,000 ARIZONA TOTAL 41,695,000 CALIFORNIA - 6.5% CA ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2004, Insured: FSA 3.560% 01/15/12(a) 11,190,000 11,190,000 CA ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY Series 2005, LOC: Merrill Lynch Capital Services 3.570% 10/01/19(a) 14,850,000 14,850,000 CA DEPARTMENT OF WATER RESOURCES
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) Power Supply Revenue: Series 2002 B-2, LOC: BNP Paribas 3.750% 05/01/22(a) 55,250,000 55,250,000 Series 2002 C-4, LOC: JPMorgan Chase Bank & California State Teachers' Retirement System 3.530% 05/01/22(a) 32,550,000 32,550,000 Series 2002 C-8, LOC: Bayerische Landesbank 1.000% 05/01/22(a) 79,700,000 79,700,000 CA ECONOMIC RECOVERY Series 2004 C-1, SPA: Landesbank Baden-Wurttemberg 3.750% 07/01/23(a) 24,785,000 24,785,000 Series 2004 C-6, LOC: Citibank N.A. 3.750% 07/01/23(a) 53,110,000 53,110,000 CALIFORNIA TOTAL 271,435,000 COLORADO - 3.7% CO ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2005, Insured: FGIC 3.550% 06/01/13(a) 5,140,000 5,140,000 CO ADAMS COUNTY Series 2005 T, Insured: MBIA, LOC: Goldman Sachs 3.550% 08/06/13(a) 13,200,000 13,200,000 CO ARAPAHOE COUNTY SCHOOL DISTRICT NO.6 Series 2003, Insured: FGIC 3.550% 12/01/10(a) 5,765,000 5,765,000 CO BROOMFIELD CERTIFICATES OF PARTICIPATION Series 2002 PT-1643, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.550% 12/01/08(a) 9,695,000 9,695,000 CO CASTLE PINES NORTH METROPOLITAN DISTRICT Series 1999, LOC: US Bank N.A. 3.600% 12/01/28(a) 6,915,000 6,915,000 CO DENVER CITY & COUNTY EXCISE TAX REVENUE Series 2001, Insured: FSA 3.510% 09/01/25(a) 25,785,000 25,785,000 CO DEPARTMENT OF TRANSPORTATION Series 2003, Insured: AMBAC 3.560% 12/15/16(a) 3,210,000 3,210,000 CO DOUGLAS COUNTY COLORADO SCHOOL DISTRICT NO. 1 Series 2001,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) COLORADO - (CONTINUED) Insured: MBIA 3.550% 06/15/09(a) 5,655,000 5,655,000 CO ERIE CERTIFICATES OF PARTICIPATION Series 2005, LOC: KeyBank N.A. 3.580% 11/01/35(a) 4,365,000 4,365,000 CO HEALTH FACILITIES AUTHORITY Plan de Salud Del Valle, Series 2005, LOC: KeyBank N.A. 3.540% 06/01/30 11,000,000 11,000,000 CO HOUSING & FINANCE AUTHORITY Series 2005, 2.500% 03/29/06(a) 8,500,000 8,500,000 CO KIPPLING RIDGE METROPOLITAN DISTRICT Series 2005, LOC: US Bank N.A. 3.560% 12/01/23(a) 3,715,000 3,715,000 CO LAFAYETTE EXEMPLATORY IMPROVEMENT DISTRICT Series 2002, LOC: Wells Fargo Bank N.A. 3.560% 12/01/22(a) 3,125,000 3,125,000 CO MOFFAT COUNTY Pollution Control Revenue, National Rural Utility Cooperative Finance Corp., Series 1984, Insured: AMBAC 3.400% 07/01/10(a) 25,510,000 25,510,000 CO WESTMINSTER COLORADO ECONOMIC DEVELOPMENT AUTHORITY Tax Increment Revenue, Series 2005, LOC: DEFPA Bank PLC 3.550% 12/01/28(a) 6,100,000 6,100,000 EAGLE TAX-EXEMPT TRUST Series 2001, Insured: MBIA 3.560% 05/15/26(a) 18,700,000 18,700,000 COLORADO TOTAL 156,380,000 DELAWARE - 0.4% DE KENT COUNTY REVENUE Charter Schools, Inc. Project, Series 2002, LOC: Wachovia Bank 3.570% 11/01/22(a) 3,975,000 3,975,000 DE NEW CASTLE COUNTY STUDENT HOUSING REVENUE Series 2005, LOC: Bank of New York
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) DELAWARE - (CONTINUED) 3.540% 08/01/31(a) 13,000,000 13,000,000 DELAWARE TOTAL 16,975,000 DISTRICT OF COLUMBIA - 0.1% DC STATE Series 2003, LOC: SunTrust Bank 3.550% 10/01/30(a) 1,945,000 1,945,000 DISTRICT OF COLUMBIA TOTAL 1,945,000 FLORIDA - 2.4% FL ALACHUA COUNTY HEALTH FACILITIES AUTHORITY Meridian Behavioral Income Project, Series 2003, LOC: Wachovia Bank 3.470% 07/01/18(a) 3,700,000 3,700,000 Shands Teaching Hospital: Series 2002 A, LOC: SunTrust Bank 3.750% 12/01/12(a) 12,835,000 12,835,000 Series 2003 A, LOC: SunTrust Bank 3.750% 12/01/32(a) 2,750,000 2,750,000 FL DEVELOPMENT FINANCE CORP. Central Florida Community College Foundation, Series 2003 A-1, LOC: SunTrust Bank 3.650% 06/01/23(a) 1,905,000 1,905,000 FL HIGHER EDUCATIONAL FACILITIES FINANCING AUTHORITY St. Thomas University, Series 2003, LOC: SunTrust Bank 3.750% 01/01/19(a) 3,150,000 3,150,000 FL HOUSING FINANCE CORP. Series 2005 Mt-168, LOC: FHLMC 3.250% 10/01/32(a)(b) 16,180,000 16,180,000 FL LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Hope of Southwest Florida, Inc., Series 2004, LOC: SunTrust Bank 3.750% 10/01/23(a) 5,300,000 5,300,000 FL MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Dave & Mary Alper Community, Series 2002, LOC: Northern Trust Co. 3.550% 04/01/32(a) 5,695,000 5,695,000 FL ORANGE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Bishop Moore High School Project, Series 2000, LOC: SunTrust Bank 3.550% 10/01/25(a) 10,000,000 10,000,000
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) FLORIDA - (CONTINUED) FL TAMPA Tampa LLC, Series 2005 A, LOC: Royal Bank of Canada 3.520% 10/01/37(a) 9,000,000 9,000,000 FL TITUSVILLE MULTI-PURPOSE REVENUE Series 1998, LOC: SunTrust Bank 3.600% 01/01/25(a) 300,000 300,000 Series 1999 A, LOC: SunTrust Bank 3.600% 01/01/25(a) 4,100,000 4,100,000 FL UNIVERSITY OF NORTH FLORIDA FOUNDATION, INC. Series 1997, LOC: First Union National Bank: 3.580% 11/01/27(a) 5,400,000 5,400,000 3.580% 11/01/30(a) 11,600,000 11,600,000 Series 2003, LOC: First Union National Bank 3.580% 11/01/24(a) 9,400,000 9,400,000 FLORIDA TOTAL 101,315,000 GEORGIA - 3.5% GA ATHENS CLARKE COUNTY UNIFIED GOVERNMENT DEVELOPMENT AUTHORITY University of Georgia Athletic Association, Series 2001, LOC: SunTrust Bank 3.750% 09/01/31(a) 20,400,000 20,400,000 GA BURKE COUNTY DEVELOPMENT AUTHORITY 3.350% 01/12/06 14,675,000 14,675,000 GA CLAYTON COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue: Series 1990 A, Insured: FSA 3.560% 01/01/21(a) 5,300,000 5,300,000 Series 1990 B, Insured: FSA 3.560% 01/01/21(a) 3,690,000 3,690,000 Series 1990 C, Insured: FSA 3.560% 01/01/21(a) 6,955,000 6,955,000 Series 1990 D, Insured: FSA, 3.560% 01/01/21(a) 2,215,000 2,215,000 Series 1990 F, Insured: FSA 3.560% 01/01/21(a) 3,945,000 3,945,000 GA COBB COUNTY DEVELOPMENT AUTHORITY North Cobb Christian School, Series 1998 A, LOC: Branch Banking & Trust
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) 3.550% 03/01/22(a) 6,875,000 6,875,000 YMCA of Cobb County, Series 2003, LOC: Branch Banking & Trust Co. 3.550% 12/01/25(a) 2,740,000 2,740,000 GA COBB COUNTY HOSPITAL AUTHORITY Wellstar Cobb Hospital, Series 2004, LOC: SunTrust Bank 3.530% 04/01/34(a) 25,000,000 25,000,000 GA COLUMBUS DEVELOPMENT AUTHORITY Foundation Properties, Inc., Series 2004, LOC: Columbus Bank & Trust 3.580% 12/01/33(a) 5,970,000 5,970,000 GA COLUMBUS HOSPITAL AUTHORITY St. Francis Hospital, Inc., Series 2000 A, LOC: Columbus Bank & Trust 3.550% 01/01/31(a) 6,350,000 6,350,000 GA DEKALB COUNTY DEVELOPMENT AUTHORITY American Cancer Society, Inc., Series 1988, LOC: SunTrust Bank 3.550% 05/01/13(a) 4,445,000 4,445,000 GA FULTON COUNTY DEVELOPMENT AUTHORITY Mt. Vernon Presbyterian School, LOC: Branch Banking & Trust 3.550% 08/01/35(a) 5,000,000 5,000,000 GA FULTON COUNTY WATER & SEWAGE REVENUE Series 2005, Insured: FGIC, LIQ FAC: Citibank N.A. 3.560% 01/01/35(a) 1,650,000 1,650,000 GA MACON BIBB COUNTY GEORGIA HOSPITAL AUTHORITY Central Georgia Health, Series 2000, LOC: SunTrust Bank 3.750% 05/01/30(a) 2,475,000 2,475,000 Series 1998, LOC: SunTrust Bank 3.550% 12/01/18(a) 4,000,000 4,000,000 GA MUNICIPAL ELECTRIC POWER AUTHORITY Series 2004 R-253, Insured: AMBAC, LIQ FAC: Citibank N.A. 3.560% 01/01/26(a) 5,495,000 5,495,000 GA RICHMOND COUNTY HOSPITAL AUTHORITY University Health Services, Inc., Series 1999, LOC: SunTrust Bank 3.550% 01/01/19(a) 15,900,000 15,900,000 GA WORTH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) Seabrook Enterprises, Inc., Series 1996 A, LOC: Harris Trust & Savings Bank 3.550% 08/01/23(a) 4,650,000 4,650,000 GEORGIA TOTAL 147,730,000 HAWAII - 0.8% HI DEPARTMENT OF BUDGET & FINANCE SPECIAL PURPOSE REVENUE Queen's Health Systems, Series 1998 A, SPA: Bank of Nova Scotia 3.560% 07/01/26(a) 16,368,000 16,368,000 HI HONOLULU CITY & COUNTY Series 2003, Insured: MBIA 3.560% 03/01/22(a) 4,960,000 4,960,000 Series 2004 A, Insured: MBIA 3.560% 10/01/10(a) 5,000,000 5,000,000 Series 2005 A, Insured: MBIA, LOC: Citibank N.A. 3.560% 07/01/24(a) 5,525,000 5,525,000 HAWAII TOTAL 31,853,000 IDAHO - 0.2% ID BOISE COUNTY HOUSING AUTHORITY Series 2002, LOC: KeyBank N.A. 3.610% 03/01/33(a) 1,300,000 1,300,000 ID BOISE COUNTY URBAN RENEWAL AGENCY Series 2004 A, LOC: KeyBank N.A. 3.610% 03/01/24(a) 8,055,000 8,055,000 IDAHO TOTAL 9,355,000 ILLINOIS - 8.0% IL ABN AMRO MUNITOPS CERTIFICATE TRUST Series 2002, Insured: MBIA, SPA: ABN AMRO Bank N.V. 3.560% 12/01/10(a) 22,345,000 22,345,000 IL BOLINGBROOK Series 2004, LOC: Harris Trust & Savings Bank 3.430% 12/01/29(a) 22,575,000 22,575,000 IL CHICAGO BOARD OF EDUCATION Series 2004 E, Insured: FSA, 3.570% 03/01/15(a) 7,200,000 7,200,000 Series 2005 Z-8, Insured: FGIC, LIQ FAC: Goldman Sachs
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) 3.590% 10/28/25(a) 7,900,000 7,900,000 IL CHICAGO O'HARE INTERNATIONAL AIRPORT REVENUE 2.850% 01/18/06 7,000,000 7,000,000 Series 2005 C, Insured: CIFG 1.000% 01/01/35(a) 15,500,000 15,500,000 IL CHICAGO Series 1997 A, LOC: Northern Trust Co. 3.600% 12/01/11(a) 1,030,000 1,030,000 Series 2004 B-24, LOC: Wachovia Bank N.A. 3.540% 01/01/25(a) 4,070,000 4,070,000 Series 2004, Insured: FSA, 3.550% 01/01/29(a) 10,545,000 10,545,000 Series 2005 Z-10, Insured: FGIC, LIQ FAC: Goldman Sachs 3.590% 06/29/29(a) 3,105,000 3,105,000 IL CITY OF CHICAGO WATER SYSTEM 3.220% 05/12/06 39,842,000 39,842,000 IL CRESTWOOD Series 2003, LOC: Fifth Third Bank 3.560% 09/01/28(a) 8,055,000 8,055,000 IL DEKALB TAX INCREMENT REVENUE Series 2003, LOC: Northern Trust Co. 3.600% 01/01/13(a) 4,240,000 4,240,000 IL DEVELOPMENT FINANCE AUTHORITY American Academy of Dermatology, Series 2001, LOC: American National Bank & Trust 3.650% 04/01/21(a) 5,500,000 5,500,000 Chicago Academy of Science, Series 1997, LOC: JPMorgan Chase Bank 3.530% 01/01/31(a) 2,420,000 2,420,000 Christian Heritage Academy, Series 2001, LOC: Glenview State Bank 3.800% 12/01/21(a) 4,625,000 4,625,000 Community Action Partnership, Series 2004, LOC: US Bank Trust N.A. 3.530% 03/01/39(a) 3,125,000 3,125,000 IIT Research Institute, Series 2004, LOC: Fifth Third Bank 3.580% 10/01/34(a) 7,320,000 7,320,000 Little City Foundation Project, Series 1994, LOC: LaSalle National Bank
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) 3.530% 02/01/19(a) 4,080,000 4,080,000 Massachusetts Eye & Ear Associates, Inc., Series 1992, LOC: LaSalle National Bank 3.500% 10/01/17(a) 6,000,000 6,000,000 Sinai Community Institute, Inc., Series 1997, LOC: LaSalle National Bank 3.500% 03/01/22(a) 5,000,000 5,000,000 Village Oak Park Residence Corp., LOC: LaSalle Bank N.A. 3.500% 07/01/41(a) 3,675,000 3,675,000 IL EDUCATIONAL FACILITIES AUTHORITY Benedictine University Project, Series 2000, LOC: LaSalle Bank 3.500% 08/01/25(a) 13,260,000 13,260,000 Beverly Arts Center, Series 2003, LOC: Fifth Third Bank 3.580% 10/01/28(a) 5,295,000 5,295,000 St. Xavier University, Series 2002 A, LOC: LaSalle Bank N.A. 3.500% 10/01/32(a) 4,500,000 4,500,000 IL FINANCE AUTHORITY The Clare at Water Tower, Series 2005 D, LOC: LaSalle Bank N.A. 3.550% 05/15/38(a) 18,050,000 18,050,000 IL HEALTH FACILITIES AUTHORITY Glenkirk Project, Series 1997, LOC: Harris Trust & Savings Bank 3.450% 02/15/21(a) 2,285,000 2,285,000 University of Chicago Hospital, Series 1994 C, Insured: MBIA, LOC: JPMorgan Chase Bank 3.750% 08/15/26(a) 5,450,000 5,450,000 IL MACON COUNTY Millikin University, Series 2001, LOC: National City Bank 3.560% 10/01/31(a) 700,000 700,000 IL MARION SPECIAL SERVICES AREA NO. 2 Series 2002, LOC: US Bank N.A. 3.600% 01/01/22(a) 7,095,000 7,095,000 IL METROPOLITAN PIER & EXPOSITION AUTHORITY Series 2005, Insured: MBIA 3.590% 12/15/36(a) 1,000,000 1,000,000
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) Series 2005 Z-5, Insured: MBIA, LIQ FAC: Goldman Sachs 3.590% 04/03/34(a) 18,005,000 18,005,000 IL NILES Series 2001, LOC: LaSalle Bank N.A. 3.500% 03/01/31(a) 6,000,000 6,000,000 IL NORTHERN COOK COUNTY SOLID WASTER AGENCY Series 2002, LOC: Northern Trust Co. 3.530% 05/01/15(a) 5,200,000 5,200,000 IL OAK FOREST Homewood Pool, South Suburban Mayors Project, Series 1989, LOC: Bank One N.A. 3.560% 07/01/24(a) 18,900,000 18,900,000 IL PEORIA HEIGHTS LIMITED OBLIGATION REVENUE Series 2001, LOC: National City Bank 3.600% 09/01/36(a) 2,800,000 2,800,000 IL QUAD CITIES REGIONAL ECONOMIC DEVELOPMENT AUTHORITY Two Rivers YMCA, Series 2002, LOC: US Bank N.A. 3.800% 12/01/31(a) 2,500,000 2,500,000 IL SCHAUMBURG CITY Series 2004, Insured: FGIC 3.560% 12/01/41(a) 5,000,000 5,000,000 IL STATE Series 2003, Insured: FSA 3.560% 12/01/20(a) 2,345,000 2,345,000 Series 2004: Insured: AMBAC, LOC: JPMorgan Chase Bank 3.550% 11/01/12(a) 3,180,000 3,180,000 Insured: FGIC, LOC: JPMorgan Chase Bank 3.550% 12/15/15(a) 7,040,000 7,040,000 IL TOLL HIGHWAY AUTHORITY Toll Highway Revenue, Series 2005 R-4073, Insured: FSA, LIQ FAC: Citibank N.A. 3.560% 01/01/23(a) 3,720,000 3,720,000 IL WILL & KENDALL COUNTIES COMMUNITY CONSTRUCTION SCHOOL DISTRICT NO. 202 Series 2003, Insured: FGIC 3.560% 01/01/23(a) 5,460,000 5,460,000
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) IL WILL COUNTY FOREST PRESERVATION DISTRICT Series 2005, Insured: FGIC, LIQ FAC: Merrill Lynch Capital Services 3.590% 12/01/18(a) 3,030,000 3,030,000 ILLINOIS TOTAL 335,967,000 INDIANA - 3.5% IN ANGOLA EDUCATIONAL FACILITIES REVENUE Tri-State University, Inc., Series 2004, LOC: Fifth Third Bank 3.580% 09/01/15(a) 1,000,000 1,000,000 IN BOND BANK Series 2003 II-R-2079, Insured: MBIA, LIQ FAC: Citigroup Global Market, Inc. 3.560% 09/01/21(a) 2,415,000 2,415,000 Series 2004, Insured: AMBAC 3.550% 02/01/12(a) 5,445,000 5,445,000 Series 2005, 3.500% 01/27/06 18,000,000 18,003,008 IN DEVELOPMENT FINANCE AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Indiana University Foundation, Series 1998, LOC: National City Bank 3.610% 08/01/18(a) 5,950,000 5,950,000 IN DEVELOPMENT FINANCE AUTHORITY Children's Museum, Series 2003, LIQ FAC: Fifth Third Bank 3.580% 07/01/33(a) 17,000,000 17,000,000 Rehabilitation Center, Inc., Series 2002, LOC: Old National Bank 3.630% 07/01/17(a) 2,025,000 2,025,000 IN DYER REDEVELOPMENT AUTHORITY Economic Development Lease Rent Revenue, Series 2005 PT-2721, Insured: CIFG, SPA: Merrill Lynch Capital Services 3.550% 07/15/23(a) 12,260,000 12,260,000 IN EDUCATIONAL FACILITIES AUTHORITY University of Indianapolis, Series 2001, AMT, LOC: Fifth Third Bank 3.800% 10/01/30(a) 4,265,000 4,265,000 IN ELKHART COUNTY Hubbard Hill Estates, Inc., Series 2001, LOC: Fifth Third Bank 3.580% 11/01/21(a) 2,610,000 2,610,000
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDIANA - (CONTINUED) IN FORT WAYNE ECONOMIC DEVELOPMENT REVENUE St. Anne Home of Diocese, Series 1998, LOC: Fifth Third Bank 3.600% 09/01/23(a) 5,370,000 5,370,000 IN HEALTH FACILITY FINANCING AUTHORITY Community Hospital of Indiana, Series 2005 B, LOC: National City Bank 3.530% 05/01/35(a) 4,000,000 4,000,000 Southern Indiana Rehab Hospital, Series 2001, LOC: Bank One Kentucky 3.650% 04/01/20(a) 2,300,000 2,300,000 IN HENRY COUNTY ECONOMIC DEVELOPMENT REVENUE Henry County YMCA, Inc., Series 2004, LOC: US Bank N.A. 3.600% 02/15/24(a) 2,560,000 2,560,000 IN INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK Series 2005 G-3, Insured: MBIA, SPA: DEPFA Bank PLC 3.520% 01/01/35(a) 20,000,000 20,000,000 Series 2005, Insured: AMBAC 3.590% 02/01/25(a) 3,000,000 3,000,000 Series 2006 A, 4.500% 07/06/06 19,550,000 19,670,428 IN MERRILLVILLE MULTI-SCHOOL BUILDING CORP. Series 2005 923, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.550% 01/15/13(a) 4,780,000 4,780,000 IN ST. JOSEPH COUNTY INDIANA ECONOMIC DEVELOPMENT REVENUE Brothers of the Holy Cross, Series 1997, LOC: KeyBank N.A. 3.590% 09/01/17(a) 4,230,000 4,230,000 IN TRANSPORTATION FINANCE AUTHORITY Series 2004, Insured: FGIC, LOC: Wachovia Bank N.A. 3.540% 06/01/28(a) 5,000,000 5,000,000 Series 2004, Insured: MBIA-IBC 3.550% 06/01/09(a) 3,845,000 3,845,000 INDIANA TOTAL 145,728,436 IOWA - 0.5% IA DES MOINES Series 2004,
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) IOWA - (CONTINUED) Insured: AMBAC 3.550% 06/01/24(a) 3,000,000 3,000,000 IA EVANSDALE Series 2005, LOC: Wells Fargo Bank N.A. 3.560% 09/01/30(a) 5,000,000 5,000,000 IA HIGHER EDUCATION LOAN AUTHORITY REVENUE American Institute of Business, Series 1998, LOC: Wells Fargo Bank N.A. 3.630% 11/01/13(a) 1,270,000 1,270,000 Loras College, Series 2000, LOC: LaSalle Bank N.A. 3.750% 11/01/30(a) 13,335,000 13,335,000 IOWA TOTAL 22,605,000 KANSAS - 0.2% KS UNIVERSITY OF KANSAS HOSPITAL AUTHORITY Jayhawk Primary Care, Inc., Series 2004, LOC: Harris Trust & Savings Bank 3.750% 09/01/34(a) 2,600,000 2,600,000 KS WICHITA CITY HOSPITAL REVENUE Series 2005, Insured: MBIA 3.550% 10/01/10(a) 7,155,000 7,155,000 KANSAS TOTAL 9,755,000 KENTUCKY - 1.8% KY ASSET/LIABILITY COMMISSION GENERAL FUND REVENUE Series 2005 A, 4.000% 06/28/06 10,000,000 10,034,085 Series 2005 R-7011, Insured: MBIA 3.560% 05/01/21(a) 3,185,000 3,185,000 KY ASSOCIATION OF COUNTIES CERTIFICATES OF PARTICIPATION Series 2005, 4.000% 06/30/06 14,750,000 14,836,328 KY CHRISTIAN COUNTY INDUSTRIAL BUILDING REVENUE Audubon Area Community Services, Series 2004, LOC: Branch Banking & Trust 3.550% 01/01/29(a) 1,800,000 1,800,000 KY ECONOMIC DEVELOPMENT FINANCE AUTHORITY Baptist Convalescent Center, Series 1999, LOC: Fifth Third Bank 3.500% 12/01/19(a) 4,300,000 4,300,000
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) KENTUCKY - (CONTINUED) Goodwill Industries, Series 2003, LOC: Branch Banking & Trust 3.550% 08/01/23(a) 9,640,000 9,640,000 KY JEFFERSON COUNTY Multi-Family Housing Revenue, Canter Chase Apartments Project, Series 2002, Insured: FHLMC 3.570% 06/01/32(a) 9,100,000 9,100,000 KY LEXINGTON FAYE URBAN COUNTY GOVERNMENT Roman Catholic Lexington: Series 2005 A, LOC: Fifth Third Bank 3.580% 10/01/32(a) 3,300,000 3,300,000 Series 2005 B, LOC: Fifth Third Bank 3.580% 10/01/32(a) 4,735,000 4,735,000 KY MAYFIELD League of Cities Funding Trust Series 1996, LOC: PNC Bank 3.470% 07/01/26(a) 3,795,000 3,795,000 KY MOREHEAD LEAGUE OF CITIES FUNDING TRUST Series 2004 A, LOC: US Bank N.A. 3.580% 06/01/34(a) 5,280,000 5,280,000 KY PROPERTY & BUILDINGS COMMISSION Series 2004, Insured: FSA 3.550% 04/01/13(a) 5,315,000 5,315,000 KENTUCKY TOTAL 75,320,413 LOUISIANA - 3.1% LA JEFFERSON SALES TAX DISTRICT Series 2005, Insured: AMBAC 3.200% 12/01/17(a)(b) 5,130,000 5,130,000 LA NEW ORLEANS AVIATION BOARD Series 1993 B, Insured: MBIA, LOC: Dexia Credit Local 3.600% 08/01/16(a) 25,000,000 25,000,000 LA OFFSHORE TERMINAL AUTHORITY Loop LLC, Series 2003, LOC: SunTrust Bank 3.750% 09/01/14(a) 18,830,000 18,830,000 LA PUBLIC FACILITIES AUTHORITY Pennington Medical Foundation, Series 2001 A, LOC: BNP Paribas 3.500% 07/01/31(a) 36,650,000 36,650,000 The Glen Retirement System, Series 2001,
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) LOUISIANA - (CONTINUED) LOC: AmSouth Bank 3.630% 09/01/16(a) 3,160,000 3,160,000 Tiger Athletic Foundation, Series 1999, LOC: Regions Bank 3.530% 09/01/28(a) 9,200,000 9,200,000 LA ST. JAMES PARISH POLLUTION CONTROL 3.150% 02/14/06 26,000,000 26,000,000 LA UPPER PONTALBA BUILDING RESTORATION CORP. Series 1996, LOC: Bank One N.A. 3.650% 12/01/16(a) 3,870,000 3,870,000 LOUISIANA TOTAL 127,840,000 MAINE - 0.1% ME FINANCE AUTHORITY Erskine Academy, Series 2004, LOC: KeyBank N.A. 3.590% 12/01/20(a) 2,000,000 2,000,000 ME HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY Series 2003, Insured: FSA 3.550% 07/01/11(a) 2,695,000 2,695,000 MAINE TOTAL 4,695,000 MARYLAND - 0.2% MD ANNE ARUNDEL West Capital Associates LP, Series 1985, LOC: SunTrust Bank 3.700% 12/01/15(a) 3,500,000 3,500,000 MD BALTIMORE COUNTY ECONOMIC DEVELOPMENT REVENUE Torah Institution Baltimore, Series 2004, LOC: Branch Banking & Trust 3.550% 07/01/24(a) 3,890,000 3,890,000 MARYLAND TOTAL 7,390,000 MASSACHUSETTS - 2.5% MA DEVELOPMENT FINANCE AGENCY 3.250% 04/17/06 15,000,000 15,000,000 Dexter School, Series 2000, Insured: MBIA, SPA: First Union National Bank 3.530% 05/01/31(a) 8,210,000 8,210,000 MA HEALTH & EDUCATIONAL FACILITIES AUTHORITY Series 2004 PT-911, Insured: AMBAC,
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MASSACHUSETTS - (CONTINUED) SPA: Merrill Lynch Capital Services 3.100% 03/25/11(a)(b) 9,535,000 9,535,000 MA HOUSING FINANCE AGENCY Series 2005 U, GIC: AIG 2.650% 01/31/06(a) 9,000,000 9,000,000 MA STATE Series 1997 B, SPA: Landesbank Hessen-Thuringen 3.580% 08/01/15(a) 44,300,000 44,300,000 Series 2000 A, LOC: Landesbank Baden-Wurttemberg 3.800% 12/01/30(a) 1,125,000 1,125,000 MA WINCHESTER Series 2005, 3.750% 07/03/06(a) 8,000,000 8,040,968 ROARING FORK MUNICIPAL PRODUCTS LLC Series 2004, Insured: FGIC 3.590% 12/15/16(a) 8,285,000 8,285,000 MASSACHUSETTS TOTAL 103,495,968 MICHIGAN - 5.9% MI ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2002, Insured: FGIC, LOC: ABN AMRO Bank N.V. 3.530% 11/01/10(a) 8,000,000 8,000,000 MI ANN ARBOR ECONOMIC DEVELOPMENT Ann Arbor YMCA, Series 2004, LOC: Fifth Third Bank 3.560% 04/01/34(a) 2,200,000 2,200,000 MI BUILDING AUTHORITY Series 2003, Insured: MBIA, 3.560% 10/15/18(a) 4,155,000 4,155,000 Series 2005, Insured: AMBAC, LOC: Citibank N.A. 3.560% 10/15/24(a) 3,525,000 3,525,000 MI FREMONT HOSPITAL FINANCE AUTHORITY Gerber Memorial Health Services, Series 2002, LOC: Fifth Third Bank 3.580% 11/01/27(a) 5,245,000 5,245,000 MI GRAND RAPIDS PUBLIC SCHOOLS Series 2004, LOC: Fifth Third Bank 3.580% 05/01/23(a) 720,000 720,000 MI GRAND VALLEY State University Revenue: Series 2001 B, Insured: FGIC
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MICHIGAN - (CONTINUED) 3.530% 06/01/27(a) 21,035,000 21,035,000 Series 2003, Insured: XLCA 3.530% 09/01/28(a) 12,420,000 12,420,000 MI HIGHER EDUCATION FACILITIES AUTHORITY REVENUE Hope College: Series 2002 B, LOC: Fifth Third Bank 3.550% 04/01/32(a) 8,040,000 8,040,000 Series 2004, LOC: Bank One N.A. 3.560% 04/01/34(a) 7,755,000 7,755,000 MI HOSPITAL FINANCE AUTHORITY Series 2003, LOC: Fifth Third 3.560% 12/01/32(a) 8,100,000 8,100,000 Series 2005 H, Insured: CIFG 3.800% 11/01/40(a) 17,500,000 17,500,000 MI HOUSING DEVELOPMENT AUTHORITY Series 2004, Insured: FGIC, LOC: Merrill Lynch Capital Services 3.430% 10/01/13(a) 21,765,000 21,765,000 MI MUNICIPAL BOND AUTHORITY Series 2005 A, LOC: JPMorgan Chase Bank 3.750% 03/21/06 15,000,000 15,037,959 Series 2005 B-2, LOC: JPMorgan Chase Bank 4.000% 08/18/06 40,000,000 40,177,094 MI OAKLAND ECONOMIC DEVELOPMENT CORP. Series 2002, LOC: Allied Irish Bank PLC 3.560% 12/01/32(a) 7,665,000 7,665,000 MI PUBLIC EDUCATIONAL FACILITY AUTHORITY West Michigan Academy, Series 2003, LOC: Fifth Third Bank 3.580% 12/01/18(a) 2,215,000 2,215,000 MI SOUTH CENTRAL POWER AGENCY SUPPLY SYSTEMS REVENUE Series 2004, 3.530% 11/01/11(a) 5,760,000 5,760,000 MI STATE Series 2005 A, 4.500% 09/29/06 36,000,000 36,322,481 MI STRATEGIC FUND LTD. Environmental Research Institute: Series 200 A, 3.470% 10/01/15(a) 4,370,000 4,370,000
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MICHIGAN - (CONTINUED) Series 2000 B, 3.470% 10/01/25(a) 4,260,000 4,260,000 MI WEST SHORE MEDICAL CENTER Series 2001, LOC: National City Bank 3.560% 04/01/22(a) 10,935,000 10,935,000 MICHIGAN TOTAL 247,202,534 MINNESOTA - 1.4% MN BROOKLYN CENTER BCC Associates LLC, Series 2001, LOC: US Bank N.A. 3.800% 12/01/14(a) 1,900,000 1,900,000 MN COMMUNITY DEVELOPMENT AGENCY Series 1995 A, LOC: US Bank N.A. 3.560% 10/01/24(a) 4,830,000 4,830,000 MN HOUSING FINANCE AGENCY Series 2005 D, 2.900% 05/18/06 20,000,000 20,000,000 MN SOUTHERN MUNICIPAL POWER AGENCY Series 2005, Insured: MBIA 3.590% 01/01/27(a) 1,000,000 1,000,000 MN STATE Series 2005, 3.540% 10/01/21(a) 31,240,000 31,240,000 MINNESOTA TOTAL 58,970,000 MISSISSIPPI - 0.4% MS BUSINESS FINANCE CORP. Belhaven College, Series 2004, LOC: First Tennessee Bank 3.700% 07/01/24(a) 4,800,000 4,800,000 Mississippi College, Series 2003, LOC: AmSouth Bank 3.630% 07/01/23(a) 11,600,000 11,600,000 MISSISSIPPI TOTAL 16,400,000 MISSOURI - 2.3% MO CLAY COUNTY PUBLIC SCHOOL DISTRICT NO. 53 Series 2004, Insured: FSA 3.550% 03/01/12(a) 6,070,000 6,070,000 MO DESLOGE INDUSTRIAL DEVELOPMENT AUTHORITY National Health Corp., Series 1989, LOC: Regions Bank 3.200% 12/01/10(a) 1,370,000 1,370,000 MO DEVELOPMENT FINANCE BOARD
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MISSOURI - (CONTINUED) Southeast Missouri State University, Series 2003 B, LOC: US Bank N.A. 3.550% 10/01/23(a) 4,705,000 4,705,000 MO DUNKLIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY National Health Corp., Series 1989, LOC: Regions Bank 3.200% 12/01/10(a) 1,355,000 1,355,000 MO HEALTH & EDUCATIONAL FACILITIES AUTHORITY Missouri Baptist College, Series 2002, LOC: US Bank N.A. 3.800% 11/15/22(a) 4,740,000 4,740,000 SSM Health Care Corp., Series 2005 C-5, Insured: FGIC, LOC: US Bank N.A. 1.000% 06/01/33(a) 23,500,000 23,500,000 Washington University, Series 2004 B, LOC: Dexia Credit Local 3.750% 02/15/34(a) 5,150,000 5,150,000 MO KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY Multi-Family Housing Revenue: Ethans Apartments Associates, Series 2004, LOC: Citibank N.A. 3.540% 02/01/39(a) 8,000,000 8,000,000 Timberlane Village Associates, Series 1986, LOC: UBS A.G. 3.580% 06/01/27(a) 18,400,000 18,400,000 MO PLATTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Series 1996, Insured: FHLMC 3.540% 04/01/28(a) 8,260,000 8,260,000 MO SCA TAX EXEMPT TRUST Series 2005 PT-2521, Insured: FSA, LOC: Merrill Lynch Capital Services 3.560% 01/01/30(a) 8,400,000 8,400,000 MO ST. LOUIS INDUSTRIAL DEVELOPMENT AUTHORITY Wetterau, Inc., Series 1989, LOC: PNC Bank 3.530% 05/01/09(a) 5,000,000 5,000,000 MISSOURI TOTAL 94,950,000 NEBRASKA - 0.6% NE EDUCATIONAL FINANCE AUTHORITY
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEBRASKA - (CONTINUED) Creighton University: Series 2003, Insured: AMBAC 3.750% 03/01/33(a) 7,500,000 7,500,000 Series 2005 C, Insured: FGIC, LOC: JPMorgan Chase Bank 3.750% 07/01/35(a) 13,350,000 13,350,000 NE ELEMENTARY & SECONDARY SCHOOL FINANCE AUTHORITY Wider Omaha Lutheran School Association, Series 2004 B, LOC: PNC Bank N.A. 3.800% 09/01/29(a) 3,950,000 3,950,000 NE LANCASTER COUNTY HOSPITAL AUTHORITY NO. 1 Bryanlgh Medical Center, Series 2002, Insured: AMBAC 3.750% 06/01/18(a) 1,700,000 1,700,000 NEBRASKA TOTAL 26,500,000 NEVADA - 2.4% NV CLARK COUNTY SCHOOL DISTRICT Series 2004, Insured: MBIA 3.550% 06/15/23(a) 6,245,000 6,245,000 NV CLARK COUNTY Airport Revenue: Series 2005 D-1, Insured: FGIC, LOC: Bayerische Landesbank 3.500% 07/01/40(a) 47,190,000 47,190,000 Series 2005 D-2, Insured: FGIC 3.580% 07/01/40(a) 13,000,000 13,000,000 Series 2005 E-1, Insured: FGIC, SPA: Bayerische Landesbank 3.500% 07/01/36(a) 13,800,000 13,800,000 NV HENDERSON Series 2004, Insured: FGIC 3.550% 06/01/24(a) 8,610,000 8,610,000 NV SYSTEM OF HIGHER EDUCATION Series 2005 Db-185, Insured: AMBAC, LOC: Merrill Lynch Capital Services 3.550% 07/01/30(a) 7,550,000 7,550,000 NV WASHOE COUNTY SCHOOL DISTRICT Series 2003, Insured: FGIC 3.560% 06/01/20(a) 3,965,000 3,965,000 NEVADA TOTAL 100,360,000 NEW HAMPSHIRE - 0.1% NH HEALTH & EDUCATION FACILITIES AUTHORITY
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW HAMPSHIRE - (CONTINUED) Series 2004 A, LOC: Citizens Bank 3.550% 12/01/34(a) 5,000,000 5,000,000 NEW HAMPSHIRE TOTAL 5,000,000 NEW JERSEY - 1.8% NJ ECONOMIC DEVELOPMENT AUTHORITY Mount Olive Industrial Realty Co. LLC, Series 1998, LOC: Bank of New York 3.760% 12/01/07(a) 9,750,000 9,750,000 Series 2004 502, Insured: MBIA, LIQ FAC: PNC Bank N.A. 3.550% 01/01/22(a) 10,810,000 10,810,000 NJ STATE CERTIFICATES OF PARTICIPATION Series 2005 PT-3030, Insured: ABMAC, SPA: Merrill Lynch Capital Services 3.540% 06/15/17(a) 7,845,000 7,845,000 NJ TRANSIT CORP. CERTIFICATES PARTICIPATION Series 2000 B, Insured: AMBAC 5.500% 09/15/06 46,675,000 47,386,410 NEW JERSEY TOTAL 75,791,410 NEW MEXICO - 0.6% NM FARMINGTON HOSPITAL REVENUE San Juan Regional Medical Center Project, Series 2004-B, LOC: Bank of Nova Scotia 3.540% 06/01/28(a) 5,000,000 5,000,000 NM FARMINGTON POLLUTION CONTROL Arizona Public Service Co. Series 1994 A, LOC: Barclays Bank PLC 3.770% 05/01/24(a) 1,800,000 1,800,000 NM FINANCE AUTHORITY Series 2004, Insured: MBIA 3.550% 12/15/11(a) 19,665,000 19,665,000 NEW MEXICO TOTAL 26,465,000 NEW YORK - 5.2% NY ALLEGANY COUNTY INDUSTRIAL DEVELOPMENT AGENCY Series 2004, LOC: KeyBank N.A. 3.590% 04/01/29(a) 3,005,000 3,005,000 NY DORMITORY AUTHORITY Series 2005 B, LOC: Bayerische Landesbank 3.530% 05/15/39(a) 35,950,000 35,950,000 NY HOUSING FINANCE AGENCY REVENUE
22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) Liberty Street Realty LLC, Series 2003, Insured: FHLMC 1.000% 05/01/35(a) 5,000,000 5,000,000 NY LOCAL GOVERNMENT ASSISTANCE CORP. Series 2000, Insured: FGIC, LIQ FAC: Lloyds TSB Bank PLC 3.250% 04/01/10(a)(b) 2,600,000 2,600,000 NY METROPOLITAN TRANSPORTATION AUTHORITY Series 2003: Insured: AMBAC 3.540% 11/15/10(a) 8,930,000 8,930,000 Insured: MBIA SPA: Citibank N.A. 3.550% 11/15/28(a) 4,535,000 4,535,000 Series 2005 G-2, LOC: BNP Paribas 3.750% 11/01/26(a) 59,245,000 59,245,000 NY NEW YORK CITY HOUSING DEVELOPMENT CORP. RBNB Wall Street Owner LLC, Series 2005 A, LOC: Landesbank Hessen-Thuringen 1.000% 12/01/36(a) 38,000,000 38,000,000 NY NEW YORK CITY 3.300% 01/06/06 25,000,000 25,000,000 Series 2004 C-3, Insured: CIFG, LOC: DEPFA Bank PLC 3.510% 08/15/29(a) 23,895,000 23,895,000 NY TOBACCO SETTLEMENT FINANCING CORP. Series 2004 PT-972, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.000% 08/12/11(a) 4,995,000 4,995,000 NY TRIBOROUGH BRIDGE & TUNNEL AUTHORITY Series 2002, Insured: MBIA 3.540% 05/15/10(a) 2,450,000 2,450,000 Series 2003, Insured: MBIA 3.540% 05/15/17(a) 3,500,000 3,500,000 NEW YORK TOTAL 217,105,000 NORTH CAROLINA - 4.2% NC CAPITAL FACILITIES FINANCE AGENCY Educational Facilities Revenue: Barton College, Series 2001, LOC: Branch Banking & Trust Co. 3.550% 07/01/19(a) 5,400,000 5,400,000 Campbell University, Series 2004, LOC: Branch Banking & Trust Co.
23 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NORTH CAROLINA - (CONTINUED) 3.550% 10/01/24(a) 5,600,000 5,600,000 NC CHARLOTTE HOUSING AUTHORITY Multi-Family Housing Revenue: Charlotte Stonehaven LLC, Series 2005, LOC: Wachovia Bank N.A. 3.530% 09/01/35(a) 9,475,000 9,475,000 Series 2005, LOC: Wachovia Bank N.A. 3.530% 09/01/35(a) 7,740,000 7,740,000 NC FORSYTH COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY YMCA of Winston-Salem, Series 2005, LOC: Branch Banking & Trust Co. 3.550% 12/01/30(a) 10,250,000 10,250,000 NC GUILFORD COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY YMCA of Greensboro, Inc., Series 2002, LOC: Branch Banking & Trust Co. 3.550% 02/01/23(a) 2,465,000 2,465,000 NC HENDERSON COUNTY HOSPITAL REVENUE Series 2001, LOC: Branch Banking & Trust Co. 3.550% 10/01/21(a) 13,305,000 13,305,000 NC MECKLENBURG COUNTY Series 2004 B, LOC: Landesbank Hessen-Thuringen 3.490% 02/01/24(a) 46,000,000 46,000,000 NC MEDICAL CARE COMMISSION Aldersgate United Retirement Community, Series 2001, LOC: Branch Banking & Trust 3.500% 01/01/31(a) 10,310,000 10,310,000 Carolina Meadows, Inc., Series 2004, LOC: Allied Irish Bank PLC 3.560% 12/01/34(a) 5,110,000 5,110,000 Rutherford Hospital, Inc., Series 2001, LOC: Branch Banking & Trust Co. 3.550% 09/01/21(a) 3,640,000 3,640,000 Series 2003, LOC: Bank of Scotland, 3.550% 07/01/07(a) 900,000 900,000 Southeastern Regional Medical Center, LOC: Branch Banking & Trust 3.550% 06/01/37(a) 2,500,000 2,500,000 United Methodist Retirement Homes, Series 2005, LOC: Branch Banking & Trust Co. 3.550% 10/01/35(a) 5,000,000 5,000,000 Well-Spring Retirement Community, Series 2003, LOC: Allied Irish Bank PLC
24 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NORTH CAROLINA - (CONTINUED) 3.560% 01/01/21(a) 9,570,000 9,570,000 Westcare, Inc., Series 2002 A, LOC: Branch Banking & Trust Co. 3.550% 09/01/22(a) 9,300,000 9,300,000 NC STATE Series 2003, 3.550% 02/01/11(a) 5,440,000 5,440,000 Series 2004, 3.550% 03/01/12(a) 5,400,000 5,400,000 NC WAKE COUNTY Series 2003 B, SPA: Lloyds TSB Bank PLC 4.000% 04/01/16(a) 6,000,000 6,018,848 Series 2004 A, LOC: Landesbank Hessen-Thuringen 4.000% 04/01/19(a) 12,000,000 12,037,697 NORTH CAROLINA TOTAL 175,461,545 NORTH DAKOTA - 0.1% ND GRAND FORKS HEALTH CARE FACILITIES REVENUE Series 2004, Insured: MBIA 3.550% 07/21/09(a) 5,845,000 5,845,000 NORTH DAKOTA TOTAL 5,845,000 OHIO - 6.6% OH AIR QUALITY DEVELOPMENT AUTHORITY Ohio Edison Co., Series 2000 C, LOC: Wachovia Bank N.A. 3.750% 06/01/23(a) 14,700,000 14,700,000 OH AKRON BATH COPLEY TOWNSHIP HOSPITAL DISTRICT Summa Health System, Series 2004 B, LOC: Bank One N.A. 3.560% 11/01/34(a) 10,100,000 10,100,000 OH CINCINNATI & HAMILTON COUNTY PORT AUTHORITY Series 1985, LOC: Fifth Third Bank 3.800% 09/01/25(a) 1,415,000 1,415,000 OH CINCINNATI CITY SCHOOL DISTRICT Series 2005, Insured: FSA, LOC: JPMorgan Chase Bank 3.550% 12/01/11(a) 3,885,000 3,885,000 OH CLEVELAND CUYAHOGA COUNTY PORT AUTHORITY Cleveland Museum of Art, Series 2005 A, 3.530% 10/01/40(a) 5,000,000 5,000,000 OH COLUMBUS REGIONAL AIRPORT AUTHORITY
25 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OHIO - (CONTINUED) Series 2004, LOC: US Bank N.A. 3.520% 03/01/34(a) 24,750,000 24,750,000 Series 2005, LOC: US Bank N.A. 3.520% 07/01/35(a) 33,275,000 33,275,000 OH CUYAHOGA COUNTY HEALTH CARE FACILITIES REVENUE A.M. McGregor Home, Series 2001, LOC: KeyBank N.A. 3.560% 01/01/32(a) 4,615,000 4,615,000 OH FRANKLIN COUNTY HOSPITAL REVENUE Children's Hospital, Insured: AMBAC, LOC: National City Bank: 3.530% 11/01/25(a) 7,305,000 7,305,000 3.530% 11/01/33(a) 11,000,000 11,000,000 OH HAMILTON COUNTY HEALTH CARE FACILITIES REVENUE Episcopal Retirement Homes, Inc., Series 2005 A, LOC: KeyBank N.A. 3.500% 06/01/35(a) 6,500,000 6,500,000 OH HIGHLAND COUNTY HOSPITAL JOINT TOWNSHIP Series 2004, LOC: Fifth Third Bank 3.580% 08/01/24(a) 1,765,000 1,765,000 OH JACKSON LOCAL SCHOOL DISTRICT STARK & SUMMIT COUNTIES, Series 2004, Insured: FGIC 3.540% 12/01/24(a) 3,970,000 3,970,000 OH LORAIN COUNTY HOSPITAL REVENUE Series 2005, Insured: AMBAC, SPA: JPMorgan Chase Bank 3.530% 11/01/21(a) 20,000,000 20,000,000 OH MAHONING COUNTY HOSPITAL FACILITIES REVENUE Forum Health Obligation Group, Series 1997 B, Insured: MBIA 3.530% 12/01/28(a) 14,100,000 14,100,000 Series 2002 B, LOC: Fifth Third Bank 3.550% 12/01/27(a) 6,595,000 6,595,000 OH MONTGOMERY COUNTY ECONOMIC DEVELOPMENT REVENUE Series 1996, LOC: National City Bank 3.580% 05/01/26(a) 8,000,000 8,000,000
26 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OHIO - (CONTINUED) OH MUSKINGUM COUNTY HOSPITAL FACILITIES REVENUE Genesis Healthcare System, Series 2000, LOC: National City Bank 3.560% 12/01/20(a) 13,670,000 13,670,000 OH SUMMIT COUNTY PORT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Series 2005, 3.600% 10/01/23(a) 4,935,000 4,935,000 OH UNIVERSITY TOLEDO Series 2002, Insured: FGIC 3.750% 06/01/32(a) 9,200,000 9,200,000 OH WARREN COUNTY ECONOMIC DEVELOPMENT REVENUE Ralph J. Stolle Countryside, Series 2000, LOC: Fifth Third Bank 3.580% 08/01/20(a) 1,000,000 1,000,000 OH WATER DEVELOPMENT AUTHORITY Firstenergy Nuclear Generation, Series 2005 B, LOC: Barclays Bank PLC 3.500% 01/01/34(a) 67,700,000 67,700,000 OHIO TOTAL 273,480,000 OKLAHOMA - 0.0% OK INDUSTRIAL AUTHORITY REVENUE Amateur Softball Association Project, Series 2002, LOC: Bank One Oklahoma N.A. 3.580% 06/01/14(a) 1,260,000 1,260,000 OKLAHOMA TOTAL 1,260,000 PENNSYLVANIA - 2.2% PA ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY University Pittsburgh Medical Center, Series 2005 B-1, 3.630% 12/01/16(a) 13,100,000 13,100,000 PA ALLEGHENY COUNTY INDUSTRIAL DEVELOPMENT REVENUE United Jewish Federation, Series 1995 B, LOC: PNC Bank N.A. 3.530% 10/01/25(a) 5,975,000 5,975,000 PA ALLEGHENY COUNTY REDEVELOPMENT AUTHORITY Series 2001 A, LOC: National City Bank 3.600% 11/01/19(a) 2,700,000 2,700,000 PA DELAWARE VALLEY REGIONAL FINANCE AUTHORITY Series 2003 PT-784, LOC: Merrill Lynch Capital Services
27 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PENNSYLVANIA - (CONTINUED) 3.540% 07/01/26(a) 9,995,000 9,995,000 PA EMMAUS GENERAL AUTHORITY Series 1989 H-19, LOC: DEPFA Bank PLC 3.600% 03/01/24(a) 15,000,000 15,000,000 PA HARRISBURG AUTHORITY Series 2002 B, Insured: FSA 3.560% 03/01/34(a) 11,270,000 11,270,000 Series 2002 D, Insured: FSA 3.560% 03/01/34(a) 1,885,000 1,885,000 PA HIGHER EDUCATIONAL FACILITIES AUTHORITY Series 2005, LOC: Sovereign Bank 3.560% 11/01/36(a) 8,000,000 8,000,000 PA LEHIGH COUNTY GENERAL PURPOSE AUTHORITY Series 2003 PT-855, Insured: AMBAC, SPA: Merrill Lynch Capital Services 2.950% 07/01/18(a)(b) 8,610,000 8,610,000 PA LUZERNE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Series 2005, LOC: PNC Bank N.A. 1.000% 11/01/26(a) 10,500,000 10,500,000 PA MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Series 1987, LOC: PNC Bank N.A. 3.530% 09/01/06(a) 5,000,000 5,000,000 PENNSYLVANIA TOTAL 92,035,000 PUERTO RICO - 0.1% PR COMMONWEALTH OF PUERTO RICO INFRASTRUCTURE FINANCING AUTHORITY Series 2005, Insured: FGIC, LIQ FAC: Dexia Credit Local 3.500% 07/01/22 1,955,000 1,955,000 PUERTO RICO TOTAL 1,955,000 RHODE ISLAND - 0.2% RI HOUSING & MORTGAGE FINANCE AUTHORITY Series 2003 43-B, 1.470% 06/15/06(a) 10,000,000 9,910,021 RHODE ISLAND TOTAL 9,910,021 SOUTH CAROLINA - 1.9% SC ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2003, Insured: FSA
28 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) SOUTH CAROLINA - (CONTINUED) 3.550% 03/01/11(a) 23,515,000 23,515,000 SC HOUSING FINANCE &DEVELOPMENT AUTHORITY Mid-America Apartments LP, Series 2005, Insured: FNMA 3.530% 11/15/35(a) 7,200,000 7,200,000 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY Health Care Facilities Revenue: Baptist Ministries, Inc., Series 2000, LOC: Nations Bank N.A. 3.580% 07/01/20(a) 6,100,000 6,100,000 Carolina Village, Inc., Series 2000, LOC: Branch Banking & Trust 3.550% 02/01/22(a) 13,250,000 13,250,000 Hospital Facility Revenue, Canon Memorial Hospital, Series 2004 A, LOC: National Bank of South Carolina 3.610% 06/01/24(a) 6,160,000 6,160,000 SC PUBLIC SERVICE AUTHORITY REVENUE Series 2002, Insured: FSA 3.550% 07/01/10(a) 5,490,000 5,490,000 Series 2004, Insured: AMBAC 3.560% 01/01/22(a) 4,565,000 4,565,000 SC TRANSPORTATION INFRASTRUCTURE BANK REVENUE Series 2004, AMT, Insured: AMBAC 3.550% 04/01/12(a) 12,770,000 12,770,000 SOUTH CAROLINA TOTAL 79,050,000 TENNESSEE - 3.2% TN BLOUNT COUNTY PUBLIC BUILDING AUTHORITY Local Government Public Improvement, Series 2002, Insured: AMBAC 3.530% 06/01/17(a) 3,775,000 3,775,000 TN CLEVELAND HEALTH & EDUCATIONAL FACILITIES BOARD REVENUE Lee University Project, Series 2002, LOC: First Tennessee 3.800% 12/01/19(a) 2,850,000 2,850,000 TN COLLIERVILLE INDUSTRIAL DEVELOPMENT BOARD St. Georges High School Project, Series 2001, LOC: AmSouth Bank 3.550% 08/01/31(a) 20,245,000 20,245,000 TN DICKSON COUNTY INDUSTRIAL DEVELOPMENT BOARD REVENUE
29 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TENNESSEE - (CONTINUED) The Jackson Foundation-Renaissance Learning Center Project, Series 1997, LOC: SunTrust Bank of Nashville 3.550% 11/01/12(a) 8,800,000 8,800,000 TN JACKSON ENERGY AUTHORITY Gas Revenue, Series 2002, Insured: FSA, LIQ FAC: SunTrust Bank 3.540% 04/01/27(a) 5,730,000 5,730,000 Water Revenue, Series 2002, Insured: FSA, LIQ FAC: SunTrust Bank 3.540% 12/01/23(a) 4,800,000 4,800,000 TN KNOX COUNTY HEALTH EDUCATIONAL & HOUSING FACILITIES BOARD Volunteer Student Housing LLC, Series 2002, LOC: Allied Irish Banks PLC 3.520% 09/01/34(a) 19,850,000 19,850,000 TN LOUDON WATER & SEWER REVENUE Series 1996, LOC: Wachovia Bank 3.570% 09/01/06(a) 275,000 275,000 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY DISTRICT ENERGY REVENUE Series 2002, Insured: AMBAC 3.550% 04/01/10(a) 5,320,000 5,320,000 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY HEALTH & EDUCATIONAL FACILITIES BOARD The Blakeford at Green Hills, Series 2005, LOC: Fifth Third Bank 3.580% 07/01/16(a) 7,000,000 7,000,000 Timberlake Apartments Associates, Series 2002, Insured: FNMA 3.560% 08/15/32(a) 7,000,000 7,000,000 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY INDUSTRIAL DEVELOPMENT BOARD Nashville Apartment Properties, Series 1995-2, LOC: AmSouth Bank 3.650% 09/01/15(a) 3,255,000 3,255,000 TN SEVIER COUNTY PUBLIC BUILDING AUTHORITY Local Government Public Improvement Revenue: Series 1998 III-B-2, Insured: AMBAC, SPA: Landesbank Hessen-Thuringen 3.530% 06/01/19(a) 4,500,000 4,500,000 Series 2005 VI-F-1, Insured: XCLA,
30 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TENNESSEE - (CONTINUED) SPA: DEPFA Bank PLC 3.800% 06/01/35(a) 6,000,000 6,000,000 Series 2005 VI-F-2, Insured: XLCA, SPA: DEPFA Bank PLC 3.800% 06/01/15(a) 6,500,000 6,500,000 Series 2005 F-3, Insured: XLCA 3.800% 06/01/30(a) 5,850,000 5,850,000 TN SHELBY COUNTY HEALTH EDUCATIONAL & HOUSING FACILITIES BOARD REVENUE Memphis University School Project, Series 2002, LOC: SunTrust Bank 3.540% 10/01/22(a) 4,520,000 4,520,000 St. Benedict Auburndale School, Series 2003, LOC: AmSouth Bank 3.540% 05/01/33(a) 5,170,000 5,170,000 St. Mary's Episcopal School Project, Series 2004, LOC: First Tennessee Bank 3.810% 12/01/34(a) 3,500,000 3,500,000 TN SUMNER COUNTY Series 2003, LOC: SunTrust Bank 3.540% 06/01/06(a) 4,000,000 4,000,000 TN WILLIAMSON COUNTY INDUSTRIAL DEVELOPMENT BOARD St. Matthew Catholic Church, Series 2004, LOC: SunTrust Bank 3.600% 07/01/24(a) 3,650,000 3,650,000 TENNESSEE TOTAL 132,590,000 TEXAS - 11.7% TX ABN AMRO MUNITOPS CERTIFICATE TRUST Series 2003, Insured: PSFG, SPA: ABN AMRO Bank N.V. 3.560% 08/15/10(a) 5,000,000 5,000,000 TX AMES HIGHER EDUCATION FACILITIES CORP. Southwest Austin Catholic School, Series 2003, LOC: Allied Irish Bank PLC 3.580% 12/01/33(a) 5,385,000 5,385,000 TX BEXAR COUNTY HOUSING FINANCE CORP. Northwest Trails LP, Series 2004, Insured: FNMA 3.550% 12/15/34(a) 4,930,000 4,930,000 TX BRAZOSPORT INDEPENDENT SCHOOL DISTRICT Series 2003, 3.550% 08/15/10(a) 4,982,000 4,982,000 TX BRIDGEPORT INDEPENDENT SCHOOL DISTRICT Series 2004,
31 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) 3.550% 02/15/09(a) 5,175,000 5,175,000 TX BROWNSVILLE UTILITY SYSTEMS REVENUE Series 2005, Insured: AMBAC, LIQ FAC: Citigroup Global Markets 3.560% 09/01/24(a) 7,000,000 7,000,000 TX CANUTILLO INDEPENDENT SCHOOL DISTRICT Series 2003, 3.550% 08/15/09(a) 4,795,000 4,795,000 TX COPPELL INDEPENDENT SCHOOL DISTRICT Series 2005, 3.590% 08/15/28(a) 3,300,000 3,300,000 TX CORPUS CHRISTI Series 2005, Insured: FSA 3.550% 03/01/25(a) 4,855,000 4,855,000 TX CYPRESS FAIRBANKS INDEPENDENT SCHOOL DISTRICT Series 2005, Insured: PSFG 3.550% 02/15/20(a) 6,275,000 6,275,000 TX DALLAS INDEPENDENT SCHOOL DISTRICT Series 2004, Insured: PSFG 3.560% 08/15/24(a) 4,490,000 4,490,000 Series 2005 1003, Insured: PSFG, LIQ FAC: JPMorgan Chase Bank 3.550% 02/15/11(a) 4,940,000 4,940,000 TX DENTON COUNTY Series 2005, Insured: MBIA 3.550% 07/15/10(a) 4,600,000 4,600,000 TX DENTON UTILITIES SYSTEM Series, 2004, Insured: MBIA 3.550% 12/01/24(a) 5,315,000 5,315,000 TX GRAND PRAIRIE HOUSING FINANCE CORP. General Electric Capital Corp., Series 1993, 3.450% 06/01/10(a) 9,600,000 9,600,000 Windbridge Grand Prairie, Series 1993, 3.450% 06/01/10(a) 9,000,000 9,000,000 TX GRAPEVINE INDUSTRIAL DEVELOPMENT CORP. Series 1993, LOC: JPMorgan Chase Bank 3.450% 03/01/10(a) 2,300,000 2,300,000 TX GREGG COUNTY HOUSING FINANCE CORP. Bally Properties LLC, Series 2004 A,
32 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) 3.540% 02/15/23(a) 5,125,000 5,125,000 Summer Green LLC, Series 2004 A, 3.540% 02/15/23(a) 2,640,000 2,640,000 TX GUADALUPE-BLANCO RIVER AUTHORITY Series 2004, Insured: MBIA, 3.540% 04/15/27(a) 11,700,000 11,700,000 TX GULF COAST WASTE DISPOSAL AUTHORITY Armco, Inc., Series 1998, LOC: PNC Bank 3.530% 12/01/08(a) 6,850,000 6,850,000 TX HARLANDALE INDEPENDENT SCHOOL DISTRICT Series 2004, Insured: PSFG, LOC: JPMorgan Chase Bank 3.550% 08/15/12(a) 2,710,000 2,710,000 TX HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORP. Christus Health, Series 2005 A-2, Insured: AMBAC, LOC: Wachovia Bank N.A. 1.000% 07/01/31(a) 34,395,000 34,395,000 TX HARRIS COUNTY-HOUSTON SPORTS AUTHORITY Series 2005, Insured: MBIA, LIQ FAC: Merrill Lynch Capital Services 3.590% 11/15/38(a) 2,000,000 2,000,000 TX HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Series 2005, Insured: PSFG, SPA: Merrill Lynch Capital Services 3.550% 08/15/25(a) 3,680,000 3,680,000 TX HFDC OF CENTRAL TEXAS Francisan Communities Village, Series 2004 C, LOC: Sovereign Bank FSB 3.560% 05/15/38(a) 6,500,000 6,500,000 TX HOUSTON 2.860% 01/18/06 7,000,000 7,000,000 TX HOUSTON INDEPENDENT SCHOOL DISTRICT Series 2005 DB-169, Insured: PSFG, LIQ FAC: Deutsche Bank A.G. 3.550% 02/15/24(a) 3,380,000 3,380,000 Series 2005 II-R-408, Insured: PSFG, LIQ FAC: Citibank N.A. 3.560% 02/15/29(a) 5,295,000 5,295,000 Series 2005 PT-2836, Insured: PSFG, LIQ FAC: Merrill Lynch Capital Services
33 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) 3.550% 02/15/18(a) 10,755,000 10,755,000 Series 2005 PT-3160, Insured: PSFG, LIQ FAC: Merrill Lynch Capital Services 3.550% 02/15/20(a) 5,420,000 5,420,000 TX HOUSTON UTILITY SYSTEM REVENUE Series 2004: Insured: FSA 3.560% 05/15/20(a) 5,165,000 5,165,000 Insured: MBIA 3.550% 05/15/28(a) 7,280,000 7,280,000 Insured: MBIA 3.540% 05/15/27(a) 12,145,000 12,145,000 TX HOUSTON WATER & SEWER SYSTEMS REVENUE Series 2002, Insured: MBIA 3.530% 12/01/23(a) 12,495,000 12,495,000 Series 2005, Insured: FSA 3.590% 12/01/26(a) 3,405,000 3,405,000 TX HOUSTON Series 2004, Insured: MBIA, LOC: JPMorgan Chase Bank 3.550% 03/01/12(a) 9,270,000 9,270,000 TX HUNT MEMORIAL HOSPITAL DISTRICT Series 1998, Insured: FSA 3.560% 08/15/17(a) 10,760,000 10,760,000 TX MESQUITE INDEPENDENT SCHOOL DISTRICT NO. 1 Series 2005 1032, Insured: PSFG, LIQ FAC: JPMorgan Chase Bank 3.550% 08/15/13(a) 5,100,000 5,100,000 TX MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORP. Box-Crow Cement Co. Series 1984, LOC: UBS A.G. 3.550% 12/01/09(a) 15,400,000 15,400,000 TX MONTGOMERY COUNTY MUNICIPAL UTILITY DISTRICT NO. 46 Series 2004, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.550% 09/01/10(a) 1,300,000 1,300,000 TX MUNICIPAL POWER AGENCY Series 2004, Insured: FGIC 3.580% 09/01/11(a) 28,000,000 28,000,000
34 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) TX NORTH CENTRAL HEALTH FACILITY DEVELOPMENT CORP. Series 2004, Insured: MBIA 2.850% 07/11/12(a)(b) 14,520,000 14,520,000 TX NORTH CENTRAL HEALTH FACILITIES DEVELOPMENT 2.860% 02/02/06 20,000,000 20,000,000 TX NORTH EAST INDEPENDENT SCHOOL DISTRICT Series 2005 PT-3156, Insured: PSFG, LIQ FAC: Merrill Lynch Capital Services 3.550% 02/01/22(a) 4,090,000 4,090,000 TX NORTHSIDE INDEPENDENT SCHOOL DISTRICT Series 2005, LIQ FAC: Lehman Liquidity Co. 3.580% 06/15/33(a) 5,585,000 5,585,000 TX NUECES COUNTY Series 2004, Insured: AMBAC 3.550% 02/15/12(a) 10,565,000 10,565,000 TX RICHARDSON INDEPENDENT SCHOOL DISTRICT Series 2005 PT-2835, Insured: PSFG, LIQ FAC: Merrill Lynch Capital Services 3.550% 02/15/25(a) 5,835,000 5,835,000 TX ROUND ROCK INDEPENDENT SCHOOL DISTRICT Series 2005 A, Insured: PSFG, LIQ FAC: Citibank N.A. 3.560% 08/01/15(a) 10,000,000 10,000,000 TX SAN ANTONIO EDUCATIONAL FACILITIES CORP. University Incarnate Word Project, Series 2001, LOC: Bank One N.A. 3.620% 12/01/21(a) 7,655,000 7,655,000 TX SAN ANTONIO HEALTH FACILITIES DEVELOPMENT CORP. REVENUE CTRC Clinical Foundation, LOC: Wells Fargo Bank N.A. 3.530% 06/01/20(a) 4,400,000 4,400,000 TX SAN ANTONIO WATER REVENUE Series 2003 A, Insured: MBIA 3.560% 05/15/33(a) 38,630,000 38,630,000 TX SAN MARCOS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Series 2005, Insured: PSFG 3.550% 08/01/26(a) 6,155,000 6,155,000 TX SPRING INDEPENDENT SCHOOL DISTRICT Series 2005,
35 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) Insured: FGIC 3.550% 08/15/26(a) 5,945,000 5,945,000 TX STATE Series 2005: 4.000% 04/01/06 3,770,000 3,782,019 LIQ FAC: Lehman Liquidity Co. 3.610% 04/01/30(a) 7,490,000 7,490,000 TX UNIVERSITY OF TEXAS UNIVERSITY REVENUE 3.050% 02/08/06 15,200,000 15,200,000 TX VICTORIA HEALTH FACILITIES DEVELOPMENT CORP. Warm Springs Rehabilitation Foundation, Series 1997, LOC: Chase Bank of Texas N.A. 3.630% 09/01/27(a) 1,325,000 1,325,000 TX WHITE SETTLEMENT INDEPENDENT SCHOOL DISTRICT Series 2005 II-R-2215, Insured: PSFG, LIQ FAC: Citigroup Global Market, Inc. 3.560% 08/15/22(a) 9,900,000 9,900,000 TX WILLIAMSON COUNTY Series 2001 188, Insured: FSA 3.550% 02/15/21(a) 8,135,000 8,135,000 TEXAS TOTAL 488,924,019 UTAH - 0.4% UT ST. GEORGE INDUSTRIAL DEVELOPMENT REVENUE Bluff Cove Resort LLC, Series 2002, LOC: JPMorgan Chase Bank 3.600% 08/01/11(a) 2,210,000 2,210,000 UT WATER FINANCE AGENCY Series 2005 A-13, Insured: AMBAC, SPA: JPMorgan Chase Bank 3.550% 10/01/27(a) 10,000,000 10,000,000 UT WEBER COUNTY HOUSING AUTHORITY Series 2001, LOC: Bank One N.A. 3.550% 11/01/39(a) 2,630,000 2,630,000 UTAH TOTAL 14,840,000 VIRGINIA - 2.1% MORGAN KEEGAN MUNICIPAL PRODUCTS, INC. Series 2005 E, 3.550% 12/01/10(a) 44,995,000 44,995,000 VA ALEXANDRIA INDUSTRIAL DEVELOPMENT AUTHORITY Series 1989, LOC: First Union National Bank
36 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) VIRGINIA - (CONTINUED) 3.570% 01/01/09(a) 2,705,000 2,705,000 VA FRONT ROYAL & WARREN COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 2003, LOC: Branch Banking & Trust 3.550% 05/01/23(a) 3,700,000 3,700,000 VA HANOVER COUNTY VIRGINIA INDUSTRIAL DEVELOPMENT AUTHORITY Covenant Woods, Series 1999, LOC: Branch Banking & Trust Co. 3.550% 07/01/29(a) 1,700,000 1,700,000 VA RICHMOND INDUSTRIAL DEVELOPMENT AUTHORITY Church Schools in The Diocese of Virginia, Series 2005, LOC: SunTrust Bank 3.800% 05/01/35(a) 18,095,000 18,095,000 VA ROCKINGHAM COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Sunnyside Presbyterian, Series 2003, LOC: Branch Banking & Trust 3.550% 12/01/33(a) 11,750,000 11,750,000 VA WINCHESTER INDUSTRIAL DEVELOPMENT AUTHORITY Westminster-Canterbury of Winchester, Inc., Series 2005 B, LOC: Branch Banking & Trust 3.550% 01/01/35(a) 3,000,000 3,000,000 VIRGINIA TOTAL 85,945,000 WASHINGTON - 2.3% WA BROADWAY OFFICE PROPERTIES REVENUE Series 2002, Insured: MBIA 3.550% 06/01/10(a) 8,900,000 8,900,000 WA HEALTH CARE FACILITIES AUTHORITY Seattle Cancer Care, Series 2005, LOC: Harris Trust & Savings Bank 3.540% 03/01/35(a) 4,000,000 4,000,000 WA HOUSING FINANCE COMMISSION Franke Tobey Jones, Series 2003, LOC: Wells Fargo Bank N.V. 3.700% 09/01/33(a) 13,035,000 13,035,000 Pioneer Human Services, Series 2001 A, LOC: US Bank Trust N.A. 3.700% 08/01/19(a) 5,000,000 5,000,000 Series 1988, LOC: Harris Trust & Savings Bank 3.550% 01/01/10(a) 11,600,000 11,600,000 Spokane United Methodist Homes: Series 1999 A, LOC: Wells Fargo Bank N.A.
37 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WASHINGTON - (CONTINUED) 3.700% 01/01/30(a) 12,975,000 12,975,000 Series 2002, LOC: Wells Fargo Bank N.A. 3.700% 01/01/34(a) 3,410,000 3,410,000 Tacoma art Museum, Series 2002, LOC: Northern Trust Co. 3.620% 06/01/32(a) 4,075,000 4,075,000 WA PIERCE COUNTY Series 2005 921, Insured: AMBAC, LIQ FAC: JPMorgan Chase Bank 3.550% 02/01/13(a) 4,235,000 4,235,000 WA PORT TACOMA Series 2004, Insured: AMBAC 3.540% 12/01/21(a) 4,475,000 4,475,000 WA STATE Series 2003, 2.375% 01/01/06 4,020,000 4,020,000 Series 2004 B-22, Insured: FSA 3.540% 07/01/24(a) 4,385,000 4,385,000 Series 2004, Insured: AMBAC 3.550% 01/01/12(a) 14,620,000 14,620,000 WASHINGTON TOTAL 94,730,000 WEST VIRGINIA - 0.1% WV UNIVERSITY OF WEST VIRGINIA Series 2005, Insured: FGIC 3.550% 10/01/12(a) 4,985,000 4,985,000 WEST VIRGINIA TOTAL 4,985,000 WISCONSIN - 1.3% WI ALLOUEZ Series 2004, Insured: AMBAC 3.550% 04/01/24(a) 5,185,000 5,185,000 WI APPLETON INDUSTRIAL DEVELOPMENT REVENUE Appleton Center Associates, Series 1994, LOC: US Bank N.A. 3.600% 12/15/09(a) 3,205,000 3,205,000 WI CENTER DISTRICT TAX REVENUE Series 2004, Insured: MBIA, 3.550% 12/15/21(a) 6,630,000 6,630,000 WI HEALTH & EDUCATIONAL FACILITIES AUTHORITY Divine Savior Hospital, Series 2002 B,
38 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WISCONSIN - (CONTINUED) LOC: US Bank N.A. 3.590% 05/01/32(a) 2,300,000 2,300,000 ProHealth Care, Inc., Series 2001 B, Insured: AMBAC 3.750% 08/15/30(a) 6,250,000 6,250,000 Series 2003: Insured: MBIA, 3.350% 08/15/19(a)(b) 8,500,000 8,500,000 LOC: Bank One N.A. 3.570% 07/01/28(a) 6,750,000 6,750,000 Wisconsin Lutheran College, LOC: US Bank N.A. 3.800% 06/01/33(a) 1,100,000 1,100,000 WI STATE Series 2004, Insured: FSA 3.550% 05/01/10(a) 3,420,000 3,420,000 WI WEST ALLIS State Fair Park Exposition Center, Series 2001, LOC: US Bank N.A. 3.570% 08/01/28(a) 9,700,000 9,700,000 WISCONSIN TOTAL 53,040,000 WYOMING - 0.3% WY PLATTE COUNTY POLLUTION CONTROL REVENUE Tri-State Generation & Transmission Association, Series 1984 A, LOC: National Rural Utility Finance 3.570% 07/01/14(a) 14,100,000 14,100,000 WYOMING TOTAL 14,100,000 TOTAL MUNICIPAL BONDS (COST OF $4,290,969,346) 4,290,969,346 SHORT-TERM OBLIGATION - 0.2% VARIABLE RATE DEMAND NOTE(C) - 0.2% PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS Series 2005, SPA: Merrill Lynch Capital Services 3.660% 08/01/28 7,640,000 7,640,000 VARIABLE RATE DEMAND NOTES TOTAL 7,640,000 TOTAL SHORT-TERM OBLIGATION (COST OF $7,640,000) 7,640,000
39 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Tax Exempt Reserves TOTAL INVESTMENTS - 102.8% (COST OF $4,298,609,346)(D) 4,298,609,346 OTHER ASSETS & LIABILITIES, NET - (2.8)% (118,005,193) NET ASSETS - 100.0% 4,180,604,153 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (b) Illiquid security. (c) Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at December 31, 2005. (d) Cost for federal income tax purposes is $4,298,609,346. ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax CIFG CIFG Assurance North America, Inc. FGIC Financial Guaranty Insurance Co. FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. GNMA Government National Mortgage Association IBC Insured Bond Certificate LIQ FAC Liquidity Facility LOC Letter of Credit MBIA MBIA Insurance Corp. SPA Stand-by Purchase Agreement XLCA XL Capital Assurance, Inc.
40 INVESTMENT PORTFOLIO ___________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($)* CORPORATE FIXED-INCOME BONDS & NOTES - 35.3% BASIC MATERIALS - 1.7% CHEMICALS - 0.9% AIRGAS, INC. 9.125% 10/01/11 565,000 601,725 BCP CRYSTAL US HOLDINGS CORP. 9.625% 06/15/14 240,000 267,000 DOW CHEMICAL CO. 6.125% 02/01/11 1,994,000 2,087,838 7.375% 11/01/29 2,716,000 3,268,842 E.I. DUPONT DE NEMOURS & CO. 3.375% 11/15/07 2,108,000 2,053,824 EASTMAN CHEMICAL CO. 6.300% 11/15/18 1,702,000 1,732,925 EQUISTAR CHEMICALS LP 10.125% 09/01/08 25,000 27,125 10.625% 05/01/11 485,000 533,500 HUNTSMAN INTERNATIONAL LLC 7.375% 01/01/15(a) 410,000 395,650 HUNTSMAN LLC 11.500% 07/15/12 450,000 510,750 IMC GLOBAL, INC. 10.875% 08/01/13 200,000 230,000 INNOPHOS INVESTMENTS HOLDINGS, INC. 12.340% 02/15/15(a)(b)(c) 163,617 155,437 LYONDELL CHEMICAL CO. 9.625% 05/01/07 500,000 523,125 NALCO CO. 7.750% 11/15/11 75,000 76,969 NELL AF SARL 8.375% 08/15/15(a) 180,000 178,200 8.375% 08/15/15(a) EUR 160,000 192,265 NOVA CHEMICALS CORP. 6.500% 01/15/12 USD 520,000 503,100 7.561% 11/15/13(a)(b) 230,000 235,175 PRAXAIR, INC. 4.750% 07/15/07 1,989,000 1,987,429 6.500% 03/01/08 2,325,000 2,396,796 RHODIA SA 8.875% 06/01/11 465,000 480,694 TERRA CAPITAL, INC.
