INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Convertible Securities Fund

		Par ($)	Value ($)*
Convertible Bonds – 71.9%
CONSUMER DISCRETIONARY – 8.2%
Automobiles – 0.4%
General Motors Corp.
	1.500% 06/01/09	194,000	4,840,300
Automobiles Total			4,840,300
Casinos & Gaming – 0.1%
Shuffle Master, Inc.
	1.250% 04/15/24	840,000	802,200
Casinos & Gaming Total			802,200
Hotels, Restaurants & Leisure – 2.6%
Carnival Corp.
	(a)1.132% 04/29/33 (0.000% 04/29/08)	2,870,000	2,026,937
Hilton Hotels Corp.
	3.375% 04/15/23	6,972,000	11,146,485
International Game Technology
	2.600% 12/15/36	1,650,000	1,604,625
	2.600% 12/15/36(b)	2,000,000	1,945,000
Scientific Games Corp.
	(a)0.750% 12/01/24 (0.500 06/01/10)	800,000	1,076,000
	(a)0.750% 12/01/24 (0.500 06/01/10)(b)	7,158,000	9,627,510
Hotels, Restaurants & Leisure Total			27,426,557
Internet & Catalog Retail – 0.7%
Amazon.com, Inc.
	4.750% 02/01/09	6,973,000	7,095,028
Internet & Catalog Retail Total			7,095,028
Media – 3.3%
Lions Gate Entertainment Corp.
	2.938% 10/15/24(b)	3,856,000	4,525,980
	2.938% 10/15/24	1,630,000	1,913,212
	(a)3.625% 03/15/25 (3.125 03/15/12)(b)	2,960,000	3,163,500
	(a)3.625% 03/15/25 (3.125 03/15/12)	2,905,000	3,104,719
Playboy Enterprises, Inc.
	3.000% 03/15/25(b)	651,000	602,989
Sirius Satellite Radio, Inc.
	2.500% 02/15/09	1,840,000	1,823,900
Walt Disney Co.
	2.125% 04/15/23	12,865,000	15,823,950

		Par ($)	Value ($)*
Convertible Bonds – (continued)
CONSUMER DISCRETIONARY – (continued)
Media – (continued)
XM Satellite Radio Holdings, Inc.
	1.750% 12/01/09	5,498,000	4,687,045
Media Total			35,645,295
Specialty Retail – 1.1%
United Auto Group, Inc.
	3.500% 04/01/26	700,000	777,875
	3.500% 04/01/26(b)	9,950,000	11,056,937
Specialty Retail Total			11,834,812
CONSUMER DISCRETIONARY TOTAL			87,644,192
CONSUMER STAPLES – 1.4%
Agriculture – 0.9%
Archer-Daniels-Midland Co.
	0.875% 02/15/14(b)	10,000,000	9,762,500
Agriculture Total			9,762,500
Household Products – 0.5%
Church & Dwight
	5.250% 08/15/33(b)	3,315,000	5,486,325
Household Products Total			5,486,325
CONSUMER STAPLES TOTAL			15,248,825
ENERGY – 5.6%
Coal – 0.7%
Peabody Energy Corp.
	4.750% 12/15/66	7,340,000	8,184,100
Coal Total			8,184,100
Energy Equipment & Services – 1.8%
Nabors Industries, Inc.
	0.940% 05/15/11	4,870,000	4,815,213
Pride International, Inc.
	3.250% 05/01/33(b)	3,560,000	5,130,850
	3.250% 05/01/33	3,830,000	5,519,987
Schlumberger Ltd.
	2.125% 06/01/23	1,763,000	3,455,480
Energy Equipment & Services Total			18,921,530
Oil & Gas Services – 0.6%
Hornbeck Offshore Services, Inc.
	(a)1.625% 11/15/26 (1.375 11/15/13)(b)	6,000,000	6,312,600
Oil & Gas Services Total			6,312,600

		Par ($)	Value ($)*
Convertible Bonds – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – 2.5%
Cheniere Energy, Inc.
	2.250% 08/01/12(b)	1,987,000	2,369,498
	2.250% 08/01/12	964,000	1,149,570
Chesapeake Energy Corp.
	2.750% 11/15/35(b)	3,231,000	3,529,868
	2.750% 11/15/35	10,115,000	11,050,637
OMI Corp.
	2.875% 12/01/24(b)	4,050,000	4,794,187
	2.875% 12/01/24	3,460,000	4,095,775
Oil, Gas & Consumable Fuels Total			26,989,535
ENERGY TOTAL			60,407,765
FINANCIALS – 5.1%
Biotechnology – 0.3%
BioMarin Pharmaceuticals, Inc.
	1.875% 04/23/17	980,000	1,040,025
Genzyme Corp.
	1.250% 12/01/23	1,950,000	2,062,125
Biotechnology Total			3,102,150
Commercial Banks – 1.4%
PrivateBancorp, Inc.
	3.625% 03/15/27(b)	2,000,000	2,034,720
Wells Fargo & Co.
	5.106% 05/01/33(c)	13,183,000	13,152,416
Commercial Banks Total			15,187,136
Insurance – 1.4%
American Equity Investment Life Insurance Co.
	5.250% 12/06/24(b)	3,488,000	3,919,640
Conseco, Inc.
	(a)3.500% 09/30/35 (0.000% 09/30/10)(b)	6,665,000	6,540,031
	(a)3.500% 09/30/35 (0.000% 09/30/10)	3,976,000	3,901,450
Insurance Total			14,361,121
Real Estate Investment Trusts (REITs) – 2.0%
Boston Properties, Inc.
	3.750% 05/15/36	2,933,000	3,460,940
CapitalSource, Inc.
	4.000% 07/15/34(c)	8,955,000	10,656,450
Digital Realty Trust LP
	4.125% 08/15/26(b)	2,730,000	3,546,898

		Par ($)	Value ($)*
Convertible Bonds – (continued)
FINANCIALS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
Prologis
	2.250% 04/01/37(b)	4,000,000	3,910,000
Real Estate Investment Trusts (REITs) Total			21,574,288
FINANCIALS TOTAL			54,224,695
HEALTH CARE – 20.0%
Biotechnology – 5.1%
Amgen, Inc.
	0.125% 02/01/11(b)	2,982,000	2,724,803
	0.375% 02/01/13	2,864,000	2,577,600
	0.375% 02/01/13(b)	4,970,000	4,473,000
Amylin Pharmaceuticals
	2.500% 04/15/11(b)	5,965,000	8,887,850
BioMarin Pharmaceuticals, Inc.
	2.500% 03/29/13	2,987,000	3,815,892
Cubist Pharmaceuticals, Inc.
	2.250% 06/15/13	2,957,000	2,953,304
Invitrogen Corp.
	2.000% 08/01/23	2,876,000	3,343,350
	3.250% 06/15/25	4,886,000	4,910,430
Isis Pharmaceuticals, Inc.
	2.625% 02/15/27(b)	4,000,000	3,940,000
OSI Pharmaceuticals, Inc.
	3.250% 09/08/23	980,000	981,225
PDL BioPharma, Inc.
	2.000% 02/15/12(b)	3,210,000	4,112,812
	2.000% 02/15/12	5,572,000	7,139,125
Vertex Pharmaceuticals
	5.000% 09/19/07	4,400,000	4,345,000
Biotechnology Total			54,204,391
Health Care Equipment & Supplies – 6.7%
Advanced Medical Optics, Inc.
	2.500% 07/15/24(b)	5,200,000	5,083,000
American Medical Systems Holdings, Inc.
	3.250% 07/01/36	1,750,000	2,027,813
Beckman Coulter, Inc.
	2.500% 12/15/36(b)	220,000	232,650
Cytyc Corp.
	2.250% 03/15/24	10,168,000	14,616,500

		Par ($)	Value ($)*
Convertible Bonds – (continued)
HEALTH CARE – (continued)
Health Care Equipment & Supplies – (continued)
Edwards Lifesciences Corp.
	3.875% 05/15/33	7,955,000	8,273,200
Fisher Scientific International, Inc.
	3.250% 03/01/24	13,077,000	19,517,422
Inverness Medical Innovations, Inc.
	3.000% 05/15/16(b)	10,000,000	10,900,000
Medtronic, Inc.
	1.500% 04/15/11(b)	10,938,000	11,553,262
Health Care Equipment & Supplies Total			72,203,847
Health Care Providers & Services – 4.3%
Apria Healthcare Group, Inc.
	3.375% 09/01/33	3,710,000	3,904,775
Chemed Corp.
	1.875% 05/15/14(b)	2,250,000	2,328,750
Henry Schein, Inc.
	3.000% 08/15/34(b)	3,980,000	5,089,425
LifePoint Hospitals, Inc.
	3.500% 05/15/14	7,827,000	8,159,647
Lincare Holdings, Inc.
	3.000% 06/15/33(b)	12,890,000	12,632,200
Manor Care, Inc.
	2.000% 06/01/36(b)	2,990,000	4,167,313
	(a)2.125% 08/01/35 (1.875% 08/01/10)	3,482,000	5,401,453
Omnicare, Inc.
	3.250% 12/15/35	5,393,000	4,590,791
Health Care Providers & Services Total			46,274,354
Life Sciences Tool & Services – 0.3%
Nektar Therapeutics
	3.250% 09/28/12	3,305,000	2,978,631
Life Sciences Tool & Services Total			2,978,631
Pharmaceuticals – 3.6%
Allergan, Inc.
	1.500% 04/01/26(b)	9,100,000	10,112,375
	1.500% 04/01/26	100,000	111,125
Bristol-Myers Squibb Co.
	4.855% 09/15/23(c)	8,808,000	8,830,020
Mylan Laboratories, Inc.
	1.250% 03/15/12	3,413,000	3,468,461
Teva Pharmaceutical Finance LLC
	0.250% 02/01/26	2,935,000	2,894,644

		Par ($)	Value ($)*
Convertible Bonds – (continued)
HEALTH CARE – (continued)
Pharmaceuticals – (continued)
Wyeth
	4.877% 01/15/24(c)	6,142,000	6,951,516
	4.877% 01/15/24(b)(c)	5,060,000	5,726,908
Pharmaceuticals Total			38,095,049
HEALTH CARE TOTAL			213,756,272
INDUSTRIALS – 8.6%
Aerospace & Defense – 3.6%
Ceradyne, Inc.
	2.875% 12/15/35	2,944,000	3,830,880
DRS Technologies, Inc.
	2.000% 02/01/26(b)	7,450,000	7,636,250
L-3 Communications Corp.
	3.000% 08/01/35(b)	4,756,000	5,267,270
	3.000% 08/01/35	11,130,000	12,326,475
Lockheed Martin Corp.
	5.110% 08/15/33(c)	6,695,000	9,334,437
Aerospace & Defense Total			38,395,312
Airlines – 0.6%
UAL Corp.
	5.000% 02/01/21	5,600,000	6,130,712
Airlines Total			6,130,712
Commercial Services & Supplies – 0.3%
Waste Connections, Inc.
	3.750% 04/01/26	2,918,000	3,209,800
Commercial Services & Supplies Total			3,209,800
Electrical Components & Equipment – 0.4%
General Cable Corp.
	0.875% 11/15/13	2,825,000	4,163,344
Electrical Components & Equipment Total			4,163,344
Electrical Equipment – 0.8%
Roper Industries, Inc.
	(a)1.481% 01/15/34 (0.000% 01/15/09)	11,560,000	8,511,050
Electrical Equipment Total			8,511,050
Environmental Control – 0.9%
Covanta Holding Corp.
	1.000% 02/01/27	9,500,000	9,642,500
Environmental Control Total			9,642,500

		Par ($)	Value ($)*
Convertible Bonds – (continued)
INDUSTRIALS – (continued)
Machinery – 1.2%
Barnes Group, Inc.
	3.750% 08/01/25	3,637,000	5,450,954
Trinity Industries, Inc.
	3.875% 06/01/36	6,830,000	7,880,112
Machinery Total			13,331,066
Trading Companies & Distributors – 0.8%
WESCO International, Inc.
	1.750% 11/15/26	3,600,000	3,532,500
	1.750% 11/15/26(b)	5,000,000	4,906,250
Trading Companies & Distributors Total			8,438,750
INDUSTRIALS TOTAL			91,822,534
INFORMATION TECHNOLOGY – 19.0%
Communications Equipment – 2.1%
Arris Group, Inc.
	2.000% 11/15/26	2,435,000	3,020,374
Liberty Media Corp.
	3.500% 01/15/31(b)	2,030,647	2,002,725
	3.500% 01/15/31	7,243,372	7,143,775
Lucent Technologies, Inc.
	2.875% 06/15/23	2,870,000	3,002,738
	2.875% 06/15/25	2,870,000	3,207,225
Nortel Networks Corp.
	2.125% 04/15/14(b)	2,500,000	2,550,000
Powerwave Technologies, Inc.
	1.875% 11/15/24	1,762,000	1,576,990
Communications Equipment Total			22,503,827
Computers & Peripherals – 0.8%
EMC Corp.
	1.750% 12/01/11	3,750,000	4,490,625
	1.750% 12/01/11(b)	3,500,000	4,191,250
Computers & Peripherals Total			8,681,875
Electronic Equipment & Instruments – 2.9%
Avnet, Inc.
	2.000% 03/15/34	5,871,000	7,859,801
Flir Systems, Inc.
	3.000% 06/01/23	1,447,000	2,796,328
L-1 Identity Solutions, Inc.
	3.750% 05/15/27(b)	3,000,000	3,105,000
Vishay Intertechnology, Inc.
	3.625% 08/01/23	6,670,000	6,961,812

		Par ($)	Value ($)*
Convertible Bonds – (continued)
INFORMATION TECHNOLOGY – (continued)
Electronic Equipment & Instruments – (continued)
	3.625% 08/01/23(b)	9,880,000	10,312,250
Electronic Equipment & Instruments Total			31,035,191
Electronic Equipment Manufacturers – 0.1%
Newport Corp.
	2.500% 02/15/12(b)	500,000	463,279
Electronic Equipment Manufacturers Total			463,279
Internet Software & Services – 0.3%
Equinix, Inc.
	2.500% 04/15/12	3,490,000	3,524,900
Internet Software & Services Total			3,524,900
IT Services – 4.7%
Ciber, Inc.
	2.875% 12/15/23(b)	7,288,000	7,032,920
CSG Systems International, Inc.
	2.500% 06/15/24(b)	9,920,000	11,284,000
DST Systems, Inc.
	4.125% 08/15/23(b)	9,925,000	17,716,125
Electronic Data Systems Corp.
	3.875% 07/15/23(b)	12,940,000	13,295,850
	3.875% 07/15/23	950,000	976,125
IT Services Total			50,305,020
Semiconductors – 0.2%
Cypress Semiconductor Corp.
	1.000% 09/15/09(b)	2,000,000	2,125,000
Semiconductors Total			2,125,000
Semiconductors & Semiconductor Equipment – 4.4%
Agere Systems, Inc.
	6.500% 12/15/09	8,190,000	8,353,800
Amkor Technology, Inc.
	2.500% 05/15/11	970,000	1,149,450
ASM International NV
	4.250% 12/06/11(b)	2,990,000	3,958,013
	4.250% 12/06/11	738,000	976,928
Fairchild Semiconductor Corp.
	5.000% 11/01/08	9,470,000	9,339,787
Intel Corp.
	2.950% 12/15/35	7,835,000	7,237,581
	2.950% 12/15/35(b)	8,028,000	7,415,865

		Par ($)	Value ($)*
Convertible Bonds – (continued)
INFORMATION TECHNOLOGY – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Linear Technology Corp.
	3.000% 05/01/27(b)	2,500,000	2,537,500
	3.125% 05/01/27(b)	2,500,000	2,515,625
Micron Technology, Inc.
	1.875% 06/01/14	990,000	1,029,600
Skyworks Solutions, Inc.
	4.750% 11/15/07	612,000	607,410
Spansion, Inc.
	2.250% 06/15/16(b)	1,985,000	1,709,581
Semiconductors & Semiconductor Equipment Total			46,831,140
Software – 3.5%
Amdocs Ltd.
	0.500% 03/15/24	8,829,000	9,093,870
Fair Isaac Corp.
	1.500% 08/15/23	4,900,000	5,034,750
Lawson Software, Inc.
	2.500% 04/15/12(b)	5,000,000	5,125,000
Mentor Graphics Corp.
	6.250% 03/01/26	1,919,000	2,175,666
Sybase, Inc.
	1.750% 02/22/25(b)	10,620,000	11,642,175
Symantec Corp.
	0.750% 06/15/11(b)	4,000,000	4,615,000
Software Total			37,686,461
INFORMATION TECHNOLOGY TOTAL			203,156,693
MATERIALS – 0.6%
Containers & Packaging – 0.6%
Sealed Air Corp.
	3.000% 06/30/33(b)	6,900,000	6,900,000
Containers & Packaging Total			6,900,000
MATERIALS TOTAL			6,900,000
TELECOMMUNICATION SERVICES – 2.3%
Diversified Telecommunication Services – 0.6%
Liberty Media Corp.
	4.000% 11/15/29	2,338,000	1,540,158
Time Warner Telecom, Inc.
	2.375% 04/01/26	3,896,000	4,777,470
Diversified Telecommunication Services Total			6,317,628

		Par ($)	Value ($)*
Convertible Bonds – (continued)
TELECOMMUNICATION SERVICES – (continued)
Wireless Telecommunication Services – 1.7%
American Tower Corp.
	3.000% 08/15/12	933,000	2,017,612
Dobson Communications
	1.500% 10/01/25(b)	3,975,000	4,735,219
Nextel Communications, Inc.
	5.250% 01/15/10	2,862,000	2,826,225
NII Holdings, Inc.
	2.750% 08/15/25	280,000	486,150
	2.750% 08/15/25(b)	2,095,000	3,637,444
	3.125% 06/15/12(b)	5,000,000	5,000,000
Wireless Telecommunication Services Total			18,702,650
TELECOMMUNICATION SERVICES TOTAL			25,020,278
UTILITIES – 1.1%
Electric Utilities – 0.6%
Centerpoint Energy, Inc.
	3.750% 05/15/23	3,592,000	6,065,990
Electric Utilities Total			6,065,990
Multi-Utilities – 0.5%
CMS Energy Corp.
	2.875% 12/01/24	3,940,000	5,383,025
Multi-Utilities Total			5,383,025
UTILITIES TOTAL			11,449,015

	Total Convertible Bonds (cost of $687,053,245)		769,630,269

		Shares
Convertible Preferred Stocks – 20.1%
CONSUMER DISCRETIONARY – 1.0%
Auto Manufacturers – 0.8%
	General Motors Corp., Series B, 5.250%	292,900	6,187,512
	General Motors Corp., Series C, 6.250%	97,500	2,254,688
Auto Manufacturers Total			8,442,200

		Shares	Value ($)
Convertible Preferred Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Specialty Retail – 0.2%
	Retail Ventures, Inc., 6.625%	26,350	1,778,625
Specialty Retail Total			1,778,625
CONSUMER DISCRETIONARY TOTAL			10,220,825
CONSUMER STAPLES – 1.2%
Food Products – 1.2%
	Lehman Brothers Holdings, Inc., 6.250%	450,500	12,951,875
Food Products Total			12,951,875
CONSUMER STAPLES TOTAL			12,951,875
ENERGY – 0.6%
Oil, Gas & Consumable Fuels – 0.6%
	Chesapeake Energy Corp., 5.000% (b)	15,000	2,214,375
	Goodrich Petroleum Corp., 5.375%	19,300	1,307,575
	Goodrich Petroleum Corp., 5.375% (b)	39,760	2,709,405
Oil, Gas & Consumable Fuels Total			6,231,355
ENERGY TOTAL			6,231,355
FINANCIALS – 7.2%
Capital Markets – 1.3%
	E*Trade Financial Corp., 6.125%	229,830	6,866,172
	Lazard Ltd., 6.625%	154,218	7,112,534
Capital Markets Total			13,978,706
Insurance – 2.9%
	Alleghany Corp., 5.750%	23,025	8,018,456
	Citigroup Funding, Inc., 5.020% (c)	331,000	10,936,240
	Fortis Insurance, 7.750% (b)	1,490	2,222,451
	Metlife, Inc., 6.375%	311,370	10,508,738
Insurance Total			31,685,885
Real Estate Investment Trusts (REITs) – 1.1%
	Entertainment Properties Trust, 5.750%	147,000	3,575,040
	FelCor Lodging Trust, Inc., 7.800%	168,167	4,330,300
	Simon Property Group, Inc., 6.000%	39,900	3,442,173
Real Estate Investment Trusts (REITs) Total			11,347,513
Thrifts & Mortgage Finance – 1.9%
	Fannie Mae, 5.375%	38	3,864,011
	Sovereign Capital Trust IV, 4.375%	139,250	6,684,000
	Washington Mutual, 5.375%	76,800	4,291,584

		Shares	Value ($)
Convertible Preferred Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – (continued)
	Washington Mutual, 5.375% (b)	101,200	5,655,056
Thrifts & Mortgage Finance Total			20,494,651
FINANCIALS TOTAL			77,506,755
HEALTH CARE – 2.3%
Health Care Services – 0.5%
	Omnicare Capital Trust II, 4.000%	92,700	4,843,575
Health Care Services Total			4,843,575
Pharmaceuticals – 1.8%
	Schering-Plough Corp., 6.000%	267,080	19,763,920
Pharmaceuticals Total			19,763,920
HEALTH CARE TOTAL			24,607,495
INDUSTRIALS – 1.1%
Aerospace & Defense – 0.3%
	Northrop Grumman Corp., 7.000%	20,000	2,852,500
Aerospace & Defense Total			2,852,500
Road & Rail – 0.4%
	Kansas City Southern, 5.125%	3,191	4,922,117
Road & Rail Total			4,922,117
Trading Companies & Distributors – 0.4%
	United Rentals Trust I, 6.500%	85,871	4,207,679
Trading Companies & Distributors Total			4,207,679
INDUSTRIALS TOTAL			11,982,296
MATERIALS – 3.7%
Chemicals – 1.5%
	Celanese Corp., 4.250%	168,140	7,965,632
	Huntsman Corp., 5.000%	201,038	8,745,153
Chemicals Total			16,710,785
Containers & Packaging – 0.2%
	Smurfit-Stone Container Corp., PIK, 7.000%	97,000	2,352,250
Containers & Packaging Total			2,352,250
Metals & Mining – 2.0%
	Freeport-McMoRan Copper & Gold, Inc., 5.500%	6,926	12,064,226

		Shares	Value ($)
Convertible Preferred Stocks – (continued)
MATERIALS – (continued)
Metals & Mining – (continued)
	Freeport-McMoRan Copper & Gold, Inc., 6.750%	73,125	8,976,094
Metals & Mining Total			21,040,320
MATERIALS TOTAL			40,103,355
TELECOMMUNICATION SERVICES – 1.0%
Wireless Telecommunication Services – 1.0%
	Crown Castle International Corp., 6.250%	187,085	10,804,159
Wireless Telecommunication Services Total			10,804,159
TELECOMMUNICATION SERVICES TOTAL			10,804,159
UTILITIES – 2.0%
Electric Utilities – 1.4%
	Entergy Corp., 7.625%	208,545	14,385,434
Electric Utilities Total			14,385,434
Electrical Components & Equipment – 0.1%
	Medis Technologies Ltd., 7.250 (b)	150	1,187,513
Electrical Components & Equipment Total			1,187,513
Gas Utilities – 0.5%
	Southern Union Co., 5.000%	92,920	5,737,810
Gas Utilities Total			5,737,810
UTILITIES TOTAL			21,310,757

	Total Convertible Preferred Stocks (cost of $180,292,523)		215,718,872
Common Stocks – 5.8%
CONSUMER DISCRETIONARY – 0.6%
Specialty Retail – 0.3%
	Lowe’s Companies, Inc.	100,000	3,282,000
Specialty Retail Total			3,282,000
Textiles, Apparel & Luxury Goods – 0.3%
	Coach, Inc. (d)	60,000	3,081,600
Textiles, Apparel & Luxury Goods Total			3,081,600
CONSUMER DISCRETIONARY TOTAL			6,363,600
CONSUMER STAPLES – 1.1%
Beverages – 0.8%
	Constellation Brands, Inc., Class A (d)	343,307	8,342,360
Beverages Total			8,342,360

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Tobacco – 0.3%
	Vector Group Ltd.	150,000	2,893,500
Tobacco Total			2,893,500
CONSUMER STAPLES TOTAL			11,235,860
ENERGY – 0.8%
Oil, Gas & Consumable Fuels – 0.8%
	Valero Energy Corp.	30,000	2,238,600
	Williams Companies, Inc.	203,676	6,468,750
Oil, Gas & Consumable Fuels Total			8,707,350
ENERGY TOTAL			8,707,350
FINANCIALS – 1.4%
Insurance – 0.9%
	American International Group, Inc.	105,000	7,595,700
	Hartford Financial Services Group, Inc.	24,421	2,519,515
Insurance Total			10,115,215
Real Estate Investment Trusts (REITs) – 0.5%
	CapitaMall Trust	300,000	796,391
	Regency Centers Corp.	52,883	4,155,017
Real Estate Investment Trusts (REITs) Total			4,951,408
FINANCIALS TOTAL			15,066,623
HEALTH CARE – 0.4%
Pharmaceuticals – 0.4%
	Johnson & Johnson	60,000	3,796,200
Pharmaceuticals Total			3,796,200
HEALTH CARE TOTAL			3,796,200
INDUSTRIALS – 1.4%
Building Products – 0.3%
	Lennox International, Inc.	100,000	3,425,000
Building Products Total			3,425,000
Electrical Equipment – 0.4%
	Medis Technologies Ltd. (d)	163,450	2,388,004
	Roper Industries, Inc.	32,850	1,917,126
Electrical Equipment Total			4,305,130
Industrial Conglomerates – 0.2%
	General Electric Co.	72,000	2,705,760
Industrial Conglomerates Total			2,705,760
Road & Rail – 0.5%
	Canadian National Railway Co.	85,000	4,640,150

		Par ($)	Value ($)
Short-Term Obligation – 1.8%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due 06/01/07 at 5.200%, collateralized by a U.S. Government Agency Bond with a maturity of 03/07/22, market value of $19,779,244 (repurchase proceeds $19,389,800)	19,387,000	19,387,000

	Total Short-Term Obligation (cost of $19,387,000)		19,387,000

	Total Investments – 99.6% (cost of $936,906,729)(e)(f)		1,066,809,494

	Other Assets & Liabilities, Net – 0.4%		4,075,888

	Net Assets – 100.0%		1,070,885,382

	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. Options are valued at the last reported sales price, or in the absence of a sale, the mean between the last quoted bid and ask price. 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)	Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

	(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 May 31, 2007, these securities, which are not illiquid, amounted to $345,891,773, which represents 32.3% of net assets.

	(c)	The interest rate shown on floating rate or variable rate securities reflects the rate at May 31, 2007.

	(d)	Non-income producing security.

	(e)	Cost for federal income tax purposes is $936,906,729.