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) BASIC MATERIALS - (CONTINUED) CHEMICALS - (CONTINUED) 12.875% 10/15/08 375,000 435,937 UAP HOLDING CORP. (d) 07/15/12 (10.750% 01/15/08) 125,000 108,125 UNITED AGRI PRODUCTS 8.250% 12/15/11 196,000 206,290 Chemicals Total 19,188,721 FOREST PRODUCTS & PAPER - 0.5% ABITIBI-CONSOLIDATED, INC. 8.375% 04/01/15 410,000 391,550 BOISE CASCADE LLC 7.025% 10/15/12(b) 225,000 222,750 7.125% 10/15/14 650,000 607,750 BUCKEYE TECHNOLOGIES, INC. 8.500% 10/01/13 220,000 221,100 CARAUSTAR INDUSTRIES, INC. 9.875% 04/01/11 310,000 316,200 GEORGIA-PACIFIC CORP. 8.000% 01/15/24 875,000 837,813 INTERNATIONAL PAPER CO. 4.250% 01/15/09 2,827,000 2,740,296 MEADWESTVACO CORP. 6.850% 04/01/12 205,000 217,837 MILLAR WESTERN FOREST PRODUCTS LTD. 7.750% 11/15/13 190,000 141,550 NEWARK GROUP, INC. 9.750% 03/15/14 340,000 299,200 NEWPAGE CORP. 10.000% 05/01/12 305,000 300,425 NORSKE SKOG 8.625% 06/15/11 245,000 233,975 TEMBEC INDUSTRIES, INC. 8.500% 02/01/11 480,000 266,400 WESTVACO CORP. 8.200% 01/15/30 2,710,000 3,152,868 Forest Products & Paper Total 9,949,714 IRON / STEEL - 0.0% RUSSEL METALS, INC. 6.375% 03/01/14 135,000 130,613
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) BASIC MATERIALS - (CONTINUED) IRON / STEEL - (CONTINUED) UCAR FINANCE, INC. 10.250% 02/15/12 400,000 424,000 Iron / Steel Total 554,613 METALS & MINING - 0.3% ALCAN, INC. 4.500% 05/15/13 1,200,000 1,142,436 ALCOA, INC. 7.375% 08/01/10 3,385,000 3,714,090 CODELCO, INC. 5.500% 10/15/13(a) 1,683,000 1,722,971 HUDSON BAY MINING & SMELTING CO., LTD. 9.625% 01/15/12 80,000 85,200 Metals & Mining Total 6,664,697 BASIC MATERIALS TOTAL 36,357,745 COMMUNICATIONS - 4.7% MEDIA - 1.9% ADVANSTAR COMMUNICATIONS, INC. 12.000% 02/15/11 360,000 378,000 ATLANTIC BROADBAND FINANCE LLC 9.375% 01/15/14 500,000 447,500 CHARTER COMMUNICATIONS HOLDINGS II LLC 10.250% 09/15/10 500,000 497,500 CHARTER COMMUNICATIONS HOLDINGS LLC 9.920% 04/01/14(a) 990,000 564,300 COMCAST CABLE COMMUNICATIONS, INC. 7.125% 06/15/13 1,550,000 1,686,028 COMCAST CORP. 6.500% 11/15/35 4,800,000 4,902,720 CSC HOLDINGS, INC. 7.000% 04/15/12(a) 310,000 293,337 7.625% 04/01/11 830,000 825,850 DEX MEDIA EAST LLC/DEX MEDIA EAST FINANCE CO. 9.875% 11/15/09 1,000,000 1,085,000 DEX MEDIA WEST LLC 5.875% 11/15/11 170,000 170,850 DEX MEDIA, INC. (d) 11/15/13 (9.000% 11/15/08) 600,000 477,750 DIRECTV HOLDINGS LLC
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) MEDIA - (CONTINUED) 8.375% 03/15/13 159,000 171,720 ECHOSTAR DBS CORP. 5.750% 10/01/08 270,000 264,938 6.625% 10/01/14 625,000 601,562 EMMIS OPERATING CO. 6.875% 05/15/12 75,000 74,063 FISHER COMMUNICATIONS, INC. 8.625% 09/15/14 215,000 226,288 HAIGHTS CROSS OPERATING CO. 11.750% 08/15/11 35,000 37,450 HOLLINGER, INC. 12.875% 03/01/11(a) 460,000 485,300 INSIGHT MIDWEST LP 9.750% 10/01/09 350,000 360,500 LAMAR MEDIA CORP. 6.625% 08/15/15 310,000 314,650 7.250% 01/01/13 225,000 234,563 LIN TELEVISION CORP. 6.500% 05/15/13 295,000 283,200 NEWS AMERICA HOLDINGS, INC. 6.550% 03/15/33 840,000 861,672 8.150% 10/17/36 3,650,000 4,402,374 9.250% 02/01/13 647,000 787,826 NEWS AMERICA, INC. 6.400% 12/15/35(a) 1,000,000 1,012,220 PAXSON COMMUNICATIONS CORP. 7.777% 01/15/12(a)(b) 240,000 239,400 PRIMEDIA, INC. 8.875% 05/15/11 500,000 460,000 QUEBECOR MEDIA, INC. 11.125% 07/15/11 500,000 542,500 R.H. DONNELLEY FINANCE CORP. 10.875% 12/15/12(a) 145,000 164,575 10.875% 12/15/12 75,000 85,125 ROGERS CABLE, INC. 7.875% 05/01/12 255,000 272,850 SINCLAIR BROADCAST GROUP, INC. 8.750% 12/15/11 500,000 525,625 TCI COMMUNICATIONS, INC.
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) MEDIA - (CONTINUED) 9.875% 06/15/22 2,159,000 2,904,697 TELENET GROUP HOLDING NV (d) 06/15/14(a) (11.500% 12/15/08) 478,000 390,765 TIME WARNER, INC. 6.150% 05/01/07 3,000,000 3,037,470 6.625% 05/15/29 910,000 911,665 8.110% 08/15/06 1,740,000 1,767,405 9.125% 01/15/13 2,472,000 2,899,854 VIACOM, INC. 5.625% 05/01/07 1,852,000 1,862,167 WALT DISNEY CO. 5.500% 12/29/06 2,179,000 2,191,072 WDAC SUBSIDIARY CORP. 8.375% 12/01/14(a) 400,000 386,000 Media Total 40,088,331 TELECOMMUNICATION SERVICES - 2.8% AMERICAN CELLULAR CORP. 10.000% 08/01/11 400,000 434,500 AMERICAN TOWERS, INC. 7.250% 12/01/11 250,000 260,000 AT&T, INC. 5.875% 02/01/12 6,800,000 7,002,912 AXTEL SA DE CV 11.000% 12/15/13 285,000 322,050 CINCINNATI BELL, INC. 7.000% 02/15/15 665,000 651,700 CINGULAR WIRELESS LLC 7.125% 12/15/31 3,000,000 3,445,950 CITIZENS COMMUNICATIONS CO. 9.000% 08/15/31 605,000 614,075 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.000% 06/15/10 890,000 992,928 8.250% 06/15/30 3,500,000 4,525,325 DIGICEL LTD. 9.250% 09/01/12(a) 340,000 349,350 DOBSON CELLULAR SYSTEMS, INC. 8.375% 11/01/11 540,000 572,400 HORIZON PCS, INC.
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) 11.375% 07/15/12 410,000 470,475 INMARSAT FINANCE II PLC (d) 11/15/12 (10.375% 11/15/08) 350,000 287,875 INTELSAT BERMUDA LTD. 8.250% 01/15/13(a) 905,000 905,000 LUCENT TECHNOLOGIES, INC. 6.450% 03/15/29 515,000 439,037 NEW CINGULAR WIRELESS SERVICES, INC. 8.750% 03/01/31 500,000 662,205 NEXTEL COMMUNICATIONS, INC. 7.375% 08/01/15 1,350,000 1,423,953 NEXTEL PARTNERS, INC. 8.125% 07/01/11 500,000 533,750 PANAMSAT CORP. 9.000% 08/15/14 270,000 283,500 QWEST CAPITAL FUNDING, INC. 6.875% 07/15/28 865,000 778,500 QWEST COMMUNICATIONS INTERNATIONAL, INC. 7.500% 02/15/14(a) 400,000 407,000 QWEST CORP. 7.500% 06/15/23 505,000 499,319 8.875% 03/15/12 630,000 707,175 ROGERS CANTEL, INC. 9.750% 06/01/16 315,000 378,787 ROGERS WIRELESS, INC. 7.500% 03/15/15 30,000 32,400 8.000% 12/15/12 265,000 280,900 RURAL CELLULAR CORP. 8.250% 03/15/12 500,000 527,500 9.750% 01/15/10 60,000 60,600 10.041% 11/01/12(a)(b) 345,000 347,587 SBA TELECOMMUNICATIONS, INC. (d) 12/15/11 (9.750% 12/15/07) 471,000 438,030 SPRINT CAPITAL CORP. 6.125% 11/15/08 1,009,000 1,037,282 6.875% 11/15/28 950,000 1,041,456 8.750% 03/15/32 2,977,000 3,935,177
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) COMMUNICATIONS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) SYNIVERSE TECHNOLOGIES, INC. 7.750% 08/15/13 250,000 252,188 TELECOM ITALIA CAPITAL SA 5.250% 10/01/15 5,000,000 4,850,150 TELUS CORP. 7.500% 06/01/07 7,873,000 8,140,525 TIME WARNER TELECOM HOLDINGS, INC. 9.250% 02/15/14 135,000 141,919 TIME WARNER TELECOM, INC. 10.125% 02/01/11 205,000 214,738 US LEC CORP. 12.716% 10/01/09(b) 175,000 187,688 US UNWIRED, INC. 10.000% 06/15/12 500,000 567,500 VERIZON GLOBAL FUNDING CORP. 7.750% 12/01/30 1,700,000 2,022,507 VERIZON PENNSYLVANIA, INC. 5.650% 11/15/11 8,157,000 8,132,121 VODAFONE GROUP PLC 7.750% 02/15/10 700,000 767,683 ZEUS SPECIAL SUBSIDIARY LTD. (d) 02/01/15(a) (9.250% 02/01/10) 270,000 176,175 Telecommunication Services Total 60,101,892 COMMUNICATIONS TOTAL 100,190,223 CONSUMER CYCLICAL - 2.2% AIRLINES - 0.1% CONTINENTAL AIRLINES, INC. 7.461% 04/01/15 2,908,190 2,711,887 7.568% 12/01/06 500,000 490,000 Airlines Total 3,201,887 APPAREL - 0.1% BRODER BROTHERS CO. 11.250% 10/15/10 290,000 276,225 LEVI STRAUSS & CO. 9.750% 01/15/15 680,000 702,100 PHILLIPS-VAN HEUSEN CORP. 7.250% 02/15/11 210,000 212,100
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER CYCLICAL - (CONTINUED) APPAREL - (CONTINUED) 8.125% 05/01/13 300,000 315,375 Apparel Total 1,505,800 AUTO MANUFACTURERS - 0.3% DAIMLERCHRYSLER N.A. HOLDING CORP. 4.050% 06/04/08 6,697,000 6,518,592 8.500% 01/18/31 500,000 605,800 GENERAL MOTORS CORP. 8.375% 07/15/33 265,000 175,562 NAVISTAR INTERNATIONAL CORP. 7.500% 06/15/11 265,000 251,750 Auto Manufacturers Total 7,551,704 AUTO PARTS & EQUIPMENT - 0.1% COMMERCIAL VEHICLE GROUP 8.000% 07/01/13(a) 315,000 311,850 COOPER-STANDARD AUTOMOTIVE, INC. 7.000% 12/15/12 110,000 101,475 GOODYEAR TIRE & RUBBER CO. 9.000% 07/01/15(a) 690,000 681,375 REXNORD CORP. 10.125% 12/15/12 160,000 172,400 Auto Parts & Equipment Total 1,267,100 DISTRIBUTION / WHOLESALE - 0.0% BUHRMANN US, INC. 7.875% 03/01/15 130,000 127,400 Distribution / Wholesale Total 127,400 ENTERTAINMENT - 0.1% CINEMARK USA, INC. 9.000% 02/01/13 185,000 195,175 GLOBAL CASH ACCESS LLC 8.750% 03/15/12 354,000 376,568 SIX FLAGS, INC. 9.625% 06/01/14 425,000 414,375 SPEEDWAY MOTORSPORTS, INC. 6.750% 06/01/13 190,000 192,375 STEINWAY MUSICAL INSTRUMENTS, INC. 8.750% 04/15/11 250,000 261,875
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER CYCLICAL - (CONTINUED) ENTERTAINMENT - (CONTINUED) WARNER MUSIC GROUP 7.375% 04/15/14 710,000 708,225 Entertainment Total 2,148,593 HOME BUILDERS - 0.4% BEAZER HOMES USA, INC. 6.500% 11/15/13 3,662,000 3,497,210 D.R. HORTON, INC. 9.750% 09/15/10 450,000 508,500 K. HOVNANIAN ENTERPRISES, INC. 6.000% 01/15/10 40,000 37,900 6.375% 12/15/14 50,000 47,000 6.500% 01/15/14 1,850,000 1,766,750 KB HOME 5.750% 02/01/14 1,682,000 1,576,875 8.625% 12/15/08 125,000 131,250 STANDARD PACIFIC CORP. 7.000% 08/15/15 370,000 341,788 Home Builders Total 7,907,273 HOME FURNISHINGS - 0.0% WII COMPONENTS, INC. 10.000% 02/15/12 240,000 236,400 Home Furnishings Total 236,400 LEISURE TIME - 0.1% EQUINOX HOLDINGS, INC. 9.000% 12/15/09 240,000 256,800 K2, INC. 7.375% 07/01/14 315,000 314,213 ROYAL CARIBBEAN CRUISES LTD. 6.875% 12/01/13 100,000 105,375 8.750% 02/02/11 155,000 175,150 TOWN SPORTS INTERNATIONAL, INC. (d) 02/01/14 (11.000% 02/01/09) 475,000 327,750 Leisure Time Total 1,179,288 LODGING - 0.4% CAESARS ENTERTAINMENT, INC. 7.875% 03/15/10 55,000 58,988 CCM MERGER, INC. 8.000% 08/01/13(a) 110,000 105,875
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER CYCLICAL - (CONTINUED) LODGING - (CONTINUED) CHUKCHANSI ECONOMIC DEVELOPMENT AUTHORITY 8.000% 11/15/13(a) 390,000 398,775 CIRCUS & ELDORADO/SILVER LEGACY CAPITAL CORP. 10.125% 03/01/12 270,000 285,525 GREEKTOWN HOLDINGS 10.750% 12/01/13(a) 605,000 600,462 HARD ROCK HOTEL, INC. 8.875% 06/01/13 580,000 626,400 HARRAH'S OPERATING CO., INC. 5.625% 06/01/15 2,700,000 2,635,362 INN OF THE MOUNTAIN GODS RESORT & CASINO 12.000% 11/15/10 285,000 282,150 KERZNER INTERNATIONAL LTD. 6.750% 10/01/15(a) 490,000 475,300 MGM MIRAGE 6.000% 10/01/09 265,000 263,675 6.750% 09/01/12 500,000 510,000 8.500% 09/15/10 535,000 580,475 MOHEGAN TRIBAL GAMING AUTHORITY 6.125% 02/15/13 170,000 167,875 PENN NATIONAL GAMING, INC. 6.750% 03/01/15 460,000 451,375 SAN PASQUAL CASINO 8.000% 09/15/13(a) 270,000 271,350 SENECA GAMING CORP. 7.250% 05/01/12 80,000 80,500 STARWOOD HOTELS & RESORTS WORLDWIDE, INC. 7.875% 05/01/12 105,000 115,763 STATION CASINOS, INC. 6.000% 04/01/12 475,000 478,562 WYNN LAS VEGAS LLC 6.625% 12/01/14 645,000 628,875 Lodging Total 9,017,287 RETAIL - 0.6% ASBURY AUTOMOTIVE GROUP, INC. 8.000% 03/15/14 415,000 395,287 AUTONATION, INC.
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER CYCLICAL - (CONTINUED) RETAIL - (CONTINUED) 9.000% 08/01/08 200,000 214,500 COUCHE-TARD 7.500% 12/15/13 170,000 174,250 CVS CORP. 5.298% 01/11/27(a) 1,956,571 1,940,859 DOMINO'S, INC. 8.250% 07/01/11 50,000 52,000 FERRELLGAS PARTNERS LP 8.750% 06/15/12 410,000 405,900 GROUP 1 AUTOMOTIVE, INC. 8.250% 08/15/13 80,000 75,800 LANDRY'S RESTAURANTS, INC. 7.500% 12/15/14 380,000 355,300 LOWE'S COMPANIES, INC. 6.500% 03/15/29 1,510,000 1,702,404 MOVIE GALLERY, INC. 11.000% 05/01/12 260,000 202,800 RITE AID CORP. 7.500% 01/15/15 290,000 273,688 SUBURBAN PROPANE PARTNERS LP 6.875% 12/15/13 170,000 158,100 TARGET CORP. 5.375% 06/15/09 1,320,000 1,341,688 5.400% 10/01/08 2,876,000 2,920,492 TEMPUR-PEDIC, INC. 10.250% 08/15/10 410,000 441,775 WAL-MART STORES, INC. 7.550% 02/15/30 1,280,000 1,632,358 Retail Total 12,287,201 TEXTILES - 0.0% INVISTA 9.250% 05/01/12(a) 290,000 310,300 Textiles Total 310,300 CONSUMER CYCLICAL TOTAL 46,740,233 CONSUMER NON-CYCLICAL - 2.4% AGRICULTURE - 0.0% ALLIANCE ONE INTERNATIONAL, INC.
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) AGRICULTURE - (CONTINUED) 11.000% 05/15/12(a) 210,000 184,800 Agriculture Total 184,800 BEVERAGES - 0.2% ANHEUSER-BUSCH COMPANIES, INC. 5.750% 04/01/10 530,000 545,980 5.950% 01/15/33 2,814,000 3,004,001 CONSTELLATION BRANDS, INC. 8.000% 02/15/08 350,000 364,875 8.125% 01/15/12 240,000 251,400 COTT BEVERAGES, INC. 8.000% 12/15/11 345,000 353,625 Beverages Total 4,519,881 BIOTECHNOLOGY - 0.0% BIO-RAD LABORATORIES, INC. 7.500% 08/15/13 300,000 316,500 Biotechnology Total 316,500 COMMERCIAL SERVICES - 0.2% ASHTEAD HOLDINGS PLC 8.625% 08/01/15(a) 435,000 448,050 CORRECTIONS CORP. OF AMERICA 6.250% 03/15/13 530,000 524,700 7.500% 05/01/11 210,000 216,300 DOLLAR FINANCIAL GROUP, INC. 9.750% 11/15/11 430,000 443,975 FTI CONSULTING 7.625% 06/15/13(a) 245,000 252,350 GEO GROUP, INC. 8.250% 07/15/13 310,000 304,187 HERTZ CORP. 8.875% 01/01/14(a) 370,000 377,400 IRON MOUNTAIN, INC. 7.750% 01/15/15 460,000 464,600 8.625% 04/01/13 255,000 266,475 MAC-GRAY CORP. 7.625% 08/15/15 90,000 91,575 NATIONSRENT, INC. 9.500% 10/15/10 370,000 404,225 SERVICE CORP. INTERNATIONAL
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) COMMERCIAL SERVICES - (CONTINUED) 7.700% 04/15/09 345,000 362,250 SHERIDAN GROUP 10.250% 08/15/11 250,000 261,250 UNITED RENTALS, INC. 7.750% 11/15/13 85,000 82,875 VERTIS, INC. 10.875% 06/15/09 500,000 492,500 Commercial Services Total 4,992,712 COSMETICS / PERSONAL CARE - 0.1% DEL LABORATORIES, INC. 8.000% 02/01/12 295,000 233,050 ELIZABETH ARDEN, INC. 7.750% 01/15/14 455,000 458,981 PROCTER & GAMBLE CO. 4.750% 06/15/07 1,893,000 1,893,644 Cosmetics / Personal Care Total 2,585,675 FOOD - 0.7% CADBURY-SCHWEPPES PLC 5.125% 10/01/13(a) 5,772,000 5,710,586 DOLE FOOD CO., INC. 8.625% 05/01/09 453,000 466,590 FRED MEYER, INC. 7.450% 03/01/08 1,630,000 1,695,836 GENERAL MILLS, INC. 2.625% 10/24/06 915,000 898,539 KROGER CO. 7.500% 04/01/31 1,400,000 1,550,178 7.650% 04/15/07 700,000 720,125 MERISANT CO. 9.500% 07/15/13 410,000 252,150 PINNACLE FOODS HOLDING CORP. 8.250% 12/01/13 410,000 391,550 REDDY ICE HOLDINGS, INC. (d) 11/01/12 (10.500% 11/01/08) 355,000 282,225 SAFEWAY, INC. 4.950% 08/16/10 1,145,000 1,110,501 STATER BROTHERS HOLDINGS, INC.
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) FOOD - (CONTINUED) 8.125% 06/15/12 530,000 527,350 Food Total 13,605,630 HEALTHCARE PRODUCTS - 0.0% BAXTER FINCO BV 4.750% 10/15/10(a) 900,000 885,204 Healthcare Products Total 885,204 HEALTHCARE SERVICES - 0.6% DAVITA, INC. 7.250% 03/15/15 245,000 248,369 EXTENDICARE HEALTH SERVICES, INC. 6.875% 05/01/14 65,000 63,213 9.500% 07/01/10 15,000 15,956 FISHER SCIENTIFIC INTERNATIONAL, INC. 6.750% 08/15/14 115,000 120,462 HCA, INC. 6.950% 05/01/12 235,000 243,540 7.875% 02/01/11 435,000 469,195 INSIGHT HEALTH SERVICES CORP. 9.875% 11/01/11 85,000 66,088 MQ ASSOCIATES, INC. (d) 08/15/12 (12.250% 08/15/08) 1,300,000 747,500 SELECT MEDICAL CORP. 7.625% 02/01/15 170,000 164,475 TENET HEALTHCARE CORP. 9.875% 07/01/14 655,000 664,825 TRIAD HOSPITALS, INC. 7.000% 05/15/12 250,000 255,625 UNITEDHEALTH GROUP, INC. 3.375% 08/15/07 1,000,000 976,860 US ONCOLOGY HOLDINGS, INC. 9.264% 03/15/15(b) 130,000 129,025 US ONCOLOGY, INC. 9.000% 08/15/12 500,000 535,000 WELLPOINT, INC. 6.375% 06/15/06 6,769,000 6,816,180 6.800% 08/01/12 800,000 874,024 Healthcare Services Total 12,390,337
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) CONSUMER NON-CYCLICAL - (CONTINUED) HOUSEHOLD PRODUCTS / WARES - 0.2% ACCO BRANDS CORP. 7.625% 08/15/15 335,000 315,737 AMSCAN HOLDINGS, INC. 8.750% 05/01/14 395,000 333,775 FORTUNE BRANDS, INC. 2.875% 12/01/06 1,926,000 1,890,523 JOSTENS IH CORP. 7.625% 10/01/12 350,000 350,000 PLAYTEX PRODUCTS, INC. 9.375% 06/01/11 340,000 358,700 SCOTTS CO. 6.625% 11/15/13 175,000 178,063 Household Products / Wares Total 3,426,798 PHARMACEUTICALS - 0.4% AMERISOURCEBERGEN CORP. 5.875% 09/15/15(a) 325,000 326,625 ELAN FINANCE PLC 7.750% 11/15/11 435,000 406,725 MYLAN LABORATORIES, INC. 6.375% 08/15/15(a) 500,000 501,250 NBTY, INC. 7.125% 10/01/15(a) 270,000 257,175 NYCOMED A/S 11.750% 09/15/13(a)(c) EUR 290,617 357,824 OMNICARE, INC. 6.750% 12/15/13 USD 210,000 213,413 6.875% 12/15/15 210,000 214,462 WARNER CHILCOTT CORP. 8.750% 02/01/15(a) 310,000 285,975 WYETH 5.500% 02/01/14 5,000,000 5,070,300 Pharmaceuticals Total 7,633,749 CONSUMER NON-CYCLICAL TOTAL 50,541,286 DIVERSIFIED - 0.4% HOLDING COMPANIES - DIVERSIFIED - 0.4% HUTCHISON WHAMPOA INTERNATIONAL LTD. 6.250% 01/24/14(a) 6,000,000 6,280,200 7.450% 11/24/33(a) 1,000,000 1,156,120
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) DIVERSIFIED - (CONTINUED) HOLDING COMPANIES - DIVERSIFIED - (CONTINUED) STENA AB 7.000% 12/01/16 1,000,000 905,000 Holding Companies - Diversified Total 8,341,320 DIVERSIFIED TOTAL 8,341,320 ENERGY - 3.9% COAL - 0.1% ARCH WESTERN FINANCE LLC 6.750% 07/01/13 635,000 642,937 MASSEY ENERGY CO. 6.875% 12/15/13(a) 670,000 673,350 PEABODY ENERGY CORP. 6.875% 03/15/13 340,000 354,025 Coal Total 1,670,312 OIL & GAS - 2.7% AMERADA HESS CORP. 7.300% 08/15/31 3,500,000 4,051,180 CHESAPEAKE ENERGY CORP. 6.375% 06/15/15 225,000 225,000 7.500% 09/15/13 320,000 342,400 7.500% 06/15/14 470,000 498,200 COMPTON PETROLEUM CORP. 7.625% 12/01/13(a) 375,000 378,750 CONOCO FUNDING CO. 6.350% 10/15/11 4,830,000 5,152,499 DELTA PETROLEUM CORP. 7.000% 04/01/15 150,000 138,750 DEVON ENERGY CORP. 7.950% 04/15/32 775,000 997,146 DEVON FINANCING CORP. 7.875% 09/30/31 2,500,000 3,185,250 FOREST OIL CORP. 8.000% 12/15/11 225,000 247,219 GAZPROM INTERNATIONAL SA 7.201% 02/01/20 520,000 554,060 7.201% 02/01/20(a) 3,225,000 3,442,687 MAGNUM HUNTER RESOURCES, INC. 9.600% 03/15/12 235,000 255,563 MARATHON OIL CORP.
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) ENERGY - (CONTINUED) OIL & GAS - (CONTINUED) 6.800% 03/15/32 1,000,000 1,154,830 NEWFIELD EXPLORATION CO. 6.625% 09/01/14 240,000 245,400 NEXEN, INC. 5.875% 03/10/35 1,390,000 1,381,479 7.875% 03/15/32 1,040,000 1,297,618 OCCIDENTAL PETROLEUM CORP. 4.250% 03/15/10 1,825,000 1,779,028 PEMEX PROJECT FUNDING MASTER TRUST 5.010% 12/03/12(a)(b) 500,000 499,880 7.375% 12/15/14 5,200,000 5,759,000 PIONEER NATURAL RESOURCES CO. 6.500% 01/15/08 3,526,000 3,603,325 PLAINS EXPLORATION & PRODUCTION CO. 7.125% 06/15/14 170,000 175,950 POGO PRODUCING CO. 6.625% 03/15/15 225,000 219,375 PREMCOR REFINING GROUP, INC. 7.500% 06/15/15 240,000 256,200 PRIDE INTERNATIONAL, INC. 7.375% 07/15/14 405,000 436,388 RAS LAFFAN LIQUEFIED NATURAL GAS CO., LTD. II 5.298% 09/30/20(a) 5,000,000 4,951,200 TESORO CORP. 6.625% 11/01/15(a) 390,000 391,950 TOSCO CORP. 8.125% 02/15/30 200,000 269,348 USX CORP. 6.650% 02/01/06 7,032,000 7,041,282 VINTAGE PETROLEUM, INC. 7.875% 05/15/11 150,000 156,750 8.250% 05/01/12 5,000 5,363 WHITING PETROLEUM CORP. 7.250% 05/01/12 555,000 561,938 XTO ENERGY, INC. 7.500% 04/15/12 5,520,000 6,197,304 Oil & Gas Total 55,852,312 OIL & GAS SERVICES - 0.0% HORNBECK OFFSHORE SERVICES, INC. 6.125% 12/01/14(a) 415,000 404,625
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) ENERGY - (CONTINUED) OIL & GAS SERVICES - (CONTINUED) 6.125% 12/01/14 100,000 97,500 NEWPARK RESOURCES, INC. 8.625% 12/15/07 310,000 310,000 UNIVERSAL COMPRESSION, INC. 7.250% 05/15/10 190,000 193,087 Oil & Gas Services Total 1,005,212 PIPELINES - 1.1% ATLAS PIPELINE PARTNERS LP 8.125% 12/15/15(a) 295,000 298,688 CENTERPOINT ENERGY RESOURCES CORP. 7.875% 04/01/13 1,674,000 1,920,078 COASTAL CORP. 7.750% 06/15/10 755,000 770,100 COLORADO INTERSTATE GAS CO. 6.800% 11/15/15(a) 550,000 552,063 CONSOLIDATED NATURAL GAS CO. 5.375% 11/01/06 3,144,000 3,151,797 DUKE CAPITAL LLC. 4.370% 03/01/09 4,046,000 3,958,647 KINDER MORGAN ENERGY PARTNERS LP 7.300% 08/15/33 1,200,000 1,352,808 KINDER MORGAN, INC. 7.250% 03/01/28 3,000,000 3,361,290 MARKWEST ENERGY PARTNERS LP 6.875% 11/01/14(a) 90,000 82,800 PACIFIC ENERGY PARTNERS LP/PACIFIC ENERGY FINANCE CORP. 6.250% 09/15/15(a) 425,000 418,625 SONAT, INC. 7.625% 07/15/11 1,030,000 1,049,312 TEPPCO PARTNERS LP 7.625% 02/15/12 3,991,000 4,427,296 WILLIAMS COMPANIES, INC. 6.375% 10/01/10(a) 1,290,000 1,293,225
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) ENERGY - (CONTINUED) PIPELINES - (CONTINUED) 8.125% 03/15/12 460,000 501,400 Pipelines Total 23,138,129 ENERGY TOTAL 81,665,965 FINANCIALS - 12.9% BANKS - 2.7% BANK OF NEW YORK CO., INC. 3.900% 09/01/07 2,100,000 2,070,054 BANK ONE CORP. 6.000% 08/01/08 2,000,000 2,054,540 BB&T CAPITAL TRUST I 5.850% 08/18/35 1,000,000 1,004,330 CHINATRUST COMMERCIAL BANK 5.625% 12/29/49(a)(b) 1,220,000 1,184,216 FIRST UNION NATIONAL BANK 5.800% 12/01/08 7,489,000 7,679,820 HSBC FINANCE CORP. 5.875% 11/01/34 2,000,000 2,038,040 MARSHALL & ILSLEY CORP. 4.375% 08/01/09 1,330,000 1,310,303 MELLON FUNDING CORP. 4.875% 06/15/07 2,861,000 2,864,519 NATIONAL CITY BANK 4.625% 05/01/13 5,096,000 4,948,369 POPULAR NORTH AMERICA, INC. 6.125% 10/15/06 5,292,000 5,328,885 U.S. BANK NA 6.375% 08/01/11 1,150,000 1,226,199 UNION PLANTERS CORP. 4.375% 12/01/10 6,846,000 6,649,930 US BANCORP 4.500% 07/29/10 4,800,000 4,718,208 WACHOVIA CORP. 4.560% 06/01/10(b) 3,500,000 3,506,230 4.875% 02/15/14 2,145,000 2,100,191 WELLS FARGO & CO. 4.520% 03/10/08(b) 2,400,000 2,401,200 4.591% 09/15/09(b) 5,000,000 5,001,150 Banks Total 56,086,184 DIVERSIFIED FINANCIAL SERVICES - 7.9% AMERICAN EXPRESS CO.
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 3.750% 11/20/07 1,887,000 1,849,845 4.750% 06/17/09 2,746,000 2,731,254 AMERICAN GENERAL FINANCE CORP. 2.750% 06/15/08 2,090,000 1,982,678 5.375% 09/01/09 850,000 857,914 BEAR STEARNS COMPANIES, INC. 4.500% 10/28/10 6,256,000 6,089,278 5.700% 01/15/07 1,944,000 1,952,826 CAPITAL ONE BANK 5.125% 02/15/14 4,000,000 3,930,080 CATERPILLAR FINANCIAL SERVICES CORP. 4.500% 09/01/08 8,110,000 8,026,224 CIT GROUP, INC. 7.375% 04/02/07 2,752,000 2,833,487 CITICORP 8.040% 12/15/19(a) 6,000,000 7,232,220 CITIGROUP GLOBAL MARKETS HOLDINGS, INC. 6.500% 02/15/08 2,557,000 2,642,225 CITIGROUP, INC. 5.000% 09/15/14 1,876,000 1,852,062 COUNTRYWIDE HOME LOANS, INC. 2.875% 02/15/07 1,000,000 977,290 5.500% 08/01/06 10,093,000 10,127,720 CREDIT SUISSE FIRST BOSTON USA, INC. 4.625% 01/15/08 700,000 696,752 6.125% 11/15/11 3,452,000 3,630,296 DOW JONES CDX HIGH YIELD INDEX 8.250% 06/29/10(a) 29,400 29,731 8.750% 12/29/10(a) 2,970,000 2,995,987 E*TRADE FINANCIAL CORP. 8.000% 06/15/11 375,000 389,063 FUND AMERICAN COMPANIES, INC. 5.875% 05/15/13 3,225,000 3,257,701 GALAXY ENTERTAINMENT FINANCE CO. LTD. 9.875% 12/15/12(a) 370,000 375,550 GENERAL ELECTRIC CAPITAL CORP. 3.750% 12/15/09 3,500,000 3,358,005 6.750% 03/15/32 6,000,000 7,072,500 GOLDMAN SACHS GROUP, INC.
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 4.125% 01/15/08 1,200,000 1,183,200 4.750% 07/15/13 2,950,000 2,855,098 6.345% 02/15/34 1,550,000 1,618,061 6.600% 01/15/12 5,858,000 6,311,116 HSBC FINANCE CORP. 5.875% 02/01/09 4,336,000 4,431,826 6.375% 11/27/12 1,907,000 2,030,421 6.400% 06/17/08 1,850,000 1,909,515 7.875% 03/01/07 2,000,000 2,065,880 INTERNATIONAL LEASE FINANCE CORP. 4.875% 09/01/10 6,000,000 5,927,040 JPMORGAN CHASE & CO. 4.720% 10/02/09(b) 3,000,000 3,004,800 7.250% 06/01/07 7,008,000 7,233,097 JPMORGAN CHASE CAPITAL XV 5.875% 03/15/35 1,925,000 1,921,169 LABRANCHE & CO., INC. 11.000% 05/15/12 900,000 999,000 LEHMAN BROTHERS HOLDINGS, INC. 4.000% 01/22/08 1,000,000 982,890 7.000% 02/01/08 4,530,000 4,713,510 MASSMUTUAL GLOBAL FUNDING II 2.550% 07/15/08(a) 2,213,000 2,089,869 MERRILL LYNCH & CO., INC. 2.070% 06/12/06 2,538,000 2,506,935 3.700% 04/21/08 2,717,000 2,648,206 4.125% 01/15/09 885,000 865,167 6.000% 02/17/09 5,640,000 5,816,870 MORGAN STANLEY 4.750% 04/01/14 730,000 699,982 6.750% 04/15/11 6,500,000 6,996,275 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 3.250% 10/01/07 2,226,000 2,167,211 5.750% 08/28/09 2,700,000 2,771,955 PRUDENTIAL FUNDING LLC 6.600% 05/15/08(a) 6,773,000 7,018,115 RESIDENTIAL CAPITAL CORP. 6.375% 06/30/10 4,000,000 4,062,440 SLM CORP. 4.500% 07/26/10 5,650,000 5,522,366
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) DIVERSIFIED FINANCIAL SERVICES - (CONTINUED) 5.125% 08/27/12 2,000,000 1,999,280 6.500% 06/15/10 NZD 720,000 486,524 Diversified Financial Services Total 167,728,506 INSURANCE - 0.5% ALLSTATE CORP. 5.350% 06/01/33 USD 625,000 596,594 ALLSTATE FINANCIAL GLOBAL FUNDING II 2.625% 10/22/06(a) 1,500,000 1,469,235 GENWORTH FINANCIAL, INC. 4.750% 06/15/09 1,500,000 1,486,815 ING GROEP NV 5.775% 12/29/49(b) 2,000,000 2,021,260 METLIFE, INC. 5.375% 12/15/12 938,000 948,900 ST. PAUL TRAVELERS COMPANIES, INC. 5.500% 12/01/15 2,150,000 2,173,026 TRAVELERS PROPERTY CASUALTY CORP. 6.375% 03/15/33 1,125,000 1,187,561 Insurance Total 9,883,391 REAL ESTATE - 0.3% EOP OPERATING LP 4.750% 03/15/14 3,822,000 3,621,804 7.000% 07/15/11 3,136,000 3,354,422 Real Estate Total 6,976,226 REAL ESTATE INVESTMENT TRUSTS - 0.9% CAMDEN PROPERTY TRUST 5.375% 12/15/13 5,483,000 5,452,021 HEALTH CARE PROPERTY INVESTORS, INC. 6.450% 06/25/12 3,221,000 3,366,041 ISTAR FINANCIAL, INC. 4.875% 01/15/09 5,439,000 5,351,160 SIMON PROPERTY GROUP LP 3.750% 01/30/09 5,283,000 5,069,884 THORNBURG MORTGAGE, INC. 8.000% 05/15/13 550,000 541,750 Real Estate Investment Trusts Total 19,780,856 SAVINGS & LOANS - 0.6% WASHINGTON MUTUAL, INC.
22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) FINANCIALS - (CONTINUED) SAVINGS & LOANS - (CONTINUED) 4.625% 04/01/14 6,200,000 5,874,252 5.625% 01/15/07 6,302,000 6,351,345 WESTERN FINANCIAL BANK 9.625% 05/15/12 210,000 234,675 Savings & Loans Total 12,460,272 FINANCIALS TOTAL 272,915,435 INDUSTRIALS - 2.8% AEROSPACE & DEFENSE - 0.5% ARGO-TECH CORP. 9.250% 06/01/11 245,000 253,575 BE AEROSPACE, INC. 8.500% 10/01/10 495,000 529,650 L-3 COMMUNICATIONS CORP. 6.375% 10/15/15(a) 410,000 411,025 7.625% 06/15/12 330,000 347,325 NORTHROP GRUMMAN CORP. 7.125% 02/15/11 3,782,000 4,125,973 RAYTHEON CO. 5.375% 04/01/13 2,200,000 2,230,338 SEQUA CORP. 9.000% 08/01/09 445,000 473,925 STANDARD AERO HOLDINGS, INC. 8.250% 09/01/14 255,000 211,012 TRANSDIGM, INC. 8.375% 07/15/11 420,000 441,000 UNITED TECHNOLOGIES CORP. 7.125% 11/15/10 1,900,000 2,076,434 Aerospace & Defense Total 11,100,257 AUTO MANUFACTURERS - 0.5% FORD MOTOR CREDIT CO. 7.375% 10/28/09 1,755,000 1,556,562 7.375% 02/01/11 2,030,000 1,779,133 GENERAL MOTORS ACCEPTANCE CORP. 6.150% 04/05/07 4,263,000 4,049,466 6.875% 09/15/11 1,391,000 1,263,974 8.000% 11/01/31 1,475,000 1,432,726 Auto Manufacturers Total 10,081,861 BUILDING MATERIALS - 0.1% NORTEK, INC.
23 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) INDUSTRIALS - (CONTINUED) BUILDING MATERIALS - (CONTINUED) 8.500% 09/01/14 150,000 144,750 NTK HOLDINGS, INC. (d) 03/01/14 (10.750% 09/01/09) 450,000 280,125 RMCC ACQUISITION CO. 9.500% 11/01/12(a) 315,000 316,575 Building Materials Total 741,450 ELECTRICAL COMPONENTS & EQUIPMENT - 0.0% COLEMAN CABLE, INC. 9.875% 10/01/12 225,000 182,250 Electrical Components & Equipment Total 182,250 ELECTRONICS - 0.0% FLEXTRONICS INTERNATIONAL LTD. 6.250% 11/15/14 500,000 492,500 SANMINA-SCI CORP. 6.750% 03/01/13 260,000 247,650 Electronics Total 740,150 ENGINEERING & CONSTRUCTION - 0.0% J. RAY MCDERMOTT SA 11.500% 12/15/13(a) 410,000 481,750 Engineering & Construction Total 481,750 ENVIRONMENTAL CONTROL - 0.4% ALLIED WASTE NORTH AMERICA, INC. 6.375% 04/15/11 180,000 174,600 7.250% 03/15/15 175,000 176,312 7.875% 04/15/13 1,000,000 1,030,000 WASTE MANAGEMENT, INC. 7.375% 08/01/10 6,386,000 6,938,964 WASTE SERVICES, INC. 9.500% 04/15/14 305,000 305,000 Environmental Control Total 8,624,876 MACHINERY - DIVERSIFIED - 0.1% COLUMBUS MCKINNON CORP. 8.875% 11/01/13(a) 450,000 469,125 DOUGLAS DYNAMICS LLC 7.750% 01/15/12(a) 335,000 323,275 MANITOWOC CO., INC. 7.125% 11/01/13 10,000 10,275
24 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) INDUSTRIALS - (CONTINUED) MACHINERY - DIVERSIFIED - (CONTINUED) WABTEC CORP. 6.875% 07/31/13 200,000 203,000 Machinery - Diversified Total 1,005,675 METAL FABRICATE / HARDWARE - 0.1% FASTENTECH, INC. 11.500% 05/01/11 350,000 343,875 MUELLER GROUP, INC. 10.000% 05/01/12 250,000 265,000 MUELLER HOLDINGS, INC. (d) 04/15/14 (14.750% 04/15/09) 270,000 205,200 TRIMAS CORP. 9.875% 06/15/12 385,000 319,550 Metal Fabricate / Hardware Total 1,133,625 MISCELLANEOUS MANUFACTURING - 0.4% BOMBARDIER, INC. 6.300% 05/01/14(a) 755,000 660,625 GENERAL ELECTRIC CO. 5.000% 02/01/13 5,783,000 5,774,904 J.B. POINDEXTER & CO. 8.750% 03/15/14 275,000 232,375 KOPPERS INDUSTRIES, INC. 9.875% 10/15/13 600,000 651,000 POLYPORE, INC. 8.750% 05/15/12 250,000 220,000 SAMSONITE CORP. 8.875% 06/01/11 390,000 403,650 TRINITY INDUSTRIES, INC. 6.500% 03/15/14 850,000 841,500 Miscellaneous Manufacturing Total 8,784,054 PACKAGING & CONTAINERS - 0.1% CROWN AMERICAS 7.750% 11/15/15(a) 530,000 548,550 JEFFERSON SMURFIT CORP. 8.250% 10/01/12 280,000 268,800 11.500% 10/01/15(a)(c) EUR 437,651 479,275 OWENS-BROCKWAY GLASS CONTAINER, INC. 6.750% 12/01/14 USD 425,000 412,250
25 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) INDUSTRIALS - (CONTINUED) PACKAGING & CONTAINERS - (CONTINUED) 8.250% 05/15/13 200,000 206,500 OWENS-ILLINOIS, INC. 7.500% 05/15/10 435,000 435,000 SILGAN HOLDINGS, INC. 6.750% 11/15/13 285,000 283,575 STONE CONTAINER FINANCE 7.375% 07/15/14 75,000 68,250 Packaging & Containers Total 2,702,200 TRANSPORTATION - 0.6% BURLINGTON NORTHERN SANTA FE CORP. 6.750% 07/15/11 4,184,000 4,513,448 CANADIAN NATIONAL RAILWAY CO. 6.900% 07/15/28 3,339,000 3,968,268 7.195% 01/02/16 1,213,490 1,393,256 CHC HELICOPTER CORP. 7.375% 05/01/14 405,000 410,063 OFFSHORE LOGISTICS, INC. 6.125% 06/15/13 205,000 190,650 QDI LLC 9.000% 11/15/10 365,000 324,850 SHIP FINANCE INTERNATIONAL LTD. 8.500% 12/15/13 800,000 752,000 TEEKAY SHIPPING CORP. 8.875% 07/15/11 305,000 344,650 TFM SA DE CV 9.375% 05/01/12(a) 320,000 350,000 UNION PACIFIC CORP. 3.875% 02/15/09 790,000 763,322 Transportation Total 13,010,507 INDUSTRIALS TOTAL 58,588,655 TECHNOLOGY - 0.4% COMPUTERS - 0.4% HEWLETT-PACKARD CO. 5.750% 12/15/06 6,394,000 6,444,129 INTERNATIONAL BUSINESS MACHINES CORP. 5.875% 11/29/32 700,000 739,788 Computers Total 7,183,917
26 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) TECHNOLOGY - (CONTINUED) OFFICE / BUSINESS EQUIPMENT - 0.0% XEROX CORP. 7.125% 06/15/10 315,000 327,600 Office / Business Equipment Total 327,600 SEMICONDUCTORS - 0.0% AMKOR TECHNOLOGY, INC. 9.250% 02/15/08 235,000 227,950 FREESCALE SEMICONDUCTOR, INC. 6.875% 07/15/11 175,000 183,313 Semiconductors Total 411,263 TECHNOLOGY TOTAL 7,922,780 UTILITIES - 3.9% ELECTRIC - 3.8% AEP TEXAS CENTRAL CO. 6.650% 02/15/33 5,830,000 6,384,958 AES CORP. 7.750% 03/01/14 110,000 115,363 9.500% 06/01/09 510,000 548,887 ALABAMA POWER CO. 2.800% 12/01/06 1,000,000 981,560 APPALACHIAN POWER CO. 3.600% 05/15/08 1,804,000 1,747,643 CENTERPOINT ENERGY HOUSTON ELECTRIC LLC 5.750% 01/15/14 900,000 928,377 CMS ENERGY CORP. 6.875% 12/15/15 260,000 262,600 8.500% 04/15/11 155,000 168,950 COMMONWEALTH EDISON CO. 4.700% 04/15/15 1,125,000 1,078,087 CONSOLIDATED EDISON CO. OF NEW YORK 4.700% 06/15/09 2,980,000 2,969,600 DOMINION RESOURCES, INC. 5.000% 03/15/13 912,000 890,787 DUQUESNE LIGHT HOLDINGS, INC. 6.250% 08/15/35 2,625,000 2,569,849 DYNEGY HOLDINGS, INC. 6.875% 04/01/11 750,000 738,750 7.125% 05/15/18 100,000 89,250 9.875% 07/15/10(a) 380,000 416,100 EDISON MISSION ENERGY
27 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC - (CONTINUED) 7.730% 06/15/09 500,000 517,500 EXELON GENERATION CO. LLC 5.350% 01/15/14 2,125,000 2,125,914 6.950% 06/15/11 800,000 861,288 FIRSTENERGY CORP. 6.450% 11/15/11 4,626,000 4,904,254 FPL ENERGY NATIONAL WIND LLC 5.608% 03/10/24(a) 621,645 613,570 KIOWA POWER PARTNERS LLC 5.737% 03/30/21(a) 2,190,000 2,168,188 MIDAMERICAN ENERGY HOLDINGS CO. 5.000% 02/15/14 4,302,000 4,175,349 MIRANT NORTH AMERICA LLC 7.375% 12/31/13(a) 620,000 627,750 NEVADA POWER CO. 5.875% 01/15/15 50,000 49,670 6.500% 04/15/12 40,000 40,100 NISOURCE FINANCE CORP. 5.400% 07/15/14 3,631,000 3,632,634 NORTHWESTERN CORP. 5.875% 11/01/14 10,000 9,963 ORION POWER HOLDINGS, INC. 12.000% 05/01/10 780,000 881,400 PACIFIC GAS & ELECTRIC CO. 4.200% 03/01/11 3,476,000 3,326,358 6.050% 03/01/34 1,377,000 1,426,586 PEPCO HOLDINGS, INC. 5.500% 08/15/07 1,416,000 1,424,496 PROGRESS ENERGY, INC. 6.050% 04/15/07 7,344,000 7,432,789 PSEG POWER LLC 8.625% 04/15/31 3,205,000 4,221,081 PUBLIC SERVICE ELECTRIC & GAS CO. 4.000% 11/01/08 1,701,000 1,655,889 SCOTTISH POWER PLC 4.910% 03/15/10 1,300,000 1,289,223 SIERRA PACIFIC RESOURCES
28 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) CORPORATE FIXED-INCOME BONDS & NOTES - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC - (CONTINUED) 6.750% 08/15/17(a) 850,000 845,750 SOUTHERN CALIFORNIA EDISON CO. 6.650% 04/01/29 600,000 672,126 SOUTHERN CO. CAPITAL FUNDING, INC. 5.300% 02/01/07 3,248,000 3,256,120 SOUTHERN POWER CO. 6.250% 07/15/12 1,753,000 1,836,671 TECO ENERGY, INC. 7.000% 05/01/12 355,000 373,637 TEXAS GENCO LLC 6.875% 12/15/14(a) 245,000 265,519 TXU CORP. 5.550% 11/15/14 3,450,000 3,288,850 6.550% 11/15/34 4,000,000 3,792,520 VIRGINIA ELECTRIC & POWER CO. 5.375% 02/01/07 4,996,000 5,014,285 Electric Total 80,620,241 GAS - 0.1% SEMPRA ENERGY 4.750% 05/15/09 750,000 739,432 Gas Total 739,432 UTILITIES TOTAL 81,359,673 TOTAL CORPORATE FIXED-INCOME BONDS & NOTES (COST OF $744,352,044) 744,623,315 MORTGAGE-BACKED SECURITIES - 31.1% FEDERAL HOME LOAN MORTGAGE CORP. 3.500% 10/01/18 4,433,630 4,114,978 5.500% 12/01/17 326,381 328,533 5.500% 12/01/18 1,846,332 1,858,028 5.500% 07/01/19 1,533,153 1,542,683 5.500% 08/01/35 4,710,109 4,667,915 6.000% 05/01/17 131,820 134,556 6.000% 07/01/17 2,990,478 3,052,554 6.500% 11/01/32 15,082,721 15,484,335 8.000% 11/01/09 23,692 24,733 8.000% 04/01/10 17,915 18,764
29 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) MORTGAGE-BACKED SECURITIES - (CONTINUED) 8.500% 11/01/26 241,430 261,894 TBA: 4.500% 01/18/21(e) 18,000,000 17,510,616 5.000% 01/18/21(e) 58,500,000 57,896,748 5.500% 01/18/21(e) 19,500,000 19,609,688 5.500% 01/12/36(e) 38,660,890 38,298,444 FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.000% 03/01/18 4,245,391 4,206,072 5.000% 06/01/18 505,720 501,036 5.000% 07/01/18 1,523,631 1,509,520 5.000% 08/01/18 2,302,474 2,281,149 5.000% 10/01/18 4,453,314 4,412,069 5.000% 01/01/19 887,447 879,228 5.000% 11/01/19 602,496 596,366 5.000% 12/01/19 862,528 853,752 5.000% 01/01/20 1,598,727 1,581,711 5.000% 05/01/20 1,806,923 1,787,691 5.000% 06/01/20 2,543,255 2,516,186 5.000% 07/01/20 808,096 799,495 5.000% 08/01/35 303,669 294,243 5.000% 09/01/35 111,368,980 107,911,901 5.000% 10/01/35 7,597,271 7,361,438 5.000% 11/01/35 86,714,488 84,022,726 5.000% 12/01/35 4,122,392 3,994,426 5.449% 08/01/36(b) 69,171 69,956 5.943% 06/01/32(b) 52,527 51,853 6.000% 09/01/16 147,228 150,500 6.118% 07/01/32(b) 565,795 557,408 6.500% 01/01/29 9,951,598 10,254,246 6.500% 05/01/32 202,596 208,214 6.500% 07/01/32 107,477 110,458 6.500% 08/01/32 646,196 664,236 6.500% 11/01/32 174,710 179,555 6.500% 01/01/33 6,081,073 6,250,891 6.500% 05/01/33 1,576,053 1,620,065 6.500% 10/01/34 2,090,025 2,144,181 6.500% 11/01/34 9,113,529 9,350,858 6.500% 01/01/35 8,026,781 8,234,768 6.500% 02/01/35 47,420,873 48,655,776 7.000% 10/01/11 279,032 289,541 8.000% 12/01/09 368,650 371,926
30 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) MORTGAGE-BACKED SECURITIES - (CONTINUED) 10.000% 09/01/18 93,476 103,505 TBA: 4.500% 01/18/21(e) 30,000,000 29,184,360 5.000% 01/18/21(e) 19,000,000 18,792,178 5.500% 01/12/36(e) 107,559,000 106,483,410 6.000% 01/12/36(e) 17,231,000 17,387,147 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.000% 01/15/30 1,594,185 1,674,901 7.500% 12/15/23 1,469,512 1,556,118 7.500% 07/20/28 600,422 629,128 8.000% 11/15/07 8,109 8,294 8.000% 05/15/17 15,621 16,717 8.500% 02/15/25 160,921 175,427 9.500% 09/15/09 2,280 2,418 13.000% 01/15/11 6,783 7,547 13.000% 02/15/11 3,281 3,651 TOTAL MORTGAGE-BACKED SECURITIES (COST OF $658,060,410) 655,502,711 GOVERNMENT AGENCIES & OBLIGATIONS - 18.2% FOREIGN GOVERNMENT OBLIGATIONS - 5.8% AFRICAN DEVELOPMENT BANK 1.950% 03/23/10 JPY 475,000,000 4,215,894 ARIES VERMOEGENSVERWALTUNGS GMBH 9.600% 10/25/14 USD 2,000,000 2,586,800 AUSTRALIAN GOVERNMENT BOND 7.500% 09/15/09 AUD 655,000 516,425 BELGIUM GOVERNMENT BOND 3.750% 09/28/15 EUR 1,305,000 1,597,694 CORP. ANDINA DE FOMENTO 6.375% 06/18/09 870,000 1,126,815 EKSPORTFINANS A/S 1.800% 06/21/10 JPY 300,000,000 2,660,320 EUROPEAN INVESTMENT BANK 3.625% 10/15/13 EUR 1,130,000 1,368,566 7.625% 12/07/07 GBP 190,000 346,491 EXPORT-IMPORT BANK OF KOREA 4.625% 03/16/10 USD 2,425,000 2,378,197 FEDERAL REPUBLIC OF BRAZIL 5.188% 04/15/24(b) 1,000,000 973,800 10.250% 06/17/13 2,630,000 3,173,095 14.500% 10/15/09 1,330,000 1,706,390
31 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) FOREIGN GOVERNMENT OBLIGATIONS - (CONTINUED) FEDERAL REPUBLIC OF GERMANY 4.250% 07/04/14 EUR 3,490,000 4,428,718 5.250% 07/04/10 2,695,000 3,481,374 GOVERNMENT OF CANADA 5.250% 06/01/13 CAD 2,240,000 2,087,404 5.500% 06/01/10 740,000 677,131 GOVERNMENT OF NEW ZEALAND 6.000% 11/15/11 NZD 915,000 632,144 6.500% 04/15/13 890,000 636,347 HELLENIC REPUBLIC OF GREECE 5.350% 05/18/11 EUR 365,000 476,602 INTER-AMERICAN DEVELOPMENT BANK 1.900% 07/08/09 JPY 120,000,000 1,064,747 INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 2.000% 02/18/08 315,000,000 2,761,479 KINGDOM OF NORWAY 6.000% 05/16/11 NOK 4,535,000 752,298 KINGDOM OF SPAIN 5.000% 07/30/12 EUR 3,015,000 3,946,379 KINGDOM OF SWEDEN 4.000% 12/01/09 SEK 4,205,000 547,716 5.500% 10/08/12 4,730,000 675,995 NETHERLANDS GOVERNMENT BOND 3.250% 07/15/15 EUR 1,005,000 1,183,730 PROVINCE OF ONTARIO 1.875% 01/25/10 JPY 415,000,000 3,690,440 5.000% 03/08/14 CAD 650,000 589,096 PROVINCE OF QUEBEC 6.000% 10/01/12 400,000 379,137 7.000% 01/30/07 USD 1,490,000 1,525,715 REPUBLIC OF BULGARIA 8.250% 01/15/15 970,000 1,171,372 REPUBLIC OF CHILE 5.500% 01/15/13 890,000 913,140 REPUBLIC OF COLOMBIA 9.750% 04/09/11 1,872,009 2,106,010 11.375% 01/31/08 EUR 280,000 381,216 REPUBLIC OF FINLAND
32 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) FOREIGN GOVERNMENT OBLIGATIONS - (CONTINUED) 5.375% 07/04/13 EUR 725,000 981,427 REPUBLIC OF FRANCE 4.750% 10/25/12 4,220,000 5,472,217 5.500% 10/25/10 2,680,000 3,515,215 REPUBLIC OF IRELAND 5.000% 04/18/13 1,570,000 2,073,444 REPUBLIC OF ITALY 0.375% 10/10/06 JPY 330,000,000 2,804,999 4.250% 11/01/09 EUR 1,975,000 2,439,180 4.250% 02/01/15 1,635,000 2,054,589 REPUBLIC OF PANAMA 8.875% 09/30/27 USD 1,505,000 1,790,950 9.375% 07/23/12 275,000 321,750 REPUBLIC OF PERU 7.500% 10/14/14 EUR 370,000 496,084 9.125% 02/21/12 USD 1,600,000 1,832,000 REPUBLIC OF PHILIPPINES 10.625% 03/16/25 1,080,000 1,378,350 REPUBLIC OF POLAND 5.250% 01/15/14 690,000 702,075 5.750% 03/24/10 PLN 4,035,000 1,279,045 REPUBLIC OF SOUTH AFRICA 6.500% 06/02/14 USD 2,103,000 2,276,497 REPUBLIC OF VENEZUELA 9.250% 09/15/27 2,380,000 2,820,300 RUSSIAN FEDERATION 5.000% 03/31/30 2,470,000 2,788,383 UNITED KINGDOM TREASURY 5.000% 09/07/14 GBP 1,810,000 3,314,033 8.000% 06/07/21 395,000 979,931 UNITED MEXICAN STATES 6.375% 01/16/13 USD 3,056,000 3,254,640 7.500% 04/08/33 9,791,000 11,553,380 8.375% 01/14/11 8,545,000 9,741,300 VICTORIA TREASURY CORP. 7.500% 08/15/08 AUD 650,000 500,759 FOREIGN GOVERNMENT OBLIGATIONS TOTAL 121,129,225 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 12.4% FEDERAL HOME LOAN BANK
33 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) U.S. GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) 3.000% 05/15/06 USD 350,000 347,957 3.625% 11/14/08 2,300,000 2,235,269 3.875% 06/14/13 2,500,000 2,355,757 4.375% 09/11/09 3,455,000 3,407,162 FEDERAL HOME LOAN MORTGAGE CORP. 2.875% 05/15/07 4,000,000 3,900,968 4.500% 01/15/13 4,078,000 4,005,738 4.875% 11/15/13 7,510,000 7,545,522 5.125% 01/15/12 EUR 1,620,000 2,110,623 5.750% 03/15/09 3,634,000 3,741,247 6.000% 06/15/11 5,250,000 5,556,999 6.750% 03/15/31 2,000,000 2,506,918 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.125% 10/09/07 JPY 320,000,000 2,800,699 3.250% 02/15/09 USD 4,000,000 3,831,248 4.125% 04/15/14 7,000,000 6,675,144 4.375% 07/17/13 20,000,000 19,312,920 5.250% 01/15/09 5,249,000 5,329,110 7.250% 05/15/30 2,567,000 3,397,199 U.S. TREASURY BONDS 4.000% 02/15/15 19,100,000 18,518,042 5.375% 02/15/31 8,500,000 9,547,888 6.250% 08/15/23 23,750,000 28,360,849 6.250% 05/15/30 14,000,000 17,387,342 U.S. TREASURY NOTES 1.625% 01/15/15 6,258,960 6,029,870 3.000% 11/15/07 16,100,000 15,698,756 3.625% 01/15/10(f ) 20,000,000 19,451,560 3.875% 01/15/09 12,242,765 12,867,342 4.250% 11/30/07 1,653,000 1,648,157 4.250% 11/15/13 800,000 792,375 4.500% 11/15/15 16,000,000 16,131,248 U.S. TREASURY STRIPS (g) 11/15/13 20,650,000 14,571,321 (g) 05/15/23 50,000,000 22,311,550 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 262,376,780 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $381,268,092) 383,506,005
34 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - 13.2% AEGIS ASSET BACKED SECURITIES TRUST 4.479% 06/25/35(b) 4,291,888 4,292,017 AQ FINANCE NIM TRUST 4.639% 08/25/08(a)(b) 16,891 16,890 ARIZONA EDUCATIONAL LOAN MARKETING CORP. 4.510% 12/01/13(b) 8,433,333 8,433,333 BANK ONE ISSUANCE TRUST 4.599% 02/17/09(b) 4,250,000 4,251,657 BEAR STEARNS ASSET BACKED SECURITY, INC. 4.489% 02/25/35(b) 3,538,809 3,538,774 4.489% 03/25/35(b) 3,400,647 3,400,409 4.729% 03/25/35(b) 5,487,680 5,489,106 4.879% 08/25/34(b) 994,472 998,371 BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORP. 6.230% 04/15/28 172,251 171,182 CAPITAL AUTO RECEIVABLES ASSET TRUST 4.649% 01/15/09(b) 666,928 666,988 CARRINGTON MORTGAGE LOAN TRUST 4.509% 05/25/35(b) 4,440,516 4,440,116 CHASE MANHATTAN AUTO OWNER TRUST 1.520% 05/15/07 332,168 331,873 2.040% 12/15/09 1,081,010 1,055,195 2.260% 11/15/07 1,127,854 1,119,576 2.780% 06/15/10 1,179,116 1,156,088 CITIGROUP MORTGAGE LOAN TRUST, INC. 4.469% 05/25/35(b) 4,612,826 4,612,780 CONTIMORTGAGE HOME EQUITY TRUST 6.880% 01/15/28 335,503 335,074 7.680% 12/25/29 827,477 825,590 COUNTRYWIDE ASSET-BACKED CERTIFICATES 4.469% 07/25/35(b) 6,063,397 6,064,125 4.469% 08/25/35(b) 4,395,866 4,395,514 4.499% 08/25/35(b) 7,888,843 7,889,474 4.509% 10/25/35(b) 8,104,547 8,105,277 4.539% 08/25/35(a)(b) 5,783,446 5,784,602 FEDERAL NATIONAL MORTGAGE ASSOCIATION WHOLE LOAN 7.800% 06/25/26 345,372 368,387 FIRST ALLIANCE MORTGAGE LOAN TRUST 7.625% 07/25/25 1,552,854 1,548,137 FIRST PLUS HOME LOAN TRUST (d) 05/10/24 (7.720% 03/10/06) 312,184 312,762
35 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) FORD CREDIT AUTO OWNER TRUST 3.160% 08/15/07 5,000,000 4,947,500 4.419% 01/15/07(b) 902,934 902,916 GRACECHURCH CARD FUNDING PLC 4.559% 02/17/09(b) 3,500,000 3,503,605 GREEN TREE MORTGAGE LOAN TRUST 4.529% 12/25/32(a)(b) 5,315,613 5,315,613 GSAMP TRUST 4.549% 11/25/34(b) 2,082,649 2,082,961 HARLEY-DAVIDSON MOTORCYCLE TRUST 1.890% 02/15/11 339,019 331,923 2.180% 01/15/09 1,583,241 1,566,285 2.960% 02/15/12 1,931,307 1,878,544 HOME EQUITY ASSET TRUST 4.469% 08/25/35(b) 4,333,484 4,333,744 HONDA AUTO RECEIVABLES OWNER TRUST 1.690% 02/21/07 478,743 477,560 HOUSEHOLD AUTOMOTIVE TRUST 2.310% 04/17/08 1,303,313 1,295,988 IMC HOME EQUITY LOAN TRUST 7.310% 11/20/28 3,521,856 3,517,841 7.500% 04/25/26 725,442 728,139 7.520% 08/20/28 1,459,258 1,456,456 IRWIN HOME EQUITY 4.549% 09/25/17(b) 1,195,282 1,195,174 KEYCORP SUDENT LOAN TRUST 4.510% 07/25/29(b) 13,513,259 13,601,477 LONG BEACH AUTO RECEIVABLES TRUST 4.250% 04/15/12 20,000,000 19,679,044 LONG BEACH MORTGAGE LOAN TRUST 4.459% 04/25/35(b) 2,972,261 2,972,321 MASTR ASSET BACKED SECURITIES TRUST 4.529% 11/25/35(b) 11,155,636 11,158,536 MONEY STORE HOME EQUITY TRUST 4.519% 08/15/29(b) 8,279,279 8,269,426 MORGAN STANLEY ABS CAPITAL 4.459% 02/25/35(b) 3,913,240 3,913,514 4.469% 03/25/35(b) 4,805,506 4,806,130 4.559% 05/25/34(b) 3,425,140 3,425,346 NEW CENTURY HOME EQUITY LOAN TRUST 7.320% 07/25/29 69,336 69,707
36 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) ONCOR ELECTRIC DELIVERY TRANSITION BOND CO. 2.260% 02/15/09 4,339,446 4,296,138 ONYX ACCEPTANCE AUTO TRUST 3.380% 01/15/08 6,600,330 6,582,641 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 4.469% 04/25/35(b) 8,955,067 8,955,783 4.479% 07/25/35(b) 5,993,544 5,990,847 RENNAISANCE HOME EQUITY LOAN TRUST 4.489% 08/25/35(b) 9,637,938 9,640,251 4.499% 05/25/35(b) 6,010,055 6,011,017 4.509% 05/25/35(b) 5,319,538 5,319,538 SALOMON BROTHERS MORTGAGE SECURITIES VII 7.150% 06/25/28 404,701 400,330 SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 4.629% 02/25/34(b) 1,209,247 1,214,906 SLM STUDENT LOAN TRUST 4.210% 01/25/13(b) 7,827,970 7,820,611 4.230% 10/25/12(b) 1,872,374 1,872,374 4.230% 04/25/14(b) 7,137,969 7,141,276 4.240% 01/25/13(b) 1,175,910 1,178,121 4.310% 04/25/17(b) 9,842,257 9,856,233 4.360% 01/25/12(b) 7,398,169 7,414,849 STRUCTURED ASSET INVESTMENT LOAN TRUST 4.499% 03/25/35(b) 2,570,284 2,570,413 VOLKSWAGEN AUTO LEASE TRUST 3.940% 10/20/10 9,585,000 9,393,875 WFS FINANCIAL OWNER TRUST 2.340% 08/22/11 2,245,960 2,200,726 TOTAL ASSET-BACKED SECURITIES (COST OF $279,418,142) 278,892,976 COLLATERALIZED MORTGAGE OBLIGATIONS - 9.0% AGENCY - 4.3% FEDERAL HOME LOAN MORTGAGE CORP. 4.000% 09/15/15 3,620,000 3,516,555 4.000% 09/15/15 3,155,000 3,081,661 4.000% 11/15/16 10,000,000 9,593,535 4.000% 10/15/18 7,850,000 7,260,050 4.000% 10/15/26 7,720,000 7,543,929 4.500% 02/15/15 15,130,000 14,962,671 4.500% 03/15/18 12,092,000 11,846,901
37 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) COLLATERALIZED MORTGAGE OBLIGATIONS - (CONTINUED) AGENCY - (CONTINUED) 4.500% 10/15/18 3,166,000 3,131,622 4.500% 02/15/27 2,050,000 2,009,135 4.500% 08/15/28 2,960,000 2,867,631 6.000% 06/15/31 2,737,905 2,774,070 6.500% 10/15/23 510,000 531,735 6.500% 11/15/30 400,521 401,527 FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.500% 11/25/14 2,050,000 2,023,792 5.500% 08/25/17 8,781,320 8,861,319 6.000% 04/25/17 8,178,200 8,467,567 8.250% 03/25/06 186 186 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 4.500% 04/16/28 2,090,000 2,057,210 AGENCY TOTAL 90,931,096 NON - AGENCY - 4.7% BEAR STEARNS ALT-A TRUST 4.659% 01/25/35(b) 6,985,719 6,992,984 4.729% 10/25/33(b) 3,753,850 3,908,621 BEAR STEARNS ASSET BACKED SECURITIES, INC. 5.000% 01/25/34 3,464,765 3,423,118 COUNTRYWIDE ALTERNATIVE LOAN TRUST 4.779% 03/25/34(b) 2,879,517 2,884,558 5.250% 08/25/35 8,848,609 8,830,381 COUNTRYWIDE HOME LOAN MORTGAGE PASS THROUGH TRUST 4.593% 12/19/33(b) 3,439,572 3,308,180 5.000% 02/25/33 7,898,000 7,804,883 IMPAC CMB TRUST 4.639% 04/25/35(b) 7,722,766 7,731,415 4.869% 10/25/34(b) 4,371,674 4,377,751 SACO I, INC. 4.579% 04/25/35(a)(b) 16,597,649 16,590,525 SEQUOIA MORTGAGE TRUST 5.250% 07/20/34(b) 5,250,000 5,088,142 SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE 4.469% 03/25/36(b) 14,794,686 14,797,201 STRUCTURED ASSET SECURITIES CORP. 5.500% 07/25/33 3,289,906 3,280,777
38 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
PAR ($) VALUE ($) COLLATERALIZED MORTGAGE OBLIGATIONS - (CONTINUED) NON - AGENCY - (CONTINUED) WAMU ALTERNATIVE MORTGAGE PASS-THROUGH CERTIFICATES 5.500% 07/25/35 9,258,840 9,220,046 NON - AGENCY TOTAL 98,238,582 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST OF $190,755,936) 189,169,678 COMMERCIAL MORTGAGE BACKED SECURITIES - 1.1% GMAC COMMERCIAL MORTGAGE SECURITIES ,INC. 1.535% 07/15/29(b) 44,904,165 1,473,306 LB-UBS COMMERCIAL MORTGAGE TRUST 5.103% 11/15/30 10,000,000 10,043,300 MERRILL LYNCH MORTGAGE INVESTORS, INC. 0.879% 12/15/30(b) 73,353,166 2,020,146 MERRILL LYNCH MORTGAGE TRUST 5.245% 11/12/37 6,320,000 6,395,018 NATIONSLINK FUNDING CORP. 6.888% 11/10/30 3,120,000 3,196,752 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST OF $24,714,780) 23,128,522 CONVERTIBLE BONDS - 0.0% COMMUNICATIONS - 0.0% TELECOMMUNICATION SERVICES - 0.0% NORTEL NETWORKS CORP. 4.250% 09/01/08 485,000 454,687 QWEST COMMUNICATIONS INTERNATIONAL, INC. 3.500% 11/15/25 90,000 104,288 Telecommunication Services Total 558,975 COMMUNICATIONS TOTAL 558,975 TOTAL CONVERTIBLE BONDS (COST OF $546,385) 558,975 SHORT-TERM OBLIGATION - 7.0% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by U.S. Government Agency Obligations with various maturities to 05/15/07, market value of $150,025,197 (repurchase proceeds $147,147,677) 147,081,000 147,081,000 TOTAL SHORT-TERM OBLIGATION (COST OF $147,081,000) 147,081,000
39 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Total Return Bond Fund
TOTAL INVESTMENTS - 114.9% (COST OF $2,426,196,789)(H)(I) 2,422,463,182 OTHER ASSETS & LIABILITIES, NET - (14.9)% (313,458,173) NET ASSETS - 100.0% 2,109,005,009
NOTES TO INVESTMENT PORTFOLIO: o Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days 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. Forward 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. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. 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 (Funds' ) shares are determined as of such times. Foreign currency exchange rates are generally determined at 2:00 p.m. Eastern (U.S.) time. 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. (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities amounted to $103,187,885, which represents 4.9% of net assets. (b) The interest rate shown on floating rate or variable ( rate securities reflects the rate at December 31, 2005. (c) Pay-in-kind securities. 40 (d) Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate. (e) Security, or a portion thereof, purchased on a delayed delivery basis. (f) Security pledged as collateral for open futures contracts. (g) Zero coupon bond. (h) Cost for federal income tax purposes is $2,426,196,789. (i) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION DEPRECIATION ------------ ------------- -------------- $25,067,305 $(28,800,912) $(3,733,607) At December 31, 2005, the Fund held the following open long futures contract:
Unrealized Aggregate Expiration Appreciation/ Type Contracts Value Face Value Date Depreciation -------------------------------------------------------------------------------------------- 10-Year U.S. Treasury 181 $19,802,531 $ 19,703,547 Mar-2006 $ 98,984 Notes 5-Year U.S. Treasury Notes 70 7,444,063 7,439,141 Mar-2006 4,922 2-Year U.S. Treasury Notes 95 19,492,813 19,501,719 Mar-2006 (8,906) U.S. Treasury Bonds 36 4,110,750 4,051,125 Mar-2006 59,625 ---------- $ 154,625 ----------
At December 31, 2005, the following forward foreign currency contracts were outstanding
Value of Value of contract Market value Unrealized contract when when opened of contract appreciation/ Local opened (local (US dollars) (US dollars) depreciation Description Currency currency) (000) (000) (000) (000) --------------------------------------------------------------------------------------------------------- CONTRACTS TO SELL Expiring February 01, 2006 Aud 690,000 $ 505,287 $ 509,169 $ 3,882 Expiring January 23, 2006 Euro 5,050,000 5,986,589 5,953,798 (32,791) Expiring January 30, 2006 Euro 114,000 135,195 133,820 (1,375) Expiring January 31, 2006 Euro 755,000 895,419 888,106 (7,313) Expiring January 30, 2006 Nok 4,400,000 653,032 657,698 4,666 Net unrealized appreciation/depreciation (32,931) ------------- Total net unrealized depreciation $ (32,931) -------------
ACRONYM NAME ------- ---- AUD Australian Dollar CAD Canadian Dollar EUR Euro Currency GBP Great Britain Pound JPY Japanese Yen NOK Norwegian Krone NZD New Zealand Dollar PLN Polish Zloty SEK Swedish Krona STRIPS Separate Trading of Registered Interest and Principal of Securities TBA To Be Announced USD United States Dollar 41 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($)* COMMON STOCKS - 98.9% CONSUMER DISCRETIONARY - 9.0% AUTO COMPONENTS - 0.8% Johnson Controls, Inc. 396,000 28,872,360 Auto Components Total 28,872,360 HOTELS, RESTAURANTS & LEISURE - 3.0% Carnival Corp. 348,249 18,620,874 McDonald's Corp. 1,324,219 44,652,665 Starwood Hotels & Resorts Worldwide, Inc. 747,200 47,716,192 Hotels, Restaurants & Leisure Total 110,989,731 MEDIA - 1.3% News Corp., Class A 1,995,600 31,031,580 Viacom, Inc., Class A 238,234 7,804,546 Viacom, Inc., Class B 253,900 8,277,140 Media Total 47,113,266 MULTILINE RETAIL - 2.5% Federated Department Stores, Inc. 542,507 35,984,489 J.C. Penney Co., Inc. 959,190 53,330,964 Multiline Retail Total 89,315,453 SPECIALTY RETAIL - 1.4% Office Depot, Inc. (a) 739,000 23,204,600 Staples, Inc. 1,251,200 28,414,752 Specialty Retail Total 51,619,352 CONSUMER DISCRETIONARY TOTAL 327,910,162 CONSUMER STAPLES - 6.1% BEVERAGES - 2.0% Diageo PLC, ADR 614,198 35,807,743 PepsiCo, Inc. 621,375 36,710,835 Beverages Total 72,518,578 FOOD PRODUCTS - 0.9% Cadbury Schweppes PLC, ADR 902,400 34,552,896 Food Products Total 34,552,896 HOUSEHOLD PRODUCTS - 1.0% Kimberly-Clark Corp. 581,864 34,708,188 Household Products Total 34,708,188
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) TOBACCO - 2.2% Altria Group, Inc. 1,067,177 79,739,465 Tobacco Total 79,739,465 CONSUMER STAPLES TOTAL 221,519,127 ENERGY - 12.9% ENERGY EQUIPMENT & SERVICES - 2.5% Halliburton Co. 541,749 33,566,768 Nabors Industries Ltd. (a) 132,319 10,023,164 National-Oilwell Varco, Inc. (a) 284,900 17,863,230 Schlumberger Ltd. 317,640 30,858,726 Energy Equipment & Services Total 92,311,888 OIL, GAS & CONSUMABLE FUELS - 10.4% Chevron Corp. 576,244 32,713,372 ConocoPhillips 554,680 32,271,282 EOG Resources, Inc. 245,600 18,019,672 Exxon Mobil Corp. 2,665,028 149,694,623 Marathon Oil Corp. 474,745 28,945,203 Murphy Oil Corp. 287,100 15,500,529 Occidental Petroleum Corp. 658,500 52,600,980 Williams Companies, Inc. 2,072,800 48,026,776 Oil, Gas & Consumable Fuels Total 377,772,437 ENERGY TOTAL 470,084,325 FINANCIALS - 34.8% CAPITAL MARKETS - 6.6% Bank of New York Co., Inc. 1,347,883 42,930,074 Deutsche Bank AG 93,300 9,037,971 Franklin Resources, Inc. 4,994 469,486 Goldman Sachs Group, Inc. 277,081 35,386,014 Lehman Brothers Holdings, Inc. 162,400 20,814,808 Merrill Lynch & Co., Inc. 1,224,486 82,934,437 Morgan Stanley 502,789 28,528,248 Nuveen Investments, Class A 469,300 20,001,566 Capital Markets Total 240,102,604 COMMERCIAL BANKS - 11.6% Marshall & Ilsley Corp. 923,703 39,756,177 Mitsubishi UFJ Financial Group, Inc., ADR 1,672,900 22,902,001 North Fork Bancorporation, Inc. 1,523,428 41,680,990 PNC Financial Services Group, Inc. 634,679 39,242,203
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) COMMERCIAL BANKS - (CONTINUED) SunTrust Banks, Inc. 213,300 15,519,708 U.S. Bancorp 2,593,282 77,513,199 UnionBanCal Corp. 281,900 19,372,168 Wachovia Corp. 1,534,007 81,087,610 Wells Fargo & Co. 1,378,607 86,617,878 Commercial Banks Total 423,691,934 DIVERSIFIED FINANCIAL SERVICES - 3.8% CIT Group, Inc. 203,500 10,537,230 Citigroup, Inc. 1,910,610 92,721,903 JPMorgan Chase & Co. 925,310 36,725,554 Diversified Financial Services Total 139,984,687 INSURANCE - 8.8% ACE Ltd. 576,700 30,818,848 Allstate Corp. 666,901 36,059,337 Ambac Financial Group, Inc. 486,473 37,487,609 American International Group, Inc. 876,147 59,779,510 Genworth Financial, Inc., Class A 1,065,200 36,834,616 Hartford Financial Services Group, Inc. 484,160 41,584,502 St. Paul Travelers Companies, Inc. 836,371 37,360,693 UnumProvident Corp. 915,500 20,827,625 XL Capital Ltd., Class A 280,116 18,874,216 Insurance Total 319,626,956 REAL ESTATE - 2.9% Archstone-Smith Trust, REIT 717,538 30,057,667 Equity Office Properties Trust, REIT 494,595 15,001,066 Host Marriott Corp., REIT 1,587,700 30,086,915 Kimco Realty Corp., REIT 326,600 10,477,328 ProLogis Trust, REIT 446,900 20,879,168 Real Estate Total 106,502,144 THRIFTS & MORTGAGE FINANCE - 1.1% Golden West Financial Corp. 627,100 41,388,600 Thrifts & Mortgage Finance Total 41,388,600 FINANCIALS TOTAL 1,271,296,925 HEALTH CARE - 7.5% HEALTH CARE EQUIPMENT & SUPPLIES - 0.8% Baxter International, Inc. 828,300 31,185,495 Health Care Equipment & Supplies Total 31,185,495 HEALTH CARE PROVIDERS & SERVICES - 1.8% Aetna, Inc. 267,798 25,256,030
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE PROVIDERS & SERVICES - (CONTINUED) Cigna Corp. 352,086 39,328,006 Health Care Providers & Services Total 64,584,036 PHARMACEUTICALS - 4.9% AstraZeneca PLC, ADR 827,000 40,192,200 GlaxoSmithKline PLC, ADR 404,380 20,413,102 Novartis AG, ADR 676,610 35,508,493 Pfizer, Inc. 1,980,438 46,183,814 Sanofi-Aventis 833,400 36,586,260 Pharmaceuticals Total 178,883,869 HEALTH CARE TOTAL 274,653,400 INDUSTRIALS - 10.1% AEROSPACE & DEFENSE - 4.1% General Dynamics Corp. 245,063 27,949,435 Goodrich Corp. 882,200 36,258,420 Honeywell International, Inc. 795,759 29,642,023 United Technologies Corp. 978,180 54,690,044 Aerospace & Defense Total 148,539,922 BUILDING PRODUCTS - 0.8% American Standard Companies, Inc. 689,400 27,541,530 Building Products Total 27,541,530 INDUSTRIAL CONGLOMERATES - 0.9% General Electric Co. 953,416 33,417,231 Industrial Conglomerates Total 33,417,231 MACHINERY - 2.8% Caterpillar, Inc. 771,400 44,563,778 Eaton Corp. 364,725 24,469,400 Ingersoll-Rand Co., Ltd., Class A 819,000 33,063,030 Machinery Total 102,096,208 ROAD & RAIL - 1.5% Burlington Northern Santa Fe Corp. 502,900 35,615,378 Union Pacific Corp. 243,300 19,588,083 Road & Rail Total 55,203,461 INDUSTRIALS TOTAL 366,798,352 INFORMATION TECHNOLOGY - 4.6% COMMUNICATIONS EQUIPMENT - 0.5% Motorola, Inc. 813,300 18,372,447 Communications Equipment Total 18,372,447