	(f)	Unrealized appreciation and depreciation at May 31, 2007, based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	140,318,558	$	(10,415,793	)	$	129,902,765

For the three months ended May 31, 2007, transactions in written options were as follows:

	Number of contracts	Premium amount
Options outstanding at February 28, 2007	0	$		0
Options written	500		65,965
Options terminated in closing purchase transactions	0	0
Options exercised	0	0
Options expired	0	0
Options outstanding at May 31, 2007	500	$	65,965

		Acronym		Name

		PIK		Payment-In-Kind

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Global Value Fund

		Shares	Value ($)*
Common Stocks – 97.1%
CONSUMER DISCRETIONARY – 12.3%
Automobiles – 6.1%
	DaimlerChrysler AG, Registered Shares (a)	20,974	1,923,299
	Ford Motor Co. (a)	1,190,800	9,931,272
	General Motors Corp. (a)	388,000	11,636,120
Automobiles Total			23,490,691
Leisure Equipment & Products – 2.7%
	Eastman Kodak Co. (a)	212,290	5,383,674
	FUJIFILM Holdings Corp.	121,000	5,011,011
Leisure Equipment & Products Total			10,394,685
Media – 2.0%
	Gannett Co., Inc.	128,700	7,570,134
Media Total			7,570,134
Multiline Retail – 1.5%
	Marks & Spencer Group PLC	404,019	5,591,986
Multiline Retail Total			5,591,986
CONSUMER DISCRETIONARY TOTAL			47,047,496
CONSUMER STAPLES – 16.6%
Food & Staples Retailing – 8.3%
	Carrefour SA (a)	18,500	1,348,186
	J Sainsbury PLC	369,600	4,083,695
	Koninklijke Ahold NV (b)	693,200	8,646,450
	Kroger Co.	65,319	1,980,472
	Safeway, Inc. (a)	214,600	7,399,408
	SUPERVALU, Inc.	23,186	1,104,581
	Wm. Morrison Supermarkets PLC	1,179,232	7,337,729
Food & Staples Retailing Total			31,900,521
Food Products – 6.9%
	Kraft Foods, Inc., Class A	52,247	1,768,038
	Nestle SA, Registered Shares	27,890	10,861,798
	Sara Lee Corp.	135,760	2,430,104
	Unilever NV (a)	373,300	11,135,847
Food Products Total			26,195,787

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Tobacco – 1.4%
	Altria Group, Inc.	75,500	5,368,050
Tobacco Total			5,368,050
CONSUMER STAPLES TOTAL			63,464,358
FINANCIALS – 11.0%
Commercial Banks – 8.5%
	ABN AMRO Holding NV (a)	129,349	6,201,239
	Fifth Third Bancorp (a)	178,725	7,570,791
	Intesa Sanpaolo SpA (a)	890,178	6,791,403
	Mitsubishi UFJ Financial Group, Inc (a)	766	8,811,832
	Mizuho Financial Group, Inc.	473	3,346,368
Commercial Banks Total			32,721,633
Insurance – 2.5%
	Aegon NV	171,451	3,515,803
	Millea Holdings, Inc., Tokyo	148,000	5,885,949
Insurance Total			9,401,752
FINANCIALS TOTAL			42,123,385
HEALTH CARE – 16.6%
Health Care Equipment & Supplies – 2.2%
	Boston Scientific Corp. (b)	538,536	8,438,859
Health Care Equipment & Supplies Total			8,438,859
Health Care Providers & Services – 0.7%
	Tenet Healthcare Corp. (a)(b)	413,200	2,871,740
Health Care Providers & Services Total			2,871,740
Pharmaceuticals – 13.7%
	AstraZeneca PLC	58,600	3,116,670
	Bristol-Myers Squibb Co.	319,427	9,681,832
	Daiichi Sankyo Co., Ltd.	160,600	4,407,592
	GlaxoSmithKline PLC	291,053	7,549,714
	Johnson & Johnson	90,980	5,756,305
	Merck & Co., Inc.	109,800	5,759,010
	Pfizer, Inc.	318,100	8,744,569

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Pharmaceuticals – (continued)
	Sanofi-Aventis (a)	76,249	7,352,085
Pharmaceuticals Total			52,367,777
HEALTH CARE TOTAL			63,678,376
INDUSTRIALS – 0.1%
Commercial Services & Supplies – 0.1%
	Contax Participacoes SA, ADR	342,100	398,752
Commercial Services & Supplies Total			398,752
INDUSTRIALS TOTAL			398,752
INFORMATION TECHNOLOGY – 18.9%
Communications Equipment – 4.4%
	Alcatel-Lucent (a)	697,000	9,706,724
	Alcatel-Lucent, ADR (a)	385,102	5,283,600
	Nortel Networks Corp. (b)	73,780	1,924,182
Communications Equipment Total			16,914,506
Computers & Peripherals – 2.8%
	Dell, Inc. (b)	282,980	7,603,673
	International Business Machines Corp.	30,600	3,261,960
Computers & Peripherals Total			10,865,633
Electronic Equipment & Instruments – 2.0%
	Hitachi Ltd.	1,024,000	7,522,235
Electronic Equipment & Instruments Total			7,522,235
IT Services – 0.4%
	Unisys Corp. (a)(b)	201,500	1,676,480
IT Services Total			1,676,480
Office Electronics – 1.7%
	Xerox Corp. (b)	348,600	6,578,082
Office Electronics Total			6,578,082
Semiconductors & Semiconductor Equipment – 7.2%
	Intel Corp.	591,530	13,114,220
	Micron Technology, Inc. (b)	464,600	5,658,828
	Samsung Electronics Co., Ltd.	6,800	3,921,104
	STMicroelectronics NV (a)	244,800	4,726,752
Semiconductors & Semiconductor Equipment Total			27,420,904

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – 0.4%
	Microsoft Corp.	54,600	1,674,582
Software Total			1,674,582
INFORMATION TECHNOLOGY TOTAL			72,652,422
MATERIALS – 1.7%
Chemicals – 1.7%
	Akzo Nobel NV	80,800	6,593,890
Chemicals Total			6,593,890
MATERIALS TOTAL			6,593,890
TELECOMMUNICATION SERVICES – 19.9%
Diversified Telecommunication Services – 19.9%
	AT&T, Inc.	193,815	8,012,312
	Brasil Telecom Participacoes SA, ADR	49,700	3,091,340
	BT Group PLC	445,792	2,908,539
	Deutsche Telekom AG, Registered Shares	492,603	9,133,681
	KT Corp.	22,790	1,088,162
	KT Corp., ADR	272,820	6,561,321
	Nippon Telegraph & Telephone Corp.	2,036	9,586,097
	Tele Norte Leste Participacoes SA, ADR	342,100	6,503,321
	Telecom Italia S.p.A. (a)	2,536,893	7,356,123
	Telefonica SA (a)	518,274	11,778,463
	Telefonos de Mexico SA de CV, ADR, Class L	154,700	6,256,068
	Verizon Communications, Inc.	92,800	4,039,584
Diversified Telecommunication Services Total			76,315,011
TELECOMMUNICATION SERVICES TOTAL			76,315,011

	Total Common Stocks (cost of $269,156,740)		372,273,690

		Par ($)	Value($)
Corporate Fixed-Income Bonds & Notes – 0.4%
TECHNOLOGY – 0.4%
Semiconductors – 0.4%
Micron Technology, Inc.
	1.875% 06/01/14(a)	1,356,000	1,410,240
Semiconductors Total			1,410,240
TECHNOLOGY TOTAL			1,410,240

	Total Corporate Fixed-Income Bonds & Notes (cost of $1,356,000)		1,410,240

	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. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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. 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)	All or a portion of this security was on loan at May 31, 2007. The total market value of securities on loan at May 31, 2007 is $ 89,526,388.

	(b)	Non-income producing security.

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

	(d)	Cost for federal income tax purposes is $375,598,375.

	(e)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Large Cap Enhanced Core Fund

		Shares	Value ($)*
Common Stocks – 96.8%
CONSUMER DISCRETIONARY – 10.0%
Automobiles – 0.6%
	General Motors Corp. (a)	128,000	3,838,720
	Harley-Davidson, Inc.	17,800	1,087,402
	Automobiles Total		4,926,122
Hotels, Restaurants & Leisure – 1.3%
	Carnival Corp.	9,800	494,312
	Darden Restaurants, Inc.	47,400	2,160,018
	Marriott International, Inc., Class A	18,500	851,925
	McDonald’s Corp.	60,700	3,068,385
	Wyndham Worldwide Corp. (b)	32,300	1,201,560
	Yum! Brands, Inc.	37,700	2,553,044
	Hotels, Restaurants & Leisure Total		10,329,244
Household Durables – 0.0%
	Pulte Homes, Inc.	300	8,187
	Household Durables Total		8,187
Leisure Equipment & Products – 0.4%
	Mattel, Inc.	129,300	3,621,693
	Leisure Equipment & Products Total		3,621,693
Media – 3.0%
	CBS Corp., Class B	75,500	2,511,130
	Comcast Corp., Class A (b)	22,200	608,502
	DIRECTV Group, Inc. (b)	285,600	6,671,616
	Gannett Co., Inc.	4,600	270,572
	McGraw-Hill Companies, Inc.	5,000	351,550
	Time Warner, Inc.	263,600	5,633,132
	Viacom, Inc., Class B (b)	19,700	884,924
	Walt Disney Co.	237,200	8,406,368
	Media Total		25,337,794
Multiline Retail – 2.4%
	J.C. Penney Co., Inc.	77,200	6,213,056
	Kohl’s Corp. (b)	81,500	6,138,580
	Macy’s, Inc.	83,700	3,342,141
	Nordstrom, Inc.	80,800	4,195,944
	Multiline Retail Total		19,889,721
Specialty Retail – 1.5%
	AutoNation, Inc. (a)(b)	41,000	906,920
	Autozone, Inc. (b)	28,200	3,627,366
	Home Depot, Inc.	151,500	5,888,805
	RadioShack Corp.	10,000	341,400

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Specialty Retail – (continued)
	Sherwin-Williams Co.	5,600	378,784
	Staples, Inc.	33,600	842,016
	TJX Companies, Inc.	21,100	590,167
	Specialty Retail Total		12,575,458
Textiles, Apparel & Luxury Goods – 0.8%
	Coach, Inc. (b)	118,600	6,091,296
	NIKE, Inc., Class B	13,700	777,475
	Textiles, Apparel & Luxury Goods Total		6,868,771
	CONSUMER DISCRETIONARY TOTAL		83,556,990
CONSUMER STAPLES – 9.0%
Beverages – 1.1%
	Coca-Cola Co.	71,100	3,767,589
	Molson Coors Brewing Co., Class B (a)	3,100	283,867
	PepsiCo, Inc.	73,500	5,022,255
	Beverages Total		9,073,711
Food & Staples Retailing – 2.4%
	CVS Caremark Corp.	244,000	9,403,760
	Safeway, Inc.	57,800	1,992,944
	Sysco Corp.	24,000	794,880
	Wal-Mart Stores, Inc.	150,400	7,159,040
	Walgreen Co.	22,300	1,006,399
	Food & Staples Retailing Total		20,357,023
Food Products – 2.3%
	Campbell Soup Co.	58,400	2,318,480
	ConAgra Foods, Inc.	49,000	1,249,500
	Dean Foods Co.	78,300	2,565,108
	General Mills, Inc.	64,700	3,962,228
	H.J. Heinz Co.	51,500	2,450,370
	Kellogg Co.	2,700	145,746
	Kraft Foods, Inc., Class A	79,200	2,680,128
	Sara Lee Corp.	222,200	3,977,380
	Food Products Total		19,348,940
Household Products – 1.9%
	Colgate-Palmolive Co.	13,800	924,048
	Kimberly-Clark Corp.	32,300	2,292,008
	Procter & Gamble Co.	198,200	12,595,610
	Household Products Total		15,811,666

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Personal Products – 0.2%
	Estee Lauder Companies, Inc., Class A	25,700	1,215,610
	Personal Products Total		1,215,610
Tobacco – 1.1%
	Altria Group, Inc.	90,900	6,462,990
	Reynolds American, Inc. (a)	42,000	2,731,680
	UST, Inc.	1,800	96,102
	Tobacco Total		9,290,772
	CONSUMER STAPLES TOTAL		75,097,722
ENERGY – 10.2%
Energy Equipment & Services – 0.9%
	BJ Services Co.	86,700	2,542,911
	Halliburton Co.	23,500	844,825
	Noble Corp.	12,100	1,117,919
	Schlumberger Ltd.	37,100	2,888,977
	Energy Equipment & Services Total		7,394,632
Oil, Gas & Consumable Fuels – 9.3%
	Chevron Corp.	168,900	13,763,661
	ConocoPhillips	76,600	5,931,138
	Exxon Mobil Corp.	368,700	30,664,779
	Marathon Oil Corp.	92,800	11,489,568
	Occidental Petroleum Corp.	37,600	2,066,872
	Sunoco, Inc.	68,600	5,468,106
	Valero Energy Corp.	112,800	8,417,136
	Oil, Gas & Consumable Fuels Total		77,801,260
	ENERGY TOTAL		85,195,892
FINANCIALS – 20.5%
Capital Markets – 5.8%
	Ameriprise Financial, Inc.	14,900	936,465
	Bank of New York Co., Inc.	22,700	920,712
	Bear Stearns Companies, Inc.	29,000	4,348,840
	Franklin Resources, Inc.	6,100	828,014
	Goldman Sachs Group, Inc.	47,400	10,940,868
	Lehman Brothers Holdings, Inc.	113,100	8,299,278
	Merrill Lynch & Co., Inc.	150,400	13,946,592
	Morgan Stanley	95,600	8,129,824
	Capital Markets Total		48,350,593
Commercial Banks – 3.1%
	BB&T Corp.	30,000	1,263,300
	Fifth Third Bancorp	33,900	1,436,004
	Huntington Bancshares, Inc.	3,600	80,856

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Commercial Banks – (continued)
	National City Corp. (a)	77,200	2,670,348
	PNC Financial Services Group, Inc.	40,800	3,011,040
	U.S. Bancorp	153,600	5,311,488
	Wachovia Corp.	49,762	2,696,603
	Wells Fargo & Co.	272,300	9,827,307
	Commercial Banks Total		26,296,946
Consumer Finance – 0.5%
	American Express Co.	62,000	4,028,760
	Capital One Financial Corp.	900	71,802
	Consumer Finance Total		4,100,562
Diversified Financial Services – 4.1%
	Chicago Mercantile Exchange Holdings, Inc., Class A	100	53,100
	Citigroup, Inc.	356,300	19,414,787
	JPMorgan Chase & Co.	291,500	15,108,445
	Diversified Financial Services Total		34,576,332
Insurance – 5.0%
	ACE Ltd.	38,300	2,358,131
	Allstate Corp.	117,600	7,232,400
	Ambac Financial Group, Inc.	3,700	331,557
	American International Group, Inc.	162,800	11,776,952
	Assurant, Inc.	8,500	505,325
	Chubb Corp.	19,000	1,042,530
	Hartford Financial Services Group, Inc.	5,400	557,118
	Loews Corp.	42,300	2,158,569
	MBIA, Inc. (a)	4,500	299,475
	MetLife, Inc.	59,600	4,052,800
	Prudential Financial, Inc.	36,100	3,682,922
	SAFECO Corp.	45,000	2,823,750
	Travelers Companies, Inc.	82,400	4,463,608
	XL Capital Ltd., Class A	7,500	611,700
	Insurance Total		41,896,837
Real Estate Investment Trusts (REITs) – 0.8%
	Archstone-Smith Trust	6,600	407,220
	Host Hotels & Resorts, Inc.	46,000	1,173,920
	Kimco Realty Corp.	25,400	1,175,766
	Plum Creek Timber Co., Inc.	32,700	1,366,860
	ProLogis Trust	37,500	2,424,750
	Real Estate Investment Trusts (REITs) Total		6,548,516

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – 1.2%
	Fannie Mae	38,800	2,480,096
	Freddie Mac	75,200	5,022,608
	Hudson City Bancorp, Inc. (a)	8,300	109,477
	Washington Mutual, Inc.	49,700	2,172,884
	Thrifts & Mortgage Finance Total		9,785,065
	FINANCIALS TOTAL		171,554,851
HEALTH CARE – 11.7%
Biotechnology – 1.6%
	Amgen, Inc. (b)	115,000	6,477,950
	Biogen Idec, Inc. (b)	34,400	1,796,368
	Gilead Sciences, Inc. (b)	59,700	4,941,369
	Biotechnology Total		13,215,687
Health Care Equipment & Supplies – 1.0%
	Becton, Dickinson & Co.	30,200	2,302,750
	Medtronic, Inc.	46,200	2,456,454
	Varian Medical Systems, Inc. (b)	19,700	793,910
	Zimmer Holdings, Inc. (b)	33,200	2,923,592
	Health Care Equipment & Supplies Total		8,476,706
Health Care Providers & Services – 3.7%
	Aetna, Inc.	98,500	5,213,605
	AmerisourceBergen Corp.	118,800	6,084,936
	Coventry Health Care, Inc. (b)	13,600	811,512
	Express Scripts, Inc. (b)	43,200	4,410,720
	Humana, Inc. (b)	51,400	3,189,370
	McKesson Corp.	15,300	965,889
	Patterson Companies, Inc. (b)	8,800	330,176
	UnitedHealth Group, Inc.	86,100	4,715,697
	WellPoint, Inc. (b)	65,600	5,340,496
	Health Care Providers & Services Total		31,062,401
Health Care Technology – 0.0%
	IMS Health, Inc.	3,100	101,370
	Health Care Technology Total		101,370
Pharmaceuticals – 5.4%
	Abbott Laboratories	108,600	6,119,610
	Forest Laboratories, Inc. (b)	201,700	10,228,207
	Johnson & Johnson	198,600	12,565,422
	King Pharmaceuticals, Inc. (a)(b)	77,900	1,654,596
	Merck & Co., Inc.	44,100	2,313,045

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Pharmaceuticals – (continued)
	Pfizer, Inc.	440,200	12,101,098
	Pharmaceuticals Total		44,981,978
	HEALTH CARE TOTAL		97,838,142
INDUSTRIALS – 10.8%
Aerospace & Defense – 4.3%
	Boeing Co.	63,900	6,427,701
	General Dynamics Corp.	3,200	256,768
	Honeywell International, Inc.	31,400	1,818,374
	L-3 Communications Holdings, Inc.	28,900	2,753,014
	Lockheed Martin Corp.	116,400	11,418,840
	Northrop Grumman Corp.	59,400	4,491,234
	Raytheon Co.	92,100	5,120,760
	United Technologies Corp.	53,400	3,767,370
	Aerospace & Defense Total		36,054,061
Air Freight & Logistics – 0.8%
	C.H. Robinson Worldwide, Inc.	10,500	568,890
	FedEx Corp.	22,200	2,477,964
	United Parcel Service, Inc., Class B	50,700	3,648,879
	Air Freight & Logistics Total		6,695,733
Commercial Services & Supplies – 0.4%
	Cintas Corp.	21,400	820,904
	Pitney Bowes, Inc.	16,700	797,425
	Robert Half International, Inc.	32,700	1,149,078
	Waste Management, Inc.	11,700	452,439
	Commercial Services & Supplies Total		3,219,846
Electrical Equipment – 0.3%
	Cooper Industries Ltd., Class A	26,900	1,441,302
	Emerson Electric Co.	27,200	1,317,840
	Rockwell Automation, Inc.	1,200	81,660
	Electrical Equipment Total		2,840,802
Industrial Conglomerates – 3.2%
	3M Co.	66,100	5,814,156
	General Electric Co. (c)	361,100	13,570,138
	Tyco International Ltd.	210,900	7,035,624
	Industrial Conglomerates Total		26,419,918
Machinery – 1.5%
	Cummins, Inc.	43,800	4,127,274
	Dover Corp.	7,000	350,350
	Illinois Tool Works, Inc.	4,400	231,968

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Machinery – (continued)
	Ingersoll-Rand Co., Ltd., Class A	83,800	4,301,454
	ITT Corp.	13,500	908,550
	Parker Hannifin Corp.	6,400	648,704
	Terex Corp. (b)	20,800	1,763,216
	Machinery Total		12,331,516
Road & Rail – 0.3%
	Ryder System, Inc.	52,500	2,830,800
	Road & Rail Total		2,830,800
Trading Companies & Distributors – 0.0%
	W.W. Grainger, Inc.	400	35,220
	Trading Companies & Distributors Total		35,220
	INDUSTRIALS TOTAL		90,427,896
INFORMATION TECHNOLOGY – 14.8%
Communications Equipment – 2.1%
	Cisco Systems, Inc. (b)	631,900	17,010,748
	QUALCOMM, Inc.	15,200	652,840
	Communications Equipment Total		17,663,588
Computers & Peripherals – 4.1%
	Apple, Inc. (b)	56,400	6,855,984
	Dell, Inc. (b)	134,500	3,614,015
	Hewlett-Packard Co.	151,300	6,915,923
	International Business Machines Corp.	107,700	11,480,820
	Lexmark International, Inc., Class A (a)(b)	105,400	5,473,422
	Seagate Technology, Inc., Escrow Shares (b)(d)	97,200	972
	Computers & Peripherals Total		34,341,136
Internet Software & Services – 0.4%
	eBay, Inc. (b)	91,700	2,985,752
	Internet Software & Services Total		2,985,752
IT Services – 0.3%
	Computer Sciences Corp. (b)	1,300	72,020
	Fiserv, Inc. (b)	33,500	1,984,875
	Western Union Co.	3,100	69,595
	IT Services Total		2,126,490
Semiconductors & Semiconductor Equipment – 2.8%
	Applied Materials, Inc.	555,900	10,617,690
	Intel Corp.	122,200	2,709,174
	KLA-Tencor Corp.	37,200	2,045,256
	MEMC Electronic Materials, Inc. (b)	17,700	1,075,806

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	National Semiconductor Corp.	5,000	134,600
	Novellus Systems, Inc. (b)	96,000	2,946,240
	Teradyne, Inc. (b)	10,000	170,200
	Texas Instruments, Inc.	117,000	4,137,120
	Semiconductors & Semiconductor Equipment Total		23,836,086
Software – 5.1%
	Autodesk, Inc. (b)	103,800	4,717,710
	BMC Software, Inc. (b)	43,900	1,454,846
	Intuit, Inc. (b)	5,100	155,550
	Microsoft Corp. (c)	812,700	24,925,509
	Oracle Corp. (b)	471,700	9,141,546
	Symantec Corp. (b)	127,300	2,544,727
	Software Total		42,939,888
	INFORMATION TECHNOLOGY TOTAL		123,892,940
MATERIALS – 2.8%
Chemicals – 1.0%
	Dow Chemical Co.	93,100	4,224,878
	E.I. Du Pont de Nemours & Co.	27,600	1,444,032
	Eastman Chemical Co.	28,900	1,912,024
	Ecolab, Inc.	5,800	250,270
	Hercules, Inc. (b)	1,500	28,245
	PPG Industries, Inc.	12,400	944,756
	Chemicals Total		8,804,205
Construction Materials – 0.3%
	Vulcan Materials Co. (a)	20,000	2,393,800
	Construction Materials Total		2,393,800
Containers & Packaging – 0.2%
	Pactiv Corp. (b)	56,600	1,922,702
	Containers & Packaging Total		1,922,702
Metals & Mining – 0.7%
	Nucor Corp.	87,100	5,882,734
	Metals & Mining Total		5,882,734

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Paper & Forest Products – 0.6%
	International Paper Co.	128,400	5,029,428
	Paper & Forest Products Total		5,029,428
	MATERIALS TOTAL		24,032,869
TELECOMMUNICATION SERVICES – 3.6%
Diversified Telecommunication Services – 2.9%
	AT&T, Inc.	311,800	12,889,812
	CenturyTel, Inc.	32,300	1,596,266
	Embarq Corp.	19,700	1,265,922
	Verizon Communications, Inc.	182,800	7,957,284
	Windstream Corp.	37,600	564,752
	Diversified Telecommunication Services Total		24,274,036
Wireless Telecommunication Services – 0.7%
	Sprint Nextel Corp.	247,800	5,662,230
	Wireless Telecommunication Services Total		5,662,230
	TELECOMMUNICATION SERVICES TOTAL		29,936,266
UTILITIES – 3.4%
Electric Utilities – 2.3%
	American Electric Power Co., Inc.	6,700	319,121
	Edison International	70,100	4,084,727
	Exelon Corp.	47,600	3,712,800
	FirstEnergy Corp.	108,000	7,476,840
	FPL Group, Inc.	31,700	2,026,581
	Progress Energy, Inc.	32,100	1,607,889
	Electric Utilities Total		19,227,958
Independent Power Producers & Energy Traders – 0.5%
	AES Corp. (b)	37,500	889,875
	Constellation Energy Group, Inc.	37,300	3,423,021
	Independent Power Producers & Energy Traders Total		4,312,896
Multi-Utilities – 0.6%
	CenterPoint Energy, Inc. (a)	21,000	397,530
	Dominion Resources, Inc.	4,600	407,514
	DTE Energy Co.	2,900	153,352
	NiSource, Inc.	75,700	1,681,297
	PG&E Corp.	2,300	113,298
	Public Service Enterprise Group, Inc.	7,700	684,838

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Multi-Utilities – (continued)
	Sempra Energy	24,700	1,514,604
	Multi-Utilities Total		4,952,433
	UTILITIES TOTAL		28,493,287

	Total Common Stocks (cost of $688,299,345)		810,026,855

Securities Lending Collateral – 1.6%
	State Street Navigator Securities Lending Prime Portfolio (e)	13,083,840	13,083,840

	Total Securities Lending Collateral (cost of $13,083,840)		13,083,840

		Par ($)
Short-Term Obligation – 7.5%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by a U.S. Government Agency Obligation maturing 9/15/10, market value of $63,996,325 (repurchase proceeds $62,746,062)	62,737,000	62,737,000

	Total Short-Term Obligation (cost of $62,737,000)		62,737,000

	Total Investments – 105.9% (cost of $764,120,185)(f)(g)		885,847,695

	Other Assets & Liabilities, Net – (5.9)%		(49,405,653	)

	Net Assets – 100.0%		836,442,042

	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. 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. Swap agreements are stated at fair 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. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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)	All or a portion of this security was on loan at May 31, 2007. The total market value of securities on loan at May 31, 2007 is $12,726,975.

	(b)	Non-income producing security.

	(c)	At May 31, 2007, a portion of this security was pledged as collateral for open futures contracts. The total market value of securities pledged as collateral for open futures contracts was $6,775,300.

	(d)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

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

	(f)	Cost for federal income tax purposes is $764,120,185.

	(g)	Unrealized appreciation and depreciation at May 31, 2007, based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	126,966,515	$	(5,239,005	)	$	121,727,510

At May 31, 2007, the Fund held the following open long futures contracts:

Aggregate

Expiration

Unrealized

Type

Contracts

Value

Face Value

Date

Appreciation

S&P 500 Index

25,896,923

26,059,300

Jun -2007

162,377

At May 31, 2007, the Fund held the following open long and short volatility swap contracts:

Notional Amount/Units		Start Date	Expiration Date	Counterparty	Variance Level	Reference Index/Security	Net Unrealized Appreciation (Depreciation)
Held Long
$	2,808,900	05/18/07	01/18/08	Morgan Stanley	26.7	Starbucks	$	(6,986	)
$	3,846,150	04/11/07	10/19/07	Citigroup	23.5	Yahoo, Inc.	187,219
							$	180,233
Sold Short
$	8,741,259	5/18/07	1/18/08	Morgan Stanley	14.3	S&P 500 Index	$	2,028
$	17,985,612	04/11/07	10/19/07	Citigroup	14.0	S&P 500 Index	39,478
							$	41,506
							$	221,739

At May 31, 2007 the Fund held the following forward interest rate swap contracts:

Notional Amount		Effective Date	Expiration Date	Counterparty	Receive	Fixed Rate		Variable Rate	Net Unrealized Appreciation (Depreciation)
$	60,000,000	01/11/10	01/11/12	IXIS	Fixed Rate	5.0750	%	BBA Libor	$	(279,527	)
14,500,000		01/11/10	01/11/20	IXIS	Variable Rate	5.2600	%	BBA Libor	290,952
									$	11,425

At May 31, 2007, the Fund had entered into the following forward currency exchange contracts:

							Unrealized
Forward Currency Contracts to Buy	In exchange for	Value		Aggregate Face Value		Settlement Date	Appreciation (Depreciation)
BRL	USD	$	2,114,493	$	2,000,000	6/8/07	$	114,493
EUR	JPY	992,477		999,705		6/5/07	(7,228		)
EUR	CHF	992,477		999,705		6/5/07	(7,228		)
HUF	EUR	1,957,715		2,005,107		6/6/07	(47,392		)
MXN	USD	2,011,410		2,000,000		6/6/07	11,410
TRY	USD	2,086,482		2,000,000		6/5/07	86,482
							$	150,537

							Unrealized
Forward Currency Contracts to Sell	In exchange for	Value		Aggregate Face Value		Settlement Date	Appreciation (Depreciation)
EUR	HUF	$	1,978,462	$	2,005,107	6/6/07	$	26,645
JPY	EUR	987,783		999,705		6/5/07	11,922
JPY	USD	986,692		1,000,000		6/5/07	13,308
TWD	USD	2,018,893		2,000,000		6/7/07	(18,893		)
TRY	USD	2,086,482		2,093,182		6/5/07	6,700
CHF	EUR	991,493		999,705		6/5/07	8,212
CHF	USD	990,786		1,000,000		6/5/07	9,214
							$	57,108

		Acronym		Name

		BRL		Brazilian Real
		CHF		Swiss Franc

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Large Cap Index Fund

		Shares	Value ($)*
Common Stocks – 97.2%
CONSUMER DISCRETIONARY – 10.0%
Auto Components – 0.2%
	Goodyear Tire & Rubber Co. (a)	40,830	1,448,240
	Johnson Controls, Inc.	39,520	4,335,344
	Auto Components Total		5,783,584
Automobiles – 0.4%
	Ford Motor Co. (a)(b)	380,225	3,171,076
	General Motors Corp. (b)	113,620	3,407,464
	Harley-Davidson, Inc.	51,785	3,163,546
	Automobiles Total		9,742,086
Distributors – 0.1%
	Genuine Parts Co.	34,305	1,760,533
	Distributors Total		1,760,533
Diversified Consumer Services – 0.1%
	Apollo Group, Inc., Class A (a)	28,140	1,349,876
	H&R Block, Inc. (b)	64,780	1,534,638
	Diversified Consumer Services Total		2,884,514
Hotels, Restaurants & Leisure – 1.5%
	Carnival Corp.	88,890	4,483,612
	Darden Restaurants, Inc. (b)	29,150	1,328,365
	Harrah’s Entertainment, Inc.	37,455	3,200,530
	Hilton Hotels Corp.	78,140	2,777,877
	International Game Technology, Inc.	67,970	2,731,714
	Marriott International, Inc., Class A	66,240	3,050,352
	McDonald’s Corp.	241,790	12,222,484
	Starbucks Corp. (a)	150,860	4,346,277
	Starwood Hotels & Resorts Worldwide, Inc.	43,125	3,108,019
	Wendy’s International, Inc. (b)	17,395	698,061
	Wyndham Worldwide Corp. (a)	38,000	1,413,600
	Yum! Brands, Inc.	52,925	3,584,081
	Hotels, Restaurants & Leisure Total		42,944,972
Household Durables – 0.6%
	Black & Decker Corp.	13,225	1,248,837
	Centex Corp.	23,985	1,159,915
	D.R. Horton, Inc. (b)	54,820	1,281,143
	Fortune Brands, Inc.	30,625	2,473,887
	Harman International Industries, Inc.	13,200	1,566,180
	KB Home (b)	15,490	710,836
	Leggett & Platt, Inc.	35,670	872,845

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Household Durables – (continued)
	Lennar Corp., Class A	27,700	1,264,505
	Newell Rubbermaid, Inc.	55,760	1,770,938
	Pulte Homes, Inc.	42,690	1,165,010
	Snap-On, Inc.	11,860	641,270
	Stanley Works	16,650	1,052,780
	Whirlpool Corp. (b)	15,769	1,760,609
	Household Durables Total		16,968,755
Internet & Catalog Retail – 0.2%
	Amazon.com, Inc. (a)	62,500	4,321,250
	IAC/InterActiveCorp (a)	43,600	1,508,560
	Internet & Catalog Retail Total		5,829,810
Leisure Equipment & Products – 0.2%
	Brunswick Corp.	18,255	628,520
	Eastman Kodak Co. (b)	57,750	1,464,540
	Hasbro, Inc.	32,315	1,038,927
	Mattel, Inc.	79,020	2,213,350
	Leisure Equipment & Products Total		5,345,337
Media – 3.3%
	CBS Corp., Class B	148,325	4,933,289
	Clear Channel Communications, Inc.	99,675	3,827,520
	Comcast Corp., Class A (a)	624,909	17,128,756
	DIRECTV Group, Inc. (a)	155,700	3,637,152
	Dow Jones & Co., Inc. (b)	13,125	699,694
	EW Scripps Co.	16,800	766,416
	Gannett Co., Inc.	47,230	2,778,069
	Interpublic Group of Companies, Inc. (a)	94,154	1,106,310
	McGraw-Hill Companies, Inc.	71,350	5,016,618
	Meredith Corp.	7,870	489,593
	New York Times Co., Class A (b)	28,950	726,935
	News Corp., Class A	471,440	10,414,110
	Omnicom Group, Inc.	33,555	3,533,341
	Time Warner, Inc.	766,685	16,384,058
	Tribune Co.	35,750	1,151,150
	Viacom, Inc., Class B (a)	139,125	6,249,495
	Walt Disney Co.	411,560	14,585,686
	Media Total		93,428,192

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Multiline Retail – 1.1%
	Big Lots, Inc. (a)	21,995	692,842
	Dillard’s, Inc., Class A	12,225	443,768
	Dollar General Corp.	62,740	1,357,694
	Family Dollar Stores, Inc.	30,490	1,025,988
	J.C. Penney Co., Inc.	45,170	3,635,282
	Kohl’s Corp. (a)	65,705	4,948,901
	Macy’s, Inc.	92,368	3,688,254
	Nordstrom, Inc.	45,980	2,387,741
	Sears Holdings Corp. (a)	16,690	3,004,534
	Target Corp.	172,550	10,772,296
	Multiline Retail Total		31,957,300
Specialty Retail – 1.9%
	Abercrombie & Fitch Co., Class A	17,700	1,462,905
	AutoNation, Inc. (a)	30,225	668,577
	Autozone, Inc. (a)	9,985	1,284,371
	Bed Bath & Beyond, Inc. (a)	56,925	2,314,570
	Best Buy Co., Inc.	81,325	3,927,184
	Circuit City Stores, Inc.	28,620	459,923
	Gap, Inc.	105,880	1,960,898
	Home Depot, Inc.	410,115	15,941,170
	Limited Brands, Inc.	68,715	1,803,769
	Lowe’s Companies, Inc.	305,990	10,042,592
	Office Depot, Inc. (a)	55,540	2,021,656
	OfficeMax, Inc.	15,075	676,867
	RadioShack Corp. (b)	27,365	934,241
	Sherwin-Williams Co.	22,435	1,517,503
	Staples, Inc.	144,062	3,610,194
	Tiffany & Co. (b)	27,175	1,428,590
	TJX Companies, Inc.	91,405	2,556,598
	Specialty Retail Total		52,611,608
Textiles, Apparel & Luxury Goods – 0.4%
	Coach, Inc. (a)	74,340	3,818,102
	Jones Apparel Group, Inc.	21,820	649,800
	Liz Claiborne, Inc.	20,805	721,725
	NIKE, Inc., Class B	75,930	4,309,028
	Polo Ralph Lauren Corp.	12,300	1,199,619

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	V.F. Corp.	18,105	1,697,887
	Textiles, Apparel & Luxury Goods Total		12,396,161
	CONSUMER DISCRETIONARY TOTAL		281,652,852
CONSUMER STAPLES – 9.0%
Beverages – 2.0%
	Anheuser-Busch Companies, Inc.	153,295	8,176,755
	Brown-Forman Corp., Class B (b)	15,865	1,082,945
	Coca-Cola Co.	404,735	21,446,908
	Coca-Cola Enterprises, Inc.	55,910	1,305,499
	Constellation Brands, Inc., Class A (a)(b)	38,670	939,681
	Molson Coors Brewing Co., Class B	9,425	863,047
	Pepsi Bottling Group, Inc.	26,370	922,686
	PepsiCo, Inc.	329,110	22,488,086
	Beverages Total		57,225,607
Food & Staples Retailing – 2.3%
	Costco Wholesale Corp.	90,905	5,133,405
	CVS Caremark Corp.	309,444	11,925,972
	Kroger Co.	142,225	4,312,262
	Safeway, Inc.	88,500	3,051,480
	SUPERVALU, Inc.	41,746	1,988,779
	Sysco Corp.	123,995	4,106,714
	Wal-Mart Stores, Inc.	494,080	23,518,208
	Walgreen Co.	201,050	9,073,387
	Whole Foods Market, Inc. (b)	28,200	1,159,020
	Food & Staples Retailing Total		64,269,227
Food Products – 1.4%
	Archer-Daniels-Midland Co.	131,180	4,596,547
	Campbell Soup Co.	43,930	1,744,021
	ConAgra Foods, Inc.	101,500	2,588,250
	Dean Foods Co.	25,900	848,484
	General Mills, Inc.	69,400	4,250,056
	H.J. Heinz Co.	65,235	3,103,881
	Hershey Co. (b)	34,775	1,832,990
	Kellogg Co.	50,360	2,718,433
	Kraft Foods, Inc., Class A	329,500	11,150,280
	McCormick & Co., Inc.	26,185	976,439
	Sara Lee Corp.	147,360	2,637,744

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Food Products – (continued)
	Tyson Foods, Inc., Class A	50,700	1,130,103
	Wm. Wrigley Jr. Co. (b)	43,875	2,571,075
	Food Products Total		40,148,303
Household Products – 2.0%
	Clorox Co.	30,350	2,037,699
	Colgate-Palmolive Co.	103,115	6,904,581
	Kimberly-Clark Corp.	91,670	6,504,903
	Procter & Gamble Co.	634,046	40,293,623
	Household Products Total		55,740,806
Personal Products – 0.1%
	Avon Products, Inc.	88,605	3,401,546
	Estee Lauder Companies, Inc., Class A	23,400	1,106,820
	Personal Products Total		4,508,366
Tobacco – 1.2%
	Altria Group, Inc.	421,715	29,983,936
	Reynolds American, Inc. (b)	34,440	2,239,978
	UST, Inc.	32,240	1,721,294
	Tobacco Total		33,945,208
	CONSUMER STAPLES TOTAL		255,837,517
ENERGY – 10.1%
Energy Equipment & Services – 1.9%
	Baker Hughes, Inc.	64,370	5,309,238
	BJ Services Co.	58,880	1,726,950
	ENSCO International, Inc. (b)	30,300	1,835,271
	Halliburton Co.	183,670	6,602,937
	Nabors Industries Ltd. (a)	55,950	1,954,893
	National-Oilwell Varco, Inc. (a)	35,280	3,332,196
	Noble Corp.	27,010	2,495,454
	Rowan Companies, Inc. (b)	22,205	876,653
	Schlumberger Ltd.	236,850	18,443,510
	Smith International, Inc. (b)	40,100	2,225,951
	Transocean, Inc. (a)	58,830	5,779,459
	Weatherford International Ltd. (a)	67,900	3,689,686
	Energy Equipment & Services Total		54,272,198
Oil, Gas & Consumable Fuels – 8.2%
	Anadarko Petroleum Corp.	93,080	4,621,422
	Apache Corp.	66,541	5,373,186
	Chesapeake Energy Corp.	82,300	2,868,978
	Chevron Corp.	433,611	35,334,960
	ConocoPhillips	330,367	25,580,317

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – (continued)
	CONSOL Energy, Inc.	36,700	1,783,253
	Devon Energy Corp.	89,280	6,854,919
	El Paso Corp.	140,360	2,391,734
	EOG Resources, Inc.	48,990	3,767,331
	Exxon Mobil Corp.	1,143,970	95,143,985
	Hess Corp.	54,320	3,216,830
	Marathon Oil Corp.	69,541	8,609,871
	Murphy Oil Corp.	37,700	2,224,300
	Occidental Petroleum Corp.	168,410	9,257,498
	Peabody Energy Corp.	53,200	2,874,928
	Spectra Energy Corp.	126,143	3,359,188
	Sunoco, Inc.	24,400	1,944,924
	Valero Energy Corp.	110,260	8,227,601
	Williams Companies, Inc.	120,135	3,815,488
	XTO Energy, Inc.	73,915	4,287,809
	Oil, Gas & Consumable Fuels Total		231,538,522
	ENERGY TOTAL		285,810,720
FINANCIALS – 20.7%
Capital Markets – 3.7%
	Ameriprise Financial, Inc.	48,045	3,019,628
	Bank of New York Co., Inc.	151,945	6,162,889
	Bear Stearns Companies, Inc. (a)	24,045	3,605,788
	Charles Schwab Corp.	206,355	4,636,797
	E*TRADE Financial Corp. (a)	85,850	2,056,107
	Federated Investors, Inc., Class B	17,890	696,637
	Franklin Resources, Inc.	33,670	4,570,366
	Goldman Sachs Group, Inc.	82,675	19,083,043
	Janus Capital Group, Inc. (b)	38,150	1,055,992
	Legg Mason, Inc.	26,400	2,667,192
	Lehman Brothers Holdings, Inc.	105,670	7,754,065
	Mellon Financial Corp.	83,585	3,621,738
	Merrill Lynch & Co., Inc.	177,735	16,481,367
	Morgan Stanley	213,935	18,193,032
	Northern Trust Corp.	37,935	2,468,810
	State Street Corp.	67,070	4,578,869
	T. Rowe Price Group, Inc.	53,340	2,739,009
	Capital Markets Total		103,391,329
Commercial Banks – 3.7%
	BB&T Corp.	108,905	4,585,990

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Commercial Banks – (continued)
	Comerica, Inc.	31,665	1,989,512
	Commerce Bancorp, Inc. (b)	37,700	1,301,404
	Compass Bancshares, Inc. (b)	26,220	1,835,400
	Fifth Third Bancorp	111,775	4,734,789
	First Horizon National Corp. (b)	25,170	1,014,099
	Huntington Bancshares, Inc. (b)	47,290	1,062,133
	KeyCorp	79,545	2,832,598
	M&T Bank Corp.	15,430	1,703,935
	Marshall & Ilsley Corp.	51,385	2,465,966
	National City Corp.	119,000	4,116,210
	PNC Financial Services Group, Inc.	69,560	5,133,528
	Regions Financial Corp. (b)	147,005	5,243,668
	SunTrust Banks, Inc.	71,370	6,372,627
	Synovus Financial Corp.	65,665	2,170,885
	U.S. Bancorp	355,850	12,305,293
	Wachovia Corp.	382,932	20,751,085
	Wells Fargo & Co.	678,850	24,499,697
	Zions Bancorporation	22,140	1,781,384
	Commercial Banks Total		105,900,203
Consumer Finance – 0.9%
	American Express Co.	239,625	15,570,833
	Capital One Financial Corp.	82,505	6,582,249
	SLM Corp.	82,510	4,637,887
	Consumer Finance Total		26,790,969
Diversified Financial Services – 5.1%
	Bank of America Corp. (c)	898,634	45,569,730
	Chicago Mercantile Exchange Holdings, Inc., Class A	7,000	3,717,000
	CIT Group, Inc. (b)	38,860	2,328,880
	Citigroup, Inc.	985,085	53,677,282
	JPMorgan Chase & Co.	697,917	36,173,038
	Moody’s Corp.	47,010	3,274,246
	Diversified Financial Services Total		144,740,176
Insurance – 4.7%
	ACE Ltd.	65,650	4,042,071
	AFLAC, Inc.	98,860	5,225,740
	Allstate Corp.	124,275	7,642,912
	Ambac Financial Group, Inc.	20,580	1,844,174
	American International Group, Inc.	522,715	37,813,203
	Aon Corp.	59,930	2,572,196
	Assurant, Inc.	20,200	1,200,890

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Insurance – (continued)
	Chubb Corp.	82,090	4,504,278
	Cincinnati Financial Corp.	34,722	1,577,073
	Genworth Financial, Inc., Class A	88,600	3,198,460
	Hartford Financial Services Group, Inc.	64,350	6,638,989
	Lincoln National Corp.	55,572	4,028,970
	Loews Corp.	90,595	4,623,063
	Marsh & McLennan Companies, Inc.	111,065	3,646,264
	MBIA, Inc. (b)	27,035	1,799,179
	MetLife, Inc.	151,250	10,285,000
	Principal Financial Group, Inc.	53,850	3,274,080
	Progressive Corp.	149,540	3,446,897
	Prudential Financial, Inc.	94,275	9,617,935
	SAFECO Corp.	21,260	1,334,065
	Torchmark Corp.	19,730	1,383,270
	Travelers Companies, Inc.	135,756	7,353,903
	Unum Provident Corp.	68,825	1,826,616
	XL Capital Ltd., Class A	36,350	2,964,706
	Insurance Total		131,843,934
Real Estate Investment Trusts (REITs) – 1.2%
	Apartment Investment & Management Co., Class A	19,640	1,077,647
	Archstone-Smith Trust	44,260	2,730,842
	AvalonBay Communities, Inc.	15,900	2,073,201
	Boston Properties, Inc.	23,900	2,764,752
	Developers Diversified Realty Corp.	25,500	1,572,075
	Equity Residential Property Trust	59,060	2,992,570
	Host Hotels & Resorts, Inc.	104,600	2,669,392
	Kimco Realty Corp.	45,400	2,101,566
	Plum Creek Timber Co., Inc.	35,670	1,491,006
	ProLogis Trust	51,495	3,329,667
	Public Storage, Inc.	24,700	2,210,650
	Simon Property Group, Inc.	44,525	4,807,809
	Vornado Realty Trust	26,200	3,170,462
	Real Estate Investment Trusts (REITs) Total		32,991,639
Real Estate Management & Development – 0.0%
	CB Richard Ellis Group, Inc., Class A (a)	37,500	1,395,750
	Real Estate Management & Development Total		1,395,750
Thrifts & Mortgage Finance – 1.4%
	Countrywide Financial Corp.	118,498	4,614,312

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – (continued)
	Fannie Mae	194,515	12,433,399
	Freddie Mac	139,230	9,299,172
	Hudson City Bancorp, Inc.	99,400	1,311,086
	MGIC Investment Corp. (b)	16,715	1,086,475
	Sovereign Bancorp, Inc. (b)	72,518	1,685,318
	Washington Mutual, Inc. (b)	178,597	7,808,261
	Thrifts & Mortgage Finance Total		38,238,023
	FINANCIALS TOTAL		585,292,023
HEALTH CARE – 11.5%
Biotechnology – 1.2%
	Amgen, Inc. (a)	234,577	13,213,722
	Biogen Idec, Inc. (a)	68,822	3,593,885
	Celgene Corp. (a)	75,900	4,648,116
	Genzyme Corp. (a)	52,980	3,418,270
	Gilead Sciences, Inc. (a)	93,340	7,725,752
	Biotechnology Total		32,599,745
Health Care Equipment & Supplies – 1.6%
	Bausch & Lomb, Inc.	10,910	740,789
	Baxter International, Inc.	130,555	7,420,746
	Becton, Dickinson & Co.	49,180	3,749,975
	Biomet, Inc.	49,180	2,145,232
	Boston Scientific Corp. (a)	237,987	3,729,256
	C.R. Bard, Inc.	20,755	1,751,930
	Hospira, Inc. (a)	31,332	1,248,267
	Medtronic, Inc.	231,430	12,305,133
	St. Jude Medical, Inc. (a)	69,150	2,952,013
	Stryker Corp.	59,900	4,031,869
	Varian Medical Systems, Inc. (a)	25,800	1,039,740
	Zimmer Holdings, Inc. (a)	47,605	4,192,096
	Health Care Equipment & Supplies Total		45,307,046
Health Care Providers & Services – 2.2%
	Aetna, Inc.	103,800	5,494,134
	AmerisourceBergen Corp.	38,060	1,949,433
	Cardinal Health, Inc.	80,460	5,830,132
	CIGNA Corp.	19,635	3,291,415
	Coventry Health Care, Inc. (a)	32,050	1,912,423
	Express Scripts, Inc. (a)	27,250	2,782,225
	Humana, Inc. (a)	33,540	2,081,157
	Laboratory Corp. of America Holdings (a)	24,610	1,937,791
	Manor Care, Inc.	14,690	998,920

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Providers & Services – (continued)
	McKesson Corp.	59,400	3,749,922
	Medco Health Solutions, Inc. (a)	57,921	4,503,937
	Patterson Companies, Inc. (a)	28,000	1,050,560
	Quest Diagnostics, Inc.	31,930	1,565,209
	Tenet Healthcare Corp. (a)(b)	94,792	658,804
	UnitedHealth Group, Inc.	272,140	14,905,108
	WellPoint, Inc. (a)	123,080	10,019,943
	Health Care Providers & Services Total		62,731,113
Health Care Technology – 0.0%
	IMS Health, Inc.	39,200	1,281,840
	Health Care Technology Total		1,281,840
Life Sciences Tools & Services – 0.3%
	Applera Corp. - Applied Biosystems Group	36,895	1,047,449
	Millipore Corp. (a)(b)	10,795	807,142
	PerkinElmer, Inc.	24,435	647,772
	Thermo Fisher Scientific, Inc. (a)	84,405	4,608,513
	Waters Corp. (a)	20,445	1,232,834
	Life Sciences Tools & Services Total		8,343,710
Pharmaceuticals – 6.2%
	Abbott Laboratories	310,025	17,469,909
	Allergan, Inc.	30,860	3,842,996
	Barr Pharmaceuticals, Inc. (a)	21,400	1,141,048
	Bristol-Myers Squibb Co.	405,745	12,298,131
	Eli Lilly & Co.	198,255	11,621,708
	Forest Laboratories, Inc. (a)(b)	63,820	3,236,312
	Johnson & Johnson	581,505	36,791,821
	King Pharmaceuticals, Inc. (a)	48,915	1,038,955
	Merck & Co., Inc.	435,275	22,830,174
	Mylan Laboratories, Inc. (b)	49,145	971,597
	Pfizer, Inc.	1,423,975	39,145,073
	Schering-Plough Corp.	298,975	9,788,441
	Watson Pharmaceuticals, Inc. (a)	20,605	635,870
	Wyeth	270,490	15,645,141
	Pharmaceuticals Total		176,457,176
	HEALTH CARE TOTAL		326,720,630
INDUSTRIALS – 10.9%
Aerospace & Defense – 2.6%
	Boeing Co.	158,565	15,950,053

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Aerospace & Defense – (continued)
	General Dynamics Corp.	81,520	6,541,165
	Goodrich Corp.	25,220	1,500,338
	Honeywell International, Inc.	160,745	9,308,743
	L-3 Communications Holdings, Inc.	25,020	2,383,405
	Lockheed Martin Corp.	71,305	6,995,021
	Northrop Grumman Corp.	70,413	5,323,927
	Precision Castparts Corp.	27,500	3,287,900
	Raytheon Co.	89,690	4,986,764
	Rockwell Collins, Inc.	33,830	2,390,766
	United Technologies Corp.	200,100	14,117,055
	Aerospace & Defense Total		72,785,137
Air Freight & Logistics – 0.8%
	C.H. Robinson Worldwide, Inc.	34,800	1,885,464
	FedEx Corp.	61,690	6,885,838
	United Parcel Service, Inc., Class B	214,315	15,424,250
	Air Freight & Logistics Total		24,195,552
Airlines – 0.1%
	Southwest Airlines Co.	158,450	2,267,419
	Airlines Total		2,267,419
Building Products – 0.2%
	American Standard Companies, Inc.	35,055	2,095,588
	Masco Corp.	78,685	2,377,074
	Building Products Total		4,472,662
Commercial Services & Supplies – 0.5%
	Allied Waste Industries, Inc. (a)	51,245	689,758
	Avery Dennison Corp.	18,430	1,202,926
	Cintas Corp.	27,250	1,045,310
	Equifax, Inc. (b)	29,185	1,226,645
	Monster Worldwide, Inc. (a)	25,795	1,217,782
	Pitney Bowes, Inc.	44,265	2,113,654
	R.R. Donnelley & Sons Co.	43,925	1,880,868
	Robert Half International, Inc.	33,790	1,187,381
	Waste Management, Inc.	107,110	4,141,944
	Commercial Services & Supplies Total		14,706,268
Construction & Engineering – 0.1%
	Fluor Corp. (b)	17,715	1,844,132
	Construction & Engineering Total		1,844,132
Electrical Equipment – 0.4%
	Cooper Industries Ltd., Class A	36,630	1,962,635
	Emerson Electric Co.	160,290	7,766,051

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Electrical Equipment – (continued)
	Rockwell Automation, Inc.	33,305	2,266,405
	Electrical Equipment Total		11,995,091
Industrial Conglomerates – 3.8%
	3M Co.	147,430	12,967,943
	General Electric Co. (d)	2,066,240	77,649,299
	Textron, Inc.	25,185	2,702,350
	Tyco International Ltd.	397,305	13,254,095
	Industrial Conglomerates Total		106,573,687
Machinery – 1.6%
	Caterpillar, Inc.	129,740	10,194,969
	Cummins, Inc.	20,940	1,973,176
	Danaher Corp.	47,860	3,517,710
	Deere & Co.	45,580	5,491,023
	Dover Corp.	41,160	2,060,058
	Eaton Corp.	29,400	2,755,956
	Illinois Tool Works, Inc.	83,070	4,379,450
	Ingersoll-Rand Co., Ltd., Class A	61,830	3,173,734
	ITT Corp.	36,530	2,458,469
	Paccar, Inc.	49,895	4,352,341
	Pall Corp. (b)	24,670	1,103,983
	Parker Hannifin Corp.	23,295	2,361,181
	Terex Corp. (a)	20,600	1,746,262
	Machinery Total		45,568,312
Road & Rail – 0.8%
	Burlington Northern Santa Fe Corp.	72,140	6,718,398
	CSX Corp.	87,750	3,987,360
	Norfolk Southern Corp.	79,780	4,617,666
	Ryder System, Inc.	12,160	655,667
	Union Pacific Corp.	54,395	6,564,389
	Road & Rail Total		22,543,480
Trading Companies & Distributors – 0.0%
	W.W. Grainger, Inc.	14,415	1,269,241
	Trading Companies & Distributors Total		1,269,241
	INDUSTRIALS TOTAL		308,220,981
INFORMATION TECHNOLOGY – 14.8%
Communications Equipment – 2.5%
	ADC Telecommunications, Inc. (a)	23,587	395,082
	Avaya, Inc. (a)	91,080	1,457,280
	Ciena Corp. (a)(b)	17,118	587,490

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Communications Equipment – (continued)
	Cisco Systems, Inc. (a)	1,213,650	32,671,458
	Corning, Inc. (a)	315,360	7,884,000
	JDS Uniphase Corp. (a)(b)	42,455	556,161
	Juniper Networks, Inc. (a)	114,400	2,792,504
	Motorola, Inc.	480,280	8,736,293
	QUALCOMM, Inc.	332,840	14,295,478
	Tellabs, Inc. (a)	87,850	961,957
	Communications Equipment Total		70,337,703
Computers & Peripherals – 3.9%
	Apple, Inc. (a)	173,190	21,052,976
	Dell, Inc. (a)	456,425	12,264,140
	EMC Corp. (a)	423,570	7,154,097
	Hewlett-Packard Co.	537,766	24,581,284
	International Business Machines Corp.	302,500	32,246,500
	Lexmark International, Inc., Class A (a)(b)	19,285	1,001,470
	NCR Corp. (a)	35,970	1,930,510
	Network Appliance, Inc. (a)	74,600	2,401,374
	QLogic Corp. (a)	31,980	545,579
	SanDisk Corp. (a)	45,700	1,990,235
	Seagate Technology, Inc., Escrow Shares (a)(e)	64,266	643
	Sun Microsystems, Inc. (a)	723,505	3,689,875
	Computers & Peripherals Total		108,858,683
Electronic Equipment & Instruments – 0.2%
	Agilent Technologies, Inc. (a)	81,135	3,096,923
	Jabil Circuit, Inc. (b)	37,095	853,185
	Molex, Inc. (b)	28,465	846,549
	Sanmina-SCI Corp. (a)	106,515	380,259
	Solectron Corp. (a)	181,665	617,661
	Tektronix, Inc.	16,415	496,882
	Electronic Equipment & Instruments Total		6,291,459
Internet Software & Services – 1.3%
	eBay, Inc. (a)	228,270	7,432,471
	Google, Inc., Class A (a)	43,700	21,751,675
	VeriSign, Inc. (a)	49,300	1,470,619
	Yahoo!, Inc. (a)	245,310	7,040,397
	Internet Software & Services Total		37,695,162
IT Services – 1.1%
	Affiliated Computer Services, Inc., Class A (a)	19,910	1,161,749