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) COMPUTERS & PERIPHERALS - 2.4% Dell, Inc. (a) 301,400 9,038,986 Hewlett-Packard Co. 1,474,480 42,214,362 International Business Machines Corp. 432,080 35,516,976 Computers & Peripherals Total 86,770,324 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5% Agilent Technologies, Inc. (a) 518,700 17,267,523 Electronic Equipment & Instruments Total 17,267,523 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2% Fairchild Semiconductor International, Inc. (a) 912,500 15,430,375 Intel Corp. 425,924 10,631,063 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 1,964,400 19,467,204 Semiconductors & Semiconductor Equipment Total 45,528,642 INFORMATION TECHNOLOGY TOTAL 167,938,936 MATERIALS - 4.5% CHEMICALS - 2.4% Dow Chemical Co. 619,200 27,133,344 E.I. du Pont de Nemours & Co. 499,400 21,224,500 PPG Industries, Inc. 225,933 13,081,521 Rohm and Haas Co. 537,100 26,006,382 Chemicals Total 87,445,747 CONTAINERS & PACKAGING - 0.5% Crown Holdings, Inc. (a) 957,900 18,707,787 Containers & Packaging Total 18,707,787 METALS & MINING - 1.6% Freeport-McMoRan Copper & Gold, Inc., Class B 269,700 14,509,860 Nucor Corp. 252,700 16,860,144 Rio Tinto PLC 50,300 9,194,337 United States Steel Corp. 383,400 18,430,038 Metals & Mining Total 58,994,379 MATERIALS TOTAL 165,147,913 TELECOMMUNICATION SERVICES - 3.2% DIVERSIFIED TELECOMMUNICATION SERVICES - 3.2% AT&T, Inc. 1,775,151 43,473,448 BellSouth Corp. 1,049,469 28,440,610
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) DIVERSIFIED TELECOMMUNICATION SERVICES - (CONTINUED) Verizon Communications, Inc. 1,452,202 43,740,324 Diversified Telecommunication Services Total 115,654,382 TELECOMMUNICATION SERVICES TOTAL 115,654,382 UTILITIES - 6.2% ELECTRIC UTILITIES - 4.3% Edison International 798,800 34,835,668 Entergy Corp. 602,393 41,354,280 Exelon Corp. 1,114,701 59,235,211 FPL Group, Inc. 502,000 20,863,120 Electric Utilities Total 156,288,279 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.4% Duke Energy Corp. 617,210 16,942,414 Independent Power Producers & Energy Traders Total 16,942,414 MULTI - UTILITIES - 1.5% Dominion Resources, Inc. 251,028 19,379,362 PG&E Corp. 933,543 34,653,116 Multi - Utilities Total 54,032,478 UTILITIES TOTAL 227,263,171 TOTAL COMMON STOCKS (COST OF $3,017,255,865) 3,608,266,693 CONVERTIBLE PREFERRED STOCKS - 0.7% FINANCIALS - 0.7% INSURANCE - 0.7% Genworth Financial, Inc., 6.000% 136,100 5,179,966 XL Capital Ltd., 7.000% 728,111 18,537,706 Insurance Total 23,717,672 FINANCIALS TOTAL 23,717,672 TOTAL CONVERTIBLE PREFERRED STOCKS (COST OF $21,880,457) 23,717,672 UNITS WARRANTS - 0.0% LUCENT TECHNOLOGIES, INC. Expires 12/10/07(a) 41 23 TOTAL WARRANTS (COST OF $26) 23
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Value Fund
PAR ($) VALUE ($) SHORT-TERM OBLIGATION - 0.6% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a Federal National Mortgage Association Bond maturing 01/19/07, market value of $22,179,067 (repurchase proceeds $21,752,857) 21,743,000 21,743,000 TOTAL SHORT-TERM OBLIGATION (COST OF $21,743,000) 21,743,000 TOTAL INVESTMENTS - 100.2% (COST OF $3,060,879,348)(B)(C) 3,653,727,388 OTHER ASSETS & LIABILITIES, NET - (0.2)% (6,268,423) NET ASSETS - 100.0% 3,647,458,965 Notes to Investment Portfolio: * 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 debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Cost for federal income tax purposes is $3,060,879,348. (c) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------- -------------- $645,581,871 $(52,733,831) $592,848,040 ACRONYM NAME ------- ---- ADR American Depositary Receipt REIT Real Estate Investment Trust
7 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($)* COMMON STOCKS - 97.3% CONSUMER DISCRETIONARY - 11.4% AUTO COMPONENTS - 1.6% BorgWarner, Inc. 235,100 14,254,113 Johnson Controls, Inc. 349,400 25,474,754 Auto Components Total 39,728,867 HOTELS, RESTAURANTS & LEISURE - 2.8% Brinker International, Inc. 313,350 12,114,111 Harrah's Entertainment, Inc. 222,600 15,869,154 Outback Steakhouse, Inc. 367,300 15,283,353 Starwood Hotels & Resorts Worldwide, Inc. 401,300 25,627,018 Hotels, Restaurants & Leisure Total 68,893,636 MEDIA - 0.8% Dow Jones & Co., Inc. 524,500 18,614,505 Media Total 18,614,505 MULTILINE RETAIL - 3.0% Dollar General Corp. 1,020,000 19,451,400 Federated Department Stores, Inc. 396,755 26,316,759 J.C. Penney Co., Inc. 498,200 27,699,920 Multiline Retail Total 73,468,079 SPECIALTY RETAIL - 3.2% Office Depot, Inc. (a) 781,300 24,532,820 Pacific Sunwear of California, Inc. (a) 380,900 9,492,028 Sherwin-Williams Co. 441,400 20,048,388 TJX Companies, Inc. 1,000,900 23,250,907 Specialty Retail Total 77,324,143 CONSUMER DISCRETIONARY TOTAL 278,029,230 CONSUMER STAPLES - 5.4% BEVERAGES - 1.0% Fomento Economico Mexicano SA de CV, ADR 107,300 7,780,323 Pepsi Bottling Group, Inc. 614,500 17,580,845 Beverages Total 25,361,168 FOOD & STAPLES RETAILING - 1.7% Kroger Co. (a) 989,400 18,679,872 SUPERVALU, Inc. 707,700 22,986,096 Food & Staples Retailing Total 41,665,968 FOOD PRODUCTS - 2.3% Corn Products International, Inc. 756,500 18,072,785 Dean Foods Co. (a) 631,200 23,770,992
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) FOOD PRODUCTS - (CONTINUED) Tyson Foods, Inc., Class A 841,700 14,393,070 Food Products Total 56,236,847 TOBACCO - 0.4% UST, Inc. 226,200 9,235,746 Tobacco Total 9,235,746 CONSUMER STAPLES TOTAL 132,499,729 ENERGY - 6.8% ENERGY EQUIPMENT & SERVICES - 2.8% Dresser-Rand Group, Inc. (a) 265,100 6,410,118 National-Oilwell Varco, Inc. (a) 301,508 18,904,551 Noble Corp. 154,200 10,877,268 Technip SA, ADR 205,000 12,459,900 Weatherford International Ltd. (a) 501,400 18,150,680 Energy Equipment & Services Total 66,802,517 OIL, GAS & CONSUMABLE FUELS - 4.0% Amerada Hess Corp. 94,200 11,946,444 EOG Resources, Inc. 126,500 9,281,305 Marathon Oil Corp. 145,701 8,883,390 Murphy Oil Corp. 164,200 8,865,158 Peabody Energy Corp. 148,800 12,264,096 Williams Companies, Inc. 1,208,800 28,007,896 XTO Energy, Inc. 429,521 18,873,153 Oil, Gas & Consumable Fuels Total 98,121,442 ENERGY TOTAL 164,923,959 FINANCIALS - 25.9% CAPITAL MARKETS - 1.1% Bear Stearns Companies, Inc. 229,800 26,548,794 Capital Markets Total 26,548,794 COMMERCIAL BANKS - 8.7% Bank of Hawaii Corp. 429,700 22,146,738 City National Corp. 341,300 24,723,772 Cullen/Frost Bankers, Inc. 500,950 26,890,996 Marshall & Ilsley Corp. 723,200 31,126,528 Mercantile Bankshares Corp. 345,600 19,505,664 North Fork Bancorporation, Inc. 944,323 25,836,677 UnionBanCal Corp. 282,000 19,379,040 Whitney Holding Corp. 442,300 12,189,788
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) COMMERCIAL BANKS - (CONTINUED) Zions Bancorporation 407,750 30,809,590 Commercial Banks Total 212,608,793 DIVERSIFIED FINANCIAL SERVICES - 1.0% CIT Group, Inc. 460,300 23,834,334 Diversified Financial Services Total 23,834,334 INSURANCE - 7.6% ACE Ltd. 386,700 20,665,248 Ambac Financial Group, Inc. 314,250 24,216,105 Endurance Specialty Holdings Ltd. 535,000 19,179,750 Genworth Financial, Inc., Class A 528,900 18,289,362 Hartford Financial Services Group, Inc. 154,500 13,270,005 Lincoln National Corp. 407,800 21,625,634 Loews Corp. 257,400 24,414,390 Old Republic International Corp. 723,950 19,010,927 Willis Group Holdings Ltd. 316,300 11,684,122 XL Capital Ltd., Class A 183,000 12,330,540 Insurance Total 184,686,083 REAL ESTATE - 4.6% Archstone-Smith Trust, REIT 430,700 18,042,023 Boston Properties, Inc., REIT 256,900 19,043,997 Equity Office Properties Trust, REIT 599,400 18,179,802 Host Marriott Corp., REIT 1,558,600 29,535,470 ProLogis Trust, REIT 606,800 28,349,696 Real Estate Total 113,150,988 THRIFTS & MORTGAGE FINANCE - 2.9% Golden West Financial Corp. 409,700 27,040,200 PMI Group, Inc. 646,300 26,543,541 Sovereign Bancorp, Inc. 818,200 17,689,484 Thrifts & Mortgage Finance Total 71,273,225 FINANCIALS TOTAL 632,102,217 HEALTH CARE - 5.1% BIOTECHNOLOGY - 0.2% Charles River Laboratories International, Inc. (a) 134,800 5,711,476 Biotechnology Total 5,711,476 HEALTH CARE EQUIPMENT & SUPPLIES - 1.7% Hospira, Inc. (a) 373,900 15,995,442 Millipore Corp. (a) 381,900 25,220,676 Health Care Equipment & Supplies Total 41,216,118 HEALTH CARE PROVIDERS & SERVICES - 1.6% Cigna Corp. 210,900 23,557,530
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE PROVIDERS & SERVICES - (CONTINUED) Community Health Systems, Inc. (a) 431,300 16,536,042 Health Care Providers & Services Total 40,093,572 PHARMACEUTICALS - 1.6% IVAX Corp. (a) 509,500 15,962,635 Shire Pharmaceuticals Group PLC, ADR 570,200 22,118,058 Pharmaceuticals Total 38,080,693 HEALTH CARE TOTAL 125,101,859 INDUSTRIALS - 14.3% AEROSPACE & DEFENSE - 1.7% Goodrich Corp. 638,300 26,234,130 Northrop Grumman Corp. 271,125 16,297,324 Aerospace & Defense Total 42,531,454 BUILDING PRODUCTS - 0.9% American Standard Companies, Inc. 518,200 20,702,090 Building Products Total 20,702,090 COMMERCIAL SERVICES & SUPPLIES - 2.1% ARAMARK Corp., Class B 466,000 12,945,480 Avery Dennison Corp. 243,500 13,458,245 Manpower, Inc. 284,200 13,215,300 Pitney Bowes, Inc. 294,700 12,451,075 Commercial Services & Supplies Total 52,070,100 CONSTRUCTION & ENGINEERING - 1.2% Fluor Corp. 175,100 13,528,226 Jacobs Engineering Group, Inc. (a) 222,800 15,121,436 Construction & Engineering Total 28,649,662 ELECTRICAL EQUIPMENT - 0.8% Cooper Industries Ltd., Class A 258,400 18,863,200 Electrical Equipment Total 18,863,200 INDUSTRIAL CONGLOMERATES - 1.0% Textron, Inc. 320,700 24,687,486 Industrial Conglomerates Total 24,687,486 MACHINERY - 4.6% Dover Corp. 509,400 20,625,606 Eaton Corp. 285,400 19,147,486 Harsco Corp. 188,600 12,732,386 Ingersoll-Rand Co., Ltd., Class A 563,200 22,736,384 Kennametal, Inc. 344,300 17,573,072
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) MACHINERY - (CONTINUED) Parker Hannifin Corp. 289,500 19,095,420 Machinery Total 111,910,354 ROAD & RAIL - 1.3% Burlington Northern Santa Fe Corp. 189,000 13,384,980 Norfolk Southern Corp. 421,000 18,873,430 Road & Rail Total 32,258,410 TRADING COMPANIES & DISTRIBUTORS - 0.7% United Rentals, Inc. (a) 702,100 16,422,119 Trading Companies & Distributors Total 16,422,119 INDUSTRIALS TOTAL 348,094,875 INFORMATION TECHNOLOGY - 7.1% COMPUTERS & PERIPHERALS - 0.0% Seagate Technology, Inc., Escrow Shares (b) 105,800 1,058 Computers & Peripherals Total 1,058 ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.0% Agilent Technologies, Inc. (a) 515,400 17,157,666 Arrow Electronics, Inc. (a) 778,600 24,938,558 Ingram Micro, Inc., Class A (a) 858,900 17,117,877 Mettler-Toledo International, Inc. (a) 388,000 21,417,600 Tektronix, Inc. 548,350 15,468,954 Electronic Equipment & Instruments Total 96,100,655 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% ATI Technologies, Inc. (a) 605,500 10,287,445 Cypress Semiconductor Corp. (a) 353,200 5,033,100 Fairchild Semiconductor International, Inc. (a) 559,400 9,459,454 KLA-Tencor Corp. 243,500 12,011,855 Lam Research Corp. (a) 156,900 5,598,192 MEMC Electronic Materials, Inc. (a) 442,400 9,808,008 Semiconductors & Semiconductor Equipment Total 52,198,054 SOFTWARE - 1.0% Activision, Inc. (a) 480,533 6,602,523 Cadence Design Systems, Inc. (a) 464,300 7,855,956 Electronic Arts, Inc. (a) 112,500 5,884,875
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SOFTWARE - (CONTINUED) Synopsys, Inc. (a) 196,100 3,933,766 Software Total 24,277,120 INFORMATION TECHNOLOGY TOTAL 172,576,887 MATERIALS - 10.4% CHEMICALS - 5.9% Air Products & Chemicals, Inc. 323,900 19,171,641 Ashland, Inc. 213,900 12,384,810 Celanese Corp., Series A 668,700 12,785,544 Cytec Industries, Inc. 277,200 13,203,036 Eastman Chemical Co. 226,300 11,674,817 Engelhard Corp. 309,900 9,343,485 Lubrizol Corp. 446,900 19,408,867 Nalco Holding Co. (a) 836,700 14,817,957 PPG Industries, Inc. 183,400 10,618,860 Rohm and Haas Co. 423,200 20,491,344 Chemicals Total 143,900,361 CONSTRUCTION MATERIALS - 0.6% Martin Marietta Materials, Inc. 196,500 15,075,480 Construction Materials Total 15,075,480 CONTAINERS & PACKAGING - 1.9% Bemis Co., Inc. 707,700 19,723,599 Crown Holdings, Inc. (a) 1,315,200 25,685,856 Containers & Packaging Total 45,409,455 METALS & MINING - 2.0% Alumina Ltd., ADR 573,300 12,515,139 Freeport-McMoRan Copper & Gold, Inc., Class B 234,800 12,632,240 Nucor Corp. 346,100 23,091,792 Metals & Mining Total 48,239,171 MATERIALS TOTAL 252,624,467 TELECOMMUNICATION SERVICES - 1.1% WIRELESS TELECOMMUNICATION SERVICES - 1.1% Telephone & Data Systems, Inc. 357,800 12,891,534
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) WIRELESS TELECOMMUNICATION SERVICES - (CONTINUED) Telephone & Data Systems, Inc., Special Shares 408,100 14,124,341 Wireless Telecommunication Services Total 27,015,875 TELECOMMUNICATION SERVICES TOTAL 27,015,875 UTILITIES - 9.8% ELECTRIC UTILITIES - 5.0% Edison International 504,400 21,996,884 Entergy Corp. 324,800 22,297,520 Exelon Corp. 511,300 27,170,482 FPL Group, Inc. 501,000 20,821,560 Hawaiian Electric Industries, Inc. 452,900 11,730,110 PPL Corp. 662,600 19,480,440 Electric Utilities Total 123,496,996 GAS UTILITIES - 0.5% AGL Resources, Inc. 341,100 11,873,691 Gas Utilities Total 11,873,691 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-1.3% AES Corp. (a) 810,400 12,828,632 Constellation Energy Group, Inc. 321,200 18,501,120 Independent Power Producers & Energy Traders Total 31,329,752 MULTI - UTILITIES - 3.0% Consolidated Edison, Inc. 60,700 2,812,231 DTE Energy Co. 99,100 4,280,129 Energy East Corp. 541,200 12,339,360 NSTAR 127,800 3,667,860 PG&E Corp. 853,100 31,667,072 Sempra Energy 406,800 18,240,912 Multi - Utilities Total 73,007,564 UTILITIES TOTAL 239,708,003 TOTAL COMMON STOCKS (COST OF $1,831,727,827) 2,372,677,101
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund
PAR ($) VALUE ($) CONVERTIBLE BONDS - 0.4% COMMUNICATIONS - 0.4% LUCENT TECHNOLOGIES, INC. 2.750% 06/15/25 8,670,000 8,875,913 Communications Total 8,875,913 TOTAL CONVERTIBLE BONDS (COST OF $9,871,129) 8,875,913 SHARES CONVERTIBLE PREFERRED STOCKS - 0.2% MATERIALS - 0.1% CHEMICALS - 0.1% Celanese Corp. (a) 93,100 2,606,800 Chemicals Total 2,606,800 MATERIALS TOTAL 2,606,800 FINANCIALS - 0.1% INSURANCE - 0.1% Hartford Financial Services Group, Inc. 41,600 3,208,400 Insurance Total 3,208,400 FINANCIALS TOTAL 3,208,400 TOTAL CONVERTIBLE PREFERRED STOCKS (COST OF $4,465,275) 5,815,200 PAR ($) SHORT-TERM OBLIGATION - 2.3% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Treasury Bond maturing 02/23/07, market value of $56,179,515 (repurchase proceeds $55,100,968) 55,076,000 55,076,000 TOTAL SHORT-TERM OBLIGATION (COST OF $55,076,000) 55,076,000 TOTAL INVESTMENTS - 100.2% (COST OF $1,901,140,231)(C)(D) 2,442,444,214 OTHER ASSETS & LIABILITIES, NET - (0.2)% (4,779,062) NET ASSETS - 100.0% 2,437,665,152
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Value Fund NOTES TO INVESTMENT PORTFOLIO: * 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. Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. (c) Cost for federal income tax purposes is $1,901,140,231. (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------- ------------- --------------- $560,052,468 $(18,748,485) $541,303,983 ACRONYM NAME ------- ---- ADR American Depositary Receipt REIT Real Estate Investment Trust 9 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($)* COMMERCIAL PAPER - 36.8% AMSTEL FUNDING CORP. 3.970% 01/04/06(a)(b) 250,000,000 249,917,292 3.980% 01/06/06(a)(b) 150,000,000 149,917,083 3.980% 01/18/06(a)(b) 50,000,000 49,903,431 4.330% 02/28/06(a)(b) 134,000,000 133,065,201 ATLANTIS ONE FUNDING 3.950% 02/17/06(a)(b) 19,867,000 19,765,325 3.950% 02/23/06(a)(b) 122,882,000 122,174,643 4.020% 03/21/06(a)(b) 104,000,000 103,093,958 4.020% 03/22/06(a)(b) 50,000,000 49,558,889 BAVARIA TRR CORP. 4.290% 01/06/06(a)(b) 300,000,000 299,999,587 BETA FINANCE, INC. 4.350% 02/27/06(a)(b) 85,000,000 84,414,555 CAFCO LLC 4.330% 02/13/06(a)(b) 50,000,000 49,741,403 CC USA, INC. 3.980% 02/28/06(a)(b) 62,000,000 61,606,438 CHARTA CORP. 4.330% 02/13/06(a)(b) 75,000,000 74,612,104 4.345% 02/27/06(a)(b) 100,000,000 99,312,042 4.390% 02/22/06(a)(b) 20,000,000 19,873,756 CHEYNE FINANCE LLC 4.440% 08/15/06(a)(b) 10,000,000 10,000,000 COMPASS SECURITIZATION 4.360% 01/25/06(b) 180,730,000 180,204,678 4.360% 02/23/06(b) 27,987,000 27,807,355 CONCORD MINUTEMEN CAPITAL CO. LLC 3.950% 02/15/06(a)(b) 58,091,000 57,806,354 CROWN POINT CAPITAL CO. 3.950% 02/14/06(a)(b) 199,873,000 198,915,386 CURZON FUNDING LLC (c) 05/02/06(a) 5,000,000 4,927,400 4.390% 03/13/06(a)(b) 260,000,000 257,748,906 FCAR OWNER TRUST I 4.290% 01/27/06(b) 150,000,000 149,535,250 GEMINI SECURITIZATION LLC 4.320% 02/03/06(a)(b) 50,000,000 49,802,000 GIRO BALANCED FUNDING CORP. 4.250% 02/15/06(a)(b) 110,600,000 110,012,438 4.270% 01/03/06(a)(b) 232,723,000 232,667,793
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) 4.320% 01/12/06(a)(b) 275,000,000 274,637,000 GIRO FUNDING US CORP. (c) 01/17/06(a) 25,000,000 24,954,444 3.980% 02/22/06(a)(b) 56,756,000 56,432,995 4.360% 02/27/06(a)(b) 100,000,000 99,309,667 GOTHAM FUNDING CORP. 4.310% 01/10/06(a)(b) 130,122,000 129,981,794 GRAMPIAN FUNDING LLC (c) 01/31/06(a) 20,000,000 19,931,667 (c) 03/22/06(a) 10,000,000 9,912,000 3.680% 01/06/06(a)(b) 223,000,000 222,886,022 3.920% 02/07/06(a)(b) 125,000,000 124,498,958 3.961% 01/04/06(a)(b) 75,000,000 74,975,250 4.020% 03/22/06(a)(b) 117,000,000 115,967,800 GREYHAWK CAPITAL CORP. 4.230% 02/07/06(a)(b) 145,000,000 144,369,613 4.300% 04/24/06(a)(b) 120,000,000 118,380,333 IVORY FUNDING CORP. (c) 01/03/06(a) 6,505,000 6,503,554 KLIO FUNDING CORP. 4.230% 02/08/06(a)(b) 34,580,000 34,425,600 KLIO II FUNDING CORP. 4.230% 02/08/06(a)(b) 257,614,000 256,463,753 4.350% 01/20/06(a)(b) 74,945,000 74,772,939 4.350% 01/23/06(a)(b) 125,515,000 125,181,339 4.350% 01/24/06(a)(b) 74,992,000 74,783,585 LAKE CONSTANCE FUNDING LLC 4.380% 05/04/06(a)(b) 58,000,000 57,132,030 LEXINGTON PARKER CORP. (c) 02/15/06(a) 25,000,000 24,878,125 (c) 03/14/06(a) 10,000,000 9,921,000 MORGAN STANLEY DEAN WITTER 4.280% 05/16/06(d) 100,000,000 100,000,000 4.280% 07/10/06(d) 50,000,000 50,000,000 NEW CENTER ASSET TRUST 4.250% 02/15/06(b) 200,000,000 198,937,500 ORMOND QUAY FUNDING LLC 4.266% 05/04/06(a)(b) 100,000,000 99,994,917 PARADIGM FUNDING LLC 3.980% 02/28/06(a)(b) 82,750,000 82,224,055 4.360% 02/14/06(a)(b) 147,500,000 146,715,792
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) PICAROS FUNDING LLC (c) 02/17/06(a) 15,000,000 14,923,233 4.370% 05/04/06(a)(b) 50,000,000 49,253,458 SCALDIS CAPITAL LLC (c) 03/14/06(a) 6,650,000 6,597,731 SILVER TOWER US FUNDING 3.960% 02/23/06(a)(b) 85,000,000 84,509,456 SPINTAB SWEDMORTGAGE AB 3.940% 02/27/06(b) 190,000,000 188,826,750 UBS FINANCE DELAWARE LLC 4.190% 01/03/06(d) 200,000,000 199,953,444 VICTORY RECEIVABLES CORP. 4.310% 01/12/06(a)(b) 76,366,000 76,265,430 4.360% 01/27/06(a)(b) 65,073,000 64,868,092 TOTAL COMMERCIAL PAPER (COST OF $6,289,752,593) 6,289,752,593 CORPORATE BONDS - 29.7% ALLIANCE & LEICESTER PLC 4.329% 01/08/07(d)(e) 125,000,000 125,000,000 AMERICAN EXPRESS CREDIT CORP. 4.391% 12/05/06(d) 50,000,000 50,000,000 CC USA, INC. 4.329% 01/24/06(d)(e) 207,000,000 206,997,391 CITIGROUP, INC. 5.750% 05/10/06 93,628,000 94,044,568 CULLINAN FINANCE CORP. 4.349% 08/25/06(d)(e) 200,000,000 199,993,445 4.405% 09/05/06(d)(e) 25,000,000 24,997,907 DORADA FINANCE, INC. 4.329% 01/25/06(d)(e) 120,000,000 119,998,422 FIFTH THIRD BANCORP 4.350% 01/23/07(d)(e) 20,000,000 20,000,000 GENERAL ELECTRIC CAPITAL CORP. 4.470% 01/17/07(d) 50,000,000 50,002,627 GOLDMAN SACHS GROUP, INC. 4.422% 09/13/07(a)(b) 140,000,000 140,000,000 GOLDMAN SACHS GROUP, INC. 4.429% 12/13/06(b)(f) 250,000,000 250,000,000 4.430% 04/21/06(a)(b) 70,000,000 70,000,000 GULF GATE APARTMENTS LLC LOC: Wells Fargo & Co. 4.420% 09/01/28(d) 2,000,000 2,000,000 HARRIER FINANCE FUNDING LLC 4.300% 12/08/06(d)(e) 200,000,000 199,981,264
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.315% 05/22/06(d)(e) 30,000,000 29,995,997 4.329% 06/15/06(d)(e) 50,000,000 49,999,411 4.329% 07/17/06(d)(e) 209,000,000 208,991,586 4.339% 02/27/06(d)(e) 100,000,000 99,997,616 4.339% 10/25/06(d)(e) 42,500,000 42,493,488 HBOS TREASURY SERVICES PLC 4.311% 12/29/06(d)(e) 20,000,000 20,000,000 K2 USA LLC 4.279% 06/02/06(d)(e) 40,000,000 40,002,182 4.319% 01/17/06(d)(e) 183,000,000 182,998,417 4.324% 08/15/06(d)(e) 25,000,000 24,998,452 4.334% 08/25/06(d)(e) 20,000,000 19,998,707 LINKS FINANCE LLC 4.318% 11/20/06(d)(e) 50,000,000 49,995,599 4.354% 03/15/06(d)(e) 20,000,000 20,000,466 MERRILL LYNCH & CO., INC. 4.349% 01/16/07(d) 125,000,000 125,000,000 4.450% 05/25/06(d) 55,000,000 55,018,749 4.697% 06/06/06(d) 41,500,000 41,549,476 MORGAN STANLEY 4.301% 01/03/07(d) 202,230,000 202,247,297 4.449% 01/26/07(d) 280,000,000 280,141,384 POST APARTMENT HOMES LP LOC: SunTrust Bank 4.390% 07/15/29(d) 3,085,000 3,085,000 PREMIER ASSET COLLATERALIZED ENTITY LLC 4.329% 01/17/06(d)(e) 50,000,000 50,000,000 RACERS 4.390% 08/21/06(d)(e) 40,000,000 40,000,000 RIO BRAVO LLC LOC: Wells Fargo & Co. 4.420% 12/01/33(d) 4,300,000 4,300,000 ROYAL BANK OF CANADA 4.390% 01/10/07(d) 15,000,000 15,000,000 SCHLITZ PARK ASSOCIATES II LP LOC: US Bank N.A. 4.350% 12/01/21(d) 6,580,000 6,580,000 SEDNA FINANCE, INC. 4.339% 09/15/06(d)(e) 85,000,000 85,000,000 4.340% 06/16/06(d)(e) 98,000,000 98,000,000 SIGMA FINANCE, INC. 4.000% 08/11/06(e) 12,000,000 11,993,200
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.120% 01/17/06(d)(e) 100,000,000 99,998,552 4.214% 01/23/06(d)(e) 10,000,000 10,000,283 4.317% 02/15/06(d)(e) 43,500,000 43,498,553 4.320% 11/16/06(d)(e) 100,000,000 99,993,506 4.324% 08/14/06(d)(e) 150,000,000 149,990,728 4.450% 03/10/06(d)(e) 75,000,000 74,996,635 SLM CORP. 4.435% 06/30/06(d)(e) 115,000,000 115,000,000 SMM TRUST 4.240% 01/10/06(d) 11,990,000 11,990,000 STANFIELD VICTORIA FUNDING LLC 4.319% 03/15/06(d)(e) 50,000,000 49,998,000 4.339% 06/26/06(d)(e) 100,000,000 99,989,796 4.349% 10/30/06(d)(e) 50,000,000 49,991,065 TANGO FINANCE CORP. 4.140% 01/17/06(d)(e) 25,000,000 25,000,139 4.324% 01/10/06(d)(e) 50,000,000 49,999,873 4.328% 11/20/06(d)(e) 83,500,000 83,492,590 4.369% 02/27/06(d)(e) 62,000,000 62,001,519 WELLS FARGO & CO. 4.359% 01/12/07(d)(e) 25,000,000 25,000,000 WHISTLEJACKET CAPITAL LLC 4.320% 05/15/06(d)(e) 20,000,000 19,999,264 4.329% 04/18/06(d)(e) 75,000,000 74,995,639 4.344% 10/31/06(d)(e) 100,000,000 99,985,110 4.354% 06/30/06(d)(e) 55,000,000 54,995,743 WHITE PINE FINANCE LLC 4.070% 10/06/06(d)(e) 45,000,000 44,993,050 4.134% 04/20/06(d)(e) 25,000,000 24,999,243 4.271% 04/05/06(d)(e) 5,000,000 4,999,664 4.320% 03/10/06(d)(e) 50,000,000 49,998,137 4.329% 02/15/06(d)(e) 47,000,000 46,999,431 4.330% 03/20/06(d)(e) 48,500,000 48,497,947 4.334% 10/25/06(d)(e) 190,000,000 189,973,656 TOTAL CORPORATE BONDS (COST OF $5,071,780,774) 5,071,780,774 CERTIFICATES OF DEPOSIT - 13.9% AMERICAN EXPRESS BANK FSB 4.330% 04/18/06(d) 40,000,000 40,000,000 BARCLAYS BANK PLC 4.200% 02/17/06 140,000,000 140,000,000 4.313% 06/21/06(d) 23,000,000 22,998,406
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) CERTIFICATES OF DEPOSIT - (CONTINUED) CANADIAN IMPERIAL BANK OF COMMERCE 4.429% 12/15/06(d) 50,000,000 50,000,000 4.803% 12/05/06 103,000,000 103,002,305 CREDIT SUISSE FIRST BOSTON NY 4.134% 10/18/06(d) 185,000,000 185,000,000 4.330% 05/10/06(d) 50,000,000 50,004,964 4.750% 11/07/06 135,000,000 135,000,000 DEPFA BANK PLC 4.010% 03/14/06(a)(b) 50,000,000 49,604,000 DEPFA BANK PLC NY 4.800% 12/05/06 103,000,000 103,000,000 DEUTSCHE BANK 4.102% 08/25/06 100,000,000 100,003,137 HBOS TREASURY SERVICES PLC 3.290% 03/15/06 75,000,000 75,000,000 3.370% 03/20/06 75,000,000 75,000,000 LANDESBANK HESSEN THURINGEN GIROZENTRALE 3.250% 02/17/06 105,000,000 105,000,000 3.300% 03/10/06 50,000,000 50,000,000 ROYAL BANK OF SCOTLAND 4.329% 08/30/06(d) 300,000,000 299,960,542 SOCIETE GENERALE 4.200% 09/01/06 100,000,000 100,000,000 4.250% 09/06/06 125,000,000 125,000,000 SVENSKA HANDELSBANKEN NY 4.310% 09/20/06(d) 175,000,000 174,975,053 UNICREDITO ITALIANO NY 4.005% 02/22/06 165,000,000 165,001,168 4.014% 10/03/06(d) 95,000,000 94,989,360 4.366% 08/30/06(d) 100,000,000 100,000,000 US BANK N.A. 4.310% 02/17/06(d) 30,000,000 29,999,969 TOTAL CERTIFICATES OF DEPOSIT (COST OF $2,373,538,904) 2,373,538,904 EXTENDIBLE COMMERCIAL NOTES - 6.0% CAPITAL ONE MULTI-ASSET TRUST 4.390% 03/13/06(a)(b) 100,000,000 99,134,194 CITIBANK CREDIT CARD ISSUANCE TRUST 4.300% 01/19/06(a)(b) 150,000,000 149,677,500
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) EXTENDIBLE COMMERCIAL NOTES - (CONTINUED) GEORGETOWN FUNDING CO. LLC 4.260% 01/17/06(a)(b) 75,000,000 74,858,000 4.360% 01/24/06(a)(b) 129,829,000 129,467,354 HSBC FINANCE CORP. 4.380% 02/10/06(a)(b) 125,000,000 124,391,667 4.410% 03/09/06(a)(b) 50,000,000 49,589,625 4.410% 03/13/06(a)(b) 50,000,000 49,565,125 MITTEN RFC 4.230% 01/09/06(a)(b) 200,000,000 199,812,000 MONUMENT GARDENS FUNDING LLC 4.270% 01/03/06(a)(b) 145,070,000 145,035,586 TOTAL EXTENDIBLE COMMERCIAL NOTES (COST OF $1,021,531,051) 1,021,531,051 ASSET-BACKED SECURITIES - 3.6% DAVIS SQUARE FUNDING LTD. LOC: AIG SunAmerica Institutional Fund II 4.440% 10/16/38(d)(e) 42,500,000 42,500,000 GRANITE MASTER ISSUER PLC LOC: Northern Rock PLC 4.330% 09/20/54(d) 250,000,000 250,000,000 MOUND FINANCING PLC 4.299% 11/08/06(d)(e) 70,000,000 70,000,000 PARAGON MORTGAGES PLC LOC: Paragon 4.369% 06/15/41(d)(e) 150,000,000 150,000,000 RESIDENTIAL MORTGAGE SECURITIES LOC: Barclays Bank PLC 4.372% 05/13/27(d)(e) 7,168,579 7,168,580 SATURN VENTURES II, INC. 4.391% 05/08/06(a)(d) 42,456,000 42,456,000 WINSTON FUNDING LTD. LOC: Goldman Sachs Group, Inc. 4.431% 04/23/09(d)(e) 50,000,000 50,000,000 TOTAL ASSET-BACKED SECURITIES (COST OF $612,124,580) 612,124,580 MUNICIPAL BONDS - 2.2% CALIFORNIA - 0.1% CA SAN JOSE FINANCING AUTHORITY LEASE REVENUE Series 2000 C, Insured: MBIA, SPA: Morgan Guaranty Trust 4.400% 12/01/24(d) 5,200,000 5,200,000 CA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY Vineyard Creek LP, Series 2003, LOC: Federal Home Loan Bank
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) 4.420% 12/01/36(d) 3,700,000 3,700,000 CALIFORNIA TOTAL 8,900,000 COLORADO - 0.1% CO HEALTH FACILITIES AUTHORITY Crossroads at Delta Alf, Series 2004, LOC: US Bank N.A. 4.430% 11/01/28(d) 2,705,000 2,705,000 CO HOUSING & FINANCE AUTHORITY Class 2004 B2, SPA: Dexia Credit Local 4.450% 11/01/34(d) 9,360,000 9,360,000 COLORADO TOTAL 12,065,000 CONNECTICUT - 0.1% CT HOUSING FINANCE AUTHORITY Series 2001 A-4, Insured: AMBAC, LOC: FHLB 4.380% 05/15/32(d) 14,000,000 14,000,000 CONNECTICUT TOTAL 14,000,000 KENTUCKY - 0.1% KY HARDIN COUNTY St. James Group, Inc., Series 2004, LOC: Republic Bank & Trust, LOC: Federal Home Loan Bank 4.400% 03/01/27(d) 11,240,000 11,240,000 KENTUCKY TOTAL 11,240,000 MAINE - 0.5% ME PORTLAND Series 2001, LOC: Landesbank Hessen 4.380% 06/01/26(d) 93,000,000 93,000,000 MAINE TOTAL 93,000,000 MARYLAND - 0.4% MD BALTIMORE Series 2002, Insured: FGIC, SPA: Dexia Credit Local 4.440% 07/01/32(d) 50,000,000 50,000,000 MD HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY Adventist Healthcare, Series 2004 B, LOC: LaSalle Bank N.A.
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MARYLAND - (CONTINUED) 4.400% 01/01/35(d) 17,585,000 17,585,000 MARYLAND TOTAL 67,585,000 MASSACHUSETTS - 0.1% MA HOUSING FINANCE AGENCY Series 2004 A, Insured: FSA, SBPA: Dexia Credit Local 4.450% 01/01/44(d) 8,608,000 8,608,000 MASSACHUSETTS TOTAL 8,608,000 MINNESOTA - 0.1% MN ST. PAUL HOUSING & REDEVELOPMENT AUTHORITY Series 2004, LOC: US Bank N.A. 4.430% 01/01/24(d) 21,830,000 21,830,000 MINNESOTA TOTAL 21,830,000 NEW HAMPSHIRE - 0.1% NH BUSINESS FINANCE AUTHORITY Series 2002 A, SPA: Bank of New York, 4.380% 11/01/20(d) 7,100,000 7,100,000 Series 2002 B, SPA: Bank of New York 4.380% 11/01/20(d) 10,000,000 10,000,000 NH HEALTH & EDUCATION FACILITIES AUTHORITY Series 2004, LOC: Citizens Bank of New Hampshire, LOC: Citizens Bank of Massachusetts 4.430% 12/01/08(d) 765,000 765,000 NEW HAMPSHIRE TOTAL 17,865,000 NEW YORK - 0.4% NY NEW YORK CITY Series 2001 A-9, Insured: FGIC 4.380% 11/01/23(d) 65,100,000 65,100,000 NEW YORK TOTAL 65,100,000 OHIO - 0.1% OH AIR QUALITY DEVELOPMENT AUTHORITY Series 2004 B, LOC: ABN AMRO Bank N.V. 4.450% 06/01/24(d) 13,000,000 13,000,000 OHIO TOTAL 13,000,000 TEXAS - 0.1% TX STATE Series 1994 A-2, SPA: DEPFA Bank PLC 4.400% 12/01/33(d) 100,000 100,000 Series 2003, LOC: DEPFA Bank PLC, SPA: State Street Bank & Trust Co.
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) 4.450% 12/01/23(d) 9,495,000 9,495,000 Series 2005, LOC: DEPFA Bank PLC, SPA: Dexia Credit Local 4.400% 12/01/26(d) 20,520,000 20,520,000 TEXAS TOTAL 30,115,000 WASHINGTON - 0.0% WA HOUSING FINANCE COMMISSION Vintage at Mt. Vernon, Series 2003 B, Insured: FNMA, LOC: US Bank N.A. 4.440% 01/15/37(d) 2,500,000 2,500,000 Virginia Mason Research Center, Series 1997 B, LOC: US Bank N.A. 4.430% 01/01/15(d) 1,925,000 1,925,000 WASHINGTON TOTAL 4,425,000 WISCONSIN - 0.0% WI HOUSING & ECONOMIC DEVELOPMENT AUTHORITY Home Ownership Revenue, Series 2004, LOC: Westdeutsche Landesbank, SPA: Dexia Credit Local 4.400% 09/01/35(d) 5,000,000 5,000,000 WISCONSIN TOTAL 5,000,000 TOTAL MUNICIPAL BONDS (COST OF $372,733,000) 372,733,000 TIME DEPOSIT - 1.1% CALYON 4.220% 01/03/06(d) 200,000,000 200,000,000 TOTAL TIME DEPOSIT (COST OF $200,000,000) 200,000,000 FUNDING AGREEMENTS - 0.3% GENERAL ELECTRIC CAPITAL ASSURANCE CO. 4.557% 06/08/06(b) 50,000,000 50,000,000 TOTAL FUNDING AGREEMENTS (COST OF $50,000,000) 50,000,000 REPURCHASE AGREEMENTS - 6.3% Repurchase agreement with Countrywide Securities Corp., dated 12/30/05, due on 01/03/06, at 4.290% collateralized by FNMA Bonds with maturities to 01/01/36, market value $510,000,000 (repurchase proceeds $500,238,333) 500,000,000 500,000,000
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves
Repurchase agreement with Goldman Sach & Co., dated 12/30/05, due on 01/03/06, at 4.250% collateralized by FNMA and FHLB Bonds with maturities to 12/15/10 market value $149,492,240 (repurchase proceeds $146,630,209) 146,561,000 146,561,000 Repurchase agreement with Goldman Sach & Co., dated 12/30/05, due on 01/03/06, at 4.340% collateralized by FNMA Bond and commercial papers with maturities to 12/01/35 market value $445,884,840 (repurchase proceeds $437,352,800) 437,142,000 437,142,000 TOTAL REPURCHASE AGREEMENTS (COST OF $1,083,703,000) 1,083,703,000 TOTAL INVESTMENTS - 99.9% (COST OF $17,075,163,902)(G) 17,075,163,902 OTHER ASSETS & LIABILITIES, NET - 0.1% 13,709,568 NET ASSETS - 100.0% 17,088,873,470
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At December 31, 2005, these securities, which did not include any illiquid securities except the following, amounted to $6,518,078,667, which represents 38.1% of net assets.
ACQUISITION ACQUISITION SECURITY DATE COST -------------------------------------------------------------- Goldman Sachs Group, Inc. 4.422% 09/13/17 03/07/05 140,000,000 4.430% 04/21/06 07/19/05 70,000,000 Saturn Ventures II, Inc. 4.391% 05/08/06 11/07/05 42,456,000 ------------ $252,456,000 ============
(b) The rate shown represents the annualized yield at the date of purchase. (c) Zero coupon bond. (d) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. 11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Money Market Reserves (e) 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 December 31, 2005, these securities, which did not include any illiquid securities except the following, amounted to $3,990,490,253, which represents 23.4% of net assets.
ACQUISITION ACQUISITION SECURITY DATE COST -------------------------------------------------------------- Racers 4.390% 08/21/06 08/29/05 40,000,000 Davis Square Funding Ltd. 4.440% 10/16/38 10/15/03 42,500,000 Winston Funding Ltd. 4.431% 04/23/09 05/27/03 50,000,000 ------------ $132,500,000 ============
(f) Illiquid security. (g) Cost for federal income tax purposes is $17,075,163,902.
ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. FGIC Financial Guaranty Insurance Co. FHLB Federal Home Loan Bank FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. LOC Letter of Credit MBIA MBIA Insurance Corp. SBPA Stand-by Bond Purchase Agreement SPA Stand-by Purchase Agreement
12 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Government Reserves
PAR ($) VALUE ($)* GOVERNMENT AGENCIES & OBLIGATIONS - 35.8% U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 35.8% FEDERAL FARM CREDIT BANK 4.161% 06/01/07(a) 100,000,000 99,985,850 4.161% 11/01/07(a) 10,000,000 9,996,426 4.171% 10/01/07(a) 50,000,000 49,997,861 4.210% 11/09/07(a) 100,000,000 99,979,904 4.221% 12/01/06(a) 25,000,000 25,006,205 4.236% 01/03/07(a) 25,000,000 25,005,643 4.250% 03/21/07(a) 125,000,000 124,984,753 4.250% 06/27/07 30,000,000 29,995,543 4.250% 10/03/07(a) 82,000,000 81,999,978 4.250% 10/26/07(a) 100,000,000 100,000,000 4.255% 03/20/07(a) 10,000,000 10,000,587 4.259% 10/31/07(a) 150,000,000 149,972,548 4.260% 08/09/06(a) 20,000,000 19,996,411 4.260% 02/26/07(a) 50,000,000 49,994,249 4.260% 08/02/07(a) 50,000,000 49,991,898 4.260% 08/23/07(a) 150,000,000 149,964,281 4.260% 08/24/07(a) 50,000,000 49,987,671 4.265% 08/22/07(a) 42,425,000 42,423,530 4.280% 01/25/07(a) 25,000,000 24,996,057 4.319% 06/28/06(a) 50,000,000 49,997,436 FEDERAL HOME LOAN BANK 2.000% 02/13/06 70,000,000 69,803,597 2.000% 06/16/06 10,000,000 9,902,554 2.050% 02/10/06 7,800,000 7,790,577 2.375% 02/15/06 5,000,000 4,988,335 2.500% 03/13/06 49,900,000 49,716,425 2.500% 03/30/06 23,000,000 22,925,920 2.500% 04/11/06 80,000,000 79,756,513 2.875% 05/23/06 3,350,000 3,336,009 3.000% 10/20/06 2,000,000 1,974,609 3.500% 06/06/06 7,000,000 6,985,854 3.625% 05/11/06 18,600,000 18,598,543 3.750% 01/16/07 40,000,000 39,575,062 3.875% 12/20/06 122,000,000 121,047,600 3.914% 04/04/07(a) 290,000,000 289,865,390 4.000% 08/11/06 36,000,000 36,000,000 4.150% 04/28/06 42,175,000 42,173,755 4.184% 06/02/06(a) 100,000,000 99,972,945
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Government Reserves
PAR ($) VALUE ($) GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) U.S. GOVERNMENT AGENCIES & OBLIGATIONS - (CONTINUED) 4.195% 05/10/06(a) 80,000,000 79,984,454 4.249% 07/02/07(a) 425,000,000 424,811,945 4.300% 05/22/06 8,170,000 8,168,131 4.360% 06/12/06(a) 77,000,000 76,993,013 4.360% 06/13/06(a) 148,000,000 147,947,559 4.360% 12/13/06(a) 27,000,000 26,991,607 4.371% 12/22/06(a) 10,000,000 9,994,782 4.401% 12/29/06(a) 400,000,000 399,800,347 4.404% 03/28/06(a) 100,000,000 99,987,090 5.125% 03/06/06 15,120,000 15,156,584 SALLIE MAE 5.250% 03/15/06 11,800,000 11,830,709 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 3,450,356,740 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $3,450,356,740) 3,450,356,740 SHORT-TERM OBLIGATIONS - 64.1% U.S. GOVERNMENT OBLIGATIONS - 64.1% GOVERNMENT & AGENCY DISCOUNT NOTES - 64.1% FEDERAL HOME LOAN BANK (b) 01/04/06 50,000,000 49,983,542 (b) 02/03/06 134,733,000 134,280,230 3.400% 01/03/06(c) 1,362,407,000 1,362,149,656 4.100% 01/25/06(c) 947,952,000 945,360,931 4.150% 01/27/06(c) 160,000,000 159,520,444 4.160% 01/13/06(c) 200,000,000 199,722,667 4.160% 01/18/06(c) 803,147,000 801,569,262 4.165% 01/18/06(c) 400,000,000 399,213,278 4.175% 01/13/06(c) 388,095,000 387,554,901 4.185% 01/13/06(c) 700,000,000 699,023,500 4.240% 02/15/06(c) 126,031,000 125,363,036 4.240% 02/17/06(c) 120,000,000 119,334,950 4.240% 02/22/06(c) 500,000,000 496,937,778 4.245% 02/17/06(c) 236,850,000 235,537,358
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Government Reserves
PAR ($) VALUE ($) SHORT-TERM OBLIGATIONS - (CONTINUED) U.S. GOVERNMENT OBLIGATIONS - (CONTINUED) GOVERNMENT & AGENCY DISCOUNT NOTES - (CONTINUED) 4.280% 03/08/06(c) 73,443,000 72,866,717 Government & Agency Discount Notes Total 6,188,418,250 U.S. GOVERNMENT OBLIGATIONS TOTAL 6,188,418,250 TOTAL SHORT-TERM OBLIGATIONS (COST OF $6,188,418,250) 6,188,418,250 TOTAL INVESTMENTS - 99.9% (COST OF $9,638,774,990)(D) 9,638,774,990 OTHER ASSETS & LIABILITIES, NET - 0.1% 5,044,707 NET ASSETS - 100.0% 9,643,819,697
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (b) Zero coupon bond. (c) The rate shown represents the annualized yield at the date of purchase. (d) Cost for federal income tax purposes is $9,638,774,990. 3 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Mortgage - and Asset - Backed Portfolio
PAR ($) VALUE ($)* MORTGAGE-BACKED SECURITIES - 94.8% FEDERAL HOME LOAN MORTGAGE CORP. 5.500% 10/01/20 4,875,040 4,904,612 5.500% 11/01/20 2,873,105 2,890,533 6.500% 11/01/32 46,166 47,395 TBA: 5.000% 12/01/21(a) 12,200,000 12,074,194 5.500% 12/01/36(a) 5,500,000 5,448,438 6.000% 12/01/36(a) 8,000,000 8,067,504 FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.000% 09/01/35 20,748,395 20,104,330 6.500% 05/01/32 92,702 95,272 6.500% 07/01/32 16,569 17,032 6.500% 10/01/32 22,158 22,773 6.500% 01/01/33 73,760 75,806 6.500% 05/01/33 48,822 50,185 6.500% 07/01/34 4,174,075 4,282,232 6.500% 03/01/35 3,548,473 3,640,420 7.000% 02/01/32 75,514 78,954 7.000% 06/01/32 2,861 2,985 TBA: 5.000% 12/01/21(a) 3,000,000 2,967,186 5.500% 12/01/36(a) 15,844,000 15,685,560 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.000% 03/15/31 8,968 9,416 TOTAL MORTGAGE-BACKED SECURITIES (COST OF $80,837,643) 80,464,827 ASSET-BACKED SECURITIES - 18.7% AAMES MORTGAGE INVESTMENT TRUST 4.720% 01/25/35(b) 419,436 419,487 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2.750% 10/09/07 303,247 302,592 ARIZONA EDUCATIONAL LOAN MARKETING CORP. 4.510% 12/01/13(b) 766,667 766,667 BEAR STEARNS ASSET BACKED SECURITY, INC. 4.730% 03/25/35(b) 498,880 499,010 CHASE CREDIT CARD MASTER TRUST 4.480% 02/15/11(b) 475,000 476,206 COUNTRYWIDE ASSET-BACKED CERTIFICATES 4.470% 08/25/35(b) 541,185 541,142 4.480% 07/25/35(b) 593,578 593,637 4.540% 08/25/35(b)(c) 642,587 642,716
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Mortgage - and Asset - Backed Portfolio
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) HOME EQUITY MORTGAGE TRUST 4.580% 06/25/35(b) 724,285 724,387 KEYCORP SUDENT LOAN TRUST 4.510% 07/25/29(b) 1,175,066 1,182,737 MASTR ASSET BACKED SECURITIES TRUST 4.530% 11/25/35(b) 1,580,382 1,580,793 MORGAN STANLEY ABS CAPITAL 4.460% 02/25/35(b) 380,777 380,803 4.560% 05/25/34(b) 266,690 266,706 NOVASTAR HOME EQUITY LOAN 4.510% 01/25/36(b) 1,089,212 1,089,419 ONYX ACCEPTANCE AUTO TRUST 2.400% 12/15/07 234,009 233,508 3.380% 01/15/08 767,480 765,423 RENNAISANCE HOME EQUITY LOAN TRUST 4.510% 05/25/35(b) 531,954 531,954 SLM STUDENT LOAN TRUST 4.210% 01/25/13(b) 869,774 868,957 4.230% 10/25/12(b) 208,041 208,041 4.230% 04/25/14(b) 931,039 931,471 4.240% 01/25/13(b) 226,036 226,461 4.310% 04/25/17(b) 928,515 929,833 4.360% 01/25/12(b) 891,096 893,105 STRUCTURED ASSET INVESTMENT LOAN TRUST 4.500% 03/25/35(b) 428,381 428,402 TERWIN MORTGAGE TRUST 4.830% 07/25/34(b) 325,221 328,518 TOTAL ASSET-BACKED SECURITIES (COST OF $15,814,667) 15,811,975 COLLATERALIZED MORTGAGE OBLIGATIONS - 7.3% AGENCY - 0.7% FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.000% 04/25/17 291,000 301,297 5.500% 08/25/17 304,089 306,859 AGENCY TOTAL 608,156 NON - AGENCY - 6.6% BEAR STEARNS ALT-A TRUST 4.660% 01/25/35(b) 698,572 699,298 IMPAC CMB TRUST 4.640% 04/25/35(b) 772,277 773,142 4.870% 10/25/34(b) 1,113,487 1,115,035
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Mortgage - and Asset - Backed Portfolio
PAR ($) VALUE ($) COLLATERALIZED MORTGAGE OBLIGATIONS - (CONTINUED) NON - AGENCY - (CONTINUED) 4.880% 04/25/35(b) 1,507,456 1,507,365 SACO I, INC. 4.580% 04/25/35(b) 1,484,452 1,483,815 NON - AGENCY TOTAL 5,578,655 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST OF $6,208,322) 6,186,811 COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.3% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES 5.450% 12/11/40 1,060,000 1,082,398 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST OF $1,065,770) 1,082,398 GOVERNMENT AGENCIES & OBLIGATIONS - 0.1% U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 0.1% FEDERAL HOME LOAN BANK 3.000% 05/15/06 100,000 99,416 U.S. GOVERNMENT AGENCIES & OBLIGATIONS TOTAL 99,416 TOTAL GOVERNMENT AGENCIES & OBLIGATIONS (COST OF $99,488) 99,416 SHORT-TERM OBLIGATIONS - 29.5% U.S. GOVERNMENT OBLIGATIONS - 10.6% GOVERNMENT & AGENCY DISCOUNT NOTES - 10.6% FEDERAL HOME LOAN BANK (d) 01/13/06 9,000,000 8,988,150 Government & Agency Discount Notes Total 8,988,150 REPURCHASE AGREEMENTS - 18.9% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a Government Agency Obligation maturing 05/15/07, market value of $16,371,950 (repurchase proceeds $16,057,276) 16,050,000 16,050,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $25,038,150) 25,038,150
3 TOTAL INVESTMENTS - 151.7% (COST OF $129,064,040)(E)(F) 128,683,577 OTHER ASSETS & LIABILITIES, NET - (51.7)% (43,831,631) NET ASSETS - 100.0% 84,851,946
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Security purchased on a delayed delivery basis. (b) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, the value of this security represents 0.8% of net assets. (d) Zero coupon bond. (e) Cost for federal income tax purposes is $129,064,040. (f) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION DEPRECIATION ------------ ------------ -------------- $260,739 ($641202) ($380,463) ACRONYM NAME ------- ---- TBA To Be Announced 4 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Marsico Mid Cap Growth Fund
SHARES VALUE ($)* COMMON STOCKS - 92.8% CONSUMER DISCRETIONARY - 29.4% HOTELS, RESTAURANTS & LEISURE - 19.3% Cheesecake Factory, Inc. (a) 569,765 21,303,513 Las Vegas Sands Corp. (a) 538,797 21,266,318 MGM Mirage (a) 350,168 12,840,660 Shangri-La Asia Ltd. 3,594,000 6,002,631 Station Casinos, Inc. 403,897 27,384,217 Wynn Resorts Ltd. (a) 278,561 15,279,071 Hotels, Restaurants & Leisure Total 104,076,410 HOUSEHOLD DURABLES - 2.9% Toll Brothers, Inc. (a) 462,060 16,005,758 Household Durables Total 16,005,758 MEDIA - 2.5% Getty Images, Inc. (a) 150,246 13,412,461 Media Total 13,412,461 MULTILINE RETAIL - 2.8% Nordstrom, Inc. 401,522 15,016,923 Multiline Retail Total 15,016,923 TEXTILES, APPAREL & LUXURY GOODS - 1.9% Coach, Inc. (a) 316,415 10,549,276 Textiles, Apparel & Luxury Goods Total 10,549,276 CONSUMER DISCRETIONARY TOTAL 159,060,828 CONSUMER STAPLES - 3.0% FOOD PRODUCTS - 3.0% Dean Foods Co. (a) 431,173 16,237,975 Food Products Total 16,237,975 CONSUMER STAPLES TOTAL 16,237,975 FINANCIALS - 22.1% CAPITAL MARKETS - 7.4% Crystal River Capital (b)(c) 300,129 7,503,225 Investors Financial Services Corp. 426,715 15,715,913 Jefferies Group, Inc. 370,825 16,679,709 Capital Markets Total 39,898,847 COMMERCIAL BANKS - 4.1% ICICI Bank Ltd., ADR 234,722 6,759,994 UCBH Holdings, Inc. 850,425 15,205,599 Commercial Banks Total 21,965,593 DIVERSIFIED FINANCIAL SERVICES - 3.5% Chicago Mercantile Exchange 52,057 19,130,427 Diversified Financial Services Total 19,130,427
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Marsico Mid Cap Growth Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) REAL ESTATE - 7.1% Government Properties Trust, Inc., REIT 550,867 5,139,589 KKR Financial Corp., REIT 587,026 14,082,754 Redwood Trust, Inc., REIT 60,072 2,478,570 St. Joe Co. 247,667 16,648,176 Real Estate Total 38,349,089 FINANCIALS TOTAL 119,343,956 HEALTH CARE - 15.5% BIOTECHNOLOGY - 8.7% Amylin Pharmaceuticals, Inc. (a) 782,248 31,227,340 Genzyme Corp. (a) 224,907 15,918,918 Biotechnology Total 47,146,258 HEALTH CARE EQUIPMENT & SUPPLIES - 1.0% Kyphon, Inc. (a) 131,234 5,358,284 Health Care Equipment & Supplies Total 5,358,284 HEALTH CARE PROVIDERS & SERVICES - 5.8% Humana, Inc. (a) 282,851 15,367,295 UnitedHealth Group, Inc. 255,229 15,859,948 Health Care Providers & Services Total 31,227,243 HEALTH CARE TOTAL 83,731,785 INDUSTRIALS - 11.6% AEROSPACE & DEFENSE - 5.6% Alliant Techsystems, Inc. (a) 66,819 5,089,603 Hexcel Corp. (a) 298,904 5,395,217 Precision Castparts Corp. 382,625 19,823,802 Aerospace & Defense Total 30,308,622 AIR FREIGHT & LOGISTICS - 2.4% Expeditors International of Washington, Inc. 194,704 13,144,467 Air Freight & Logistics Total 13,144,467 MACHINERY - 2.5% Cummins, Inc. 148,205 13,298,435 Machinery Total 13,298,435
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Marsico Mid Cap Growth Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) ROAD & RAIL - 1.1% Genesee & Wyoming, Inc., Class A (a) 149,346 5,607,942 Road & Rail Total 5,607,942 INDUSTRIALS TOTAL 62,359,466 INFORMATION TECHNOLOGY - 9.9% COMMUNICATIONS EQUIPMENT - 4.2% Juniper Networks, Inc. (a) 303,327 6,764,192 QUALCOMM, Inc. 310,346 13,369,706 Sycamore Networks, Inc. (a) 564,439 2,438,376 Communications Equipment Total 22,572,274 INTERNET SOFTWARE & SERVICES - 2.7% Google, Inc., Class A (a) 35,698 14,809,672 Internet Software & Services Total 14,809,672 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% Broadcom Corp., Class A (a) 344,577 16,246,806 Semiconductors & Semiconductor Equipment Total 16,246,806 INFORMATION TECHNOLOGY TOTAL 53,628,752 TELECOMMUNICATION SERVICES - 1.3% DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5% Level 3 Communications, Inc. (a) 863,372 2,477,878 Diversified Telecommunication Services Total 2,477,878 WIRELESS TELECOMMUNICATION SERVICES - 0.8% Leap Wireless International, Inc. (a) 115,512 4,375,594 Wireless Telecommunication Services Total 4,375,594 TELECOMMUNICATION SERVICES TOTAL 6,853,472 TOTAL COMMON STOCKS (COST OF $440,387,883) 501,216,234 INVESTMENT COMPANY - 4.5% SSgA Prime Money Market Fund 24,362,361 24,362,361 TOTAL INVESTMENT COMPANY (COST OF $24,362,361) 24,362,361 CONVERTIBLE PREFERRED STOCK - 1.4% FINANCIALS - 1.4% DIVERSIFIED FINANCIAL SERVICES - 1.4% Merrill Lynch & Co., Inc., 6.750% 199,144 7,756,858 Diversified Financial Services Total 7,756,858 FINANCIALS TOTAL 7,756,858 TOTAL CONVERTIBLE PREFERRED STOCK (COST OF $6,780,853) 7,756,858
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Marsico Mid Cap Growth Fund
VALUE ($) TOTAL INVESTMENTS - 98.7% (COST OF $471,531,097)(D)(E) 533,335,453 OTHER ASSETS & LIABILITIES, NET - 1.3% 6,903,272 NET ASSETS - 100.0% 540,238,725
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, the value of this security, which is not illiquid, represents 1.4% of net assets. (c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. (d) Cost for federal income tax purposes is $471,531,097. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ ------------ $73,326,602 $(11,522,246) $61,804,356 ACRONYM NAME ------- ---- ADR American Depositary Receipt REIT Real Estate Investment Trust 4 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.7% EDUCATION - 6.1% EDUCATION - 6.1% NC APPALACHIAN STATE UNIVERSITY REVENUE Series 2005, Insured: MBIA, 5.000% 07/15/21 1,485,000 1,586,010 Series 1998, Insured: MBIA, 5.000% 05/15/18 1,000,000 1,051,100 Series 2003 A, Insured: FGIC, 5.125% 05/01/18 1,000,000 1,075,270 Utility Systems Project, Series 1998, Insured: MBIA, 5.000% 05/15/12 1,000,000 1,078,480 NC CAPITAL FACILITIES FINANCE AGENCY EDUCATIONAL FACILITIES REVENUE Johnson & Wales University Project, Series 2003 A, Insured: XLCA, 5.250% 04/01/21 1,000,000 1,068,220 NC RALEIGH North Carolina State University Revenue, Series 2003 A, 5.000% 10/01/17 1,000,000 1,074,310 NC UNIVERSITY OF NORTH CAROLINA Certificates of Participation, Series 2004, Insured: AMBAC, 5.000% 06/01/12 1,705,000 1,834,307 Chapel Hill Hospital Revenue Refunding, Series 1999, Insured: AMBAC, 5.250% 02/15/12 1,690,000 1,792,177 Education Total 10,559,874 EDUCATION TOTAL 10,559,874 HEALTH CARE - 14.3% HOSPITALS - 14.3% AZ UNIVERSITY MEDICAL CENTER CORPORATION HOSPITAL REVENUE REFUNDING Series 2004, 5.250% 07/01/13 1,000,000 1,065,650 NC CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY REVENUE Carolinas Healthcare Systems Project, Series 1997 A: 5.000% 01/15/17 2,000,000 2,065,400 5.125% 01/15/22 3,000,000 3,100,950
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) NC MEDICAL CARE COMMISSION HEALTH CARE FACILITIES REVENUE Carolina Medicorp, Inc. Project, Series 1996: 5.100% 05/01/07 2,000,000 2,044,400 5.125% 05/01/08 1,715,000 1,750,243 Gaston Memorial Hospital Project: Series 1995, 5.400% 02/15/11 2,750,000 2,810,720 Series 1995, Insured: AMBAC, 5.250% 02/15/07 1,130,000 1,152,397 Hospital Revenue, Pitt County Memorial Hospital, Series 1998 B, 5.000% 12/01/18 1,000,000 1,043,200 Northeast Medical Center Project, Series 2002 A, Insured: AMBAC, 5.000% 11/01/10 1,000,000 1,065,700 Novant Health Obligation Group, Series 2003 A, 5.000% 11/01/17 3,500,000 3,680,355 Novant Health, Inc. Project, Series 1998 A, Insured: MBIA, 5.000% 10/01/08 2,605,000 2,720,480 Pitt County Memorial Hospital Project, Series 1998 B, 4.750% 12/01/28 1,000,000 1,005,190 Stanley Memorial Hospital Project, Series 1996, Insured: AMBAC, 5.250% 10/01/06 1,000,000 1,014,630 Total Hospitals 24,519,315 HEALTH CARE TOTAL 24,519,315 HOUSING - 4.2% SINGLE-FAMILY - 4.2% NC HOUSING FINANCE AGENCY REVENUE Series 1994 Y, 6.300% 09/01/15 310,000 313,159 Home Ownership Project: Series 1998 A-2, AMT, 5.200% 01/01/20 1,060,000 1,079,122 Series 1999 A-3, AMT, 5.150% 01/01/19 1,250,000 1,276,612 Series 1999 A-6, AMT, 6.000% 01/01/16 750,000 777,480 Series 2000 A-8, AMT:
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HOUSING - (CONTINUED) SINGLE-FAMILY - (CONTINUED) 5.950% 07/01/10 625,000 648,269 6.050% 07/01/12 460,000 476,735 Series 1996 A-5, AMT, 5.550% 01/01/19 2,585,000 2,663,119 Single-Family Total 7,234,496 HOUSING TOTAL 7,234,496 INDUSTRIALS - 1.4% MANUFACTURING - 0.6% NC ROBESON COUNTY Industrial Facilities, Pollution Control Revenue, Refunding, Campbell Soup Company Project, Series 1991, 6.400% 12/01/06 1,000,000 1,027,400 Manufacturing Total 1,027,400 OTHER INDUSTRIAL DEVELOPMENT BONDS - 0.8% NC MECKLENBERG COUNTY Industrial Facilities & Pollution Control Financing Authority, Flour Corporation Project, Series 1993, 5.250% 12/01/09 1,335,000 1,336,762 Other Industrial Development Bonds Total 1,336,762 INDUSTRIALS TOTAL 2,364,162 OTHER - 26.5% REFUNDED / ESCROWED (A) - 26.5% NC BRUNSWICK COUNTY Certificates of Participation, Series 2000, Pre-refunded 06/01/10, Insured: FSA, 5.500% 06/01/20 1,000,000 1,092,360 NC CABARRUS COUNTY GO, Series 1997, Pre-refunded 02/01/07, Insured: MBIA, 5.300% 02/01/13 1,500,000 1,561,965 NC CHARLOTTE GO: Series 2000, Pre-refunded 06/01/10, 5.500% 06/01/12 1,000,000 1,092,360 Water & Sewer: Series 1996, Escrowed to Maturity, 5.500% 05/01/06 1,000,000 1,007,330
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) Series 1998, Pre-refunded 02/01/08, 4.750% 02/01/12 1,855,000 1,946,989 Water & Sewer System Revenue, Series 1999, Pre-refunded 06/01/09, 5.375% 06/01/19 2,545,000 2,733,432 NC DURHAM WATER & SEWER UTILITY SYSTEM REVENUE Series 2001, Pre-refunded 06/01/11, 5.250% 06/01/16 1,000,000 1,092,930 NC EASTERN MUNICIPAL POWER AGENCY POWER SYSTEM REVENUE Series 1986 A, Escrowed to Maturity, 5.000% 01/01/17 2,165,000 2,345,041 NC IREDELL COUNTY Public Facilities Corporate Installment Payment Revenue, School Projects, Series 2000, Pre-refunded 06/01/10, 5.125% 06/01/18 2,180,000 2,348,100 NC JOHNSON COUNTY GO, Series 2000, Pre-refunded 03/01/10, Insured: FGIC: 5.500% 03/01/12 1,305,000 1,421,275 5.500% 03/01/15 1,925,000 2,113,246 5.500% 03/01/16 2,700,000 2,964,033 NC MECKLENBURG COUNTY PUBLIC IMPROVEMENT GO, Series 2000 D, Pre-refunded 01/01/10, 5.000% 04/01/11 1,800,000 1,920,852 NC MEDICAL CARE COMMISSION HOSPITAL REVENUE Duke University Hospital Project, Series 1996 C, Pre-refunded 06/01/06, 5.250% 06/01/17 2,000,000 2,016,160 NC ORANGE COUNTY PUBLIC IMPROVEMENT GO, Series 2000, Pre-refunded 04/01/10: 5.300% 04/01/17 1,000,000 1,091,080 5.300% 04/01/18 4,645,000 5,068,067 NC RALEIGH GO, Series 1996,
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) Pre-refunded 06/01/06, 5.300% 06/01/16 1,910,000 1,963,919 NC RANDOLPH COUNTY Certificates of Participation, Series 2000, Pre-refunded 06/01/09: Insured: FSA, 5.200% 06/01/12 1,000,000 1,068,430 5.300% 06/01/13 1,000,000 1,071,640 5.500% 06/01/14 2,115,000 2,280,076 5.500% 06/01/15 1,000,000 1,078,050 5.750% 06/01/22 1,350,000 1,466,181 NC WAKE COUNTY HOSPITAL REVENUE Series 1993, Escrowed to Maturity, Insured: MBIA, 5.125% 10/01/26 3,065,000 3,323,594 TN STATE Series 1999 B, Pre-refunded 05/01/09, Insured: FSA, 5.250% 05/01/17 1,325,000 1,403,904 Total Refunded / Escrowed 45,471,014 OTHER TOTAL 45,471,014 RESOURCE RECOVERY - 2.8% DISPOSAL - 2.8% NC HAYWOOD COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY SOLID WASTE DISPOSAL REVENUE Champion International Corporation Project: Series 1993, AMT, 5.500% 10/01/18 500,000 505,830 Series 1999, AMT, 6.400% 11/01/24 4,000,000 4,217,440 Disposal Total 4,723,270 RESOURCE RECOVERY TOTAL 4,723,270 TAX - BACKED - 35.2% LOCAL APPROPRIATED - 12.3% NC CABARRUS COUNTY Certificates of Participation, Installment Financing Contract, Series 2001, 5.500% 04/01/13 2,000,000 2,183,700
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL APPROPRIATED - (CONTINUED) NC CATAWBA COUNTY Certificates of Participation, Public School & Community College Project, Series 2004, Insured: MBIA, 5.250% 06/01/14 1,500,000 1,651,215 NC CHAPEL HILL Certificates of Participation, Chapel Hill Operations Center, Series 2005, 5.250% 06/01/21 1,360,000 1,466,801 NC CONCORD Certificates of Participation, Series 2001, Insured: MBIA, 5.000% 06/01/17 1,490,000 1,577,761 NC GASTON COUNTY Certificates of Participation, Series 2005, Insured: MBIA, 5.000% 12/01/15 1,350,000 1,468,017 NC GREENVILLE Certificates of Participation, Public Facilities & Equipment Project, Series 2004, Insured: AMBAC, 5.250% 06/01/22 2,180,000 2,350,476 NC IREDELL COUNTY PUBLIC FACILITIES CORPORATE INSTALLMENT PAYMENT REVENUE School Projects, Series 2000, Insured: AMBAC, 5.500% 06/01/09 1,955,000 2,089,875 NC PITT COUNTY Certificates of Participation, School Facilities Project, Series 2000 B, Insured: FSA: 5.500% 04/01/25 1,000,000 1,072,390 5.750% 04/01/16 1,390,000 1,516,421 NC RANDOLPH COUNTY Certificates of Participation: Series 2003, Insured: FSA, 5.000% 06/01/14 2,395,000 2,593,713 Series 2004, Insured: FSA: 5.000% 06/01/15 2,000,000 2,171,160 5.000% 06/01/18 1,000,000 1,076,720 Local Appropriated Total 21,218,249
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - 16.5% NC CHARLOTTE GO: Series 2002 C: 5.000% 07/01/20 1,570,000 1,663,729 5.000% 07/01/22 1,265,000 1,338,294 Series 2003, 4.250% 07/01/11 1,500,000 1,558,920 NC CRAVEN COUNTY GO, Insured: AMBAC, 5.000% 05/01/19 1,000,000 1,068,330 NC CUMBERLAND COUNTY Series 1998, Insured: FGIC, 5.000% 03/01/17 1,000,000 1,049,790 NC FORSYTH COUNTY GO, Series 2003 B, 4.750% 03/01/22 1,945,000 2,017,840 NC GASTON COUNTY GO, Series 2002, Insured: AMBAC, 5.250% 06/01/20 1,500,000 1,615,305 NC GREENSBORO PUBLIC IMPROVEMENT GO, Series 1998, 4.700% 04/01/10 1,000,000 1,038,290 NC HIGH POINT WATER & SEWER GO, Series 2002, Insured: MBIA, 4.500% 06/01/14 1,275,000 1,340,025 NC MECKLENBURG COUNTY GO: Series 1993, 6.000% 04/01/11 1,000,000 1,124,300 Series 2001 A: 5.000% 04/01/16 1,170,000 1,252,590 5.000% 04/01/17 2,000,000 2,140,320 NC NEW HANOVER GO, Series 2001: 4.600% 06/01/14 1,750,000 1,846,670 5.000% 06/01/17 2,000,000 2,142,020 NC ORANGE COUNTY PUBLIC IMPROVEMENT GO, Series 2005 A, 5.000% 04/01/22 2,000,000 2,132,560
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) NC WILMINGTON PUBLIC IMPROVEMENT GO, Series 1997 A, Insured: FGIC: 5.000% 04/01/11 1,000,000 1,039,840 5.000% 04/01/13 1,000,000 1,039,840 NC WILMINGTON Certificates of Participation: Series 1999 A, Insured: MBIA, 5.350% 06/01/24 1,550,000 1,642,504 Series 2003 A, Insured: AMBAC, 5.000% 06/01/14 1,240,000 1,332,318 Local General Obligations Total 28,383,485 SPECIAL NON - PROPERTY TAX - 0.8% NC CHARLOTTE STORM WATER FEE REVENUE Series 2002, 5.250% 06/01/15 1,315,000 1,434,481 Special Non - Property Tax Total 1,434,481 STATE APPROPRIATED - 1.2% NC INFRASTRUCTURE FINANCE CORPORATION LEASE PURCHASE REVENUE North Carolina Facilities Project, Series 2004, 5.250% 11/01/15 1,800,000 1,976,814 State Appropriated Total 1,976,814 STATE GENERAL OBLIGATIONS - 4.4% NC STATE GO, Series 2001 A, 4.750% 03/01/14 5,000,000 5,312,350 PR PUBLIC BUILDINGS AUTHORITY REVENUE Government Facilities, Series 2002, 5.250% 07/01/23 2,000,000 2,247,820 State General Obligations Total 7,560,170 TAX - BACKED TOTAL 60,573,199 TRANSPORTATION - 0.6% AIRPORTS - 0.6% NC CHARLOTTE Series 1999 B, AMT, Insured: MBIA,
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) AIRPORTS - (CONTINUED) 6.000% 07/01/24 1,000,000 1,076,190 Airports Total 1,076,190 TRANSPORTATION TOTAL 1,076,190 UTILITIES - 7.6% JOINT POWER AUTHORITY - 1.9% NC MUNICIPAL POWER AGENCY NO.1 Series 1992, Insured: MBIA, 7.250% 01/01/07 2,000,000 2,076,040 WA STATE PUBLIC POWER SUPPLY SYSTEMS REVENUE Series 1993 A, Insured: MBIA, 5.800% 07/01/07 1,150,000 1,191,573 Joint Power Authority Total 3,267,613 MUNICIPAL ELECTRIC - 3.1% NC FAYETTEVILLE PUBLIC WORKS COMMISSION REVENUE Series 1997, Insured: FSA, 5.250% 03/01/07 1,150,000 1,176,300 NC GREENVILLE UTILITIES COMMISSION REVENUE, Series 2000 A, Insured: MBIA, 5.500% 09/01/19 1,000,000 1,065,930 PR ELECTRIC POWER AUTHORITY REVENUE Series 1995 Y, Insured: MBIA, 7.000% 07/01/07 1,000,000 1,053,510 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE REFUNDING Series 2002, 5.000% 10/01/07 2,000,000 2,029,740 Municipal Electric Total 5,325,480 WATER & SEWER - 2.6% NC GREENSBORO ENTERPRISE SYSTEM REVENUE Series 1998 A: 5.000% 06/01/18 1,000,000 1,041,540 5.500% 06/01/08 1,305,000 1,370,981 NC RALEIGH COMBINED ENTERPRISE SYSTEM REVENUE Series 1996, 5.250% 03/01/07 1,000,000 1,023,450 NC UNION COUNTY Enterprise System Revenue,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Series 2003 A, Insured: FSA, 5.000% 06/01/16 1,045,000 1,112,037 Water & Sewer Total 4,548,008 UTILITIES TOTAL 13,141,101 TOTAL MUNICIPAL BONDS (COST OF $162,463,659) 169,662,621 SHARES INVESTMENT COMPANY - 0.6% Columbia Tax-Exempt Reserves, Capital Class (b) 965,000 965,000 TOTAL INVESTMENT COMPANY (COST OF $965,000) 965,000 TOTAL INVESTMENTS - 99.3% (COST OF $163,428,659)(C)(D) 170,627,621 OTHER ASSETS & LIABILITIES, NET - 0.7% 1,253,527 NET ASSETS - 100.0% 171,881,148 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (c) Cost for federal income tax purposes is $163,428,659.
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia North Carolina Intermediate Municipal Bond fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $7,566,326 $(367,364) $7,198,962 ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GO General Obligation MBIA MBIA Insurance Corp. XLCA Insured by XL Capital Assurance
11 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($)* COMMERCIAL PAPER - 31.1% ALLIANCE & LEICESTER PLC 4.390% 03/13/06(a)(b) 100,000,000 99,134,194 AMSTEL FUNDING CORP. 3.950% 01/18/06(a)(b) 375,000,000 374,275,729 3.950% 02/15/06(a)(b) 321,615,000 320,039,086 3.960% 03/24/06(a)(b) 20,000,000 19,819,600 3.970% 02/24/06(a)(b) 135,024,000 134,227,021 3.990% 02/27/06(a)(b) 184,335,000 183,182,138 4.140% 03/29/06(a)(b) 134,350,000 133,025,309 4.210% 02/06/06(a)(b) 501,650,000 499,538,053 4.330% 02/28/06(a)(b) 265,289,000 263,438,314 ATLANTIS ONE FUNDING 3.950% 02/17/06(a)(b) 80,000,000 79,590,578 3.980% 03/01/06(a)(b) 183,421,000 182,236,610 4.020% 03/22/06(a)(b) 154,567,000 153,203,376 BAVARIA TRR CORP. 4.240% 02/07/06(a)(b) 7,460,000 7,427,491 4.290% 01/06/06(a)(b) 467,000,000 466,999,358 4.350% 03/06/06(b)(c) 400,000,000 399,992,957 BAVARIA UNIVERSAL FUNDING CORP. 4.280% 02/10/06(a)(b) 12,885,000 12,823,725 4.440% 02/16/06(b)(c) 173,000,000 172,997,461 BETA FINANCE, INC. (d) 02/21/06(b) 95,500,000 94,965,598 BLUE BELL FUNDING LTD. 4.320% 01/13/06(a)(b) 225,000,000 224,676,000 CAFCO LLC 4.310% 02/16/06(a)(b) 100,000,000 99,449,278 4.310% 02/17/06(a)(b) 100,000,000 99,437,306 4.345% 02/27/06(a)(b) 100,000,000 99,312,042 CC USA, INC. 3.980% 03/22/06(a)(b) 45,000,000 44,607,000 4.020% 03/23/06(a)(b) 42,000,000 41,624,835 CHARTA CORP. 4.300% 02/07/06(a)(b) 100,000,000 99,558,056 4.370% 02/17/06(a)(b) 197,500,000 196,373,208 4.370% 02/22/06(a)(b) 80,000,000 79,495,022 4.380% 02/24/06(a)(b) 100,000,000 99,343,000 CHEYNE FINANCE US LLC 4.115% 01/20/06(a)(b) 10,000,000 9,978,282
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) COMPASS SECURITIES 4.300% 02/21/06(a)(b) 155,570,000 154,622,319 CONCORD MINUTEMEN CAPITAL CO. LLC 3.950% 02/14/06(a)(b) 152,824,000 152,091,803 4.320% 02/08/06(a)(b) 101,077,000 100,616,089 4.360% 01/19/06(a)(b) 100,737,000 100,517,393 4.433% 03/20/06(a)(b) 194,600,000 194,591,143 COUNTRYWIDE FINANCIAL CORP. 4.250% 01/03/06(a) 430,000,000 429,898,472 4.280% 01/03/06(a) 202,070,000 202,021,952 CRC FUNDING LLC 4.270% 02/21/06(a)(b) 100,000,000 99,395,083 4.270% 02/22/06(a)(b) 99,000,000 98,389,390 4.330% 02/09/06(a)(b) 100,000,000 99,530,917 CROWN POINT CAPITAL CO. 3.680% 01/12/06(a)(b) 10,000,000 9,988,756 3.950% 02/22/06(a)(b) 61,268,000 60,921,087 3.980% 01/04/06(a)(b) 77,213,000 77,187,391 4.319% 06/15/06(b)(c) 150,000,000 149,986,065 CURZON FUNDING LLC 4.020% 03/21/06(a)(b) 150,000,000 148,693,208 4.320% 05/02/06(a)(b) 5,000,000 4,927,400 4.340% 02/08/06(a)(b) 200,000,000 199,083,778 DEER VALLEY FUNDING LTD. 4.320% 01/24/06(a)(b) 98,267,000 97,995,783 4.330% 01/31/06(a)(b) 200,000,000 199,278,333 DRESDNER US FINANCE INC. (d) 02/10/06 200,000,000 199,130,000 EUREKA SECURITIZATION, INC. 4.270% 02/21/06(a)(b) 72,500,000 72,061,435 4.350% 02/22/06(a)(b) 100,000,000 99,371,667 GIRO BALANCED FUNDING CORP. (d) 04/13/06(b) 45,000,000 44,461,950 3.950% 02/10/06(a)(b) 170,000,000 169,259,556 4.040% 03/23/06(a)(b) 62,201,000 61,642,590 4.280% 01/18/06(a)(b) 42,650,000 42,563,800 4.290% 01/23/06(a)(b) 50,806,000 50,672,804 4.300% 01/27/06(a)(b) 50,831,000 50,673,141 4.320% 01/13/06(a)(b) 156,584,000 156,358,519
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) 4.339% 05/12/06(b)(c) 250,000,000 250,000,000 4.360% 02/21/06(a)(b) 108,410,000 107,740,388 GIRO FUNDING US CORP. (d) 01/17/06(b) 69,270,000 69,144,082 4.100% 01/17/06(a)(b) 6,000,000 5,989,067 4.190% 01/31/06(a)(b) 163,917,000 163,344,656 4.220% 02/08/06(a)(b) 5,000,000 4,977,728 4.300% 01/31/06(a)(b) 100,000,000 99,641,667 4.310% 01/30/06(a)(b) 150,000,000 149,479,208 GOTHAM FUNDING CORP. 4.270% 01/25/06(a)(b) 100,000,000 99,715,333 4.270% 01/31/06(a)(b) 164,300,000 163,715,366 GRAMPIAN FUNDING LLC (d) 01/05/06(b) 565,000,000 564,748,889 3.680% 01/06/06(a)(b) 482,000,000 481,753,644 3.920% 02/07/06(a)(b) 434,000,000 432,260,383 3.920% 02/17/06(a)(b) 9,000,000 8,953,940 3.940% 02/17/06(a)(b) 94,500,000 94,017,604 3.960% 03/22/06(a)(b) 10,000,000 9,912,000 4.020% 03/22/06(a)(b) 310,000,000 307,265,111 4.200% 02/17/06(a)(b) 10,000,000 9,945,167 4.270% 02/21/06(a)(b) 269,500,000 267,869,750 4.390% 03/13/06(a)(b) 167,000,000 165,554,105 GREYHAWK FUNDING LLC (d) 04/13/06(b) 100,000,000 98,804,333 3.950% 02/13/06(a)(b) 60,000,000 59,719,067 4.270% 02/14/06(a)(b) 97,500,000 96,991,158 4.280% 02/15/06(a)(b) 100,000,000 99,465,000 4.300% 04/25/06(a)(b) 134,941,000 133,103,553 4.310% 04/24/06(a)(b) 177,439,000 175,038,497 4.330% 03/01/06(a)(b) 125,000,000 124,112,951 4.340% 02/21/06(a)(b) 200,000,000 198,770,333 KLIO II FUNDING CORP. 4.170% 01/27/06(a)(b) 41,287,000 41,162,657 4.230% 02/08/06(a)(b) 50,000,000 49,766,366 4.360% 01/20/06(a)(b) 99,530,000 99,300,970 LAKE CONSTANCE FUNDING LLC 4.330% 03/01/06(a)(b) 135,300,000 134,339,859 LEXINGTON PARKER CAPITAL CORP. (d) 04/07/06(b) 200,000,000 197,792,000 3.700% 01/19/06(a)(b) 102,225,000 102,036,435 3.900% 02/15/06(a)(b) 5,000,000 4,975,625
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) 3.940% 02/16/06(a)(b) 94,056,000 93,586,086 3.950% 02/14/06(a)(b) 137,667,000 137,007,422 3.950% 03/14/06(a)(b) 10,000,000 9,921,000 3.980% 03/20/06(a)(b) 102,042,000 101,173,112 4.241% 03/01/06(b)(c) 250,000,000 249,991,843 4.290% 01/09/06(a)(b) 149,000,000 148,999,296 4.290% 03/09/06(b)(c) 375,000,000 374,985,911 4.310% 04/10/06(b)(c) 300,000,000 299,983,698 4.320% 01/20/06(a)(b) 59,000,000 58,999,694 4.320% 02/21/06(b)(c) 200,000,000 199,993,580 4.329% 04/25/06(b)(c) 150,000,000 149,988,443 MILLSTONE FUNDING LTD. 4.310% 01/19/06(a)(b) 50,000,000 49,892,250 4.310% 01/27/06(a)(b) 77,428,000 77,186,984 MORGAN STANLEY DEAN WITTER 4.280% 05/16/06(c) 380,000,000 380,000,000 4.280% 07/10/06(c) 412,000,000 412,000,000 NEW CENTER ASSET TRUST 4.260% 02/15/06(a) 240,000,000 238,722,000 4.270% 02/14/06(a) 97,500,000 96,991,158 4.340% 02/13/06(a) 200,000,000 198,963,222 ORMOND QUAY FUNDING LLC 4.334% 04/25/06(b)(c) 135,000,000 134,993,624 4.390% 03/07/06(a)(b) 75,000,000 74,405,521 PARADIGM FUNDING LLC 4.390% 03/15/06(a)(b) 350,000,000 346,884,319 PICAROS FUNDING LLC 3.920% 02/17/06(a)(b) 5,000,000 4,974,411 4.370% 05/04/06(a)(b) 90,565,000 89,212,789 PREMIER ASSET LLC 4.040% 01/25/06(a)(b) 15,000,000 14,959,600 4.120% 01/17/06(a)(b) 2,400,000 2,395,605 SCALDIS CAPITAL LLC 4.030% 01/23/06(b)(c) 5,688,000 5,673,992 4.270% 02/17/06(a)(b) 70,511,000 70,117,921 STANFIELD VICTORIA FUNDING LLC 4.260% 02/21/06(a)(b) 4,400,000 4,373,446 SUNBELT FUNDING CORP. 4.220% 02/10/06(a)(b) 164,589,000 163,817,260 4.280% 02/13/06(a)(b) 24,000,000 23,877,307 4.330% 02/08/06(a)(b) 57,573,000 57,309,859
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) COMMERCIAL PAPER - (CONTINUED) UBS FINANCE DELAWARE LLC 4.190% 01/03/06(a) 311,657,000 311,584,453 WHISTLEJACKET CAPITAL LTD. 4.310% 04/24/06(a)(b) 2,568,000 2,533,259 TOTAL COMMERCIAL PAPER (COST OF $17,873,608,408) 17,873,608,408 CORPORATE BONDS - 28.6% 1800 INDIAN WOOD LTD. LOC: Fifth Third Bank 4.490% 04/01/26(c) 1,000,000 1,000,000 20/20 CUSTOM MOLDED PLASTICS LP LOC: National City Bank 4.380% 08/01/13(c) 4,020,000 4,020,000 2320 PROPERTIES LLC LOC: Fifth Third Bank 4.490% 11/01/22(c) 1,420,000 1,420,000 2440 LLC LOC: Fifth Third Bank 4.490% 05/01/24(c)(e) 2,530,000 2,530,000 4-L CO. OF CARMEL LOC: JPMorgan Chase Bank 4.370% 11/01/13(c) 330,000 330,000 701 GREEN VALLEY ASSOCIATES LLC LOC: Wachovia Bank N.A. 4.500% 01/01/18(c) 2,100,000 2,100,000 A & M HOSPITAL CONVENTION CENTER LOC: Columbus Bank & Trust Co. 4.560% 01/01/25(c) 9,200,000 9,200,000 ABSOM LLC LOC: Fifth Third Bank 4.490% 06/01/15(c) 2,110,000 2,110,000 ACC LEASING LLC LOC: National City Bank 4.380% 05/01/23(c) 3,270,000 3,270,000 ACME PAPER & SUPPLY CO. LOC: Wachovia Bank N.A. 4.550% 09/15/20(c) 3,190,000 3,190,000 AL-FE HEAT TREATING, INC. LOC: National City Bank 4.380% 05/01/21(c) 3,000,000 3,000,000 ALLIANCE & LEICESTER PLC 4.409% 01/08/07(c)(e) 500,000,000 500,000,000 AMERICAN EXPRESS CREDIT CORP. 4.493% 04/05/06(c) 300,000,000 300,000,000 4.493% 01/05/07(c) 10,000,000 10,011,799 4.493% 03/05/08(c) 13,000,000 13,000,000 4.540% 01/19/07(c)(e) 82,000,000 82,009,446
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) AMERICAN MADE LLC LOC: National City Bank 4.380% 12/01/24(c) 5,745,000 5,745,000 ANOMATIC CORP. LOC: Fifth Third Bank 4.380% 07/01/10(c) 4,980,000 4,980,000 AQUARIUM PARKING DECK LOC: SunTrust Bank 4.370% 04/01/20(c) 6,000,000 6,000,000 ARCHBISHOP OF CINCINNATI TRUSTEE LOC: Fifth Third Bank 4.490% 04/01/23(c) 960,000 960,000 AROGAS, INC. LOC: Wachovia Bank 4.530% 12/01/10(c) 7,700,000 7,700,000 ATLANTA BREAD CO. INTERNATIONAL, INC. LOC: Columbus Bank & Trust Co. 4.560% 09/01/23(c) 1,735,000 1,735,000 ATLAS CAPITAL FUNDING CORP. 4.359% 09/25/06(c)(e) 170,000,000 170,000,000 AUTUMN HOUSE AT POWDER MILL, INC. LOC: SunTrust Bank 4.350% 02/01/28(c)(e) 1,975,000 1,975,000 AVATAR CORP. LOC: Fifth Third Bank 4.490% 05/01/39(c) 1,750,000 1,750,000 BANK OF NEW YORK CO. 4.419% 01/26/07(c)(e) 125,000,000 125,000,000 BARNES & THORNBURG LLP LOC: Fifth Third Bank 4.490% 07/01/08(c) 1,903,000 1,903,000 BARRY-WEHMILLER GROUP, INC. LOC: Fifth Third Bank 4.490% 05/01/18(c) 4,265,000 4,265,000 BASIC WATER CO. SPE1 LLC LOC: US Bank N.A. 4.390% 08/01/24(c) 17,600,000 17,600,000 BATH TECHNOLOGY ASSOCIATES LTD. LOC: National City Bank 4.380% 07/01/17(c) 1,630,000 1,630,000 BECKFIELD PROPERTIES LLC LOC: Fifth Third Bank 4.490% 12/01/24(c) 900,000 900,000 BENJAMIN ROSE INSTITUTE LOC: National City Bank 4.330% 12/01/28(c) 16,075,000 16,075,000 BERKELEY REALTY CO. LLC
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) LOC: Wachovia Bank N.A. 4.500% 03/01/22(c) 4,605,000 4,605,000 BERKS MEDICAL REALTY LP LOC: Wachovia Bank N.A. 4.450% 03/01/26(c) 4,295,000 4,295,000 BEST ONE TIRE & SERVICES LLC LOC: Fifth Third Bank 4.490% 02/01/18(c) 7,800,000 7,800,000 BETA FINANCE, INC. 4.315% 06/13/06(c)(e) 20,000,000 19,999,438 4.329% 01/24/06(c)(e) 195,000,000 194,997,543 BF FT. MYERS, INC. LOC: Fifth Third Bank 4.490% 11/01/17(c) 12,635,000 12,635,000 BLEACH TECH / LDJ SEVILLE LTD. LOC: National City Bank 4.380% 11/01/35(c) 5,035,000 5,035,000 BLUEGRASS WIRELESS LLC LOC: Fifth Third Bank 4.490% 02/01/12(c) 4,000,000 4,000,000 BOOZER LUMBER LOC: Wachovia Bank N.A. 4.450% 10/01/17 3,415,000 3,415,000 BRACALENTE'S MANUFACTURING CO., INC. LOC: Wachovia Bank N.A. 4.550% 06/01/08(c) 795,000 795,000 BRCH CORP. LOC: Wachovia Bank 4.320% 12/01/28(c) 8,000,000 8,000,000 BREWSTER DAIRY, INC. LOC: National City Bank 4.380% 04/03/23(c) 5,405,000 5,405,000 BROOKVILLE ENTERPRISES, INC. LOC: Fifth Third Bank 4.490% 10/01/25(c) 1,450,000 1,450,000 BROOKWOOD BAPTIST CHURCH LOC: AmSouth Bank N.A. 4.590% 12/01/23(c) 4,560,000 4,560,000 BROSIS FINANCE LLC LOC: Branch Banking & Trust Co. 4.480% 09/01/24(c) 9,500,000 9,500,000 BUTLER COUNTY SURGICAL PROPERTIES LLC LOC: Fifth Third Bank: 4.490% 03/01/23(c) 2,015,000 2,015,000 4.490% 07/01/25(c) 1,460,000 1,460,000 CANAL POINTE LLC OH LOC: Fifth Third Bank 4.490% 12/01/13(c) 1,300,000 1,300,000 CAPITAL MARKETS ACCESS
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) LOC: SunTrust Bank 4.370% 11/01/30(c) 9,330,000 9,330,000 CC USA, INC. 4.320% 01/17/06(c)(e) 65,000,000 64,999,429 4.329% 01/25/06(c)(e) 261,000,000 260,996,568 CCO LLC LOC: Fifth Third Bank 4.490% 09/01/24(c) 4,750,000 4,750,000 CENTRAL AVENUE PROPERTIES LTD. LOC: Fifth Third Bank 4.490% 11/01/23(c) 1,225,000 1,225,000 CENTRAL CONCRETE SUPERMIX, INC. LOC: SunTrust Bank 4.370% 05/01/21(c) 5,000,000 5,000,000 CENTRAL OHIO MEDICAL TEXTILES LOC: National City Bank 4.330% 03/01/23 (c) 12,880,000 12,880,000 CENTRAL SUPPLY CO. LOC: Fifth Third Bank 4.490% 08/01/23 (c) 3,865,000 3,865,000 CHAGRIN VALLEY PARTNERS LLC LOC: Fifth Third Bank 4.490% 11/01/13 (c) 970,000 970,000 CHATHAM CAPITAL CORP. LOC: Fifth Third Bank 4.440% 11/01/28 (c) 6,200,000 6,200,000 CHEYNE FINANCE LLC 4.349% 08/25/06 (c)(e) 100,000,000 99,993,340 4.359% 07/25/06(b)(c) 100,000,000 100,000,000 4.399% 06/26/06(b)(c) 100,000,000 100,000,000 4.399% 07/17/06(b)(c) 100,000,000 100,000,000 4.440% 08/15/06(b)(c) 9,500,000 9,500,000 CITIGROUP, INC. 4.625% 03/20/06 (c) 72,930,000 72,951,841 CLINIC BUILDING LLC LOC: National City Bank 4.380% 02/01/23 (c) 4,990,000 4,990,000 COLE INVESTMENTS LLC LOC: Fifth Third Bank 4.490% 07/01/19 (c) 1,510,000 1,510,000 COLORTECH, INC. LOC: JPMorgan Chase Bank: 4.370% 07/01/22 (c) 2,030,000 2,030,000 4.520% 07/01/22 (c) 90,000 90,000 COLUMBUS BANK & TRUST 4.459% 03/09/06 (c) 100,000,000 100,000,000
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) COMMODORE MEDICAL SERVICES LP LOC: Fifth Third Bank 4.490% 08/01/23(c) 1,405,000 1,405,000 CONESTOGA WOOD SPECIALTIES CORP. LOC: Wachovia Bank 4.430% 03/01/14(c) 12,450,000 12,450,000 CONGREGATION MKOR SHALOM LOC: Wachovia Bank 4.500% 06/01/23(c) 2,125,000 2,125,000 CORNELL IRON WORKS, INC. LOC: Wachovia Bank 4.450% 04/01/19(c) 5,580,000 5,580,000 CORSAIR TRUST 4.627% 06/30/06(c)(e) 300,000,000 300,000,000 CRESCENT PAPER TUBE CO. LOC: Fifth Third Bank 4.490% 08/01/22 (c) 3,505,000 3,505,000 CRESTMONT REALTY CORP. LOC: Fifth Third Bank 4.490% 11/01/22 (c) 4,290,000 4,290,000 CROSSPOINT COMMUNITY CHURCH LOC: AmSouth Bank N.A. 4.590% 09/01/23 (c) 4,830,000 4,830,000 CULLINAN FINANCE CORP. 4.349% 09/25/06 (c)(e) 150,000,000 150,000,000 4.405% 09/05/06(c)(e) 30,000,000 29,996,801 CUMBERLAND COLLEGE LOC: Fifth Third Bank 4.490% 10/01/23 (c) 2,600,000 2,600,000 DAPSCO, INC. LOC: Fifth Third Bank 4.490% 02/01/15 (c) 1,695,000 1,695,000 DAUPHINE ORLEANS HOTEL CORP. LOC: AmSouth Bank N.A., 4.590% 12/01/20 (c) 4,365,000 4,365,000 DEFIANCE METAL CO. LOC: AMN AMRO Bank of Chicago 4.580% 09/09/09 (c) 2,700,000 2,700,000 DELTIME LLC PROJECT LOC: National City Bank 4.380% 02/01/23 (c) 2,350,000 2,350,000 DERBY FABRICATING LLC LOC: Fifth Third Bank 4.490% 06/01/24 (c) 730,000 730,000 DIGERINOMO AGGREGATES LOC: National City Bank 4.380% 01/01/15 (c) 5,290,000 5,290,000 DJD INVESTMENTS LLC LOC: AmSouth Bank N.A.
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.590% 04/01/24 (c) 7,920,000 7,920,000 DOMINICAN SISTERS LOC: Fifth Third Bank 4.490% 10/01/23(c) 3,850,000 3,850,000 DON'S LAUNDERERS-CLEANERS, INC. LOC: Fifth Third Bank 4.490% 05/01/24(c)(e) 3,050,000 3,050,000 DORADA FINANCE, INC. 4.329% 01/25/06(c)(e) 170,000,000 169,997,764 DRIFTWOOD LANDING CORP. LOC: National City Bank 4.380% 01/15/22(c) 18,080,000 18,080,000 DUBLIN BUILDING LLC LOC: National City Bank 4.380% 11/01/18(c) 1,720,000 1,720,000 EASTRIDGE CHRISTIAN ASSEMBLY LOC: US Bank N.A. 4.510% 08/01/29(c) 7,605,000 7,605,000 EAU CLAIRE COOPERATIVE HEALTH CENTERS, INC. LOC: Columbus Bank & Trust Co. 4.610% 12/01/19(c) 2,840,000 2,840,000 EDGEWATER PARTNER LP LOC: AmSouth Bank N.A. 4.590% 05/01/29(c) 5,798,000 5,798,000 ELDER LAND DEVELOPMENT CORP. LOC: Fifth Third Bank 4.490% 09/01/23(c) 2,665,000 2,665,000 ELDER LAND DEVELOPMENT OF TAMPA BAY LOC: Fifth Third Bank 4.490% 09/01/23(c) 4,460,000 4,460,000 ENCORE COMMERCIAL DEVELOPMENT LLC LOC: Fifth Third Bank 4.490% 06/01/23(c) 1,510,000 1,510,000 EVANDALE SURGICAL PROPERTIES LLC LOC: Fifth Third Bank 4.490% 10/01/23(c) 2,225,000 2,225,000 EVANGELICAL COMMUNITY CHURCH OF BLOOMINGTON INDIANA, INC. LOC: Fifth Third Bank 4.490% 07/01/23(c) 2,390,000 2,390,000 EXAL CORP. LOC: Fifth Third Bank 4.490% 03/01/09(c) 3,200,000 3,200,000 EXECUTIVE MANAGEMENT DECISIONS, INC. LOC: Fifth Third Bank 4.490% 10/01/44(c) 895,000 895,000 FALLS VILLAGE REALTY LLC LOC: Fifth Third Bank
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.490% 12/01/29(c) 2,925,000 2,925,000 FANNIN AND FANNIN LLC LOC: Fifth Third Bank 4.490% 12/01/24(c) 1,900,000 1,900,000 FE LLC LOC: Fifth Third Bank 4.440% 04/01/28(c) 2,980,000 2,980,000 FIRST TENNESSEE BANK NATIONAL ASSOCIATION 4.460% 12/08/06(c)(e) 250,000,000 250,000,000 FIRST UNITED PENTECOSTAL CHURCH OF WEST MONROE LOC: AmSouth Bank N.A. 4.590% 03/01/23(c) 2,643,000 2,643,000 FLORIDA ORTHOPAEDIC INSTITUTE SURGERY CENTER LLC LOC: Wachovia Bank 4.500% 01/01/26(c) 3,300,000 3,300,000 FOOD SUPPLY, INC. LOC: SunTrust Bank 4.370% 05/01/24(c) 4,355,000 4,355,000 FORNELL ASSOCIATES LLC LOC: Fifth Third Bank 4.490% 07/01/23(c) 2,780,000 2,780,000 FORTUNE 5 LLC LOC: Fifth Third Bank 4.490% 05/01/21(c) 1,455,000 1,455,000 FRESH UNLIMITED, INC. LOC: Fifth Third Bank 4.490% 11/01/44(c) 980,000 980,000 GALDAY INN, INC. LOC: Wachovia Bank, 4.500% 12/01/20(c) 4,615,000 4,615,000 GENERAL ELECTRIC CAPITAL CORP. 4.570% 01/17/07(c) 13,000,000 13,000,000 GLOBAL PROPERTIES HOLDINGS, INC. LOC: Fifth Third Bank 4.490% 05/01/25(c) 6,500,000 6,500,000 GOLDMAN SACHS GROUP, INC. 4.429% 12/13/06(a)(f) 675,000,000 675,000,000 4.430% 08/16/06(c)(f) 200,000,000 200,000,000 4.490% 12/15/06(c)(e) 219,500,000 219,509,403 4.502% 09/13/07(a)(b) 510,000,000 510,000,000 4.570% 04/21/06(a)(b) 430,000,000 430,000,000 4.781% 04/20/06(c) 80,000,000 80,047,857 GRAND RAPIDS CHRISTIAN SCHOOL ASSOCIATION LOC: Fifth Third Bank 4.490% 09/01/28(c) 4,120,000 4,120,000
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) GREEN STREET SURGERY CENTER LLC LOC: National City Bank 4.330% 03/01/23 4,845,000 4,845,000(C) GREENBRIER PARTNERS LLC LOC: Columbus Bank & Trust Co. 4.560% 08/01/19(c) 3,360,000 3,360,000 GREENE RIVER PACKING, INC. LOC: Wachovia Bank 4.500% 11/01/16(c) 1,300,000 1,300,000 HAN SUNG INDUSTRIES LLC LOC: Wachovia Bank 4.500% 06/01/21(c) 3,030,000 3,030,000 HARBOR PLAZA LLC LOC: FHLB 4.490% 07/01/49(c) 2,000,000 2,000,000 HARLAN DEVELOPMENT CO. LOC: Fifth Third Bank 4.490% 12/01/23(c) 7,260,200 7,260,200 HARRIER FINANCE FUNDING LLC 4.340% 01/17/06(c)(e) 115,000,000 114,999,747 4.430% 06/15/06(c)(e) 100,000,000 99,998,821 HERMAN & KITTLE CAPITAL LLC LOC: FHLB 4.400% 02/01/37(c) 4,250,000 4,250,000 HOSPITAL LAUNDRY SERVICES, INC. LOC: Wachovia Bank 4.530% 08/01/23 6,895,000 6,895,000 HUDSON MONTESSORI SCHOOL PROJECT LOC: National City Bank 4.380% 07/01/30(c) 3,090,000 3,090,000 ICE LAND USA, LTD. LOC: Fifth Third Bank 4.490% 08/01/22(c) 2,595,000 2,595,000 IMAGING BUSINESS MACHINES LLC LOC: AmSouth Bank N.A. 4.519% 07/01/24(c) 4,095,000 4,095,000 IRISH LIFE & PERMANENT PLC 4.530% 01/22/07(c)(e) 400,000,000 400,000,000 JACKSON NATIONAL LIFE GLOBAL FUNDING 4.519% 01/24/07(c)(e) 300,000,000 300,000,000 JACKSON TUBE SERVICE, INC. LOC: Wachovia Bank 4.500% 12/01/15(c) 3,030,000 3,030,000 JAMES A. MARIN & DONNA F. MARTIN LOC: Wachovia Bank 4.450% 07/01/20(c) 6,700,000 6,700,000 JMB REALTY CORP.
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) LOC: Wachovia Bank 4.490% 05/01/22(c) 2,285,000 2,285,000 JOE HOLLAND CHEVROLET, INC. LOC: Wachovia Bank 4.490% 07/01/24(c) 3,150,000 3,150,000 JOHNSON BIBLE COLLEGE LOC: AmSouth Bank N.A. 4.590% 09/01/18(c) 2,000,000 2,000,000 JOHNSON RESEARCH & DEVELOPMENT CO., INC. LOC: Wachovia Bank 4.500% 09/01/16(c) 4,920,000 4,920,000 JX ENTERPRISES GROUP LOC: JPMorgan Chase Bank 4.370% 07/01/14(c) 135,000 135,000 K2 USA LLC 4.329% 01/24/06(c)(e) 130,000,000 129,998,362 4.334% 08/25/06(c)(e) 80,000,000 79,994,827 4.334% 09/25/06(c)(e) 90,000,000 89,989,654 4.335% 02/01/06(c)(e) 100,000,000 99,998,301 4.340% 11/15/06(c)(e) 150,000,000 150,028,699 4.350% 02/06/06(c)(e) 125,000,000 124,997,466 4.369% 02/08/06(c)(e) 118,000,000 117,997,543 4.420% 06/15/06(c)(e) 150,000,000 149,989,667 4.460% 02/15/06(c)(e) 100,000,000 100,002,159 4.488% 06/22/06(c)(e) 250,000,000 250,014,608 KEATING MUETHING & KLEKAMP LOC: Wachovia Bank 4.490% 11/01/24(c) 1,000,000 1,000,000 KENWOOD LINCOLN-MERCURY LOC: National City Bank 4.380% 05/01/15(c) 4,655,000 4,655,000 KEYES CO. LOC: SunTrust Bank 4.350% 06/01/18(c) 5,760,000 5,760,000 KINGSTON CARE CENTER OF SYLVANIA LOC: JPMorgan Chase Bank 4.370% 05/01/33(c) 11,675,000 11,675,000 L & H HOLDINGS LLC LOC: Wachovia Bank 4.650% 12/01/24(c) 2,680,000 2,680,000 L.E. POPE BUILDING CO. LOC: Wachovia Bank 4.480% 11/01/13 11,440,000 11,440,000 LAIRD BROTHERS LLC LOC: Wachovia Bank 4.490% 02/01/28(c) 3,560,000 3,560,000 LEE FAMILY PARTNERSHIP LLC
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) LOC: Wachovia Bank 4.490% 06/01/34(c) 4,525,000 4,525,000 LEHMANN PROPERTY GROUP LLC LOC: Wachovia Bank 4.490% 04/01/55(c) 2,500,000 2,500,000 LIBERTY LIGHTHOUSE CO. LLC 3.440% 03/01/06(e) 99,000,000 99,000,000 4.176% 01/27/06(c)(e) 50,000,000 49,998,285 4.339% 04/28/06(c)(e) 50,000,000 49,998,393 4.350% 02/01/06(c)(e) 50,000,000 49,999,788 4.350% 02/02/06(c)(e) 100,000,000 99,999,123 4.358% 04/05/06(c)(e) 100,000,000 99,997,425 4.435% 02/14/06(c)(e) 25,000,000 24,999,849 4.435% 03/15/06(c)(e) 100,000,000 99,999,000 4.440% 04/18/06(c)(e) 50,000,000 49,997,069 4.475% 03/22/06(c)(e) 100,000,000 99,998,904 LINCOLN PARK ASSOCIATES LP LOC: National City Bank 4.450% 11/01/22(c) 11,915,000 11,915,000 LINKS FINANCE LLC 4.334% 08/25/06(c)(e) 250,000,000 249,983,836 4.334% 10/25/06(c)(e) 100,000,000 99,991,863 4.335% 02/01/06(c)(e) 200,000,000 199,996,603 4.344% 09/01/06(c)(e) 100,000,000 99,993,342 4.374% 12/08/06(c)(e) 150,000,000 149,978,979 4.425% 10/16/06(c)(e) 18,000,000 17,997,088 4.465% 08/22/06(c)(e) 100,000,000 99,993,616 4.590% 04/13/06(c)(e) 40,000,000 40,002,770 LOFT QUEST LLC LOC: LaSalle National Bank 4.530% 06/01/27(c) 7,795,000 7,795,000 LONG TERM CAPITAL LLC LOC: Wachovia Bank 4.500% 05/01/18(c) 2,995,000 2,995,000 LP PINEWOOD SPV LLC LOC: Wachovia Bank 4.400% 02/01/18(c) 100,700,000 100,700,000 LRC MEADOWS INVESTORS LLC LOC: JPMorgan Chase Bank 4.540% 12/01/34(c) 1,300,000 1,300,000 LTC INVESTORS LLC LOC: National City Bank 4.490% 11/01/24(c) 2,275,000 2,275,000 M&P RICHFIELD LLC LOC: US Bank N.A.
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.380% 10/01/28(c) 1,980,000 1,980,000 MACATAWA CAPITAL PARTNERS LLC LOC: Wachovia Bank 4.600% 04/01/29(c) 165,000 165,000 MANOR HOMES HOLDINGS LLC LOC: Wachovia Bank 4.490% 06/01/23(c) 5,030,000 5,030,000 MARITAL TRUST LOC: AmSouth Bank N.A. 4.590% 12/01/09(c) 3,000,000 3,000,000 MARSH ENTERPRISE LLC LOC: Fifth Third Bank 4.440% 01/01/28(c) 7,740,000 7,740,000 MAX DAETWYLER CORP. LOC: Wachovia Bank 4.600% 07/01/13(c) 1,500,000 1,500,000 MERRILL LYNCH & CO., INC. 4.450% 01/16/07(c) 625,000,000 625,000,000 4.551% 06/16/06(c) 245,255,000 245,364,756 MEYER COOKWARE INDUSTRIES, INC. LOC: Banque National de Paris NY 4.350% 05/01/27(c) 6,655,000 6,655,000 MICHAEL J. BARRY LOC: AmSouth Bank N.A. 4.590% 11/01/24(c) 5,725,000 5,725,000 MICHIGAN EQUITY GROUP LLC LOC: Fifth Third Bank: 4.490% 04/01/34(c) 1,350,000 1,350,000 4.490% 04/01/34(c) 4,540,000 4,540,000 MIDTOWN CHURCH OF CHRIST LOC: Wachovia Bank 4.600% 11/01/22(c) 2,250,000 2,250,000 MORGAN STANLEY 4.375% 01/03/07(c) 677,200,000 677,213,986 4.420% 01/04/07(c) 499,000,000 499,108,923 4.449% 01/26/07(c) 180,200,000 180,251,005 MRN LP LOC: US Bank N.A.: 4.380% 10/01/13(c) 3,785,000 3,785,000 4.380% 12/01/33(c) 11,671,000 11,671,000 MULTIMETCO, INC. LOC: AmSouth Bank N.A. 4.500% 09/01/18(c) 2,715,000 2,715,000 NEBAR INVESTMENTS LLC LOC: Fifth Third Bank 4.490% 07/01/50(c) 2,000,000 2,000,000 NEIGHBORHOOD PROPERTIES, INC. LOC: Fifth Third Bank
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.490% 09/01/23(c) 2,115,000 2,115,000 NESS FAMILY PARTNERS LP LOC: Banque National de Paris NY 4.360% 09/01/34(c) 6,026,294 6,026,294 NEW LEXINGTON CLINIC PSC LOC: Fifth Third Bank 4.490% 05/01/18(c) 3,700,000 3,700,000 NEW MEDIA TECHNOLOGY LLC 4.420% 10/01/35(c)(e) 20,000,000 20,000,000 NICK AND NAT PROPERTIES LLC LOC: Fifth Third Bank 4.490% 05/01/25(c) 11,875,000 11,875,000 NOSAM LLC LOC: Wachovia Bank 4.400% 04/01/24(c) 3,395,000 3,395,000 OHIO VENTURE CAPITAL FUNDING LLC LOC: Fifth Third Bank 4.490% 12/01/16(c) 5,000,000 5,000,000 OKOLONA CHRISTIAN CHURCH PROJECT LOC: National City Bank 4.380% 11/01/22(c) 7,200,000 7,200,000 PARK STATE PROPERTIES I LLC LOC: US Bank N.A., 4.440% 11/01/34(c) 13,500,000 13,500,000 PEARLSTINE DISTRIBUTORS, INC. LOC: Wachovia Bank 4.450% 03/01/23(c) 4,265,000 4,265,000 PERSIMMON RIDGE GOLF COURSE LOC: Fifth Third Bank 4.490% 04/01/14(c) 3,080,000 3,080,000 PETITTI ENTERPRISE, INC. LOC: Fifth Third Bank 4.490% 08/01/23(c) 2,075,000 2,075,000 PHYSICIANS MEDICAL PLAZA LLC LOC: Fifth Third Bank 4.490% 12/01/24(c) 995,600 995,600 PIKE STREET PROPERTIES LLC LOC: Fifth Third Bank 4.490% 12/01/23(c) 2,395,000 2,395,000 PILOT DRIVE PROPERTIES LLC LOC: JPMorgan Chase Bank 4.370% 02/01/35(c) 8,000,000 8,000,000 PINEVIEW ESTATES LC LOC: Fifth Third Bank 4.440% 01/01/23(c) 3,000,000 3,000,000 POMEROY INVESTMENTS LLC LOC: Fifth Third Bank 4.490% 06/01/22(c) 2,275,000 2,275,000
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) PRECISION RADIOTHERAPY LLC LOC: Fifth Third Bank 4.490% 08/01/18(c) 2,300,000 2,300,000 PREMIER ASSET COLLATERALIZED ENTITY LLC 4.329% 01/17/06(c)(e) 60,000,000 60,000,000 4.358% 09/01/06(c)(e) 50,000,000 49,996,671 4.379% 09/06/06(c)(e) 50,000,000 49,996,593 4.435% 02/15/06(c)(e) 13,000,000 12,999,763 PREVEA CLINIC, INC. LOC: Wells Fargo & Co. 4.440% 12/01/34(c) 4,000,000 4,000,000 PRL CORP. LOC: Fifth Third Bank 4.370% 07/01/21(c) 4,898,000 4,898,000 PS GREETINGS, INC. LOC: ABN AMRO Bank of Chicago 4.480% 12/01/33(c) 965,000 965,000 RACERS 4.390% 08/21/06(c)(e) 184,000,000 184,000,000 RDR INVESTMENT CO. LLC LOC: Wachovia Bank 4.600% 11/01/19(c) 1,500,000 1,500,000 RED LION EVANGELICAL ASSOCIATION, INC. LOC: Wachovia Bank 4.600% 01/01/25(c) 1,085,000 1,085,000 REDCAY FUNDING LLC LOC: Royal Bank of Scotland 4.390% 09/01/30(c) 12,590,000 12,590,000 LOC: SunTrust Bank: 4.390% 11/01/25(c) 2,145,000 2,145,000 4.390% 10/01/30(c) 1,675,000 1,675,000 RH SHEPPARD CO., INC. LOC: Wachovia Bank 4.400% 06/01/11(c) 27,380,000 27,380,000 ROBB & STUCKY LTD. LOC: Wachovia Bank 4.450% 09/04/18(c) 8,900,000 8,900,000 ROGERS, INC. LOC: Fifth Third Bank 4.490% 10/01/39(c) 2,835,000 2,835,000 ROYCE G. PULLIAM M&A LLC LOC: Fifth Third Bank: 4.380% 08/01/23(c) 5,700,000 5,700,000 4.380% 08/01/25(c) 1,060,000 1,060,000 RT ANDERSON LLC LOC: Regions Bank 4.540% 01/01/29(c) 5,880,000 5,880,000 S&S FIRESTONE, INC.
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) LOC: JPMorgan Chase Bank 4.370% 12/01/33(c) 9,130,000 9,130,000 SAHTOOMA LLC LOC: Wachovia Bank 4.500% 04/01/15(c) 4,100,000 4,100,000 SCHLITZ PARK ASSOCIATES II LP LOC: US Bank N.A. 4.320% 12/01/21(c) 6,600,000 6,600,000 SCHULTE CORP. LOC: Fifth Third Bank 4.490% 09/01/24(c) 2,900,000 2,900,000 SECURITY SELF-STORAGE, INC. LOC: Fifth Third Bank 4.490% 05/01/35(c) 2,800,000 2,800,000 SEDNA FINANCE, INC. 4.435% 10/16/06(c)(e) 194,500,000 194,491,453 SERVAAS, INC. LOC: Fifth Third Bank 4.490% 03/01/13(c) 5,190,000 5,190,000 SEVENTH AVENUE ASSOCIATES LOC: National City Bank 4.380% 01/01/27(c) 6,595,000 6,595,000 SHEPHARD FAMILY TRUST LOC: Columbus Bank & Trust Co. 4.560% 05/01/24(c) 9,115,000 9,115,000 SHEPHERD CAPITAL LLC LOC: Wachovia Bank 4.550% 03/15/49(c) 1,875,000 1,875,000 SIGMA FINANCE, INC. 4.000% 08/11/06(e) 15,000,000 14,991,500 4.430% 05/18/06(c)(e) 200,000,000 200,000,000 4.320% 11/16/06(c)(e) 400,000,000 399,974,026 4.320% 11/17/06(c)(e) 100,000,000 99,991,233 4.320% 11/22/06(c)(e) 100,000,000 99,991,096 4.324% 01/27/06(c)(e) 200,000,000 199,995,738 4.425% 08/14/06(c)(e) 100,000,000 99,993,819 4.430% 05/18/06(c)(e) 173,000,000 172,993,507 4.430% 08/17/06(c)(e) 250,000,000 249,988,365 4.450% 05/23/06(c)(e) 50,000,000 49,998,055 SJD SERVICE CO. LOC: Fifth Third Bank 4.490% 10/01/23(c) 2,745,000 2,745,000 SKELETAL PROPERTIES LLC LOC: Fifth Third Bank: 4.490% 11/01/14(c) 1,820,000 1,820,000 4.490% 06/01/34(c) 900,000 900,000
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) SLM CORP. 4.341% 06/30/06(c) 100,000,000 100,000,000 4.490% 01/19/07(c)(e) 162,000,000 162,015,475 SMITH OF GEORGIA LLC LOC: Fifth Third Bank 4.490% 12/01/24(c) 11,170,000 11,170,000 SMM TRUST 4.110% 01/10/06(c)(e) 66,736,000 66,736,000 SOUTH BEND MAC LP LOC: LaSalle National Bank 4.350% 12/01/27(c) 6,832,000 6,832,000 SOUTH GEORGIA MOTOR SPORTS PARK LLC LOC: Columbus Bank & Trust Co. 4.460% 06/01/24(c) 3,775,000 3,775,000 SOUTHLAND TUBE, INC. LOC: Wachovia Bank 4.580% 06/01/10(c) 5,375,000 5,375,000 SOUTHTOWN PARTNERS LLC LOC: Fifth Third Bank 4.490% 12/01/44(c) 1,922,500 1,922,500 SPARTAN MEDICAL FACILITY LOC: Fifth Third Bank 4.490% 12/01/26(c) 1,500,000 1,500,000 SPRINGSIDE CORP. EXCHANGE PARTNERS I LLC LOC: US Bank N.A. 4.380% 02/01/36(c) 2,160,000 2,160,000 ST. GEORGE WELLNESS CENTER LOC: Northern Trust Co. 4.300% 09/01/40(c) 20,000,000 20,000,000 STANFIELD VICTORIA FUNDING LLC 4.329% 03/27/06(c)(e) 100,000,000 99,995,426 4.329% 04/21/06(c)(e) 100,000,000 99,993,786 4.339% 11/27/06(c)(e) 100,000,000 99,982,162 4.380% 03/10/06 (e) 100,000,000 99,998,137 STATE CREST LTD. LOC: Fifth Third Bank 4.490% 06/12/23 (c) 1,200,000 1,200,000 STEPHENS & STEPHENS XII LLC LOC: Bank of the West 4.360% 01/01/35(c) 2,700,000 2,700,000 SUMNER MEDICAL PLAZA LLC LOC: Fifth Third Bank 4.490% 10/01/10(c) 3,335,000 3,335,000 SUNCOAST BEVERAGE SALES LP LOC: Wachovia Bank 4.430% 06/01/16(c)(e) 16,720,000 16,720,000 SUPREME BEVERAGE CO. LOC: AmSouth Bank N.A.
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) 4.590% 04/01/19(c) 5,400,000 5,400,000 SUSPA, INC. LOC: Fifth Third Bank 4.540% 02/01/25(c) 750,000 750,000 TACK CAPITAL CO. LOC: Wachovia Bank 4.400% 06/01/31(c) 9,435,000 9,435,000 TALONS LAKE LLC LOC: Columbus Bank & Trust Co. 4.560% 06/01/29(c) 540,000 540,000 TANGO FINANCE CORP. 4.140% 01/17/06(c)(e) 20,000,000 20,000,111 4.300% 11/13/06(c)(e) 87,000,000 86,992,570 4.329% 01/17/06(c)(e) 75,000,000 74,999,670 4.330% 01/20/06(c)(e) 50,000,000 49,999,739 4.360% 08/08/06(c)(e) 50,000,000 49,997,000 4.475% 03/22/06(c)(e) 66,000,000 65,999,277 TEMPLE BETH AHM LOC: Wachovia Bank 4.550% 12/01/21(c) 2,030,000 2,030,000 TEXAS DISPOSAL SYSTEMS LOC: JPMorgan Chase Bank 4.330% 05/01/12(c) 6,700,000 6,700,000 TIM-BAR CORP. LOC: Wachovia Bank 4.500% 08/01/07(c) 4,985,000 4,985,000 TIRELESS CORP. LOC: Fifth Third Bank 4.490% 04/01/19(c) 2,310,000 2,310,000 TITAN HOLDINGS GROUP LLC LOC: Fifth Third Bank 4.490% 05/01/12(c) 1,350,000 1,350,000 TURF VALLEY, INC. LOC: Wachovia Bank 4.480% 08/01/14(c) 7,492,000 7,492,000 UNION HOSPITAL, INC. LOC: Fifth Third Bank 4.490% 09/01/25(c) 2,100,000 2,100,000 UNITED STEEL DECK, INC. LOC: Wachovia Bank 4.450% 10/01/14(c) 6,100,000 6,100,000 VALLEYDALE BAPTIST CHURCH LOC: AmSouth Bank N.A. 4.590% 12/01/23(c) 15,130,000 15,130,000 VANCOUVER CLINIC BUILDING LLC LOC: US Bank N.A. 4.400% 02/01/25(c) 5,000,000 5,000,000
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CORPORATE BONDS - (CONTINUED) VENEZIA ENTERPRISES LP LOC: Wachovia Bank 4.450% 06/01/21(c) 3,825,000 3,825,000 WELLSTONE MILLS LLC LOC: PNC Bank Co. 4.490% 12/15/24(c)(e) 9,200,000 9,200,000 WEST COAST PACK LLC LOC: LaSalle National Bank 4.360% 07/01/35(c) 3,400,000 3,400,000 WEST RIDGE ENTERPRISES LOC: Wachovia Bank 4.500% 12/01/13(c) 6,300,000 6,300,000 WHISTLEJACKET CAPITAL LLC 4.320% 05/15/06(c)(e) 11,000,000 10,999,595 4.374% 11/09/06(c)(e) 100,000,000 99,987,178 WHITE PINE FINANCE LLC 4.339% 02/27/06(c)(e) 45,000,000 44,998,524 4.339% 04/25/06(c)(e) 85,000,000 84,997,906 4.358% 02/06/06(c)(e) 50,000,000 49,999,531 4.400% 03/13/06(c)(e) 50,000,000 49,998,053 4.420% 08/15/06(c)(e) 150,000,000 149,981,425 4.430% 02/15/06(c)(e) 128,000,000 127,997,389 4.450% 04/20/06(c)(e) 50,000,000 49,998,581 4.561% 04/20/06(c)(e) 7,000,000 6,999,599 WILSON REAL ESTATE II LOC: National City Bank 4.380% 10/01/30(c) 2,925,000 2,925,000 WORD OF DELIVERANCE MINISTRIES FOR THE WORLD LOC: Fifth Third Bank 4.490% 12/01/24(c) 2,000,000 2,000,000 YMBK AT BEAVERCREEK LOC: Fifth Third Bank 4.490% 07/01/30(c) 4,890,000 4,890,000 ZANG SKIDMORE, INC. LOC: Fifth Third Bank 4.400% 09/01/23(c) 2,100,000 2,100,000 ZOOLOGICAL SOCIETY OF PHILADELPHIA LOC: Wachovia Bank 4.450% 06/01/18(c) 8,970,000 8,970,000 TOTAL CORPORATE BONDS (COST OF $16,480,151,233) 16,480,151,233 CERTIFICATES OF DEPOSIT - 22.7% AMERICAN EXPRESS BANK FSB 4.440% 04/18/06(c) 100,500,000 100,500,000 AMERICAN EXPRESS CENTURION BANK
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CERTIFICATES OF DEPOSIT - (CONTINUED) 4.440% 04/18/06(c) 94,500,000 94,500,000 BANK TOKYO MITSUBISHI LTD. 4.770% 12/29/06 600,000,000 600,000,000 BANK TOKYO MITSUBISHI NY 4.850% 01/03/07 480,650,000 480,650,000 BARCLAYS BANK PLC 4.200% 02/17/06(c) 550,000,000 550,000,000 4.060% 07/25/06 250,000,000 250,000,000 BARCLAYS BANK PLC NY 4.453% 06/21/06(c) 20,000,000 19,998,581 CALYON 4.220% 01/03/06(c) 300,000,000 300,000,000 CANADIAN IMPERIAL BANK OF COMMERCE 4.803% 12/05/06 50,000,000 49,991,879 4.800% 12/05/06 382,250,000 382,258,555 4.530% 03/15/08(c) 20,000,000 20,000,000 CITIBANK NEW YORK N.A. 4.340% 02/17/06 91,500,000 91,500,000 CREDIT SUISSE FIRST BOSTON NY 4.330% 05/10/06(c) 100,000,000 100,009,928 4.575% 10/18/06(c) 800,000,000 800,000,000 4.750% 11/07/06 583,000,000 583,000,000 DEPFA BANK PLC 4.800% 12/05/06(c) 371,250,000 371,250,000 4.501% 12/15/06(c) 125,000,000 125,032,594 DEUTSCHE BANK NY 4.010% 02/28/06 100,000,000 100,000,000 4.105% 08/25/06 492,000,000 492,015,434 HBOS TREASURY SERVICES PLC 3.290% 03/15/06 420,000,000 420,000,000 3.370% 03/20/06 175,000,000 175,000,000 LANDESBANK BADEN-WUERTTEMBERG GIROZENTRALE 4.467% 09/29/06(c) 75,000,000 74,971,285 LANDESBANK HESSEN THURINGEN GIROZENTRALE 3.250% 02/17/06 885,000,000 885,000,000 3.300% 03/10/06 450,000,000 450,000,000 3.373% 03/20/06 250,000,000 250,001,306 NATEXIS BANQUES POPULAIRES 4.000% 02/28/06 500,000,000 500,000,000 4.105% 07/31/06 250,000,000 249,992,813
22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) CERTIFICATES OF DEPOSIT - (CONTINUED) ROYAL BANK OF CANADA NY 4.431% 12/22/06(c) 453,500,000 453,345,231 ROYAL BANK OF SCOTLAND 4.329% 08/30/06(c) 200,000,000 199,973,695 SOCIETE GENERALE 4.200% 09/01/06 500,000,000 500,000,000 4.250% 09/06/06 575,000,000 575,000,000 SVENSKA HANDELSBANKEN 4.430% 09/20/06(c) 800,000,000 799,885,955 UNICREDITO ITALIANO NY 4.005% 02/22/06(c) 835,000,000 835,005,767 4.459% 03/28/06(c) 80,000,000 79,986,530 4.366% 08/30/06(c) 380,000,000 380,000,000 4.490% 10/03/06(c) 405,000,000 404,954,641 US BANK N.A. 4.310% 02/17/06(c) 17,000,000 16,999,981 WELLS FARGO & CO. 4.390% 01/12/06(c) 275,000,000 275,000,000 4.460% 01/12/07(c)(e) 10,000,000 10,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST OF $13,045,824,175) 13,045,824,175 EXTENDIBLE COMMERCIAL NOTES - 5.6% AJAX BAMBINO FUNDING LTD. 4.150% 01/20/06(b) 102,000,000 101,776,592 BRAHMS FUNDING CORP. 4.270% 01/18/06(a)(b) 93,255,000 93,066,962 4.280% 01/23/06(a)(b) 70,799,000 70,613,821 4.280% 01/25/06(a)(b) 105,193,000 104,892,849 4.380% 02/06/06(a)(b) 100,000,000 99,562,000 CITIBANK CREDIT CARD ISSUANCE TRUST 3.970% 01/05/06(a)(b) 200,000,000 199,911,778 3.970% 01/17/06(a)(b) 72,145,000 72,014,177 GEORGETOWN FUNDING CO. 4.260% 01/17/06(a)(b) 303,882,000 303,306,650 4.270% 01/18/06(a)(b) 318,740,000 318,097,296 HSBC FINANCE CORP. 4.330% 01/27/06(a)(b) 150,000,000 149,530,917 4.330% 01/31/06(a)(b) 100,000,000 99,639,167 4.350% 02/21/06(a) 50,000,000 49,691,875 IVORY FUNDING CORP. 4.000% 01/03/06(a)(b) 4,735,000 4,733,948 KKR PAC FUNDING LLC
23 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) EXTENDIBLE COMMERCIAL NOTES - (CONTINUED) 4.350% 01/18/06(a)(b) 149,422,000 149,115,062 MONUMENT GARDEN FUNDING (d) 01/12/06(b) 25,000,000 24,968,681 4.470% 03/23/06(a)(b) 225,000,000 222,737,062 RAMS FUNDING LLC 4.400% 01/23/06(a)(b) 101,464,000 101,191,175 THORNBURG MORTGAGE CAPITAL RESOURCES LLC 4.240% 01/17/06(a)(b) 300,000,000 299,434,667 4.300% 01/05/06(a)(b) 200,000,000 199,904,444 4.320% 01/06/06(a)(b) 270,000,000 269,838,000 4.340% 01/12/06(a)(b) 123,000,000 122,836,888 4.350% 01/17/06(a)(b) 200,000,000 199,613,333 TOTAL EXTENDIBLE COMMERCIAL NOTES (COST OF $3,256,477,344) 3,256,477,344 ASSET-BACKED SECURITIES - 4.9% CARLYLE LOAN INVESTMENT LTD. 4.221% 11/15/06(c)(e) 125,000,000 125,000,000 4.551% 01/15/07(c)(e) 25,000,000 25,000,000 CHEYNE HIGH GRADE ABS CDO, LTD. 4.330% 11/10/06(c)(e) 300,000,000 300,000,000 DAVIS SQUARE FUNDING LTD. LOC: AIG SunAmerica Institutional Fund II 4.440% 10/16/38(c)(e) 150,000,000 150,000,000 GRANITE MASTER ISSUER PLC LOC: Northern Rock PLC 4.450% 09/20/54(c) 250,000,000 250,000,000 MOUND FINANCING PLC 4.379% 11/08/06(c)(e) 280,000,000 280,000,000 PARAGON MORTGAGES PLC LOC: Paragon 4.470% 06/15/41(c)(e) 620,000,000 620,000,000 PERMANENT FINANCING PLC 4.380% 06/12/06(c) 330,000,000 330,000,000 4.380% 03/10/06(c) 160,000,000 160,000,000 PUTNAM STRUCTURED PRODUCT CDO 4.494% 11/25/05(c)(e) 50,000,000 50,000,000 RESIDENTIAL MORTGAGE SECURITIES LOC: Barclays Bank PLC 4.452% 05/13/27(c)(e) 39,401,733 39,401,733 RMAC PLC LOC: AMBAC 4.440% 12/12/25(c)(e) 116,857,256 116,857,257 SATURN VENTURES II, INC.
24 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) ASSET-BACKED SECURITIES - (CONTINUED) 4.391% 05/08/06(b)(c) 100,000,000 100,000,000 STRIPS III LLC 4.429% 02/24/06(b)(c) 39,276,682 39,276,682 WHITEHAWK CDO FUNDING, LTD. 4.511% 06/15/06(c)(e) 90,000,000 90,000,000 WINSTON FUNDING LTD. 4.431% 04/23/09(c)(e) 121,400,000 121,400,000 TOTAL ASSET-BACKED SECURITIES (COST OF $2,796,935,672) 2,796,935,672 MUNICIPAL BONDS - 2.5% ALABAMA - 0.1% AL ALBERTVILLE INDUSTRIAL DEVELOPMENT BOARD Mitchell Grocery Group, Series 2004, LOC: Regions Bank 4.420% 05/01/24(c) 8,055,000 8,055,000 AL CITY OF ATMORE Series 2004, LOC: Wachovia Bank N.A. 4.450% 01/01/34(c) 2,655,000 2,655,000 AL MONTGOMERY Series 2003, LOC: SouthTrust Bank N.A. 4.390% 11/01/23(c) 7,500,000 7,500,000 AL PELL CITY SPECIAL CARE FACILITIES FINANCING AUTHORITY Noland Health Services, Inc., Series 2004, LOC: Allied Irish Bank LLC 4.380% 12/01/34(c) 18,500,000 18,500,000 AL UNIVERSITY OF ALABAMA Series 2004 B, Insured: MBIA, SPA: SouthTrust Bank N.A. 4.390% 07/01/09(c) 5,640,000 5,640,000 ALABAMA TOTAL 42,350,000 ARKANSAS - 0.0% AK NORTHWEST REGIONAL AIRPORT AUTHORITY Series 2004 C, LOC: Regions Bank 4.390% 02/01/21(c) 16,000,000 16,000,000 ARKANSAS TOTAL 16,000,000 CALIFORNIA - 0.3% CA ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS. Gaia Building LLC, Series 2000, LOC: FNMA 4.450% 09/15/32(c) 2,375,000 2,375,000
25 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) CALIFORNIA - (CONTINUED) CA ACCESS TO LOANS FOR LEARNING STUDENT CORP. Series 2001 II-A-6, LOC: State Street Bank & Trust Co. 4.330% 07/01/36(a) 12,300,000 12,300,000 CA EDUCATIONAL FACILITIES AUTHORITY REVENUE University of Judaism, Series 1998 B, LOC: Allied Irish Bank 4.500% 12/01/28(c) 5,900,000 5,900,000 CA LOS ANGELES DEPARTMENT OF WATER & POWER Waterworks Revenue, Series 2004 B-1, SPA: Dexia Credit Local 4.450% 07/01/25(c) 57,210,000 57,210,000 Waterworks Revenue, Series 2004 B-2, 4.450% 07/01/25(c) 25,000,000 25,000,000 CA ORANGE COUNTY BOARD OF EDUCATION CERTIFICATES OF PARTICIPATION Series 2002, Insured: FSA, SPA: Dexia Credit Local 4.380% 06/01/32(c) 17,600,000 17,600,000 CA SAN DIEGO METROPOLITAN TRANSPORTATION DEVELOPMENT BOARD Series 2004 B, Insured: MBIA, SPA: Dexia Credit Local 4.380% 12/01/33(c) 17,595,000 17,595,000 CA SAN JOSE REDEVELOPMENT AGENCY REVENUE Series 2003 A, LOC: JPMorgan Chase Bank 4.450% 08/01/28(c) 22,500,000 22,500,000 CA SANTA ROSA RANCHERIA Series 2004, LOC: Bank One N.A., 4.450% 09/01/19(c) 22,000,000 22,000,000 CALIFORNIA TOTAL 182,480,000 COLORADO - 0.2% CO DENVER CITY & COUNTY CERTIFICATES OF PARTICIPATION Series 2002 B, LOC: JPMorgan Chase Bank 4.320% 12/01/21(c) 1,000,000 1,000,000 CO HOUSING & FINANCE AUTHORITY Series 2003 B-2, SPA: JPMorgan Chase Bank 4.450% 11/01/32(c) 31,125,000 31,125,000 Series 2003 I-A-1, SPA: FHLMC
26 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) COLORADO - (CONTINUED) 4.450% 10/01/33(c) 19,500,000 19,500,000 Series 2003, SPA: JPMorgan Chase Bank 4.450% 11/01/33(c) 46,320,000 46,320,000 Series 2004 I-A1, SPA: Dexia Credit Local 4.450% 11/01/34(c) 26,420,000 26,420,000 COLORADO TOTAL 124,365,000 CONNECTICUT - 0.0% CT INDUSTRIAL DEVELOPMENT REVENUE Series 2002, LOC: Wachovia Bank N.A. 4.450% 01/01/10(c) 8,160,000 8,160,000 CONNECTICUT TOTAL 8,160,000 DISTRICT OF COLUMBIA - 0.0% DC STATE National Association of Realtors, Series 2003 B, LOC: SunTrust Bank 4.350% 12/01/23(c) 13,500,000 13,500,000 DISTRICT OF COLUMBIA TOTAL 13,500,000 FLORIDA - 0.3% FL HOMESTEAD Series 2003, LOC: SunTrust Bank 4.350% 11/01/18(c) 6,290,000 6,290,000 FL HOUSING FINANCE AGENCY Series 1993, Insured: MBIA, SBPA: Westdeutsche Landesbank 4.380% 01/01/34(c) 35,000,000 35,000,000 FL HOUSING FINANCE CORP. Series 1999 A, Insured: MBIA, SPA: Westdeutsche Landesbank, 4.380% 01/01/44(c) 25,000,000 25,000,000 Series 2000 A, Insured: AMBAC, SPA: Westdeutsche Landesbank, 4.380% 01/01/45(c) 39,550,000 39,550,000 Series 2002 A, Insured: AMBAC, SPA: Dexia Credit Local 4.450% 01/01/47(c) 42,000,000 42,000,000 Waterford Pointe Apartments Ltd., Series E-2, LOC: FNMA 4.430% 02/15/33(c) 1,150,000 1,150,000 FLORIDA TOTAL 148,990,000 GEORGIA - 0.1% GA ATHENS CLARKE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Leucadia, Inc. Project,
27 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) LOC: First Citizens Bank And Trust 4.430% 07/01/07(c) 5,000,000 5,000,000 GA BURKE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Fleetguard, Inc., Series 2003, Emory University, LOC: Fifth Third Bank 4.380% 08/01/18(c) 1,425,000 1,425,000 GA COLUMBUS DEVELOPMENT AUTHORITY Sunbelt-Columbus LLC, Series 2003, LOC: Regions Bank 4.440% 08/01/23(c) 3,400,000 3,400,000 Woodmont Properties, Series 2004, LOC: Columbia Bank & Trust 4.440% 12/01/24(c) 6,360,000 6,360,000 GA DE KALB COUNTY DEVELOPMENT AUTHORITY Series 1995 B, 4.380% 11/01/25(c) 12,170,000 12,170,000 GA PRIVATE COLLEGES & UNIVERSITIES AUTHORITY Emory University, Series 1999 B, 4.380% 11/01/29(c) 9,350,000 9,350,000 GA TALBOT COUNTY DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Junction City Mining Co., LLC, Series 2000, LOC: Wachovia Bank N.V. 4.480% 03/01/13(c) 11,760,000 11,760,000 GEORGIA TOTAL 49,465,000 ILLINOIS - 0.1% IL CHICAGO MIDWAY AIRPORT REVENUE Series 2002 A, Insured: FSA, SPA: JPMorgan Chase Bank, 4.450% 01/01/21(c) 19,400,000 19,400,000 IL FINANCE AUTHORITY Midwest Molding, Inc., Series 2005, LOC: Federal Home Loan Bank 4.460% 07/01/40(c) 7,000,000 7,000,000 IL MEMORIAL HEALTH SYSTEM Memorial Health System, Series 2004, LOC: JPMorgan Chase Bank 4.380% 10/01/24(c) 20,780,000 20,780,000 IL UPPER RIVER VALLEY DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Series 2003 B, LOC: LaSalle Bank N.A., 4.420% 06/01/17(c) 2,600,000 2,600,000
28 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) IL WINNEBAGO COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 2001, AMT, LOC: Alpine Bank of Illinois, LOC: Federal Home Loan Bank 4.470% 04/01/26(c) 4,000,000 4,000,000 ILLINOIS TOTAL 53,780,000 INDIANA - 0.0% IN DEVELOPMENT FINANCE AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Series 2003 B, LOC: Fifth Third Bank 4.380% 07/01/23(c) 1,000,000 1,000,000 IN MICHIGAN CITY ECONOMIC DEVELOPMENT REVENUE Consolidated Biscuit Co., Series 1998, LOC: Fifth Third Bank 4.380% 10/01/13(c) 1,920,000 1,920,000 INDIANA TOTAL 2,920,000 KANSAS - 0.0% KS MANHATTAN INDUSTRIAL DEVELOPMENT REVENUE Series 2003, LOC: Harris Trust Company of California 4.430% 04/01/28(c) 7,200,000 7,200,000 KANSAS TOTAL 7,200,000 KENTUCKY - 0.0% KY COVINGTON INDUSTRIAL BUILDING REVENUE Series 2004, LOC: Fifth Third Bank 4.380% 10/01/27(c) 2,090,000 2,090,000 KY HENDERSON REGIONAL INDUSTRIAL DEVELOPMENT AUTHORITY Series 2003, LOC: Fifth Third Bank 4.380% 07/01/23(c) 1,670,000 1,670,000 KY PIONEER VILLAGE INDUSTRIAL BUILDING REVENUE Series 2003 B, LOC: Fifth Third Bank 4.380% 08/01/23(c) 1,915,000 1,915,000 KY WEBSTER COUNTY INDUSTRIAL REVENUE Green River Collieries LLC, Series 2004, LOC: Regions Bank 4.460% 11/01/24(c) 7,800,000 7,800,000 KENTUCKY TOTAL 13,475,000 LOUISIANA - 0.1% LA NEW ORLEANS PENSION REVENUE Series 2000, Insured: AMBAC, SPA: Bank One Louisiana
29 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) LOUISIANA - (CONTINUED) 4.700% 09/01/30(c) 46,394,000 46,394,000 LOUISIANA TOTAL 46,394,000 MARYLAND - 0.1% MD BALTIMORE COMMUNITY DEVELOPMENT FINANCING CORP. Series 2000, Insured: MBIA, LIQ FAC: First Union National Bank 4.450% 08/15/30(c) 21,910,000 21,910,000 MD BALTIMORE Series 2002, Insured: FGIC, SPA: Dexia Credit Local 4.440% 07/01/32(c) 22,920,000 22,920,000 MD HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY Charlestown Community, Inc., Series 1998 B, LOC: First Union National Bank 4.400% 01/01/28(c) 8,705,000 8,705,000 Glen Meadows Retirement Community, Series 1999 B, LOC: Wachovia Bank N.A. 4.380% 07/01/29(c) 11,870,000 11,870,000 MD INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY Series 1998, LOC: Wachovia Bank N.A. 4.500% 08/01/18(c) 2,265,000 2,265,000 MARYLAND TOTAL 67,670,000 MASSACHUSETTS - 0.1% MA DEVELOPMENT FINANCING AGENCY Whalers Cove LP, Series 2001 B, LOC: Wachovia Bank N.A. 4.600% 09/01/34(c) 1,750,000 1,750,000 MA HOUSING FINANCE AGENCY HOUSING REVENUE Avalon Upper Falls LLC, Series 2004 A, LOC: JPMorgan Chase Bank 4.450% 12/01/34(c) 4,700,000 4,700,000 Avalonbay Ledges, Inc., Series 2004 A, LOC: JPMorgan Chase Bank 4.450% 06/01/34(c) 19,290,000 19,290,000 MASSACHUSETTS TOTAL 25,740,000 MICHIGAN - 0.0% MI HOUSING DEVELOPMENT AUTHORITY Canterbury Apartments Kalamazoo, Series 2003, LOC: FHLB
30 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MICHIGAN - (CONTINUED) 4.510% 06/01/38(c) 950,000 950,000 MICHIGAN TOTAL 950,000 MINNESOTA - 0.0% MN HIGHER EDUCATION FACILITIES AUTHORITY Concordia University, Series 2003, LOC: U.S. Bank N.A. 4.440% 04/01/27(c) 6,700,000 6,700,000 MN LAKE CITY INDUSTRIAL DEVELOPMENT REVENUE Valley Craft, Inc., Series 1997, LOC: US Bank Trust N.A. 4.480% 10/01/17(c) 2,000,000 2,000,000 MN PLYMOUTH HEALTH FACILITIES REVENUE Healthspan Health System, Series 1994 B, Insured: FSA, SPA: U.S. Bank Trust N.A. 4.380% 06/01/24(c) 7,350,000 7,350,000 MINNESOTA TOTAL 16,050,000 MISSISSIPPI - 0.1% MS BUSINESS FINANCE CORP. Series 1997 B, LOC: First Union National Bank 4.500% 04/01/22(c) 9,305,000 9,305,000 Series 2005, LOC: Wachovia Bank N.A. 4.460% 01/14/15(c) 10,000,000 10,000,000 Telepak, Inc., Series 2000, LOC: First Union National Bank 4.400% 09/01/15(c) 15,000,000 15,000,000 MS PEARL URBAN RENEWAL REVENUE Bloomfield Equities LLC, Series 2004 A, LOC: First Tennessee Bank 4.390% 11/01/19(c) 41,050,000 41,050,000 MISSISSIPPI TOTAL 75,355,000 MISSOURI - 0.1% MO KANSAS CITY TAX INCREMENT FINANCING COMMISSION Series 2005, LOC: LaSalle National Bank 4.400% 11/01/28(c) 36,170,000 36,170,000 MISSOURI TOTAL 36,170,000 NEW JERSEY - 0.0% NJ ECONOMIC DEVELOPMENT AUTHORITY Melrich Road Development Co. LLC, Series 2002 B, LOC: Wachovia Bank N.A.
31 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW JERSEY - (CONTINUED) 4.600% 05/01/09(c) 650,000 650,000 NEW JERSEY TOTAL 650,000 NEW YORK - 0.2% NY CLINTON COUNTY INDUSTRIAL DEVELOPMENT AGENCY Series 1997 A, LOC: Marine Midland Bank 3.850% 12/01/10(c) 2,300,000 2,300,000 NY DORMITORY AUTHORITY REVENUES Series 2005 A, Insured: MBIA, LOC: Dexia Credit Local 4.460% 12/15/14(c) 12,490,000 12,490,000 NY HOUSING FINANCE AGENCY 1010 Sixth Associates LLC, Series 2000 B, LOC: FNMA 4.480% 05/15/33(c) 22,300,000 22,300,000 23rd Chelsea Associates, Series 2001 B, LOC: FNMA 4.480% 05/15/33(c) 8,000,000 8,000,000 Series 2004 B, LOC: JPMorgan Chase Bank 4.450% 11/01/36(c) 7,500,000 7,500,000 NY NEW YORK CITY HOUSING DEVELOPMENT CORP. 155 West 21st Street LLC, Series 2005 B, LOC: Bank of New York 4.400% 05/01/38(c) 4,800,000 4,800,000 200 West 26 LLC & 220 West 26 LLC, Series 2002, LOC: Bayerische Landesbank 4.400% 06/01/33(c) 20,465,000 20,465,000 NEW YORK TOTAL 77,855,000 NORTH CAROLINA - 0.0% NC DOWNTOWN RENAISSANCE, INC. Imperial Centre Partners LP, Series 2004, LOC: RBC Centura Bank 4.360% 02/01/25(c) 10,200,000 10,200,000 NC WAKE COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY Series 1997 A, LOC: First Union National Bank 4.400% 04/01/18(c) 2,635,000 2,635,000 NORTH CAROLINA TOTAL 12,835,000 PENNSYLVANIA - 0.0% PA DONEGAL CROSSING LLC Series 2002, LOC: Federal Home Loan Bank
32 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PENNSYLVANIA - (CONTINUED) 4.380% 08/15/27(c) 13,380,000 13,380,000 PENNSYLVANIA TOTAL 13,380,000 SOUTH CAROLINA - 0.0% SC JOBS-ECONOMIC DEVELOPMENT AUTHORITY Cannon Memorial Hospital, Series 2004 B, LOC: National Bank of South Carolina 4.460% 06/01/09(c) 810,000 810,000 SOUTH CAROLINA TOTAL 810,000 TENNESSEE - 0.0% TN COFFEE COUNTY REVENUE INDUSTRIAL BOARD, INC. Stamtec, Inc., Series 1999, LOC: JPMorgan Chase Bank 4.500% 09/01/14(c) 1,760,000 1,760,000 TN HAMILTON COUNTY INDUSTRIAL DEVELOPMENT BOARD INDUSTRIAL DEVELOPMENT REVENUE Series 1999, LOC: First Union National Bank 4.550% 02/01/14(c) 3,650,000 3,650,000 TN MEMPHIS HEALTH EDUCATIONAL & HOUSING FACILITIES BOARD Series 2003 B, LOC: First Tennessee Bank 4.600% 01/01/35(c) 450,000 450,000 TENNESSEE TOTAL 5,860,000 TEXAS - 0.3% TX HARRIS COUNTY-HOUSTON SPORTS AUTHORITY Series 2001 D, Insured: MBIA, SPA: Morgan Guaranty Trust 4.410% 11/15/30(c) 43,185,000 43,185,000 TX NORTH TEXAS HIGHER EDUCATION AUTHORITY United Student Aid Funds, Inc., Series 2005 B, Insured: AMBAC, LOC: DEPFA Bank PLC 4.380% 12/01/44(c) 30,000,000 30,000,000 TX SAN ANTONIO EDUCATION FACILITIES CORP. St. Anthony Catholic High School, Series 2003 B, LOC: Bank One N.A. 4.380% 12/01/23(c) 810,000 810,000 TX STATE Series 1994 A-2, SPA: DEPFA Bank PLC: 4.380% 12/01/09(c) 21,395,000 21,395,000 4.400% 12/01/33(c) 46,100,000 46,100,000 Series 1997 B-2, SPA: DEPFA Bank PLC
33 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) LOC: DEPFA Bank PLC 4.400% 12/01/29(c) 15,000,000 15,000,000 Series 2003,: LOC: Dexia Credit Local 4.380% 06/01/21(c) 1,683,000 1,683,000 SPA: State Street Bank & Trust Co. 4.450% 12/01/23(c) 9,085,000 9,085,000 Series 2004, SPA: Dexia Credit Local 4.400% 12/01/24(c) 17,600,000 17,600,000 TEXAS TOTAL 184,858,000 UTAH - 0.0% UT BOARD OF REGENTS STUDENT LOAN REVENUE Series 2005 X, Insured: AMBAC, 4.380% 11/01/44 17,000,000 17,000,000(c) UTAH TOTAL 17,000,000 VIRGINIA - 0.3% VA HOUSING DEVELOPMENT AUTHORITY Series 1996 E, 4.450% 01/01/46(c) 140,000,000 140,000,000 VA RICHMOND REDEVELOPMENT & HOUSING AUTHORITY Series 1995 B, LOC : Wachovia Bank N.A. 4.300% 12/01/25(c) 2,310,000 2,310,000 VIRGINIA TOTAL 142,310,000 WASHINGTON - 0.0% WA HOUSING FINANCE COMMISSION MWSH Arlinton LLC, Series 2003 B, LOC: US Bank N.A. 4.440% 11/01/36(c) 3,175,000 3,175,000 Rainier Court Associates LLC, Series 2003 B, Insured: FNMA 4.440% 12/15/36(c) 4,250,000 4,250,000 WASHINGTON TOTAL 7,425,000 WISCONSIN - 0.1% WI HEART HOSPITAL LLC Prairie Lakes Apartments, Series 2003, LOC: Bank One N.A., 4.480% 11/01/23(c) 18,000,000 18,000,000 WI HOUSING & ECONOMIC DEVELOPMENT AUTHORITY Series 2003 D, SPA: Westdeutsche Landsbank
34 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WISCONSIN - (CONTINUED) 4.480% 03/01/28(c) 19,160,000 19,160,000 WISCONSIN TOTAL 37,160,000 TOTAL MUNICIPAL BONDS (COST OF $1,431,157,000) 1,431,157,000 FUNDING AGREEMENTS - 1.7% GENERAL ELECTRIC CAPITAL ASSURANCE CO. 4.440% 05/16/06(c)(f)(g) 100,000,000 100,000,000 JACKSON NATIONAL LIFE GLOBAL FUNDING 4.580% 01/01/50(c)(f)(g) 50,000,000 50,000,000 MONUMENTAL LIFE 4.440% 08/22/06(c)(f)(g) 300,000,000 300,000,000 TRANSAMERICA OCCIDENTAL LIFE INSURANCE CO. 4.210% 08/29/06(c)(f)(g) 100,000,000 100,000,000 4.380% 08/29/06(c)(f)(g) 20,000,000 20,000,000 4.470% 08/29/06(c)(f)(g) 125,000,000 125,000,000 4.530% 08/29/06(c)(f)(g) 117,000,000 117,000,000 TRAVELERS INSURANCE 4.330% 07/27/06(c)(f)(g) 182,000,000 182,000,000 TOTAL FUNDING AGREEMENTS (COST OF $994,000,000) 994,000,000 U.S. GOVERNMENT OBLIGATIONS - 0.0% FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.000% 01/03/06(a) 13,000,000 12,997,111 TOTAL U.S. GOVERNMENT OBLIGATIONS (COST OF $12,997,111) 12,997,111 PAR ($) REPURCHASE AGREEMENTS - 2.6% Repurchase agreement with Credit Suisse First Boston, dated 12/30/05, due on 01/03/06, at 4.300% collateralized by corporate bonds with maturities to 10/20/50, market value $515,002,883 (repurchase proceeds $500,238,889) 500,000,000 500,000,000 Repurchase agreement with Deutsche Bank Securities, dated 12/30/05, due on 01/03/06, at 4.320% collateralized by corporate bonds and asset-backed securities with maturities to 09/30/53, market value $515,000,001 (repurchase proceeds $500,240,000) 500,000,000 500,000,000
35 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves
PAR ($) VALUE ($) REPURCHASE AGREEEMENTS - (CONTINUED) Repurchase agreement with Goldman Sachs & Co., dated 12/30/05, due on 01/03/06, at 4.340% collateralized by commercial papers with maturities to 01/31/06, market value $517,410,917 (repurchase proceeds $507,503,612) 507,259,000 507,259,000 TOTAL REPURCHASE AGREEMENTS (COST OF $1,507,259,000) 1,507,259,000 TOTAL INVESTMENTS - 99.7% (COST OF $57,398,409,943)(H) 57,398,409,943 OTHER ASSETS & LIABILITIES, NET - 0.3% 146,648,473 NET ASSETS - 100.0% 57,545,058,416 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The rate shown represents the annualized yield at the date of purchase. (b) Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At December 31, 2005, these securities, which did not include any illiquid securities except the following, amounted to $19,999,859,302, which represents 34.8% of net assets.
ACQUISITION ACQUISITION SECURITY DATE COST ----------------------------------------------------------------- Saturn Ventures II, Inc. 11/07/05 $ 100,000,000 4.391% 05/08/06 Goldman Sachs Group, Inc. 4.502% 09/13/07 03/07/05 510,000,000 4.570% 04/21/06 07/19/05 430,000,000 -------------- $1,040,000,000 ==============
(c) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (d) Zero coupon bond.
36 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Cash Reserves (e) 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 December 31, 2005, these securities, which did not include any illiquid securities except the following, amounted to $12,300,638,462, which represents21.4% of net assets.