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
IT Services – (continued)
	Automatic Data Processing, Inc.	110,525	5,493,092
	Broadridge Financial Solutions, Inc. (f)	—	5
	Cognizant Technology Solutions Corp., Class A (a)	28,700	2,254,672
	Computer Sciences Corp. (a)(b)	34,820	1,929,028
	Convergys Corp. (a)	27,425	705,920
	Electronic Data Systems Corp.	103,375	2,978,234
	Fidelity National Information Services, Inc.	32,700	1,763,184
	First Data Corp.	151,345	4,948,981
	Fiserv, Inc. (a)	34,320	2,033,460
	Paychex, Inc.	68,160	2,753,664
	Unisys Corp. (a)	69,395	577,366
	Western Union Co.	155,145	3,483,005
	IT Services Total		30,082,360
Office Electronics – 0.1%
	Xerox Corp. (a)	190,725	3,598,981
	Office Electronics Total		3,598,981
Semiconductors & Semiconductor Equipment – 2.5%
	Advanced Micro Devices, Inc. (a)(b)	111,455	1,590,463
	Altera Corp.	71,675	1,634,907
	Analog Devices, Inc.	67,075	2,428,786
	Applied Materials, Inc.	280,655	5,360,510
	Broadcom Corp., Class A (a)	94,750	2,895,560
	Intel Corp.	1,158,775	25,690,042
	KLA-Tencor Corp. (b)	40,145	2,207,172
	Linear Technology Corp. (b)	51,040	1,831,826
	LSI Logic Corp. (a)	154,740	1,343,143
	Maxim Integrated Products, Inc.	64,480	1,982,760
	MEMC Electronic Materials, Inc. (a)	45,100	2,741,178
	Micron Technology, Inc. (a)	151,655	1,847,158
	National Semiconductor Corp.	56,960	1,533,363
	Novellus Systems, Inc. (a)	25,285	775,997
	NVIDIA Corp. (a)	71,480	2,478,212
	PMC-Sierra, Inc. (a)(b)	42,630	328,677
	Teradyne, Inc. (a)	38,170	649,653
	Texas Instruments, Inc.	290,070	10,256,875
	Xilinx, Inc.	66,635	1,897,765
	Semiconductors & Semiconductor Equipment Total		69,474,047

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – 3.2%
	Adobe Systems, Inc. (a)	118,270	5,213,342
	Autodesk, Inc. (a)	46,590	2,117,516
	BMC Software, Inc. (a)	41,000	1,358,740
	CA, Inc.	82,604	2,191,484
	Citrix Systems, Inc. (a)	36,305	1,220,211
	Compuware Corp. (a)	65,190	740,558
	Electronic Arts, Inc. (a)	62,290	3,044,112
	Intuit, Inc. (a)	68,840	2,099,620
	Microsoft Corp.	1,731,520	53,105,718
	Novell, Inc. (a)	68,165	533,050
	Oracle Corp. (a)	801,765	15,538,206
	Symantec Corp. (a)	185,730	3,712,743
	Software Total		90,875,300
	INFORMATION TECHNOLOGY TOTAL		417,213,695
MATERIALS – 3.0%
Chemicals – 1.5%
	Air Products & Chemicals, Inc.	43,515	3,393,735
	Ashland, Inc.	11,250	678,600
	Dow Chemical Co.	192,725	8,745,861
	E.I. Du Pont de Nemours & Co.	185,695	9,715,562
	Eastman Chemical Co. (b)	16,850	1,114,796
	Ecolab, Inc.	35,725	1,541,534
	Hercules, Inc. (a)	23,370	440,057
	International Flavors & Fragrances, Inc.	15,690	805,368
	Monsanto Co.	109,244	6,729,430
	PPG Industries, Inc.	32,905	2,507,032
	Praxair, Inc.	64,405	4,385,336
	Rohm and Haas Co.	28,595	1,515,821
	Sigma-Aldrich Corp.	26,500	1,146,920
	Chemicals Total		42,720,052
Construction Materials – 0.1%
	Vulcan Materials Co.	19,055	2,280,693
	Construction Materials Total		2,280,693
Containers & Packaging – 0.2%
	Ball Corp.	20,755	1,148,997
	Bemis Co., Inc.	21,005	706,398
	Pactiv Corp. (a)	26,750	908,697
	Sealed Air Corp.	32,430	1,047,489
	Temple-Inland, Inc.	21,120	1,330,560
	Containers & Packaging Total		5,142,141

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Metals & Mining – 0.9%
	Alcoa, Inc.	174,760	7,214,093
	Allegheny Technologies, Inc.	20,540	2,374,219
	Freeport-McMoRan Copper & Gold, Inc., Class B	75,310	5,926,897
	Newmont Mining Corp.	90,600	3,685,608
	Nucor Corp.	60,480	4,084,819
	United States Steel Corp.	23,770	2,689,813
	Metals & Mining Total		25,975,449
Paper & Forest Products – 0.3%
	International Paper Co.	90,895	3,560,357
	MeadWestvaco Corp.	36,695	1,284,325
	Weyerhaeuser Co.	42,455	3,479,612
	Paper & Forest Products Total		8,324,294
	MATERIALS TOTAL		84,442,629
TELECOMMUNICATION SERVICES – 3.7%
Diversified Telecommunication Services – 3.0%
	AT&T, Inc.	1,254,620	51,865,991
	CenturyTel, Inc.	22,335	1,103,796
	Citizens Communications Co.	68,095	1,079,306
	Embarq Corp.	30,257	1,944,315
	Qwest Communications International, Inc. (a)(b)	315,185	3,243,254
	Verizon Communications, Inc.	584,695	25,451,773
	Windstream Corp.	95,780	1,438,615
	Diversified Telecommunication Services Total		86,127,050
Wireless Telecommunication Services – 0.7%
	ALLTEL Corp.	72,430	4,962,904
	Sprint Nextel Corp.	583,245	13,327,148
	Wireless Telecommunication Services Total		18,290,052
	TELECOMMUNICATION SERVICES TOTAL		104,417,102
UTILITIES – 3.5%
Electric Utilities – 1.8%
	Allegheny Energy, Inc. (a)	33,090	1,766,675
	American Electric Power Co., Inc.	79,715	3,796,825
	Duke Energy Corp.	252,587	4,935,550
	Edison International	65,430	3,812,606
	Entergy Corp.	39,885	4,503,017
	Exelon Corp.	134,650	10,502,700
	FirstEnergy Corp.	64,105	4,437,989

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Electric Utilities – (continued)
	FPL Group, Inc.	81,530	5,212,213
	Pinnacle West Capital Corp.	20,055	931,154
	PPL Corp.	77,390	3,556,844
	Progress Energy, Inc. (b)	51,630	2,586,147
	Southern Co.	150,415	5,416,444
	Electric Utilities Total		51,458,164
Gas Utilities – 0.1%
	Nicor, Inc. (b)	9,045	424,663
	Questar Corp.	17,300	1,868,573
	Gas Utilities Total		2,293,236
Independent Power Producers & Energy Traders – 0.5%
	AES Corp. (a)	133,410	3,165,819
	Constellation Energy Group, Inc.	36,255	3,327,121
	Dynegy, Inc. (a)	80,820	782,338
	TXU Corp.	92,230	6,220,913
	Independent Power Producers & Energy Traders Total		13,496,191
Multi-Utilities – 1.1%
	Ameren Corp.	41,485	2,201,609
	CenterPoint Energy, Inc.	64,350	1,218,145
	CMS Energy Corp.	44,825	818,056
	Consolidated Edison, Inc. (b)	51,780	2,527,900
	Dominion Resources, Inc.	70,145	6,214,146
	DTE Energy Co.	35,555	1,880,148
	Integrys Energy Group, Inc. (b)	15,099	844,034
	KeySpan Corp.	35,330	1,472,201
	NiSource, Inc.	55,020	1,221,994
	PG&E Corp.	70,475	3,471,598
	Public Service Enterprise Group, Inc.	50,790	4,517,263
	Sempra Energy	52,840	3,240,149
	TECO Energy, Inc.	42,110	739,452
	Xcel Energy, Inc.	81,905	1,879,720
	Multi-Utilities Total		32,246,415
	UTILITIES TOTAL		99,494,006

	Total Common Stocks (cost of $1,646,815,712)		2,749,102,155

		Par ($)
Short-Term Obligation – 3.5%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by U.S. Government Treasury Obligations with various maturities to 04/25/11, market value of $100,928,225 (repurchase proceeds $98,962,292)	98,948,000	98,948,000

	Total Short-Term Obligation (cost of $98,948,000)		98,948,000

	Total Investments – 103.2% (cost of $1,816,720,495)(h)(i)		2,919,006,938

	Other Assets & Liabilities, Net – (3.2)%		(91,359,185	)

	Net Assets – 100.0%		2,827,647,753

	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. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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)	All or a portion of this security was on loan at May 31, 2007. The market value of securities on loan at May 31, 2007 is $64,896,172.

(c)

Investments in affiliates during the three months ended May 31, 2007:

Security name:	Bank of America Corp.
Shares as of 02/28/07:	925,734
Shares purchased:	—
Shares sold:	(27,100		)
Shares as of 05/31/07:	898,634
Net realized gain:	$	1,126,983
Dividend income earned:	$	503,235
Value at end of period:	$	45,569,730

	(d)	Security pledged as collateral for open futures contracts.

	(e)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

	(f)	Rounds to less than 1 share.

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

	(h)	Cost for federal income tax purposes is $1,816,720,495.

	(i)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	1,181,295,890	$	(79,009,447	)	$	1,102,286,443

At May 31, 2007, the Fund held the following open long futures contracts:

Aggregate

Expiration

Net Unrealized

Type

Contracts

Value

Face Value

Date

Appreciation

S&P 500 Index

208

79,710,800

78,750,888

Jun - 2007

959,912

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Large Cap Value Fund

		Shares	Value ($)*
Common Stocks – 97.9%
CONSUMER DISCRETIONARY – 6.5%
Hotels, Restaurants & Leisure – 0.9%
	McDonald’s Corp.	869,119	43,933,966
	Hotels, Restaurants & Leisure Total		43,933,966
Household Durables – 3.1%
	Centex Corp.	583,800	28,232,568
	Lennar Corp., Class A	513,800	23,454,970
	Newell Rubbermaid, Inc.	1,416,300	44,981,688
	Sony Corp., ADR	781,400	45,086,780
	Household Durables Total		141,756,006
Media – 0.5%
	Time Warner, Inc.	1,068,400	22,831,708
	Media Total		22,831,708
Multiline Retail – 1.5%
	J.C. Penney Co., Inc.	734,400	59,104,512
	Macys, Inc.	232,986	9,303,131
	Multiline Retail Total		68,407,643
Specialty Retail – 0.5%
	Home Depot, Inc.	580,900	22,579,583
	Specialty Retail Total		22,579,583
CONSUMER DISCRETIONARY TOTAL			299,508,906
CONSUMER STAPLES – 9.6%
Beverages – 1.1%
	Diageo PLC, ADR	611,498	52,215,814
	Beverages Total		52,215,814
Food & Staples Retailing – 0.8%
	Sysco Corp.	1,038,500	34,395,120
	Food & Staples Retailing Total		34,395,120
Food Products – 2.7%
	ConAgra Foods, Inc.	2,301,800	58,695,900
	Kraft Foods, Inc., Class A	1,288,190	43,592,350
	Tyson Foods, Inc., Class A	1,072,200	23,899,338
	Food Products Total		126,187,588
Household Products – 0.5%
	Colgate-Palmolive Co.	338,400	22,659,264
	Household Products Total		22,659,264
Personal Products – 0.7%
	Avon Products, Inc.	872,300	33,487,597
	Personal Products Total		33,487,597

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Tobacco – 3.8%
	Altria Group, Inc.	1,290,477	91,752,915
	Loews Corp. - Carolina Group	1,092,400	84,934,100
	Tobacco Total		176,687,015
CONSUMER STAPLES TOTAL			445,632,398
ENERGY – 13.9%
Energy Equipment & Services – 2.3%
	ENSCO International, Inc.	238,300	14,433,831
	Halliburton Co.	1,371,598	49,308,948
	National-Oilwell Varco, Inc. (b)	177,600	16,774,320
	Weatherford International Ltd. (b)	509,900	27,707,966
	Energy Equipment & Services Total		108,225,065
Oil, Gas & Consumable Fuels – 11.6%
	ConocoPhillips	930,180	72,023,837
	Exxon Mobil Corp.	2,536,628	210,971,351
	Hess Corp.	790,300	46,801,566
	Newfield Exploration Co. (b)	515,400	24,759,816
	Occidental Petroleum Corp.	1,750,800	96,241,476
	Peabody Energy Corp. (a)	430,400	23,258,816
	Valero Energy Corp.	497,100	37,093,602
	Williams Companies, Inc.	788,900	25,055,464
	Oil, Gas & Consumable Fuels Total		536,205,928
ENERGY TOTAL			644,430,993
FINANCIALS – 33.0%
Capital Markets – 5.3%
	Deutsche Bank AG, Registered Shares	242,300	36,853,830
	Merrill Lynch & Co., Inc.	1,387,986	128,707,942
	State Street Corp.	1,147,200	78,319,344
	Capital Markets Total		243,881,116
Commercial Banks – 9.1%
	Barclays PLC, ADR	761,500	43,580,645
	Marshall & Ilsley Corp. (a)	879,303	42,197,751
	PNC Financial Services Group, Inc.	757,779	55,924,090
	SunTrust Banks, Inc. (a)	255,900	22,849,311
	U.S. Bancorp	2,867,482	99,157,528
	Wachovia Corp.	1,045,932	56,679,055
	Wells Fargo & Co.	2,757,214	99,507,853
	Commercial Banks Total		419,896,233

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Diversified Financial Services – 8.2%
	CIT Group, Inc.	854,800	51,228,164
	Citigroup, Inc.	3,132,210	170,674,123
	JPMorgan Chase & Co.	3,087,510	160,025,643
	Diversified Financial Services Total		381,927,930
Insurance – 7.1%
	ACE Ltd.	1,498,000	92,231,860
	Ambac Financial Group, Inc.	679,273	60,869,653
	American International Group, Inc.	468,547	33,894,690
	Genworth Financial, Inc., Class A	1,415,988	51,117,164
	Hartford Financial Services Group, Inc.	400,060	41,274,190
	Prudential Financial, Inc.	484,300	49,408,286
	Insurance Total		328,795,843
Real Estate Investment Trusts (REITs) – 2.5%
	Archstone-Smith Trust	397,038	24,497,245
	General Growth Properties, Inc.	595,600	35,164,224
	Plum Creek Timber Co., Inc.	834,400	34,877,920
	ProLogis	349,900	22,624,534
	Real Estate Investment Trusts (REITs) Total		117,163,923
Thrifts & Mortgage Finance – 0.8%
	Washington Mutual, Inc.	842,700	36,842,844
	Thrifts & Mortgage Finance Total		36,842,844
FINANCIALS TOTAL			1,528,507,889
HEALTH CARE – 7.4%
Health Care Providers & Services – 2.1%
	Aetna, Inc.	471,696	24,966,869
	CIGNA Corp.	233,986	39,223,073
	McKesson Corp.	546,900	34,525,797
	Health Care Providers & Services Total		98,715,739
Life Sciences Tools & Services – 0.8%
	Thermo Fisher Scientific, Inc. (b)	696,100	38,007,060
	Life Sciences Tools & Services Total		38,007,060
Pharmaceuticals – 4.5%
	Johnson & Johnson	686,100	43,409,547
	Merck & Co., Inc.	1,324,900	69,491,005
	Pfizer, Inc.	3,360,238	92,372,943
	Pharmaceuticals Total		205,273,495
HEALTH CARE TOTAL			341,996,294
INDUSTRIALS – 7.3%
Aerospace & Defense – 4.5%
	Boeing Co.	691,100	69,517,749

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Aerospace & Defense – (continued)
	L-3 Communications Holdings, Inc.	668,100	63,643,206
	United Technologies Corp.	1,028,980	72,594,539
	Aerospace & Defense Total		205,755,494
Electrical Equipment – 0.5%
	ABB Ltd., ADR	1,157,700	24,855,819
	Electrical Equipment Total		24,855,819
Industrial Conglomerates – 2.3%
	General Electric Co.	2,877,616	108,140,809
	Industrial Conglomerates Total		108,140,809
INDUSTRIALS TOTAL			338,752,122
INFORMATION TECHNOLOGY – 4.8%
Computers & Peripherals – 2.0%
	Hewlett-Packard Co.	2,045,280	93,489,749
	Computers & Peripherals Total		93,489,749
Electronic Equipment & Instruments – 0.6%
	Agilent Technologies, Inc. (b)	735,800	28,085,486
	Electronic Equipment & Instruments Total		28,085,486
Semiconductors & Semiconductor Equipment – 1.7%
	Fairchild Semiconductor International, Inc. (b)	1,476,400	27,195,288
	Intersil Corp., Class A	734,200	22,099,420
	NVIDIA Corp. (b)	872,100	30,235,707
	Semiconductors & Semiconductor Equipment Total		79,530,415
Software – 0.5%
	Electronic Arts, Inc. (b)	402,300	19,660,401
	Software Total		19,660,401
INFORMATION TECHNOLOGY TOTAL			220,766,051
MATERIALS – 2.9%
Construction Materials – 0.5%
	Vulcan Materials Co. (a)	197,800	23,674,682
	Construction Materials Total		23,674,682
Containers & Packaging – 0.7%
	Crown Holdings, Inc. (b)	1,316,900	32,830,317
	Containers & Packaging Total		32,830,317
Metals & Mining – 0.8%
	Alcoa, Inc.	942,200	38,894,016
	Metals & Mining Total		38,894,016

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Paper & Forest Products – 0.9%
	Weyerhaeuser Co.	476,000	39,012,960
	Paper & Forest Products Total		39,012,960
MATERIALS TOTAL			134,411,975
TELECOMMUNICATION SERVICES – 6.1%
Diversified Telecommunication Services – 5.5%
	AT&T, Inc.	4,071,451	168,313,784
	Qwest Communications International, Inc. (a)(b)	3,422,200	35,214,438
	Verizon Communications, Inc.	1,196,402	52,079,379
	Diversified Telecommunication Services Total		255,607,601
Wireless Telecommunication Services – 0.6%
	ALLTEL Corp.	365,000	25,009,800
	Wireless Telecommunication Services Total		25,009,800
TELECOMMUNICATION SERVICES TOTAL			280,617,401
UTILITIES – 6.4%
Electric Utilities – 3.5%
	Entergy Corp.	233,793	26,395,230
	FPL Group, Inc.	911,000	58,240,230
	PPL Corp.	1,053,700	48,428,052
	Reliant Energy, Inc. (a)(b)	1,163,700	29,813,994
	Electric Utilities Total		162,877,506
Independent Power Producers & Energy Traders – 1.0%
	Constellation Energy Group, Inc.	253,200	23,236,164
	Mirant Corp. (b)	501,500	23,269,600
	Independent Power Producers & Energy Traders Total		46,505,764
Multi-Utilities – 1.9%
	PG&E Corp. (a)	740,443	36,474,222
	Public Service Enterprise Group, Inc.	555,845	49,436,854
	Multi-Utilities Total		85,911,076
UTILITIES TOTAL			295,294,346

	Total Common Stocks (cost of $3,505,379,107)		4,529,918,375

		Par ($)
Convertible Bonds – 1.2%
COMMUNICATIONS– 1.2%
Media – 1.2%
Liberty Media Corp.

		Par ($)	Value ($)
Convertible Bonds – (continued)
COMMUNICATIONS – (continued)
Media – (continued)
	0.750% 03/30/23	45,700,000	56,839,375
	Media Totall		56,839,375
COMMUNICATIONS TOTAL			56,839,375

	Total Convertible Bonds (cost of 49,904,666)		56,839,375

Securities Lending Collateral – 1.5%
	State Street Navigator Securities Lending Prime Portfolio(c)	68,995,964	68,995,964

	Total Securities Lending Collateral (cost of 68,995,964)		68,995,964

Short-Term Obligation – 0.9%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by U.S. Government Agency Obligations with various maturities to 02/13/17, market value of 39,110,381 (repurchase proceeds $38,347,538)	38,342,000	38,342,000

	Total Short-Term Obligation (cost of $38,342,000)		38,342,000

	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. Options are valued at the last reported sales price, or in the absence of a sale, the mean between the last quoted bid and ask price. 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)	All or a portion of this security was on loan at May 31, 2007. The total market value of securities on loan at May 31, 2007 is $67,154,887.

	(b)	Non-income producing security.

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

	(d)	Cost for federal income tax purposes is $3,662,621,737.

	(e)	Unrealized appreciation and depreciation at May 31,2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	1,047,162,422	$	(15,688,445	)	$	1,031,473,977

For the three months ended May 31, 2007, transactions in written options were as follows:

	Number of contracts	Premium amount
Options outstanding at February 28, 2007	0	$	0
Options written	1,657		210,436
Options terminated in closing purchase transactions	0	0
Options exercised	0	0
Options expired	0	0
Options outstanding at May 31, 2007	1,657	$	210,436

	Acronym		Name

	ADR		American Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Marsico 21st Century Fund

		Shares	Value ($)*
Common Stocks – 85.9%
CONSUMER DISCRETIONARY – 19.4%
Hotels, Restaurants & Leisure – 12.6%
	Chipotle Mexican Grill, Inc., Class A (a)	513,869	44,511,333
	Las Vegas Sands Corp. (a)	2,722,703	212,425,288
	McDonald’s Corp.	2,138,615	108,106,988
	MGM Mirage (a)	1,535,399	122,110,282
	Station Casinos, Inc.	583,842	51,290,520
	Vail Resorts, Inc. (a)	1,760,784	105,559,001
	Wynn Resorts Ltd.	1,020,690	98,537,413
	Hotels, Restaurants & Leisure Total		742,540,825
Household Durables – 0.4%
	Cyrela Brazil Realty SA	1,572,128	20,459,760
	Household Durables Total		20,459,760
Internet & Catalog Retail – 0.4%
	Blue Nile, Inc. (a)	422,853	24,301,362
	Internet & Catalog Retail Total		24,301,362
Media – 2.5%
	Comcast Corp., Class A (a)	5,340,455	146,381,872
	Media Total		146,381,872
Multiline Retail – 3.5%
	Saks, Inc.	10,272,536	205,861,621
	Multiline Retail Total		205,861,621
	CONSUMER DISCRETIONARY TOTAL		1,139,545,440
CONSUMER STAPLES – 3.5%
Beverages – 3.5%
	Heineken Holding NV	4,046,594	204,782,351
	Beverages Total		204,782,351
	CONSUMER STAPLES TOTAL		204,782,351
ENERGY – 5.6%
Energy Equipment & Services – 2.9%
	Schlumberger Ltd.	2,187,302	170,325,207
	Energy Equipment & Services Total		170,325,207
Oil, Gas & Consumable Fuels – 2.7%
	Petroleo Brasileiro SA, ADR	1,491,498	161,320,423
	Oil, Gas & Consumable Fuels Total		161,320,423
	ENERGY TOTAL		331,645,630
FINANCIALS – 23.8%
Capital Markets – 4.9%
	Goldman Sachs Group, Inc.	366,638	84,627,383

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Capital Markets – (continued)
	Jefferies Group, Inc.	2,487,063	76,203,610
	UBS AG, Registered Shares	1,999,985	130,469,303
	Capital Markets Total		291,300,296
Commercial Banks – 9.2%
	Banco Itau Holding Financeira SA, ADR	4,009,207	176,765,937
	China Merchants Bank Co., Ltd., Class H	28,348,000	73,153,084
	Erste Bank der Oesterreichischen Sparkassen AG	923,452	72,440,667
	Industrial & Commercial Bank of China, Class H (a)	126,552,000	66,286,866
	Wells Fargo & Co.	4,213,349	152,059,765
	Commercial Banks Total		540,706,319
Diversified Financial Services – 4.2%
	Moody’s Corp.	2,257,977	157,268,098
	Oaktree Capital Group LLC, Class A (b)	1,824,000	88,464,000
	Diversified Financial Services Total		245,732,098
Real Estate Investment Trusts (REITs) – 1.3%
	KKR Financial Corp.	1,146,158	30,694,112
	ProLogis Trust	372,714	24,099,687
	Redwood Trust, Inc.	364,402	19,528,303
	Real Estate Investment Trusts (REITs) Total		74,322,102
Real Estate Management & Development – 4.2%
	CB Richard Ellis Group, Inc., Class A (a)	3,994,510	148,675,662
	St. Joe Co.	1,912,007	100,074,446
	Real Estate Management & Development Total		248,750,108
	FINANCIALS TOTAL		1,400,810,923
HEALTH CARE – 7.1%
Biotechnology – 3.8%
	Amylin Pharmaceuticals, Inc. (a)	3,560,334	164,665,447
	Arena Pharmaceuticals, Inc. (a)	1,364,375	18,964,813
	Genentech, Inc. (a)	503,756	40,184,616
	Biotechnology Total		223,814,876
Health Care Equipment & Supplies – 0.3%
	Accuray, Inc. (a)	854,575	19,655,225
	Health Care Equipment & Supplies Total		19,655,225

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Providers & Services – 2.8%
	UnitedHealth Group, Inc.	2,973,355	162,850,654
	Health Care Providers & Services Total		162,850,654
Life Sciences Tools & Services – 0.2%
	Diversa Corp. (a)	1,425,051	9,277,082
	Life Sciences Tools & Services Total		9,277,082
	HEALTH CARE TOTAL		415,597,837
INDUSTRIALS – 4.7%
Aerospace & Defense – 3.7%
	DRS Technologies, Inc. (c)	2,451,949	125,907,581
	Precision Castparts Corp.	735,120	87,890,948
	Aerospace & Defense Total		213,798,529
Commercial Services & Supplies – 0.4%
	Consolidated Graphics, Inc. (a)	325,967	23,665,204
	Commercial Services & Supplies Total		23,665,204
Machinery – 0.6%
	American Railcar Industries, Inc.	929,892	37,297,968
	Machinery Total		37,297,968
	INDUSTRIALS TOTAL		274,761,701
INFORMATION TECHNOLOGY – 12.3%
Communications Equipment – 2.0%
	Cisco Systems, Inc. (a)	4,473,445	120,425,140
	Communications Equipment Total		120,425,140
Computers & Peripherals – 2.5%
	Apple, Inc. (a)	1,198,797	145,725,763
	Computers & Peripherals Total		145,725,763
Internet Software & Services – 2.5%
	Google, Inc., Class A (a)	299,259	148,956,167
	Internet Software & Services Total		148,956,167
IT Services – 5.3%
	Mastercard, Inc., Class A	2,064,416	308,733,413
	IT Services Total		308,733,413
	INFORMATION TECHNOLOGY TOTAL		723,840,483
MATERIALS – 9.5%
Chemicals – 1.8%
	Monsanto Co.	1,663,635	102,479,916
	Chemicals Total		102,479,916
Construction Materials – 3.6%
	Holcim Ltd., Registered Shares	1,931,399	213,671,264
	Construction Materials Total		213,671,264

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Metals & Mining – 2.1%
	Grupo Mexico SAB de CV	20,543,499	121,812,935
	Metals & Mining Total		121,812,935
Paper & Forest Products – 2.0%
	Weyerhaeuser Co.	1,457,576	119,462,929
	Paper & Forest Products Total		119,462,929
	MATERIALS TOTAL		557,427,044

	Total Common Stocks (cost of $4,342,663,187)		5,048,411,409
Preferred Stocks – 0.5%
INDUSTRIALS – 0.5%
	All America Latina Logistica SA	2,188,427	28,229,683
	INDUSTRIALS TOTAL		28,229,683

	Total Preferred Stocks (cost of $27,634,317)		28,229,683

		Par ($)
Short-Term Obligation – 12.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by U.S. Government Agency Obligations with various maturities to 9/11/20, market value of $743,421,131 (repurchase proceeds of $728,946,277)	728,841,000	728,841,000

	Total Short-Term Obligation (cost of $728,841,000)		728,841,000

	Total Investments – 98.8% (cost of $5,099,138,504)(d)(e)		5,805,482,092

	Other Assets & Liabilities, Net – 1.2%		69,668,877

	Net Assets – 100.0%		5,875,150,969

	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. 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 shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 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 May 31, 2007, the value of this security, which is not illiquid, represents 1.5% of net assets.

(c)

Investments in affiliates during the three months ended May 31, 2007:

Security name: DRS Technologies, Inc.

Shares as of 2/28//07:	2,131,420
Shares purchased:	320,529
Shares sold:	—
Shares as of 5/31/07:	2,451,949
Net realized gain/loss:	$		—
Dividend income earned:	$		63,943
Value at end of period:	$	125,907,581

	(d)	Cost for federal income tax purposes is $5,099,138,504.