ACQUISITION ACQUISITION SECURITY DATE COST ----------------------------------------------------------------- Carlyle Loan Investment Ltd. 10/18/05 $ 125,000,000 4.221% 11/15/06 Corsair Trust 4.627% 06/30/06 06/20/05 300,000,000 Davis Square Funding Ltd. 4.440% 10/16/38 10/15/03 150,000,000 New Media Technology LLC 4.420 10/01/35 11/01/05 20,000,000 Putnam Structured Product CDO 4.494% 11/25/05 11/22/02 50,000,000 Racers 4.390% 08/21/06 08/29/05 184,000,000 Winston Funding Ltd. 4.431% 04/23/09 05/28/03 121,400,000 -------------- $ 950,400,000 ==============
(f) Illiquid security. (g) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. (h) Cost for federal income tax purposes is $57,398,409,943.
ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax CIFG CIFG Assurance North America, Inc. FGIC Financial Guaranty Insurance Co. FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. LIQ FAC Liquidity Facility LOC Letter of Credit MBIA MBIA Insurance Corp. SBPA Stand-by Bond Purchase Agreement SPA Stand-by Purchase Agreement
37 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.9% EDUCATION - 5.2% EDUCATION - 2.9% DC HOWARD UNIVERSITY REVENUE Refunding, Series 1996, Insured: MBIA, 5.750% 10/01/17 3,985,000 4,132,405 IL EDUCATIONAL FACILITIES AUTHORITY STUDENT HOUSING ADVANCEMENT FUNDING REVENUE University Center Project, Series 2002, 6.625% 05/01/17 4,500,000 5,033,790 IN IVY TECH STATE COLLEGE REVENUE Series 1997 E, Insured: AMBAC, 5.125% 07/01/12 2,000,000 2,081,000 IN ST. JOSEPH COUNTY EDUCATIONAL FACILITIES REVENUE University of Notre Dame - Du Lac Project, Series 1996, 5.500% 03/01/26 2,000,000 2,046,140 TX UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND FINANCE DEPARTMENT REVENUE Refunding, Series 2004 B, 5.000% 07/01/26 2,500,000 2,618,100 TX UNIVERSITY SYSTEM FINANCING REVENUE Refunding, Series 2002, Insured: FSA, 5.000% 03/15/17 1,500,000 1,585,665 Education Total 17,497,100 STUDENT LOAN - 2.3% IA STUDENT LOAN LIQUIDITY CORP. Series 1998 J, AMT, Insured: AMBAC, 4.800% 06/01/09 2,750,000 2,828,705 WY STUDENT LOAN CORPORATION REVENUE REFUNDING Refunding, Series 1999 A, 6.250% 06/01/29 10,000,000 10,661,100 Student Loan Total 13,489,805 EDUCATION TOTAL 30,986,905 HEALTH CARE - 14.8% HEALTH SERVICES - 0.6% MN MINNEAPOLIS & ST. PAUL HOUSING & REDEVELOPMENT AUTHORITY HEALTH CARE SYSTEMS REVENUE
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH SERVICES - (CONTINUED) Health Partners Obligation Group Project, Series 2003: 5.250% 12/01/16 1,250,000 1,323,950 6.000% 12/01/17 1,650,000 1,825,098 Health Services Total 3,149,048 HOSPITALS - 14.2% AL HUNTSVILLE HEALTH CARE AUTHORITY REVENUE Series 2003 A, 5.750% 06/01/31 5,000,000 5,276,500 AZ UNIVERSITY MEDICAL CENTER CORPORATION HOSPITAL REVENUE Refunding, Series 2004, 5.250% 07/01/13 1,000,000 1,065,650 CO HEALTH FACILITIES AUTHORITY REVENUE Catholic Health Initiatives, Series 2002 A, 5.000% 03/01/11 1,350,000 1,427,517 CT STATE HEALTH & EDUCATIONAL FACILITY AUTHORITY Unrefunded Balance, 6.000% 07/01/25 1,740,000 1,889,918 DC ASSOCIATION OF AMERICAN MEDICAL COLLEGES REVENUE Refunding, Series 1997 A, Insured: AMBAC, 5.375% 02/15/17 4,200,000 4,406,052 FL CORAL GABLES HEALTH FACILITIES AUTHORITY HOSPITAL REVENUE Baptist Health South Florida, Series 2004, Insured: FSA, 5.000% 08/15/34 5,000,000 5,316,450 FL HIGHLANDS COUNTY HEALTH FACILITIES AUTHORITY REVENUE Hospital Adventist Health Systems, Series 2003 D, 5.375% 11/15/35 3,450,000 3,570,612 GA CHATHAM COUNTY HOSPITAL AUTHORITY REVENUE Hospital Improvement-Memorial Health University Project, Series 2004 A, 5.500% 01/01/34 2,500,000 2,627,025 Memorial Health Medical Center Project, Series 2001 A, 6.125% 01/01/24 3,000,000 3,287,940 GA GAINESVILLE & HALL COUNTY HOSPITAL AUTHORITY REVENUE Anticipation Certificates, Northeast Georgia Health System Income Project,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Series 2001: 5.000% 05/15/11 1,435,000 1,505,272 5.000% 05/15/12 1,610,000 1,679,906 5.000% 05/15/13 1,560,000 1,618,890 IN HEALTH FACILITIES FINANCING AUTHORITY HOSPITAL REVENUE Refunding, Clarian Health Partners, Inc. Project, Series 1996 A, 5.500% 02/15/16 2,000,000 2,086,780 MI UNIVERSITY OF MICHIGAN HOSPITAL REVENUE Refunding, Series 2002, 5.250% 12/01/20 6,310,000 6,696,298 MO HEALTH & EDUCATIONAL FACILITIES AUTHORITY REVENUE Refunding, SSM Health Care Corporation Project, Series 2002 A: 5.000% 06/01/11 2,000,000 2,115,180 5.250% 06/01/12 2,500,000 2,692,150 SC GREENVILLE HOSPITAL FACILITIES SYSTEMS REVENUE, Series 1996 B, 5.250% 05/01/17 2,000,000 2,047,600 SC GREENVILLE HOSPITAL FACILITIES SYSTEMS REVENUE Series 2001, Insured: AMBAC, 5.500% 05/01/26 5,000,000 5,383,950 TN KNOX COUNTY HEALTH, EDUCATIONAL & HOUSING FACILITIES BOARD University Health Systems, Inc., Series 1999, 5.750% 04/01/19 5,500,000 5,734,355 TX HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORPORATION AUTHORITY HOSPITAL REVENUE Memorial Herman Hospital Systems Project, Series 1998, Insured: FSA, 5.500% 06/01/11 3,335,000 3,620,076 St. Luke's Episcopal Hospital Project, Series 2001 A, 5.500% 02/15/11 1,000,000 1,073,150 UT MURRAY CITY HOSPITAL REVENUE Refunding, IHC Health Services, Inc. Project, Series 1996, Insured: MBIA, 5.000% 05/15/22 4,000,000 4,058,880
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) VA AUGUSTA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Augusta Health Care, Inc. Project, Series 2003, 5.250% 09/01/20 1,325,000 1,436,724 WI HEALTH & EDUCATIONAL FACILITIES AUTHORITY Aurora Health Care, Inc. Project, Series 1999 A, 5.600% 02/15/29 4,000,000 4,105,880 WI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REVENUE Aurora Health Care, Inc. Project, Series 1999 B: 5.500% 02/15/15 3,500,000 3,620,400 5.625% 02/15/20 5,500,000 5,682,160 Total Hospitals 84,025,315 HEALTH CARE TOTAL 87,174,363 HOUSING - 2.1% MULTI-FAMILY - 1.8% CA ABAG FINANCE AUTHORITY FOR NON-PROFIT CORPS. Winterland San Francisco Partners LP, Series 2000 B, 6.250% 08/15/30 2,000,000 2,103,320 CA ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS. Northbay Properties II LP:, Series 2000 A, AMT, 6.400% 08/15/30 5,000,000 5,253,650 MD STATE ECONOMIC DEVELOPMENT CORPORATION STUDENT HOUSING REVENUE Salisbury Collegiate Housing Project, Series 1999 A, 6.000% 06/01/30 3,000,000 3,135,060 Total Multi-Family 10,492,030 SINGLE-FAMILY - 0.3% NM MORTGAGE FINANCE AUTHORITY SINGLE-FAMILY MORTGAGE REVENUE Series 1997 C, AMT, Insured: GNMA, 6.050% 07/01/28 490,000 494,694 SD HOUSING DEVELOPMENT AUTHORITY REVENUE Series 2002 E, AMT,
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HOUSING - (CONTINUED) SINGLE-FAMILY - (CONTINUED) 5.550% 05/01/31 1,135,000 1,165,112 Single-Family Total 1,659,806 HOUSING TOTAL 12,151,836 INDUSTRIALS - 4.3% CHEMICALS - 0.9% SC YORK COUNTY EXEMPT FACILITY INDUSTRIAL DEVELOPMENT REVENUE Hoechst Celanese Corporation Project, Series 1994, AMT, 5.700% 01/01/24 2,000,000 1,936,620 TX PORT OF BAY CITY AUTHORITY MATAGORDA COUNTY REVENUE Hoechst Celanese Corporation Project, Series 1996, AMT, 6.500% 05/01/26 3,000,000 3,042,030 Chemicals Total 4,978,650 FOREST PRODUCTS & PAPER - 1.4% MS LOWNDES COUNTY Weyerhaeuser Co., Series 1992 A, 6.800% 04/01/22 2,470,000 2,957,084 SC GEORGETOWN COUNTY ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, International Paper Company Project, Series 2000 A, 5.950% 03/15/14 4,000,000 4,289,080 SC RICHLAND COUNTY ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, International Paper Company Project, Series 2003, AMT, 6.100% 04/01/23 1,000,000 1,073,760 Forest Products & Paper Total 8,319,924 MANUFACTURING - 0.9% AL MCINTOSH INDUSTRIAL DEVELOPMENT BOARD ENVIRONMENTAL IMPROVEMENT REVENUE Series 1998 C, 5.375% 06/01/28 1,000,000 1,023,010 MO SAINT LOUIS INDUSTRIAL DEVELOPMENT AUTHORITY POLLUTION CONTROL REVENUE Anheuser Busch Company Project, Series 1991, 6.650% 05/01/16 1,400,000 1,690,346 TN MAURY COUNTY INDUSTRIAL DEVELOPMENT BOARD MULTI-MODEL POLLUTION CONTROL REVENUE General Motors Corp.-Saturn Corp., Series 1997,
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) MANUFACTURING - (CONTINUED) 6.500% 09/01/24 3,000,000 2,307,990 Manufacturing Total 5,021,346 OIL, GAS & CONSUMABLE FUELS - 1.1% TN MAURY COUNTY INDUSTRIAL DEVELOPMENT BOARD SOLID WASTE DISPOSAL REVENUE Occidental Petroleum Corporation, Series 2001 A, AMT, 6.250% 08/01/18 4,000,000 4,385,600 TX TEXAS CITY INDUSTRIAL DEVELOPMENT CORPORATION Arco Pipe Line Co., Series 1990, 7.375% 10/01/20 2,000,000 2,593,280 Oil & Gas Services Total 6,978,880 INDUSTRIALS TOTAL 25,298,800 OTHER - 13.5% POOL / BOND BANK - 0.2% MI MUNICIPAL BOND AUTHORITY REVENUE Series 2001, 5.250% 10/01/19 1,000,000 1,073,700 Pool / Bond Bank Total 1,073,700 REFUNDED / ESCROWED (A) - 11.5% AL PHOENIX COUNTY INDUSTRIAL DEVELOPMENT BOARD ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, Mead Coated Board Project, Series 1998 B, Pre-refunded 04/01/08, 5.250% 04/01/28 6,750,000 7,129,755 AZ TUCSON & PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Single-Family Mortgage Revenue, Series 1983 A, Escrowed to Maturity, 12/01/14, (b) 12/01/14 5,000,000 3,476,250 CO DOUGLAS COUNTY SALES & USE TAX REVENUE Series 1996, Pre-refunded 10/15/06, Insured: MBIA, 5.500% 10/15/11 2,500,000 2,543,625
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) CT STATE HEALTH & EDUCATIONAL FACILITY AUTHORITY Pre-refunded, 6.000% 07/01/25 3,260,000 3,623,262 DC HOSPITAL REVENUE Refunding, Medlantic Healthcare Group Project, Series 1997 A, Escrowed to Maturity, Insured: MBIA, 5.375% 08/15/15 9,000,000 9,455,310 GA ATLANTA AIRPORT FACILITIES REVENUE Refunding, Series 2000 A, Pre-refunded 01/01/10, Insured: FGIC, 5.600% 01/01/30 5,000,000 5,450,150 GA DE KALB COUNTY SCHOOL DISTRICT GO, Series 1993 A, Escrowed to Maturity, 6.250% 07/01/09 1,000,000 1,093,710 IL CHICAGO METROPOLITAN WATER RECLAMATION DISTRICT GO, Series 1993, Escrowed to Maturity, 5.500% 12/01/12 3,000,000 3,284,640 IL GLENDALE HEIGHTS HOSPITAL REVENUE Refunding, Glendale Heights Project, Series 1985 B, Escrowed to Maturity, 7.100% 12/01/15 1,440,000 1,690,114 IL METROPOLITAN PIER & EXPOSITION AUTHORITY DEDICATED STATE TAX REVENUE Series 1993, Escrowed to Maturity, Insured: FGIC, (b) 06/15/13 8,750,000 6,498,800 IN HAMILTON/SOUTHEASTERN INDIANA NORTH DELAWARE SCHOOL BUILDING CORPORATION FIRST MORTGAGE REVENUE Series 1996, Pre-refunded 01/15/07, Insured: AMBAC: 5.000% 07/15/07 1,000,000 1,037,090 5.100% 07/15/09 1,000,000 1,038,100 IN HEALTH FACILITIES FINANCING AUTHORITY HOSPITAL REVENUE Charity Obligation Group, Series 1997 D, Pre-refunded 11/01/07, 5.000% 11/01/26 3,295,000 3,382,219 MI CORNELL TOWNSHIP ECONOMIC DEVELOPMENT CORPORATION REVENUE
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) Refunding, Meadwestvaco-Escanaba Project, Series 2002, Pre-refunded 05/01/12, 5.875% 05/01/18 1,000,000 1,127,020 NE OMAHA PUBLIC POWER DISTRICT ELECTRIC REVENUE Series 1992 B, Escrowed to Maturity, 6.200% 02/01/17 1,600,000 1,860,160 NJ STATE HIGHWAY AUTHORITY Garden State Parkway General Revenue, Series 1971, Escrowed to Maturity, 6.500% 01/01/11 665,000 709,242 TX DALLAS COUNTY GO, Series 1996, Pre-refunded 08/15/07, 5.250% 08/15/16 1,750,000 1,804,897 TX NORTH CENTRAL HEALTH FACILITIES DEVELOPMENT CORPORATION HOSPITAL REVENUE Presbyterian Healthcare Project, Series 1991 A, Escrowed to Maturity, 6.625% 06/01/11 2,000,000 2,197,440 UT COUNTY HOSPITAL REVENUE Series 1997, Pre-refunded 08/15/07, Insured: MBIA, 5.250% 08/15/26 2,500,000 2,601,550 UT PROVO ELECTRIC REVENUE Series 1980, Escrowed to Maturity, 10.125% 04/01/15 1,580,000 2,045,168 WA SEATTLE GO, Series 1997, Pre-refunded 01/15/06, 5.300% 08/01/17 1,795,000 1,851,381 WA STATE PUBLIC POWER SUPPLY SYSTEMS REVENUE Refunding, Nuclear Project Number 1, Series 1990 B, Escrowed to Maturity, 7.250% 07/01/09 1,115,000 1,194,455 WV JEFFERSON COUNTY BOARD OF EDUCATION GO, Series 1989, Escrowed to Maturity, Insured: FGIC: 6.850% 07/01/07 1,450,000 1,525,429
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED / ESCROWED (A) - (CONTINUED) 6.850% 07/01/08 1,560,000 1,691,835 Total Refunded / Escrowed 68,311,602 TOBACCO - 1.8% SC TOBACCO SETTLEMENT FINANCING CORPORATION Series 2001 B, 6.375% 05/15/28 4,500,000 4,818,285 VA TOBACCO SETTLEMENT FINANCING CORPORATION Series 2005, 5.500% 06/01/26 3,000,000 3,063,990 WI BADGER TOB ASSET SECURITIZATION CORPORATION Asset-Backed Revenue, Series 2002, 5.750% 06/01/12 2,450,000 2,588,254 Tobacco Total 10,470,529 OTHER TOTAL 79,855,831 RESOURCE RECOVERY - 0.4% DISPOSAL - 0.4% NC HAYWOOD COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY SOLID WASTE DISPOSAL REVENUE Champion International Corporation Project, Series 1999, AMT, 6.400% 11/01/24 2,425,000 2,556,823 Disposal Total 2,556,823 RESOURCE RECOVERY TOTAL 2,556,823 TAX - BACKED - 34.5% LOCAL APPROPRIATED - 1.5% SC SCAGO EDUCATIONAL FACILITIES CORPORATION School District Number 5 Spartanburg County, Insured: FSA, 4.600% 04/01/22 8,885,000 9,021,296 Local Appropriated Total 9,021,296 LOCAL GENERAL OBLIGATIONS - 13.8% AK NORTH SLOPE BOROUGH CAPITAL APPRECIATION GO, Series 2000 B, Insured: MBIA, (b) 06/30/11 15,000,000 12,154,050 AL BIRMINGHAM GO, Refunding,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Series 2003, Insured: AMBAC, 5.250% 06/01/17 2,130,000 2,323,212 AL JEFFERSON COUNTY SCHOOL REVENUE Series 2004 A, 5.250% 01/01/19 2,790,000 2,975,647 CA CLOVIS UNIFIED SCHOOL DISTRICT GO: Capital Appreciation-Election 2004, Series 2004 A, Insured: FGIC, (b) 08/01/20 7,000,000 3,621,310 (b) 08/01/19 8,350,000 4,543,402 HI HONOLULU CITY & COUNTY GO, Refunding, Series 1993 B, (b) 8.000% 10/01/10 1,180,000 1,403,433 IL COOK COUNTY GO: Forest Preservation District, Series 2004, Insured: AMBAC, 5.250% 11/15/21 2,000,000 2,175,780 High School District No. 209, Provisional Township, Series 2004, Insured FSA, (b) 12/01/15 1,750,000 1,704,325 Refunding, Series 1997 A, Insured: MBIA, 5.625% 11/15/22 5,000,000 5,244,750 IL DU PAGE COUNTY GO: Jail Project, Series 1993, 5.600% 01/01/21 2,565,000 2,896,475 School District No. 41, Glen Ellyn, Series 2004, Insured: FSA, 5.000% 02/01/17 1,750,000 1,900,185 IL KANE & DE KALB COUNTIES GO, Community Unit School District Number 302, Insured: FGIC, (b) 02/01/21 3,165,000 1,579,652 IL MCHENRY COUNTY GO, Community Unit School District Number 200, Series 1996 A, Insured: FSA, 5.750% 01/01/13 1,535,000 1,608,526
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) IN MARION COUNTY GO, Public Library, Series 2002 A, 4.700% 07/01/19 2,260,000 2,324,500 MN ELK RIVER GO, Independent School District No. 728, Series 2004 A, Insured: FGIC, 5.000% 02/01/19 1,950,000 2,084,608 MO INDEPENDENCE GO, School District, Series 1991, 6.250% 03/01/11 1,000,000 1,065,970 MO JEFFERSON CITY GO, School District, Series 1991 A, 6.700% 03/01/11 1,450,000 1,611,414 NC NEW HANOVER COUNTY GO, Series 2001, 5.000% 06/01/20 2,500,000 2,658,800 SC DARLINGTON COUNTY GO, School District, Insured: FSA, 5.000% 03/01/24 2,100,000 2,223,354 TX BRAZOSPORT GO, Independent School District, Series 2003 C, Insured: PSFG, 5.000% 02/15/16 1,150,000 1,226,947 TX GRANDE PRAIRIE GO, Refunding, Independent School District, Series 2002, 5.000% 02/15/22 2,220,000 2,327,959 TX HARRIS COUNTY GO, Refunding, Series 2002, Insured: MBIA, (b) 08/15/19 8,000,000 4,339,600 TX LEANDER GO, Refunding, Independent School District, Series 2002, 5.375% 08/15/17 1,900,000 2,057,529
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) TX MCKINNEY GO, Independent School District, Series 2001, Insured: PSFG, 5.125% 02/15/17 4,155,000 4,420,463 TX WILLIAMSON COUNTY GO, Refunding, Series 2004, Insured: MBIA, 5.000% 02/15/16 3,490,000 3,731,403 WA KING COUNTY GO, Refunding, Sewer Revenue, Series 1996 C, 5.250% 01/01/17 3,000,000 3,097,290 WA PORT SEATTLE GO, Series 2000 B, AMT, 6.000% 12/01/11 2,405,000 2,625,298 WA SKAGIT COUNTY GO, Refunding, School District Number 320, Series 1996, 5.500% 12/01/12 1,525,000 1,555,226 Local General Obligations Total 81,481,108 SPECIAL NON - PROPERTY TAX - 6.9% CA SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT SALES TAX REVENUE Refunding, Series 1990, Insured: AMBAC, 6.750% 07/01/11 2,500,000 2,903,475 FL LEON COUNTY CAPITAL IMPROVEMENT REVENUE Refunding, Series 2005, Insured: AMBAC: 5.000% 10/01/14 4,440,000 4,843,685 5.000% 10/01/15 5,000,000 5,461,450 FL ORANGE COUNTY TOURIST DEVELOPMENT TAX REVENUE Refunding, Series 1998 A, Insured: AMBAC, 4.750% 10/01/24 2,000,000 2,027,300
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) SPECIAL NON - PROPERTY TAX - (CONTINUED) FL TALLAHASSEE BLUE PRINT 2000 INTERN GOVERNMENT REVENUE Series 2003, Insured: FSA, 5.000% 10/01/13 1,000,000 1,074,830 IL METROPOLITAN PIER & EXPOSITION AUTHORITY DEDICATED STATE TAX REVENUE Refunding, McCormick Place Expansion Project, Series 2002 B, Insured: MBIA, 5.000% 06/15/21 3,000,000 3,155,460 Capital Appreciation, Unrefunded Balance, Series 1993 A, Insured: FGIC, (b) 06/15/13 11,640,000 8,607,431 MI STATE COMPREHENSIVE TRANSPORTATION REVENUE Refunding, Series 1996 A, Insured: MBIA, 5.250% 08/01/13 3,000,000 3,064,440 NY NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY Series 2002 A, 5.500% 11/01/26 5,000,000 5,449,100 NY SALES TAX ASSET RECEIVABLE CORPORATION Refunding, Series 2004 A, Insured: AMBAC, 5.000% 10/15/32 3,950,000 4,150,383 Special Non - Property Tax Total 40,737,554 STATE APPROPRIATED - 1.3% MI ENVIRONMENTAL PROTECTION PROGRAM GO, Series 1992, 6.250% 11/01/12 5,435,000 6,100,896 VA PORT AUTHORITY PORT FACILITY REVENUE Series 2003, AMT, Insured: MBIA, 5.250% 07/01/16 1,505,000 1,620,840 State Appropriated Total 7,721,736 STATE GENERAL OBLIGATIONS - 11.0% FL STATE BOARD OF EDUCATION GO, Capital Outlay, Unrefunded Balance, Series 1985,
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 9.125% 06/01/14 1,735,000 2,217,937 FL STATE TRANSPORTATION DEPARTMENT GO, Series 2002, 5.000% 07/01/23 4,425,000 4,685,500 GA STATE GO: Refunding, Series 2004 C, 5.500% 07/01/16 2,000,000 2,241,220 Series 1992 B, 6.250% 03/01/11 3,000,000 3,396,570 IL STATE GO, Series 2004 A, 5.000% 03/01/34 3,000,000 3,103,500 MA STATE GO, Series 2004 A, 5.250% 08/01/20 3,650,000 4,098,694 Refunding, Series A Ambac TCRS-BNY, Insured: AMBAC, 5.250% 08/01/21 9,675,000 10,946,779 PR PUBLIC BUILDINGS AUTHORITY REVENUE Guaranteed, Government Facilities, Series 2002 F, 5.250% 07/01/20 2,000,000 2,196,640 SC STATE SCHOOL FACILITIES GO, Series 2001 A, 3.500% 01/01/16 1,000,000 959,110 TX STATE GO, Series 1996, 5.500% 08/01/15 1,000,000 1,013,100 WA STATE GO: Series 1990 A, 6.750% 02/01/15 12,700,000 14,875,510 Series 2000 A, 5.625% 07/01/21 10,000,000 10,785,300 Unrefunded Balance, Series 1992-93 A, 5.750% 10/01/12 2,955,000 3,237,291 WI STATE GO, Refunding, Series 1993-1,
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX - BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 5.800% 11/01/08 1,000,000 1,065,510 State General Obligations Total 64,822,661 TAX - BACKED TOTAL 203,784,355 TRANSPORTATION - 9.0% AIR TRANSPORTATION - 1.4% AK STATE INTERNATIONAL AIRPORT REVENUE Series 2002 B, Insured: AMBAC, 5.500% 10/01/11 1,250,000 1,367,250 IN INDIANAPOLIS AIRPORT AUTHORITY FedEx Corp., Series 2004, AMT, 5.100% 01/15/17 1,000,000 1,039,370 OH DAYTON SPECIAL FACILITIES REVENUE Refunding, Air Freight Corporation, Series 1988 D, AMT, 6.200% 10/01/09 5,250,000 5,689,110 Air Transportation Total 8,095,730 AIRPORTS - 5.3% FL MIAMI-DADE COUNTY AVIATION REVENUE Miami International Airport, Series 2002, AMT, Insured: FGIC, 5.750% 10/01/20 2,095,000 2,276,364 IL CHICAGO O'HARE INTERNATIONAL AIRPORT REVENUE Refunding: Second Lien, Series 1993 C, Insured: MBIA, 5.000% 01/01/18 3,000,000 3,003,780 Second Lien, Series 1999, AMT, Insured: AMBAC, 5.500% 01/01/10 7,000,000 7,437,990 Senior Lien, Series 1993 A, 5.000% 01/01/16 2,640,000 2,640,951 NV CLARK COUNTY PASSENGER FACILITY REVENUE Refunding, Series 2002, AMT, Insured: MBIA, 5.250% 07/01/11 1,960,000 2,086,910 OK TULSA AIRPORT IMPROVEMENT TRUST GENERAL REVENUE Tulsa International Airport, Series 2004 A, AMT, Insured: FGIC, 5.000% 06/01/10 1,220,000 1,279,365
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) AIRPORTS - (CONTINUED) TX DALLAS-FORT WORTH INTERNATIONAL AIRPORT REVENUE Series 2003 A, AMT, Insured: AMBAC, 5.500% 11/01/15 3,210,000 3,470,427 TX HOUSTON AIRPORT SYSTEM REVENUE Series 1998 B, AMT, Insured: FGIC, 5.000% 07/01/16 5,000,000 5,104,550 WA PORT SEATTLE REVENUE Series 1999 B, AMT, Insured: FGIC, 5.500% 09/01/13 3,885,000 4,178,240 Airports Total 31,478,577 TOLL FACILITIES - 1.7% TX TURNPIKE AUTHORITY CENTRAL TEXAS TURNPIKE SYSTEMS REVENUE Capital Appreciation-First Tier, Series 2002 A, Insured: AMBAC, (b) 08/15/19 10,330,000 5,596,071 (b) 08/15/16 7,000,000 4,408,740 Toll Facilities Total 10,004,811 TRANSPORTATION - 0.6% GA METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY REVENUE Refunding, Series 1992 P, Insured: AMBAC, 6.250% 07/01/20 2,000,000 2,377,980 SC TRANSPORTATION INFRASTRUCTURE BANK REVENUE Refunding, Series 2004 B, Insured: AMBAC, 5.250% 10/01/15 1,000,000 1,109,440 Transportation Total 3,487,420 TRANSPORTATION TOTAL 53,066,538 UTILITIES - 15.1% INVESTOR OWNED - 1.1% GA MONROE COUNTY DEVELOPMENT AUTHORITY POLLUTION CONTROL REVENUE Oglethorpe Power Corporation Project,
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) INVESTOR OWNED - (CONTINUED) Series 1992 A, 6.800% 01/01/11 2,000,000 2,268,100 TX BRAZOS RIVER AUTHORITY POLLUTION CONTROL REVENUE Refunding, Texus Energy Company LLC Project, Series 2003 A, AMT, 6.750% 04/01/38 1,900,000 2,143,713 UT EMERY COUNTY POLLUTION CONTROL REVENUE Refunding, Pacificorp Project, Series 1993 A, Insured: AMBAC, 5.650% 11/01/23 2,000,000 2,003,680 Investor Owned Total 6,415,493 JOINT POWER AUTHORITY - 3.4% GA MUNICIPAL ELECTRIC AUTHORITY POWER REVENUE Refunding, Series 2002 A, Insured: FSA, 5.000% 01/01/18 3,750,000 3,976,050 MO ENVIRONMENTAL IMPROVEMENT & ENERGY RESOURCE AUTHORITY POLLUTION CONTROL REVENUE Associated Electrical Cooperation Thomas Hill Project, Series 1996: 5.500% 12/01/10 3,425,000 3,526,140 5.500% 12/01/11 2,000,000 2,058,320 SC PIEDMONT MUNICIPAL POWER AGENCY ELECTRIC REVENUE Refunding, Capital Appreciation, Series 2004 A, Insured: FGIC, (b) 01/01/24 5,000,000 2,138,450 SC PUBLIC SERVICE AUTHORITY REVENUE Refunding, Series 2002 D, Insured: FSA, 5.000% 01/01/18 3,095,000 3,294,071 WA STATE PUBLIC POWER SUPPLY SYSTEMS REVENUE Refunding, Nuclear Project Number 1, Series 1996 A, Insured: MBIA, 5.750% 07/01/11 5,000,000 5,159,700 Joint Power Authority Total 20,152,731 MUNICIPAL ELECTRIC - 3.4% AK ANCHORAGE ELECTRIC UTILITIES REVENUE Refunding, Senior Lien,
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) MUNICIPAL ELECTRIC - (CONTINUED) Series 1993, Insured: MBIA, 8.000% 12/01/09 1,000,000 1,161,560 CA STATE DEPARTMENT OF WATER RESOURCES POWER SUPPLY REVENUE Series 2002 A: 5.125% 05/01/18 2,500,000 2,738,125 Insured: AMBAC, 5.375% 05/01/18 1,000,000 1,109,310 FL REEDY CREEK IMPROVEMENT DISTRICT UTILITIES REVENUE Refunding, Series 2004, Insured: MBIA, 5.250% 10/01/14 2,000,000 2,218,820 PR ELECTRIC POWER AUTHORITY REVENUE Series 2002, Insured: MBIA, 5.000% 07/01/20 1,700,000 1,875,831 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 5,000,000 5,354,050 TX SAN MARCOS ELECTRIC UTILITY SYSTEMS REVENUE Refunding, Series 2002, Insured: FSA, 5.250% 11/01/16 1,000,000 1,075,300 WA CHELAN COUNTY PUBLIC UTILITIES DISTRICT DIVISION III REVENUE Series 1997 A, AMT, 5.600% 07/01/32 2,310,000 2,386,576 WA TACOMA ELECTRIC SYSTEMS REVENUE Refunding, Series 1997, Insured: AMBAC, 5.250% 01/01/15 2,000,000 2,074,640 Municipal Electric Total 19,994,212 WATER & SEWER - 7.2% AL JEFFERSON COUNTY SEWER REVENUE Refunding, Unrefunded Balance, Series 1997 A, Insured: FGIC: 5.625% 02/01/22 570,000 588,867 5.625% 02/01/18 1,020,000 1,053,762 FAIRFAX COUNTY VIRGINIA WATER AUTHORITY WATER REVENUE Refunding,
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) Sub Series B, 5.250% 04/01/24 6,175,000 7,046,540 IL CHICAGO WATER REVENUE Senior Lien, Series 2000, Insured: AMBAC, 5.750% 11/01/10 4,800,000 5,271,936 MA WATER RESOURCES AUTHORITY Series 1993 C, Insured: AMBAC, 5.250% 12/01/15 3,000,000 3,299,220 NY NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY WATER & SEWER SYSTEMS REVENUE Refunding, Series 2001 D, 5.250% 06/15/25 3,520,000 3,753,763 SC WESTERN CAROLINA REGIONAL SEWER AUTHORITY SYSTEMS REVENUE Refunding, Series 2005 B, Insured: FSA: 5.250% 03/01/18 7,810,000 8,734,938 5.250% 03/01/21 4,400,000 4,951,144 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY WATER & SEWER SYSTEMS REVENUE Refunding, Series 1993, Insured: FGIC, 5.200% 01/01/13 2,500,000 2,735,925 TX BEXAR METROPLITAN WATER DISTRICT WATERWORKS REVENUE Unrefunded Balance, Series 1995, Insured: MBIA, 6.000% 05/01/15 2,070,000 2,115,975 VA FAIRFAX COUNTY WATER & SEWER AUTHORITY REVENUE Unrefunded Balance, Series 1992, 6.000% 04/01/22 2,830,000 2,973,679 Water & Sewer Total 42,525,749 UTILITIES TOTAL 89,088,185 TOTAL MUNICIPAL BONDS (COST OF $548,491,423) 583,963,636 SHARES INVESTMENT COMPANY - 0.7% Columbia Tax-Exempt Reserves Capital Class (c) 4,296,000 4,296,000 TOTAL INVESTMENT COMPANY (COST OF $4,296,000) 4,296,000
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Income Fund TOTAL INVESTMENTS - 99.6% (COST OF $552,787,423)(D)(E) 588,259,636 OTHER ASSETS & LIABILITIES, NET - 0.4% 2,140,255 NET ASSETS - 100.0% 590,399,891 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Zero coupon bond. (c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors LLC. (d) Cost for federal income tax purposes is $552,787,423. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $36,287,127 $(814,914) $35,472,213 ACRONYM NAME ------- ---- ABAG Association of Bay Area Government. AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GNMA Government National Mortgage Association GO General Obligation MBIA MBIA Insurance Corp. PSFG Permanent School Fund Guaranteed TOB Tender Option Bond VA Veterans Administration
20 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 99.0% EDUCATION - 3.8% EDUCATION - 3.8% TX ALAMO COMMUNITY COLLEGE DISTRICT Refunding, Insured: FSA 5.375% 11/01/16 1,000,000 1,081,690 TX HOUSTON COMMUNITY COLLEGE SYSTEM REVENUE Refunding, Junior Lien, Student Fee Project, Series 2001 A, Insured: MBIA 5.375% 04/15/15 1,000,000 1,077,780 TX PUBLIC FINANCE AUTHORITY REVENUE Series 2005, Stephen F. Austin University, Insured: MBIA 5.000% 10/15/19 2,000,000 2,133,860 TX UNIVERSITY OF TEXAS REVENUE Refunding, Series 2004 A, 5.250% 08/15/17 2,000,000 2,228,140 TX UNIVERSITY OF TEXAS, UNIVERSITY FINANCING SYSTEMS REVENUE Series 2003 A, 5.375% 08/15/15 1,000,000 1,096,500 Education Total 7,617,970 EDUCATION TOTAL 7,617,970 HEALTH CARE - 5.7% HOSPITALS - 5.7% TN CHATTANOOGA-HAMILTON COUNTY HOSPITAL AUTHORITY Refunding, Erlanger Medical Center Project, Series 1993, Insured: FSA, 5.500% 10/01/07 3,135,000 3,248,644 TX NORTH CENTRAL HEALTH FACILITIES DEVELOPMENT CORP. REVENUE Refunding, Baylor Health Care Systems Project, Series 1995, 5.500% 05/15/13 3,000,000 3,080,700 TX TARRANT COUNTY HEALTH FACILITIES DEVELOPMENT CORP. REVENUE Refunding, Texas Health Resources Systems Project, Series 1997 A, Insured: MBIA, 5.750% 02/15/08 3,300,000 3,453,384 TX TARRANT COUNTY HOSPITAL DISTRICT REVENUE Series 2002, Insured: MBIA,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) 5.500% 08/15/13 1,355,000 1,475,893 Total Hospitals 11,258,621 HEALTH CARE TOTAL 11,258,621 INDUSTRIALS - 1.9% FOREST PRODUCTS & PAPER - 1.4% MS WARREN COUNTY ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, International Paper Company Project, Series 2000 A, AMT, 6.700% 08/01/18 2,600,000 2,803,606 Forest Products & Paper Total 2,803,606 MANUFACTURING - 0.5% TX TRINITY RIVER AUTHORITY Texas Instruments Project, Series 1996, AMT, 6.200% 03/01/20 1,000,000 1,022,630 Manufacturing Total 1,022,630 INDUSTRIALS TOTAL 3,826,236 OTHER - 20.3% POOL/BOND BANK - 2.4% TX WATER DEVELOPMENT BOARD REVENUE Series 1997, 5.000% 07/15/12 3,000,000 3,097,080 Series 1999 B, 5.625% 07/15/21 1,500,000 1,606,815 Pool/Bond Bank Total 4,703,895 REFUNDED/ESCROWED (A) - 17.9% TX AUSTIN GO, Series 1999, Pre-refunded 09/01/09, 5.375% 09/01/18 500,000 533,185 TX CEDAR HILL INDEPENDENT SCHOOL DISTRICT Series 2000, Pre-refunded 08/15/09, Insured: PSFG (b) 08/15/16 2,655,000 1,483,402 (b) 08/15/17 1,835,000 957,558 TX FORT WORTH HIGHER EDUCATION FINANCE CORP. Texas Christus University Project, Series 1997,
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED/ESCROWED (A) - (CONTINUED) Pre-refunded 03/15/08, 5.000% 03/15/17 400,000 414,468 TX GRAPEVINE GO, Series 2000, Pre-refunded 08/15/10, Insured: FGIC 5.800% 08/15/19 1,000,000 1,097,610 TX HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORP. REVENUE Christian Health Project, Series 1999 A, Pre-refunded 08/15/11, Insured: MBIA 5.500% 07/01/10 2,000,000 2,151,240 St. Lukes Episcopal Hospital Project, Series 2001 A, Pre-refunded 08/15/11, 5.625% 02/15/16 2,780,000 3,050,132 TX KLEIN INDEPENDENT SCHOOL DISTRICT Series 1999 A, Pre-refunded 08/01/09, Insured: PSFG 5.125% 08/01/15 2,000,000 2,113,620 TX NORTH CENTRAL, HEALTH FACILITIES DEVELOPMENT CORP. REVENUE Refunding, Presbyterian Healthcare Residential Project, Series 1996 B, Pre-refunded 06/01/06, Insured: MBIA 5.500% 06/01/16 5,000,000 5,688,650 TX NORTH HARRIS MONTGOMERY COMMUNITY COLLEGE DISTRICT GO, Series 2001, Pre-refunded 02/15/10, Insured: MBIA 5.375% 02/15/16 1,080,000 1,158,829 TX SAN ANTONIO GO, Series 2001, Escrowed to Maturity, 5.000% 08/01/09 120,000 126,316 5.250% 08/01/13 20,000 22,010 Series 2002, Escrowed to Maturity, 5.000% 02/01/11 30,000 32,003 TX TARRANT COUNTY HEALTH FACILITIES DEVELOPMENT CORP. REVENUE Harris Methodist Health Systems Project, Series 1994, Escrowed to Maturity, Insured: MBIA 6.000% 09/01/10 1,000,000 1,080,860 TX TEXAS A&M UNIVERSITY REVENUE
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED/ESCROWED (A) - (CONTINUED) Series 1999, Pre-refunded 05/15/09, 5.500% 05/15/20 3,500,000 3,731,210 TX TRAVIS COUNTY HEALTH FACILITIES DEVELOPMENT CORP. Ascension Health Credit, Series 1999 A, Pre-refunded 11/15/09, Insured: AMBAC 5.875% 11/15/24 500,000 547,410 TX TURNPIKE AUTHORITY OF DALLAS NORTH TOLLWAY REVENUE President George Bush Turnpike Project, Series 1996, Escrowed to Maturity, Insured: AMBAC (b) 01/01/09 3,250,000 2,918,955 TX UNIVERSITY OF TEXAS FINANCING SYSTEMS REVENUE Series 2002 A, Pre-refunded 08/15/11, 5.375% 08/15/15 2,500,000 2,711,450 TX WAXAHACHIE INDEPENDENT SCHOOL DISTRICT GO, Capital Appreciation, Series 2000, Pre-refunded 08/15/10, Insured: PSFG (b) 08/15/15 4,545,000 2,788,403 (b) 08/15/17 5,365,000 2,869,631 Total Refunded/Escrowed 35,476,942 OTHER TOTAL 40,180,837 RESOURCE RECOVERY - 1.0% DISPOSAL - 1.0% TX GULF COAST WASTE DISPOSAL AUTHORITY REVENUE Refunding, Bayport Area System Project, Series 2002, Insured: AMBAC
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) RESOURCE RECOVERY - (CONTINUED) DISPOSAL - (CONTINUED) 5.000% 10/01/12 1,875,000 2,014,144 Disposal Total 2,014,144 RESOURCE RECOVERY TOTAL 2,014,144 TAX-BACKED - 48.0% LOCAL APPROPRIATED - 0.6% TX BEXAR COUNTY GO, Refunding, Insured: FSA 5.000% 06/15/15 1,000,000 1,079,150 Local Appropriated Total 1,079,150 LOCAL GENERAL OBLIGATIONS - 37.5% TX ALDINE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: PSFG 5.250% 02/15/15 1,655,000 1,804,778 TX ALLEN INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2004, Insured: PSFG 5.000% 02/15/17 1,000,000 1,065,030 TX ARLINGTON INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2004, Insured: PSFG 5.000% 02/15/16 2,025,000 2,165,069 TX AUSTIN INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2004, Insured: PSFG 5.000% 08/01/12 1,000,000 1,075,640 TX BARBERS HILL INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2003, Insured: PSFG 5.000% 02/15/22 1,030,000 1,081,294 TX BEXAR COUNTY GO, Refunding, Insured: FSA 5.000% 06/15/17 1,180,000 1,262,647 TX BROWNSVILLE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: PSFG 5.000% 08/15/15 1,000,000 1,082,100
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) TX BROWNWOOD INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: FGIC 5.250% 02/15/17 1,310,000 1,430,743 TX CARROLLTON INDEPENDENT SCHOOL DISTRICT Farmers Branch, GO, Series 2005, Insured: MBIA 5.000% 02/15/14 1,280,000 1,381,350 TX CEDAR HILL INDEPENDENT SCHOOL DISTRICT GO, Capital Appreciation, Series 2000, Insured: PSFG (b) 08/15/16 1,460,000 805,219 (b) 08/15/17 1,005,000 517,665 TX CONROE INDEPENDENT SCHOOL DISTRICT Schoolhouse, Series 2005 C, Insured: PSFG, 5.000% 02/15/19 1,650,000 1,760,732 TX CORPUS CHRISTI GO, Series 2002, Insured: FSA 5.500% 09/01/15 1,655,000 1,824,720 TX DUNCANVILLE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Capital Appreciation, Insured: PSFG (b) 02/15/22 2,000,000 941,260 TX EAGLE MOUNTAIN & SAGINAW INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005 C, Insured: PSFG 5.000% 08/15/14 2,000,000 2,162,780 TX EL PASO GO, Refunding, Insured: FGIC 5.250% 08/15/14 2,000,000 2,199,140 TX FORT BEND INDEPENDENT SCHOOL DISTRICT GO, Series 2000, Insured: PSFG 5.250% 08/15/19 1,000,000 1,061,800
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) TX HARLANDALE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2004, Insured: PSFG 5.250% 08/15/16 4,870,000 5,306,790 TX HARRIS COUNTY REVENUE TAX & SUBORDINATED LIEN REVENUE Refunding, Series 2004 B, Insured: FSA 5.000% 08/15/32 2,000,000 2,126,300 TX HOUSTON GO, Series 2005 D, Insured: AMBAC 5.000% 03/01/17 1,000,000 1,071,870 Series 2005 E, Insured: AMBAC 5.000% 03/01/20 2,525,000 2,679,252 TX IRVING GO, Refunding, Series 2005 A, 5.000% 11/15/18 2,000,000 2,152,120 TX JEFFERSON COUNTY GO, Refunding, Series 2002, Insured: FGIC 5.750% 08/01/14 1,000,000 1,115,660 TX JOHNSON CITY INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2003, Insured: PSFG 3.000% 02/15/09 50,000 49,506 TX LA JOYA INDEPENDENT SCHOOL DISTRICT GO, Refunding, Insured: PSFG 5.000% 02/15/20 1,000,000 1,061,630 TX LA MARQUE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2003, Insured: PSFG 5.000% 02/15/21 1,740,000 1,817,239 TX LAREDO GO, Refunding, Series 2005, Insured: AMBAC 5.000% 08/15/20 1,065,000 1,134,438 TX MISSION CONSOLIDATED INDEPENDENT SCHOOL DISTRICT GO, Refunding, Insured: PSFG
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) 5.000% 02/15/17 1,245,000 1,334,229 TX NORTH HARRIS MONTGOMERY COMMUNITY COLLEGE DISTRICT GO, Refunding, Series 2001, Insured: MBIA 5.375% 02/15/16 420,000 446,502 Series 2002, Insured: FGIC 5.375% 02/15/16 1,000,000 1,087,060 TX NORTHSIDE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2002 A, Insured: PSFG, 5.250% 02/15/20 3,285,000 3,505,949 TX PEARLAND GO, Refunding, Series 2005, Insured: MBIA, 5.000% 03/01/24 2,525,000 2,649,811 TX PFLUGERVILLE INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: PSFG, 5.000% 08/15/12 1,560,000 1,676,516 TX RICHARDSON GO, Refunding, Series 2005, Insured: MBIA, 5.250% 02/15/13 1,000,000 1,091,020 TX RIO GRANDE CITY CONSERVATIVE INDEPENDENT SCHOOL DISTRICT GO, Series 2002, Insured: PSFG, 5.000% 08/15/19 1,190,000 1,253,784 TX SAN ANTONIO GO, Refunding, Series 2005, 5.250% 02/01/12 3,000,000 3,258,540 GO, Forward Series 2001, 5.250% 08/01/13 1,480,000 1,618,913 TX SAN BENITO CONSOLIDATED INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: PSFG, 5.000% 02/15/16 2,260,000 2,432,325 TX SHERMAN INDEPENDENT SCHOOL DISTRICT GO, Refunding,
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Series 2005 A, Insured: PSFG 5.000% 02/15/16 1,000,000 1,076,250 TX SOCORRO INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2005, Insured: PSFG 5.250% 08/15/13 2,500,000 2,735,300 TX WAXAHACHIE INDEPENDENT SCHOOL DISTRICT GO, Capital Appreciation, Series 2000, Insured: PSFG (b) 08/15/15 210,000 124,841 (b) 08/15/17 245,000 128,544 TX WEBB COUNTY GO, Refunding, Series 2005, Insured: AMBAC 5.000% 02/01/17 1,600,000 1,714,288 TX WEST UNIVERSITY PLACE PERMANENT IMPROVEMENT GO, Refunding, Series 2002, 5.500% 02/01/15 1,440,000 1,579,550 TX WHITE SETTLEMENT INDEPENDENT SCHOOL DISTRICT GO, Refunding, Series 2003, Insured: PSFG 5.375% 08/15/19 1,910,000 2,081,041 TX WILLIAMSON COUNTY GO, Series 2005, Insured: MBIA 5.000% 02/15/16 1,985,000 2,131,652 Local General Obligations Total 74,062,887 SPECIAL NON-PROPERTY TAX - 6.6% PR COMMONWEALTH OF PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY Series 2005 BB, Insured: FSA 5.250% 07/01/22 2,000,000 2,258,400 Series 2005, 5.250% 07/01/18 2,000,000 2,258,820 PR COMMONWEALTH OF PUERTO RICO INFRASTRUCTURE FINANCING AUTHORITY SPECIAL TAX REVENUE Refunding,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) SPECIAL NON-PROPERTY TAX - (CONTINUED) Series 2005 C, Insured: FGIC 5.500% 07/01/21 2,000,000 2,313,900 TX CORPUS CHRISTI BUSINESS & JOB DEVELOPMENT CORP. SALES TAX REVENUE Arena Project, Series 2002, Insured: AMBAC 5.500% 09/01/14 2,065,000 2,284,386 5.500% 09/01/18 1,250,000 1,375,312 TX HOUSTON, HOTEL OCCUPANCY TAX & SPECIAL REVENUE Series 2001 B, Insured: AMBAC 5.250% 09/01/19 1,195,000 1,276,905 5.250% 09/01/20 1,265,000 1,348,389 Special Non-Property Tax Total 13,116,112 STATE GENERAL OBLIGATIONS - 3.3% TX COLLEGE STUDENT LOAN AUTHORITY GO, Series 1994, AMT, 5.750% 08/01/11 1,000,000 1,001,480 TX WATER DEVELOPMENT GO, Series 1997, 5.250% 08/01/28 5,000,000 5,120,550 TX WATER FINANCIAL ASSISTANCE Series 1999, 5.250% 08/01/21 455,000 478,310 State General Obligations Total 6,600,340 TAX-BACKED TOTAL 94,858,489 TRANSPORTATION - 0.7% AIRPORTS - 0.3% TX DALLAS-FORT WORTH REGIONAL AIRPORT REVENUE Refunding, Series 1994 A, Insured: MBIA 6.000% 11/01/09 500,000 501,025 Airports Total 501,025 TOLL FACILITIES - 0.4% TX HARRIS COUNTY, TOLL ROAD REVENUE Senior Lien, Refunding, Series 2002, Insured: FSA
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TRANSPORTATION - (CONTINUED) TOLL FACILITIES - (CONTINUED) 5.375% 08/15/11 735,000 800,202 Toll Facilities Total 800,202 TRANSPORTATION TOTAL 1,301,227 UTILITIES - 17.6% MUNICIPAL ELECTRIC - 9.0% TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY Series 1998 B, 5.500% 05/15/13 1,000,000 1,114,520 TX AUSTIN ELECTRIC UTILITY SYSTEMS REVENUE Refunding, Series 1992, Insured: AMBAC (b) 11/15/09 2,500,000 2,171,800 Subordinated Lien, Series 1998, Insured: MBIA 5.250% 05/15/18 1,100,000 1,219,504 Series 2002, Insured: FSA 5.500% 11/15/12 3,410,000 3,772,449 Series 2002 A, Insured: AMBAC 5.500% 11/15/13 2,000,000 2,225,840 TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 3,000,000 3,212,430 TX SAN ANTONIO ELECTRIC & GAS REVENUE GO, Refunding, Series 1998 A, 5.250% 02/01/12 2,250,000 2,441,362 5.250% 02/01/16 1,500,000 1,582,365 Municipal Electric Total 17,740,270 WATER & SEWER - 8.6% TX CORPUS CHRISTI UTILITY SYSTEM REVENUE Series 2002, Insured: FSA 5.000% 07/15/14 1,000,000 1,070,230 Series 2005, Insured: AMBAC 5.000% 07/15/19 2,000,000 2,131,160
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) WATER & SEWER - (CONTINUED) TX DALLAS WATERWORKS & SEWER SYSTEM REVENUE Refunding, Series 2001, 5.000% 10/01/12 1,300,000 1,379,612 Series 2002, 5.500% 10/01/12 1,000,000 1,096,130 TX HOUSTON AREA WATER CORP. CONTRACT REVENUE Northeast Water Purification Project, Series 2002, Insured: FGIC 5.500% 03/01/18 3,000,000 3,259,080 TX HOUSTON UTILITY SYSTEMS REVENUE Refunding, Combined First Lien, Series 2004 A, Insured: MBIA 5.250% 05/15/14 2,265,000 2,487,514 TX MCKINNEY WATERWORKS & SEWER SYSTEM REVENUE GO, Insured: FGIC 5.250% 08/15/17 1,125,000 1,232,426 TX NUECES RIVER AUTHORITY WATER SUPPLY REVENUE Refunding, Facilities Corpus Christi Project, Series 2005, Insured: FSA 5.000% 07/15/15 1,000,000 1,081,790 TX SAN ANTONIO WATER REVENUE Refunding, Series 2005, Insured: MBIA 5.000% 05/15/14 1,000,000 1,080,500 TX TRINITY RIVER AUTHORITY REVENUE Refunding,Tarrant County Water Project, Series 2005, Insured: MBIA 5.000% 02/01/17 1,000,000 1,074,650 5.000% 02/01/18 1,000,000 1,070,550 Water & Sewer Total 16,963,642 UTILITIES TOTAL 34,703,912 TOTAL MUNICIPAL BONDS (COST OF $189,325,064) 195,761,436
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Texas Intermediate Municipal Bond Fund
SHARES VALUE ($) INVESTMENT COMPANY - 1.6% Columbia Tax-Exempt Reserves, Capital Class (c) 3,167,000 3,167,000 TOTAL INVESTMENT COMPANY (COST OF $3,167,000) 3,167,000 TOTAL INVESTMENTS - 100.6% (COST OF $192,492,064)(D)(E) 198,928,436 OTHER ASSETS & LIABILITIES, NET - (0.6)% (1,273,479) NET ASSETS - 100.0% 197,654,957
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Zero coupon bond. (c) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (d) Cost for federal income tax purposes is $192,492,064. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was:
Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ -------------- $6,720,627 $(284,255) $6,436,372
ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GO General Obligation MBIA MBIA Insurance Corp. PSFG Permanent School Fund Guaranteed
13 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - 98.3% EDUCATION - 4.7% EDUCATION - 4.7% VA COLLEGE BUILDING AUTHORITY EDUCATIONAL FACILITIES REVENUE University Richmond Project, Series 2002 A, 5.000% 03/01/32 5,000,000 5,209,200 VA PUBLIC SCHOOL FINANCING AUTHORITY Refunding, Series 2004 C, 5.000% 08/01/16 8,425,000 9,200,774 VA ROANOKE COUNTY INDUSTRIAL DEVELOPMENT REVENUE Hollins College Project, Series 1998, 5.200% 03/15/17 1,115,000 1,156,311 Education Total 15,566,285 EDUCATION TOTAL 15,566,285 HEALTH CARE - 3.4% HOSPITALS - 3.4% AZ UNIVERSITY MEDICAL CENTER CORPORATION HOSPITAL REVENUE GO, Series 2004, 5.250% 07/01/14 1,000,000 1,067,430 FL MIAMI-DADE COUNTY HEALTH AUTHORITY HOSPITAL REVENUE Refunding, Miami Children's Hospital Project, Series 2001, Insured: AMBAC 4.375% 08/15/10 1,195,000 1,232,702 MS HOSPITAL FACILITIES & EQUIPMENT AUTHORITY REVENUE Forrest County General Hospital Project, Series 2000, Insured: FSA 5.625% 01/01/20 1,285,000 1,391,180 VA FAIRFAX COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY HEALTH CARE REVENUE Refunding, Inova Health Systems Project, Series 1993, Insured: MBIA 5.250% 08/15/19 1,000,000 1,108,050 VA MEDICAL COLLEGE OF VIRGINIA HOSPITAL AUTHORITY GENERAL REVENUE Series 1998, Insured: MBIA 4.800% 07/01/11 1,000,000 1,045,050 VA ROANOKE INDUSTRIAL DEVELOPMENT AUTHORITY HOSPITAL REVENUE Carilion Health System Project,
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($)* MUNICIPAL BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HOSPITALS - (CONTINUED) Series 2002 A, Insured: MBIA 5.250% 07/01/12 4,000,000 4,338,600 WI HEALTH & EDUCATIONAL FACILITIES REVENUE Agnesian Healthcare Project, Series 2001, 6.000% 07/01/21 1,000,000 1,069,380 Total Hospitals 11,252,392 HEALTH CARE TOTAL 11,252,392 HOUSING - 3.6% MULTI-FAMILY - 3.3% VA ALEXANDRIA REDEVELOPMENT & HOUSING AUTHORITY MULTI-FAMILY HOUSING MORTGAGE REVENUE Buckingham Village Apartments Project, Series 1996 A, AMT, 6.050% 07/01/16 2,000,000 2,040,380 VA HOUSING DEVELOPMENT AUTHORITY REVENUE Rental Housing Project, Series 2000 B, AMT, 5.875% 08/01/15 2,655,000 2,783,688 VA SUFFOLK REDEVELOPMENT & HOUSING AUTHORITY MULTI-FAMILY HOUSING REVENUE Refunding, Windsor Ltd. Partnership Project, Series 2001, 4.850% 07/01/31 5,800,000 6,098,352 Total Multi-family 10,922,420 SINGLE-FAMILY - 0.3% VA HOUSING DEVELOPMENT AUTHORITY COMMONWEALTH MORTGAGE REVENUE Series 2001 D-D-1, 4.750% 07/01/12 1,035,000 1,084,193 Single-family Total 1,084,193 HOUSING TOTAL 12,006,613 INDUSTRIALS - 1.5% CHEMICALS - 0.2% VA GILES COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY EXEMPT FACILITY REVENUE Hoechst Celanese Corporation Project, Series 1995, AMT, 5.950% 12/01/25 550,000 553,971 Chemicals Total 553,971
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) FOREST PRODUCTS & PAPER - 1.3% AL MOBILE INDUSTRIAL DEVELOPMENT BOARD POLLUTION CONTROL REVENUE Refunding, International Paper Company Project, Series 1998 B, 4.750% 04/01/10 2,250,000 2,289,713 GA RICHMOND COUNTY DEVELOPMENT AUTHORITY ENVIRONMENTAL IMPROVEMENT REVENUE International Paper Company Project, Series 2001 A, 5.150% 03/01/15 1,450,000 1,499,155 MS WARREN COUNTY ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, International Paper Company Project, Series 2000 A, AMT, 6.700% 08/01/18 500,000 539,155 Forest Products & Paper Total 4,328,023 INDUSTRIALS TOTAL 4,881,994 OTHER - 25.3% OTHER - 3.1% VA BEACH DEVELOPMENT AUTHORITY PUBLIC FACILITY REVENUE Refunding, Series 2005 A, 5.000% 05/01/21 4,465,000 4,766,745 VA NORFOLK PARKING SYSTEMS REVENUE Refunding, Series 2005 A, Insured: MBIA 5.000% 02/01/21 5,170,000 5,511,737 Other Total 10,278,482 POOL/BOND BANK - 4.0% AK MUNICIPAL BOND BANK AUTHORITY REVENUE Series 2003, Insured: MBIA 5.250% 12/01/18 1,385,000 1,493,875 VA RESOURCES AUTHORITY AIRPORTS REVENUE Series 2001 A, 5.250% 08/01/18 1,205,000 1,281,638 VA RESOURCES AUTHORITY INFRASTRUCTURE REVENUE Pooled Financing Program, Series 2000 A, Insured: MBIA 5.500% 05/01/21 1,070,000 1,161,485 5.500% 05/01/22 1,120,000 1,215,760 Series 2002 B,
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) POOL/BOND BANK - (CONTINUED) 5.000% 11/01/09 1,000,000 1,056,930 5.000% 11/01/13 1,175,000 1,273,618 Series 2003, 5.000% 11/01/18 1,075,000 1,149,669 5.000% 11/01/19 1,125,000 1,201,567 5.000% 11/01/21 1,185,000 1,258,434 5.000% 11/01/22 1,100,000 1,167,056 Series 2005 B, 5.000% 11/01/18 1,030,000 1,112,421 Pool/Bond Bank Total 13,372,453 REFUNDED/ESCROWED (A) - 17.3% AZ SCHOOL FACILITIES BOARD REVENUE State School Improvement, Series 2002, Pre-refunded 07/01/12, 5.250% 07/01/14 2,030,000 2,220,191 FL VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE Series 1996 A, Pre-refunded 10/15/06, 6.125% 10/15/16 2,100,000 2,185,932 TX TRINITY RIVER AUTHORITY WATER REVENUE Tarrant County Water Project, Series 2003, Insured: MBIA Pre-refunded 02/01/13, 5.500% 02/01/14 2,795,000 3,108,375 VA ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY FACILITIES REVENUE The Nature Conservancy Project, Series 1997 A, Pre-refunded 07/01/07, 5.450% 07/01/27 1,000,000 1,050,920 VA ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY HOSPITAL FACILITY REVENUE Virginia Hospital Center, Arlington Health Systems, Series 2001, Pre-refunded 07/01/11, 5.500% 07/01/13 1,000,000 1,099,150 VA ARLINGTON COUNTY GO, Series 1999, Pre-refunded 06/01/09, 5.250% 06/01/16 3,865,000 4,101,190 VA BIOTECHNOLOGY RESEARCH PARK AUTHORITY LEASE REVENUE Biotech Two Project, Series 1996, Pre-refunded 09/01/06,
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED/ESCROWED (A) - (CONTINUED) 5.300% 09/01/13 1,000,000 1,023,290 VA COLLEGE BUILDING AUTHORITY EDUCATIONAL FACILITIES REVENUE Public Higher Educational Financing Program, Series 1999 A, Pre-refunded 09/01/09, 5.375% 09/01/12 2,300,000 2,456,745 VA COMMONWEALTH TRANSPORTATION BOARD AUTHORITY REVENUE Northern Virginia Transportation District Project, Series 1996 A, Pre-refunded 05/15/06, 5.125% 05/15/21 2,345,000 2,384,044 VA FAIRFAX COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY HEALTH CARE REVENUE Refunding, Inova Health Systems Project, Series 1996, Pre-refunded 08/15/06, 5.500% 08/15/10 500,000 516,480 VA FAIRFAX COUNTY PUBLIC IMPROVEMENT REVENUE GO, Series 1999 B, Pre-refunded 12/01/07, 5.500% 12/01/16 1,000,000 1,060,310 VA FAIRFAX COUNTY WATER & SEWER AUTHORITY Water Revenue, Series 2000, Pre-refunded 04/01/10, 5.625% 04/01/25 3,000,000 3,288,060 VA FAIRFAX COUNTY GO, Series 1998, Pre-refunded 04/01/08, 4.800% 04/01/10 1,000,000 1,051,290 VA LOUDOUN COUNTY PUBLIC IMPROVEMENT GO, Series 2000 B, Pre-refunded 01/01/10, 5.250% 01/01/17 2,600,000 2,803,346 Series 2001 C, Pre-refunded 11/01/11, 5.000% 11/01/14 510,000 553,166 VA LYNCHBURG PUBLIC IMPROVEMENT GO, Series 1997, Pre-refunded 05/01/06, 5.400% 05/01/17 1,140,000 1,170,438 VA MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY LEASE REVENUE Series 2000 B, Pre-refunded 01/15/11, Insured: AMBAC 5.500% 01/15/22 2,000,000 2,190,260
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) REFUNDED/ESCROWED (A) - (CONTINUED) VA NORFOLK GO, Series 1998, Pre-refunded 07/01/08, Insured: FSA 5.000% 07/01/11 1,050,000 1,102,479 5.000% 07/01/13 475,000 498,740 VA PORTSMOUTH PUBLIC IMPROVEMENT REVENUE GO, Refunding, Series 2001 A, Pre-refunded 06/01/08, Insured: FGIC 5.500% 06/01/17 2,680,000 2,816,787 VA PUBLIC SCHOOL FINANCING AUTHORITY REVENUE Series 1998 A, Pre-refunded 08/01/08, 4.875% 08/01/14 1,095,000 1,147,637 VA RESOURCE AUTHORITY WATER & SEWER SYSTEMS REVENUE Suffolk Project, Series 1996 A, Pre-refunded 04/01/07, 5.500% 04/01/17 1,020,000 1,067,359 VA RICHMOND PUBLIC IMPROVEMENT REVENUE GO, Refunding, Series 1999 A, Pre-refunded 01/15/10, Insured: FSA 5.000% 01/15/19 2,855,000 3,050,682 VA VIRGINIA BEACH PUBLIC IMPROVEMENT GO, Series 2000, Pre-refunded 03/01/10, 5.500% 03/01/17 3,060,000 3,332,646 5.500% 03/01/18 3,805,000 4,144,025 VA VIRGINIA BEACH WATER & SEWER REVENUE Series 2000, Pre-refunded 08/01/10, 5.250% 08/01/17 1,790,000 1,926,076 5.250% 08/01/18 1,935,000 2,082,099 5.250% 08/01/19 2,035,000 2,189,701 5.250% 08/01/20 2,145,000 2,308,063 Total Refunded/Escrowed 57,929,481 TOBACCO - 0.9% VA TOBACCO SETTLEMENT FINANCING CORPORATION Series 2005,
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OTHER - (CONTINUED) TOBACCO - (CONTINUED) 5.500% 06/01/26 3,000,000 3,063,990 Tobacco Total 3,063,990 OTHER TOTAL 84,644,406 RESOURCE RECOVERY - 4.2% DISPOSAL - 3.1% VA ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Ogden Martin Systems of Union-Alexandria Arlington Project, Series 1998 B, AMT, Insured: FSA 5.250% 01/01/09 3,280,000 3,427,994 5.250% 01/01/10 1,855,000 1,940,052 VA SOUTHEASTERN PUBLIC SERVICE AUTHORITY REVENUE Refunding, Series 1993 A, Insured: MBIA 5.100% 07/01/08 5,000,000 5,213,300 Disposal Total 10,581,346 RESOURCE RECOVERY - 1.1% VA FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY RESOURCES RECOVERY REVENUE Refunding, Series 1998 A, AMT, Insured: AMBAC 6.050% 02/01/09 3,385,000 3,613,521 Resource Recovery Total 3,613,521 RESOURCE RECOVERY TOTAL 14,194,867 TAX-BACKED - 46.7% LOCAL APPROPRIATED - 3.9% VA ARLINGTON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY LEASE REVENUE Virginia Capital Project, Series 2004, 5.000% 08/01/17 1,205,000 1,291,616 5.000% 08/01/18 1,205,000 1,288,000 VA CULPEPPER INDUSTRIAL DEVELOPMENT AUTHORITY PUBLIC FACILITIES LEASE REVENUE School Facilities Project, Series 2005, Insured: MBIA 5.000% 01/01/21 2,060,000 2,187,246
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL APPROPRIATED - (CONTINUED) VA FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY FACILITIES REVENUE School Board Administration Building Project, Series 2005 I-A, 5.000% 04/01/19 1,380,000 1,480,243 VA HAMPTON ROADS REGIONAL JAIL AUTHORITY FACILITY REVENUE Series 2004, Insured: MBIA 5.000% 07/01/14 1,750,000 1,898,715 5.000% 07/01/15 1,685,000 1,816,767 5.000% 07/01/16 1,930,000 2,074,422 VA PRINCE WILLIAM COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY LEASE REVENUE ATCC Project, Series 1996, 6.000% 02/01/14 1,000,000 1,021,340 Local Appropriated Total 13,058,349 LOCAL GENERAL OBLIGATIONS - 20.5% VA ARLINGTON COUNTY GO, Refunding, Series 1993, 6.000% 06/01/12 3,285,000 3,746,313 Series 2004 B, 5.000% 11/01/10 1,000,000 1,071,670 VA CHESAPEAKE GO, Series 1998, 4.650% 08/01/11 1,000,000 1,045,820 VA CHESTERFIELD COUNTY PUBLIC IMPROVEMENT GO, Series 2005, 5.000% 01/01/17 3,995,000 4,332,258 VA FAIRFAX COUNTY GO, Series 2002 A, 5.000% 06/01/10 5,000,000 5,334,650 VA HAMPTON PUBLIC IMPROVEMENT GO, Refunding, Series 2004, 5.000% 02/01/15 1,275,000 1,378,313 VA HENRICO COUNTY GO, Series 2002, 5.000% 04/01/15 1,300,000 1,403,077
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) VA JAMES CITY COUNTY PUBLIC IMPROVEMENT GO, Refunding, Series 2003, 5.000% 12/15/12 2,335,000 2,529,062 5.000% 12/15/13 2,175,000 2,365,530 VA LOUDOUN COUNTY GO, Refunding, Series 1998 B, 5.250% 12/01/15 1,000,000 1,119,130 Series 2005 A, 5.000% 07/01/09 3,245,000 3,426,071 VA NEWPORT NEWS GO, Series 1998, 5.000% 03/01/18 1,000,000 1,049,360 VA NORFOLK GO, Refunding, Capital Improvement, Series 1998, Insured: FSA 5.000% 07/01/11 2,450,000 2,563,998 5.000% 07/01/13 525,000 549,428 Series 2002 B, Insured: FSA 5.250% 07/01/11 4,960,000 5,391,024 Series 2003, Insured: FSA 4.000% 12/01/08 3,770,000 3,844,156 VA PORTSMOUTH GO, Refunding, Series 2003, Insured: FSA 5.000% 07/01/17 4,385,000 4,718,085 5.000% 07/01/19 2,060,000 2,202,655 GO, Series 2001 A, Insured: FGIC 5.500% 06/01/17 1,030,000 1,077,844 VA RICHMOND PUBLIC IMPROVEMENT GO, Refunding, Series 2005 A, Insured: FSA 5.000% 07/15/15 8,840,000 9,643,733 GO, Series 1993 B, 5.500% 07/15/09 1,430,000 1,531,215 Series 2002 A, Insured: FSA 5.250% 07/15/11 2,150,000 2,337,781 VA SPOTSYLVANIA COUNTY GO, Refunding,
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) LOCAL GENERAL OBLIGATIONS - (CONTINUED) Series 1998, Insured: FSA 4.400% 07/15/07 2,000,000 2,033,920 VA VIRGINIA BEACH GO, Refunding, Series 1992, 5.400% 07/15/08 2,300,000 2,416,679 Series 2004 B, 5.000% 05/01/13 1,305,000 1,414,202 Local General Obligations Total 68,525,974 SPECIAL NON-PROPERTY TAX - 2.7% IL METROPOLITAN PIER & EXPOSITION AUTHORITY DEDICATED STATE TAX REVENUE Refunding, McCormick Plant Expansion, Series 2002 B, Insured: MBIA 5.250% 06/15/11 4,500,000 4,865,850 VA GREATER RICHMOND CONVENTION CENTER AUTHORITY HOTEL TAX REVENUE Refunding, Series 2005, Insured: MBIA 5.000% 06/15/18 3,800,000 4,069,230 Special Non-Property Tax Total 8,935,080 SPECIAL PROPERTY TAX - 0.9% VA FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY TRANSPORTATION REVENUE Series 2004, Insured: MBIA 5.000% 04/01/24 2,865,000 3,017,160 Special Property Tax Total 3,017,160 STATE APPROPRIATED - 6.9% VA BIOTECHNOLOGY RESEARCH PARK AUTHORITY LEASE REVENUE Consolidated Laboratories Project, Series 2001, 5.125% 09/01/16 1,100,000 1,174,228 VA COLLEGE BUILDING AUTHORITY EDUCATIONAL FACILITIES REVENUE 21st Century Catalogue & Equipment Program Project, Series 2002 A, 5.000% 02/01/15 1,270,000 1,356,627 Public Higher Education Financing Program, Series 2003 A, 5.000% 09/01/11 1,800,000 1,934,802 VA COMMONWEALTH TRANSPORTATION BOARD AUTHORITY REVENUE Oak Grove Connector Project, Series 1997 A,
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) STATE APPROPRIATED - (CONTINUED) 5.250% 05/15/22 1,000,000 1,032,640 U.S. Route 58 Corridor Development Project, Series 1997 C, 5.125% 05/15/19 1,245,000 1,284,242 Insured: MBIA 5.000% 05/15/13 3,375,000 3,478,815 VA PORT AUTHORITY COMMONWEALTH PORT FUND REVENUE Series 1996, AMT, 5.550% 07/01/12 2,465,000 2,509,961 Series 1997, AMT, Insured: MBIA 5.650% 07/01/17 1,000,000 1,035,780 VA PORT AUTHORITY PORT FACILITIES REVENUE Series 2003, AMT, Insured: MBIA 5.125% 07/01/14 1,360,000 1,462,014 5.125% 07/01/15 1,430,000 1,531,516 5.250% 07/01/17 1,585,000 1,701,703 VA PUBLIC BUILDING AUTHORITY PUBLIC FACILITIES REVENUE Series 2002 A, 5.000% 08/01/14 2,790,000 2,998,329 VA PUBLIC SCHOOL FINANCING AUTHORITY REVENUE Series 1998 A, 4.875% 08/01/14 1,445,000 1,503,494 State Appropriated Total 23,004,151 STATE GENERAL OBLIGATIONS - 11.8% VA STATE GO, Series 2002, 4.000% 06/01/09 10,230,000 10,460,584 Series 2003 A, 5.000% 06/01/08 5,000,000 5,202,250 Series 2004 B, 5.000% 06/01/15 7,725,000 8,401,865 5.000% 06/01/16 9,205,000 9,989,450 WA MOTOR VEHICLE FUEL TAX GO, Series 1997 F,
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TAX-BACKED - (CONTINUED) STATE GENERAL OBLIGATIONS - (CONTINUED) 5.375% 07/01/22 5,035,000 5,167,924 State General Obligations Total 39,222,073 TAX-BACKED TOTAL 155,762,787 TRANSPORTATION - 2.0% AIR TRANSPORTATION - 0.6% TN MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY Federal Express Corp., Series 2001, 5.000% 09/01/09 2,000,000 2,073,740 Air Transportation Total 2,073,740 AIRPORTS - 1.1% DC DISTRICT OF COLUMBIA METROPOLITAN AIRPORT AUTHORITY REVENUE Refunding, Series 1998 B, AMT, Insured: MBIA 5.250% 10/01/10 1,000,000 1,046,380 FL HILLSBOROUGH COUNTY AVIATION AUTHORITY REVENUE Refunding, Tampa International Airport, Series 2003 D, AMT, Insured: MBIA 5.500% 10/01/10 2,265,000 2,434,422 Airports Total 3,480,802 TOLL FACILITIES - 0.3% VA RICHMOND METROPOLITAN AUTHORITY EXPRESSWAY REVENUE Series 1998, Insured: FGIC 5.250% 07/15/17 1,000,000 1,101,040 Toll Facilities Total 1,101,040 TRANSPORTATION TOTAL 6,655,582 UTILITIES - 6.9% INVESTOR OWNED - 0.6% KS BURLINGTON ENVIRONMENTAL IMPROVEMENT REVENUE Refunding, Kansas City Power & Light Project, Series 1998 K, 4.750% 09/01/15 2,000,000 2,032,020 Investor Owned Total 2,032,020
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTILITIES - (CONTINUED) JOINT POWER AUTHORITY - 0.3% WA ENERGY NORTHWEST ELECTRIC Refunding, Series 2002 A, Insured: MBIA 5.750% 07/01/18 1,000,000 1,107,780 Joint Power Authority Total 1,107,780 MUNICIPAL ELECTRIC - 0.6% TX SAM RAYBURN MUNICIPAL POWER AGENCY REVENUE Refunding, Series 2002, 6.000% 10/01/16 2,000,000 2,141,620 Municipal Electric Total 2,141,620 WATER & SEWER - 5.4% VA FAIRFAX COUNTY WATER & SEWER AUTHORITY REVENUE Series 2005 B, 5.250% 04/01/19 1,835,000 2,069,054 Un-refunded Balance, Series 1992, 6.000% 04/01/22 3,000,000 3,152,310 VA NORFOLK WATER REVENUE Series 1995, Insured: MBIA 5.700% 11/01/10 2,000,000 2,043,920 VA PRINCE WILLIAM COUNTY SERVICE AUTHORITY WATER & SEWER SYSTEM REVENUE Refunding, Series 2003, 5.000% 07/01/13 3,350,000 3,633,041 VA RESOURCE AUTHORITY SEWER SYSTEMS REVENUE Refunding, Harrisonburg-Rockingham Project, Series 1998, 5.000% 05/01/18 2,970,000 3,091,592 Hopewell Regional Wastewater Facilities Project, Series 1995 A, AMT, 6.000% 10/01/15 1,750,000 1,785,578 VA RESOURCES AUTHORITY SYSTEMS REVENUE Refunding, Series 1998, 5.000% 05/01/22 2,000,000 2,076,400 Water & Sewer Total 17,851,895 UTILITIES TOTAL 23,133,315 TOTAL MUNICIPAL BONDS (COST OF $321,194,876) 328,098,241
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Virginia Intermediate Municipal Bond Fund
SHARES VALUE ($) INVESTMENT COMPANY - 0.5% Columbia Tax-Exempt Reserves, Capital Class (b) 1,847,000 1,847,000 TOTAL INVESTMENT COMPANY (COST OF $1,847,000) 1,847,000 TOTAL INVESTMENTS - 98.8% (COST OF $323,041,876)(C)(D) 329,945,241 OTHER ASSETS & LIABILITIES, NET - 1.2% 3,910,424 NET ASSETS - 100.0% 333,855,665
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest. (b) Money market mutual fund registered under the Investment Company Act of 1940, as amended, and advised by Columbia Management Advisors, LLC. (c) Cost for federal income tax purposes is $323,041,876. (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was:
Unrealized Unrealized Net Unrealized Appreciation Depreciation Appreciation ------------ ------------ ------------ $8,894,093 $(1,990,728) $6,903,365
ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax FGIC Financial Guaranty Insurance Co. FSA Financial Security Assurance, Inc. GO General Obligation MBIA MBIA Insurance Corp.
INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - 67.5% CONSUMER DISCRETIONARY - 11.3% HOTELS, RESTAURANTS & LEISURE - 4.4% CAESARS ENTERTAINMENT, INC. 4.150% 04/15/24(a) 3,680,000 4,689,461 FAIRMONT HOTELS & RESORTS, INC. 3.750% 12/01/23 12,755,000 14,811,744 FOUR SEASONS HOTELS & RESORTS 1.875% 07/30/24 11,320,000 10,980,400 HILTON HOTELS CORP. 3.375% 04/15/23 14,803,000 17,412,029 SCIENTIFIC GAMES CORP. 0.750% 12/01/24 10,137,000 10,859,261 Hotels, Restaurants & Leisure Total 58,752,895 INTERNET & CATALOG RETAIL - 1.7% AMAZON.COM, INC. 4.750% 02/01/09 23,637,000 22,721,066 Internet & Catalog Retail Total 22,721,066 MEDIA - 4.6% ECHOSTAR COMMUNICATIONS CORP. 5.750% 05/15/08 9,010,000 8,784,750 LAMAR ADVERTISING CO. 2.875% 12/31/10 14,795,000 15,627,219 LIBERTY MEDIA CORP. 3.250% 03/15/31 12,310,000 9,278,662 LIONS GATE ENTERTAINMENT CORP. 2.938% 10/15/24 5,486,000 4,765,962 3.625% 03/15/25 5,865,000 5,036,569 PLAYBOY ENTERPRISES, INC. 3.000% 03/15/25 5,000,000 5,000,000 WALT DISNEY CO. 2.125% 04/15/23 12,835,000 12,835,000 Media Total 61,328,162 SPECIALTY RETAIL - 0.6% CSK AUTO CORP. 3.375% 08/15/25 2,987,000 2,762,975 4.625% 12/15/25(b) 1,990,000 2,038,755 MEN'S WEARHOUSE, INC.