	(e)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	748,405,897	$	(42,062,309	)	$	706,343,588

	Acronym		Name

	ADR		American Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Marsico International Opportunities Fund

		Shares	Value ($)*
Common Stocks – 92.9%
CONSUMER DISCRETIONARY– 21.4%
Auto Components – 3.7%
	Continental AG	858,061	121,356,141
	Auto Components Total		121,356,141
Automobiles – 3.3%
	DaimlerChrysler AG, Registered Shares	447,522	41,037,397
	Toyota Motor Corp.	1,086,100	65,148,151
	Automobiles Total		106,185,548
Hotels, Restaurants & Leisure – 5.1%
	Accor SA	1,021,851	95,022,844
	Melco PBL Entertainment Macau Ltd., ADR (a)	2,748,793	38,538,078
	Shangri-La Asia Ltd.	11,882,665	30,891,931
	Hotels, Restaurants & Leisure Total		164,452,853
Household Durables – 0.7%
	Gafisa SA	1,274,868	21,767,658
	Household Durables Total		21,767,658
Media – 6.0%
	British Sky Broadcasting Group PLC	5,526,506	72,224,028
	Grupo Televisa SA, ADR	2,532,070	72,872,975
	JC Decaux SA	1,464,649	48,677,702
	Media Total		193,774,705
Specialty Retail – 2.6%
	Esprit Holdings Ltd.	4,021,500	49,519,076
	Yamada Denki Co., Ltd.	379,730	35,757,648
	Specialty Retail Total		85,276,724
	CONSUMER DISCRETIONARY TOTAL		692,813,629
CONSUMER STAPLES – 9.1%
Beverages – 1.1%
	Fomento Economico Mexicano SAB de CV, ADR	943,701	37,597,048
	Beverages Total		37,597,048
Food & Staples Retailing – 5.2%
	Shoppers Drug Mart Corp.	740,187	34,891,762
	Tesco PLC	14,680,899	133,357,010
	Food & Staples Retailing Total		168,248,772
Food Products – 1.5%
	Nestle SA, Registered Shares	123,901	48,253,411
	Food Products Total		48,253,411

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Household Products – 1.3%
	Reckitt Benckiser PLC	764,351	41,560,474
	Household Products Total		41,560,474
	CONSUMER STAPLES TOTAL		295,659,705
ENERGY – 3.5%
Energy Equipment & Services – 2.4%
	Schlumberger Ltd.	990,626	77,140,047
	Energy Equipment & Services Total		77,140,047
Oil, Gas & Consumable Fuels – 1.1%
	CNOOC Ltd.	37,544,300	35,532,324
	Oil, Gas & Consumable Fuels Total		35,532,324
	ENERGY TOTAL		112,672,371
FINANCIALS – 22.4%
Capital Markets – 6.8%
	Macquarie Bank Ltd.	1,236,613	89,700,386
	Man Group PLC	5,409,868	63,040,588
	UBS AG, Registered Shares	1,031,054	67,260,953
	Capital Markets Total		220,001,927
Commercial Banks – 8.5%
	Erste Bank der Oesterreichischen Sparkassen AG	1,023,224	80,267,333
	ICICI Bank Ltd., ADR	683,799	32,514,642
	Intesa Sanpaolo SpA	6,297,519	48,045,432
	Mitsui Trust Holdings, Inc.	4,019,000	37,250,879
	Mizuho Financial Group, Inc.	2,563	18,132,646
	Uniao de Bancos Brasileiros SA, GDR	522,076	58,634,356
	Commercial Banks Total		274,845,288
Insurance – 3.8%
	AXA SA	1,601,512	70,013,125
	Swiss Re, Registered Shares	540,684	51,472,693
	Insurance Total		121,485,818
Real Estate Management & Development – 1.8%
	CapitaLand Ltd.	8,612,000	46,499,963
	JHSF Participacoes SA (a)	2,165,000	12,971,968
	Real Estate Management & Development Total		59,471,931

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – 1.5%
	Northern Rock PLC	2,297,497	49,132,157
	Thrifts & Mortgage Finance Total		49,132,157
	FINANCIALS TOTAL		724,937,121
HEALTH CARE – 5.0%
Biotechnology – 1.6%
	Actelion Ltd. (a)	74,103	16,199,443
	CSL Ltd.	473,970	35,000,538
	Biotechnology Total		51,199,981
Pharmaceuticals – 3.4%
	Chugai Pharmaceutical Co., Ltd.	2,663,600	54,388,217
	Roche Holding AG, Genusschein Shares	307,938	56,518,993
	Pharmaceuticals Total		110,907,210
	HEALTH CARE TOTAL		162,107,191
INDUSTRIALS – 10.8%
Aerospace & Defense – 2.4%
	BAE Systems PLC	8,620,702	76,344,913
	Aerospace & Defense Total		76,344,913
Airlines – 0.5%
	Gol Linhas Aereas Inteligentes SA, ADR	485,555	15,926,204
	Airlines Total		15,926,204
Building Products – 2.5%
	Cie de Saint-Gobain	426,234	46,736,046
	Daikin Industries Ltd.	952,624	34,833,005
	Building Products Total		81,569,051
Electrical Equipment – 1.2%
	ABB Ltd., Registered Shares	1,778,441	38,043,072
	Electrical Equipment Total		38,043,072
Road & Rail – 1.0%
	Canadian National Railway Co.	597,697	32,628,279
	Road & Rail Total		32,628,279
Trading Companies & Distributors – 1.4%
	Marubeni Corp.	6,602,000	46,165,177
	Trading Companies & Distributors Total		46,165,177
Transportation Infrastructure – 1.8%
	China Merchants Holdings International Co., Ltd.	7,328,000	32,564,927

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Transportation Infrastructure – (continued)
	Macquarie Infrastructure Group	8,090,785	24,788,416
	Transportation Infrastructure Total		57,353,343
	INDUSTRIALS TOTAL		348,030,039
INFORMATION TECHNOLOGY – 2.2%
Communications Equipment – 1.3%
	Research In Motion Ltd. (a)	255,358	42,409,856
	Communications Equipment Total		42,409,856
Electronic Equipment & Instruments – 0.5%
	Nippon Electric Glass Co., Ltd.	1,123,000	17,929,244
	Electronic Equipment & Instruments Total		17,929,244
Software – 0.4%
	Amdocs Ltd. (a)	308,118	11,976,547
	Software Total		11,976,547
	INFORMATION TECHNOLOGY TOTAL		72,315,647
MATERIALS – 10.9%
Chemicals – 4.6%
	Linde AG	182,268	20,139,975
	Lonza Group AG, Registered Shares	651,403	64,406,355
	Syngenta AG, Registered Shares (a)	339,184	63,860,083
	Chemicals Total		148,406,413
Construction Materials – 3.8%
	Cemex SAB de CV, ADR, COP (a)	979,011	38,063,947
	Holcim Ltd., Registered Shares	786,672	87,029,765
	Construction Materials Total		125,093,712
Metals & Mining – 2.5%
	POSCO	36,943	17,758,761
	Rio Tinto PLC	867,241	63,022,117
	Metals & Mining Total		80,780,878
	MATERIALS TOTAL		354,281,003
TELECOMMUNICATION SERVICES – 4.4%
Wireless Telecommunication Services – 4.4%
	America Movil SA de CV, ADR, Series L	745,912	45,164,972

		Shares	Value ($)
Common Stocks – (continued)
TELECOMMUNICATION SERVICES – (continued)
Wireless Telecommunication Services – (continued)
	China Mobile Ltd.	10,440,000	97,535,106
	Wireless Telecommunication Services Total		142,700,078
	TELECOMMUNICATION SERVICES TOTAL		142,700,078
UTILITIES – 3.2%
Electric Utilities – 0.9%
	Electricite de France	326,030	30,238,859
	Electric Utilities Total		30,238,859
Multi-Utilities – 2.3%
	Veolia Environnement SA	874,575	73,195,941
	Multi-Utilities Total		73,195,941
	UTILITIES TOTAL		103,434,800

	Total Common Stocks (cost of $2,380,960,932)		3,008,951,584

	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. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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. 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)	Non-income producing security.

	(b)	Cost for federal income tax purposes is $2,603,605,932.

	(c)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	671,946,530	$	(43,955,878	)	$	627,990,652

	Acronym		Name

	ADR		American Depositary Receipt
	COP		Certificates of Participation
	GDR		Global Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Mid Cap Index Fund

		Shares	Value ($)*
Common Stocks – 97.9%
CONSUMER DISCRETIONARY – 14.5%
Auto Components – 1.0%
	ArvinMeritor, Inc. (a)	129,250	2,698,740
	BorgWarner, Inc.	105,050	8,841,008
	Gentex Corp. (a)	259,050	4,598,137
	Lear Corp. (a)(b)	138,475	4,939,403
	Modine Manufacturing Co.	59,525	1,399,433
	Auto Components Total		22,476,721
Automobiles – 0.1%
	Thor Industries, Inc. (a)	63,625	2,772,777
	Automobiles Total		2,772,777
Diversified Consumer Services – 1.7%
	Career Education Corp. (b)	172,050	5,999,383
	Corinthian Colleges, Inc. (a)(b)	156,600	2,287,926
	DeVry, Inc.	108,025	3,629,640
	ITT Educational Services, Inc. (b)	58,125	6,579,169
	Laureate Education, Inc. (b)	93,225	5,585,110
	Matthews International Corp., CLass A (a)	59,400	2,626,074
	Regis Corp.	81,475	3,248,408
	Sotheby’s (a)	103,725	4,923,826
	Strayer Education, Inc.	25,900	3,241,644
	Diversified Consumer Services Total		38,121,180
Hotels, Restaurants & Leisure – 1.7%
	Applebee’s International, Inc. (a)	134,712	3,529,454
	Bob Evans Farms, Inc. (a)	64,825	2,508,727
	Boyd Gaming Corp. (a)	77,400	3,873,096
	Brinker International, Inc.	205,762	6,576,154
	CBRL Group, Inc. (a)	45,625	2,050,388
	Cheesecake Factory, Inc. (a)(b)	130,400	3,679,888
	International Speedway Corp., Class A	64,825	3,396,830
	OSI Restaurant Partners, Inc. (a)	136,175	5,542,322
	Ruby Tuesday, Inc. (a)	98,475	2,714,956
	Scientific Games Corp., Class A (a)(b)	121,600	4,540,544
	Hotels, Restaurants & Leisure Total		38,412,359
Household Durables – 1.9%
	American Greetings Corp., Class A (a)	103,050	2,700,941
	Beazer Homes USA, Inc. (a)	71,000	2,539,670
	Blyth Industries, Inc.	45,600	1,251,264
	Furniture Brands International, Inc. (a)	87,575	1,269,838

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Household Durables – (continued)
	Hovnanian Enterprises, Inc., Class A (a)(b)	66,250	1,673,475
	M.D.C. Holdings, Inc. (a)	63,200	3,434,288
	Mohawk Industries, Inc. (a)(b)	97,350	9,935,541
	NVR, Inc. (a)(b)	8,700	6,933,900
	Ryland Group, Inc. (a)	77,150	3,564,330
	Toll Brothers, Inc. (a)(b)	229,850	6,741,500
	Tupperware Brands Corp.	110,575	3,196,723
	Household Durables Total		43,241,470
Internet & Catalog Retail – 0.1%
	NetFlix, Inc. (a)(b)	109,600	2,402,432
	Internet & Catalog Retail Total		2,402,432
Leisure Equipment & Products – 0.1%
	Callaway Golf Co. (a)	112,750	2,048,668
	Leisure Equipment & Products Total		2,048,668
Media – 1.2%
	Belo Corp., Class A	159,525	3,546,241
	Catalina Marketing Corp.	65,800	2,099,020
	Entercom Communications Corp., Class A (a)	50,775	1,350,615
	Harte-Hanks, Inc.	85,625	2,248,512
	John Wiley & Sons, Inc., Class A	80,200	3,677,170
	Lee Enterprises, Inc. (a)	83,450	2,096,264
	Media General, Inc., Class A (a)	43,750	1,594,687
	Scholastic Corp. (b)	47,000	1,493,190
	Valassis Communications, Inc. (a)(b)	86,750	1,553,693
	Washington Post Co., Class B (a)	10,225	7,863,025
	Westwood One, Inc. (a)	126,750	1,021,605
	Media Total		28,544,022
Multiline Retail – 0.6%
	99 Cents Only Stores (a)(b)	84,451	1,185,692
	Dollar Tree Stores, Inc. (b)	185,950	7,867,545
	Saks, Inc. (a)	251,775	5,045,571
	Multiline Retail Total		14,098,808
Specialty Retail – 5.5%
	Advance Auto Parts, Inc.	191,500	7,931,930
	Aeropostale, Inc. (b)	95,350	4,414,705
	American Eagle Outfitters, Inc.	363,799	9,822,573
	AnnTaylor Stores Corp. (b)	130,225	5,090,495

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Specialty Retail – (continued)
	Barnes & Noble, Inc.	92,750	3,966,918
	Borders Group, Inc. (a)	107,675	2,400,076
	CarMax, Inc. (a)(b)	389,550	9,349,200
	Charming Shoppes, Inc. (a)(b)	223,500	2,784,810
	Chico’s FAS, Inc. (b)	318,600	8,678,664
	Coldwater Creek, Inc. (b)	109,700	2,726,045
	Dick’s Sporting Goods, Inc. (a)(b)	68,200	3,789,874
	Foot Locker, Inc.	282,125	6,189,822
	GameStop Corp., Class A (b)	275,000	10,169,500
	O’Reilly Automotive, Inc. (a)(b)	205,550	7,808,844
	Pacific Sunwear of California, Inc. (a)(b)	125,875	2,503,654
	Payless Shoesource, Inc. (b)	119,600	4,272,112
	PETsMART, Inc.	246,000	8,418,120
	Rent-A-Center, Inc. (a)(b)	127,425	3,453,218
	Ross Stores, Inc.	253,350	8,320,014
	Urban Outfitters, Inc. (a)(b)	203,050	5,397,069
	Williams-Sonoma, Inc. (a)	203,325	6,890,684
	Specialty Retail Total		124,378,327
Textiles, Apparel & Luxury Goods – 0.6%
	Hanesbrands, Inc. (b)	174,700	4,559,670
	Phillips-Van Heusen Corp.	100,700	6,154,784
	Timberland Co., Class A (b)	91,050	2,489,307
	Textiles, Apparel & Luxury Goods Total		13,203,761
	CONSUMER DISCRETIONARY TOTAL		329,700,525
CONSUMER STAPLES – 2.7%
Beverages – 0.3%
	Hansen Natural Corp. (a)(b)	110,300	4,389,940
	PepsiAmericas, Inc.	109,700	2,700,814
	Beverages Total		7,090,754
Food & Staples Retailing – 0.3%
	BJ’s Wholesale Club, Inc. (b)	116,650	4,411,703
	Ruddick Corp. (a)	65,150	2,038,544
	Food & Staples Retailing Total		6,450,247
Food Products – 0.9%
	Hormel Foods Corp.	132,525	4,963,061
	J. M. Smucker Co.	102,675	5,924,348
	Lancaster Colony Corp. (a)	42,425	1,858,639
	Smithfield Foods, Inc. (b)	215,825	6,936,616

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Food Products – (continued)
	Tootsie Roll Industries, Inc. (a)	49,162	1,381,452
	Food Products Total		21,064,116
Household Products – 0.7%
	Church & Dwight Co., Inc. (a)	118,900	5,946,189
	Energizer Holdings, Inc. (b)	101,775	10,081,831
	Household Products Total		16,028,020
Personal Products – 0.4%
	Alberto-Culver Co. (a)	147,600	3,666,384
	NBTY, Inc. (b)	102,400	5,379,072
	Personal Products Total		9,045,456
Tobacco – 0.1%
	Universal Corp. (a)	47,025	2,989,379
	Tobacco Total		2,989,379
	CONSUMER STAPLES TOTAL		62,667,972
ENERGY – 8.6%
Energy Equipment & Services – 3.5%
	Cameron International Corp. (b)	204,000	14,463,600
	FMC Technologies, Inc. (b)	122,425	9,255,330
	Grant Prideco, Inc. (b)	231,900	13,169,601
	Hanover Compressor Co. (a)(b)	189,606	4,740,150
	Helmerich & Payne, Inc.	187,100	6,340,819
	Patterson-UTI Energy, Inc.	283,725	7,496,015
	Pride International, Inc. (b)	299,725	10,793,097
	Superior Energy Services, Inc. (a)(b)	146,200	5,871,392
	Tidewater, Inc. (a)	104,175	6,875,550
	Energy Equipment & Services Total		79,005,554
Oil, Gas & Consumable Fuels – 5.1%
	Arch Coal, Inc. (a)	258,050	10,420,059
	Cimarex Energy Co. (a)	150,900	6,342,327
	Denbury Resources, Inc. (b)	218,400	7,919,184
	Encore Acquisition Co. (b)	96,300	2,653,065
	Forest Oil Corp. (a)(b)	99,350	4,032,616
	Frontier Oil Corp.	198,000	7,971,480
	Newfield Exploration Co. (b)	235,600	11,318,224
	Noble Energy, Inc.	308,850	19,547,116
	Overseas Shipholding Group, Inc.	45,125	3,589,694
	Pioneer Natural Resources Co. (a)	223,850	11,555,137
	Plains Exploration & Production Co. (b)	131,225	6,944,427
	Pogo Producing Co. (a)	106,025	5,732,772

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Quicksilver Resources, Inc. (a)(b)	100,400	4,466,796
	Southwestern Energy Co. (b)	306,300	14,579,880
	Oil, Gas & Consumable Fuels Total		117,072,777
	ENERGY TOTAL		196,078,331
FINANCIALS – 16.4%
Capital Markets – 2.6%
	A.G. Edwards, Inc.	136,425	12,027,228
	Eaton Vance Corp. (a)	229,100	10,055,199
	Investors Financial Services Corp.	119,575	7,356,254
	Jefferies Group, Inc.	190,650	5,841,516
	Nuveen Investments, Inc., Class A (a)	143,900	7,894,354
	Raymond James Financial, Inc.	167,780	5,588,752
	SEI Investments Co.	114,950	7,095,863
	Waddell & Reed Financial, Inc., Class A	152,050	3,944,177
	Capital Markets Total		59,803,343
Commercial Banks – 2.5%
	Associated Banc Corp.	236,462	7,805,611
	Bank of Hawaii Corp.	90,175	4,825,264
	Cathay General Bancorp (a)	93,900	3,181,332
	City National Corp.	72,550	5,618,272
	Colonial BancGroup, Inc.	277,000	6,991,480
	Cullen/Frost Bankers, Inc.	108,550	5,771,603
	FirstMerit Corp. (a)	145,225	3,126,694
	Greater Bay Bancorp	92,500	2,581,675
	SVB Financial Group (a)(b)	62,500	3,316,875
	TCF Financial Corp. (a)	203,325	5,739,865
	Westamerica Bancorporation (a)	54,950	2,544,185
	Wilmington Trust Corp.	124,125	5,301,379
	Commercial Banks Total		56,804,235
Consumer Finance – 0.2%
	AmeriCredit Corp. (a)(b)	212,850	5,651,168
	Consumer Finance Total		5,651,168
Diversified Financial Services – 0.4%
	Leucadia National Corp. (a)	294,100	10,540,544
	Diversified Financial Services Total		10,540,544
Insurance – 4.7%
	American Financial Group, Inc. (a)	126,950	4,525,767
	Arthur J. Gallagher & Co. (a)	178,300	5,242,020
	Brown & Brown, Inc. (a)	208,850	5,442,631
	Commerce Group, Inc.	86,900	2,962,421

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Insurance – (continued)
	Everest Re Group Ltd.	116,125	12,452,084
	Fidelity National Financial, Inc., Class A	401,600	11,260,864
	First American Corp.	174,925	9,367,234
	Hanover Insurance Group, Inc.	92,975	4,536,250
	HCC Insurance Holdings, Inc.	202,875	6,676,616
	Horace Mann Educators Corp.	78,150	1,744,308
	Mercury General Corp. (a)	64,400	3,612,196
	Ohio Casualty Corp.	108,625	4,677,392
	Old Republic International Corp.	419,033	9,076,255
	Protective Life Corp.	126,900	6,348,807
	Stancorp Financial Group, Inc. (a)	97,150	4,941,049
	Unitrin, Inc. (a)	72,875	3,569,418
	W.R. Berkley Corp.	307,570	10,131,356
	Insurance Total		106,566,668
Real Estate Investment Trusts (REITs) – 4.0%
	AMB Property Corp.	179,325	10,373,951
	Cousins Properties, Inc.	79,200	2,564,496
	Equity One, Inc.	66,900	1,960,170
	Highwoods Properties, Inc.	101,900	4,467,296
	Hospitality Properties Trust	170,075	7,558,133
	Liberty Property Trust	165,725	7,775,817
	Macerich Co.	130,400	11,631,680
	Mack-Cali Realty Corp.	122,875	5,933,634
	Nationwide Health Properties, Inc.	161,800	5,027,126
	Potlatch Corp. (a)	70,531	3,087,847
	Rayonier, Inc.	139,985	6,293,726
	Regency Centers Corp.	125,400	9,852,678
	UDR, Inc. (a)	245,675	7,458,693
	Weingarten Realty Investors (a)	137,000	6,392,420
	Real Estate Investment Trusts (REITs) Total		90,377,667
Thrifts & Mortgage Finance – 2.0%
	Astoria Financial Corp.	153,000	4,078,980
	First Niagara Financial Group, Inc. (a)	198,100	2,717,932
	IndyMac Bancorp, Inc. (a)	131,125	4,403,178
	New York Community Bancorp, Inc. (a)	497,003	8,687,612
	PMI Group, Inc.	157,450	7,784,328
	Radian Group, Inc.	144,850	8,966,215
	Washington Federal, Inc.	158,527	3,975,857

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – (continued)
	Webster Financial Corp.	102,375	4,605,851
	Thrifts & Mortgage Finance Total		45,219,953
	FINANCIALS TOTAL		374,963,578
HEALTH CARE – 11.2%
Biotechnology – 1.2%
	Cephalon, Inc. (a)(b)	119,075	9,884,416
	Millennium Pharmaceuticals, Inc. (a)(b)	575,975	6,260,848
	PDL BioPharma, Inc. (a)(b)	208,900	5,746,839
	Vertex Pharmaceuticals, Inc. (a)(b)	229,575	6,855,110
	Biotechnology Total		28,747,213
Health Care Equipment & Supplies – 2.9%
	Advanced Medical Optics, Inc. (a)(b)	108,200	3,797,820
	Beckman Coulter, Inc.	111,800	7,311,720
	Cytyc Corp. (b)	208,050	8,796,354
	DENTSPLY International, Inc.	275,750	9,965,605
	Edwards Lifesciences Corp. (b)	104,950	5,268,490
	Gen-Probe, Inc. (b)	94,800	5,127,732
	Hillenbrand Industries, Inc.	111,500	7,381,300
	Intuitive Surgical, Inc. (a)(b)	67,300	9,262,499
	ResMed, Inc. (a)(b)	139,200	6,275,136
	STERIS Corp.	117,625	3,536,984
	Health Care Equipment & Supplies Total		66,723,640
Health Care Providers & Services – 3.7%
	Apria Healthcare Group, Inc. (a)(b)	78,550	2,274,808
	Community Health Systems, Inc. (b)	170,550	6,501,366
	Health Management Associates, Inc., Class A	438,900	4,827,900
	Health Net, Inc. (b)	202,825	11,577,251
	Henry Schein, Inc. (b)	159,450	8,535,358
	Kindred Healthcare, Inc. (a)(b)	57,200	1,830,400
	LifePoint Hospitals, Inc. (b)	104,000	4,221,360
	Lincare Holdings, Inc. (b)	158,700	6,362,283
	Omnicare, Inc. (a)	220,225	8,240,820
	Psychiatric Solutions, Inc. (a)(b)	97,400	3,800,548
	Triad Hospitals, Inc. (b)	160,175	8,570,964
	Universal Health Services, Inc., Class B	97,700	6,036,883
	VCA Antech, Inc. (b)	151,600	6,000,328
	WellCare Health Plans, Inc. (a)(b)	60,100	5,531,604
	Health Care Providers & Services Total		84,311,873

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Technology – 0.3%
	Cerner Corp. (a)(b)	118,700	6,743,347
	Health Care Technology Total		6,743,347
Life Sciences Tools & Services – 1.8%
	Affymetrix, Inc. (a)(b)	123,700	3,213,726
	Charles River Laboratories International, Inc. (b)	121,350	6,452,179
	Covance, Inc. (b)	115,950	7,716,472
	Invitrogen Corp. (b)	85,350	6,182,754
	Pharmaceutical Product Development, Inc.	188,100	6,865,650
	Techne Corp. (b)	71,500	4,267,835
	Varian, Inc. (b)	55,350	3,257,348
	Ventana Medical Systems, Inc. (a)(b)	59,900	3,082,454
	Life Sciences Tools & Services Total		41,038,418
Pharmaceuticals – 1.3%
	Endo Pharmaceuticals Holdings, Inc. (b)	242,500	8,565,100
	Medicis Pharmaceutical Corp., Class A (a)	100,800	3,326,400
	Par Pharmaceutical Companies, Inc. (a)(b)	65,175	1,910,279
	Perrigo Co. (a)	137,625	2,691,945
	Sepracor, Inc. (b)	199,725	9,726,608
	Valeant Pharmaceuticals International (a)	171,175	2,702,853
	Pharmaceuticals Total		28,923,185
	HEALTH CARE TOTAL		256,487,676
INDUSTRIALS – 14.9%
Aerospace & Defense – 0.4%
	Alliant Techsystems, Inc. (a)(b)	59,775	6,037,275
	DRS Technologies, Inc.	73,500	3,774,225
	Aerospace & Defense Total		9,811,500
Air Freight & Logistics – 0.7%
	Expeditors International Washington, Inc.	388,100	16,944,446
	Air Freight & Logistics Total		16,944,446
Airlines – 0.3%
	AirTran Holdings, Inc. (a)(b)	165,550	2,051,165
	Alaska Air Group, Inc. (a)(b)	73,050	2,130,138
	JetBlue Airways Corp. (a)(b)	322,980	3,481,724
	Airlines Total		7,663,027

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Commercial Services & Supplies – 3.7%
	Brink’s Co.	87,875	5,793,599
	ChoicePoint, Inc. (a)(b)	138,802	6,087,856
	Copart, Inc. (b)	129,075	4,025,849
	Corporate Executive Board Co. (a)	69,200	4,602,492
	Deluxe Corp.	93,500	4,083,145
	Dun & Bradstreet Corp.	108,725	10,886,634
	Herman Miller, Inc. (a)	116,925	4,209,300
	HNI Corp. (a)	86,825	3,825,509
	Kelly Services, Inc., Class A (a)	39,000	1,123,980
	Korn/Ferry International (a)(b)	87,525	2,276,525
	Manpower, Inc.	154,375	14,202,500
	Mine Safety Appliances Co. (a)	54,200	2,330,600
	Navigant Consulting, Inc. (a)(b)	98,400	2,050,656
	Republic Services, Inc.	305,437	9,248,632
	Rollins, Inc.	54,418	1,256,512
	Stericycle, Inc. (b)	80,375	7,327,789
	Commercial Services & Supplies Total		83,331,578
Construction & Engineering – 1.4%
	Granite Construction, Inc.	61,375	4,203,574
	Jacobs Engineering Group, Inc. (b)	214,400	12,424,480
	KBR, Inc. (b)	303,900	8,366,367
	Quanta Services, Inc. (a)(b)	214,475	6,436,395
	Construction & Engineering Total		31,430,816
Electrical Equipment – 1.2%
	AMETEK, Inc.	192,525	7,265,894
	Hubbell, Inc., Class B (a)	108,725	6,124,479
	Roper Industries, Inc.	159,400	9,302,584
	Thomas & Betts Corp. (b)	93,200	5,407,464
	Electrical Equipment Total		28,100,421
Industrial Conglomerates – 0.5%
	Carlisle Companies, Inc.	110,600	4,882,990
	Sequa Corp., Class A (a)(b)	12,475	1,372,250
	Teleflex, Inc.	70,950	5,697,285
	Industrial Conglomerates Total		11,952,525
Machinery – 4.4%
	AGCO Corp. (b)	165,575	7,166,086
	Crane Co.	92,300	4,032,587
	Donaldson Co., Inc. (a)	124,900	4,562,597
	Federal Signal Corp. (a)	86,325	1,410,551
	Flowserve Corp.	102,725	7,130,142

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Machinery – (continued)
	Graco, Inc.	120,787	4,836,311
	Harsco Corp.	152,300	8,111,498
	Joy Global, Inc. (a)	198,300	11,229,729
	Kennametal, Inc.	70,050	5,388,246
	Lincoln Electric Holdings, Inc.	77,600	5,454,504
	Nordson Corp.	61,025	3,172,690
	Oshkosh Truck Corp.	134,000	8,266,460
	Pentair, Inc. (a)	181,075	6,697,964
	SPX Corp.	108,225	9,509,731
	Timken Co.	170,700	6,001,812
	Trinity Industries, Inc. (a)	145,000	6,694,650
	Machinery Total		99,665,558
Marine – 0.2%
	Alexander & Baldwin, Inc.	77,700	4,156,173
	Marine Total		4,156,173
Road & Rail – 1.0%
	Avis Budget Group, Inc. (b)	183,580	5,553,295
	Con-way, Inc.	84,350	4,782,645
	J.B. Hunt Transport Services, Inc. (a)	186,450	5,433,153
	Werner Enterprises, Inc. (a)	90,143	1,742,464
	YRC Worldwide, Inc. (a)(b)	103,700	4,168,740
	Road & Rail Total		21,680,297
Trading Companies & Distributors – 1.1%
	Fastenal Co. (a)	227,500	9,859,850
	GATX Corp. (a)	96,175	4,948,204
	MSC Industrial Direct Co., Class A (a)	96,900	5,189,964
	United Rentals, Inc. (b)	120,750	4,051,162
	Trading Companies & Distributors Total		24,049,180
	INDUSTRIALS TOTAL		338,785,521
INFORMATION TECHNOLOGY – 15.2%
Communications Equipment – 2.2%
	3Com Corp. (b)	720,200	3,370,536
	ADTRAN, Inc. (a)	111,875	3,027,337
	Andrew Corp. (b)	283,900	3,755,997
	Avocent Corp. (b)	92,050	2,580,161
	CommScope, Inc. (b)	108,575	5,942,310
	Dycom Industries, Inc. (a)(b)	73,750	2,193,325
	F5 Networks, Inc. (b)	74,800	6,078,248
	Harris Corp. (a)	243,050	12,133,056

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Communications Equipment – (continued)
	Plantronics, Inc. (a)	86,825	2,109,848
	Polycom, Inc. (b)	164,700	5,224,284
	Powerwave Technologies, Inc. (a)(b)	236,025	1,505,840
	UTStarcom, Inc. (a)(b)	192,725	1,389,547
	Communications Equipment Total		49,310,489
Computers & Peripherals – 0.8%
	Diebold, Inc.	119,125	5,906,218
	Imation Corp.	63,575	2,410,128
	Palm, Inc. (a)(b)	185,100	3,015,279
	Western Digital Corp. (a)(b)	398,800	7,501,428
	Computers & Peripherals Total		18,833,053
Electronic Equipment & Instruments – 2.6%
	Amphenol Corp., Class A	322,800	11,549,784
	Arrow Electronics, Inc. (b)	222,775	9,144,914
	Avnet, Inc. (a)(b)	233,050	9,983,862
	CDW Corp.	109,825	9,350,500
	Ingram Micro, Inc., Class A (b)	258,400	5,354,048
	KEMET Corp. (a)(b)	151,825	1,166,016
	National Instruments Corp. (a)	103,462	3,261,122
	Tech Data Corp. (b)	98,750	3,639,925
	Vishay Intertechnology, Inc. (b)	334,375	5,958,563
	Electronic Equipment & Instruments Total		59,408,734
Internet Software & Services – 0.4%
	Digital River, Inc. (b)	74,900	3,851,358
	ValueClick, Inc. (a)(b)	180,400	5,651,932
	Internet Software & Services Total		9,503,290
IT Services – 2.8%
	Acxiom Corp.	124,975	3,474,305
	Alliance Data Systems Corp. (b)	119,725	9,328,972
	BISYS Group, Inc. (b)	219,350	2,577,363
	Broadridge Finl Solutions, Inc. Com	249,400	5,047,856
	Ceridian Corp. (b)	256,025	9,055,604
	CheckFree Corp. (a)(b)	158,450	6,219,162
	CSG Systems International, Inc. (b)	82,225	2,285,855
	DST Systems, Inc. (b)	100,300	8,398,119
	Gartner, Inc. (b)	94,325	2,599,597
	Global Payments, Inc.	124,100	4,968,964
	MoneyGram International, Inc.	152,075	4,431,465
	MPS Group, Inc. (b)	185,725	2,553,719

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
IT Services – (continued)
	SRA International, Inc., Class A (a)(b)	74,700	1,896,633
	IT Services Total		62,837,614
Office Electronics – 0.2%
	Zebra Technologies Corp., Class A (a)(b)	124,975	5,012,747
	Office Electronics Total		5,012,747
Semiconductors & Semiconductor Equipment – 3.4%
	Atmel Corp. (b)	776,550	4,340,915
	Cree Research, Inc. (a)(b)	152,675	3,435,188
	Cypress Semiconductor Corp. (a)(b)	335,375	7,200,501
	Fairchild Semiconductor International, Inc. (a)(b)	223,950	4,125,159
	Integrated Device Technology, Inc. (b)	356,192	5,346,442
	International Rectifier Corp. (a)(b)	131,475	4,763,339
	Intersil Corp., Class A	245,800	7,398,580
	Lam Research Corp. (b)	256,975	13,789,278
	Lattice Semiconductor Corp. (b)	207,975	1,096,028
	Micrel, Inc.	102,750	1,280,265
	Microchip Technology, Inc. (a)	391,750	15,897,215
	RF Micro Devices, Inc. (a)(b)	349,800	2,284,194
	Semtech Corp. (b)	132,000	2,197,800
	Silicon Laboratories, Inc. (a)(b)	99,375	3,440,363
	TriQuint Semiconductor, Inc. (b)	248,850	1,313,928
	Semiconductors & Semiconductor Equipment Total		77,909,195
Software – 2.8%
	Activision, Inc. (a)(b)	452,321	8,951,433
	Advent Software, Inc. (a)(b)	36,125	1,302,306
	Cadence Design Systems, Inc. (b)	507,275	11,520,215
	Fair Isaac Corp. (a)	103,500	3,917,475
	Jack Henry & Associates, Inc.	140,025	3,703,661
	Macrovision Corp. (a)(b)	94,600	2,644,070
	McAfee, Inc. (b)	289,175	10,630,073
	Mentor Graphics Corp. (b)	153,975	2,195,684
	Parametric Technology Corp. (b)	206,800	3,863,024
	Sybase, Inc. (b)	166,675	4,010,201
	Synopsys, Inc. (b)	263,125	6,978,075
	Transaction Systems Architects, Inc. (a)(b)	68,000	2,315,400

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – (continued)
	Wind River Systems, Inc. (b)	136,925	1,452,774
	Software Total		63,484,391
	INFORMATION TECHNOLOGY TOTAL		346,299,513
MATERIALS – 6.2%
Chemicals – 3.5%
	Airgas, Inc.	142,375	6,070,870
	Albemarle Corp.	143,150	5,817,616
	Cabot Corp.	116,625	5,634,154
	Chemtura Corp.	437,000	4,758,930
	Cytec Industries, Inc.	76,275	4,534,549
	Ferro Corp.	78,225	1,859,408
	FMC Corp.	69,450	5,810,187
	Lubrizol Corp.	125,400	8,241,288
	Lyondell Chemical Co.	388,475	14,439,616
	Minerals Technologies, Inc. (a)	34,400	2,188,184
	Olin Corp. (a)	133,225	2,696,474
	RPM International, Inc. (a)	216,800	4,925,696
	Scotts Miracle-Gro Co., Class A (a)	79,150	3,644,066
	Sensient Technologies Corp.	84,800	2,208,192
	Valspar Corp. (a)	185,250	5,351,872
	Chemicals Total		78,181,102
Construction Materials – 0.8%
	Florida Rock Industries, Inc.	89,500	6,091,370
	Martin Marietta Materials, Inc. (a)	81,675	12,695,562
	Construction Materials Total		18,786,932
Containers & Packaging – 0.5%
	Packaging Corp. of America	148,275	3,834,392
	Sonoco Products Co. (a)	180,400	7,811,320
	Containers & Packaging Total		11,645,712
Metals & Mining – 1.1%
	Commercial Metals Co.	214,300	7,532,645
	Reliance Steel & Aluminum Co. (a)	116,900	7,174,153
	Steel Dynamics, Inc.	158,200	7,419,580
	Worthington Industries, Inc. (a)	126,700	2,674,637
	Metals & Mining Total		24,801,015
Paper & Forest Products – 0.3%
	Bowater, Inc. (a)	101,900	2,118,501
	Glatfelter Co. (a)	81,200	1,103,508

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Paper & Forest Products – (continued)
	Louisiana-Pacific Corp. (a)	189,100	3,876,550
	Paper & Forest Products Total		7,098,559
	MATERIALS TOTAL		140,513,320
TELECOMMUNICATION SERVICES – 0.8%
Diversified Telecommunication Services – 0.3%
	Cincinnati Bell, Inc. (b)	448,575	2,615,192
	NeuStar, Inc., Class A (a)(b)	117,400	3,411,644
	Diversified Telecommunication Services Total		6,026,836
Wireless Telecommunication Services – 0.5%
	Telephone & Data Systems, Inc.	188,741	11,683,068
	Wireless Telecommunication Services Total		11,683,068
	TELECOMMUNICATION SERVICES TOTAL		17,709,904
UTILITIES – 7.4%
Electric Utilities – 2.4%
	DPL, Inc. (a)	205,025	6,255,313
	Great Plains Energy, Inc. (a)	155,775	4,847,718
	Hawaiian Electric Industries, Inc. (a)	147,700	3,618,650
	IDACORP, Inc. (a)	79,100	2,626,911
	Northeast Utilities Co.	279,675	8,504,916
	Pepco Holdings, Inc.	348,850	10,416,661
	Puget Energy, Inc.	211,625	5,335,066
	Sierra Pacific Resources (b)	401,100	7,604,856
	Westar Energy, Inc. (a)	158,625	4,205,149
	Electric Utilities Total		53,415,240
Gas Utilities – 1.7%
	AGL Resources, Inc.	140,925	6,011,860
	Equitable Resources, Inc.	220,500	11,470,410
	National Fuel Gas Co. (a)	150,075	6,837,417
	ONEOK, Inc.	200,900	10,868,690
	WGL Holdings, Inc. (a)	89,125	3,143,439
	Gas Utilities Total		38,331,816
Independent Power Producers & Energy Traders – 0.1%
	Black Hills Corp. (a)	68,100	2,791,419
	Independent Power Producers & Energy Traders Total		2,791,419
Multi-Utilities – 3.0%
	Alliant Energy Corp.	210,675	9,101,160
	Aquila, Inc. (b)	679,075	2,899,650
	Energy East Corp. (a)	284,325	6,872,135

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Multi-Utilities – (continued)
	MDU Resources Group, Inc.	328,405	9,953,956
	NSTAR (a)	193,600	6,743,088
	OGE Energy Corp.	165,550	6,112,106
	PNM Resources, Inc. (a)	137,550	4,059,101
	Scana Corp.	211,475	8,964,425
	Vectren Corp. (a)	138,200	4,002,272
	Wisconsin Energy Corp.	212,025	10,268,371
	Multi-Utilities Total		68,976,264
Water Utilities – 0.2%
	Aqua America, Inc. (a)	239,874	5,483,520
	Water Utilities Total		5,483,520
	UTILITIES TOTAL		168,998,259

	Total Common Stocks (cost of $1,531,180,740)		2,232,204,599
Securities Lending Collateral – 24.0%
	State Street Navigator Securities Lending Prime Portfolio (c)	546,211,134	546,211,134

	Total Securities Lending Collateral (cost of $546,211,134)		546,211,134

		Par ($)
Short-Term Obligations – 1.2%
U.S. GOVERNMENT OBLIGATION – 0.1%
United States Treasury Bill
	4.778% 06/14/07(d)(e)	2,000,000	1,975,177
	U.S. GOVERNMENT OBLIGATION TOTAL		1,975,177
REPURCHASE AGREEMENT – 1.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by a U.S. Government Agency Obligation maturing 04/25/11, market value $26,043,200 (repurchase proceeds $25,533,688)	25,530,000	25,530,000

	Total Short-Term Obligations (cost of $27,505,177)		27,505,177

	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. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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)	All or a portion of this security was on loan at May 31, 2007. The total market value of securities on loan at May 31, 2007 is $532,443,017.

	(b)	Non-income producing security.

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

	(d)	Security pledged as collateral for open futures contracts.

	(e)	The rate shown represents the annualized yield at the date of purchase.

	(f)	Cost for federal income tax purposes is $2,104,897,051.

	(g)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	757,734,306	$	(56,710,447	)	$	701,023,859

At May 31, 2007, the Fund held the following open long futures contracts:

Aggregate

Expiration

Unrealized

Type

Contracts

Value

Face Value

Date

Appreciation

S&P Mid Cap 400 Index

100

45,885,000

44,162,385

Jun -2007

1,722,615

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Mid Cap Value Fund

		Shares	Value ($)*
Common Stocks – 97.0%
CONSUMER DISCRETIONARY – 8.6%
Auto Components – 1.6%
	BorgWarner, Inc.	401,200	33,764,992
	Johnson Controls, Inc.	298,100	32,701,570
	Auto Components Total		66,466,562
Automobiles – 0.5%
	Ford Motor Co.	2,552,900	21,291,186
	Automobiles Total		21,291,186
Hotels, Restaurants & Leisure – 0.7%
	Starwood Hotels & Resorts Worldwide, Inc.	379,600	27,357,772
	Hotels, Restaurants & Leisure Total		27,357,772
Household Durables – 1.0%
	Centex Corp.	370,800	17,931,888
	Lennar Corp., Class A	480,300	21,925,695
	Household Durables Total		39,857,583
Leisure Equipment & Products – 1.2%
	Brunswick Corp.	911,600	31,386,388
	Hasbro, Inc.	606,600	19,502,190
	Leisure Equipment & Products Total		50,888,578
Media – 1.2%
	Dow Jones & Co., Inc.	392,000	20,897,520
	Regal Entertainment Group, Class A	1,325,600	30,329,728
	Media Total		51,227,248
Multiline Retail – 1.7%
	Macy’s, Inc.	879,610	35,122,827
	Saks, Inc.	1,898,400	38,043,936
	Multiline Retail Total		73,166,763
Textiles, Apparel & Luxury Goods – 0.7%
	Polo Ralph Lauren Corp.	301,200	29,376,036
	Textiles, Apparel & Luxury Goods Total		29,376,036
	CONSUMER DISCRETIONARY TOTAL		359,631,728
CONSUMER STAPLES – 7.6%
Beverages – 1.8%
	Fomento Economico Mexicano SAB de CV, ADR	725,400	28,899,936
	Pepsi Bottling Group, Inc.	1,317,600	46,102,824
	Beverages Total		75,002,760
Food & Staples Retailing – 1.0%
	Kroger Co.	1,347,600	40,859,232
	Food & Staples Retailing Total		40,859,232

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Food Products – 2.3%
	Dean Foods Co.	597,300	19,567,548
	Hershey Co.	597,600	31,499,496
	Smithfield Foods, Inc. (a)	729,200	23,436,488
	Tyson Foods, Inc., Class A	928,800	20,702,952
	Food Products Total		95,206,484
Household Products – 1.2%
	Clorox Co.	731,300	49,099,482
	Household Products Total		49,099,482
Personal Products – 1.3%
	Avon Products, Inc.	724,800	27,825,072
	Estee Lauder Companies, Inc., Class A	588,800	27,850,240
	Personal Products Total		55,675,312
	CONSUMER STAPLES TOTAL		315,843,270
ENERGY – 6.0%
Energy Equipment & Services – 2.0%
	National-Oilwell Varco, Inc. (a)	231,608	21,875,375
	Rowan Companies, Inc.	541,900	21,394,212
	Technip SA, ADR	266,700	20,626,578
	Tidewater, Inc.	314,300	20,743,800
	Energy Equipment & Services Total		84,639,965
Oil, Gas & Consumable Fuels – 4.0%
	Hess Corp.	852,200	50,467,284
	Newfield Exploration Co. (a)	456,800	21,944,672
	Peabody Energy Corp.	622,900	33,661,516
	Tesoro Corp.	359,200	22,227,296
	Williams Companies, Inc.	1,148,100	36,463,656
	Oil, Gas & Consumable Fuels Total		164,764,424
	ENERGY TOTAL		249,404,389
FINANCIALS – 26.6%
Commercial Banks – 9.9%
	Bank of Hawaii Corp.	927,300	49,619,823
	City National Corp.	649,000	50,258,560
	Comerica, Inc.	998,500	62,735,755
	Cullen/Frost Bankers, Inc.	725,050	38,550,909
	KeyCorp	1,180,000	42,019,800
	Marshall & Ilsley Corp.	927,500	44,510,725
	SVB Financial Group (a)	629,500	33,407,565
	TCF Financial Corp.	1,500,800	42,367,584

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Commercial Banks – (continued)
	Zions Bancorporation	640,450	51,530,607
	Commercial Banks Total		415,001,328
Diversified Financial Services – 1.5%
	CIT Group, Inc.	1,045,600	62,662,808
	Diversified Financial Services Total		62,662,808
Insurance – 6.9%
	ACE Ltd.	422,700	26,025,639
	Ambac Financial Group, Inc.	639,850	57,336,958
	Axis Capital Holdings Ltd.	1,123,922	44,473,594
	Genworth Financial, Inc., Class A	1,218,000	43,969,800
	Loews Corp.	914,200	46,651,626
	Old Republic International Corp.	1,397,437	30,268,485
	Platinum Underwriters Holdings Ltd.	1,163,200	40,060,608
	Insurance Total		288,786,710
Real Estate Investment Trusts (REITs) – 7.3%
	Alexandria Real Estate Equities, Inc.	199,100	20,945,320
	Boston Properties, Inc.	209,400	24,223,392
	Equity Residential Property Trust	532,400	26,976,708
	General Growth Properties, Inc.	852,200	50,313,888
	iStar Financial, Inc.	786,225	37,762,387
	Plum Creek Timber Co., Inc.	1,492,100	62,369,780
	ProLogis	634,100	41,000,906
	Rayonier, Inc.	926,700	41,664,432
	Real Estate Investment Trusts (REITs) Total		305,256,813
Thrifts & Mortgage Finance – 1.0%
	PMI Group, Inc.	822,000	40,639,680
	Thrifts & Mortgage Finance Total		40,639,680
	FINANCIALS TOTAL		1,112,347,339
HEALTH CARE – 6.3%
Health Care Equipment & Supplies – 1.8%
	Beckman Coulter, Inc.	614,600	40,194,840
	Hospira, Inc. (a)	861,200	34,310,208
	Health Care Equipment & Supplies Total		74,505,048
Health Care Providers & Services – 2.1%
	CIGNA Corp.	252,100	42,259,523
	Community Health Systems, Inc. (a)	677,500	25,826,300
	Universal Health Services, Inc., Class B	352,400	21,774,796
	Health Care Providers & Services Total		89,860,619
Life Sciences Tools & Services – 1.7%
	Millipore Corp. (a)	333,100	24,905,887

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Life Sciences Tools & Services – (continued)
	Varian, Inc. (a)	786,300	46,273,755
	Life Sciences Tools & Services Total		71,179,642
Pharmaceuticals – 0.7%
	Mylan Laboratories, Inc.	1,500,845	29,671,706
	Pharmaceuticals Total		29,671,706
	HEALTH CARE TOTAL		265,217,015
INDUSTRIALS – 11.6%
Aerospace & Defense – 1.6%
	L-3 Communications Holdings, Inc.	511,000	48,677,860
	Spirit Aerosystems Holdings, Inc., Class A (a)	551,323	19,246,686
	Aerospace & Defense Total		67,924,546
Commercial Services & Supplies – 0.9%
	Equifax, Inc.	901,500	37,890,045
	Commercial Services & Supplies Total		37,890,045
Construction & Engineering – 0.7%
	Jacobs Engineering Group, Inc. (a)	512,100	29,676,195
	Construction & Engineering Total		29,676,195
Electrical Equipment – 0.9%
	Cooper Industries Ltd., Class A	710,200	38,052,516
	Electrical Equipment Total		38,052,516
Industrial Conglomerates – 2.1%
	McDermott International, Inc. (a)	616,800	48,110,400
	Textron, Inc.	368,900	39,582,970
	Industrial Conglomerates Total		87,693,370
Machinery – 3.9%
	Barnes Group, Inc.	1,355,706	39,979,770
	Harsco Corp.	471,000	25,085,460
	Kennametal, Inc.	628,900	48,374,988
	Parker Hannifin Corp.	471,100	47,750,696
	Machinery Total		161,190,914
Marine – 0.7%
	Alexander & Baldwin, Inc.	569,900	30,483,951
	Marine Total		30,483,951

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Road & Rail – 0.8%
	Canadian Pacific Railway Ltd.	476,000	34,019,720
	Road & Rail Total		34,019,720
	INDUSTRIALS TOTAL		486,931,257
INFORMATION TECHNOLOGY – 9.0%
Communications Equipment – 0.2%
	CommScope, Inc. (a)	155,900	8,532,407
	Communications Equipment Total		8,532,407
Computers & Peripherals – 0.9%
	Diebold, Inc.	457,500	22,682,850
	NCR Corp. (a)	267,100	14,335,257
	Seagate Technology, Inc., Escrow Shares (b)	105,800	1,058
	Computers & Peripherals Total		37,019,165
Electronic Equipment & Instruments – 2.9%
	Agilent Technologies, Inc. (a)	840,400	32,078,068
	Arrow Electronics, Inc. (a)	1,027,400	42,174,770
	Mettler-Toledo International, Inc. (a)	309,100	30,384,530
	Tektronix, Inc.	582,036	17,618,230
	Electronic Equipment & Instruments Total		122,255,598
IT Services – 0.4%
	SAIC, Inc. (a)	906,462	18,265,209
	IT Services Total		18,265,209
Semiconductors & Semiconductor Equipment – 2.8%
	Fairchild Semiconductor International, Inc. (a)	1,210,000	22,288,200
	Intersil Corp., Class A	763,100	22,969,310
	KLA-Tencor Corp.	381,100	20,952,878
	NVIDIA Corp. (a)	725,800	25,163,486
	Spansion, Inc., Class A (a)	1,254,100	13,644,608
	Verigy Ltd. (a)	440,169	12,593,235
	Semiconductors & Semiconductor Equipment Total		117,611,717
Software – 1.8%
	Activision, Inc. (a)	1,249,733	24,732,216
	Cadence Design Systems, Inc. (a)	875,900	19,891,689
	Electronic Arts, Inc. (a)	345,000	16,860,150

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – (continued)
	Synopsys, Inc. (a)	457,900	12,143,508
	Software Total		73,627,563
	INFORMATION TECHNOLOGY TOTAL		377,311,659
MATERIALS – 6.5%
Chemicals – 2.2%
	Air Products & Chemicals, Inc.	781,900	60,980,381
	PPG Industries, Inc.	401,700	30,605,523
	Chemicals Total		91,585,904
Construction Materials – 1.2%
	Martin Marietta Materials, Inc.	178,200	27,699,408
	Vulcan Materials Co.	184,200	22,046,898
	Construction Materials Total		49,746,306
Containers & Packaging – 1.8%
	Crown Holdings, Inc. (a)	1,161,400	28,953,702
	Packaging Corp. of America	1,696,100	43,861,146
	Containers & Packaging Total		72,814,848
Metals & Mining – 0.3%
	Allegheny Technologies, Inc.	119,400	13,801,446
	Metals & Mining Total		13,801,446
Paper & Forest Products – 1.0%
	Weyerhaeuser Co.	508,300	41,660,268
	Paper & Forest Products Total		41,660,268
	MATERIALS TOTAL		269,608,772
TELECOMMUNICATION SERVICES – 1.0%
Diversified Telecommunication Services – 1.0%
	Qwest Communications International, Inc. (a)	4,043,000	41,602,470
	Diversified Telecommunication Services Total		41,602,470
	TELECOMMUNICATION SERVICES TOTAL		41,602,470
UTILITIES – 13.8%
Electric Utilities – 7.9%
	American Electric Power Co., Inc.	1,191,300	56,741,619
	Edison International	920,600	53,643,362
	Entergy Corp.	640,000	72,256,000
	FPL Group, Inc.	653,200	41,759,076
	PPL Corp.	1,463,000	67,239,480
	Reliant Energy, Inc. (a)	1,560,000	39,967,200
	Electric Utilities Total		331,606,737

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Gas Utilities – 1.0%
	AGL Resources, Inc.	935,400	39,904,164
	Gas Utilities Total		39,904,164
Independent Power Producers & Energy Traders – 0.7%
	Mirant Corp. (a)	646,500	29,997,600
	Independent Power Producers & Energy Traders Total		29,997,600
Multi-Utilities – 4.2%
	PG&E Corp.	1,325,900	65,313,834
	Public Service Enterprise Group, Inc.	377,200	33,548,168
	Sempra Energy	591,400	36,264,648
	Wisconsin Energy Corp.	869,400	42,105,042
	Multi-Utilities Total		177,231,692
	UTILITIES TOTAL		578,740,193

	Total Common Stocks (cost of $3,115,423,518)		4,056,638,092

		Par ($)
Convertible Bonds – 0.2%
CONSUMER CYCLICAL – 0.2%
Ford Motor Co.
	4.250% 12/15/36	7,704,000	8,772,930
	CONSUMER CYCLICAL Total		8,772,930
	CONSUMER DISCRETIONARY TOTAL		8,772,930

	Total Convertible Bonds (cost of $8,110,165)		8,772,930
Short-Term Obligation – 4.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due 06/01/07 at 5.200%, collateralized by U.S. Government Agency Obligations with various maturities to 06/12/13, market value of $188,534,250 (repurchase proceeds $184,862,299)	184,836,000	184,836,000

	Total Short-Term Obligation (cost of $184,836,000)		184,836,000

	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. Options are valued at the last reported sales price, or in the absence of a sale, the mean between the last quoted bid and ask price. 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 $3,308,369,683.