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) SPECIALTY RETAIL - (CONTINUED) 3.125% 10/15/23 2,940,000 3,410,400 Specialty Retail Total 8,212,130 CONSUMER DISCRETIONARY TOTAL 151,014,253 CONSUMER STAPLES - 0.6% FOOD & STAPLES RETAILING - 0.2% WILD OATS MARKETS, INC. 3.250% 05/15/34 2,250,000 2,030,625 Food & Staples Retailing Total 2,030,625 HOUSEHOLD PRODUCTS - 0.4% CHURCH & DWIGHT 5.250% 08/15/33 4,915,000 5,916,431 Household Products Total 5,916,431 CONSUMER STAPLES TOTAL 7,947,056 ENERGY - 4.7% ENERGY EQUIPMENT & SERVICES - 3.8% HALLIBURTON CO. 3.125% 07/15/23 11,938,000 20,413,980 HANOVER COMPRESS CO. 4.750% 01/15/14 2,460,000 2,804,400 MAVERICK TUBE CORP. 1.875% 11/15/25(b) 995,000 1,129,325 PRIDE INTERNATIONAL, INC. 3.250% 05/01/33 7,393,000 9,740,278 SCHLUMBERGER LTD. 2.125% 06/01/23 11,725,000 15,183,875 TRANSOCEAN, INC. 1.500% 05/15/21 780,000 829,725 Energy Equipment & Services Total 50,101,583 OIL, GAS & CONSUMABLE FUELS - 0.9% CHENIERE ENERGY, INC. 2.250% 08/01/12 1,987,000 2,394,335 OMI CORP. 2.875% 12/01/24 10,457,000 9,359,015 Oil, Gas & Consumable Fuels Total 11,753,350 ENERGY TOTAL 61,854,933 FINANCIALS - 4.7% CAPITAL MARKETS - 0.4% E*TRADE GROUP
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) FINANCIALS - (CONTINUED) CAPITAL MARKETS - (CONTINUED) 6.000% 02/01/07 5,500,000 5,555,000 Capital Markets Total 5,555,000 COMMERCIAL BANKS - 0.4% WELLS FARGO & CO. 4.000% 05/01/33(a) 4,820,000 4,774,837 Commercial Banks Total 4,774,837 CONSUMER FINANCE - 1.1% AMERICAN EXPRESS CO. 1.850% 12/01/33 14,385,000 15,266,081 Consumer Finance Total 15,266,081 DIVERSIFIED FINANCIAL SERVICES - 0.6% CAPITALSOURCE, INC. 3.500% 07/15/34 8,955,000 8,596,800 Diversified Financial Services Total 8,596,800 INSURANCE - 0.7% AMERICAN EQUITY INVESTMENT LIFE INSURANCE CO. 5.250% 12/06/24 3,488,000 4,024,280 CONSECO, INC. 3.500% 09/30/35(b) 4,677,000 4,963,466 Insurance Total 8,987,746 REAL ESTATE - 1.5% HOST MARRIOTT CORP. 3.250% 04/15/24(b) 17,040,000 19,872,900 Real Estate Total 19,872,900 FINANCIALS TOTAL 63,053,364 HEALTH CARE - 16.6% BIOTECHNOLOGY - 5.0% AMYLIN PHARMACEUTICALS 2.500% 04/15/11 5,965,000 7,635,200 CUBIST PHARMACEUTICALS 5.500% 11/01/08 7,820,000 7,360,575 CV THERAPEUTICS, INC. 2.000% 05/16/23 4,855,000 4,102,475 3.250% 08/16/13 180,000 200,025 DOV PHARMACEUTICAL, INC. 2.500% 01/15/25 2,500,000 2,137,500 ICOS CORP. 2.000% 07/01/23 12,760,000 10,271,800 INVITROGEN CORP. 2.000% 08/01/23 10,910,000 11,837,350
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) BIOTECHNOLOGY - (CONTINUED) 2.250% 12/15/06 6,700,000 6,540,875 MILLENNIUM PHARMACEUTICALS, INC. 5.500% 01/15/07 3,346,000 3,312,540 PROTEIN DESIGN LABS, INC. 2.000% 02/15/12 3,210,000 4,257,262 2.750% 08/16/23 2,906,000 4,315,410 VERTEX PHARMACEUTICALS 5.000% 09/19/07 4,400,000 4,400,000 Biotechnology Total 66,371,012 HEALTH CARE EQUIPMENT & SUPPLIES - 4.1% ADVANCED MEDICAL OPTICS, INC. 2.500% 07/15/24 14,920,000 15,162,450 BAUSCH & LOMB, INC. 4.422% 08/01/23(a) 4,950,000 6,664,729 CYTYC CORP. 2.250% 03/15/24 1,962,000 2,163,105 FISHER SCIENTIFIC INTERNATIONAL, INC. 3.250% 03/01/24 15,532,000 15,434,925 MEDTRONIC, INC. 1.250% 09/15/21 11,636,000 11,781,450 ST. JUDE MEDICAL, INC. 2.800% 12/15/35 3,440,000 3,427,100 Health Care Equipment & Supplies Total 54,633,759 HEALTH CARE PROVIDERS & SERVICES - 4.8% APRIA HEALTHCARE GROUP, INC. 3.375% 09/01/33 6,130,000 5,923,113 HEALTH MANAGEMENT ASSOCIATES, INC. 1.500% 08/01/23 12,880,000 12,896,100 HENRY SCHEIN, INC. 3.000% 08/15/34 3,980,000 4,457,600 LIFEPOINT HOSPITALS, INC. 3.250% 08/15/25 7,795,000 7,103,194 LINCARE HOLDINGS, INC. 3.000% 06/15/33 12,890,000 12,906,112 MANOR CARE, INC. 2.125% 08/01/35 2,500,000 2,575,000 OMNICARE, INC. 3.250% 12/15/35 9,981,000 9,906,142 WEBMD CORP.
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE PROVIDERS & SERVICES - (CONTINUED) 1.750% 06/15/23 9,690,000 7,885,238 Health Care Providers & Services Total 63,652,499 PHARMACEUTICALS - 2.7% ALPHARMA, INC. 3.000% 06/01/06 1,080,000 1,414,800 SEPRACOR, INC. 5.000% 02/15/07 19,060,000 18,940,875 WATSON PHARMACEUTICALS, INC. 1.750% 03/15/23 5,600,000 5,334,000 WYETH 3.320% 01/15/24(a) 9,925,000 10,238,035 Pharmaceuticals Total 35,927,710 HEALTH CARE TOTAL 220,584,980 INDUSTRIALS - 7.3% AEROSPACE & DEFENSE - 2.1% CERADYNE, INC. 2.875% 12/15/35 1,962,000 2,003,692 L-3 COMMUNICATIONS HOLDINGS, INC. 3.000% 08/01/35 11,095,000 10,970,181 LOCKHEED MARTIN CORP. 4.090% 08/15/33(a) 13,594,000 14,496,370 UNITED INDUSTRIAL CORP. 3.750% 09/15/24 685,000 856,250 Aerospace & Defense Total 28,326,493 CONSTRUCTION & ENGINEERING - 0.9% FLUOR CORP. 1.500% 02/15/24 8,315,000 11,859,269 Construction & Engineering Total 11,859,269 ELECTRICAL EQUIPMENT - 0.6% MEDIS TECHNOLOGIES LTD. 6.000% 07/15/10 2,303,000 2,231,031 ROPER INDUSTRIES, INC. 1.481% 01/15/34 10,860,000 5,945,850 Electrical Equipment Total 8,176,881 INDUSTRIAL CONGLOMERATES - 1.4% TYCO INTERNATIONAL LTD.
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) INDUSTRIALS - (CONTINUED) INDUSTRIAL CONGLOMERATES - (CONTINUED) 3.125% 01/15/23 13,366,000 18,211,175 Industrial Conglomerates Total 18,211,175 MACHINERY - 0.9% KAYDON CORP. 4.000% 05/23/23 6,915,000 8,090,550 SPX CORP. (c) 02/06/21 4,840,000 3,194,400 Machinery Total 11,284,950 ROAD & RAIL - 1.2% YELLOW CORP. 3.375% 11/25/23 5,759,000 7,076,372 5.000% 08/08/23 5,935,000 8,724,450 Road & Rail Total 15,800,822 TRADING COMPANIES & DISTRIBUTORS - 0.2% GATX CORP. 5.000% 08/15/23 1,965,000 3,016,275 Trading Companies & Distributors Total 3,016,275 INDUSTRIALS TOTAL 96,675,865 INFORMATION TECHNOLOGY - 14.0% COMMUNICATIONS EQUIPMENT - 3.5% ANDREW CORP. 3.250% 08/15/13 5,910,000 5,924,775 AT&T CORP. - LIBERTY MEDIA GROUP 3.500% 01/15/31 7,255,000 7,418,237 LIBERTY MEDIA CORP. 3.500% 01/15/31 8,650,000 8,844,625 LUCENT TECHNOLOGIES, INC. 8.000% 08/01/31 15,700,000 15,935,500 POWERWAVE TECHNOLOGIES, INC. 1.875% 11/15/24 3,723,000 4,690,980 SAFENET, INC. 2.500% 12/15/10(b) 3,483,000 3,452,524 Communications Equipment Total 46,266,641 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.8% VISHAY INTERTECHNOLOGY, INC. 3.625% 08/01/23 11,640,000 11,349,000 Electronic Equipment & Instruments Total 11,349,000
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) INTERNET SOFTWARE & SERVICES - 0.4% CNET NETWORKS, INC. 0.750% 04/15/24 4,975,000 5,248,625 Internet Software & Services Total 5,248,625 IT SERVICES - 4.0% BISYS GROUP, INC. 4.000% 03/15/06 8,475,000 8,390,250 CIBER, INC. 2.875% 12/15/23 8,282,000 7,029,347 CSG SYSTEMS INTERNATIONAL, INC. 2.500% 06/15/24 9,920,000 9,684,400 DST SYSTEMS, INC. 4.125% 08/15/23 11,910,000 15,780,750 ELECTRONIC DATA SYSTEMS CORP. 3.875% 07/15/23 12,940,000 12,907,650 IT Services Total 53,792,397 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% AGERE SYSTEMS, INC. 6.500% 12/15/09 3,200,000 3,148,000 ASM INTERNATIONAL NV 4.250% 12/06/11 2,990,000 2,874,138 FAIRCHILD SEMICONDUCTOR CORP. 5.000% 11/01/08 9,470,000 9,233,250 INTEL CORP. 2.950% 12/15/35(b) 5,965,000 5,823,331 ON SEMICONDUCTOR CORP. 1.875% 12/15/25(b) 2,982,000 2,899,995 SKYWORKS SOLUTIONS, INC. 4.750% 11/15/07 9,040,000 8,780,100 Semiconductors & Semiconductor Equipment Total 32,758,814 SOFTWARE - 2.8% BEA SYSTEMS, INC. 4.000% 12/15/06 10,232,000 10,052,940 FAIR ISAAC CORP. 1.500% 08/15/23 8,855,000 9,817,981 MENTOR GRAPHICS CORP. 6.875% 06/15/07 1,285,000 1,276,969 OPEN SOLUTIONS, INC. 1.467% 02/02/35 5,480,000 2,870,150 SYBASE, INC. 1.750% 02/22/25 11,420,000 11,705,500
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SOFTWARE - (CONTINUED) VERITAS SOFTWARE CORP. 0.250% 08/01/13 1,980,000 1,915,650 Software Total 37,639,190 INFORMATION TECHNOLOGY TOTAL 187,054,667 MATERIALS - 1.2% CONTAINERS & PACKAGING - 1.2% SEALED AIR CORP. 3.000% 06/30/33(b) 16,070,000 16,029,825 Containers & Packaging Total 16,029,825 MATERIALS TOTAL 16,029,825 TELECOMMUNICATION SERVICES - 4.5% DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7% COMMONWEALTH TELEPHONE ENTERPRISES, INC. 3.250% 07/15/23 5,473,000 5,356,699 LIBERTY MEDIA CORP. 4.000% 11/15/29 7,320,000 4,291,350 Diversified Telecommunication Services Total 9,648,049 WIRELESS TELECOMMUNICATION SERVICES - 3.8% AMERICAN TOWER CORP. 3.000% 08/15/12 13,770,000 19,828,800 5.000% 02/15/10 100,000 99,125 LOGIX COMMUNICATIONS ENTERPRISES 1.500% 10/01/25(b) 3,975,000 3,681,844 NEXTEL COMMUNICATIONS, INC. 5.250% 01/15/10 18,950,000 18,926,312 NII HOLDINGS, INC. 2.750% 08/15/25(b) 7,460,000 8,103,425 Total Wireless Telecommunication Services 50,639,506 TELECOMMUNICATION SERVICES TOTAL 60,287,555 UTILITIES - 2.6% ELECTRIC UTILITIES - 1.7% CENTERPOINT ENERGY, INC. 2.875% 01/15/24 2,979,000 3,206,149 3.750% 05/15/23 5,580,000 6,556,500 PPL ENERGY SUPPLY, LLC 2.625% 05/15/23 4,674,000 5,597,115 RELIANT ENERGY, INC.
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
PAR ($) VALUE ($)* CONVERTIBLE BONDS - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC UTILITIES - (CONTINUED) 5.000% 08/15/10 5,801,000 7,120,727 Electric Utilities Total 22,480,491 MULTI - UTILITIES - 0.9% CMS ENERGY CORP. 2.875% 12/01/24 1,950,000 2,269,313 DOMINION RESOURCES, INC. 2.125% 12/15/23 9,355,000 10,196,950 Multi - Utilities Total 12,466,263 UTILITIES TOTAL 34,946,754 TOTAL CONVERTIBLE BONDS (COST OF $855,760,203) 899,449,252 SHARES CONVERTIBLE PREFERRED STOCKS - 18.8% CONSUMER DISCRETIONARY - 0.1% MEDIA - 0.1% Interpublic Group of Cos., Inc. (b) 998 918,410 Media Total 918,410 CONSUMER DISCRETIONARY TOTAL 918,410 CONSUMER STAPLES - 1.5% BEVERAGES - 0.6% Constellation Brands, Inc. 210,350 8,203,650 Beverages Total 8,203,650 FOOD PRODUCTS - 0.9% Lehman Brothers Holdings, Inc. 450,500 11,825,625 Food Products Total 11,825,625 CONSUMER STAPLES TOTAL 20,029,275 ENERGY - 2.2% OIL, GAS & CONSUMABLE FUELS - 2.2% Amerada Hess Corp. 76,170 8,178,754 Chesapeake Energy Corp. 1,679 3,315,185 Chesapeake Energy Corp. 100,000 13,712,500 Chesapeake Energy Corp. 24,500 2,318,312
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
SHARES VALUE ($) CONVERTIBLE PREFERRED STOCKS - (CONTINUED) ENERGY - (CONTINUED) OIL, GAS & CONSUMABLE FUELS - (CONTINUED) Goodrich Petroleum Corp. (b) 39,760 1,988,080 Oil, Gas & Consumable Fuels Total 29,512,831 ENERGY TOTAL 29,512,831 FINANCIALS - 6.7% CAPITAL MARKETS - 0.1% E*Trade Financial Corp. 24,630 701,955 Capital Markets Total 701,955 INSURANCE - 4.3% Aspen Insurance Holdings Ltd. 172,400 8,533,800 Citigroup Funding, Inc. 389,000 12,584,150 Conseco, Inc. 186,200 5,283,425 Fortis Insurance (b) 1,490 1,797,313 Hartford Financial Services Group, Inc. 47,700 3,678,862 Metlife, Inc. 78,000 2,154,750 Reinsurance Group of America, Inc. 66,000 4,017,750 Unumprovident Corp. 97,600 3,440,400 UnumProvident Corp. 57,610 2,506,035 XL Capital Ltd. 632,950 14,089,467 Insurance Total 58,085,952 REAL ESTATE - 1.1% Citigroup Regency Centers 294,000 14,261,940 Real Estate Total 14,261,940 THRIFTS & MORTGAGE FINANCE - 1.2% Sovereign Capital Trust IV 161,850 7,080,937 Washington Mutual 76,800 4,153,498 Washington Mutual 101,200 5,473,098 Thrifts & Mortgage Finance Total 16,707,533 FINANCIALS TOTAL 89,757,380 HEALTH CARE - 3.1% HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% Baxter International 276,060 14,803,717 Health Care Equipment & Supplies Total 14,803,717 HEALTH CARE PROVIDERS & SERVICES - 0.9% Omnicare Capital Trust II 157,850 11,641,438 Health Care Providers & Services Total 11,641,438
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
SHARES VALUE ($) CONVERTIBLE PREFERRED STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) PHARMACEUTICALS - 1.1% Schering-Plough Corp. 267,650 14,319,275 Pharmaceuticals Total 14,319,275 HEALTH CARE TOTAL 40,764,430 INDUSTRIALS - 0.4% AEROSPACE & DEFENSE - 0.4% Northrop Grumman Corp. 40,000 5,085,000 Aerospace & Defense Total 5,085,000 INDUSTRIALS TOTAL 5,085,000 INFORMATION TECHNOLOGY - 0.7% OFFICE ELECTRONICS - 0.7% Xerox Corp. 80,090 9,791,003 Office Electronics Total 9,791,003 INFORMATION TECHNOLOGY TOTAL 9,791,003 MATERIALS - 1.6% CHEMICALS - 0.8% Celanese Corp. 228,000 6,384,000 Huntsman Corp. 108,238 4,343,050 Chemicals Total 10,727,050 CONTAINERS & PACKAGING - 0.2% Smurfit-Stone Container Corp. 96,000 2,148,000 Containers & Packaging Total 2,148,000 METALS & MINING - 0.6% Freeport-McMoRan Copper & Gold, Inc. 6,270 7,346,872 Freeport-McMoRan Copper & Gold, Inc. 460 539,005 Metals & Mining Total 7,885,877 MATERIALS TOTAL 20,760,927 TELECOMMUNICATION SERVICES - 1.3% WIRELESS TELECOMMUNICATION SERVICES - 1.3% Crown Castle International Corp. 336,185 17,733,759 Total Wireless Telecommunication Services 17,733,759 TELECOMMUNICATION SERVICES TOTAL 17,733,759 UTILITIES - 1.2% ELECTRIC UTILITIES - 0.5% Entergy Corp. 98,200 4,848,625 FPL Group, Inc. 32,900 2,035,688 Electric Utilities Total 6,884,313
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
SHARES VALUE ($) CONVERTIBLE PREFERRED STOCKS - (CONTINUED) UTILITIES - (CONTINUED) GAS UTILITIES - 0.4% Southern Union Co. 92,920 4,541,465 Gas Utilities Total 4,541,465 INDEPENDENT POWER PRODUCERS - 0.1% NRG Energy, Inc. 1,358 1,765,230 Independent Power Producers Total 1,765,230 MULTI - UTILITIES - 0.2% Dominion Resources, Inc. 49,200 2,555,448 Multi - Utilities Total 2,555,448 UTILITIES TOTAL 15,746,456 TOTAL CONVERTIBLE PREFERRED STOCKS (COST OF $219,529,282) 250,099,471 COMMON STOCKS - 10.6% CONSUMER DISCRETIONARY - 0.3% HOTELS, RESTAURANTS & LEISURE - 0.1% Centerplate, Inc. 93,000 1,207,140 Hotels, Restaurants & Leisure Total 1,207,140 MULTILINE RETAIL - 0.2% Federated Department Stores, Inc. 40,000 2,653,200 Multiline Retail Total 2,653,200 CONSUMER DISCRETIONARY TOTAL 3,860,340 CONSUMER STAPLES - 0.5% HOUSEHOLD PRODUCTS - 0.5% Procter & Gamble Co. 100,000 5,788,000 Household Products Total 5,788,000 CONSUMER STAPLES TOTAL 5,788,000 ENERGY - 2.1% OIL, GAS & CONSUMABLE FUELS - 2.1% Exxon Mobil Corp. 158,400 8,897,328 Massey Energy Co. 133,184 5,043,678 Williams Companies, Inc. 603,676 13,987,173 Oil, Gas & Consumable Fuels Total 27,928,179 ENERGY TOTAL 27,928,179 FINANCIALS - 0.7% INSURANCE - 0.5% Prudential Financial, Inc. 94,078 6,885,569 Insurance Total 6,885,569
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) REAL ESTATE - 0.2% ProLogis Trust, REIT 60,000 2,803,200 Real Estate Total 2,803,200 FINANCIALS TOTAL 9,688,769 HEALTH CARE - 0.4% BIOTECHNOLOGY - 0.4% Amgen, Inc. (d) 70,300 5,543,858 Biotechnology Total 5,543,858 HEALTH CARE TOTAL 5,543,858 INDUSTRIALS - 3.4% AEROSPACE & DEFENSE - 0.6% L-3 Communications Holdings, Inc. 62,677 4,660,035 Northrop Grumman Corp. 47,038 2,827,454 Aerospace & Defense Total 7,487,489 BUILDING PRODUCTS - 0.8% Lennox International, Inc. 386,599 10,902,092 Building Products Total 10,902,092 INDUSTRIAL CONGLOMERATES - 0.6% Tyco International Ltd. 260,000 7,503,600 Industrial Conglomerates Total 7,503,600 MACHINERY - 1.4% Cummins, Inc. 151,000 13,549,230 Danaher Corp. 100,000 5,578,000 Machinery Total 19,127,230 INDUSTRIALS TOTAL 45,020,411 INFORMATION TECHNOLOGY - 2.5% COMMUNICATIONS EQUIPMENT - 0.1% SafeNet, Inc. (d) 30,000 966,600 Communications Equipment Total 966,600 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.7% Trimble Navigation Ltd. (d) 255,000 9,049,950 Electronic Equipment & Instruments Total 9,049,950 INTERNET SOFTWARE & SERVICES - 0.7% Yahoo!, Inc. (d) 255,600 10,014,408 Internet Software & Services Total 10,014,408 IT SERVICES - 0.6% Automatic Data Processing, Inc. 176,000 8,076,640 IT Services Total 8,076,640
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4% NVIDIA Corp. (d) 150,000 5,484,000 Semiconductors & Semiconductor Equipment Total 5,484,000 INFORMATION TECHNOLOGY TOTAL 33,591,598 MATERIALS - 0.7% CONTAINERS & PACKAGING - 0.7% Temple-Inland, Inc. 205,016 9,194,967 Containers & Packaging Total 9,194,967 MATERIALS TOTAL 9,194,967 TOTAL COMMON STOCKS (COST OF $101,883,790) 140,616,122 UNITS WARRANTS - 0.0% INFORMATION TECHNOLOGY - 0.0% COMMUNICATIONS EQUIPMENT - 0.0% Lucent Technologies, Inc. Expires 12/10/07 (d) 12,396 7,004 Communications Equipment Total 7,004 INFORMATION TECHNOLOGY TOTAL 7,004 TOTAL WARRANTS (COST OF $14,503) 7,004 PAR ($) SHORT-TERM OBLIGATION - 2.5% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a Government Agency Obligation maturing 02/23/07, market value of $34,548,233 (repurchase proceeds $33,884,354) 33,869,000 33,869,000 TOTAL SHORT-TERM OBLIGATION (COST OF $33,869,000) 33,869,000 TOTAL INVESTMENTS - 99.4% (COST OF $1,211,056,778)(E)(F) 1,324,040,849 OTHER ASSETS & LIABILITIES, NET - 0.6% 8,601,597 NET ASSETS - 100.0% 1,332,642,446
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Convertible Securities Fund
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Debt securities generally are valued by pricing services approved by the Fund's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Equity securities, 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 debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities amounted to $70,711,113, which represents 5.3% of net assets. (c) Zero coupon bond. (d) Non-income producing security. (e) Cost for federal income tax purposes is $1,211,056,778. (f) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------- -------------- $139,236,403 $(26,252,332) $112,984,071 ACRONYM NAME ------- ---- REIT Real Estate Investment Trust
15 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Global Value Fund
SHARES VALUE ($)* COMMON STOCKS - 99.7% CONSUMER DISCRETIONARY - 14.8% AUTO COMPONENTS - 0.6% Goodyear Tire & Rubber Co. (a) 135,100 2,348,038 Auto Components Total 2,348,038 AUTOMOBILES - 8.9% DaimlerChrysler AG, Registered Shares 156,800 8,008,316 Ford Motor Co. 1,190,800 9,192,976 General Motors Corp. 482,400 9,368,208 Volkswagen AG 107,173 5,660,210 Automobiles Total 32,229,710 LEISURE EQUIPMENT & PRODUCTS - 2.5% Eastman Kodak Co. 212,290 4,967,586 Fuji Photo Film Co., Ltd. 121,000 4,001,357 Leisure Equipment & Products Total 8,968,943 MULTILINE RETAIL - 2.8% Marks & Spencer Group PLC 1,180,219 10,254,369 Multiline Retail Total 10,254,369 CONSUMER DISCRETIONARY TOTAL 53,801,060 CONSUMER STAPLES - 20.0% FOOD & STAPLES RETAILING - 11.6% Albertson's, Inc. 345,900 7,384,965 J Sainsbury PLC 1,079,400 5,854,536 Koninklijke Ahold NV (a) 557,080 4,174,806 Koninklijke Ahold NV (a) (b) 136,120 1,020,095 Kroger Co. (a) 386,919 7,305,031 Safeway, Inc. 534,200 12,639,172 Wm. Morrison Supermarkets PLC 1,179,232 3,925,863 Food & Staples Retailing Total 42,304,468 FOOD PRODUCTS - 6.8% Nestle SA, Registered Shares 37,600 11,245,234 Unilever NV 162,400 11,122,550 Unilever PLC 246,100 2,440,990 Food Products Total 24,808,774
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Global Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) TOBACCO - 1.6% Altria Group, Inc. 75,500 5,641,360 Tobacco Total 5,641,360 CONSUMER STAPLES TOTAL 72,754,602 ENERGY - 1.0% OIL, GAS & CONSUMABLE FUELS - 1.0% El Paso Corp. 288,100 3,503,296 Oil, Gas & Consumable Fuels Total 3,503,296 ENERGY TOTAL 3,503,296 FINANCIALS - 13.6% COMMERCIAL BANKS - 8.5% ABN AMRO Holding NV 238,774 6,244,501 Banca Intesa S.p.A. 890,178 4,716,120 Banco Santander Central Hispano SA 121,100 1,598,579 Mitsubishi UFJ Financial Group, Inc. 422 5,725,188 Sumitomo Mitsui Financial Group, Inc. 376 3,985,246 UniCredito Italiano SpA 1,290,500 8,861,372 Commercial Banks Total 31,131,006 DIVERSIFIED FINANCIAL SERVICES - 0.8% JPMorgan Chase & Co. 72,700 2,885,463 Diversified Financial Services Total 2,885,463 INSURANCE - 4.3% Aegon NV 237,751 3,870,259 Loews Corp. 28,700 2,722,195 Millea Holdings, Inc. 296 5,095,010 Zurich Financial Services AG, Registered Shares (a) 18,877 4,022,343 Insurance Total 15,709,807 FINANCIALS TOTAL 49,726,276 HEALTH CARE - 16.5% HEALTH CARE PROVIDERS & SERVICES - 0.9% Tenet Healthcare Corp. (a) 413,200 3,165,112 Health Care Providers & Services Total 3,165,112 PHARMACEUTICALS - 15.6% Bristol-Myers Squibb Co. 422,900 9,718,242 Daiichi Sankyo Co., Ltd. (a) 318,900 6,151,673 GlaxoSmithKline PLC 209,400 5,292,409 Merck & Co., Inc. 362,400 11,527,944 Pfizer, Inc. 484,800 11,305,536 Sanofi-Aventis 61,949 5,427,265
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Global Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) PHARMACEUTICALS - (CONTINUED) Schering-Plough Corp. 353,000 7,360,050 Pharmaceuticals Total 56,783,119 HEALTH CARE TOTAL 59,948,231 INFORMATION TECHNOLOGY - 11.1% COMMUNICATIONS EQUIPMENT - 3.8% Alcatel SA (a) 697,000 8,639,616 Lucent Technologies, Inc. (a) 1,972,860 5,247,808 Communications Equipment Total 13,887,424 ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.4% Hitachi Ltd. 1,298,000 8,749,820 Electronic Equipment & Instruments Total 8,749,820 IT SERVICES - 0.3% Unisys Corp. (a) 201,500 1,174,745 IT Services Total 1,174,745 OFFICE ELECTRONICS - 1.4% Xerox Corp. (a) 348,600 5,106,990 Office Electronics Total 5,106,990 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% Micron Technology, Inc. (a) 330,000 4,392,300 STMicroelectronics NV 403,300 7,243,172 Semiconductors & Semiconductor Equipment Total 11,635,472 INFORMATION TECHNOLOGY TOTAL 40,554,451 MATERIALS - 1.0% CHEMICALS - 1.0% Akzo Nobel NV 80,800 3,745,054 Chemicals Total 3,745,054 MATERIALS TOTAL 3,745,054 TELECOMMUNICATION SERVICES - 21.7% DIVERSIFIED TELECOMMUNICATION SERVICES - 21.7% AT&T, Inc. 285,500 6,991,895 BellSouth Corp. 312,800 8,476,880 Brasil Telecom Participacoes SA, ADR 49,700 1,856,295 BT Group PLC 1,664,893 6,380,563 Contax Participacoes SA, ADR (a) 342,100 411,615 Deutsche Telekom AG, Registered Shares 492,603 8,211,352 KT Corp. 22,790 918,885 KT Corp., ADR 272,820 5,879,271 Nippon Telegraph & Telephone Corp. 2,231 10,139,619
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Global Value Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) TELECOMMUNICATION SERVICES - (CONTINUED) DIVERSIFIED TELECOMMUNICATION SERVICES - (CONTINUED) Tele Norte Leste Participacoes SA, ADR 342,100 6,130,432 Telecom Italia S.p.A. 1,911,493 5,567,020 Telefonica SA 518,274 7,798,660 Telefonos de Mexico SA de CV, ADR, Class L 303,100 7,480,508 Verizon Communications, Inc. 92,800 2,795,136 Diversified Telecommunication Services Total 79,038,131 TELECOMMUNICATION SERVICES TOTAL 79,038,131 TOTAL COMMON STOCKS (COST OF $310,943,930) 363,071,101 PAR ($) SHORT-TERM OBLIGATION - 0.3% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency Obligation maturing 06/08/07, market value of $1,217,538 (repurchase proceeds $1,190,539) 1,190,000 1,190,000 TOTAL SHORT-TERM OBLIGATION (COST OF $1,190,000) 1,190,000 TOTAL INVESTMENTS - 100.0% (COST OF $312,133,930)(C)(D) 364,261,101 OTHER ASSETS & LIABILITIES, NET - 0.0% (127,994) NET ASSETS - 100.0% 364,133,107
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Global Value Fund
NOTES TO INVESTMENT PORTFOLIO: * 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 debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. 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 (Funds' ) shares are determined as of such times. Foreign currency exchange rates are generally determined at 2:00 p.m. Eastern (U.S.) time. 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. (a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, the value of this security, which was not illiquid, represents 0.3% of net assets. (c) Cost for federal income tax purposes is $312,133,930. (d) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: Unrealized Unrealized Net Unrealized APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $74,041,347 $(21,914,176) $52,127,171 ACRONYM NAME ------- ---- ADR American Depositary Receipt
5 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($)* COMMON STOCKS - 98.6% CONSUMER DISCRETIONARY - 10.6% AUTO COMPONENTS - 0.2% Cooper Tire & Rubber Co. 12,910 197,781 Dana Corp. 31,750 227,965 Goodyear Tire & Rubber Co. (a) 37,230 647,058 Johnson Controls, Inc. 40,720 2,968,895 Auto Components Total 4,041,699 AUTOMOBILES - 0.3% Ford Motor Co. 392,225 3,027,977 General Motors Corp. 119,420 2,319,136 Harley-Davidson, Inc. 57,985 2,985,648 Automobiles Total 8,332,761 DISTRIBUTORS - 0.1% Genuine Parts Co. 36,605 1,607,692 Distributors Total 1,607,692 DIVERSIFIED CONSUMER SERVICES - 0.1% Apollo Group, Inc., Class A (a) 30,740 1,858,540 H&R Block, Inc. 69,180 1,698,369 Diversified Consumer Services Total 3,556,909 HOTELS, RESTAURANTS & LEISURE - 1.5% Carnival Corp. 91,490 4,891,970 Darden Restaurants, Inc. 27,650 1,075,032 Harrah's Entertainment, Inc. 38,755 2,762,844 Hilton Hotels Corp. 69,240 1,669,376 International Game Technology 71,170 2,190,613 Marriott International, Inc., Class A 34,720 2,325,198 McDonald's Corp. 265,690 8,959,067 Starbucks Corp. (a) 162,260 4,869,423 Starwood Hotels & Resorts Worldwide, Inc. 46,325 2,958,314 Wendy's International, Inc. 24,495 1,353,594 Yum! Brands, Inc. 59,725 2,799,908 Hotels, Restaurants & Leisure Total 35,855,339 HOUSEHOLD DURABLES - 0.7% Black & Decker Corp. 16,525 1,437,014 Centex Corp. 26,985 1,929,158 D.R. Horton, Inc. 57,520 2,055,190 Fortune Brands, Inc. 30,825 2,404,966 KB Home 16,490 1,198,163 Leggett & Platt, Inc. 38,870 892,455 Lennar Corp., Class A 29,000 1,769,580
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) HOUSEHOLD DURABLES - (CONTINUED) Maytag Corp. 16,875 317,588 Newell Rubbermaid, Inc. 58,160 1,383,045 Pulte Homes, Inc. 45,290 1,782,614 Snap-On, Inc. 12,260 460,486 Stanley Works 15,350 737,414 Whirlpool Corp. 14,275 1,195,674 Household Durables Total 17,563,347 INTERNET & CATALOG RETAIL - 0.5% Amazon.com, Inc. (a) 64,800 3,055,320 eBay, Inc. (a) 241,270 10,434,927 Internet & Catalog Retail Total 13,490,247 LEISURE EQUIPMENT & PRODUCTS - 0.2% Brunswick Corp. 20,355 827,634 Eastman Kodak Co. 60,650 1,419,210 Hasbro, Inc. 37,615 759,071 Mattel, Inc. 85,220 1,348,180 Leisure Equipment & Products Total 4,354,095 MEDIA - 3.3% Clear Channel Communications, Inc. 114,075 3,587,659 Comcast Corp., Class A (a) 458,506 11,902,816 Dow Jones & Co., Inc. 12,425 440,963 EW Scripps Co. 18,000 864,360 Gannett Co., Inc. 50,630 3,066,659 Interpublic Group of Companies, Inc. (a) 90,860 876,799 Knight-Ridder, Inc. 14,700 930,510 Live Nation (a)(b) -- 5 McGraw-Hill Companies, Inc. 79,150 4,086,514 Meredith Corp. 8,870 464,256 New York Times Co., Class A 30,650 810,693 News Corp., Class A 513,740 7,988,657 Omnicom Group, Inc. 38,055 3,239,622 Time Warner, Inc. 984,385 17,167,674 Tribune Co. 55,250 1,671,865 Univision Communications, Inc., Class A (a) 47,250 1,388,678 Viacom, Inc., Class B 326,250 10,635,750 Walt Disney Co. 406,160 9,735,655 Media Total 78,859,135
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) MULTILINE RETAIL - 1.1% Big Lots, Inc. (a) 24,095 289,381 Dillard's, Inc., Class A 13,025 323,281 Dollar General Corp. 66,840 1,274,639 Family Dollar Stores, Inc. 32,790 812,864 Federated Department Stores, Inc. 57,434 3,809,597 J.C. Penney Co., Inc. 49,070 2,728,292 Kohl's Corp. (a) 72,805 3,538,323 Nordstrom, Inc. 46,180 1,727,132 Sears Holdings Corp. (a) 21,090 2,436,528 Target Corp. 185,650 10,205,180 Multiline Retail Total 27,145,217 SPECIALTY RETAIL - 2.2% Autonation, Inc. (a) 38,225 830,629 AutoZone, Inc. (a) 11,685 1,072,099 Bed Bath & Beyond, Inc. (a) 62,725 2,267,509 Best Buy Co., Inc. 86,325 3,753,411 Circuit City Stores, Inc. 33,020 745,922 Gap, Inc. 121,180 2,137,615 Home Depot, Inc. 448,515 18,155,887 Limited Brands 73,515 1,643,060 Lowe's Companies, Inc. 165,045 11,001,899 Office Depot, Inc. (a) 65,240 2,048,536 OfficeMax, Inc. 14,975 379,766 RadioShack Corp. 28,465 598,619 Sherwin-Williams Co. 23,735 1,078,044 Staples, Inc. 154,462 3,507,832 Tiffany & Co. 30,075 1,151,572 TJX Companies, Inc. 97,305 2,260,395 Specialty Retail Total 52,632,795 TEXTILES, APPAREL & LUXURY GOODS - 0.4% Coach, Inc. (a) 80,240 2,675,202 Jones Apparel Group, Inc. 24,620 756,326 Liz Claiborne, Inc. 22,505 806,129 NIKE, Inc., Class B 40,115 3,481,581 Reebok International Ltd. 11,135 648,391
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) TEXTILES, APPAREL & LUXURY GOODS - (CONTINUED) V.F. Corp. 18,805 1,040,669 Textiles, Apparel & Luxury Goods Total 9,408,298 CONSUMER DISCRETIONARY TOTAL 256,847,534 CONSUMER STAPLES - 9.4% BEVERAGES - 2.1% Anheuser-Busch Companies, Inc. 163,895 7,040,929 Brown-Forman Corp., Class B 17,565 1,217,606 Coca-Cola Co. 437,035 17,616,881 Coca-Cola Enterprises, Inc. 64,010 1,227,071 Constellation Brands, Inc., Class A (a) 41,570 1,090,381 Molson Coors Brewing Co., Class B 11,925 798,856 Pepsi Bottling Group, Inc. 28,970 828,832 PepsiCo, Inc. 350,310 20,696,315 Beverages Total 50,516,871 FOOD & STAPLES RETAILING - 2.4% Albertson's, Inc. 77,900 1,663,165 Costco Wholesale Corp. 99,705 4,932,406 CVS Corp. 171,900 4,541,598 Kroger Co. (a) 153,025 2,889,112 Safeway, Inc. 94,900 2,245,334 SUPERVALU, Inc. 28,760 934,125 Sysco Corp. 130,995 4,067,395 Wal-Mart Stores, Inc. 527,480 24,686,064 Walgreen Co. 213,650 9,456,149 Whole Foods Market, Inc. 29,100 2,252,049 Food & Staples Retailing Total 57,667,397 FOOD PRODUCTS - 1.0% Archer-Daniels-Midland Co. 137,880 3,400,121 Campbell Soup Co. 39,330 1,170,854 ConAgra Foods, Inc. 109,600 2,222,688 General Mills, Inc. 75,000 3,699,000 H.J. Heinz Co. 70,635 2,381,812 Hershey Co. 38,275 2,114,694 Kellogg Co. 54,260 2,345,117 McCormick & Co., Inc. 28,285 874,572 Sara Lee Corp. 160,360 3,030,804 Tyson Foods, Inc., Class A 53,100 908,010
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) FOOD PRODUCTS - (CONTINUED) Wrigley (Wm.) Jr. Co. 37,920 2,521,301 Food Products Total 24,668,973 HOUSEHOLD PRODUCTS - 2.3% Clorox Co. 31,850 1,811,947 Colgate-Palmolive Co. 109,415 6,001,413 Kimberly-Clark Corp. 98,670 5,885,665 Procter & Gamble Co. 707,646 40,958,550 Household Products Total 54,657,575 PERSONAL PRODUCTS - 0.1% Alberto-Culver Co., Class B 15,977 730,948 Avon Products, Inc. 96,805 2,763,782 Personal Products Total 3,494,730 TOBACCO - 1.5% Altria Group, Inc. 439,615 32,848,033 Reynolds American, Inc. 18,020 1,717,847 UST, Inc. 34,540 1,410,268 Tobacco Total 35,976,148 CONSUMER STAPLES TOTAL 226,981,694 ENERGY - 9.2% ENERGY EQUIPMENT & SERVICES - 1.7% Baker Hughes, Inc. 72,170 4,386,493 BJ Services Co. 68,080 2,496,494 Halliburton Co. 108,235 6,706,241 Nabors Industries Ltd. (a) 33,375 2,528,156 National-Oilwell Varco, Inc. (a) 36,780 2,306,106 Noble Corp. 28,910 2,039,311 Rowan Companies, Inc. 23,105 823,462 Schlumberger Ltd. 124,375 12,083,031 Transocean, Inc. (a) 69,730 4,859,484 Weatherford International Ltd. (a) 73,400 2,657,080 Energy Equipment & Services Total 40,885,858 OIL, GAS & CONSUMABLE FUELS - 7.5% Amerada Hess Corp. 16,940 2,148,331 Anadarko Petroleum Corp. 50,040 4,741,290 Apache Corp. 69,541 4,764,949 Burlington Resources, Inc. 79,815 6,880,053 Chevron Corp. 474,011 26,909,604 ConocoPhillips 293,004 17,046,973 Devon Energy Corp. 93,780 5,865,001 El Paso Corp. 139,160 1,692,186
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) ENERGY - (CONTINUED) OIL, GAS & CONSUMABLE FUELS - (CONTINUED) EOG Resources, Inc. 50,990 3,741,136 Exxon Mobil Corp. 1,313,770 73,794,461 Kerr-McGee Corp. 24,470 2,223,344 Kinder Morgan, Inc. 22,205 2,041,750 Marathon Oil Corp. 77,341 4,715,481 Murphy Oil Corp. 34,900 1,884,251 Occidental Petroleum Corp. 84,855 6,778,217 Sunoco, Inc. 28,700 2,249,506 Valero Energy Corp. 130,760 6,747,216 Williams Companies, Inc. 120,935 2,802,064 XTO Energy, Inc. 76,715 3,370,857 Oil, Gas & Consumable Fuels Total 180,396,670 ENERGY TOTAL 221,282,528 FINANCIALS - 21.0% CAPITAL MARKETS - 3.2% Ameriprise Financial, Inc. 51,945 2,129,745 Bank of New York Co., Inc. 162,645 5,180,243 Bear Stearns Companies, Inc. 23,945 2,766,366 Charles Schwab Corp. 217,755 3,194,466 E*TRADE Financial Corp. (a) 86,350 1,801,261 Federated Investors, Inc., Class B 17,890 662,646 Franklin Resources, Inc. 31,370 2,949,094 Goldman Sachs Group, Inc. 95,175 12,154,799 Janus Capital Group, Inc. 45,550 848,596 Lehman Brothers Holdings, Inc. 56,535 7,246,091 Mellon Financial Corp. 88,285 3,023,761 Merrill Lynch & Co., Inc. 194,035 13,141,990 Morgan Stanley 227,635 12,916,010 Northern Trust Corp. 39,135 2,027,976 State Street Corp. 69,270 3,840,329 T. Rowe Price Group, Inc. 27,620 1,989,469 Capital Markets Total 75,872,842 COMMERCIAL BANKS - 5.6% AmSouth Bancorp 73,635 1,929,973 Bank of America Corp. (c) 847,920 39,131,508 BB&T Corp. 114,505 4,798,905 Comerica, Inc. 34,865 1,978,937 Compass Bancshares, Inc. 26,320 1,270,993
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) COMMERCIAL BANKS - (CONTINUED) Fifth Third Bancorp 117,175 4,419,841 First Horizon National Corp. 26,570 1,021,351 Huntington Bancshares, Inc. 48,190 1,144,513 KeyCorp 86,145 2,836,755 M&T Bank Corp. 16,830 1,835,312 Marshall & Ilsley Corp. 44,185 1,901,722 National City Corp. 116,400 3,907,548 North Fork Bancorporation, Inc. 100,417 2,747,409 PNC Financial Services Group, Inc. 61,660 3,812,438 Regions Financial Corp. 96,695 3,303,101 SunTrust Banks, Inc. 76,270 5,549,405 Synovus Financial Corp. 65,965 1,781,715 U.S. Bancorp 383,450 11,461,320 Wachovia Corp. 328,029 17,339,613 Wells Fargo & Co. 353,075 22,183,702 Zions Bancorporation 22,040 1,665,342 Commercial Banks Total 136,021,403 CONSUMER FINANCE - 1.3% American Express Co. 262,125 13,488,952 Capital One Financial Corp. 63,205 5,460,912 MBNA Corp. 264,952 7,193,447 SLM Corp. 88,110 4,853,980 Consumer Finance Total 30,997,291 DIVERSIFIED FINANCIAL SERVICES - 3.6% CIT Group, Inc. 42,160 2,183,045 Citigroup, Inc. 1,068,085 51,834,165 JPMorgan Chase & Co. 738,817 29,323,647 Moody's Corp. 52,410 3,219,022 Diversified Financial Services Total 86,559,879 INSURANCE - 5.0% Ace Ltd. 68,050 3,636,592 AFLAC, Inc. 105,660 4,904,737 Allstate Corp. 136,975 7,406,238 Ambac Financial Group, Inc. 22,180 1,709,191 American International Group, Inc. 548,015 37,391,063 Aon Corp. 67,530 2,427,704 Chubb Corp. 42,195 4,120,342 Cincinnati Financial Corp. 36,922 1,649,675 Genworth Financial, Inc., Class A 79,500 2,749,110 Hartford Financial Services Group, Inc. 63,450 5,449,720
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) INSURANCE - (CONTINUED) Jefferson-Pilot Corp. 28,310 1,611,688 Lincoln National Corp. 36,605 1,941,163 Loews Corp. 28,665 2,718,875 Marsh & McLennan Companies, Inc. 114,965 3,651,288 MBIA, Inc. 28,335 1,704,634 MetLife, Inc. 159,850 7,832,650 Principal Financial Group, Inc. 59,150 2,805,485 Progressive Corp. 41,610 4,859,216 Prudential Financial, Inc. 106,575 7,800,224 SAFECO Corp. 26,060 1,472,390 St. Paul Travelers Companies, Inc. 146,156 6,528,789 Torchmark Corp. 21,930 1,219,308 UnumProvident Corp. 62,925 1,431,544 XL Capital Ltd., Class A 36,850 2,482,953 Insurance Total 119,504,579 REAL ESTATE - 0.7% Apartment Investment & Management Co., Class A, REIT 20,240 766,489 Archstone-Smith Trust, REIT 44,760 1,874,996 Equity Office Properties Trust, REIT 85,770 2,601,404 Equity Residential Property Trust, REIT 60,860 2,380,843 Plum Creek Timber Co., Inc., REIT 38,870 1,401,264 ProLogis Trust, REIT 51,395 2,401,174 Public Storage, Inc., REIT 17,500 1,185,100 Simon Property Group, Inc., REIT 39,325 3,013,475 Vornado Realty Trust, REIT 24,900 2,078,403 Real Estate Total 17,703,148 THRIFTS & MORTGAGE FINANCE - 1.6% Countrywide Financial Corp. 126,098 4,311,291 Fannie Mae 204,315 9,972,615 Freddie Mac 145,930 9,536,525 Golden West Financial Corp. 53,810 3,551,460 MGIC Investment Corp. 19,115 1,258,149 Sovereign Bancorp, Inc. 75,375 1,629,608
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) THRIFTS & MORTGAGE FINANCE - (CONTINUED) Washington Mutual, Inc. 208,297 9,060,920 Thrifts & Mortgage Finance Total 39,320,568 FINANCIALS TOTAL 505,979,710 HEALTH CARE - 13.1% BIOTECHNOLOGY - 1.5% Amgen, Inc. (a) 260,577 20,549,102 Applera Corp. - Applied Biosystems Group 39,695 1,054,299 Biogen Idec, Inc. (a) 71,622 3,246,625 Chiron Corp. (a) 23,125 1,028,138 Genzyme Corp. (a) 54,480 3,856,095 Gilead Sciences, Inc. (a) 96,640 5,086,163 MedImmune, Inc. (a) 51,930 1,818,589 Biotechnology Total 36,639,011 HEALTH CARE EQUIPMENT & SUPPLIES - 2.1% Bausch & Lomb, Inc. 11,310 767,949 Baxter International, Inc. 131,655 4,956,811 Becton, Dickinson & Co. 53,180 3,195,054 Biomet, Inc. 52,580 1,922,850 Boston Scientific Corp. (a) 124,540 3,049,984 C.R. Bard, Inc. 22,155 1,460,458 Fisher Scientific International, Inc. (a) 25,845 1,598,772 Guidant Corp. 70,080 4,537,680 Hospira, Inc. (a) 33,932 1,451,611 Medtronic, Inc. 255,430 14,705,105 Millipore Corp. (a) 10,995 726,110 PerkinElmer, Inc. 27,635 651,081 St. Jude Medical, Inc. (a) 77,350 3,882,970 Stryker Corp. 61,600 2,736,888 Thermo Electron Corp. (a) 34,215 1,030,898 Waters Corp. (a) 23,345 882,441 Zimmer Holdings, Inc. (a) 52,305 3,527,449 Health Care Equipment & Supplies Total 51,084,111 HEALTH CARE PROVIDERS & SERVICES - 3.2% Aetna, Inc. 60,400 5,696,324 AmerisourceBergen Corp. 43,960 1,819,944 Cardinal Health, Inc. 90,460 6,219,125 Caremark Rx, Inc. (a) 94,990 4,919,532 CIGNA Corp. 26,535 2,963,960 Coventry Health Care, Inc. (a) 34,250 1,950,880 Express Scripts, Inc. (a) 30,750 2,576,850
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) HEALTH CARE PROVIDERS & SERVICES - (CONTINUED) HCA, Inc. 89,495 4,519,497 Health Management Associates, Inc., Class A 52,230 1,146,971 Humana, Inc. (a) 34,340 1,865,692 IMS Health, Inc. 48,900 1,218,588 Laboratory Corp. of America Holdings (a) 28,110 1,513,724 Manor Care, Inc. 16,690 663,761 McKesson Corp. 65,000 3,353,350 Medco Health Solutions, Inc. (a) 64,921 3,622,592 Patterson Companies, Inc. (a) 29,200 975,280 Quest Diagnostics, Inc. 35,030 1,803,344 Tenet Healthcare Corp. (a) 99,092 759,045 UnitedHealth Group, Inc. 287,740 17,880,164 WellPoint, Inc. (a) 139,280 11,113,151 Health Care Providers & Services Total 76,581,774 PHARMACEUTICALS - 6.3% Abbott Laboratories 327,525 12,914,311 Allergan, Inc. 27,760 2,996,970 Bristol-Myers Squibb Co. 413,045 9,491,774 Eli Lilly & Co. 239,955 13,579,053 Forest Laboratories, Inc. (a) 71,320 2,901,298 Johnson & Johnson 628,105 37,749,110 King Pharmaceuticals, Inc. (a) 51,015 863,174 Merck & Co., Inc. 461,675 14,685,882 Mylan Laboratories, Inc. 46,145 921,054 Pfizer, Inc. 1,556,375 36,294,665 Schering-Plough Corp. 312,075 6,506,764 Watson Pharmaceuticals, Inc. (a) 21,405 695,876 Wyeth 283,390 13,055,777 Pharmaceuticals Total 152,655,708 HEALTH CARE TOTAL 316,960,604 INDUSTRIALS - 11.2% AEROSPACE & DEFENSE - 2.2% Boeing Co. 170,465 11,973,462 General Dynamics Corp. 42,460 4,842,563 Goodrich Corp. 25,920 1,065,312 Honeywell International, Inc. 177,945 6,628,451 L-3 Communications Holdings, Inc. 25,320 1,882,542
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) AEROSPACE & DEFENSE - (CONTINUED) Lockheed Martin Corp. 75,505 4,804,383 Northrop Grumman Corp. 75,013 4,509,031 Raytheon Co. 94,290 3,785,744 Rockwell Collins, Inc. 36,430 1,692,902 United Technologies Corp. 215,100 12,026,241 Aerospace & Defense Total 53,210,631 AIR FREIGHT & LOGISTICS - 1.0% FedEx Corp. 63,990 6,615,926 Ryder System, Inc. 13,560 556,231 United Parcel Service, Inc., Class B 233,015 17,511,078 Air Freight & Logistics Total 24,683,235 AIRLINES - 0.1% Southwest Airlines Co. 147,250 2,419,317 Airlines Total 2,419,317 BUILDING PRODUCTS - 0.2% American Standard Companies, Inc. 38,555 1,540,272 Masco Corp. 89,485 2,701,552 Building Products Total 4,241,824 COMMERCIAL SERVICES & SUPPLIES - 0.7% Allied Waste Industries, Inc. (a) 46,045 402,433 Avery Dennison Corp. 23,330 1,289,449 Cendant Corp. 216,265 3,730,571 Cintas Corp. 29,050 1,196,279 Equifax, Inc. 27,385 1,041,178 Monster Worldwide, Inc. (a) 25,995 1,061,116 Pitney Bowes, Inc. 48,165 2,034,971 R.R. Donnelley & Sons Co. 45,925 1,571,094 Robert Half International, Inc. 35,990 1,363,661 Waste Management, Inc. 116,510 3,536,079 Commercial Services & Supplies Total 17,226,831 CONSTRUCTION & ENGINEERING - 0.1% Fluor Corp. 18,315 1,415,017 Construction & Engineering Total 1,415,017 ELECTRICAL EQUIPMENT - 0.4% American Power Conversion Corp. 36,330 799,260 Cooper Industries Ltd., Class A 19,365 1,413,645 Emerson Electric Co. 86,745 6,479,851 Rockwell Automation, Inc. 37,805 2,236,544 Electrical Equipment Total 10,929,300
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) INDUSTRIAL CONGLOMERATES - 4.4% 3M Co. 160,430 12,433,325 General Electric Co. (d) 2,230,840 78,190,942 Textron, Inc. 27,985 2,154,285 Tyco International Ltd. 425,005 12,265,645 Industrial Conglomerates Total 105,044,197 MACHINERY - 1.4% Caterpillar, Inc. 143,640 8,298,083 Cummins, Inc. 9,870 885,635 Danaher Corp. 50,060 2,792,347 Deere & Co. 50,880 3,465,437 Dover Corp. 42,760 1,731,352 Eaton Corp. 31,200 2,093,208 Illinois Tool Works, Inc. 43,235 3,804,248 Ingersoll-Rand Co., Ltd., Class A 69,830 2,819,037 ITT Industries, Inc. 19,465 2,001,391 Navistar International Corp. (a) 13,010 372,346 Paccar, Inc. 35,730 2,473,588 Pall Corp. 26,270 705,612 Parker Hannifin Corp. 25,295 1,668,458 Machinery Total 33,110,742 ROAD & RAIL - 0.7% Burlington Northern Santa Fe Corp. 78,840 5,583,449 CSX Corp. 45,825 2,326,535 Norfolk Southern Corp. 85,780 3,845,517 Union Pacific Corp. 55,895 4,500,107 Road & Rail Total 16,255,608 TRADING COMPANIES & DISTRIBUTORS - 0.0% W.W. Grainger, Inc. 16,015 1,138,667 Trading Companies & Distributors Total 1,138,667 INDUSTRIALS TOTAL 269,675,369 INFORMATION TECHNOLOGY - 14.9% COMMUNICATIONS EQUIPMENT - 2.7% ADC Telecommunications, Inc. (a) 24,587 549,273 Andrew Corp. (a) 34,315 368,200 Avaya, Inc. (a) 88,380 943,015 CIENA Corp. (a) 122,035 362,444 Cisco Systems, Inc. (a) 1,296,850 22,202,072 Comverse Technology, Inc. (a) 42,635 1,133,665
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) COMMUNICATIONS EQUIPMENT - (CONTINUED) Corning, Inc. (a) 321,760 6,325,802 JDS Uniphase Corp. (a) 348,845 823,274 Lucent Technologies, Inc. (a) 938,440 2,496,250 Motorola, Inc. 525,880 11,879,629 QUALCOMM, Inc. 347,140 14,954,791 Scientific-Atlanta, Inc. 32,400 1,395,468 Tellabs, Inc. (a) 94,650 1,031,685 Communications Equipment Total 64,465,568 COMPUTERS & PERIPHERALS - 3.6% Apple Computer, Inc. (a) 177,890 12,788,512 Dell, Inc. (a) 496,925 14,902,781 EMC Corp. (a) 504,770 6,874,967 Gateway, Inc. (a) 55,950 140,434 Hewlett-Packard Co. 604,866 17,317,314 International Business Machines Corp. 333,500 27,413,700 Lexmark International, Inc., Class A (a) 24,485 1,097,662 NCR Corp. (a) 38,770 1,315,854 Network Appliance, Inc. (a) 78,600 2,122,200 QLogic Corp. (a) 16,990 552,345 Seagate Technology, Inc., Escrow Shares (a) 64,266 643 Sun Microsystems, Inc. (a) 720,905 3,020,592 Computers & Peripherals Total 87,547,004 ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3% Agilent Technologies, Inc. (a) 86,835 2,890,737 Jabil Circuit, Inc. (a) 36,695 1,361,017 Molex, Inc. 30,265 785,377 Sanmina-SCI Corp. (a) 111,015 472,924 Solectron Corp. (a) 192,865 705,886 Symbol Technologies, Inc. 52,996 679,409 Tektronix, Inc. 17,615 496,919 Electronic Equipment & Instruments Total 7,392,269 INTERNET SOFTWARE & SERVICES - 0.5% Yahoo!, Inc. (a) 266,610 10,445,780 Internet Software & Services Total 10,445,780 IT SERVICES - 1.0% Affiliated Computer Services, Inc., Class A (a) 26,210 1,551,108 Automatic Data Processing, Inc. 121,725 5,585,960 Computer Sciences Corp. (a) 39,020 1,975,973 Convergys Corp. (a) 29,525 467,971
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) IT SERVICES - (CONTINUED) Electronic Data Systems Corp. 110,075 2,646,203 First Data Corp. 161,345 6,939,449 Fiserv, Inc. (a) 38,920 1,684,068 Paychex, Inc. 70,460 2,685,935 Sabre Holdings Corp., Class A 27,710 668,088 Unisys Corp. (a) 72,095 420,314 IT Services Total 24,625,069 OFFICE ELECTRONICS - 0.1% Xerox Corp. (a) 202,725 2,969,921 Office Electronics Total 2,969,921 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% Advanced Micro Devices, Inc. (a) 85,355 2,611,863 Altera Corp. (a) 76,575 1,418,935 Analog Devices, Inc. 77,475 2,779,028 Applied Materials, Inc. 342,555 6,145,437 Applied Micro Circuits Corp. (a) 63,115 162,206 Broadcom Corp., Class A (a) 61,100 2,880,865 Freescale Semiconductor, Inc., Class B (a) 86,605 2,179,848 Intel Corp. 1,272,975 31,773,456 KLA-Tencor Corp. 41,645 2,054,348 Linear Technology Corp. 64,340 2,320,744 LSI Logic Corp. (a) 82,740 661,920 Maxim Integrated Products, Inc. 69,180 2,507,083 Micron Technology, Inc. (a) 130,455 1,736,356 National Semiconductor Corp. 72,560 1,885,109 Novellus Systems, Inc. (a) 28,185 679,822 NVIDIA Corp. (a) 36,190 1,323,106 PMC-Sierra, Inc. (a) 38,730 298,608 Teradyne, Inc. (a) 41,570 605,675 Texas Instruments, Inc. 341,670 10,957,357 Xilinx, Inc. 73,535 1,853,817 Semiconductors & Semiconductor Equipment Total 76,835,583 SOFTWARE - 3.5% Adobe Systems, Inc. 126,970 4,692,811 Autodesk, Inc. 48,690 2,091,235 BMC Software, Inc. (a) 45,700 936,393 Citrix Systems, Inc. (a) 37,205 1,070,760 Computer Associates International, Inc. 96,904 2,731,724
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SOFTWARE - (CONTINUED) Compuware Corp. (a) 81,790 733,656 Electronic Arts, Inc. (a) 63,490 3,321,162 Intuit, Inc. (a) 37,370 1,991,821 Mercury Interactive Corp. (a) 18,265 507,584 Microsoft Corp. 1,932,820 50,543,243 Novell, Inc. (a) 80,665 712,272 Oracle Corp. (a) 794,065 9,695,534 Parametric Technology Corp. (a) 57,495 350,720 Siebel Systems, Inc. 111,675 1,181,522 Symantec Corp. (a) 228,330 3,995,775 Software Total 84,556,212 INFORMATION TECHNOLOGY TOTAL 358,837,406 MATERIALS - 2.9% CHEMICALS - 1.5% Air Products & Chemicals, Inc. 46,815 2,770,980 Ashland, Inc. 15,150 877,185 Dow Chemical Co. 203,725 8,927,229 E.I. du Pont de Nemours & Co. 194,095 8,249,037 Eastman Chemical Co. 17,250 889,928 Ecolab, Inc. 38,925 1,411,810 Engelhard Corp. 25,295 762,644 Hercules, Inc. (a) 23,770 268,601 International Flavors & Fragrances, Inc. 17,090 572,515 Monsanto Co. 56,722 4,397,657 PPG Industries, Inc. 35,305 2,044,159 Praxair, Inc. 68,005 3,601,545 Rohm and Haas Co. 30,395 1,471,726 Sigma-Aldrich Corp. 14,200 898,718 Chemicals Total 37,143,734 CONSTRUCTION MATERIALS - 0.1% Vulcan Materials Co. 21,455 1,453,576 Construction Materials Total 1,453,576 CONTAINERS & PACKAGING - 0.2% Ball Corp. 21,955 872,053 Bemis Co., Inc. 22,205 618,853 Pactiv Corp. (a) 30,250 665,500 Sealed Air Corp. (a) 17,165 964,158 Temple-Inland, Inc. 23,720 1,063,842 Containers & Packaging Total 4,184,406
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) METALS & MINING - 0.8% Alcoa, Inc. 183,760 5,433,783 Allegheny Technologies, Inc. 17,940 647,275 Freeport-McMoRan Copper & Gold, Inc., Class B 38,830 2,089,054 Newmont Mining Corp. 94,300 5,035,620 Nucor Corp. 32,840 2,191,085 Phelps Dodge Corp. 21,455 3,086,731 United States Steel Corp. 23,970 1,152,238 Metals & Mining Total 19,635,786 PAPER & FOREST PRODUCTS - 0.3% International Paper Co. 103,595 3,481,828 Louisiana-Pacific Corp. 22,370 614,504 MeadWestvaco Corp. 38,295 1,073,409 Weyerhaeuser Co. 51,355 3,406,891 Paper & Forest Products Total 8,576,632 MATERIALS TOTAL 70,994,134 TELECOMMUNICATION SERVICES - 3.0% DIVERSIFIED TELECOMMUNICATION SERVICES - 3.0% ALLTEL Corp. 80,830 5,100,373 AT&T, Inc. 824,816 20,199,744 BellSouth Corp. 386,060 10,462,226 CenturyTel, Inc. 27,635 916,377 Citizens Communications Co. 70,495 862,154 Qwest Communications International, Inc. (a) 325,985 1,841,815 Sprint Nextel Corp. 623,745 14,570,683 Verizon Communications, Inc. 583,795 17,583,905 Diversified Telecommunication Services Total 71,537,277 TELECOMMUNICATION SERVICES TOTAL 71,537,277 UTILITIES - 3.3% ELECTRIC UTILITIES - 1.6% Allegheny Energy, Inc. (a) 34,390 1,088,444 American Electric Power Co., Inc. 83,115 3,082,735 Cinergy Corp. 42,145 1,789,477 Edison International 68,830 3,001,676 Entergy Corp. 43,785 3,005,840
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC UTILITIES - (CONTINUED) Exelon Corp. 140,850 7,484,769 FirstEnergy Corp. 69,605 3,409,949 FPL Group, Inc. 83,330 3,463,195 Pinnacle West Capital Corp. 20,855 862,354 PPL Corp. 80,290 2,360,526 Progress Energy, Inc. 53,130 2,333,470 Southern Co. 156,515 5,404,463 Electric Utilities Total 37,286,898 GAS UTILITIES - 0.0% Nicor, Inc. 9,345 367,352 Peoples Energy Corp. 8,070 283,015 Gas Utilities Total 650,367 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.6% AES Corp. (a) 137,910 2,183,115 Constellation Energy Group, Inc. 37,655 2,168,928 Duke Energy Corp. 195,845 5,375,945 Dynegy, Inc., Class A (a) 63,620 307,921 TXU Corp. 101,930 5,115,867 Independent Power Producers & Energy Traders Total 15,151,776 MULTI - UTILITIES - 1.1% Ameren Corp. 43,085 2,207,675 CenterPoint Energy, Inc. 65,450 841,033 CMS Energy Corp. (a) 46,425 673,627 Consolidated Edison, Inc. 51,680 2,394,334 Dominion Resources, Inc. 73,345 5,662,234 DTE Energy Co. 37,555 1,622,000 KeySpan Corp. 36,830 1,314,463 NiSource, Inc. 57,520 1,199,867 PG&E Corp. 72,475 2,690,272 Public Service Enterprise Group, Inc. 52,890 3,436,263 Sempra Energy 54,240 2,432,122 TECO Energy, Inc. 43,910 754,374 Xcel Energy, Inc. 85,105 1,571,038 Multi - Utilities Total 26,799,302 UTILITIES TOTAL 79,888,343 TOTAL COMMON STOCKS (COST OF $1,835,259,098) 2,378,984,599
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund
PAR ($) VALUE ($) SHORT-TERM OBLIGATION - 1.7% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency Obligation maturing 02/15/07, market value of $41,435,883 (repurchase proceeds $40,641,416) 40,623,000 40,623,000 TOTAL SHORT-TERM OBLIGATION (COST OF $40,623,000) 40,623,000 TOTAL INVESTMENTS - 100.3% (COST OF $1,875,882,098)(E)(F) 2,419,607,599 OTHER ASSETS & LIABILITIES, NET - (0.3)% (7,674,733) NET ASSETS - 100.0% 2,411,932,866 Notes to Investment Portfolio: * Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments in other investment companies are valued at net asset value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) Rounds to less than 1 share. (c) Investments in Affiliates as of December 31, 2005: Security Name: Bank of America Corp., Shares at 04/01/05: 557,850 Shares purchased: 324,570 Shares sold: (34,500) Shares at 12/31/05: 847,920 Dividend income earned $ 1,159,423 Net realized gain/loss: $ (213,620) Value at end of Period $ 39,131,508 (d) Security pledged as collateral for open futures contracts. (e) Cost for federal income tax purposes is $1,875,882,098. (f) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION APPRECIATION ------------ ------------- -------------- $735,538,334 ($191,812,833) $543,725,501
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Large Cap Index Fund At December 31, 2005, the Fund held the following open long futures contracts:
Expiration Unrealized TYPE CONTRACTS VALUE AGGREGATE FACE VALUE DATE DEPRECIATION ---------------------------------------------------------------------------------------------------------------- S & P 500 Index 113 $35,835,575 $35,448,100 Mar-06 $(387,475)
ACRONYM NAME REIT Real Estate Investment Trust 19 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($)* COMMON STOCKS - 97.8% CONSUMER DISCRETIONARY - 15.9% AUTO COMPONENTS - 1.0% Arvin Meritor, Inc. 105,650 1,520,304 Bandag, Inc. 17,550 748,859 BorgWarner, Inc. 85,650 5,192,959 Gentex Corp. 233,550 4,554,225 Lear Corp. 100,975 2,873,748 Modine Manufacturing Co. 51,825 1,688,977 Auto Components Total 16,579,072 AUTOMOBILES - 0.1% Thor Industries, Inc. 51,925 2,080,635 Automobiles Total 2,080,635 DIVERSIFIED CONSUMER SERVICES - 1.3% Career Education Corp. (a) 147,250 4,965,270 Corinthian Colleges, Inc. (a) 137,400 1,618,572 DeVry, Inc. (a) 88,025 1,760,500 Education Management Corp. (a) 100,550 3,369,430 ITT Educational Services, Inc. (a) 57,125 3,376,659 Laureate Education, Inc. (a) 74,825 3,929,061 Regis Corp. 67,975 2,621,796 Sotheby's Holdings, Class A (a) 67,425 1,237,923 Diversified Consumer Services Total 22,879,211 HOTELS, RESTAURANTS & LEISURE - 2.0% Applebee's International, Inc. 114,612 2,589,085 Bob Evans Farms, Inc. 53,825 1,241,205 Boyd Gaming Corp. 65,700 3,131,262 Brinker International, Inc. 129,275 4,997,771 CBRL Group, Inc. 70,325 2,471,924 Cheesecake Factory, Inc. (a) 118,000 4,412,020 GTECH Holdings Corp. 188,050 5,968,707 International Speedway Corp., Class A 52,925 2,535,107 Outback Steakhouse, Inc. 98,775 4,110,028 Ruby Tuesday, Inc. 94,075 2,435,602 Hotels, Restaurants & Leisure Total 33,892,711 HOUSEHOLD DURABLES - 2.5% American Greetings Corp., Class A 98,750 2,169,537 Beazer Homes USA, Inc. 61,900 4,508,796 Blyth Industries, Inc. 40,000 838,000 Furniture Brands International, Inc. 76,475 1,707,687 Harman International Industries, Inc. 99,000 9,687,150
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) HOUSEHOLD DURABLES - (CONTINUED) Hovnanian Enterprises, Inc., Class A (a) 53,850 2,673,114 Mohawk Industries, Inc. (a) 79,450 6,910,561 Ryland Group, Inc. 70,250 5,067,132 Toll Brothers, Inc. (a) 177,850 6,160,724 Tupperware Brands Corp. 80,275 1,798,160 Household Durables Total 41,520,861 LEISURE EQUIPMENT & PRODUCTS - 0.1% Callaway Golf Co. 98,850 1,368,084 Leisure Equipment & Products Total 1,368,084 MEDIA - 1.7% Belo Corp., Class A 142,325 3,047,178 Catalina Marketing Corp. 59,200 1,500,720 Emmis Communications Corp., Class A (a) 55,400 1,103,014 Entercom Communications Corp. (a) 57,275 1,699,349 Harte-Hanks, Inc. 85,325 2,251,727 Lee Enterprises, Inc. 68,350 2,522,798 Media General, Inc., Class A 36,150 1,832,805 Reader's Digest Association, Inc. 148,125 2,254,463 Scholastic Corp. (a) 53,600 1,528,136 Valassis Communications, Inc. (a) 71,550 2,079,959 Washington Post Co., Class B 8,825 6,751,125 Westwood One, Inc. 98,550 1,606,365 Media Total 28,177,639 MULTILINE RETAIL - 0.5% 99 Cents Only Stores (a) 72,151 754,699 Dollar Tree Stores, Inc. (a) 159,850 3,826,809 Saks, Inc. (a) 208,875 3,521,633 Multiline Retail Total 8,103,141 SPECIALTY RETAIL - 6.2% Abercrombie & Fitch Co., Class A 131,725 8,585,835 Advance Auto Parts, Inc. (a) 162,600 7,066,596 Aeropostale, Inc. (a) 81,650 2,147,395 American Eagle Outfitters, Inc. 197,700 4,543,146 AnnTaylor Stores Corp. (a) 109,225 3,770,447 Barnes & Noble, Inc. 79,150 3,377,331 Borders Group, Inc. 100,375 2,175,126 CarMax, Inc. (a) 157,375 4,356,140 Chico's FAS, Inc. (a) 272,000 11,948,960
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER DISCRETIONARY - (CONTINUED) SPECIALTY RETAIL - (CONTINUED) Claire's Stores, Inc. 149,325 4,363,276 Foot Locker, Inc. 234,525 5,532,445 GameStop Corp., Class A (a) 85,900 2,733,338 Michaels Stores, Inc. 200,900 7,105,833 O'Reilly Automotive, Inc. (a) 168,450 5,392,084 Pacific Sunwear of California, Inc. (a) 111,475 2,777,957 Payless Shoesource, Inc. (a) 103,100 2,587,810 PETsMART, Inc. 211,000 5,414,260 Pier 1 Imports, Inc. 130,325 1,137,737 Rent-A-Center, Inc. (a) 106,625 2,010,948 Ross Stores, Inc. 217,250 6,278,525 Urban Outfitters, Inc. (a) 165,850 4,197,664 Williams-Sonoma, Inc. (a) 173,525 7,487,604 Specialty Retail Total 104,990,457 TEXTILES, APPAREL & LUXURY GOODS - 0.5% Polo Ralph Lauren Corp. 91,400 5,131,196 Timberland Co., Class A (a) 82,450 2,683,747 Textiles, Apparel & Luxury Goods Total 7,814,943 CONSUMER DISCRETIONARY TOTAL 267,406,754 CONSUMER STAPLES - 2.3% BEVERAGES - 0.1% PepsiAmericas, Inc. 92,400 2,149,224 Beverages Total 2,149,224 FOOD & STAPLES RETAILING - 0.3% BJ's Wholesale Club, Inc. (a) 101,650 3,004,774 Ruddick Corp. 52,350 1,114,008 Food & Staples Retailing Total 4,118,782 FOOD PRODUCTS - 1.3% Dean Foods Co. (a) 202,262 7,617,187 Hormel Foods Corp. 109,725 3,585,813 J. M. Smucker Co. 87,775 3,862,100 Lancaster Colony Corp. 38,225 1,416,236 Smithfield Foods, Inc. (a) 148,625 4,547,925 Tootsie Roll Industries, Inc. 37,777 1,092,889 Food Products Total 22,122,150 HOUSEHOLD PRODUCTS - 0.5% Church & Dwight Co., Inc. 96,700 3,194,001 Energizer Holdings, Inc. (a) 98,175 4,888,133 Household Products Total 8,082,134
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) CONSUMER STAPLES - (CONTINUED) TOBACCO - 0.1% Universal Corp. 38,625 1,674,780 Tobacco Total 1,674,780 CONSUMER STAPLES TOTAL 38,147,070 ENERGY - 9.4% ENERGY EQUIPMENT & SERVICES - 4.0% Cooper Cameron Corp. (a) 171,600 7,104,240 ENSCO International, Inc. (b) 230,375 10,217,131 FMC Technologies, Inc. (a) 103,525 4,443,293 Grant Prideco, Inc. (a) 193,200 8,523,984 Hanover Compressor Co. (a) 138,006 1,947,265 Helmerich & Payne, Inc. 78,150 4,838,266 Patterson-UTI Energy, Inc. 259,725 8,557,939 Pride International, Inc. (a) 238,125 7,322,344 Smith International, Inc. 301,150 11,175,676 Tidewater, Inc. 90,875 4,040,303 Energy Equipment & Services Total 68,170,441 OIL, GAS & CONSUMABLE FUELS - 5.4% Arch Coal, Inc. 97,275 7,733,363 Denbury Resources, Inc. (a) 172,200 3,922,716 Forest Oil Corp. (a) 82,150 3,743,576 Newfield Exploration Co. (a) 191,200 9,573,384 Noble Energy, Inc. 262,950 10,596,885 Overseas Shipholding Group, Inc. 44,425 2,238,576 Peabody Energy Corp. 197,600 16,286,192 Pioneer Natural Resources Co. 193,150 9,902,800 Plains Exploration & Production Co. (a) 117,825 4,681,187 Pogo Producing Co. 90,025 4,484,145 Quicksilver Resources, Inc. (a) 100,500 4,222,005 Southwestern Energy Co. (a) 251,000 9,020,940 Western Gas Resources, Inc. 86,400 4,068,576 Oil, Gas & Consumable Fuels Total 90,474,345 ENERGY TOTAL 158,644,786 FINANCIALS - 18.2% CAPITAL MARKETS - 3.0% A.G. Edwards, Inc. 115,325 5,404,129 Eaton Vance Corp. 196,200 5,368,032 Investors Financial Services Corp. 97,675 3,597,370 Jefferies Group, Inc. 74,225 3,338,640
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) CAPITAL MARKETS - (CONTINUED) LaBranche & Co., Inc. (a) 91,125 921,274 Legg Mason, Inc. 183,137 21,919,668 Raymond James Financial, Inc. 85,487 3,220,295 SEI Investments Co. 95,450 3,531,650 Waddell & Reed Financial, Inc., Class A 125,850 2,639,075 Capital Markets Total 49,940,133 COMMERCIAL BANKS - 3.8% Associated Banc Corp. 205,162 6,678,023 Bank of Hawaii Corp. 77,175 3,977,600 Cathay General Bancorp 75,400 2,709,876 City National Corp. 62,450 4,523,878 Colonial BancGroup, Inc. 231,800 5,521,476 Commerce Bancorp, Inc. 260,950 8,979,289 Cullen/Frost Bankers, Inc. 70,950 3,808,596 FirstMerit Corp. 124,925 3,236,807 Greater Bay Bancorp 75,900 1,944,558 Mercantile Bankshares Corp. 123,400 6,964,696 SVB Financial Group (a) 53,300 2,496,572 TCF Financial Corp. 170,825 4,636,190 Texas Regional Bancshares, Inc., Class A 62,000 1,754,600 Westamerica Bancorporation 48,250 2,560,628 Wilmington Trust Corp. 101,925 3,965,902 Commercial Banks Total 63,758,691 CONSUMER FINANCE - 0.3% AmeriCredit Corp. (a) 207,150 5,309,254 Consumer Finance Total 5,309,254 DIVERSIFIED FINANCIAL SERVICES - 0.3% Leucadia National Corp. 123,450 5,858,937 Diversified Financial Services Total 5,858,937 INSURANCE - 5.0% Allmerica Financial Corp. (a) 80,675 3,369,795 American Financial Group, Inc. 69,900 2,677,869 AmerUs Group Co. 58,125 3,293,944 Arthur J. Gallagher & Co. 143,100 4,418,928 Brown & Brown, Inc. 167,150 5,104,761 Everest Re Group Ltd. 93,025 9,335,059 Fidelity National Financial, Inc. 260,840 9,596,303 First American Corp. 143,825 6,515,272 HCC Insurance Holdings, Inc. 158,975 4,718,378
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) FINANCIALS - (CONTINUED) INSURANCE - (CONTINUED) Horace Mann Educators Corp. 64,550 1,223,868 Mercury General Corp. 53,300 3,103,126 Ohio Casualty Corp. 95,625 2,708,100 Old Republic International Corp. 275,387 7,231,663 Protective Life Corp. 104,700 4,582,719 Stancorp Financial Group, Inc. 82,050 4,098,397 Unitrin, Inc. 68,275 3,075,789 W.R Berkley Corp. 168,580 8,027,780 Insurance Total 83,081,751 REAL ESTATE - 3.6% AMB Property Corp., REIT 128,425 6,314,657 Developers Diversified Realty Corp., REIT 163,600 7,692,472 Highwoods Properties, Inc., REIT 81,200 2,310,140 Hospitality Properties Trust, REIT 108,075 4,333,808 Liberty Property Trust, REIT 132,625 5,682,981 Macerich Co., REIT 90,100 6,049,314 Mack-Cali Realty Corp., REIT 92,975 4,016,520 New Plan Excel Realty Trust, REIT 156,675 3,631,727 Rayonier, Inc., REIT 113,985 4,542,302 Regency Centers Corp., REIT 102,000 6,012,900 United Dominion Realty Trust, Inc., REIT 206,175 4,832,742 Weingarten Realty Investors, REIT 120,800 4,567,448 Real Estate Total 59,987,011 THRIFTS & MORTGAGE FINANCE - 2.2% Astoria Financial Corp. 132,800 3,904,320 Independence Community Bank Corp. 110,925 4,407,050 IndyMac Bancorp, Inc. 96,525 3,766,406 New York Community Bancorp, Inc. 356,003 5,881,170 PMI Group, Inc. 134,550 5,525,968 Radian Group, Inc. 124,750 7,309,102 Washington Federal, Inc. 130,727 3,005,414 Webster Financial Corp. 80,875 3,793,038 Thrifts & Mortgage Finance Total 37,592,468 FINANCIALS TOTAL 305,528,245 HEALTH CARE - 11.6% BIOTECHNOLOGY - 2.3% Affymetrix, Inc. (a) 100,400 4,794,100
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) BIOTECHNOLOGY - (CONTINUED) Cephalon, Inc. (a) 87,275 5,650,183 Charles River Laboratories International, Inc. (a) 108,750 4,607,738 Invitrogen Corp. (a) 79,450 5,294,548 Martek Biosciences Corp. (a) 47,700 1,173,897 Millennium Pharmaceuticals, Inc. (a) 466,575 4,525,778 Protein Design Labs, Inc. (a) 169,600 4,820,032 Techne Corp. (a) 58,400 3,279,160 Vertex Pharmaceuticals, Inc. (a) 148,975 4,122,138 Biotechnology Total 38,267,574 HEALTH CARE EQUIPMENT & SUPPLIES - 3.5% Advanced Medical Optics, Inc. (a) 100,300 4,192,540 Beckman Coulter, Inc. 93,400 5,314,460 Cytyc Corp. (a) 171,250 4,834,387 Dentsply International, Inc. 118,175 6,344,816 Edwards Lifesciences Corp. (a) 89,750 3,734,497 Gen-Probe, Inc. (a) 76,400 3,727,556 Hillenbrand Industries, Inc. 91,800 4,535,838 INAMED Corp. (a) 54,600 4,787,328 Intuitive Surgical, Inc. (a) 53,300 6,250,491 STERIS Corp. 102,725 2,570,180 Varian Medical Systems, Inc. (a) 197,700 9,952,218 Varian, Inc. (a) 46,750 1,860,183 Health Care Equipment & Supplies Total 58,104,494 HEALTH CARE PROVIDERS & SERVICES - 3.7% Apria Healthcare Group, Inc. (a) 74,450 1,794,990 Community Health Systems, Inc. (a) 133,050 5,101,137 Covance, Inc. (a) 94,050 4,566,127 Health Net, Inc. (a) 172,125 8,873,044 Henry Schein, Inc. (a) 131,050 5,719,022 LifePoint Hospitals, Inc. (a) 85,800 3,217,500 Lincare Holdings, Inc. (a) 146,100 6,123,051 Omnicare, Inc. 179,425 10,266,698 Renal Care Group, Inc. (a) 102,700 4,858,737 Triad Hospitals, Inc. (a) 129,475 5,079,304 UnitedHealth Group, Inc. (c) 1 31 Universal Health Services, Inc., Class B 82,000 3,832,680 VCA Antech, Inc. (a) 124,200 3,502,440 Health Care Providers & Services Total 62,934,761
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) HEALTH CARE - (CONTINUED) PHARMACEUTICALS - 2.1% Barr Pharmaceuticals, Inc. (a) 161,730 10,074,162 IVAX Corp. (a) 329,131 10,311,674 Par Pharmaceutical Companies, Inc. (a) 51,475 1,613,226 Perrigo Co. 124,925 1,862,632 Sepracor, Inc. (a) 159,425 8,226,330 Valeant Pharmaceuticals International 139,275 2,518,092 Pharmaceuticals Total 34,606,116 HEALTH CARE TOTAL 193,912,945 INDUSTRIALS - 13.1% AEROSPACE & DEFENSE - 0.9% Alliant Techsystems, Inc. (a) 55,075 4,195,062 Precision Castparts Corp. 199,700 10,346,457 Sequa Corp., Class A (a) 9,675 668,059 Aerospace & Defense Total 15,209,578 AIR FREIGHT & LOGISTICS - 1.2% C.H. Robinson Worldwide, Inc. 256,850 9,511,156 Expeditors International of Washington, Inc. 160,250 10,818,477 Air Freight & Logistics Total 20,329,633 AIRLINES - 0.5% AirTran Holdings, Inc. (a) 131,950 2,115,159 Alaska Air Group, Inc. (a) 50,050 1,787,786 JetBlue Airways Corp. (a) 226,781 3,487,884 Airlines Total 7,390,829 COMMERCIAL SERVICES & SUPPLIES - 3.7% Adesa, Inc. 134,575 3,286,322 Banta Corp. 36,075 1,796,535 Brink's Co. 88,275 4,229,255 ChoicePoint, Inc. (a) 134,802 6,000,037 Copart, Inc. (a) 104,675 2,413,806 Corporate Executive Board Co. 59,400 5,328,180 Deluxe Corp. 76,200 2,296,668 Dun & Bradstreet Corp. (a) 99,825 6,684,282 Herman Miller, Inc. 103,825 2,926,827 HNI Corp. 82,325 4,522,112 Kelly Services, Inc., Class A 29,100 763,002 Korn/Ferry International (a) 63,325 1,183,544 Manpower, Inc. 131,275 6,104,287
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) COMMERCIAL SERVICES & SUPPLIES - (CONTINUED) Mine Safety Appliances Co. 39,600 1,433,916 Navigant Consulting, Inc. (a) 75,900 1,668,282 Republic Services, Inc. 183,425 6,887,609 Rollins, Inc. 44,118 869,566 Stericycle, Inc. (a) 66,275 3,902,272 Commercial Services & Supplies Total 62,296,502 CONSTRUCTION & ENGINEERING - 0.6% Granite Construction 49,475 1,776,647 Jacobs Engineering Group, Inc. (a) 87,450 5,935,231 Quanta Services, Inc. (a) 177,375 2,336,029 Construction & Engineering Total 10,047,907 ELECTRICAL EQUIPMENT - 0.7% AMETEK, Inc. 105,450 4,485,843 Hubbell, Inc., Class B 91,225 4,116,072 Thomas & Betts Corp. (a) 79,600 3,340,016 Electrical Equipment Total 11,941,931 INDUSTRIAL CONGLOMERATES - 0.4% Carlisle Companies, Inc. 45,800 3,167,070 Teleflex, Inc. 60,850 3,954,033 Industrial Conglomerates Total 7,121,103 MACHINERY - 3.0% AGCO Corp. (a) 136,075 2,254,763 Crane Co. 75,000 2,645,250 Donaldson Co., Inc. 102,600 3,262,680 Federal Signal Corp. 72,325 1,085,598 Flowserve Corp. (a) 83,125 3,288,425 Graco, Inc. 102,987 3,756,966 Harsco Corp. 62,750 4,236,252 Joy Global, Inc. 182,600 7,304,000 Kennametal, Inc. 57,950 2,957,768 Nordson Corp. 49,125 1,990,054 Pentair, Inc. 152,075 5,249,629 SPX Corp. 98,925 4,527,797 Tecumseh Products Co., Class A 27,750 635,753 Timken Co. 125,100 4,005,702 Trinity Industries, Inc. 65,500 2,886,585 Machinery Total 50,087,222 MARINE - 0.2% Alexander & Baldwin, Inc. 66,000 3,579,840 Marine Total 3,579,840
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INDUSTRIALS - (CONTINUED) ROAD & RAIL - 0.9% CNF, Inc. 78,450 4,384,570 J.B. Hunt Transport Services, Inc. 185,950 4,209,908 Swift Transportation Co., Inc. (a) 78,825 1,600,148 Werner Enterprises, Inc. 77,543 1,527,597 YRC Worldwide, Inc. (a) 87,300 3,894,453 Road & Rail Total 15,616,676 TRADING COMPANIES & DISTRIBUTORS - 1.0% Fastenal Co. 186,200 7,297,178 GATX Corp. 76,075 2,744,786 MSC Industrial Direct Co. 81,100 3,261,842 United Rentals, Inc. (a) 100,650 2,354,203 Trading Companies & Distributors Total 15,658,009 INDUSTRIALS TOTAL 219,279,230 INFORMATION TECHNOLOGY - 15.4% COMMUNICATIONS EQUIPMENT - 1.8% 3Com Corp. (a)(b) 581,600 2,093,760 ADTRAN, Inc. 101,775 3,026,788 Avocent Corp. (a) 73,550 1,999,825 CommScope, Inc. (a) 82,675 1,664,248 Dycom Industries, Inc. (a) 60,350 1,327,700 F5 Networks, Inc. (a) 59,200 3,385,648 Harris Corp. 201,050 8,647,160 Plantronics, Inc. 71,225 2,015,667 Polycom, Inc. (a) 141,400 2,163,420 Powerwave Technologies, Inc. (a) 166,225 2,089,448 UTStarcom, Inc. (a) 158,025 1,273,682 Communications Equipment Total 29,687,346 COMPUTERS & PERIPHERALS - 1.8% Diebold, Inc. 104,225 3,960,550 Imation Corp. 51,575 2,376,060 McDATA Corp. (a) 229,975 873,905 SanDisk Corp. (a) 276,700 17,382,294 Western Digital Corp. (a) 324,200 6,033,362 Computers & Peripherals Total 30,626,171 ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1% Amphenol Corp., Class A 133,600 5,913,136 Arrow Electronics, Inc. (a) 179,675 5,754,990 Avnet, Inc. (a) 219,350 5,251,239
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) ELECTRONIC EQUIPMENT & INSTRUMENTS - (CONTINUED) CDW Corp. 94,325 5,430,290 KEMET Corp. (a) 130,325 921,398 National Instruments Corp. 83,262 2,668,547 Newport Corp. (a) 60,025 812,739 Plexus Corp. (a) 65,475 1,488,901 Tech Data Corp. (a) 84,850 3,366,848 Vishay Intertechnology, Inc. (a) 276,775 3,808,424 Electronic Equipment & Instruments Total 35,416,512 IT SERVICES - 3.4% Acxiom Corp. 113,875 2,619,125 Alliance Data Systems Corp. (a) 103,025 3,667,690 Anteon International Corp. (a) 49,200 2,674,020 BISYS Group, Inc. (a) 181,550 2,543,515 Ceridian Corp. (a) 218,325 5,425,376 Certegy, Inc. 93,425 3,789,318 CheckFree Corp. (a) 136,250 6,253,875 Cognizant Technology Solutions Corp., Class A (a) 207,725 10,458,954 CSG Systems International, Inc. (a) 73,025 1,629,918 DST Systems, Inc. (a) 94,700 5,673,477 Gartner, Inc. (a) 87,025 1,122,623 Ingram Micro, Inc., Class A (a) 174,200 3,471,806 MoneyGram International, Inc. 127,975 3,337,588 MPS Group, Inc. (a) 152,025 2,078,182 SRA International, Inc., Class A (a) 55,900 1,707,186 IT Services Total 56,452,653 OFFICE ELECTRONICS - 0.3% Zebra Technologies Corp., Class A (a) 105,775 4,532,459 Office Electronics Total 4,532,459 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4% Atmel Corp. (a) 639,150 1,974,974 Cabot Microelectronics Corp. (a) 36,475 1,069,812 Credence Systems Corp. (a) 149,425 1,039,998 Cree Research, Inc. (a) 114,075 2,879,253 Cypress Semiconductor Corp. (a) 203,475 2,899,519 Fairchild Semiconductor International, Inc. (a) 180,550 3,053,100 Integrated Device Technology, Inc. (a) 300,092 3,955,213 International Rectifier Corp. (a) 106,375 3,393,362 Intersil Corp., Class A 232,200 5,777,136
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) INFORMATION TECHNOLOGY - (CONTINUED) SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (CONTINUED) Lam Research Corp. (a) 204,375 7,292,100 Lattice Semiconductor Corp. (a) 170,775 737,748 MEMC Electronic Materials, Inc. (a) 248,200 5,502,594 Micrel, Inc. (a) 98,050 1,137,380 Microchip Technology, Inc. 315,950 10,157,792 RF Micro Devices, Inc. (a) 284,100 1,536,981 Semtech Corp. (a) 109,500 1,999,470 Silicon Laboratories, Inc. (a) 67,375 2,469,967 TriQuint Semiconductor, Inc. (a) 210,450 936,503 Semiconductors & Semiconductor Equipment Total 57,812,902 SOFTWARE - 2.6% Activision, Inc. (a) 411,321 5,651,551 Advent Software, Inc. (a) 24,225 700,345 Cadence Design Systems, Inc. (a) 426,375 7,214,265 Fair Isaac Corp. 98,300 4,341,911 Jack Henry & Associates, Inc. 112,425 2,145,069 Macrovision Corp. (a) 76,500 1,279,845 McAfee, Inc. (a) 252,175 6,841,508 Mentor Graphics Corp. (a) 118,975 1,230,202 Reynolds & Reynolds Co., Class A 76,900 2,158,583 RSA Security, Inc. (a) 106,625 1,197,399 Sybase, Inc. (a) 136,975 2,994,273 Synopsys, Inc. (a) 216,925 4,351,515 Transaction Systems Architects, Inc., Class A (a) 55,900 1,609,361 Wind River Systems, Inc. (a) 112,325 1,659,040 Software Total 43,374,867 INFORMATION TECHNOLOGY TOTAL 257,902,910 MATERIALS - 4.2% CHEMICALS - 2.8% Airgas, Inc. 100,675 3,312,208 Albemarle Corp. 57,425 2,202,249 Cabot Corp. 93,225 3,337,455 Chemtura Corp. 360,600 4,579,620 Cytec Industries, Inc. 59,575 2,837,557 Ferro Corp. 63,025 1,182,349 FMC Corp. (a) 57,050 3,033,349 Lubrizol Corp. 102,200 4,438,546
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) MATERIALS - (CONTINUED) CHEMICALS - (CONTINUED) Lyondell Chemical Co. 308,075 7,338,346 Minerals Technologies, Inc. 30,200 1,687,878 Olin Corp. 107,825 2,121,996 RPM International, Inc. 177,000 3,074,490 Scotts Miracle-Gro Co., Class A 67,850 3,069,534 Sensient Technologies Corp. 70,700 1,265,530 Valspar Corp. 152,150 3,753,540 Chemicals Total 47,234,647 CONSTRUCTION MATERIALS - 0.3% Martin Marietta Materials, Inc. 69,675 5,345,466 Construction Materials Total 5,345,466 CONTAINERS & PACKAGING - 0.5% Longview Fibre Co. 76,750 1,597,168 Packaging Corp. of America 94,275 2,163,611 Sonoco Products Co. 149,000 4,380,600 Containers & Packaging Total 8,141,379 METALS & MINING - 0.3% Steel Dynamics, Inc. 57,700 2,048,927 Worthington Industries, Inc. 107,400 2,063,154 Metals & Mining Total 4,112,081 PAPER & FOREST PRODUCTS - 0.3% Bowater, Inc. 84,100 2,583,552 Glatfelter 66,200 939,378 Potlatch Corp. 43,850 2,235,473 Paper & Forest Products Total 5,758,403 MATERIALS TOTAL 70,591,976 TELECOMMUNICATION SERVICES - 0.4% DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% Cincinnati Bell, Inc. (a)(b) 369,975 1,298,612 Diversified Telecommunication Services Total 1,298,612 WIRELESS TELECOMMUNICATION SERVICES - 0.3% Telephone & Data Systems, Inc. 154,241 5,557,303 Wireless Telecommunication Services Total 5,557,303 TELECOMMUNICATION SERVICES TOTAL 6,855,915 UTILITIES - 7.3% ELECTRIC UTILITIES - 2.2% DPL, Inc. 191,625 4,984,166 Duquesne Light Holdings, Inc. 117,150 1,911,888 Great Plains Energy, Inc. 112,275 3,139,209
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) UTILITIES - (CONTINUED) ELECTRIC UTILITIES - (CONTINUED) Hawaiian Electric Industries, Inc. 121,700 3,152,030 IDACORP, Inc. 63,600 1,863,480 Northeast Utilities Co. 225,575 4,441,572 Pepco Holdings, Inc. 284,250 6,358,672 Puget Energy, Inc. 173,525 3,543,381 Sierra Pacific Resources (a) 275,700 3,595,128 Westar Energy, Inc. 130,325 2,801,988 Electric Utilities Total 35,791,514 GAS UTILITIES - 1.8% AGL Resources, Inc. 116,725 4,063,197 Equitable Resources, Inc. 181,700 6,666,573 National Fuel Gas Co. 126,975 3,960,350 ONEOK, Inc. 146,700 3,906,621 Questar Corp. 128,150 9,700,955 WGL Holdings, Inc. 73,225 2,201,144 Gas Utilities Total 30,498,840 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.1% Black Hills Corp. 49,800 1,723,578 Independent Power Producers & Energy Traders Total 1,723,578 MULTI - UTILITIES - 2.9% Alliant Energy Corp. 175,575 4,923,123 Aquila, Inc. (a) 561,175 2,020,230 Energy East Corp. 222,025 5,062,170 MDU Resources Group, Inc. 180,137 5,897,685 NSTAR 160,500 4,606,350 OGE Energy Corp. 136,150 3,647,459 PNM Resources, Inc. 103,350 2,531,042 Scana Corp. 172,075 6,776,314 Vectren Corp. 114,400 3,107,104 Wisconsin Energy Corp. 175,825 6,867,724 WPS Resources Corp. 60,075 3,322,748 Multi - Utilities Total 48,761,949
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund
SHARES VALUE ($) COMMON STOCKS - (CONTINUED) UTILITIES - (CONTINUED) WATER UTILITIES - 0.3% Aqua America, Inc. 193,375 5,279,128 Water Utilities Total 5,279,128 UTILITIES TOTAL 122,055,009 TOTAL COMMON STOCKS (COST OF $1,187,691,865) 1,640,324,840 PAR ($) SHORT-TERM OBLIGATIONS - 1.4% Repurchase agreement with State Street Bank & Trust Co., dated 12/30/05, due 01/03/06 at 4.080%, collateralized by a U.S. Government Agency Obligation maturing 02/15/07, market value of $23,404,850 (repurchase proceeds $22,955,402) 22,945,000 22,945,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $22,945,000) 22,945,000 TOTAL INVESTMENTS - 99.2% (COST OF $1,210,636,865)(D)(E) 1,663,269,840 OTHER ASSETS & LIABILITIES, NET - 0.8% 12,968,806 NET ASSETS - 100.0% 1,676,238,646
NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days 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. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, 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 a "fair value", such value is likely to be different from the last quoted market price for the security. (a) Non-income producing security. (b) The security or a portion of the security pledged as collateral for open futures contracts. At December 31, 2005, the total market value of securities pledged amounted to $13,609,503. (c) Rounds to less than 1 share. (d) Cost for federal income tax purposes is $1,210,636,865. (e) Unrealized appreciation and depreciation at December 31, 2005 based on cost of investments for federal income tax purposes was: 15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Mid Cap Index Fund UNREALIZED UNREALIZED NET UNREALIZED APPRECIATION DEPRECIATION APPRECIATION ------------ ------------ -------------- $527,400,309 ($74,887,827) $452,512,482 At December 31, 2005, the Fund held the following open long futures contracts:
Expiration Unrealized TYPE CONTRACTS VALUE AGGREGATE FACE VALUE DATE DEPRECIATION ---------------------------------------------------------------------------------------------------------- S & P Midcap 400 Index 95 $35,422,493 $35,302,000 Mar-2005 ($120,493)
ACRONYM NAME ------- ---- REIT Real Estate Investment Trust 16 INVESTMENT PORTFOLIO____________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($)* MUNICIPAL BONDS - 99.5% ALABAMA - 1.1% AL BIRMINGHAM INDUSTRIAL DEVELOPMENT BOARD Solid Waste Disposal Revenue, American Cast Iron Pipe Co., Series 2000, AMT, LOC: SouthTrust Bank N.A. 3.620% 05/01/25(a) 5,000,000 5,000,000 AL BIRMINGHAM MEDICAL CLINIC BOARD Medical Advancement Foundation, Series 2000 A, LOC: Columbus Bank & Trust 3.920% 09/01/30(a) 21,105,000 21,105,000 AL BIRMINGHAM PRIVATE EDUCATIONAL BUILDING AUTHORITY The Altamont School, Series 1998, LOC: AmSouth Bank of Alabama 3.560% 04/01/13(a) 2,815,000 2,815,000 AL BIRMINGHAM PUBLIC EDUCATIONAL BUILDING AUTHORITY CHF-UAB II, Series 2005 A, LOC: Regions Bank 3.510% 07/01/37(a) 6,000,000 6,000,000 AL BOARD OF EDUCATION Series 2005, Insured: AMBAC, LIQ FAC: JPMorgan Chase Bank 3.550% 11/01/12(a) 1,995,000 1,995,000 AL DAPHNE YMCA PUBLIC PARK & RECREATION BOARD YMCA of Mobile, Series 2002, LOC: Regions Bank 3.560% 10/01/22(a) 2,900,000 2,900,000 AL DOTHAN HOUSTON COUNTY AIRPORT AUTHORITY PEMCO Aviation Group, Inc., Series 2002, AMT, LOC: SouthTrust Bank 3.670% 10/01/17(a) 1,070,000 1,070,000 AL GENEVA COUNTY INDUSTRIAL DEVELOPMENT BOARD Brooks AG Co., Inc., Series 2002, AMT, LOC: Regions Bank 3.630% 03/01/14(a) 2,995,000 2,995,000 AL HUNTSVILLE INDUSTRIAL DEVELOPMENT BOARD Brown Precision, Inc., Series 2001, AMT, LOC: First Commercial Bank 3.610% 12/01/19(a) 3,500,000 3,500,000 AL HUNTSVILLE SOLID WASTE DISPOSAL AUTHORITY
1 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ALABAMA - (CONTINUED) Series 2003, AMT, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.000% 10/01/12(a)(c) 3,450,000 3,450,000 AL JEFFERSON COUNTY YMCA of Birmingham, Series 2005, LOC: AmSouth Bank 3.580% 09/01/25(a) 5,000,000 5,000,000 AL SCOTTSBORO INDUSTRIAL DEVELOPMENT BOARD Hisan, Inc, Series 2005, AMT, LOC: AmSouth Bank 3.610% 05/01/27(a) 3,150,000 3,150,000 AL STEVENSON INDUSTRIAL DEVELOPMENT BOARD Smurfit-Stone Container, Series 1996, AMT, LOC: JPMorgan Chase Bank 3.630% 01/01/31(a) 15,700,000 15,700,000 ALABAMA TOTAL 74,680,000 ALASKA - 0.8% AK HOUSING FINANCE CORP. Series 2002 A, AMT, Insured: FSA, SPA: Dexia Credit Local 3.600% 12/01/36(a) 7,000,000 7,000,000 Series 2005, Insured: FGIC 3.550% 12/01/34(a) 4,980,000 4,980,000 AK MUNICIPAL BOARD BANK AUTHORITY Series 2004, Insured: MBIA: 3.550% 02/15/12(a) 5,310,000 5,310,000 3.550% 01/01/24(a) 5,780,000 5,780,000 AK NORTH SLOPE BOROUGH Series 2000 A, Insured: MBIA, SPA: Dexia Credit Local France 3.570% 06/30/10(a) 10,900,000 10,900,000 AK VALDEZ Marine Terminal Revenue, BP Pipeline, Inc., Series 2003 B, 3.780% 07/01/37(a) 17,130,000 17,130,000 ALASKA TOTAL 51,100,000 ARIZONA - 0.6% AZ COCONINO COUNTY POLLUTION CONTROL CORP. Arizona Public Services Co., Series 1994, AMT, LOC: KBC Bank N.V.
2 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ARIZONA - (CONTINUED) 3.750% 10/01/29(a) 3,600,000 3,600,000 AZ MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Series 2003 A, AMT, LOC: Wells Fargo Bank N.A. 3.630% 12/01/39(a) 1,000,000 1,000,000 Series 2004, 3.540% 12/01/31(a) 1,770,000 1,770,000 Series 2005, AMT, LIQ FAC: Merrill Lynch Capital Services 3.300% 01/01/36(a)(c) 7,555,000 7,555,000 AZ MARICOPA COUNTY POLLUTION CONTROL CORP. Series 2005 R-407, Insured: FGIC, LOC: Citibank N.A. 3.560% 08/01/40(a) 4,300,000 4,300,000 AZ PHOENIX INDUSTRIAL DEVELOPMENT AUTHORITY Phoenix Broadway Associates, Series 2003 A, AMT, LOC: Wells Fargo Bank N.A. 3.630% 06/01/31(a) 5,015,000 5,015,000 Series 2005 MT-156, LIQ FAC: Landesbank Hessen-Thuringen 3.600% 08/01/08(a) 10,740,000 10,740,000 Spring Air Mattress Co, Series 1999, AMT, LOC: Bank One N.A. 3.710% 04/01/19(a) 1,370,000 1,370,000 AZ PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Series 2004, LOC: Branch Banking & Trust 3.550% 04/01/38(a) 6,000,000 6,000,000 ARIZONA TOTAL 41,350,000 ARKANSAS - 0.2% AR LOWELL INDUSTRIAL DEVELOPMENT REVENUE Little Rock Newspapers, Inc., Series 1996, AMT, LOC: Bank of New York 3.650% 06/01/31(a) 6,500,000 6,500,000 AR SHERIDAN INDUSTRIAL DEVELOPMENT REVENUE Centria Project, Series 2000 A, AMT, LOC: PNC Bank 3.650% 08/01/20(a) 2,600,000 2,600,000 H. Robertson Co. Project, Series 1998 B, AMT, LOC: Sheridan Bank
3 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ARKANSAS - (CONTINUED) 3.600% 08/01/16(a) 1,000,000 1,000,000 ARKANSAS TOTAL 10,100,000 CALIFORNIA - 3.7% CA ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2005, Insured: MBIA, SPA: ABN AMRO Bank N.V. 3.530% 06/01/13(a) 9,995,000 9,995,000 CA ECONOMIC RECOVERY Series 2004 C-6, LOC: Citibank N.A. 3.750% 07/01/23(a) 11,890,000 11,890,000 CA HOUSING FINANCE AGENCY Series 2000 C, AMT, 3.800% 02/01/33(a) 40,000,000 40,000,000 Series 2003 K, AMT, 3.600% 08/01/34(a) 19,435,000 19,435,000 Series 2005 III D, AMT, SPA: DEPFA Bank PLC 3.800% 08/01/38(a) 57,335,000 57,335,000 CA LOS ANGELES COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue, Series 2002 PT-639, AMT, LIQ FAC: FHLMC 3.590% 10/01/31(a) 68,785,000 68,785,000 CA METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA Series 2001 C-1, LOC: Lloyds TSB Bank PLC 3.750% 07/01/36(a) 24,460,000 24,460,000 CA SOUTHERN HOME FINANCING AUTHORITY Series 2004 B, AMT, 3.530% 02/01/34 20,075,000 20,075,000 CALIFORNIA TOTAL 251,975,000 COLORADO - 3.0% CO BOULDER COUNTY Boulder Medical Center, Inc., Series 1998, AMT, LOC: Wells Fargo Bank N.A. 3.680% 01/01/17(a) 1,320,000 1,320,000 CO DENVER CITY & COUNTY AIRPORT REVENUE Series 2004 B, AMT, Insured: AMBAC, 3.520% 11/15/24(a) 15,000,000 15,000,000 Series 2005 1023, Insured: XLCA, LIQ FAC: JPMorgan Chase Bank 3.550% 05/15/13(a) 5,995,000 5,995,000 Series 2005 C-1, Insured: CIFG, SPA: Morgan Stanley
4 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) COLORADO - (CONTINUED) 3.600% 11/15/25(a) 43,800,000 43,800,000 Series 2005, AMT, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.590% 11/15/09(a) 4,160,000 4,160,000 CO DENVER CITY & COUNTY SPECIAL FACILITY APARTMENT REVENUE Series 1999 A, AMT, 5.250% 01/01/06 1,545,000 1,545,000 CO DOUGLAS COUNTY MULTI-FAMILY REVENUE HOUSING Lincoln Pointe Loft Projects, Series 2003, AMT, LOC: US Bank N.A. 3.800% 02/01/37(a) 9,585,000 9,585,000 CO EDUCATIONAL & CULTURAL FACILITIES AUTHORITY EOP Charlotte JW LLC, Series 2005 A, LOC: Sovereign Bank FSB, LOC: KBC Bank N.V. 3.550% 09/01/35(a) 10,000,000 10,000,000 CO HEALTH FACILITIES AUTHORITY Colorado West Regional Mental Health Center, Series 2005, LOC: JPMorgan Chase Bank 3.540% 03/01/30(a) 7,655,000 7,655,000 Crossroads at Delta Alf, Series 2004 A, LOC: US Bank N.A. 3.600% 11/01/28(a) 2,800,000 2,800,000 CO HOUSING & FINANCE AUTHORITY Series 2002 A-1, AMT, SPA: FHLMC 3.600% 10/01/22(a) 9,090,000 9,090,000 Series 2002 C-3, AMT, SPA: Lloyds TSB Bank PLC 3.600% 05/01/22(a) 15,685,000 15,685,000 Series 2002 I-C2, AMT, SPA: FHLMC 3.600% 10/01/32(a) 19,000,000 19,000,000 Series 2002, AMT, SPA: FHLMC 3.600% 11/01/21(a) 2,005,000 2,005,000 Series 2003 B-3, AMT, SPA: JPMorgan Chase Bank 3.600% 11/01/26(a) 17,000,000 17,000,000 Series 2004 I-A, AMT, SPA: FHLMC 3.600% 04/01/45(a) 10,785,000 10,785,000 Series 2005 I-A-4, AMT, 2.550% 03/29/06 11,300,000 11,300,000 CO MOFFAT COUNTY Pollution Control Revenue, National Rural Utility Cooperative Finance Corp., Series 1984, Insured: AMBAC
5 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) COLORADO - (CONTINUED) 3.400% 07/01/10(a) 10,900,000 10,900,000 CO PITKIN COUNTY INDUSTRIAL DEVELOPMENT REVENUE Aspen Skiing Co., Series 1994 B, AMT, LOC: JPMorgan Chase Bank 3.750% 04/01/14(a) 1,000,000 1,000,000 CO SCA TAX EXEMPT TRUST Series 2005 PT-2522, Insured: FSA, LOC: Merrill Lynch Capital Services 3.560% 01/01/30(a) 6,150,000 6,150,000 COLORADO TOTAL 204,775,000 CONNECTICUT - 0.1% CT HOUSING FINANCE AUTHORITY Series 2005, AMT, 3.560% 11/15/09(a) 6,770,000 6,770,000 CONNECTICUT TOTAL 6,770,000 DELAWARE - 0.2% DE ECONOMIC DEVELOPMENT AUTHORITY Industrial Development Revenue, Series 1998, AMT, LOC: PNC Bank Delaware 3.650% 09/01/18(a) 1,500,000 1,500,000 DE NEW CASTLE COUNTY Fairfield English VLG LLC, Series 2005, AMT, Insured: FNMA 3.600% 09/15/38(a) 8,500,000 8,500,000 Flight Safety International, Inc., Series 2002, AMT, 3.550% 12/01/32(a) 5,185,000 5,185,000 DELAWARE TOTAL 15,185,000 DISTRICT OF COLUMBIA - 1.9% DC COLUMBIA ENTERPRISE ZONE REVENUE House on F Street Project, Series 2001, AMT, LOC: Bank of New York 3.600% 05/01/15(a) 7,500,000 7,500,000 Series 2004, AMT, LOC: Bank of Scotland, 3.610% 12/01/29(a) 5,000,000 5,000,000 DC HOUSING FINANCE AGENCY Multi-Family Housing Revenue, Series 1995 A, AMT, 3.650% 08/01/25(a) 5,000,000 5,000,000 DC METROPOLITAN AIRPORT AUTHORITY SYSTEM Series 2004, AMT, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.590% 10/01/12(a) 2,750,000 2,750,000
6 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) DISTRICT OF COLUMBIA - (CONTINUED) DC METROPOLITAN AREA TRANSPORTATION AUTHORITY Series 2003, Insured: MBIA 3.560% 01/01/10(a)(c) 8,360,000 8,360,000 DC METROPOLITAN COLUMBIA AIRPORT AUTHORITY SYSTEM Series 2004, AMT, Insured: MBIA, SPA: Dexia Credit Local 3.450% 10/01/21(a) 78,170,000 78,170,000 DC METROPOLITAN WASHINGTON AIRPORTS AUTHORITY Airport System Revenue, Series 2005 1017, AMT, Insured: FGIC, LIQ FAC: JPMorgan Chase Bank 3.580% 10/01/11(a) 4,795,000 4,795,000 DC REVENUE National Association of Realtors, Series 2003, AMT, LOC: SunTrust Bank 3.600% 12/01/23(a) 7,500,000 7,500,000 DC STATE Series 2003 D-2, Insured: FSA, SPA: DEPFA Bank PLC 3.550% 06/01/26(a) 9,600,000 9,600,000 DISTRICT OF COLUMBIA TOTAL 128,675,000 FLORIDA - 3.1% FL BOARD OF EDUCATION Series 2003, Insured: MBIA, 3.540% 01/01/12(a) 7,630,000 7,630,000 FL BREVARD COUNTY HOUSING FINANCE AUTHORITY Series 2005 MT-112, AMT, SPA: Merrill Lynch Capital Services, GTY AGMT: IXIS Municipal Products, Inc. 3.600% 11/01/14(a) 13,780,000 13,780,000 Series 2005 PT-2815, LIQ FAC: Merrill Lynch Capital Services 3.600% 11/01/14(a) 9,900,000 9,900,000 FL BROWARD COUNTY PORT FACILITIES REVENUE Series 1998, AMT, Insured: AMBAC 3.450% 09/01/27(a) 28,500,000 28,500,000 FL COLLIER HEALTH FACILITIES AUTHORITY Cleveland Clinic Health, Series 2003 C-1, LOC: JPMorgan Chase Bank 3.600% 09/01/29(a) 4,635,000 4,635,000 FL FORT WALTON BEACH INDUSTRIAL DEVELOPMENT REVENUE Burton Golf, Inc., Series 1996, AMT,
7 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) FLORIDA - (CONTINUED) LOC: Columbus Bank & Trust 3.850% 10/01/11(a) 1,080,000 1,080,000 FL HILLSBOROUGH COUNTY HOUSING FINANCE AUTHORITY Multi-Family Revenue, Series 2005 R-366, AMT, Insured: FNMA, LOC: Citibank N.A. 3.590% 07/01/22(a) 3,380,000 3,380,000 FL HOUSING FINANCE AGENCY REVENUE Multi-Family Housing Revenue, Lakes of Northdale Project, Series 1984 D, LOC: SouthTrust Bank of Alabama 3.550% 05/15/12(a) 7,545,000 7,545,000 FL HOUSING FINANCE CORP. Hunters Run Partners II, Ltd., Series 2003 G, AMT, Insured: FSA 3.530% 06/15/36(a) 6,925,000 6,925,000 Mango Grove LLC, Series 2005 A, AMT, LOC: Citibank N.A. 3.440% 09/15/37(a) 8,400,000 8,400,000 Tuscany Lakes Ltd, Series 2002 1, AMT, Insured: FNMA 3.590% 11/15/35(a) 3,500,000 3,500,000 FL JACKSONVILLE AVIATION REVENUE Series 2005, AMT, Insured: FGIC, LOC: Wachovia Bank N.A. 3.380% 10/01/24(a) 15,500,000 15,500,000 FL LAKE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Senniger Irrigation, Inc., Series 2003, AMT, LOC: SunTrust Bank 3.600% 11/01/24(a) 5,225,000 5,225,000 FL LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY North Fort Myers Utilities, Series 2003 A, AMT, LOC: SunTrust Bank 3.600% 06/01/22(a) 5,000,000 5,000,000 FL MANATEE COUNTY INDUSTRIAL DEVELOPMENT REVENUE Gammerler LLC, Series 2005, AMT, LOC: LaSalle Bank N.A. 3.650% 10/01/35(a) 4,750,000 4,750,000 FL MIAMI DADE COUNTY 3.250% 01/19/06 3,000,000 3,000,000 Series 2005 MT-177, Insured: XLCA, LIQ FAC: Merrill Lynch Capital Services
8 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) FLORIDA - (CONTINUED) 3.330% 10/01/13(a)(c) 14,805,000 14,805,000 FL ORANGE COUNTY HOUSING FINANCE AUTHORITY Northbridge at Millenia, Series 2003, AMT, LOC: SouthTrust Bank N.A. 3.530% 09/15/36(a) 2,000,000 2,000,000 FL PINELLAS COUNTY HOUSING FINANCE AUTHORITY Alta Largo LLC, Series 2004, AMT, LOC: AmSouth Bank 3.590% 06/01/42(a) 8,400,000 8,400,000 Eurobake LP, Series 2005, AMT, LOC: AmSouth Bank 3.600% 03/01/26(a) 5,500,000 5,500,000 Series 2005, AMT, 3.600% 05/01/14(a) 23,555,000 23,555,000 FL ST. JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Rulon Co., Series 2004, AMT, LOC: Coastal Bank of Georgia 3.660% 11/01/34(a) 7,000,000 7,000,000 FL SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION 3.220% 02/02/06 7,500,000 7,500,000 ROARING FORK MUNICIPAL PRODUCTS LLC Series 2004 A, AMT, Insured: MBIA, SPA: Bank of New York 3.660% 10/01/15(a) 12,480,000 12,480,000 FLORIDA TOTAL 209,990,000 GEORGIA - 5.1% GA ATHENS CLARKE COUNTY 3.300% 03/01/06 2,000,000 2,000,000 GA ATLANTA AIRPORT REVENUE Series 2001, AMT, Insured: FGIC, 3.590% 01/01/08(a) 12,960,000 12,960,000 Series 2003, AMT, Insured: FGIC: 3.590% 01/01/14(a) 5,390,000 5,390,000 3.590% 11/01/14(a) 10,000,000 10,000,000 Series 2004 C14, AMT, Insured: FSA, SPA: Wachovia Bank N.A. 3.590% 01/01/18(a) 4,220,000 4,220,000 Series 2004, AMT, Insured: FGIC 3.590% 01/01/14(a) 4,470,000 4,470,000 Series 2005, AMT, Insured: FGIC
9 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) 3.590% 01/01/17(a) 12,155,000 12,155,000 GA ATLANTA URBAN RESIDENTIAL FINANCE AUTHORITY Multi-Family Revenue: Collegetown Harris Project, Series 2003 I, AMT, 3.600% 10/15/36(a) 5,650,000 5,650,000 Housing Market District Project, Series 2004 A, AMT, LOC: Wachovia Bank N.A. 3.570% 11/01/34(a) 9,600,000 9,600,000 M Street Apartments Project, Series 2003, AMT, LOC: Regions Bank 3.580% 03/01/38(a) 14,000,000 14,000,000 Park District Atlantic Project, Series 2002 A, AMT, LOC: SouthTrust Bank 3.630% 12/01/37(a) 25,100,000 25,100,000 Northside Plaza Group LP, Series 2002, AMT, LOC: Wachovia Bank N.A. 3.570% 11/01/27(a) 3,800,000 3,800,000 Series 2005, AMT: LIQ FAC: Merrill Lynch Capital Services 3.300% 12/01/43(a)(c) 11,995,000 11,995,000 SPA: Merrill Lynch Capital Services 3.300% 12/01/30(a)(c) 5,035,000 5,035,000 GA BARTOW COUNTY DEVELOPMENT AUTHORITY Multi-Family Housing Revenue, Series 2002, AMT, LOC: PNC Bank N.A. 3.630% 02/01/35(a) 5,000,000 5,000,000 GA CARROLL COUNTY DEVELOPMENT AUTHORITY Industrial Revenue, Royal Metal Products Project, Series 2004, AMT, LOC: SunTrust Bank 3.600% 06/01/24(a) 5,940,000 5,940,000 GA CARTERSVILLE DEVELOPMENT AUTHORITY Gerdau Ameristeel UC, Inc., Series 1988, AMT, LOC: Bank of America N.A. 3.700% 12/01/18(a) 2,000,000 2,000,000 GA CLAYTON COUNTY DEVELOPMENT AUTHORITY Delta Airlines, Inc., Series 2000 C, AMT, LOC: General Electric Capital Corp. 3.630% 05/01/35(a) 10,000,000 10,000,000 Wilson Holdings, Inc., Series 2003, AMT, LOC: SunTrust Bank 3.650% 11/01/13(a) 3,440,000 3,440,000 GA COBB COUNTY HOUSING AUTHORITY Multi-Family Revenue, Woodchase Village Apartments Project,
10 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) Series 2003, AMT, LOC: Regions Bank 3.630% 03/15/36(a) 3,900,000 3,900,000 Series 2005, SPA: Merrill Lynch Capital Services 3.300% 01/01/49(a)(c) 10,290,000 10,290,000 GA COLUMBIA COUNTY DEVELOPMENT AUTHORITY Multi-Family Revenue, Westwood Club Apartment Project, Series 2002, AMT, LOC: KeyBank N.A. 3.540% 11/15/35(a) 9,215,000 9,215,000 GA COLUMBUS HOSPITAL AUTHORITY St. Francis Hospital, Inc., Series 2000 A, LOC: Columbus Bank & Trust 3.550% 01/01/31(a) 11,450,000 11,450,000 GA COWETA COUNTY Residential Care Facilities for The Elderly Authority Revenue, Wesley Woods of Newnan, LOC: Branch Banking & Trust 3.550% 10/01/36(a) 22,600,000 22,600,000 GA DEKALB COUNTY HOUSING AUTHORITY Multi-Family Revenue, Stone Mill Run Apartments Project, Series 1995 A, AMT, LOC: First Tennessee Bank N.A. 3.600% 08/01/27(a) 7,475,000 7,475,000 GA DOOLY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Hambug Enterprises Project, Series 2003, AMT, LOC: Fifth Third Bank 3.650% 12/01/17(a) 3,240,000 3,240,000 GA DOUGLAS COUNTY DEVELOPMENT AUTHORITY Colonial Hills School Property Project, Series 2004, LOC: Branch Banking & Trust 3.550% 06/01/24(a) 3,000,000 3,000,000 GA EAST POINT HOUSING AUTHORITY MULTI-FAMILY REVENUE Village Highlands Apartments Project, Series 2004, AMT, LOC: SunTrust Bank 3.600% 07/01/37(a) 8,000,000 8,000,000 GA FRANKLIN COUNTY INDUSTRIAL BUILDING AUTHORITY REVENUE Bosal Industries Georgia, Inc. Project, Series 1995, LOC: Standard Federal Bank 3.550% 08/01/10(a) 4,620,000 4,620,000 GA FULTON COUNTY DEVELOPMENT AUTHORITY REVENUE Leggett & Platt, Inc. Project, Series 1992 A, AMT, LOC: Wachovia Bank of Georgia
11 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) 3.750% 06/01/27(a) 3,900,000 3,900,000 GA FULTON COUNTY DEVELOPMENT AUTHORITY Industrial Laser Solutions LLC, Series 2003, AMT, LOC: Wachovia Bank N.A. 3.630% 05/01/18(a) 3,000,000 3,000,000 OBH, Inc., Series 1999 B, AMT: 3.550% 12/01/18(a) 34,770,000 34,770,000 3.550% 12/01/28(a) 9,350,000 9,350,000 GA GAINESVILLE HALL COUNTY Fieldale Farms Corp., Series 2002, AMT, LOC: Wachovia Bank N.A. 3.570% 08/01/27(a) 1,500,000 1,500,000 GA GWINNETT COUNTY DEVELOPMENT AUTHORITY Certificates of Participation, Series 2004, Insured: MBIA 3.560% 01/01/21(a) 6,660,000 6,660,000 GA HOUSTON COUNTY DEVELOPMENT AUTHORITY Perdue Farms, Inc., Series 2005, AMT, LOC: SunTrust Bank 3.600% 01/01/18(a) 6,000,000 6,000,000 GA KENNESAW DEVELOPMENT AUTHORITY HOUSING Walton Ridenour Apartments Project, Series 2004, AMT, LOC: SunTrust Bank 3.600% 04/01/37(a) 5,000,000 5,000,000 GA METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY Georgia Sales Tax Revenue, Series 2005 A, Insured: FGIC, LOC: Citibank N.A. 3.560% 07/01/13(a) 6,280,000 6,280,000 GA PORTS AUTHORITY Series 2003, AMT, LOC: SunTrust Bank 3.600% 10/01/23(a) 2,400,000 2,400,000 GA PRIVATE COLLEGES & UNIVERSITIES AUTHORITY Mercer University Project, Series 2003, LOC: Branch Banking & Trust 3.600% 10/01/32(a) 7,205,000 7,205,000 GA STEPHENS COUNTY DEVELOPMENT AUTHORITY Series 2005, AMT, LOC: Provident Bank
12 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) GEORGIA - (CONTINUED) 3.650% 02/01/20(a) 2,920,000 2,920,000 GA THOMASVILLE PAYROLL DEVELOPMENT AUTHORITY Scruggs Co. Project, Series 2000, LOC: First Union National Bank 3.670% 08/01/10(a) 475,000 475,000 GA TOOMBS COUNTY DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Series 2005, AMT, LOC: National City Bank 3.650% 08/01/30(a) 6,800,000 6,800,000 GA UNION COUNTY DEVELOPMENT AUTHORITY Applewood Doors & Windows, Series 2005, AMT, LOC: Branch Banking & Trust 3.650% 12/01/22(a) 3,585,000 3,585,000 GA URBAN RESIDENTIAL FINANCE AUTHORITY Lindbergh City Center Apartment, Series 2004, LOC: Regions Bank 3.580% 11/01/44(a) 7,500,000 7,500,000 GA WAYNE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Absorption Corp., Series 2004, AMT, LOC: Branch Banking & Trust 3.650% 09/01/19(a) 4,700,000 4,700,000 GEORGIA TOTAL 348,590,000 HAWAII - 0.4% HI ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2004, Insured: MBIA, 3.560% 07/01/12(a) 12,000,000 12,000,000 HI AIRPORTS SYSTEM REVENUE Series 2004, AMT, 3.590% 01/01/10(a) 2,675,000 2,675,000 HI APARTMENTS SYSTEM REVENUE Series 2004, AMT, Insured: FGIC, 3.590% 01/01/10(a) 1,690,000 1,690,000 HI HONOLULU CITY & COUNTY Multi-Family Revenue, Series 2005 PT-3151, Insured: GNMA, SPA: Merrill Lynch Capital Services 3.590% 06/20/35(a) 4,175,000 4,175,000 HI STATE Series 2004, Insured: MBIA
13 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) HAWAII - (CONTINUED) 3.560% 10/01/24(a) 3,980,000 3,980,000 HAWAII TOTAL 24,520,000 IDAHO - 1.4% ID EAGLE INDUSTRIAL DEVELOPMENT CORP. Rose Cottage LLC, Series 2001, AMT, LOC: Wells Fargo Bank N.A. 3.730% 09/01/21(a) 4,160,000 4,160,000 ID HOUSING & FINANCE ASSOCIATION Series 2002 A-38, AMT, LOC: Wachovia Bank N.A. 3.590% 07/01/32(a) 4,100,000 4,100,000 Series 2002 D, AMT, SPA: Bayerische Landesbank 3.600% 07/01/33(a) 13,485,000 13,485,000 Single Family Mortgage Revenue: Series 2003 C, AMT, SPA: Bayerische Landesbank 3.600% 07/01/34(a) 9,945,000 9,945,000 Series 2004 C, AMT, LIQ FAC: Lloyds TSB Bank PLC 3.600% 01/01/36(a) 15,000,000 15,000,000 Series 2004 D, LIQ FAC: Lloyds TSB Bank PLC 3.600% 01/01/36(a) 18,900,000 18,900,000 Series 2005 B, AMT, LOC: Lloyds TSB Bank PLC, GTY AGMT: Transamerica Occid Life Insurance, Inc. 2.830% 07/01/36(a) 10,000,000 10,000,000 Series 2005 D, AMT, SPA: Lloyds TSB Bank PLC 3.600% 01/01/37(a) 8,900,000 8,900,000 Series 2005 E, LOC: Lloyds TSB Bank PLC 3.600% 01/01/37(a) 9,450,000 9,450,000 ID POWER COUNTY INDUSTRIAL DEVELOPMENT REVENUE FMC Corp., Series 2001, AMT, LOC: Wachovia Bank N.A, 3.570% 04/01/14(a) 2,000,000 2,000,000 IDAHO TOTAL 95,940,000 ILLINOIS - 4.6% IL ADDISON INDUSTRIAL DEVELOPMENT REVENUE Series 1996, AMT, LOC: LaSalle Bank N.A. 3.650% 07/01/21(a) 1,795,000 1,795,000 IL BOONE MCHENRY & DEKALB COUNTIES COMMUNITY UNIT SCHOOL DISTRICT NO. 100 Series 2005 PZ-50, Insured: MBIA, LIQ FAC: Merrill Lynch Capital Services
14 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) 3.590% 12/01/23(a) 2,735,000 2,735,000 IL CAROL STREAM INDUSTRIAL DEVELOPMENT REVENUE Series 1999, AMT, LOC: Northern Trust Co. 3.700% 04/01/24(a) 830,000 830,000 IL CHICAGO ENTERPRISE ZONE REVENUE Gas Plus, Inc., Series 2002, AMT, LOC: Northern Trust Co. 3.850% 11/01/22(a) 1,450,000 1,450,000 Series 2002 A, AMT, LOC: LaSalle National Bank 3.650% 12/01/32(a) 6,850,000 6,850,000 IL CHICAGO HEIGHTS INDUSTRIAL DEVELOPMENT REVENUE Series 1998 A, AMT, LOC: Fifth Third Bank 3.670% 12/01/18(a) 1,140,000 1,140,000 IL CHICAGO INDUSTRIAL DEVELOPMENT REVENUE Bullen Midwest Inc., Series 1997, AMT, 3.630% 11/01/17(a) 1,040,000 1,040,000 Eli's Chicago's Finest Inc., Series 1996, AMT, LOC: LaSalle Bank 3.560% 11/01/26(a) 1,300,000 1,300,000 Flying Food Fare Midway, Series 1999, AMT, LOC: Harris Trust & Savings Bank 3.600% 12/01/28(a) 5,100,000 5,100,000 IL CHICAGO MIDWAY AIRPORT REVENUE Series 1998 A, AMT, Insured: MBIA, 3.750% 01/01/29(a) 15,295,000 15,295,000 Series 1998 B, AMT, Insured: MBIA, 3.750% 01/01/29(a) 7,650,000 7,650,000 IL CHICAGO MULTI-FAMILY HOUSING REVENUE Concordia Place Apartments LP, Series 2003, AMT, LOC: Harris Trust & Savings Bank 3.590% 07/01/34(a) 13,790,000 13,790,000 North Larabee LP, Series 2001 B, LOC: Harris Trust & Savings Bank 3.530% 04/01/09(a) 2,150,000 2,150,000 North Larrabee LP, Series 2001 A, AMT, LOC: Harris Trust & Savings Bank 3.530% 04/01/36(a) 1,470,000 1,470,000 Renaissance Saint Luke LP, Series 2004 A, AMT, LOC: Harris Trust & Savings Bank 3.530% 01/01/39(a) 3,780,000 3,780,000
15 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) IL CHICAGO O'HARE INTERNATIONAL AIRPORT REVENUE 2.850% 01/18/06 1,500,000 1,500,000 Series 2003, AMT, Insured: FSA: 3.590% 07/01/11(a) 5,500,000 5,500,000 3.600% 01/01/22(a) 5,200,000 5,200,000 Series 2003,AMT, Insured: MBIA 3.590% 07/01/08(a) 3,145,000 3,145,000 Series 2003, Insured: FSA 3.590% 07/01/11(a) 9,995,000 9,995,000 Series 2004, AMT, Insured: AMBAC 3.590% 11/08/08(a) 12,105,000 12,105,000 Series 2004, Insured: MBIA 3.590% 01/01/17(a) 4,000,000 4,000,000 IL CHICAGO SOLID WASTE DISPOSAL FACILITY REVENUE Groot Industries, Inc., Series 1995, AMT, LOC: JPMorgan Chase Bank 3.680% 12/01/15(a) 1,100,000 1,100,000 IL CHICAGO WASTEWATER TRANSMISSION REVENUE Series 2004, Insured: MBIA 3.590% 01/01/22(a) 2,010,000 2,010,000 IL CHICAGO Equipment Notes, Series 1997, LOC: Harris Trust & Savings Bank 2.350% 01/01/06(a) 3,000,000 3,000,000 IL CITY OF BLOOMINGTON Series 2005, AMT, SPA: Merrill Lynch Capital Services 3.300% 01/01/44(a)(c) 4,395,000 4,395,000 IL COOK COUNTY Series 2003, Insured: MBIA, 3.560% 11/15/21(a) 2,805,000 2,805,000 IL DEVELOPMENT FINANCE AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Campagna-Turano Bakery, Series 2000, AMT, LOC: American National Bank & Trust 3.680% 08/01/25(a) 1,400,000 1,400,000 Clingan Steel, Inc., Series 2003, AMT, LOC: LaSalle National Bank 3.760% 12/01/23(a) 3,950,000 3,950,000 Feltes Sand & Grave Co.,
16 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) Series 2003, AMT, LOC: LaSalle Bank N.A. 3.560% 12/01/18(a) 3,640,000 3,640,000 Forty Foot High Realty LLC, Series 2002, AMT, LOC: National City Bank 3.650% 12/01/27(a) 4,310,000 4,310,000 HSU Properties LLC, Series 2003, AMT, LOC: Fifth Third Bank 3.650% 08/01/33(a) 1,015,000 1,015,000 Knead Dough Banking Co., Series 2000, AMT, LOC: Bank One N.A. 3.680% 09/01/25(a) 1,150,000 1,150,000 Rainbow Graphics, Inc., Series 2003, AMT, Bank One N.A. 3.860% 08/01/23(a) 2,340,000 2,340,000 Royal Continental Box, Series 1995 B, AMT, LOC: LaSalle National Bank 3.560% 04/01/10(a) 1,550,000 1,550,000 Ruebenson Real Estate LLC, Series 1999 A, LOC: National City Bank N.A. 3.650% 06/01/24(a) 4,005,000 4,005,000 Series 1990 A, AMT, LOC: Bank One Kentucky N.A. 3.590% 01/01/10(a) 3,100,000 3,100,000 Unique Building Corp., Series 1989, AMT, LOC: American National Bank & Trust Co., 3.730% 05/01/19(a) 2,800,000 2,800,000 WM Plastics Project, Series 2001, AMT, LOC: LaSalle Bank N.A. 3.560% 08/01/26(a) 4,100,000 4,100,000 IL DEVELOPMENT FINANCE AUTHORITY Affordable Housing Revenue, Lake Towers Associates II LP, Series 1997, AMT, LOC: Bank One N.A. 3.630% 04/15/37(a) 2,500,000 2,500,000 Groot Industries, Inc., Series 2003, LOC: Bank One N.A. 3.680% 12/01/23(a) 5,130,000 5,130,000 Jewish Council Youth Service, Series 2003, LOC: Harris Trust Bank 3.480% 09/01/28(a) 1,100,000 1,100,000 Lifesource Project, Series 2000, LOC: PNC Bank N.A. 3.530% 06/01/20(a) 6,000,000 6,000,000 Multi-Family Revenue, West Chicago Senior Apartment, Series 2003, AMT, LOC: Citibank N.A.
17 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) 3.620% 02/01/38(a) 6,700,000 6,700,000 Sexton Energy, Series 2003, AMT, LOC: Fifth Third Bank 3.590% 10/01/23(a) 7,500,000 7,500,000 IL EDUCATIONAL FACILITIES AUTHORITY REVENUE Chaplin Hall Center Children Project, Series 2003, 3.580% 07/01/24(a) 3,045,000 3,045,000 IL ELGIN INDUSTRIAL DEVELOPMENT REVENUE Nelson Graphic, Inc. Project, Series 2000, AMT, 3.560% 05/01/20(a) 2,270,000 2,270,000 IL ELMHURST INDUSTRIAL DEVELOPMENT REVENUE John Sakash Co. Project, Series 2000, AMT, LOC: Citibank N.A. 3.560% 02/01/25(a) 1,900,000 1,900,000 IL FINANCE AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Merug LLC, Series 2004 A, LOC: JPMorgan Chase Bank 3.680% 12/01/18(a) 2,435,000 2,435,000 Pollman North America, Series 2005, AMT, LOC: Fifth Third Bank 3.580% 12/15/35(a) 5,000,000 5,000,000 Series 2005, AMT, LOC: National City Bank 3.650% 11/01/18(a) 1,295,000 1,295,000 IL FINANCE AUTHORITY Multi-Family Revenue, Waterton Vistas II LLC, Series 2004, AMT, Insured: FNMA 3.600% 10/15/34(a) 8,500,000 8,500,000 IL FREEPORT Multi-Family Revenue, Series 2005, AMT, LIQ FAC: Merrill Lynch Capital Services 3.300% 01/01/44(a)(c) 3,995,000 3,995,000 IL GURNEE INDUSTRIAL DEVELOPMENT REVENUE Kenall Manufacturing Co., Series 1998, 3.530% 03/01/18(a) 810,000 810,000 Little Lady Foods, Inc., Series 2002, AMT, LOC: LaSalle Bank 3.560% 12/01/22(a) 5,630,000 5,630,000 IL HEALTH FACILITIES AUTHORITY University of Chicago Hospital, Series 1994 C, Insured: MBIA,
18 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) LOC: JPMorgan Chase Bank 3.750% 08/15/26(a) 15,640,000 15,640,000 IL HOUSING DEVELOPMENT AUTHORITY Multi-Family Revenue: Mattoon Towers Associates II, Series 2004, AMT, LOC: First National Bank 3.580% 01/01/34(a) 3,325,000 3,325,000 Pontiac Tower Associates III, Series 2005, AMT, LOC: Harris N.A. 3.590% 09/01/35(a) 4,500,000 4,500,000 Precor Investments-2004-LXXI LP, Series 2004 A, LOC: LaSalle Bank N.A. 3.560% 12/01/39(a) 2,200,000 2,200,000 Spring Creek Associates, Series 2004, AMT, LOC: LaSalle Bank N.A. 3.590% 04/01/34(a) 6,300,000 6,300,000 IL INDUSTRIAL DEVELOPMENT REVENUE Enterprise Center X Project, Series 1992, AMT, Insured: LaSalle National Bank 3.560% 06/01/22(a) 4,300,000 4,300,000 IL LOMBARD VILLAGE INDUSTRIAL PROJECTS B&H Partnership Project, Series 1995, LOC: LaSalle Bank N.A. 3.910% 10/01/13(a) 1,500,000 1,500,000 IL MCLEAN & WOODFORD COUNTIES SCHOOL DISTRICT NO. 005 Series 2003, Insured: FSA 3.550% 12/01/09(a) 9,780,000 9,780,000 IL METROPOLITAN PIER & EXPOSITION AUTHORITY DEDICATED STATE TAX Series 2004, Insured: FGIC 3.590% 05/22/24(a) 8,065,000 8,065,000 IL NEW LENOX INDUSTRIAL DEVELOPMENT REVENUE Panduit Corp., Series 1990, AMT, LOC: Fifth Third Bank 3.520% 07/01/15(a) 4,500,000 4,500,000 IL ORLAND PARK INDUSTRIAL DEVELOPMENT REVENUE Panduit Corp., Series 1996, AMT, LOC: Fifth Third Bank 3.520% 04/01/31(a) 2,000,000 2,000,000 IL PALOS HILLS MULTI-FAMILY HOUSING REVENUE Green Oaks Project, Series 1998, AMT, 3.560% 08/01/29(a) 3,670,000 3,670,000
19 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) ILLINOIS - (CONTINUED) IL SAVANNA INDUSTRIAL DEVELOPMENT REVENUE Metform Corp. Project, Series 1994 B, AMT, LOC: Bank One N.A. 3.630% 06/01/09(a) 1,700,000 1,700,000 IL SKOKIE INDUSTRIAL DEVELOPMENT REVENUE Series 2003, AMT, LOC: LaSalle Bank N.A. 3.650% 12/01/33(a) 2,400,000 2,400,000 IL TINLEY PARK INDUSTRIAL DEVELOPMENT REVENUE 8300 West 185th Street LLC, Series 1997 A, AMT, LOC: American National Bank & Trust 3.750% 09/01/17(a) 1,940,000 1,940,000 IL UNIVERSITY CERTIFICATES OF PARTICIPATION Series 2004, Insured: FGIC 3.550% 03/01/11(a) 5,265,000 5,265,000 IL UPPER RIVER VALLEY DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Clover Properties LLC Project, Series 2000, AMT, LOC: LaSalle Bank N.A. 3.560% 07/01/20(a) 2,275,000 2,275,000 IL URBANA MULTI-FAMILY HOUSING REVENUE Prarie Green II Apartment Project, Series 2000, AMT, LOC: LaSalle Bank N.A. 3.560% 06/01/29(a) 1,375,000 1,375,000 IL WILL COUNTY COMMUNITY SCHOOL DISTRICT NO. 161 SUMMIT HILL Series PT-2862, Insured: FGIC, LOC: Merrill Lynch Capital Services 3.550% 01/01/25(a) 14,945,000 14,945,000 ILLINOIS TOTAL 313,980,000 INDIANA - 4.2% IN ALLEN COUNTY MULTI-FAMILY HOUSING REDEVELOPMENT Woodland Crest Hill Project, Series 1999, AMT, 3.760% 08/01/17(a) 2,800,000 2,800,000 IN BLOOMINGTON MULTI-FAMILY REVENUE Willow Manor Apartments Project, Series 2002, AMT, LOC: Fifth Third Bank 3.650% 11/01/32(a) 2,765,000 2,765,000 IN BOND BANK Series 2005 A, 3.250% 01/26/06 24,850,000 24,849,540
20 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDIANA - (CONTINUED) IN BURNS HARBOR ECONOMIC DEVELOPMENT REVENUE Dennen Steel Corp., Series 2003, AMT, LOC: Standard Federal Bank 3.560% 12/01/23(a) 1,630,000 1,630,000 IN CRAWFORDSVILLE ECONOMIC DEVELOPMENT REVENUE Precision Plastics of Indiana, Series 1992, AMT, LOC: Northern Trust Co. 3.650% 06/01/07(a) 200,000 200,000 IN DEVELOPMENT FINANCE AUTHORITY Economic Development Revenue, Berry Holdings Co. LLC, Series 1999, AMT, LOC: Bank One N.A. 3.880% 01/01/09(a) 600,000 600,000 Environmental Revenue, Republic Services Inc., Series 2001, AMT, LOC: SunTrust Bank 3.820% 09/01/31(a) 6,000,000 6,000,000 IN ELKHART ECONOMIC DEVELOPMENT REVENUE Crossroads Apartments LLC, Series 1998 A, AMT, LOC: FHLB 3.730% 04/01/28(a) 825,000 825,000 Vahala Foam Enterprises Project, Series 2002, AMT, LOC: Bank One N.A. 3.760% 09/01/17(a) 1,500,000 1,500,000 IN ELKHART INDUSTRIAL DEVELOPMENT REVENUE Kibbe Properties LLC, Series 2002, AMT, LOC: National City Bank of Indiana 3.650% 06/01/27(a) 2,075,000 2,075,000 IN EVANSVILLE ECONOMIC DEVELOPMENT REVENUE B & M Plastics, Inc. Project, Series 2002, AMT, LOC: Fifth Third Bank N.A. 3.650% 12/01/17(a) 1,660,000 1,660,000 IN FINANCE AUTHORITY Psi Energy, Inc., Series 2005 B, AMT, LOC: Calyon Bank 3.540% 10/01/40(a) 10,500,000 10,500,000 Series 2005, AMT, LOC: National City Bank 3.650% 10/01/12(a) 4,000,000 4,000,000 IN GARRETT ECONOMIC DEVELOPMENT REVENUE Series 2005, AMT, LOC: National City Bank 3.650% 01/01/21(a) 5,700,000 5,700,000
21 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDIANA - (CONTINUED) IN GIBSON COUNTY POLLUTION CONTROL REVENUE Toyota Motor Manufacturing Project: Series 1997, AMT, 3.590% 10/01/27(a) 5,000,000 5,000,000 Series 1999, AMT, 3.590% 01/01/29(a) 7,000,000 7,000,000 Series 2000 A, AMT: 3.590% 01/01/28(a) 10,000,000 10,000,000 3.590% 01/01/30(a) 6,000,000 6,000,000 Series 2001 B, AMT, 3.590% 09/01/31(a) 5,000,000 5,000,000 IN GREENCASTLE ECONOMIC DEVELOPMENT REVENUE Crown Equipment Corp. Project, Series 1996, AMT, LOC: Key Bank N.A. 3.600% 02/01/11(a) 2,000,000 2,000,000 Round Barn Manor Project, Series 2003 A, AMT, 3.560% 01/01/28(a) 3,182,000 3,182,000 IN HARTFORD CITY ECONOMIC DEVELOPMENT Series 2001, AMT, LOC: Fifth Third Bank 3.650% 10/01/16(a) 1,865,000 1,865,000 IN HEALTH FACILITY FINANCING AUTHORITY Cardinal Center, Inc. Project, Series 1996 A, LOC: Key Bank N.A. 3.590% 12/01/16(a) 550,000 550,000 IN HOUSING & COMMUNITY DEVELOPMENT AUTHORITY Series 2005 C-3, LOC: DEPFA Bank PLC 3.350% 07/01/36(a) 30,500,000 30,500,000 IN HOUSING FINANCE AUTHORITY Multi-Family Revenue, Series 1997 M-A, AMT, LOC: FHLB 3.610% 01/01/29(a) 8,310,000 8,310,000 IN INDIANAPOLIS AIRPORT AUTHORITY 3.250% 02/22/06 8,500,000 8,500,000 IN INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK Series 2004, AMT, Insured: MBIA 3.590% 01/01/17(a) 4,585,000 4,585,000 Series 2005 H, LOC: DEPFA Bank PLC 3.520% 01/01/37(a) 7,000,000 7,000,000 Series 2006 B, 4.500% 07/06/06 24,325,000 24,474,842
22 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDIANA - (CONTINUED) IN INDIANAPOLIS MULTI-FAMILY REVENUE Nora Commons LP, Series 2004 A, AMT, LOC: ABN AMRO Bank N.V. 3.560% 12/01/39(a) 7,000,000 7,000,000 Washington POointe LP, Series 2005, AMT, LOC: Fifth Third Bank 3.580% 08/15/40(a) 2,750,000 2,750,000 IN JEFFERSONVILLE ECONOMIC DEVELOPMENT REVENUE Series 2001, AMT, LOC: Fifth Third Bank 3.650% 08/01/21(a) 2,665,000 2,665,000 Series 2003, AMT, LOC: National City Bank of Kentucky 3.650% 04/01/23(a) 5,195,000 5,195,000 IN LAGRANGE ECONOMIC DEVELOPMENT REVENUE LA Investments LLC, Series 1999, AMT, LOC: Bank One Indiana N.A. 3.680% 08/01/13(a) 1,000,000 1,000,000 IN ST. JOSEPH COUNTY ECONOMIC DEVELOPMENT REVENUE Pine Oak Apartments LP, Series 1997 A, AMT, LOC: FHLB 3.630% 06/01/27(a) 2,365,000 2,365,000 IN TRANSPORTATION FINANCE AUTHORITY Highway Revenue, Series 2004, Insured: FGIC: 3.550% 12/01/25(a) 6,000,000 6,000,000 3.560% 12/01/14(a) 6,105,000 6,105,000 IN VIGO COUNTY ECONOMIC DEVELOPMENT REVENUE Monninger Corp., Series 2002, AMT, LOC: Old National Bank 3.730% 12/01/17(a) 2,290,000 2,290,000 IN WASHINGTON COUNTY INDUSTRIAL ECONOMIC DEVELOPMENT REVENUE Series 2001,AMT, LOC: National City Bank of Indiana 3.650% 08/01/16(a) 4,600,000 4,600,000 IN WHITING ENVIRONMENTAL FACILITIES REVENUE BP PLC, Series 2002 C, AMT, 3.850% 07/01/34(a) 49,500,000 49,500,000 BP Products North America, Inc., Series 2005, AMT,
23 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) INDIANA - (CONTINUED) 3.850% 07/01/40(a) 7,900,000 7,900,000 INDIANA TOTAL 286,441,382 IOWA - 1.2% IA CLINTON INDUSTRIAL DEVELOPMENT REVENUE Series 1991, AMT, LOC: Northern Trust Co. 3.650% 09/01/06(a) 500,000 500,000 Series 2004, LOC: Northern Trust Co. 3.650% 12/01/22(a) 4,500,000 4,500,000 Sethness Products Co., Series 1996, AMT, LOC: Northern Trust Co. 3.650% 09/01/11(a) 2,500,000 2,500,000 IA FINANCE AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Ramsgate Corp., Series 2002, AMT, LOC: US Bank N.A. 3.650% 12/01/22(a) 5,550,000 5,550,000 US Filter Operating Services Inc., Series 2001 A, LOC: Societe Generale 3.600% 11/01/17(a) 3,720,000 3,720,000 IA FINANCE AUTHORITY Childserve, Inc., Series 2002 B, LOC: Wells Fargo Bank N.A. 3.630% 06/01/17(a) 990,000 990,000 Single Family Mortgage Revenue: Series 2002 A-46, AMT, 3.590% 07/01/24(a) 6,880,000 6,880,000 Series 2003 F, Insured: GNMA/FNMA, LOC: Wells Fargo Bank N.A. 3.450% 01/01/33(a) 5,405,000 5,405,000 Series 2004 B, AMT, Insured: GNMA/FNMA, SPA: DEFPA Bank PLC 3.590% 07/01/34(a) 12,500,000 12,500,000 Series 2005 H, LOC: State Street Bank & Trust Co. 3.160% 07/01/36(a) 24,000,000 24,000,000 Single Family Revenue, Series 2004, AMT, Insured: GNMA/FNMA 3.590% 07/01/34(a) 11,000,000 11,000,000 IA LINN COUNTY INDUSTRIAL DEVELOPMENT REVENUE Swiss Valley Farms Co., Series 2001, LOC: Wells Fargo Bank N.A. 3.630% 05/01/21(a) 4,800,000 4,800,000 IA WEST BURLINGTON INDUSTRIAL DEVELOPMENT REVENUE
24 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) IOWA - (CONTINUED) Borhi Oil Hydraulic, Series 2001 B, AMT, LOC: American National Bank & Trust 3.680% 01/01/11(a) 1,000,000 1,000,000 IOWA TOTAL 83,345,000 KANSAS - 0.3% KS DEVELOPMENT FINANCE AUTHORITY Exempt Facilities Revenue, Seaboard Project, Series 1995 A, AMT, LOC: Bank of New York 3.600% 12/01/25(a) 9,200,000 9,200,000 Multi-Family Revenue, Delaware Highlands, Series 2005 C, AMT, LOC: Arvest Bank 3.610% 12/01/36(a) 2,200,000 2,200,000 KS FREDONIA REVENUE Systech Environmental Corp., Series 1989, AMT, LOC: Banque National de Paris 3.570% 02/01/07(a) 5,400,000 5,400,000 KS SEDGWICK & SHAWNEE COUNTY Single Family Revenue, Series 2002, 3.590% 12/01/14(a) 1,135,000 1,135,000 KANSAS TOTAL 17,935,000 KENTUCKY - 1.5% KY ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2005, Insured: FGIC, 3.560% 05/15/12(a) 9,995,000 9,995,000 KY CAMPBELLSVILLE-TAYLOR COUNTY INDUSTRIAL DEVELOPMENT REVENUE Airguard Industrial, Inc., Series 2001, AMT, LOC: Northern Trust Co. 3.650% 05/01/31(a) 7,410,000 7,410,000 KY CARROLL COUNTY INDUSTRIAL DEVELOPMENT REVENUE Kentucky Ladder Co., Series 1990,AMT, LOC: Bankers Trust Co. 3.720% 09/01/10(a) 5,000,000 5,000,000 KY DAVIESS COUNTY HEALTH CARE REVENUE Wendell Fosters Campus for Development, Series 2001, AMT, LOC: National City Bank 3.600% 05/01/21(a) 4,000,000 4,000,000 KY DAVIESS COUNTY INDUSTRIAL BUILDING REVENUE Series 2003, AMT, LOC: National Bank of Kentucky 3.650% 05/01/18(a) 4,090,000 4,090,000 KY GLASGOW INDUSTRIAL BUILDING REVENUE
25 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) KENTUCKY - (CONTINUED) Poly-Tech Corp., Series 1994, LOC: Fifth Third Bank 3.670% 05/01/14(a) 2,250,000 2,250,000 KY GREENUP COUNTY REVENUE Pathways, Inc., Series 2004, LOC: Fifth Third Bank 3.580% 12/01/18(a) 1,880,000 1,880,000 KY HOUSING CORP. Series 2005 L, AMT, SPA: BNP Paribas 3.530% 07/01/36(a) 11,235,000 11,235,000 KY JEFFERSON COUNTY INDUSTRIAL BUILDING REVENUE Dant Growth LLC, Series 2002, AMT, LOC: Bank One Kentucky N.A. 3.910% 09/01/22(a) 3,650,000 3,650,000 Seven Counties Services Inc., Series 1996, Bank One of Kentucky N.A. 3.600% 06/01/11(a) 765,000 765,000 KY JEFFERSON COUNTY INDUSTRIAL DEVELOPMENT REVENUE WHIP-Mix Corp., Series 1997, AMT, LOC: National City Bank Kentucky 3.750% 06/01/12(a) 765,000 765,000 KY JEFFERSON COUNTY RETIREMENT HOME REVENUE Nazareth Library Project, Series 1999, LOC: Fifth Third Bank 3.580% 10/01/19(a) 900,000 900,000 KY JEFFERSONTOWN INDUSTRIAL BUILDING REVENUE Rague Food Systems, Inc., Series 1995, AMT, LOC: PNC Bank N.A. 3.650% 04/01/20(a) 150,000 150,000 KY KENTON COUNTY INDUSTRIAL BUILDING REVENUE Baptist Convalescent Center, Series 1998, LOC: Fifth Third Bank 3.500% 07/01/18(a) 1,045,000 1,045,000 Series 2002, LOC: Fifth Third Bank 3.650% 04/01/17(a) 2,090,000 2,090,000 KY LEXINGTON-FAYETTE URBAN COUNTY AIRPORT CORP. Series 1998 A, AMT, Insured: MBIA, LOC: Dexia Credit Local 3.750% 07/01/28(a) 1,300,000 1,300,000
26 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) KENTUCKY - (CONTINUED) Series 1998 C, AMT, Insured: MBIA, LOC: Dexia Credit Local 3.750% 07/01/13(a) 1,000,000 1,000,000 KY LEXINGTON-FAYETTE URBAN COUNTY EDUCATIONAL FACILITIES REVENUE Series 2003, 3.580% 05/01/25(a) 2,475,000 2,475,000 KY LOUISVILLE & JEFFERSON COUNTY METROPOLITAN GOVERNMENT First Trust Restoration Partners, Series 2005 A, AMT, LOC: Regions Bank 3.610% 01/01/11(a) 2,000,000 2,000,000 KY MINOR LANE HEIGHTS SOLID WASTE DISPOSAL REVENUE Waste Management Kentucky LLC Project, Series 2003, AMT, LOC: Wachovia Bank N.A. 3.600% 03/01/21(a) 6,000,000 6,000,000 KY PROPERTY & BUILDINGS COMMISSION Series 2003 No.77, Insured: MBIA 5.000% 08/01/06 2,000,000 2,026,671 Series 2004, Insured: FSA 3.560% 10/01/18(a) 3,000,000 3,000,000 Series 2005 A, Insured: FSA, LIQ FAC: IXIS Municipal Products, Inc. 3.550% 10/01/19(a) 15,000,000 15,000,000 KY RURAL ECONOMIC DEVELOPMENT AUTHORITY REVENUE Heaven Hill Project, Series 1991, AMT, LOC: PNC Bank N.A. 3.600% 10/01/16(a) 1,000,000 1,000,000 KY SHELBY INDUSTRIAL BUILDING REVENUE Shelby Trust Co., Inc., Series 1998, AMT, LOC: Fifth Third Bank 3.670% 06/01/18(a) 2,230,000 2,230,000 KY WEST BUECHEL INDUSTRIAL BUILDING REVENUE Berby Fabricating LLC Project, Series 2004, AMT, LOC: Fifth Third Bank 3.650% 06/01/24(a) 2,100,000 2,100,000 ROARING FORK MUNICIPAL PRODUCTS LLC Series 2003, AMT, Insured: FSA, SPA: Bank of New York
27 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) KENTUCKY - (CONTINUED) 3.660% 07/01/17(a) 8,640,000 8,640,000 KENTUCKY TOTAL 101,996,671 LOUISIANA - 1.1% LA CALCASIEU PARISH, INC. INDUSTRIAL DEVELOPMENT BOARD Hydroserve Westlake Project, Series 1999, AMT, LOC: Bank One Chicago N.A. 3.650% 12/01/24(a) 5,100,000 5,100,000 LA DENHAM SPRINGS-LIVINGSTON HOUSING & MORTGAGE FINANCE AUTHORITY Series 2004 A, 3.820% 12/01/07(a) 4,000,000 4,000,000 LA PLAQUEMINES PARISH Environmental Revenue, BP Exploration & Oil, Inc., Series 1994, AMT, 3.850% 05/01/25(a) 24,300,000 24,300,000 LA PLAQUEMINES PORT HARBOR & TERMINAL DISTRICT Port Facilities Revenue, International Marine Terminal Partnership: Series 1984 A, LOC: KBC Bank N.V. 2.600% 03/15/25(a) 2,000,000 1,992,842 Series B, 2.600% 03/15/25(a) 20,000,000 20,000,000 LA STATE Series 2005 MT-158, Insured: AMBAC, LIQ FAC: BNP Paribas 3.140% 10/15/18(a)(c) 20,920,000 20,920,000 LOUISIANA TOTAL 76,312,842 MAINE - 0.8% ME HOUSING AUTHORITY General Housing Revenue, Series 2005, AMT, LIQ FAC: Landesbank Hessen-Thuringen 3.600% 12/01/10(a) 15,595,000 15,595,000 Mortgage Revenue, Series 2004 B-3, AMT: 3.550% 11/15/35(a) 9,000,000 9,000,000 3.550% 11/15/38(a) 5,000,000 5,000,000 LOC: State Street Bank & Trust Co. 3.550% 11/15/27(a) 11,000,000 11,000,000 ME PUBLIC UTILITY FINANCING BANK Public Utility Revenue, Maine Public Service Co. Project, Series 1996, AMT, LOC: Bank of New York
28 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MAINE - (CONTINUED) 3.650% 04/01/21(a) 11,600,000 11,600,000 MAINE TOTAL 52,195,000 MARYLAND - 0.8% MD CARROLL COUNTY COMMISSIONERS ECONOMIC DEVELOPMENT REVENUE Shelter System Limited Facility, Series 2004, AMT, LOC: Branch & Banking Trust 3.650% 07/01/24(a) 5,350,000 5,350,000 MD COMMUNITY DEVELOPMENT ADMINISTRATION DEPARTMENT HOUSING & COMMUNITY DEVELOPMENT Fort Washington Manor LP, Series 2005 A, AMT, LOC: Citibank N.A. 3.540% 11/15/38(a) 14,000,000 14,000,000 Series 2005 G, AMT, 3.200% 11/24/06 23,205,000 23,205,000 MD MONTGOMERY COUNTY HOUSING OPPORTUNITIES COMMISSION Series 2005 F, AMT, 4.500% 12/29/06 9,500,000 9,596,255 MARYLAND TOTAL 52,151,255 MASSACHUSETTS - 0.1% MA DEVELOPMENT FINANCE AGENCY Series 2004 A, LOC: PNC Bank N.A. 3.590% 12/01/37(a) 7,510,000 7,510,000 MA HOUSING FINANCE AGENCY Series 2005 T, AMT, GIC: AIG 2.700% 01/31/06 1,500,000 1,500,000 MASSACHUSETTS TOTAL 9,010,000 MICHIGAN - 3.7% MI DETROIT CITY SCHOOL DISTRICT, Series 2004, Insured: FGIC 3.540% 11/01/20(a) 4,460,000 4,460,000 MI HOUSING DEVELOPMENT AUTHORITY Multi-Family Revenue, Canterbury Project, Series 2003 A, AMT, LOC: LaSalle Bank 3.550% 06/01/38(a) 9,500,000 9,500,000 Rental Housing Revenue, Series 2000 A, AMT, Insured: MBIA, LIQ FAC: Morgan Guaranty Trust Co. 3.590% 10/01/37(a) 39,800,000 39,800,000 Single Family Mortgage Revenue, Series 2005 B, AMT: LOC: DEPFA Bank PLC 3.600% 06/01/30(a) 20,870,000 20,870,000 SPA: DEPFA Bank PLC
29 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MICHIGAN - (CONTINUED) 3.450% 12/01/25(a) 13,635,000 13,635,000 MI STATE Series 2005, LIQ FAC: Lehman Liquidity Co. 3.530% 09/29/06(a) 60,000,000 60,000,000 MI STRATEGIC FUND LIMITED OBLIGATION American Autocoat, Inc., Series 2002, AMT, LOC: Fifth Third Bank 3.650% 10/01/22(a) 5,970,000 5,970,000 B & C Leasing LLC, Series 1999, AMT, LOC: LaSalle Bank 3.550% 07/01/24(a) 3,050,000 3,050,000 Home, Inc., Series 2002, AMT, LOC: Fifth Third Bank 3.650% 11/01/22(a) 2,010,000 2,010,000 LRV Enterprises LLC, Series 1996, AMT, LOC: National City Bank 3.750% 09/01/21(a) 575,000 575,000 Michigan Turkey Producers, Series 2000 A, AMT, LOC: Fifth Third Bank 3.670% 05/01/15(a) 1,600,000 1,600,000 Series 2003, AMT: LOC: Fifth Third Bank 3.650% 08/01/23(a) 1,000,000 1,000,000 LOC: National City Bank 3.650% 12/01/28(a) 3,005,000 3,005,000 MI STRATEGIC FUND SOLID WASTE DISPOSAL REVENUE Grayling Generating, Series 1990, AMT, LOC: Barclays Bank of New York 3.580% 01/01/14(a) 15,200,000 15,200,000 MI WAYNE COUNTY AIRPORT AUTHORITY Series 2005 MT-115, Insured: MBIA, LIQ FAC: Svenska Handelsbank 3.590% 12/01/17(a) 18,140,000 18,140,000 Series 2005 PT-2667, AMT, Insured: MBIA, LIQ FAC: Merrill Lynch Capital Services 3.590% 12/01/23(a) 18,360,000 18,360,000 Series 2005, AMT, Insured: MBIA, LIQ FAC: Citibank N.A.: 3.600% 12/01/34(a) 6,600,000 6,600,000 3.660% 12/01/34(a) 19,000,000 19,000,000 ROARING FORK MUNICIPAL PRODUCTS LLC Series 2003, AMT, Insured: AMBAC, SPA: Bank of New York
30 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MICHIGAN - (CONTINUED) 3.600% 03/01/24(a) 10,035,000 10,035,000 MICHIGAN TOTAL 252,810,000 MINNESOTA - 1.9% MN BLOOMINGTON INDUSTRIAL DEVELOPMENT REVENUE Watkins Pattern Co., Inc., Series 2001, AMT, LOC: US Bank N.A. 3.750% 07/01/21(a) 1,780,000 1,780,000 MN EDEN PRAIRIE INDUSTRIAL DEVELOPMENT REVENUE SWB LLC, Series 2000 A, AMT, LOC: US Bank N.A. 3.750% 11/01/20(a) 2,035,000 2,035,000 MN HIGHER EDUCATION FACILITIES AUTHORITY REVENUE Hamline University, Series 2005 6-E1, LOC: Harris Bank N.A. 3.530% 10/01/16(a) 3,900,000 3,900,000 MN HOUSING FINANCE AGENCY Residential Housing Revenue: Series 2005 E, AMT, LOC: IXISFunding Corp. 2.950% 05/18/06 40,605,000 40,605,000 Series 2005 F, AMT, 2.950% 05/18/06 15,000,000 15,000,000 Series 2005 I, AMT, SPA: Lloyds TSB Bank PLC 3.450% 01/01/36(a) 34,500,000 34,500,000 MN MINNEAPOLIS MULTI-FAMILY HOUSING REVENUE Driftwood Apartments, Series 2002, AMT, LOC: US Bank 3.650% 10/01/24(a) 2,000,000 2,000,000 Gateway Real Estate, Series 2002, AMT, LOC: LaSalle Bank 3.600% 10/01/32(a) 3,000,000 3,000,000 MN MINNEAPOLIS ST. PAUL METROPOLITAN AIRPORTS COMMISSION Airport Revenue: Series 2004, AMT, Insured: FGIC 3.590% 09/03/09(a) 11,670,000 11,670,000 Series 2005 PT-2834, AMT, Insured: AMBAC, LOC: Merrill Lynch Capital Services 3.590% 01/01/14(a) 2,570,000 2,570,000 MN SPRINGFIELD INDUSTRIAL DEVELOPMENT REVENUE OCHS Brick Co., Series 2001, AMT, LOC: Wells Fargo Bank N.A.