	(d)	Unrealized appreciation and depreciation at May 31,2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	960,598,517	$	(18,721,178	)	$	941,877,339

For the three months ended May 31, 2007 transactions in written options were as follows:

	Number of contracts	Premium amount
Options outstanding at February 28, 2007	0	$		0
Options written	1,960			218,733
Options terminated in closing purchase transactions	0	0
Options exercised	0	0
Options expired	0	0
Options outstanding at May 31, 2007	1,960	$	218,733

	Acronym		Name

	ADR		American Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Multi-Advisor International Equity Fund

		Shares	Value ($)*
Common Stocks – 95.6%
CONSUMER DISCRETIONARY – 17.7%
Auto Components – 1.9%
	Continental AG	358,609	50,718,311
	Auto Components Total		50,718,311
Automobiles – 3.7%
	Bayerische Motoren Werke (BMW) AG	213,275	14,282,596
	DaimlerChrysler AG, Registered Shares	187,153	17,161,775
	Honda Motor Co., Ltd.	741,200	26,066,853
	Toyota Motor Corp.	453,900	27,226,541
	Yamaha Motor Co. Ltd.	650,600	16,572,391
	Automobiles Total		101,310,156
Hotels, Restaurants & Leisure – 3.9%
	Accor SA	643,417	59,831,926
	Compass Group PLC	2,001,713	14,942,741
	Melco PBL Entertainment Macau Ltd., ADR (a)	1,149,208	16,111,896
	Shangri-La Asia Ltd.	5,169,918	13,440,483
	Hotels, Restaurants & Leisure Total		104,327,046
Household Durables – 1.3%
	Gafisa SA	533,797	9,114,285
	Koninklijke Philips Electronics NV	624,761	26,564,433
	Household Durables Total		35,678,718
Leisure Equipment & Products – 0.4%
	Sankyo Co., Ltd.	251,500	10,828,759
	Leisure Equipment & Products Total		10,828,759
Media – 4.2%
	British Sky Broadcasting Group PLC	2,464,978	32,213,960
	Grupo Televisa SA, ADR	1,059,182	30,483,258
	JC Decaux SA	612,121	20,343,880
	Publicis Groupe	438,752	19,895,212
	Reed Elsevier NV	494,054	9,838,654
	Media Total		112,774,964
Specialty Retail – 2.0%
	Esprit Holdings Ltd.	1,692,000	20,834,583
	Kingfisher PLC	3,352,387	16,478,987
	Yamada Denki Co., Ltd.	168,300	15,848,135
	Specialty Retail Total		53,161,705

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Textiles, Apparel & Luxury Goods – 0.3%
	Yue Yuen Industrial Holdings Ltd.	2,415,833	8,028,593
	Textiles, Apparel & Luxury Goods Total		8,028,593
	CONSUMER DISCRETIONARY TOTAL		476,828,252
CONSUMER STAPLES – 7.3%
Beverages – 0.6%
	Fomento Economico Mexicano SAB de CV, ADR	395,382	15,752,019
	Beverages Total		15,752,019
Food & Staples Retailing – 2.6%
	Shoppers Drug Mart Corp.	309,685	14,598,278
	Tesco PLC	6,135,587	55,733,885
	Food & Staples Retailing Total		70,332,163
Food Products – 1.9%
	Nestle SA, Registered Shares	51,782	20,166,569
	Unilever NV	379,146	11,310,238
	Unilever PLC	652,899	20,154,835
	Food Products Total		51,631,642
Household Products – 0.6%
	Reckitt Benckiser PLC	319,753	17,386,104
	Household Products Total		17,386,104
Tobacco – 1.6%
	British American Tobacco PLC	1,248,338	42,293,081
	Tobacco Total		42,293,081
	CONSUMER STAPLES TOTAL		197,395,009
ENERGY – 5.4%
Energy Equipment & Services – 2.7%
	Aker Kvaerner ASA	470,950	11,556,768
	Schlumberger Ltd.	414,466	32,274,467
	Technip SA	353,981	27,458,627
	Energy Equipment & Services Total		71,289,862
Oil, Gas & Consumable Fuels – 2.7%
	BP PLC	1,748,384	19,542,850
	CNOOC Ltd.	32,762,100	31,006,399
	Royal Dutch Shell PLC, Class A	152,763	5,687,572

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Royal Dutch Shell PLC, Class B	447,436	16,904,270
	Oil, Gas & Consumable Fuels Total		73,141,091
	ENERGY TOTAL		144,430,953
FINANCIALS – 24.0%
Capital Markets – 4.3%
	Credit Suisse Group, Registered Shares	320,623	24,384,416
	Macquarie Bank Ltd.	516,920	37,495,905
	Man Group PLC	2,276,780	26,531,063
	UBS AG, Registered Shares	431,324	28,137,482
	Capital Markets Total		116,548,866
Commercial Banks – 11.1%
	ABN AMRO Holding NV	202,305	9,698,889
	Allied Irish Banks PLC	606,039	18,282,507
	BNP Paribas	203,986	24,751,992
	Commerzbank AG	189,276	9,311,106
	Depfa Bank PLC	792,980	14,617,812
	Erste Bank der Oesterreichischen Sparkassen AG	428,048	33,578,445
	HBOS PLC	1,037,823	22,337,777
	HSBC Holdings PLC	1,175,508	21,768,527
	ICICI Bank Ltd., ADR	286,492	13,622,695
	Intesa Sanpaolo SpA	2,634,459	20,098,982
	Mitsubishi UFJ Financial Group, Inc.	2,024	23,283,484
	Mitsui Trust Holdings, Inc.	1,678,000	15,552,868
	Mizuho Financial Group, Inc.	1,071	7,577,083
	Royal Bank of Scotland Group PLC	1,878,986	23,346,640
	Shinhan Financial Group Co., Ltd.	257,478	15,901,584
	Uniao de Bancos Brasileiros SA, GDR	218,355	24,523,450
	Commercial Banks Total		298,253,841
Diversified Financial Services – 0.9%
	ING Groep NV	566,790	25,251,136
	Diversified Financial Services Total		25,251,136
Insurance – 5.3%
	Aviva PLC	1,374,485	21,718,510
	AXA SA	1,258,373	55,012,155
	Manulife Financial Corp.	506,960	18,897,247
	Swiss Re, Registered Shares	226,515	21,564,051
	Zurich Financial Services AG	83,071	25,417,094
	Insurance Total		142,609,057

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Real Estate Management & Development – 1.6%
	CapitaLand Ltd.	3,603,000	19,454,176
	Henderson Land Development Co., Ltd.	2,455,000	16,962,041
	JHSF Participacoes SA (a)	907,200	5,435,644
	Real Estate Management & Development Total		41,851,861
Thrifts & Mortgage Finance – 0.8%
	Northern Rock PLC	960,810	20,546,999
	Thrifts & Mortgage Finance Total		20,546,999
	FINANCIALS TOTAL		645,061,760
HEALTH CARE – 6.6%
Biotechnology – 0.8%
	Actelion Ltd., Registered Shares (a)	31,000	6,776,821
	CSL Ltd.	198,669	14,670,806
	Biotechnology Total		21,447,627
Pharmaceuticals – 5.8%
	Astellas Pharma, Inc.	442,200	19,584,700
	Chugai Pharmaceutical Co., Ltd.	1,114,300	22,752,962
	GlaxoSmithKline PLC	738,190	19,148,139
	Novartis AG, Registered Shares	345,434	19,417,971
	Roche Holding AG, Genusschein Shares	128,779	23,636,120
	Sanofi-Aventis	342,483	33,022,913
	Takeda Pharmaceutical Co., Ltd.	277,200	18,609,071
	Pharmaceuticals Total		156,171,876
	HEALTH CARE TOTAL		177,619,503
INDUSTRIALS – 11.5%
Aerospace & Defense – 2.4%
	BAE Systems PLC	7,398,535	65,521,405
	Aerospace & Defense Total		65,521,405
Air Freight & Logistics – 1.7%
	Deutsche Post AG, Registered Shares	793,439	25,238,328
	TNT NV	451,051	19,943,104
	Air Freight & Logistics Total		45,181,432
Airlines – 0.2%
	Gol Linhas Aereas Inteligentes SA, ADR	203,081	6,661,057
	Airlines Total		6,661,057
Building Products – 1.3%
	Cie de Saint-Gobain	178,136	19,532,398

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Building Products – (continued)
	Daikin Industries Ltd.	399,588	14,611,065
	Building Products Total		34,143,463
Construction & Engineering – 1.3%
	Vinci SA	430,730	34,078,621
	Construction & Engineering Total		34,078,621
Electrical Equipment – 0.6%
	ABB Ltd., Registered Shares	745,906	15,955,860
	Electrical Equipment Total		15,955,860
Industrial Conglomerates – 1.4%
	Siemens AG, Registered Shares	291,376	38,398,427
	Industrial Conglomerates Total		38,398,427
Marine – 0.4%
	Stolt-Nielsen SA	340,164	10,434,219
	Marine Total		10,434,219
Road & Rail – 0.5%
	Canadian National Railway Co.	249,956	13,645,098
	Road & Rail Total		13,645,098
Trading Companies & Distributors – 0.8%
	Marubeni Corp.	2,926,000	20,460,362
	Trading Companies & Distributors Total		20,460,362
Transportation Infrastructure – 0.9%
	China Merchants Holdings International Co., Ltd.	3,086,000	13,713,887
	Macquarie Infrastructure Group	3,379,964	10,355,479
	Transportation Infrastructure Total		24,069,366
	INDUSTRIALS TOTAL		308,549,310
INFORMATION TECHNOLOGY – 3.4%
Communications Equipment – 1.7%
	Research In Motion Ltd. (a)	106,796	17,736,680
	Telefonaktiebolaget LM Ericsson, Class B	7,045,000	26,726,486
	Communications Equipment Total		44,463,166
Electronic Equipment & Instruments – 0.4%
	Celestica, Inc. (a)	548,120	3,587,173
	Nippon Electric Glass Co., Ltd.	468,000	7,471,849
	Electronic Equipment & Instruments Total		11,059,022
Semiconductors & Semiconductor Equipment – 1.1%
	Samsung Electronics Co., Ltd.	51,028	29,424,423
	Semiconductors & Semiconductor Equipment Total		29,424,423

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – 0.2%
	Amdocs Ltd. (a)	128,914	5,010,887
	Software Total		5,010,887
	INFORMATION TECHNOLOGY TOTAL		89,957,498
MATERIALS – 10.0%
Chemicals – 4.2%
	Air Liquide SA	40,338	9,577,134
	Bayer AG	288,933	20,795,497
	Linde AG	76,177	8,417,292
	Lonza Group AG, Registered Shares	273,472	27,039,075
	Syngenta AG, Registered Shares (a)	248,732	46,830,176
	Chemicals Total		112,659,174
Construction Materials – 3.0%
	Cemex SA de CV, ADR, COP (a)	418,840	16,284,517
	CRH PLC	566,026	27,570,492
	Holcim Ltd., Registered Shares	328,985	36,395,711
	Construction Materials Total		80,250,720
Containers & Packaging – 0.1%
	Smurfit Kappa Group PLC (a)	162,000	4,108,903
	Containers & Packaging Total		4,108,903
Metals & Mining – 2.2%
	POSCO	15,463	7,433,173
	Rio Tinto PLC	711,728	51,721,039
	Metals & Mining Total		59,154,212
Paper & Forest Products – 0.5%
	Stora Enso Oyj, Class R	198,412	3,788,348
	UPM-Kymmene Oyj	353,159	9,152,213
	Paper & Forest Products Total		12,940,561
	MATERIALS TOTAL		269,113,570
TELECOMMUNICATION SERVICES – 6.1%
Diversified Telecommunication Services – 2.6%
	France Telecom SA	965,881	29,670,789
	Telefonica SA	1,217,546	27,670,346
	Telenor ASA (a)	671,104	13,046,756
	Diversified Telecommunication Services Total		70,387,891
Wireless Telecommunication Services – 3.5%
	America Movil SA de CV, ADR, Series L	312,433	18,917,818
	China Mobile Ltd.	4,367,000	40,798,449
	LG Telecom Ltd. (a)	1,079,634	11,927,407

		Shares	Value ($)
Common Stocks – (continued)
TELECOMMUNICATION SERVICES – (continued)
Wireless Telecommunication Services – (continued)
	Vodafone Group PLC	6,948,716	21,739,461
	Wireless Telecommunication Services Total		93,383,135
	TELECOMMUNICATION SERVICES TOTAL		163,771,026
UTILITIES – 3.6%
Electric Utilities – 2.2%
	E.ON AG	190,942	31,390,711
	Electricite de France	286,149	26,539,948
	Electric Utilities Total		57,930,659
Gas Utilities – 0.3%
	Enagas SA	369,994	9,359,488
	Gas Utilities Total		9,359,488
Multi-Utilities – 1.1%
	Veolia Environnement	365,511	30,590,769
	Multi-Utilities Total		30,590,769
	UTILITIES TOTAL		97,880,916

	Total Common Stocks (cost of $1,945,689,509)		2,570,607,797

		Par ($)
Short-Term Obligation – 4.3%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due 06/01/07 at 5.200%, collateralized by U.S. Agency Obligations with various maturity dates to 12/14/18, market value of $117,784,850 (repurchase proceeds $115,491,680)	115,475,000	115,475,000

	Total Short-Term Obligation (cost of $115,475,000)		115,475,000

	Total Investments – 99.9% (cost of $2,061,164,509)(b)(c)		2,686,082,797

	Other Assets & Liabilities, Net – 0.1%		3,880,652

	Net Assets – 100.0%		2,689,963,449

	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. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. 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. 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)	Non-income producing security.

	(b)	Cost for federal income tax purposes is $2,061,164,509.

	(c)	Unrealized appreciation and depreciation at May 31, 2007 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Unrealized
Appreciation		Depreciation			Appreciation
$	659,713,930	$	(34,795,642	)	$	624,918,288

Acronym		Name

ADR		American Depositary Receipt
COP		Certificates of Participation
GDR		Global Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Small Cap Index Fund

		Shares	Value ($)*
Common Stocks – 97.7%
CONSUMER DISCRETIONARY – 15.0%
Auto Components – 0.2%
	Drew Industries, Inc. (a)	49,700	1,674,393
	Standard Motor Products, Inc.	31,600	491,380
	Superior Industries International, Inc. (b)	60,900	1,375,122
	Auto Components Total		3,540,895
Automobiles – 0.3%
	Coachmen Industries, Inc.	41,800	429,286
	Fleetwood Enterprises, Inc. (a)(b)	170,500	1,587,355
	Monaco Coach Corp. (b)	71,300	1,098,733
	Winnebago Industries, Inc. (b)	83,600	2,591,600
	Automobiles Total		5,706,974
Distributors – 0.4%
	Audiovox Corp., Class A (a)(b)	48,300	648,669
	Building Materials Holding Corp. (b)	77,600	1,188,832
	Keystone Automotive Industries, Inc. (a)(b)	43,500	1,796,985
	LKQ Corp. (a)(b)	120,600	3,011,382
	Distributors Total		6,645,868
Diversified Consumer Services – 0.6%
	Bright Horizons Family Solutions, Inc. (a)	69,700	2,951,098
	Coinstar, Inc. (a)	74,100	2,340,819
	CPI Corp.	13,900	1,102,965
	Pre-Paid Legal Services, Inc. (a)	23,900	1,552,783
	Universal Technical Institute, Inc. (a)(b)	61,500	1,452,015
	Vertrue, Inc. (a)	25,800	1,244,850
	Diversified Consumer Services Total		10,644,530
Hotels, Restaurants & Leisure – 3.5%
	California Pizza Kitchen, Inc. (a)	50,900	1,866,503
	CEC Entertainment, Inc. (a)	88,550	3,428,656
	CKE Restaurants, Inc. (b)	174,400	3,800,176
	IHOP Corp. (b)	41,900	2,436,485
	Jack in the Box, Inc. (a)	90,900	6,951,123
	Landry’s Restaurants, Inc. (b)	45,100	1,319,626
	Marcus Corp.	56,800	1,327,416
	Monarch Casino & Resort, Inc. (a)	27,900	761,949
	Multimedia Games, Inc. (a)(b)	73,500	933,450
	O’Charleys, Inc. (a)	62,100	1,402,839
	P.F. Chang’s China Bistro, Inc. (a)(b)	67,900	2,633,841

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Hotels, Restaurants & Leisure – (continued)
	Panera Bread Co., Class A (a)(b)	84,600	4,768,902
	Papa John’s International, Inc. (a)(b)	59,700	1,847,715
	Peet’s Coffee & Tea, Inc. (a)(b)	36,800	959,376
	Pinnacle Entertainment, Inc. (a)	158,800	4,859,280
	RARE Hospitality International, Inc. (a)	81,100	2,355,144
	Red Robin Gourmet Burgers, Inc. (a)(b)	44,200	1,897,506
	Ruth’s Chris Steak House (a)(b)	46,400	849,584
	Shuffle Master, Inc. (a)(b)	93,250	1,793,197
	Sonic Corp. (a)(b)	181,000	4,412,780
	Steak n Shake Co. (a)(b)	75,100	1,141,520
	Texas Roadhouse, Inc., Class A (a)	143,000	1,980,550
	Triarc Companies, Inc.	172,564	2,666,114
	WMS Industries, Inc. (a)(b)	63,500	2,689,860
	Hotels, Restaurants & Leisure Total		59,083,592
Household Durables – 1.0%
	Bassett Furniture Industries, Inc. (b)	31,400	450,590
	Champion Enterprises, Inc. (a)(b)	203,900	2,318,343
	Ethan Allen Interiors, Inc. (b)	84,500	3,068,195
	La-Z-Boy, Inc. (b)	136,700	1,607,592
	Libbey, Inc. (b)	38,100	854,202
	M/I Homes, Inc. (b)	32,200	926,716
	Meritage Corp. (a)(b)	58,500	2,029,365
	National Presto Industries, Inc.	12,500	757,750
	Russ Berrie & Co., Inc. (a)	30,600	519,282
	Skyline Corp. (b)	18,100	599,834
	Standard Pacific Corp. (b)	172,300	3,673,436
	Household Durables Total		16,805,305
Internet & Catalog Retail – 0.2%
	Blue Nile, Inc. (a)(b)	37,100	2,132,137
	PetMed Express, Inc. (a)(b)	64,500	832,695
	Stamps.com, Inc. (a)	50,900	694,785
	Internet & Catalog Retail Total		3,659,617
Leisure Equipment & Products – 1.2%
	Arctic Cat, Inc. (b)	31,800	608,652
	JAKKS Pacific, Inc. (a)(b)	73,900	1,941,353
	K2, Inc. (a)(b)	131,300	2,003,638
	MarineMax, Inc. (a)(b)	49,600	1,030,688

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Leisure Equipment & Products – (continued)
	Nautilus Group, Inc. (b)	83,800	1,079,344
	Polaris Industries, Inc.	94,500	5,206,005
	Pool Corp. (b)	133,850	5,481,158
	RC2 Corp. (a)	56,200	2,525,628
	Sturm Ruger & Co., Inc. (a)(b)	48,800	676,856
	Leisure Equipment & Products Total		20,553,322
Media – 0.6%
	4Kids Entertainment, Inc. (a)	35,000	591,850
	Arbitron, Inc.	79,200	4,146,912
	Live Nation, Inc. (a)	174,400	3,906,560
	Radio One, Inc., Class D (a)(b)	204,900	1,538,799
	Media Total		10,184,121
Multiline Retail – 0.2%
	Fred’s, Inc. (b)	106,550	1,532,189
	Tuesday Morning Corp. (b)	79,300	1,105,442
	Multiline Retail Total		2,637,631
Specialty Retail – 4.4%
	Aaron Rents, Inc.	129,750	3,721,230
	Brown Shoe Co., Inc.	114,675	3,398,967
	Cato Corp., Class A	83,900	1,824,825
	Children’s Place Retail Stores, Inc. (a)	62,100	3,506,166
	Christopher & Banks Corp. (b)	99,100	1,871,999
	Cost Plus, Inc. (a)	58,800	543,312
	Dress Barn, Inc. (a)(b)	122,700	2,833,143
	Finish Line, Inc., Class A (b)	111,500	1,427,200
	Genesco, Inc. (a)(b)	59,800	3,130,530
	Group 1 Automotive, Inc. (b)	64,600	2,726,120
	Guitar Center, Inc. (a)(b)	78,500	4,209,955
	Gymboree Corp. (a)	84,200	3,763,740
	Haverty Furniture Companies, Inc. (b)	60,400	736,276
	Hibbett Sporting Goods, Inc. (a)(b)	84,500	2,363,465
	HOT Topic, Inc. (a)	117,600	1,303,008
	Jo-Ann Stores, Inc. (a)	64,950	2,196,609
	Jos. A. Bank Clothiers, Inc. (a)	47,975	2,019,268
	Lithia Motors, Inc., Class A (b)	42,300	1,137,024
	Men’s Wearhouse, Inc.	140,800	7,510,272
	Midas, Inc. (a)	31,400	705,558
	Pep Boys-Manny, Moe & Jack, Inc. (b)	144,800	3,084,240
	Select Comfort Corp. (a)(b)	132,950	2,409,054
	Sonic Automotive, Inc. (b)	80,000	2,490,400

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Specialty Retail – (continued)
	Stage Stores, Inc.	116,275	2,430,147
	Stein Mart, Inc.	71,900	901,626
	Tractor Supply Co. (a)(b)	92,200	4,905,962
	Tween Brands, Inc. (a)	85,100	3,704,403
	Zale Corp. (a)(b)	130,300	3,499,858
	Specialty Retail Total		74,354,357
Textiles, Apparel & Luxury Goods – 2.4%
	Ashworth, Inc. (a)	38,600	316,520
	CROCS, Inc. (a)(b)	89,300	7,265,448
	Deckers Outdoor Co. (a)	29,100	2,557,599
	Fossil, Inc. (a)(b)	120,250	3,753,003
	Iconix Brand Group, Inc. (a)(b)	151,100	3,361,975
	K-Swiss, Inc., Class A	70,900	2,056,809
	Kellwood Co. (b)	67,000	1,930,270
	Movado Group, Inc.	54,100	1,803,153
	Oxford Industries, Inc. (b)	40,700	1,853,071
	Quiksilver, Inc. (a)(b)	325,100	4,587,161
	Skechers U.S.A., Inc. (a)	72,800	2,336,880
	Stride Rite Corp.	97,000	1,954,550
	Unifirst Corp.	37,900	1,582,704
	Wolverine World Wide, Inc.	147,900	4,293,537
	Textiles, Apparel & Luxury Goods Total		39,652,680
	CONSUMER DISCRETIONARY TOTAL		253,468,892
CONSUMER STAPLES – 3.8%
Food & Staples Retailing – 1.1%
	Casey’s General Stores, Inc.	134,500	3,632,845
	Great Atlantic & Pacific Tea Co., Inc. (a)	51,900	1,791,069
	Longs Drug Stores Corp.	75,600	4,330,368
	Nash Finch Co. (b)	35,700	1,679,685
	Performance Food Group Co. (a)	93,100	3,305,050
	Spartan Stores, Inc.	57,400	1,515,360
	United Natural Foods, Inc. (a)(b)	113,900	3,117,443
	Food & Staples Retailing Total		19,371,820
Food Products – 1.9%
	Corn Products International, Inc.	198,000	8,123,940
	Delta & Pine Land Co. (b)	97,200	4,067,820
	Flowers Foods, Inc.	137,600	4,747,200

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Food Products – (continued)
	Hain Celestial Group, Inc. (a)(b)	105,000	3,003,000
	J & J Snack Foods Corp. (b)	36,500	1,435,545
	Lance, Inc. (b)	82,200	1,952,250
	Ralcorp Holdings, Inc. (a)(b)	71,400	4,152,624
	Sanderson Farms, Inc. (b)	42,300	1,818,477
	TreeHouse Foods, Inc. (a)	83,000	2,327,320
	Food Products Total		31,628,176
Household Products – 0.3%
	Central Garden & Pet Co. (a)(b)	190,100	2,532,132
	Spectrum Brands, Inc. (a)(b)	103,300	867,720
	WD-40 Co.	45,300	1,509,849
	Household Products Total		4,909,701
Personal Products – 0.4%
	Chattem, Inc. (a)(b)	49,700	3,164,399
	Mannatech, Inc. (b)	42,200	591,644
	Playtex Products, Inc. (a)	148,300	2,209,670
	USANA Health Sciences, Inc. (a)(b)	22,800	886,464
	Personal Products Total		6,852,177
Tobacco – 0.1%
	Alliance One International, Inc. (a)(b)	233,700	2,245,857
	Tobacco Total		2,245,857
	CONSUMER STAPLES TOTAL		65,007,731
ENERGY – 6.3%
Energy Equipment & Services – 3.5%
	Atwood Oceanics, Inc. (a)(b)	72,000	4,726,080
	Bristow Group, Inc. (a)(b)	62,600	3,083,676
	CARBO Ceramics, Inc. (b)	53,950	2,395,380
	Dril-Quip, Inc. (a)	64,500	3,129,540
	Hornbeck Offshore Services, Inc. (a)(b)	61,800	2,466,438
	Input/Output, Inc. (a)(b)	187,100	2,999,213
	Lone Star Technologies, Inc. (a)	81,600	5,498,208
	Lufkin Industries, Inc.	39,800	2,543,618
	Matrix Service Co. (a)	64,700	1,653,085
	Oceaneering International, Inc. (a)	147,600	7,385,904
	SEACOR Holdings, Inc. (a)	56,800	5,253,432
	Tetra Technologies, Inc. (a)(b)	192,650	5,380,714
	Unit Corp. (a)(b)	123,200	7,590,352
	W-H Energy Services, Inc. (a)	80,500	5,135,900
	Energy Equipment & Services Total		59,241,540

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – 2.8%
	Cabot Oil & Gas Corp.	257,300	10,034,700
	Helix Energy Solutions Group, Inc. (a)	242,800	9,675,580
	Massey Energy Co. (b)	215,800	6,253,884
	Penn Virginia Corp.	50,000	3,990,000
	Petroleum Development Corp. (a)(b)	39,300	2,003,121
	St. Mary Land & Exploration Co.	167,400	6,254,064
	Stone Energy Corp. (a)	74,400	2,427,672
	Swift Energy Co. (a)	79,300	3,412,279
	World Fuel Services Corp.	75,900	3,105,069
	Oil, Gas & Consumable Fuels Total		47,156,369
	ENERGY TOTAL		106,397,909
FINANCIALS – 15.4%
Capital Markets – 0.7%
	Investment Technology Group, Inc. (a)	117,600	4,780,440
	LaBranche & Co., Inc. (a)(b)	142,000	1,172,920
	Piper Jaffray Companies, Inc. (a)	49,200	3,291,480
	SWS Group, Inc. (b)	65,650	1,584,791
	TradeStation Group, Inc. (a)(b)	67,900	809,368
	Capital Markets Total		11,638,999
Commercial Banks – 5.6%
	Boston Private Financial Holdings, Inc. (b)	97,800	2,768,718
	Cascade Bancorp (b)	75,300	1,694,250
	Central Pacific Financial Corp. (b)	81,800	2,775,474
	Chittenden Corp.	120,525	3,514,509
	Community Bank System, Inc.	79,700	1,638,632
	East West Bancorp, Inc.	163,700	6,636,398
	First Bancorp Puerto Rico	221,600	2,783,296
	First Commonwealth Financial Corp. (b)	167,300	1,892,163
	First Financial Bancorp (b)	85,300	1,255,616
	First Indiana Corp. (b)	34,300	720,986
	First Midwest Bancorp, Inc. (b)	132,900	4,889,391
	First Republic Bank	82,250	4,453,837
	Frontier Financial Corp. (b)	105,500	2,453,930
	Glacier Bancorp, Inc. (b)	138,607	2,966,190
	Hanmi Financial Corp.	110,000	1,921,700
	Independent Bank Corp./MI (b)	54,220	937,464
	Irwin Financial Corp.	50,000	795,000

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Commercial Banks – (continued)
	Nara Bancorp, Inc. (b)	55,800	896,148
	PrivateBancorp, Inc. (b)	49,200	1,650,168
	Prosperity Bancshares, Inc. (b)	91,600	3,173,024
	Provident Bankshares Corp.	85,700	2,866,665
	Signature Bank (a)(b)	79,000	2,626,750
	South Financial Group, Inc.	198,300	4,719,540
	Sterling Bancorp NY	49,800	798,294
	Sterling Bancshares, Inc.	191,750	2,203,208
	Sterling Financial Corp.	135,825	4,107,348
	Susquehanna Bancshares, Inc.	138,700	2,986,211
	UCBH Holdings, Inc.	265,100	4,933,511
	Umpqua Holdings Corp. (b)	168,500	4,205,760
	United Bankshares, Inc. (b)	97,100	3,277,125
	United Community Banks, Inc. (b)	96,200	2,923,518
	Whitney Holding Corp.	175,600	5,450,624
	Wilshire Bancorp, Inc. (b)	41,100	523,614
	Wintrust Financial Corp. (b)	66,600	3,056,274
	Commercial Banks Total		94,495,336
Consumer Finance – 0.4%
	Cash America International, Inc.	79,100	3,281,859
	First Cash Financial Services, Inc. (a)	73,000	1,819,890
	Rewards Network, Inc. (a)(b)	70,800	276,828
	World Acceptance Corp. (a)(b)	46,800	1,983,384
	Consumer Finance Total		7,361,961
Diversified Financial Services – 0.3%
	Financial Federal Corp. (b)	73,200	1,990,308
	Portfolio Recovery Associates, Inc. (b)	42,600	2,521,920
	Diversified Financial Services Total		4,512,228
Insurance – 2.8%
	Delphi Financial Group, Inc., Class A	115,150	4,944,541
	Hilb Rogal & Hobbs Co.	96,300	4,178,457
	Infinity Property & Casualty Corp.	51,900	2,741,877
	LandAmerica Financial Group, Inc. (b)	46,600	4,319,354
	Philadelphia Consolidated Holding Co. (a)	152,700	6,291,240
	Presidential Life Corp.	57,300	1,046,298
	ProAssurance Corp. (a)	88,600	5,007,672
	RLI Corp.	53,200	3,056,340
	Safety Insurance Group, Inc.	38,100	1,586,484
	SCPIE Holdings, Inc. (a)(b)	26,700	571,380
	Selective Insurance Group, Inc. (b)	151,700	4,152,029