31 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MINNESOTA - (CONTINUED) 3.660% 05/01/16(a) 4,525,000 4,525,000 MN WASHINGTON COUNTY HOUSING & REDEVELOPMENT AUTHORITY Multi-Family Revenue, Series 2005 MT-154, LOC: FHLMC 3.580% 12/31/25(a) 7,000,000 7,000,000 MINNESOTA TOTAL 128,585,000 MISSISSIPPI - 0.2% MS BUSINESS FINANCE CORP. Hamlin Sheet Metal Co., Inc.: Series 2005 A, AMT, LOC: Branch Banking & Trust Co. 3.650% 03/01/15(a) 1,740,000 1,740,000 Series 2005, AMT, LOC: Branch Banking & Trust Co. 3.650% 03/01/25(a) 2,260,000 2,260,000 Jackson Academy LLC, Series 2005, LOC: AmSouth Bank 3.540% 08/01/25(a) 7,500,000 7,500,000 MISSISSIPPI TOTAL 11,500,000 MISSOURI - 1.8% MO DEVELOPMENT FINANCE BOARD FACILITIES REVENUE St. Louis Air Project, Series 2000, AMT, LOC: National Bank & Trust 3.600% 03/01/30(a) 1,500,000 1,500,000 MO DEVELOPMENT FINANCE BOARD Southeast Missouri State University, Series 2003 B, LOC: US Bank N.A. 3.550% 10/01/23(a) 13,880,000 13,880,000 MO HEALTH & EDUCATIONAL FACILITIES AUTHORITY Missouri Valley College: Series 2005 C, LOC: US Bank N.A. 4.000% 04/25/06 1,200,000 1,204,007 Series 2005 D, LOC: US Bank N.A. 4.000% 04/25/06 500,000 501,669 MO HIGHER EDUCATION LOAN AUTHORITY STUDENT LOAN REVENUE Series 1991 B, AMT, Insured: MBIA, 3.620% 03/01/20(a) 28,400,000 28,400,000 MO INDUSTRIAL DEVELOPMENT AUTHORITY Multi-Family Housing Revenue, Crook Creek Apartments II: Series 2004 A, AMT, LOC: LaSalle National Bank
32 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MISSOURI - (CONTINUED) 3.550% 09/01/39(a) 5,600,000 5,600,000 Series 2004 B, AMT, LOC: FHLB 3.590% 09/01/39(a) 750,000 750,000 MO JEFFERSON COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Multi-Family Housing Revenue, Sunset Pointe Apartments LP, Series 2000, AMT, LOC: LaSalle Bank 3.600% 10/01/30(a) 2,000,000 2,000,000 MO KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY Multi-Family Housing Revenue, Ethans Apartments Associates, Series 2004, LOC: Citibank N.A. 3.540% 02/01/39(a) 14,000,000 14,000,000 MO MOUNTAIN GROVE INDUSTRIAL DEVELOPMENT AUTHORITY Health Care Facility Revenue, Mountain Grove #1, Inc., Series 1997, AMT, LOC: Wahovia Bank 3.630% 11/01/13(a) 1,830,000 1,830,000 MO NODAWAY INDUSTRIAL DEVELOPMENT AUTHORITY Educational Facilities Revenue, Northwest Foundation, Inc., Series 2002, LOC: US Bank N.A. 3.600% 11/01/32(a) 4,055,000 4,055,000 MO SCA TAX EXEMPT TRUST Series 2005 PT-2525, Insured: FSA, LOC: Merrill Lynch Capital Services 3.560% 01/01/30(a) 8,765,000 8,765,000 MO ST. CHARLES COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Peine Lakes LP, Series 2004, AMT, LOC: Wachovia Bank N.A. 3.570% 02/01/39(a) 4,150,000 4,150,000 MO ST. LOUIS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY General Grant Apartments, Series 2003, AMT, LOC: US Bank 3.640% 03/01/38(a) 20,000,000 20,000,000 United States Tape & Label Corp., Series 1999, AMT, LOC: LaSalle Bank N.A. 3.550% 08/01/19(a) 2,500,000 2,500,000 MO ST. LOUIS INDUSTRIAL DEVELOPMENT AUTHORITY Multi-Family Housing Revenue, Metro Lofts Apartments, Series 2003 A, AMT, Insured: FNMA
33 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) MISSOURI - (CONTINUED) 3.620% 03/15/36(a) 13,250,000 13,250,000 MO WRIGHT CITY INDUSTRIAL REVENUE Series 2002, AMT, LOC: LaSalle Bank N.A. 3.590% 04/01/32(a) 2,000,000 2,000,000 MISSOURI TOTAL 124,385,676 MONTANA - 0.6% MT BOARD INVESTMENT RESOURCE RECOVERY REVENUE Colstrip Energy LP, Series 1989, AMT, LOC: Dexia Credit Local de France 2.450% 12/30/15(a) 41,150,000 41,150,000 MONTANA TOTAL 41,150,000 NEBRASKA - 0.3% NE INVESTMENT FINANCE AUTHORITY Single Family Housing Revenue, Series 2005 D, AMT, SPA: FHLB 3.600% 09/01/35(a) 18,300,000 18,300,000 NE LANCASTER COUNTY INDUSTRIAL DEVELOPMENT REVENUE MLLC LLC, Series 2000 A, AMT, LOC: Wells Fargo Bank N.A. 3.660% 11/01/20(a) 4,790,000 4,790,000 NEBRASKA TOTAL 23,090,000 NEVADA - 1.3% NV CLARK COUNTY AIRPORT REVENUE Series 2004, AMT, Insured: FGIC, 3.600% 07/01/22(a) 5,020,000 5,020,000 Series 2005 E-2, Insured: FGIC, LOC: Bayerische Landesbank 3.580% 07/01/36(a) 8,795,000 8,795,000 Series 2005, Insured: AMBAC, SPA: Deutsche Bank A.G. 3.550% 07/01/40(a) 3,440,000 3,440,000 NV CLARK COUNTY INDUSTRIAL DEVELOPMENT REVENUE Nevada Cogeneration Associates I: Series 1990, AMT, LOC: Canadian Imperial Bank of Commerce 3.000% 11/01/20(a) 19,400,000 19,400,000 Series 1991, AMT, LOC: Canadian Imperial Bank of Commerce 3.000% 11/01/21(a) 425,000 425,000 Series 2005, Insured: FGIC 3.580% 12/01/12(a) 2,495,000 2,495,000
34 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEVADA - (CONTINUED) NV CLARK COUNTY Airport Revenue, Series 2005 D-1, Insured: FGIC, LOC: Bayerische Landesbank 3.500% 07/01/40(a) 30,225,000 30,225,000 NV DIRECTOR OF THE STATE DEPARTMENT OF BUSINESS & INDUSTRY POLLUTION CONTROL REVENUE Barrick Gold Corp., Series 1999, AMT, LOC: Royal Bank of Canada 3.600% 06/01/29(a) 11,500,000 11,500,000 NV HOUSING DIVISION Multi-Unit Housing Revenue: L'Octaine LP, Series 2003, AMT, LOC: Citibank N.A. 3.550% 04/01/36(a) 4,120,000 4,120,000 Studio 3 LP Project, Series 1999 A, AMT, LOC: US Bank N.A. 3.550% 10/01/30(a) 4,355,000 4,355,000 NEVADA TOTAL 89,775,000 NEW HAMPSHIRE - 0.2% NH BUSINESS FINANCE AUTHORITY EXEMPT FACILITIES REVENUE Waste Management of New Hampshire, Inc. Project, Series 2000, AMT, LOC: Wachovia Bank N.A. 3.570% 09/01/12(a) 3,500,000 3,500,000 NH HOUSING FINANCE AUTHORITY Multi-Family Revenue, Series 2005 PT-3150, AMT, Insured: FHA, SPA: Merrill Lynch Capital Services 3.590% 01/01/38(a) 7,360,000 7,360,000 NEW HAMPSHIRE TOTAL 10,860,000 NEW JERSEY - 0.3% NJ ECONOMIC DEVELOPMENT AUTHORITY Series 2005 115, Insured: AMBAC, SPA: BNP Paribas 3.540% 03/01/19(a) 18,965,000 18,965,000 NEW JERSEY TOTAL 18,965,000 NEW MEXICO - 1.0% NM FINANCE AUTHORITY State Transition Revenue, Series 2004, 3.560% 06/15/23(a) 5,200,000 5,200,000 NM HOSPITAL EQUIPMENT LOAN COUNCIL Hospital Revenue, Presbyterian Healthcare Services Series 2005 A, Insured: FSA
35 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW MEXICO - (CONTINUED) 3.600% 08/01/30(a) 62,975,000 62,975,000 NEW MEXICO TOTAL 68,175,000 NEW YORK - 5.5% NY ENERGY RESEARCH & DEVELOPMENT AUTHORITY Consolidated Edison Co. of New York Inc., Series 2004 C-2, LOC: Citibank N.A. 3.570% 11/01/39(a) 5,500,000 5,500,000 NY FOREST CITY NEW ROCHELLE REVENUE CERTIFICATES OF TRUST FC Washington-Lincoln LLC, Series 2003, LOC: Wachovia Bank N.A. 3.450% 06/01/11(a) 8,465,000 8,465,000 NY HOUSING FINANCE AGENCY 101 West End LLC, Series 1999, AMT, Insured: FNMA 3.520% 05/15/31(a) 10,800,000 10,800,000 35-39 West 33rd Street, Series 2003 A, AMT, Insured: FNMA 3.600% 11/15/36(a) 25,700,000 25,698,715 East 102nd Street Realty LLC, Series 2002 A, AMT, LIQ FAC: FHLMC 3.690% 11/01/35(a) 40,000,000 40,000,000 Lexington Belvedere LLC, Series 2000 A, AMT, Insured: FNMA 3.520% 05/15/32(a) 17,000,000 17,000,000 Series 2000, AMT, LIQ FAC: FHLMC 3.600% 11/01/32(a) 11,050,000 11,050,000 NY NEW YORK CITY 3.300% 01/06/06 25,000,000 25,000,000 NY NEW YORK CITY HOUSING DEVELOPMENT CORP. 125 Court Street LLC, Series 2005 A, AMT, Insured: FHLMC 3.600% 12/01/35(a) 23,100,000 23,100,000 One Columbus Place Partners LLC, Series 1998 A, AMT, Insured: FNMA 3.600% 11/15/28(a) 21,800,000 21,800,000 Series 1999 A, AMT, Insured: FNMA, 3.600% 04/15/29(a) 26,800,000 26,798,660 Series 2005 A, AMT, Insured: FNMA 3.600% 11/15/35(a) 22,200,000 22,200,000
36 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NEW YORK - (CONTINUED) NY NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY Korean Airlines Co., Series 1997 A, AMT, LOC: Rabobank Nederland 3.510% 11/01/24(a) 25,700,000 25,700,000 NY NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY Water & Sewer Systems Revenue, Series 2004 PT-2114, SPA: Merrill Lynch Capital Services 3.540% 12/15/11(a) 18,425,000 18,425,000 NY PORT AUTHORITY OF NEW YORK & NEW JERSEY Series 2003, AMT, Insured: AMBAC, LIQ FAC: Citibank N.A. 3.590% 12/15/32(a) 1,945,000 1,945,000 NY THRUWAY AUTHORITY Series 2005 PT-3146, Insured: ABMAC, LOC: Merrill Lynch Capital Services 3.540% 04/01/19(a) 32,460,000 32,460,000 NY TRIBOROUGH BRIDGE & TUNNEL AUTHORITY Series 1997, 5.000% 01/01/07 7,475,000 7,539,238 Series 2005 B-4, LOC: Landesbank Baden-Wurttemberg 3.360% 01/01/32(a) 49,000,000 49,000,000 NEW YORK TOTAL 372,481,613 NORTH CAROLINA - 1.7% NC AGRICULTURE FINANCE AUTHORITY DEVELOPMENT REVENUE McGill Environment System, Series 2003, AMT, LOC: Branch Banking & Trust 3.650% 12/01/15(a) 3,000,000 3,000,000 NC BURKE INDUSTRIAL FACILITY POLLUTION CONTROL REVENUE Cox Manufacturing Co., Series 2003, AMT, LOC: Branch Banking & Trust 3.650% 06/01/24(a) 1,670,000 1,670,000 NC CATAWBA COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL Von Drehle Properties LLC, Series 2001, AMT, LOC: Branch Banking & Trust 3.650% 12/01/21(a) 2,870,000 2,870,000 NC DAVIDSON COUNTY INDUSTRIAL POLLUTION CONTROL REVENUE Childress Winery LLC, Series 2004, AMT, 3.650% 04/01/26(a) 5,000,000 5,000,000 NC EDUCATION ASSISTANCE AUTHORITY Series 2005 A-2, AMT,
37 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NORTH CAROLINA - (CONTINUED) Insured: AMBAC, LOC: Branch Banking & Trust 3.570% 09/01/35(a) 70,000,000 70,000,000 NC GUILFORD COUNTY MULTI-FAMILY HOUSING REVENUE Brentwood Crossings Apartments, Series 2003, AMT, LOC: SunTrust Bank 3.600% 12/01/35(a) 5,140,000 5,140,000 NC IREDELL COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCING AUTHORITY Sullivan Corp. Project, Series 1996, AMT, LOC: Bank One Milwaukee N.A. 3.680% 01/01/11(a) 1,495,000 1,495,000 NC JOHNSTON COUNTY INDUSTRIAL FACILITIES & POLLUTION CONTROL FINANCE AUTHORITY Autry Mills, Series 1999, AMT, LOC: Branch & Banking Trust 3.650% 02/01/13(a) 4,075,000 4,075,000 Hamlin Sheet Metal Co., Series 1997, AMT, LOC: Branch Banking & Trust 3.650% 11/01/17(a) 1,900,000 1,900,000 NC MECKLENBURG COUNTY MULTI-FAMILY HOUSING REVENUE Barrington Oaks LLC, Series 2003, AMT, LOC: SunTrust Bank 3.650% 09/01/35(a) 4,640,000 4,640,000 NC PORT AUTHORITY EXEMPT FACILITIES REVENUE Wilmington Bulk LLC: Series 2001 A, AMT, LOC: Branch Banking & Trust 3.650% 09/01/22(a) 2,500,000 2,500,000 Series 2001 B, AMT, LOC: Branch Banking & Trust 3.650% 09/01/22(a) 4,335,000 4,335,000 NC ROWAN COUNTY INDUSTRIAL FACILITIES POLLUTION CONTROL FINANCING AUTHORITY PHC LLC Project, Series 1999, AMT, LOC: Branch Banking & Trust 3.650% 03/01/14(a) 3,960,000 3,960,000 NC STATE Series 2005 A, LIQ FAC: IXIS Municipal Products, Inc. 3.560% 04/01/17(a) 3,650,000 3,650,000 NC WAKE COUNTY Series 2003 B, SPA: Lloyds TSB Bank PLC
38 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) NORTH CAROLINA - (CONTINUED) 4.000% 04/01/16(a) 1,000,000 1,003,141 NORTH CAROLINA TOTAL 115,238,141 NORTH DAKOTA - 0.4% ND GRAND FORKS HEALTH CARE FACILITIES REVENUE Series 2004 MT-050, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.600% 12/01/24(a)(c) 15,980,000 15,980,000 ND HOUSING FINANCE AGENCY REVENUE Series 2002 B, AMT, Insured: FSA, SPA: FHLMC 3.540% 01/01/34(a) 10,600,000 10,600,000 NORTH DAKOTA TOTAL 26,580,000 OHIO - 1.6% OH AIR QUALITY DEVELOPMENT AUTHORITY Ohio Edison Co., Series 1998, AMT, LOC: Wachovia Bank 3.850% 09/01/18(a) 1,885,000 1,885,000 OH AKRON BATH COPLEY TOWNSHIP HOSPITAL DISTRICT Summa Health System, Series 2004 B, LOC: Bank One N.A. 3.560% 11/01/34(a) 9,800,000 9,800,000 OH AKRON METROPOLITAN HOUSING AUTHORITY Series 1998, LOC: Fifth Third Bank 3.600% 04/01/18(a) 4,750,000 4,750,000 OH CENTERVILLE CARE REVENUE Series 1994, LOC: National City Bank 3.570% 11/01/13(a) 835,000 835,000 OH COLUMBUS REGIONAL AIRPORT AUTHORITY Series 2004 A, LOC: US Bank Trust N.A. 3.520% 01/01/30(a) 9,100,000 9,100,000 OH CUYAHOGA COUNTY HEALTH CARE FACILITIES REVENUE Series 2005, LOC: KeyBank N.A. 3.540% 08/01/32(a) 19,630,000 19,630,000 OH FRANKLIN COUNTY MULTI-FAMILY HOUSING REVENUE, Series 2005, AMT, LOC: Fifth Third Bank 3.650% 08/01/35(a) 3,700,000 3,700,000 OH GREENE COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 1995, AMT, LOC: KeyBank N.A.
39 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OHIO - (CONTINUED) 3.660% 09/01/16(a) 270,000 270,000 OH HAMILTON COUNTY HEALTH CARE FACILITIES REVENUE Talbert Services Inc., Series 2002, LOC: Fifth Third Bank 3.580% 07/01/27(a) 4,475,000 4,475,000 OH HANCOCK COUNTY INDUSTRIAL DEVELOPMENT REVENUE Koehler Brothers, Inc., Series 1999, AMT, LOC: National City Bank 3.660% 06/01/14(a) 1,080,000 1,080,000 OH HANCOCK COUNTY MULTI-FAMILY REVENUE Pedcor Investments, Series 1998 B, AMT, LOC: FHLB 3.690% 01/01/31(a) 735,000 735,000 OH LORAIN COUNTY HOSPITAL REVENUE Series 2005, Insured: AMBAC, SPA: JPMorgan Chase Bank 3.530% 11/01/21(a) 25,000,000 25,000,000 OH LUCAS COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 1997, 3.700% 07/01/09(a) 845,000 845,000 OH MEDINA INDUSTRIAL DEVELOPMENT REVENUE Series 2003 A, AMT, LOC: Fifth Third Bank 3.650% 09/01/23(a) 1,375,000 1,375,000 OH MUSKINGHAM WATERSHED CONSERVANCY DISTRICT Series 2003, LOC: Fifth Third Bank 3.580% 05/01/23(a) 2,000,000 2,000,000 OH SOLID WASTE REVENUE BP Amoco PLC, Series 2000, AMT, 3.850% 08/01/34(a) 6,100,000 6,100,000 OH SUMMIT COUNTY INDUSTRIAL DEVELOPMENT REVENUE Quality Mold, Inc., Series 1999, AMT, LOC: KeyBank N.A. 3.660% 06/01/19(a) 2,675,000 2,675,000 OH TOLEDO LUCAS COUNTY PORT AUTHORITY AIRPORT DEVELOPMENT REVENUE Flight Safety International Inc. Project, Series1998-1, AMT, 3.550% 01/01/18(a) 15,800,000 15,800,000
40 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OHIO - (CONTINUED) OH WOOD COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 2001, AMT, LOC: Fifth Third Bank 3.650% 09/01/16(a) 1,395,000 1,395,000 OHIO TOTAL 111,450,000 OKLAHOMA - 0.5% OK CLAREMORE INDUSTRIAL & REDEVELOPMENT INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Whirlwind Steel Buildings Project, Series 2001, AMT, LOC: Chase Manhattan Bank 3.680% 09/01/16(a) 1,660,000 1,660,000 OK DEVELOPMENT FINANCE AUTHORITY REVENUE ConocoPhillips Holding Co., Series 2002, AMT, LOC: JPMorgan Chase Bank 3.600% 06/01/37(a) 17,000,000 17,000,000 Series 1997, AMT, LOC: Bank of New York 3.600% 03/01/27(a) 8,800,000 8,800,000 OK HOUSING FINANCE AGENCY SINGLE FAMILY REVENUE Series 2001 PT-1288, AMT, SPA: Merrill Lynch Capital Services 3.590% 09/01/29(a) 1,655,000 1,655,000 OK INDUSTRIAL AUTHORITY ECONOMIC DEVELOPMENT REVENUE Series 2003, AMT, LOC: Fifth Third Bank 3.650% 10/01/23(a) 1,890,000 1,890,000 OK PITTSBURG COUNTY ECONOMIC DEVELOPMENT AUTHORITY Simonton Building Products, Inc., Series 2001, AMT, LOC: PNC Bank N.A. 3.620% 10/01/21(a) 5,000,000 5,000,000 OKLAHOMA TOTAL 36,005,000 OREGON - 0.5% OR ECONOMIC DEVELOPMENT REVENUE KRC Western, Inc., Series 1997 178, AMT, LOC: Wachovia Bank 3.570% 01/01/17(a) 7,650,000 7,650,000 LD McFarland Cascade Co. Ltd., Series 1996, AMT, LOC: US Bank of Washington 3.650% 11/01/16(a) 1,000,000 1,000,000 SP Newsprint Co., Series 2001 203, AMT, LOC: Toronto-Dominion Bank 3.820% 12/01/26(a) 18,000,000 18,000,000 ROARING FORK MUNICIPAL PRODUCTS LLC Series 2003 A, AMT, Insured: FGIC,
41 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) OREGON - (CONTINUED) SPA: Bank of New York 3.660% 07/01/15(a) 7,815,000 7,815,000 OREGON TOTAL 34,465,000 PENNSYLVANIA - 5.1% PA ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2005, Insured: FGIC, 3.540% 11/15/12(a) 10,130,000 10,130,000 PA ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY Covenant at South Hills, Series 2001 B, LOC: KeyBank N.A. 3.710% 02/01/08(a) 1,600,000 1,600,000 University of Pittsburgh Medical Center, Series 2005 B-2, 3.630% 12/01/35(a) 21,900,000 21,900,000 PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT REVENUE Goldenberg Candy Co., Series 1997, AMT, LOC: Wachovia Bank 3.600% 01/01/13(a) 2,270,000 2,270,000 PA CHESTER COUNTY HEALTH & EDUCATION FACILITIES AUTHORITY Simpson Meadows, Series 2000, LOC: Wachovia Bank N.A. 3.560% 10/01/30(a) 7,945,000 7,945,000 PA DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY General Electric Capital Corp., Series 2005 G, 3.500% 12/01/31(a) 7,640,000 7,640,000 PA DELAWARE VALLEY REGIONAL FINANCE AUTHORITY Series 2004 PT-936, SPA: BNP Paribas 3.250% 11/07/10(a)(c) 16,995,000 16,995,000 PA DELAWARE VALLEY REGIONAL FINANCIAL AUTHORITY Series 2002: SPA: Merrill Lynch Capital Services 3.540% 01/01/26(a) 26,995,000 26,995,000 SPA: Merrill Lynch Capital Services 3.540% 01/01/14(a) 12,495,000 12,495,000 Series 2004, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.540% 07/01/27(a) 4,995,000 4,995,000 PA ECONOMIC DEVELOPMENT FINANCING AUTHORITY Pennsylvania Bar Institute, Series 1996 B, AMT,
42 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PENNSYLVANIA - (CONTINUED) LOC: PNC Bank 3.530% 04/01/15(a) 700,000 700,000 Series 2004, 3.580% 11/01/21(a) 3,000,000 3,000,000 Series 2005 R-394, Insured: AMBAC, LOC: Citibank N.A. 3.580% 12/01/18(a) 2,495,000 2,495,000 PA ELK COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE Clarion Sintered Metals, Series1998, AMT, LOC: PNC Bank N.A. 3.650% 03/01/09(a) 1,240,000 1,240,000 PA GROVE CITY AREA HOSPITAL AUTHORITY Grove Manor, Series 2005, LOC: Fifth Third Bank 3.120% 12/01/29(a) 9,775,000 9,775,000 PA HIGHER EDUCATION ASSISTANCE AGENCY Series 1995 A, Insured: AMBAC, SPA: Morgan Stanley Bank 3.430% 12/01/25(a) 46,000,000 46,000,000 PA HOUSING FINANCE AGENCY Series 2005 87-C, AMT, SPA: DEPFA Bank PLC 3.420% 10/01/35(a) 11,500,000 11,500,000 Series 2005 91-B, AMT, SPA: DEPFA Bank PLC 3.570% 10/01/36(a) 70,000,000 69,996,501 PA LEHIGH COUNTY GENERAL PURPOSE AUTHORITY Series 2003 PT-855, Insured: AMBAC, SPA: Merrill Lynch Capital Services 2.950% 07/01/18(a)(c) 11,000,000 11,000,000 PA MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Exelon Generation Co. LLC, Series 1999 A, LOC: Wachovia Bank N.A. 3.550% 10/01/30(a) 53,700,000 53,700,000 PA MOON INDUSTRIAL DEVELOPMENT AUTHORITY One Thorn Run Associates, Series 1995 A, AMT, LOC: National City Bank 3.650% 11/01/15(a) 5,030,000 5,030,000 PA PHILADELPHIA REDEVELOPMENT AUTHORITY Series 2005, AMT, Insured: FGIC 3.560% 04/15/24(a) 10,255,000 10,255,000 PA WESTMORELAND COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Rhodin Enterprises, Series 1997, AMT, LOC: National City Bank N.A.
43 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) PENNSYLVANIA - (CONTINUED) 3.600% 04/01/17(a) 3,095,000 3,095,000 Series 1998 A, AMT, LOC: National City Bank N.A. 3.650% 10/01/13(a) 2,670,000 2,670,000 PENNSYLVANIA TOTAL 343,421,501 RHODE ISLAND - 0.2% RI HOUSING & MORTGAGE FINANCE AUTHORITY Series 2003 43-B, 1.470% 06/15/06 15,000,000 14,865,031 RHODE ISLAND TOTAL 14,865,031 SOUTH CAROLINA - 2.6% SC ABN AMRO MUNITOPS CERTIFICATES TRUST Series 1998, AMT, Insured: FSA 3.610% 07/05/06(a)(b) 9,000,000 9,000,000 SC BERKELEY COUNTY EXEMPT FACILITY BP PLC Series 2003, AMT, 3.850% 05/01/38(a) 15,000,000 15,000,000 SC CHARLESTON COUNTY RESIDENTIAL RECOVERY Foster Wheeler Charleston, Series 1997, Insured: AMBAC 4.950% 01/01/06 3,240,000 3,240,000 SC HOUSING FINANCE & DEVELOPMENT AUTHORITY Arrington Place Apartment LP, Series 2001, AMT, LOC: SunTrust Bank 3.650% 12/01/33(a) 1,295,000 1,295,000 Improvement Bayside Apartments, LOC: Wachovia Bank N.A. 3.570% 07/15/39(a) 17,250,000 17,250,000 Oakfield Ltd. Co., Series 2004, AMT, LOC: National Bank of South Carolina 3.660% 10/01/25(a) 2,740,000 2,740,000 Series 2005 R-398, Insured: FSA, LIQ FAC: Citibank N.A. 3.600% 07/01/34(a) 2,100,000 2,100,000 Spring Groven LP, Series 2000, LOC: SunTrust Bank 3.600% 12/01/34(a) 7,325,000 7,325,000 SC JOBS ECONOMIC DEVELOPMENT AUTHORITY Abraham Industries LLC, Series 1999, AMT, LOC: PNC Bank N.A. 3.650% 05/01/14(a) 5,125,000 5,125,000 Banks Construction Co., Series 1999, AMT,
44 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) SOUTH CAROLINA - (CONTINUED) LOC: Wachovia Bank of North Carolina 3.620% 05/01/09(a) 1,400,000 1,400,000 Imagepoint, Inc., Series 2005, AMT, LOC: Wachovia Bank N.A. 3.620% 12/01/23(a) 3,910,000 3,910,000 Kravet Fabrics, Inc., Series 1997,AMT, LOC: Bank of New York 3.600% 03/01/12(a) 2,390,000 2,390,000 Mancor Industries, Inc., Series 1999, AMT, LOC: PNC Bank N.A. 3.650% 05/01/14(a) 1,300,000 1,300,000 Performance Friction Corp., Series 2001, AMT, LOC: Wachovia Bank N.A. 3.570% 06/01/12(a) 3,680,000 3,680,000 Personal, Inc. Project, Series 1998, AMT, LOC: LaSalle National Bank 3.570% 04/01/18(a) 1,770,000 1,770,000 Pine River Plastics, Inc. Project, Series 2000, AMT, LOC: Comerica 3.620% 03/01/11(a) 3,000,000 3,000,000 Quoize, Inc. Project, Series1996, AMT, LOC: Bank of New York 3.650% 05/01/16(a) 4,675,000 4,675,000 Raynor USA Southeast, Series 2000, AMT, LOC: LaSalle Bank 3.560% 05/01/20(a) 5,005,000 5,005,000 Rock Tennessee Converting Co., Series 2002, AMT, LOC: SunTrust Bank 3.650% 04/01/32(a) 2,500,000 2,500,000 Sargent Metal Fabricators, Series 2002, AMT, LOC: Branch Banking & Trust 3.650% 11/01/22(a) 1,070,000 1,070,000 Series 2000, AMT, Southeastern Fly Ash Co., LOC: Wachovia Bank N.A. 3.570% 01/01/14(a) 9,500,000 9,500,000 Spartanburg YMCA, Series 1996, LOC: First Union National Bank 3.550% 06/01/18(a) 2,580,000 2,580,000 Titan Wheel International, Inc., Series 1995, AMT, LOC: LaSalle Bank 3.560% 02/01/10(a) 1,500,000 1,500,000 Vista Hotel Partners LLC, Series 2005, AMT, LOC: SunTrust Bank 3.600% 12/01/35(a) 11,300,000 11,300,000 Waste Management South Carolina, Series 2003, AMT, LOC: Wachovia Bank N.A.
45 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) SOUTH CAROLINA - (CONTINUED) 3.600% 07/01/24(a) 5,000,000 5,000,000 SC KERSHAW COUNTY INDUSTRIAL DEVELOPMENT REVENUE DeRoyal Textiles, Inc., Series 1994, AMT, LOC: SunTrust Bank of Nashville 3.600% 12/01/07(a) 2,000,000 2,000,000 SC PIEDMONT MUNICIPAL POWER AGENCY Series 2004 B-3, Insured: AMBAC, SPA: JPMorgan Chase Bank 3.550% 01/01/34(a) 11,785,000 11,785,000 Series 2004 B-6, Insured: MBIA, SPA: Dexia Credit Local 3.550% 01/01/31(a) 35,775,000 35,775,000 SOUTH CAROLINA TOTAL 173,215,000 SOUTH DAKOTA - 1.9% SD ECONOMIC DEVELOPMENT FINANCING AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Lomar Development Co. Project, Series1996 B, AMT, LOC: US Bank N.A. 3.750% 08/01/08(a) 300,000 300,000 SD HOUSING DEVELOPMENT AUTHORITY Series 2004 G, AMT, SPA: Landesbank Hessen-Thuringen 3.540% 05/01/34(a) 10,000,000 10,000,000 Series 2005 G, AMT, SPA: DEFPA Bank PLC 3.540% 05/01/35(a) 8,300,000 8,300,000 Series 2005 I, AMT, 4.500% 12/15/06 110,000,000 111,070,833 SOUTH DAKOTA TOTAL 129,670,833 TENNESSEE - 2.3% TN BLOUNT COUNTY INDUSTRIAL DEVELOPMENT REVENUE Arrowhead Partners LP, Series 2003, AMT, LOC: SunTrust Bank 3.650% 12/01/13(a) 3,700,000 3,700,000 TN BROWNSVILLE INDUSTRIAL DEVELOPMENT BOARD INDUSTRIAL DEVELOPMENT REVENUE Dynametal Technologies, Inc., Series 1997, AMT, LOC: Union Planters Bank 3.150% 06/01/12(a) 4,840,000 4,840,000 TN CUMBERLAND COUNTY INDUSTRIAL DEVELOPMENT REVENUE Dalbar Products, Inc., Series 1997, AMT, LOC: PNC Bank 3.650% 07/01/12(a) 850,000 850,000
46 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TENNESSEE - (CONTINUED) TN FRANKLIN COUNTY HEALTH & EDUCATIONAL FACILITIES University of the South, Series 1998 B, LOC:AmSouth Bank of Alabama 3.550% 09/01/18(a) 6,005,000 6,005,000 TN FRANKLIN COUNTY INDUSTRIAL DEVELOPMENT BOARD INDUSTRIAL DEVELOPMENT REVENUE Zanini Tennessee, Inc., Series 2005 A, AMT, LOC: Regions Bank 3.660% 12/01/20(a) 1,000,000 1,000,000 TN GREENEVILLE INDUSTRIAL DEVELOPMENT BOARD INDUSTRIAL DEVELOPMENT REVENUE Packaging Services Inc., Series 2003, AMT, LOC: SunTrust Bank 3.650% 05/01/18(a) 3,400,000 3,400,000 TN HOUSING DEVELOPMENT AGENCY Single Family Mortgage Revenue, Series 2005 R-2, AMT, 4.132% 07/15/35(a) 33,095,000 33,095,000 TN JEFFERSON CITY INDUSTRIAL DEVELOPMENT BOARD INDUSTRIAL DEVELOPMENT REVENUE Nashua Corp., Series 2004 B, AMT, LOC: LaSalle Bank N.A. 3.560% 12/01/24(a) 1,800,000 1,800,000 TN KNOX COUNTY FIRST UTILITY DISTRICT WATER & SEWER REVENUE Series 2003, LOC: AmSouth Bank 3.630% 12/01/10(a) 6,330,000 6,330,000 TN MEMPHIS CENTER CITY REVENUE FINANCE CORP. Multi-Family Housing Revenue, Series 2000 PT-1220, LOC: Merrill Lynch Capital Services 3.560% 11/06/29(a)(b) 4,000,000 4,000,000 TN MEMPHIS HEALTH EDUCATIONAL & HOUSING FACILITIES BOARD Alco Breezy Point Partners, Series 2005 A, AMT, LOC: AmSouth Bank 3.630% 12/01/35(a) 3,250,000 3,250,000 Alco Knollcrest Partners, Series 2005 A, AMT, LOC: AmSouth Bank 3.630% 12/01/35(a) 2,225,000 2,225,000 Springdale Creek Apartments Project, Series 2003 A, AMT, LOC: First Tennessee 3.800% 01/01/35(a) 5,350,000 5,350,000 TN METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY Health & Educational Facilities Board, Wedgewood Towers LP, Series 2004 A,
47 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TENNESSEE - (CONTINUED) LOC: AmSouth Bank 3.700% 06/01/34(a) 1,000,000 1,000,000 Industrial Development Board, Series 1989, LOC: AmSouth Bank of Alabama 3.550% 12/01/14(a) 4,895,000 4,895,000 TN METROPOLITAN NASHVILLE AIRPORT AUTHORITY Series 2003, AMT, LOC: SunTrust Bank 3.600% 07/01/12(a) 1,500,000 1,500,000 Embraer Aircraft Services Inc., Series 2005, AMT, LOC: Regions Bank 3.690% 04/01/30(a) 4,000,000 4,000,000 TN SCA TAX EXEMPT TRUST Series 2005 PT-2524, Insured: FSA, LOC: Merrill Lynch Capital Services 3.560% 01/01/30(a) 12,470,000 12,470,000 TN SHELBY COUNTY HEALTH EDUCATIONAL & HOUSING FACILITIES BOARD Multi-Family Housing Revenue: Series 1995, AMT, LOC: FHLB 3.580% 01/01/23(a) 3,010,000 3,010,000 Spring Creek Apartments, Series 1995, AMT, LOC: First Tennessee Bank 3.800% 12/01/20(a) 2,700,000 2,700,000 TN SHELBY COUNTY Series 2004 B, SPA: Landesbank Hessen-Thuringen, 3.550% 04/01/30(a) 45,200,000 45,200,000 TN SPRINGFIELD INDUSTRIAL DEVELOPMENT BOARD All American Homes of Tennessee, Series 1994, AMT, LOC: Bank One of Michigan N.A. 3.680% 11/01/09(a) 800,000 800,000 TN SULLIVAN COUNTY INDUSTRIAL DEVELOPMENT BOARD Series 1990, AMT, LOC: Northern Trust 3.520% 07/01/10(a) 5,000,000 5,000,000 TN UNION COUNTY INDUSTRIAL DEVELOPMENT BOARD Cooper Container Corp., Series 2004, LOC: SunTrust Bank
48 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TENNESSEE - (CONTINUED) 3.600% 12/01/14(a) 2,900,000 2,900,000 TENNESSEE TOTAL 159,320,000 TEXAS - 14.1% TX ABN AMRO MUNITOPS CERTIFICATES TRUST Series 2004, Insured: PSFG 3.560% 02/01/11(a) 8,960,000 8,960,000 Series 2005, Insured: MBIA 3.560% 09/01/13(a) 9,735,000 9,735,000 TX ALEDO INDEPENDENT SCHOOL DISTRICT Series 2005 PT-2769, Insured: PSFG, SPA: Merrill Lynch Capital Services 3.550% 02/15/25(a) 6,165,000 6,165,000 TX ALLEN INDEPENDENT SCHOOL DISTRICT Series 2005, Insured: MBIA, 3.550% 02/15/13(a) 4,300,000 4,300,000 TX ARLINGTON INDUSTRIAL DEVELOPMENT CORP. Universal Forest Products, Series 1999, AMT, LOC: JPMorgan Chase Bank 3.670% 07/01/29(a) 1,000,000 1,000,000 TX AUSTIN AIRPORT SYSTEM REVENUE Financial Services Department, Series 1995 A, LOC: JPMorgan Chase Bank 3.550% 11/15/17(a) 24,700,000 24,700,000 TX BARBERS HILL INDEPENDENT SCHOOL DISTRICT Series 2005 PT-2981, Insured: PSFG, SPA: Merrill Lynch Capital Services 3.550% 02/15/26(a) 6,860,000 6,860,000 TX BELL COUNTY INDUSTRIAL DEVELOPMENT CORP. Industrial Development Revenue, Metal Sales Manufacturing Corp. Project, Series 1998, AMT, LOC: Firstar Bank N.A. 3.680% 08/01/08(a) 700,000 700,000 TX BEXAR HOUSING FINANCE CORP. Multi-Family Housing Revenue, Perrin Park Apartment Project, Series 1996, LOC: Northern Trust Co. 3.670% 06/01/28(a) 10,375,000 10,375,000 TX BRAZOS COUNTY HOUSING FINANCE CORP. Single Family Mortgage Revenue, Series 2005, AMT, Insured: FGIC 3.590% 03/01/11(a) 10,245,000 10,245,000
49 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) TX BRAZOS RIVER AUTHORITY POLLUTION CONTROL REVENUE Series 2001, LOC: Wachovia Bank N.A. 3.630% 10/01/30(a) 17,000,000 17,000,000 TXU Energy Co. LLC: Series 2001 D-1, AMT, LOC: Wachovia Bank N.A. 3.560% 05/01/33(a) 41,610,000 41,610,000 Series 2001, AMT, LOC: Wachovia Bank N.A. 3.560% 05/01/33(a) 22,320,000 22,320,000 Series 2002 A, AMT, LOC: Wachovia Bank N.A. 3.630% 05/01/37(a) 23,730,000 23,730,000 TX BRIDGEPORT INDEPENDENT SCHOOL DISTRICT Series 2004, 3.550% 08/15/08(a) 6,480,000 6,480,000 TX CALHOUN COUNTY NAVIGATION INDUSTRIAL DEVELOPMENT AUTHORITY British Petroleum Company, Series 1998, AMT, 3.880% 01/01/24(a) 30,000,000 30,000,000 TX CAMP COUNTY INDUSTRIAL DEVELOPMENT CORP. Pilgrims Pride Corp., Series 1999, AMT, LOC: Harris Trust & Savings Bank 3.600% 07/01/29(a) 15,000,000 15,000,000 TX CAPITAL AREA CULTURAL EDUCATION FACILITIES FINANCE CORP. Roman Catholic Diocese Austin, Series 2005, LOC: Wachovia Bank N.A. 3.550% 04/01/45(a) 41,300,000 41,300,000 TX CAPITAL AREA HOUSING FINANCE CORP. Series 2005 AA, AMT, LIQ FAC: Goldman Sachs 3.580% 01/02/06(a) 21,240,000 21,240,000 TX CAPITAL INDUSTRIAL DEVELOPMENT CORP. SOLID WASTE DISPOSAL REVENUE Texas Disposal Systems, Inc., Series 2001, AMT, LOC: JPMorgan Chase Bank 3.630% 05/01/16(a) 11,860,000 11,860,000 TX CORSICANA INDEPENDENT SCHOOL DISTRICT Series 2004, 3.550% 02/15/24(a) 5,215,000 5,215,000 TX DALLAS FORT WORTH INTERNATIONAL AIRPORT REVENUE Flight Safety Project, Series 1999, AMT, 3.550% 07/01/32(a) 16,180,000 16,180,000
50 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) Series 2003 PT-825, AMT, Insured: MBIA, SPA: Lloyds TSB Bank PLC 2.990% 05/01/11(a)(c) 9,995,000 9,995,000 Series 2003, AMT, 3.590% 05/01/11(a) 9,840,000 9,840,000 Series 2004,AMT, Insured: MBIA 3.600% 11/01/33(a) 3,000,000 3,000,000 Series 2005, AMT, Insured: FGIC, LIQ FAC: Svenska Handelsbanken 3.590% 11/01/19(a) 30,665,000 30,665,000 TX DALLAS HOUSING FINANCE CORP. Multi-Family Housing Revenue: Cherry Crest Villas Apartments, Series 2005, AMT, LOC: Wachovia Bank 3.630% 03/01/38(a) 4,800,000 4,800,000 The Masters Apartments Project, Series 2004, AMT, Insured: FNMA 3.600% 07/15/37(a) 8,000,000 8,000,000 TX DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS 3.250% 06/01/06 57,250,000 57,250,000 Multi-Family Revenue, Series 2002, AMT, 3.640% 12/01/40(a) 4,400,000 4,400,000 Series 2005, AMT, SPA: Merrill Lynch Capital Services 3.300% 03/01/45(a)(c) 13,995,000 13,995,000 Series 2005, LIQ FAC: Merrill Lynch Capital Services 3.300% 07/01/45(a)(c) 10,290,000 10,290,000 Series 2005, LIQ FAC: Merrill Lynch Capital Services 3.300% 03/01/36(a)(c) 8,795,000 8,795,000 TX DICKINSON INDEPENDENT SCHOOL DISTRICT Series 2005 DB-146, Insured: PSFG, LIQ FAC: Deutsche Bank A.G. 3.550% 02/15/19(a) 8,470,000 8,470,000 Series 2005 DB-147, Insured: PSFG, LIQ FAC: Deutsche Bank A.G. 3.550% 02/15/21(a) 9,290,000 9,290,000 TX GALVESTON COUNTY HOUSING FINANCE CORP. Single Family Mortgage Revenue, Series 2004 A, AMT, 3.910% 12/01/37(a) 2,587,642 2,587,642 TX GARLAND HOUSING FINANCE CORP. Multi-Family Housing Revenue, Primrose at Crist Apartments, Series 2005, LOC: Wachovia Bank
51 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) 3.630% 03/01/38(a) 6,900,000 6,900,000 TX GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY Environmental Facilities Revenue, Citgo Petroleum Corp., Series 2002, AMT, LOC: Royal Bank of Scotland 3.850% 02/01/32(a) 6,300,000 6,300,000 Exempt Facilities Industrial Revenue, BP PLC Series 2003, AMT, LOC: BP PLC 3.850% 04/01/38(a) 6,700,000 6,700,000 Harsco Corp., Series 2000, AMT, LOC: Wachovia Bank N.A. 3.670% 05/01/10(a) 1,500,000 1,500,000 TX GULF COAST WASTE DISPOSAL AUTHORITY Environmental Facilities Revenue: BP Amoco Chemical, Series B, AMT, 3.850% 09/01/38(a) 11,365,000 11,365,000 BP PLC Series 2003, AMT, 3.850% 07/01/34(a) 17,900,000 17,900,000 BP Products North America, Inc., Series 2004, AMT, 3.850% 12/01/31(a) 700,000 700,000 Pollution Control Revenue, Amoco Oil Co., Series 1994, AMT, 3.850% 06/01/24(a) 13,500,000 13,500,000 Solid Waste Disposal Revenue, Amoco Oil Co., Series 1995, AMT, 3.850% 07/01/27(a) 21,550,000 21,550,000 TX HARRIS COUNTY HEALTH FACILITY DEVELOPMENT CORP. Blood Center Gulf Coast Regional, Series 1992, LOC: JP Morgan Chase Bank 3.630% 04/01/17(a) 2,450,000 2,450,000 TX HARRIS COUNTY INDUSTRIAL DEVELOPMENT CORP. Industrial Development Revenue: North American Galvanizing, Series 2000, AMT, LOC: JPMorgan Chase Bank 3.680% 03/01/25(a) 2,325,000 2,325,000 Series 2000, AMT, LOC: Bank One Oklahoma N.A. 3.620% 04/01/08(a) 5,000,000 5,000,000 Solid Waste Disposal Revenue, Deer Park Refining LP, Series 2004 A, AMT, 3.850% 03/01/23(a) 40,300,000 40,300,000
52 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) TX HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Series 2005: 3.550% 08/15/26(a) 4,015,000 4,015,000 Insured: PSFG, SPA: Merrill Lynch Capital Services 3.550% 08/15/25(a) 7,360,000 7,360,000 TX HILLSBORO INDUSTRIAL DEVELOPMENT CORP. REVENUE Lamcraft LP Project, Series 1997, AMT, LOC: First Commercial Bank 3.850% 07/01/13(a) 965,000 965,000 TX HOUSTON 2.860% 01/18/06 2,000,000 2,000,000 TX HOUSTON COMMUNITY COLLEGE SYSTEM REVENUE Series 2005 PT-2741, Insured: FSA, SPA: Merrill Lynch Capital Services 3.550% 04/15/17(a) 6,380,000 6,380,000 TX HOUSTON EAGLE Series 2004 A, Insured: MBIA 3.560% 03/01/08(a) 4,850,000 4,850,000 TX HOUSTON HOUSING FINANCIAL CORP. Series 2004, AMT, Insured: FNMA 3.600% 04/15/37(a) 3,500,000 3,500,000 TX HOUSTON INDEPENDENT SCHOOL DISTRICT Series 2004 PT-979, Insured: FSA, LIQ FAC: Landesbank Hessen-Thuringen 2.950% 02/13/10(a)(c) 9,995,000 9,995,000 TX HOUSTON UTILITY SYSTEMS REVENUE Series 2004: Insured: FGIC 3.550% 05/15/12(a) 5,200,000 5,200,000 Insured: MBIA 3.550% 05/15/14(a) 5,675,000 5,675,000 TX KLEIN INDEPENDENT SCHOOL DISTRICT Series 2003, 3.550% 02/15/11(a) 5,585,000 5,585,000 TX LAREDO SPORTS VENUE SALES TAX REVENUE Series 2005 PT-2757, Insured: AMBAC, SPA: Merrill Lynch Capital Services 3.550% 03/15/24(a) 6,260,000 6,260,000 TX LEWISVILLE INDEPENDENT SCHOOL DISTRICT Series 2004, 3.550% 08/15/08(a) 3,960,000 3,960,000
53 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) TX LOWER COLORADO RIVER AUTHORITY Transmission Contract Revenue, Series 2003, Insured: AMBAC 3.560% 05/15/22(a) 1,885,000 1,885,000 TX MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORP. Environmental Facilities Revenue, Holnam Texas LP, Series 1999, AMT, LOC: JPMorgan Chase Bank 3.540% 09/01/31(a) 13,900,000 13,900,000 TX MONTGOMERY HOUSING FINANCE CORP. Woodline Park Apartments LP, Series 2005, AMT, LOC: Citibank N.A. 3.690% 02/01/38(a) 7,500,000 7,500,000 TX NUECES RIVER AUTHORITY Series 2005 PT-2823, Insured: FSA, LIQ FAC: Merrill Lynch Capital Services 3.550% 07/15/22(a) 6,215,000 6,215,000 TX PANHANDLE REGIONAL HOUSING FINANCING Series 2002, AMT, 3.640% 09/01/14(a) 6,060,000 6,060,000 TX PANHANDLE-PLAINS HIGHER EDUCATION AUTHORITY, INC. Series 1992 A, Insured: MBIA, 3.540% 06/01/21(a) 25,000,000 25,000,000 Series 1993 A, AMT, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.540% 06/01/23(a) 25,000,000 25,000,000 TX PLANO INDEPENDENT SCHOOL DISTRICT, Series 2004, 3.560% 02/15/18(a) 3,955,000 3,955,000 TX PORT CORPUS CHRISTI INDUSTRIAL DEVELOPMENT CORP. Citgo Petroleum Corp., Series 1998, AMT, LOC: JPMorgan Chase Bank 3.850% 08/01/28(a) 22,200,000 22,200,000 TX SAN ANTONIO CONVENTION CENTER HOTEL FINANCE CORP. Series 2005 R-363, Insured: AMBAC, LIQ FAC: Citibank N.A. 3.600% 07/15/39(a) 5,925,000 5,925,000 TX SAN ANTONIO ELECTRIC & GAS REVENUE Series 1992, 5.800% 02/01/06 1,715,000 1,719,526
54 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) TEXAS - (CONTINUED) TX SOUTHEAST HOUSING FINANCE CORP. TX Garth Housing LP, Series 2005, AMT, LOC: Wachovia Bank N.A. 3.630% 03/01/38(a) 7,140,000 7,140,000 TX SOUTHMOST JUNIOR COLLEGE DISTRICT Series 2005 PT-2582, Insured: MBIA, SPA: Merrill Lynch Capital Services 3.550% 02/15/25(a) 6,205,000 6,205,000 TX SPRING INDEPENDENT SCHOOL DISTRICT Series 2005, Insured: FGIC, 3.550% 08/15/12(a) 8,480,000 8,480,000 TX STATE Veterans Housing Assistance: Series 2004 II-B, AMT, LOC: DEPFA Bank PLC 3.590% 12/01/34(a) 15,900,000 15,900,000 Series 2005 II-B, AMT, SPA: State Street Bank & Trust Co., 3.600% 06/01/36(a) 40,000,000 40,000,000 TX TRAVIS COUNTY HOUSING FINANCE CORP. Multi-Family Housing Revenue, Rosemont at Old Manor Apartments, Series 2004, AMT, Insured: FNMA 3.600% 08/15/37(a) 6,700,000 6,700,000 Single Family Mortgage Revenue, Series 2001, Insured: GNMA 3.590% 09/01/18(a) 3,595,000 3,595,000 TX TRINITY RIVER AUTHORITY Solid Waste Disposal Revenue, Community Waste Disposal, Inc., Series 2001, AMT, LOC: Wells Fargo Bank N.A. 3.580% 05/01/21(a) 10,170,000 10,170,000 TX WEST SIDE CALHOUN COUNTY NAVAL DISTRICT BP Amoco PLC Series 2000, AMT, 3.850% 10/01/30(a) 19,000,000 19,000,000 TX WYLIE INDEPENDENT SCHOOL DISTRICT Series 2004, 3.550% 08/15/08(a) 6,500,000 6,500,000 TEXAS TOTAL 961,637,168 UTAH - 4.8% UT BOARD OF REGENTS STUDENT LOAN REVENUE Series 1997 R, AMT, Insured: AMBAC, LOC: DEPFA Bank PLC 3.450% 11/01/31(a) 6,355,000 6,355,000
55 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTAH - (CONTINUED) UT BOARD REGENTS STUDENT LOAN REVENUE Series 1988 C, AMT, Insured: AMBAC, SPA: DEPFA Bank PLC 3.450% 11/01/13(a) 21,200,000 21,200,000 Series 1995, AMT, Insured: AMBAC, SPA: DEFPA Bank PLC 3.450% 11/01/25(a) 56,100,000 56,100,000 UT DAVIS COUNTY HOUSING AUTHORITY Multi-Family Housing Revenue, PTR Multi-Family Holdings, Inc., Series 1997 A, LOC: Bank One N.A. 3.550% 08/15/39(a) 4,240,000 4,240,000 UT HOUSING CORP. Multi-Family Revenue, BP-UT 2 LLC, Series 2004 A, AMT, LOC: Citibank N.A. 3.560% 07/01/35(a) 9,000,000 9,000,000 Single Family Mortgage Revenue: Series 2001 B, AMT, 3.600% 07/01/32(a) 15,395,000 15,395,000 Series 2002 C-2, AMT, 3.600% 07/01/31(a) 9,995,000 9,995,000 Series 2004 A-I, AMT, 3.600% 07/01/35(a) 9,305,000 9,305,000 Series 2004 C-I, AMT, LIQ FAC: Bayerische Landesbank 3.600% 07/01/35(a) 9,880,000 9,880,000 Series 2004 D-I, AMT, LIQ FAC: Bayerische Landesbank 3.600% 07/01/35(a) 13,290,000 13,290,000 Series 2004 F, AMT, LIQ FAC: Bayerische Landesbank 3.600% 01/01/36(a) 14,360,000 14,360,000 Series 2004 G-I, AMT, LIQ FAC: Bayerische Landesbank 3.600% 01/01/36(a) 16,560,000 16,560,000 Series 2004 H-1, AMT, LIQ FAC: Bayerische Landesbank 3.600% 01/01/36(a) 4,300,000 4,300,000 Series 2005 1, AMT, GIC: Transamerica Occid Life Insurance Co. 3.600% 07/01/36(a) 24,125,000 24,125,000 Series 2005 A, LOC: Bayerische Landesbank 3.600% 07/01/36(a) 9,400,000 9,400,000 Series 2005 D, AMT, LIQ FAC: Bayerische Landesbank 3.600% 07/01/36(a) 11,100,000 11,100,000 Series 2005 E, AMT, SPA: DEFPA Bank PLC 3.600% 01/01/37(a) 9,000,000 9,000,000 Series 2005 F, AMT,
56 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) UTAH - (CONTINUED) SPA: DEFPA Bank PLC 3.600% 01/01/37(a) 14,160,000 14,160,000 Series 2005 G, AMT, LIQ FAC: DEPFA Bank PLC 3.600% 01/01/37(a) 14,065,000 14,065,000 Series 2005, AMT, LIQ FAC: DEFPA Bank PLC 3.600% 01/01/37(a) 14,470,000 14,470,000 Series 22005, AMT, 3.630% 01/01/37(a) 22,005,000 22,005,000 UT MURRAY CITY INDUSTRIAL DEVELOPMENT REVENUE Hunter Douglas Real Property, Series 1994, AMT, LOC: ABN AMRO Bank N.V. 3.600% 09/01/14(a) 3,200,000 3,200,000 Zvex Project, Series 1996, AMT, LOC: Bank One Arizona 3.680% 10/01/16(a) 1,200,000 1,200,000 UT SALT LAKE CITY INDUSTRIAL DEVELOPMENT REVENUE Spring Air Project, Series 2003, AMT, 3.580% 07/01/23(a) 3,505,000 3,505,000 UT TOOELE CITY INDUSTRIAL DEVELOPMENT REVENUE Encon Utah Project, Series 2002 A, AMT, LOC: US Bank N.A. 3.650% 10/01/22(a) 3,100,000 3,100,000 UT WATER FINANCE AGENCY REVENUE Series 2005 A-14, Insured: AMBAC, SPA: JPMorgan Chase Bank 3.550% 10/01/35(a) 8,100,000 8,100,000 UT WEST JORDAN INDUSTRIAL DEVELOPMENT REVENUE Vesper Corp., Series 1994 A, AMT, LOC: PNC Bank 3.650% 04/01/14(a) 1,000,000 1,000,000 UTAH TOTAL 328,410,000 VERMONT - 0.4% VT HOUSING FINANCE AGENCY Series 2005 23, AMT, Insured: FSA, SPA: DEPFA Bank PLC 3.450% 11/01/34(a) 14,300,000 14,300,000 VT INDUSTRIAL DEVELOPMENT AUTHORITY Ryegate Wood Energy Company, Series 1990, AMT, LOC: ABN AMRO Bank N.V.
57 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) VERMONT - (CONTINUED) 3.550% 12/01/15(a) 11,800,000 11,800,000 VERMONT TOTAL 26,100,000 VIRGINIA - 4.0% MORGAN KEEGAN MUNICIPAL PRODUCTS, INC. Series 2005 C, AMT, LIQ FAC: BNP Paribas: 3.570% 12/01/10(a) 39,505,000 39,505,000 3.610% 08/09/07(a) 155,700,000 155,700,000 VA CHESAPEAKE ECONOMIC DEVELOPMENT AUTHORITY Tidewater Fibre Corp., Series 2005, AMT, LOC: Wachovia Bank N.A. 3.600% 12/01/14(a) 12,250,000 12,250,000 VA FREDERICKSBURG INDUSTRIAL DEVELOPMENT AUTHORITY MULTI-FAMILY HOUSING REVENUE Forest Village Apartments Project, Series 2001 A-1, AMT, LOC: SunTrust Bank 3.800% 01/01/33(a) 4,500,000 4,500,000 VA KING GEORGE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Birchwood Power Partners, Series 1994 B, LOC: Bank of Nova Scotia 3.570% 12/01/24(a) 6,500,000 6,500,000 VA MADISON COUNTY INDUSTRIAL DEVELOPMENT REVENUE Madison Wood Preservers, Series 1998, AMT, LOC: Wachovia Bank of North Carolina 3.580% 06/01/13(a) 3,925,000 3,925,000 VA PORT AUTHORITY Commonwealth Port Fund Revenue, Series 2005 PT-2662, AMT, Insured: FSA, LIQ FAC: Merrill Lynch Capital Services 3.570% 07/01/24(a) 3,105,000 3,105,000 VA PRINCE WILLIAM COUNTY INDUSTRIAL DEVELOPMENT REVENUE Dale Scott Corp. Project, Series 2001, AMT, LOC: First Union National Bank 3.600% 12/01/21(a) 8,600,000 8,600,000 VA RICHMOND REDEVELOPMENT & HOUSING AUTHORITY Tobacco Row Revenue: Series 1989 B-10, AMT, 3.600% 10/01/24(a) 7,000,000 7,000,000 Series 1989 B-3, AMT, GIC: Bayerische Landesbank 3.600% 10/01/24(a) 2,000,000 2,000,000 Series 1989 B-5, AMT,
58 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) VIRGINIA - (CONTINUED) 3.600% 10/01/24(a) 4,750,000 4,750,000 Series 1989 B-6, AMT, GIC: Bayerische Landesbank 3.600% 10/01/24(a) 3,555,000 3,555,000 Series 1989 B-7, AMT, GIC: Bayerische Landesbank 3.600% 10/01/24(a) 10,660,000 10,660,000 Series 1989 B-8, AMT, GIC: Bayerische Landesbank 3.600% 10/01/24(a) 3,555,000 3,555,000 Series1989 B-5, AMT, 3.600% 10/01/24(a) 5,910,000 5,910,000 VA WESTMORELAND COUNTY INDUSTRIAL DEVELOPMENT REVENUE Economic Development Revenue, Second Development LLC Project, Series 2003, LOC: Wells Fargo Bank N.A. 3.650% 08/01/19(a) 3,750,000 3,750,000 VIRGINIA TOTAL 275,265,000 WASHINGTON - 2.6% WA CENTRAL Washington University, Series 2004, Insured: FGIC 3.560% 05/01/21(a) 4,170,000 4,170,000 WA ECONOMIC DEVELOPMENT FINANCE AUTHORITY Four Corners Capital LLC, Series 2005 G, AMT, LOC: General Electric Capital Corp. 3.570% 01/01/26(a)(b) 7,500,000 7,500,000 RMI Investors LLC, Series 2001, AMT, LOC: Wells Fargo Bank N.A. 3.630% 08/01/26(a) 3,850,000 3,850,000 WA GOAT HILL PROPERTIES Washington Lease Revenue, Series 2005, Insured: MBIA 3.560% 12/01/23(a) 1,340,000 1,340,000 WA HOUSING FINANCE COMMISSION Multi-Family Housing Revenue: Columbia Heights Project, 2004 A, LOC: Wells Fargo Bank N.A. 3.690% 10/01/39(a) 9,045,000 9,045,000 Mallard Lakes Apartment Projects, Series 2002 A, AMT, 3.800% 05/15/35(a) 13,600,000 13,600,000 MWSH Arlington LLC, Series 2003, AMT, LOC: Washington Trust Bank 3.630% 11/01/36(a) 1,300,000 1,300,000 Pacific Inn Apartments Project, Series 1996 A, AMT, LOC: US Bank N.A.
59 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WASHINGTON - (CONTINUED) 3.650% 05/01/28(a) 1,350,000 1,350,000 Rosemont Apartments Projects, Series 2003 A, AMT, LOC: Umpua Bank & Bank of the West 3.830% 10/01/36(a) 2,885,000 2,885,000 Series 2005 A, AMT, Insured: FNMA 3.600% 09/15/39(a) 11,570,000 11,570,000 Sisters of Providence Project, Series 1995, AMT, 3.650% 12/01/15(a) 1,950,000 1,950,000 Multi-Family Mortgage Revenue: Inglebrook Court Project, Series 1995, AMT, 3.650% 07/01/25(a) 8,300,000 8,300,000 Sherwood Springs Apartments Project, Series 1997 A, AMT, LOC: US Bank N.A. 3.650% 09/01/27(a) 2,000,000 2,000,000 WA KING COUNTY HOUSING AUTHORITY Auburn North Associates, Series 1997, AMT, Insured: FNMA 3.600% 12/01/27(a) 3,370,000 3,370,000 WA KING COUNTY SEWER REVENUE Series 2003, Insured: FGIC 3.560% 01/01/20(a) 5,585,000 5,585,000 WA PIERCE COUNTY ECONOMIC DEVELOPMENT McFarland Cascade Project, Series 1996, AMT, LOC: US Bank N.A. 3.650% 12/01/17(a) 2,000,000 2,000,000 WA PORT BELLINGHAM INDUSTRIAL DEVELOPMENT CORP. BP West Coast Products LLC: Series 2002, AMT, 3.850% 12/01/33(a) 18,000,000 18,000,000 Series 2003, AMT, 3.850% 03/01/38(a) 16,750,000 16,750,000 WA PORT OF SEATTLE REVENUE 3.160% 02/06/06 6,785,000 6,785,000 Series 2003, AMT, Insured: MBIA 3.130% 08/17/06(a)(c) 4,320,000 4,320,000 Series 2005 122, AMT, Insured: MBIA, LIQ FAC: BNP Paribas 3.590% 02/01/21(a) 9,080,000 9,080,000 Series 2005 123, AMT, LOC: BNP Paribas 3.590% 12/01/21(a) 14,835,000 14,835,000 Series 2005 139, AMT, Insured: FGIC, LIQ FAC: BNP Paribas
60 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WASHINGTON - (CONTINUED) 3.590% 09/01/12(a) 2,875,000 2,875,000 Series 2005, AMT, Insured: FGIC 3.510% 04/01/16(a) 985,000 985,000 WA SEATTLE HOUSING AUTHORITY REVENUE Lower Income Housing Assistance Revenue, Bayview Manor Project, Series 1994 B, LOC:US Bank of Washington 3.600% 05/01/19(a) 2,395,000 2,395,000 Rainier Vista Project, Phase I, Series 2003, LOC: KeyBank N.A. 3.580% 12/01/36(a) 11,250,000 11,250,000 WA STATE Series 2003, Insured: FSA 3.560% 07/01/19(a) 5,125,000 5,125,000 WA TACOMA CONVENTION CENTER & PARKING REVENUE Series 2004, Insured: MBIA 3.550% 12/01/24(a) 6,050,000 6,050,000 WASHINGTON TOTAL 178,265,000 WEST VIRGINIA - 0.5% WV BECKLEY REVENUE REFUNDING Beckley Water Co., Series 2003, AMT, LOC: Bank One West Virginia 3.680% 10/01/16(a) 7,120,000 7,120,000 WV HARRISON COUNTY BOARD OF EDUCATION Series 2001, LIQ FAC: Wachovia Bank N.A. 3.720% 05/01/07(a) 7,680,000 7,680,000 WV MARION COUNTY COMMISSION SOLID WASTE DISPOSAL FACILITY REVENUE Grantown Project, Series 1990 C, AMT, LOC: National Westminster 3.470% 10/01/17(a) 1,200,000 1,200,000 WV MERCER COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 2006, LOC: First National Bank 3.760% 05/01/06(a) 1,000,000 1,000,000 WV PLEASANTS COUNTY COMMISSION INDUSTRIAL DEVELOPMENT REVENUE Simex, Inc., Series 1999, LOC: PNC Bank N.A. 3.620% 12/01/19(a) 7,055,000 7,055,000 WV PUTNAM COUNTY SOLID WASTE DISPOSAL REVENUE Toyota Motor Manufacturing Project, Series 2000 A, AMT,
61 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WEST VIRGINIA - (CONTINUED) 3.590% 04/01/30(a) 5,000,000 5,000,000 WV UNIVERSITY REVENUE Series 2004, Insured: FGIC 3.560% 10/01/24(a) 2,345,000 2,345,000 WEST VIRGINIA TOTAL 31,400,000 WISCONSIN - 1.9% WI CHIPPEWA FALLS INDUSTRIAL DEVELOPMENT REVENUE Series 2003, AMT, LOC: Fifth Third Bank 3.650% 04/01/33(a) 1,595,000 1,595,000 WI HEALTH & EDUCATIONAL FACILITIES AUTHORITY Series 2003, Insured: MBIA: 3.200% 08/15/19(a)(c) 23,515,000 23,515,000 3.350% 08/15/19(a)(c) 16,740,000 16,740,000 WI HOUSING & ECONOMIC DEVELOPMENT AUTHORITY Home Ownership Revenue: Series 2004 D, AMT, LOC: Dexia Credit Local 3.540% 09/01/35(a) 10,350,000 10,350,000 Series 2004 E, AMT, 3.590% 09/01/35(a) 17,800,000 17,800,000 Series 2005 C, AMT, LOC: Lloyds TSB Bank PLC: 3.590% 03/01/28(a) 15,000,000 15,000,000 3.590% 09/01/33(a) 12,000,000 12,000,000 WI KENOSHA INDUSTRIAL DEVELOPMENT REVENUE Monarch Plastics, Inc., Series 1994, AMT, LOC: JPMorgan Chase Bank 3.680% 12/01/09(a) 700,000 700,000 WI MARATHON CITY REDEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Maratech Calvin Frost Project, Series 2003, AMT, LOC: Fifth Third Bank 3.650% 10/01/35(a) 2,965,000 2,965,000 WI MENOMONEE FALLS INDUSTRIAL DEVELOPMENT REVENUE Series 1994, LOC: Bank One Milwaukee N.A. 3.680% 09/01/14(a) 2,700,000 2,700,000 WI OCONOMOWOC COMMUNITY DEVELOPMENT AUTHORITY 85 Oconomowoc LLC, Series 2004, AMT, LOC: LaSalle Bank N.A.
62 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WISCONSIN - (CONTINUED) 3.630% 12/01/44(a) 1,500,000 1,500,000 WI OCONTO INDUSTRIAL DEVELOPMENT REVENUE Unlimited Services of Wisconsin, Series 2000, AMT, LOC: Bank One Wisconsin 3.750% 11/01/12(a) 1,050,000 1,050,000 WI PARK FALLS INDUSTRIAL DEVELOPMENT REVENUE Shield Brothers, Inc., Series 2000, AMT, LOC: Bank One Wisconsin 3.680% 08/01/20(a) 700,000 700,000 WI PEWAUKEE INDUSTRIAL DEVELOPMENT Gunner Press & Finishing, Series 2000, AMT, LOC: Bank One Wisconsin 3.680% 09/01/20(a) 800,000 800,000 WI PLEASANT PRAIRIE INDUSTRIAL DEVELOPMENT REVENUE Series 1995, AMT, LOC: American National Bank & Trust 3.630% 02/01/22(a) 2,650,000 2,650,000 WI SAUKVILLE VILLAGE COMMUNITY DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE Calibre, Inc., Series 2004, AMT, LOC: US Bank N.A. 3.680% 09/01/29(a) 1,815,000 1,815,000 WI SHEBOYGAN INDUSTRIAL DEVELOPMENT REVENUE SBCO Foods of Wisconsin, Series 2002, AMT, LOC: National Bank & Trust 3.760% 08/01/12(a) 3,000,000 3,000,000 WI STATE Series 2004, Insured: FSA 3.550% 05/01/10(a) 3,440,000 3,440,000 WI WHITEWATER INDUSTRIAL DEVELOPMENT REVENUE Husco International, Inc., Series 1997, AMT, LOC: LaSalle Bank 3.560% 12/01/12(a) 3,500,000 3,500,000 WI WIND POINT REVENUE The Johnson Foundation, Series 2000, LOC: Harris Trust & Savings Bank 3.430% 09/01/35(a) 8,365,000 8,365,000 WISCONSIN TOTAL 130,185,000 WYOMING - 1.4% WY CAMPBELL COUNTY INDUSTRIAL DEVELOPMENT REVENUE Series 2005 B,
63 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
PAR ($) VALUE ($) MUNICIPAL BONDS - (CONTINUED) WYOMING - (CONTINUED) 3.550% 12/01/35(a) 56,180,000 56,180,000 Two Elk Power Generation Partners, Series 2003, AMT, 3.350% 12/01/30(a) 40,000,000 40,000,000 WYOMING TOTAL 96,180,000 TOTAL MUNICIPAL BONDS (COST OF $6,770,467,113) 6,770,467,113 SHARES MUNICIPAL PREFERRED STOCKS - 2.7% CHARTER MAC EQUITY ISSUER TRUST AMT, 3.640% 07/01/17 38,520,000 38,520,000 3.640% 10/15/23 89,695,000 89,695,000 3.640% 11/15/25 55,040,000 55,040,000 TOTAL MUNICIPAL PREFERRED STOCKS (COST OF $183,255,000) 183,255,000 PAR ($) SHORT-TERM OBLIGATIONS - 1.4% VARIABLE RATE DEMAND NOTES (D) - 1.3% MUNIMAE TE BOND SUBSIDIARY LLC 3.640% 11/25/25 11,905,000 11,905,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS Series 2005, AMT, SPA: Merrill Lynch Capital Services 3.660% 05/01/32 61,165,000 61,165,000 Series 2005: LIQ FAC: Merrill Lynch Capital Services 3.610% 09/01/31 5,915,000 5,915,000 SPA: Merrill Lynch Capital Services: 3.660% 09/01/26 10,890,000 10,890,000 3.660% 08/01/28 9,850,000 9,850,000 VARIABLE RATE DEMAND NOTES TOTAL 99,725,000 TOTAL SHORT-TERM OBLIGATIONS (COST OF $99,725,000) 99,725,000
64 ________________________________________________________________________________ December 31, 2005 (Unaudited) Columbia Municipal Reserves
TOTAL INVESTMENTS - 103.6% (COST OF $7,053,447,113)(E) 7,053,447,113 OTHER ASSETS & LIABILITIES, NET - (3.6)% (247,077,089) NET ASSETS - 100.0% 6,806,370,024 NOTES TO INVESTMENT PORTFOLIO: * Security Valuation: Securities are valued on the basis of amortized cost, which approximates current market value. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant accretion to maturity of any discount or amortization of any premium, as long as the effect of fluctuating interest rates on the market value of the instrument is not significant. Restricted securities and certain other assets may be valued under procedures adopted by the Board of Trustees. (a) The interest rate shown on floating rate or variable rate securities reflects the rate at December 31, 2005. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2005, these securities, which did not include any illiquid securities, amounted to $20,500,000, which represents 0.3% of net assets. (c) Illiquid security. (d) Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at December 31, 2005. (e) Cost for federal income tax purposes is $7,053,447,113. ACRONYM NAME ------- ---- AMBAC Ambac Assurance Corp. AMT Alternative Minimum Tax CIFG CIFG Assurance North America, Inc. FHA Federal Housing Administration FGIC Financial Guaranty Insurance Co. FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association FSA Financial Security Assurance, Inc. GIC Guaranteed Investment Contract GNMA Government National Mortgage Association GTY AGMT Guaranty Agreement LIQ FAC Liquidity Facility LOC Letter of Credit MBIA MBIA Insurance Corp. PSFG Permanent School Fund Guaranteed SPA Stand-by Purchase Agreement XLCA XL Capital Assurance, Inc.
65 Item 2. Controls and Procedures. (a) The registrant's principal executive officer and principal financial officer, based on his evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, has concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q 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 were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. 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. 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 By (Signature and Title) /S/ Christopher L. Wilson ------------------------------------------------------ Christopher L. Wilson, President Date February 28, 2006 -------------------------------------------------------------------------- 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/ Christopher L. Wilson ------------------------------------------------------ Christopher L. Wilson, President Date February 28, 2006 -------------------------------------------------------------------------- By (Signature and Title) /S/ J. Kevin Connaughton ------------------------------------------------------ J. Kevin Connaughton, Treasurer Date February 28, 2006 --------------------------------------------------------------------------