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Insurance – (continued)
	Stewart Information Services Corp. (b)	48,500	1,921,570
	United Fire & Casualty Co.	55,900	2,188,485
	Zenith National Insurance Corp.	98,600	4,769,282
	Insurance Total		46,775,009
Real Estate Investment Trusts (REITs) – 3.9%
	Acadia Realty Trust	85,500	2,429,055
	Colonial Properties Trust	123,100	6,074,985
	EastGroup Properties, Inc.	63,100	3,085,590
	Entertainment Properties Trust	70,400	4,157,120
	Essex Property Trust, Inc.	68,400	8,702,532
	Inland Real Estate Corp. (b)	173,300	3,119,400
	Kilroy Realty Corp.	87,000	6,465,840
	Kite Realty Group Trust	77,200	1,641,272
	Lexington Corporate Properties Trust (b)	186,900	3,887,520
	LTC Properties, Inc.	55,200	1,323,696
	Medical Properties Trust, Inc. (b)	130,900	1,862,707
	Mid-America Apartment Communities, Inc.	67,400	3,959,750
	National Retail Properties, Inc.	173,700	4,212,225
	Parkway Properties, Inc. (b)	42,200	2,188,070
	PS Business Parks, Inc.	42,600	2,860,590
	Senior Housing Properties Trust	198,100	4,655,350
	Sovran Self Storage, Inc.	54,600	2,909,088
	Tanger Factory Outlet Centers, Inc. (b)	83,100	3,486,045
	Real Estate Investment Trusts (REITs) Total		67,020,835
Thrifts & Mortgage Finance – 1.7%
	Anchor BanCorp Wisconsin, Inc. (b)	47,400	1,357,062
	Bank Mutual Corp.	160,500	1,898,715
	BankAtlantic Bancorp, Inc., Class A	122,000	1,156,560
	BankUnited Financial Corp., Class A (b)	85,000	1,948,200
	Brookline Bancorp, Inc. (b)	163,900	1,956,966
	Corus Bankshares, Inc. (b)	88,344	1,606,977
	Dime Community Bancshares	73,100	986,850
	Downey Financial Corp. (b)	51,900	3,777,801
	FirstFed Financial Corp. (a)(b)	44,100	2,843,127
	Flagstar BanCorp, Inc. (b)	103,300	1,328,438
	Franklin Bank Corp. (a)(b)	62,700	1,033,923
	Fremont General Corp. (b)	180,300	2,388,975

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – (continued)
	MAF Bancorp, Inc. (b)	74,500	4,014,060
	Triad Guaranty, Inc. (a)(b)	32,500	1,449,175
	TrustCo Bank Corp. NY (b)	199,400	1,936,174
	Thrifts & Mortgage Finance Total		29,683,003
	FINANCIALS TOTAL		261,487,371
HEALTH CARE – 11.7%
Biotechnology – 0.6%
	ArQule, Inc. (a)(b)	75,300	676,194
	Digene Corp. (a)(b)	63,900	2,843,550
	Martek Biosciences Corp. (a)(b)	85,800	1,795,794
	Regeneron Pharmaceuticals, Inc. (a)	174,700	3,920,268
	Savient Pharmaceuticals, Inc. (a)(b)	123,400	1,754,748
	Biotechnology Total		10,990,554
Health Care Equipment & Supplies – 5.3%
	American Medical Systems Holdings, Inc. (a)(b)	191,400	3,590,664
	Analogic Corp. (b)	37,100	2,448,600
	ArthroCare Corp. (a)(b)	73,000	3,217,110
	BioLase Technology, Inc. (a)(b)	63,000	378,000
	Biosite, Inc. (a)	42,500	3,906,600
	CONMED Corp. (a)	74,600	2,335,726
	Cooper Companies, Inc. (b)	119,700	6,600,258
	Cyberonics, Inc. (a)(b)	58,800	1,104,264
	Datascope Corp.	33,700	1,241,845
	DJ Orthopedics, Inc. (a)(b)	62,400	2,434,224
	Greatbatch, Inc. (a)(b)	58,900	1,769,356
	Haemonetics Corp. (a)	70,300	3,489,692
	Hologic, Inc. (a)(b)	141,700	7,664,553
	ICU Medical, Inc. (a)(b)	39,000	1,565,850
	IDEXX Laboratories, Inc. (a)	82,900	7,319,241
	Immucor, Inc. (a)	183,187	5,785,046
	Integra LifeSciences Holdings Corp. (a)	52,500	2,694,300
	Invacare Corp.	85,100	1,510,525
	Kensey Nash Corp. (a)(b)	31,500	734,895
	Mentor Corp. (b)	113,100	4,573,764
	Meridian Bioscience, Inc. (b)	86,100	1,818,432
	Merit Medical Systems, Inc. (a)	73,000	835,850
	Osteotech, Inc. (a)	46,100	337,452
	Palomar Medical Technologies, Inc. (a)(b)	48,300	1,878,387
	PolyMedica Corp. (b)	60,200	2,447,732

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Equipment & Supplies – (continued)
	Possis Medical, Inc. (a)(b)	45,800	539,066
	Respironics, Inc. (a)	194,700	8,596,005
	SurModics, Inc. (a)(b)	41,600	1,560,832
	Symmetry Medical, Inc. (a)(b)	93,800	1,437,954
	Theragenics Corp. (a)	88,500	388,515
	Viasys Healthcare, Inc. (a)	88,000	3,779,600
	Vital Signs, Inc.	20,800	1,210,352
	Health Care Equipment & Supplies Total		89,194,690
Health Care Providers & Services – 4.1%
	Amedisys, Inc. (a)	68,699	2,562,473
	AMERIGROUP Corp. (a)	139,250	3,550,875
	AMN Healthcare Services, Inc. (a)	92,300	2,078,596
	AmSurg Corp. (a)	80,000	1,968,800
	Centene Corp. (a)	115,400	2,653,046
	Chemed Corp. (b)	70,900	4,750,300
	Cross Country Healthcare, Inc. (a)	57,900	1,008,039
	CryoLife, Inc. (a)	59,900	874,540
	Genesis HealthCare Corp. (a)(b)	52,600	3,592,580
	Gentiva Health Services, Inc. (a)	72,600	1,486,848
	HealthExtras, Inc. (a)	79,500	2,419,185
	Healthways, Inc. (a)(b)	92,900	4,330,998
	Hooper Holmes, Inc. (a)	180,000	653,400
	inVentiv Health, Inc. (a)	80,200	3,020,332
	LCA-Vision, Inc. (b)	52,900	2,393,725
	Matria Healthcare, Inc. (a)(b)	57,100	1,827,200
	Odyssey Healthcare, Inc. (a)	89,650	1,162,760
	Option Care, Inc. (b)	70,400	1,060,928
	Owens & Minor, Inc. (b)	107,200	3,805,600
	Pediatrix Medical Group, Inc. (a)	129,100	7,438,742
	PSS World Medical, Inc. (a)(b)	179,300	3,361,875
	RehabCare Group, Inc. (a)	45,800	722,724
	Res-Care, Inc. (a)	53,400	1,105,380
	Sierra Health Services, Inc. (a)	148,400	6,185,312
	Sunrise Senior Living, Inc. (a)(b)	119,200	4,667,872
	Health Care Providers & Services Total		68,682,130
Health Care Technology – 0.2%
	Allscripts Healthcare Solutions, Inc. (a)(b)	129,800	3,187,888
	Health Care Technology Total		3,187,888

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Life Sciences Tools & Services – 0.7%
	Cambrex Corp.	75,200	934,736
	Dionex Corp. (a)(b)	50,800	3,601,720
	Enzo Biochem, Inc. (a)(b)	82,920	1,348,279
	Kendle International, Inc. (a)	32,600	1,125,678
	PAREXEL International Corp. (a)	72,800	2,928,016
	PharmaNet Development Group, Inc. (a)	49,000	1,573,390
	Life Sciences Tools & Services Total		11,511,819
Pharmaceuticals – 0.8%
	Alpharma, Inc., Class A (b)	89,600	2,177,280
	Bradley Pharmaceuticals, Inc. (a)(b)	43,700	964,896
	MGI Pharma, Inc. (a)	211,600	4,524,008
	Noven Pharmaceuticals, Inc. (a)(b)	65,900	1,545,355
	Sciele Pharma, Inc. (a)(b)	78,600	1,942,992
	Viropharma, Inc. (a)	185,700	2,690,793
	Pharmaceuticals Total		13,845,324
	HEALTH CARE TOTAL		197,412,405
INDUSTRIALS – 18.0%
Aerospace & Defense – 2.4%
	AAR Corp. (a)(b)	98,400	3,198,000
	Applied Signal Technology, Inc. (b)	32,300	524,229
	Armor Holdings, Inc. (a)(b)	80,400	6,908,772
	Ceradyne, Inc. (a)(b)	72,200	4,878,554
	Cubic Corp. (b)	41,200	1,035,356
	Curtiss-Wright Corp.	117,600	5,300,232
	EDO Corp. (b)	43,800	1,470,366
	Esterline Technologies Corp. (a)(b)	68,100	3,098,550
	GenCorp, Inc. (a)(b)	148,800	1,995,408
	Moog, Inc., Class A (a)	112,975	4,864,703
	Teledyne Technologies, Inc. (a)	92,700	4,271,616
	Triumph Group, Inc. (b)	43,600	2,881,088
	Aerospace & Defense Total		40,426,874
Air Freight & Logistics – 0.6%
	EGL, Inc. (a)(b)	84,600	3,921,210
	Forward Air Corp. (b)	80,950	2,753,110
	HUB Group, Inc., Class A (a)	106,000	3,919,880
	Air Freight & Logistics Total		10,594,200
Airlines – 0.4%
	Frontier Airlines Holdings, Inc. (a)(b)	97,500	591,825
	Mesa Air Group, Inc. (a)(b)	88,200	621,810

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Airlines – (continued)
	Skywest, Inc.	171,300	4,715,889
	Airlines Total		5,929,524
Building Products – 1.0%
	Apogee Enterprises, Inc.	75,500	1,858,810
	Griffon Corp. (a)(b)	69,900	1,631,466
	Lennox International, Inc.	152,800	5,233,400
	NCI Building Systems, Inc. (a)(b)	53,700	2,760,717
	Simpson Manufacturing Co., Inc. (b)	97,900	3,262,028
	Universal Forest Products, Inc. (b)	50,300	2,418,424
	Building Products Total		17,164,845
Commercial Services & Supplies – 3.5%
	ABM Industries, Inc.	116,000	3,423,160
	Administaff, Inc. (b)	64,700	2,358,962
	Angelica Corp.	25,300	635,030
	Bowne & Co., Inc.	77,300	1,498,847
	Brady Corp., Class A	143,600	5,333,304
	CDI Corp. (b)	34,600	1,157,024
	Consolidated Graphics, Inc. (a)	31,300	2,272,380
	G&K Services, Inc., Class A (b)	57,200	2,177,604
	Healthcare Services Group, Inc. (b)	73,500	2,048,445
	Heidrick & Struggles International, Inc. (a)	46,700	2,276,158
	Interface, Inc., Class A	138,500	2,337,880
	Labor Ready, Inc. (a)	134,900	3,237,600
	Mobile Mini, Inc. (a)(b)	95,500	2,884,100
	On Assignment, Inc. (a)	93,200	1,015,880
	School Specialty, Inc. (a)	49,600	1,733,024
	Spherion Corp. (a)	150,600	1,483,410
	Standard Register Co. (b)	32,800	390,648
	Tetra Tech, Inc. (a)	154,300	3,403,858
	United Stationers, Inc. (a)	79,000	5,300,110
	Viad Corp.	56,600	2,511,342
	Volt Information Sciences, Inc. (a)(b)	34,400	854,152
	Waste Connections, Inc. (a)	181,925	5,606,928
	Watson Wyatt & Co. Holdings, Class A	112,800	5,817,096
	Commercial Services & Supplies Total		59,756,942
Construction & Engineering – 1.3%
	EMCOR Group, Inc. (a)	84,700	5,555,473
	Insituform Technologies, Inc., Class A (a)(b)	72,500	1,529,025

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Construction & Engineering – (continued)
	Shaw Group, Inc. (a)	214,900	8,694,854
	URS Corp. (a)	139,700	7,024,116
	Construction & Engineering Total		22,803,468
Electrical Equipment – 1.8%
	A.O. Smith Corp.	60,500	2,377,045
	Acuity Brands, Inc.	115,500	7,012,005
	Baldor Electric Co.	109,600	5,083,248
	Belden CDT, Inc. (b)	118,750	6,799,625
	C&D Technologies, Inc. (a)(b)	68,300	425,509
	MagneTek, Inc. (a)	79,400	395,412
	Regal-Beloit Corp.	82,900	4,029,769
	Vicor Corp.	52,000	617,240
	Woodward Governor Co.	78,400	4,330,816
	Electrical Equipment Total		31,070,669
Industrial Conglomerates – 0.2%
	Standex International Corp.	33,100	944,343
	Tredegar Corp. (b)	75,500	1,744,805
	Industrial Conglomerates Total		2,689,148
Machinery – 4.3%
	A.S.V., Inc. (a)(b)	54,700	958,891
	Albany International Corp., Class A (b)	77,600	3,035,712
	Astec Industries, Inc. (a)	50,100	2,158,809
	Barnes Group, Inc. (b)	106,400	3,137,736
	Briggs & Stratton Corp. (b)	131,500	4,267,175
	Cascade Corp. (b)	28,100	1,913,610
	CLARCOR, Inc. (b)	136,300	4,555,146
	EnPro Industries, Inc. (a)	56,800	2,359,472
	Gardner Denver, Inc. (a)	140,600	5,791,314
	IDEX Corp.	214,875	8,100,787
	Kaydon Corp.	74,900	3,613,925
	Lindsay Manufacturing Co. (b)	31,000	1,064,850
	Lydall, Inc. (a)	43,500	613,785
	Manitowoc Co., Inc.	165,400	12,534,012
	Mueller Industries, Inc.	98,600	3,450,014
	Robbins & Myers, Inc.	45,300	2,034,876
	Toro Co.	107,300	6,419,759
	Valmont Industries, Inc. (b)	45,800	3,228,442
	Wabash National Corp. (b)	81,300	1,189,419
	Watts Water Technologies, Inc., Class A (b)	79,000	2,994,100
	Machinery Total		73,421,834

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Marine – 0.3%
	Kirby Corp. (a)	141,500	5,662,830
	Marine Total		5,662,830
Road & Rail – 1.6%
	Arkansas Best Corp. (b)	66,900	2,762,301
	Heartland Express, Inc. (b)	156,868	2,630,676
	Kansas City Southern (a)	204,200	8,382,410
	Knight Transportation, Inc. (b)	153,700	2,878,801
	Landstar System, Inc.	149,200	7,260,072
	Old Dominion Freight Line, Inc. (a)(b)	74,450	2,325,074
	Road & Rail Total		26,239,334
Trading Companies & Distributors – 0.6%
	Applied Industrial Technologies, Inc.	100,525	2,941,362
	Kaman Corp.	64,300	1,889,134
	Lawson Products, Inc.	11,100	408,813
	Watsco, Inc. (b)	65,200	4,121,292
	Trading Companies & Distributors Total		9,360,601
	INDUSTRIALS TOTAL		305,120,269
INFORMATION TECHNOLOGY – 16.3%
Communications Equipment – 1.6%
	Arris Group, Inc. (a)	288,300	4,742,535
	Bel Fuse, Inc., Class B (b)	31,500	1,144,080
	Black Box Corp.	46,200	1,683,066
	Blue Coat Systems, Inc. (a)(b)	38,500	1,693,615
	C-COR, Inc. (a)(b)	129,900	1,901,736
	Comtech Telecommunications Corp. (a)	61,600	2,757,832
	Digi International, Inc. (a)(b)	66,900	939,945
	Ditech Networks, Inc. (a)	87,800	702,400
	Harmonic, Inc. (a)	210,000	1,911,000
	Inter-Tel, Inc.	56,900	1,487,935
	NETGEAR, Inc. (a)(b)	91,400	3,410,134
	Network Equipment Technologies, Inc. (a)	67,300	703,285
	PC-Tel, Inc. (a)	59,400	579,744
	Symmetricom, Inc. (a)(b)	123,600	1,004,868
	Tollgrade Communications, Inc. (a)	35,300	390,065
	ViaSat, Inc. (a)	65,500	2,121,545
	Communications Equipment Total		27,173,785

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Computers & Peripherals – 0.8%
	Adaptec, Inc. (a)	315,000	1,282,050
	Avid Technology, Inc. (a)(b)	109,575	3,736,508
	Hutchinson Technology, Inc. (a)(b)	69,200	1,264,976
	Komag, Inc. (a)(b)	82,900	2,011,154
	Neoware Systems, Inc. (a)(b)	53,200	645,316
	Novatel Wireless, Inc. (a)(b)	79,800	1,853,754
	Synaptics, Inc. (a)(b)	69,300	2,187,108
	Computers & Peripherals Total		12,980,866
Electronic Equipment & Instruments – 4.9%
	Aeroflex, Inc. (a)	196,000	2,771,440
	Agilysys, Inc.	82,100	1,783,212
	Anixter International, Inc. (a)	83,800	6,189,468
	Bell Microproducts, Inc. (a)(b)	80,900	520,996
	Benchmark Electronics, Inc. (a)	191,625	4,236,829
	Brightpoint, Inc. (a)(b)	134,940	1,773,111
	Checkpoint Systems, Inc. (a)	104,500	2,615,635
	Cognex Corp. (b)	118,300	2,783,599
	Coherent, Inc. (a)(b)	83,200	2,580,864
	CTS Corp.	95,300	1,145,506
	Daktronics, Inc. (b)	84,800	2,031,808
	Electro Scientific Industries, Inc. (a)(b)	77,600	1,602,440
	FLIR Systems, Inc. (a)(b)	174,400	7,213,184
	Gerber Scientific, Inc. (a)	61,500	701,715
	Insight Enterprises, Inc. (a)	128,700	2,851,992
	Itron, Inc. (a)(b)	79,600	5,384,940
	Keithley Instruments, Inc.	37,500	497,625
	Littelfuse, Inc. (a)	59,800	2,396,784
	LoJack Corp. (a)	50,000	1,099,000
	Mercury Computer Systems, Inc. (a)(b)	59,200	770,784
	Methode Electronics, Inc., Class A	97,300	1,467,284
	MTS Systems Corp.	48,600	2,134,026
	Newport Corp. (a)(b)	109,100	1,627,772
	Park Electrochemical Corp.	53,700	1,495,545
	Paxar Corp. (a)	110,500	3,342,625
	Photon Dynamics, Inc. (a)	44,200	483,990
	Planar Systems, Inc. (a)	46,100	334,225
	Plexus Corp. (a)	122,900	2,705,029
	RadiSys Corp. (a)	58,400	789,568
	Rogers Corp. (a)(b)	47,000	1,891,280
	ScanSource, Inc. (a)(b)	68,500	1,985,130

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Electronic Equipment & Instruments – (continued)
	Technitrol, Inc.	108,500	2,857,890
	Trimble Navigation Ltd. (a)	314,400	9,177,336
	X-Rite, Inc. (b)	76,300	1,141,448
	Electronic Equipment & Instruments Total		82,384,080
Internet Software & Services – 0.8%
	Bankrate, Inc. (a)(b)	30,400	1,322,400
	InfoSpace, Inc. (b)	83,800	2,051,424
	j2 Global Communications, Inc. (a)	130,300	4,342,899
	MIVA, Inc. (a)	74,600	415,522
	United Online, Inc.	176,500	3,011,090
	Websense, Inc. (a)	119,300	2,684,250
	Internet Software & Services Total		13,827,585
IT Services – 1.1%
	CACI International, Inc., Class A (a)(b)	81,900	4,221,945
	CIBER, Inc. (a)	143,800	1,281,258
	eFunds Corp. (a)	125,600	4,246,536
	Gevity HR, Inc. (b)	67,000	1,407,000
	Keane, Inc. (a)(b)	118,600	1,682,934
	Mantech International Corp., Class A (a)	48,600	1,554,228
	MAXIMUS, Inc.	57,800	2,498,116
	Startek, Inc. (b)	30,100	314,244
	Sykes Enterprises, Inc. (a)	78,900	1,536,972
	IT Services Total		18,743,233
Semiconductors & Semiconductor Equipment – 3.5%
	Actel Corp. (a)	69,300	968,121
	Advanced Energy Industries, Inc. (a)	94,400	2,316,576
	AMIS Holdings, Inc. (a)	172,800	2,208,384
	ATMI, Inc. (a)	93,800	2,865,590
	Axcelis Technologies, Inc. (a)	269,600	1,733,528
	Brooks Automation, Inc. (a)	201,430	3,563,296
	Cabot Microelectronics Corp. (a)(b)	63,600	2,128,056
	Cohu, Inc.	60,500	1,236,620
	Cymer, Inc. (a)	99,200	3,981,888
	Diodes, Inc. (a)(b)	53,400	1,975,266
	DSP Group, Inc. (a)	77,300	1,684,367
	Exar Corp. (a)(b)	96,700	1,314,153
	FEI Co. (a)(b)	69,200	2,567,320

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	Intevac, Inc. (a)	56,300	1,086,027
	Kopin Corp. (a)(b)	180,700	646,906
	Kulicke & Soffa Industries, Inc. (a)	153,100	1,465,167
	Microsemi Corp. (a)(b)	200,700	4,626,135
	MKS Instruments, Inc. (a)	98,800	2,692,300
	Pericom Semiconductor Corp. (a)	69,900	766,104
	Photronics, Inc. (a)(b)	111,200	1,634,640
	Rudolph Technologies, Inc. (a)	66,400	1,065,056
	Skyworks Solutions, Inc. (a)	434,400	3,079,896
	Standard Microsystems Corp. (a)(b)	60,200	1,867,404
	Supertex, Inc. (a)(b)	36,700	1,230,551
	Ultratech, Inc. (a)(b)	61,900	826,365
	Varian Semiconductor Equipment Associates, Inc. (a)	218,925	9,227,689
	Veeco Instruments, Inc. (a)(b)	82,900	1,502,148
	Semiconductors & Semiconductor Equipment Total		60,259,553
Software – 3.6%
	Ansoft Corp. (a)	46,100	1,477,044
	ANSYS, Inc. (a)	103,100	5,790,096
	Blackbaud, Inc.	118,300	2,802,527
	Captaris, Inc. (a)	72,000	370,800
	Catapult Communications Corp. (a)(b)	26,500	268,445
	Concur Technologies, Inc. (a)(b)	74,400	1,482,048
	Epicor Software Corp. (a)	153,900	2,228,472
	EPIQ Systems, Inc. (a)(b)	38,400	1,013,760
	FactSet Research Systems, Inc.	100,400	6,408,532
	Informatica Corp. (a)	231,400	3,531,164
	JDA Software Group, Inc. (a)	78,100	1,420,639
	Kronos, Inc. (a)	84,300	4,618,797
	Manhattan Associates, Inc. (a)	72,500	2,106,850
	Micros Systems, Inc. (a)(b)	108,100	5,998,469
	Napster, Inc. (a)(b)	119,800	449,250
	Phoenix Technologies Ltd. (a)	68,300	561,426
	Progress Software Corp. (a)	108,600	3,568,596
	Quality Systems, Inc. (b)	45,200	1,850,940
	Radiant Systems, Inc. (a)	69,200	931,432
	Secure Computing Corp. (a)(b)	171,700	1,308,354
	Sonic Solutions (a)(b)	69,200	892,680
	SPSS, Inc. (a)(b)	52,700	2,319,327

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – (continued)
	Take-Two Interactive Software, Inc. (a)(b)	194,050	3,995,490
	THQ, Inc. (a)	174,550	5,952,155
	Software Total		61,347,293
	INFORMATION TECHNOLOGY TOTAL		276,716,395
MATERIALS – 6.0%
Chemicals – 1.2%
	Arch Chemicals, Inc.	64,500	2,267,820
	Georgia Gulf Corp. (b)	91,100	1,572,386
	H.B. Fuller Co.	161,200	4,392,700
	Material Sciences Corp. (a)	33,800	358,956
	OM Group, Inc. (a)	79,200	4,950,792
	Omnova Solutions, Inc. (a)	111,800	627,198
	Penford Corp.	23,800	454,342
	PolyOne Corp. (a)	247,100	1,761,823
	Quaker Chemical Corp.	26,700	639,465
	Schulman A, Inc.	64,500	1,560,255
	Tronox, Inc., Class B (b)	109,800	1,528,416
	Chemicals Total		20,114,153
Construction Materials – 0.5%
	Headwaters, Inc. (a)(b)	112,700	2,222,444
	Texas Industries, Inc. (b)	72,600	6,314,748
	Construction Materials Total		8,537,192
Containers & Packaging – 0.8%
	AptarGroup, Inc. (b)	184,600	6,933,576
	Caraustar Industries, Inc. (a)	77,400	458,982
	Chesapeake Corp.	52,900	707,273
	Myers Industries, Inc.	71,900	1,594,023
	Rock-Tenn Co., Class A	91,400	3,191,688
	Containers & Packaging Total		12,885,542
Metals & Mining – 3.1%
	A.M. Castle & Co. (b)	38,100	1,409,700
	AMCOL International Corp. (b)	58,100	1,444,947
	Brush Engineered Materials, Inc. (a)(b)	53,600	2,875,640
	Carpenter Technology Corp.	68,200	9,041,274
	Century Aluminum Co. (a)	61,500	3,464,910
	Chaparral Steel Co.	123,500	9,040,200
	Cleveland-Cliffs, Inc. (b)	109,600	9,676,584
	Gibraltar Industries, Inc.	79,400	1,710,276

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Metals & Mining – (continued)
	Quanex Corp. (b)	98,600	4,726,884
	RTI International Metals, Inc. (a)	61,100	5,422,625
	Ryerson Tull, Inc. (b)	69,900	2,651,307
	Steel Technologies, Inc. (b)	30,600	917,082
	Metals & Mining Total		52,381,429
Paper & Forest Products – 0.4%
	Buckeye Technologies, Inc. (a)	100,600	1,430,532
	Deltic Timber Corp. (b)	27,200	1,467,712
	Neenah Paper, Inc.	39,300	1,721,340
	Pope & Talbot, Inc. (a)(b)	43,500	181,830
	Schweitzer-Mauduit International, Inc.	41,600	1,249,664
	Wausau-Mosinee Paper Corp. (b)	119,000	1,629,110
	Paper & Forest Products Total		7,680,188
	MATERIALS TOTAL		101,598,504
PRIVATE PLACEMENT – 0.0%
Private Placement – 0.0%
	CSF Holdings, Inc. Escrow (a)(c)(d)	2,062	—
	Private Placement Total		—
	PRIVATE PLACEMENT TOTAL		—
TELECOMMUNICATION SERVICES – 0.2%
Diversified Telecommunication Services – 0.2%
	CT Communications, Inc. (b)	53,700	1,685,643
	General Communication, Inc., Class A (a)	119,100	1,578,075
	Diversified Telecommunication Services Total		3,263,718
	TELECOMMUNICATION SERVICES TOTAL		3,263,718
UTILITIES – 5.0%
Electric Utilities – 1.1%
	ALLETE, Inc.	81,000	3,888,000
	Central Vermont Public Service Corp.	27,000	983,880
	Cleco Corp.	153,500	4,141,430
	El Paso Electric Co. (a)	122,800	3,341,388
	UIL Holdings Corp.	66,733	2,188,842
	Unisource Energy Corp.	93,800	3,426,514
	Electric Utilities Total		17,970,054
Gas Utilities – 3.5%
	Atmos Energy Corp.	235,700	7,634,323
	Cascade Natural Gas Corp.	30,600	805,698
	Energen Corp.	190,800	11,241,936
	Laclede Group, Inc.	57,400	1,788,584

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Gas Utilities – (continued)
	New Jersey Resources Corp.	74,100	4,059,198
	Northwest Natural Gas Co. (b)	72,500	3,612,675
	Piedmont Natural Gas Co. (b)	198,500	5,268,190
	South Jersey Industries, Inc. (b)	77,700	3,020,199
	Southern Union Co.	286,887	9,983,668
	Southwest Gas Corp.	111,800	4,266,288
	UGI Corp.	282,200	8,127,360
	Gas Utilities Total		59,808,119
Multi-Utilities – 0.3%
	Avista Corp.	140,200	3,283,484
	CH Energy Group, Inc. (b)	36,100	1,709,696
	Multi-Utilities Total		4,993,180
Water Utilities – 0.1%
	American States Water Co. (b)	45,300	1,632,159
	Water Utilities Total		1,632,159
	UTILITIES TOTAL		84,403,512

	Total Common Stocks (cost of $1,006,954,269)		1,654,876,706

Investment Company – 0.8%
	iShares S&P SmallCap 600 Index Fund (b)	194,200	14,098,920

	Total Investment Company (cost of $12,918,970)		14,098,920

Securities Lending Collateral – 28.1%
	State Street Navigator Securities Lending Prime Portfolio (e)	475,094,087	475,094,087

	Total Securities Lending Collateral (cost of $475,094,087)		475,094,087

		Par ($)	Value ($)
Short-Term Obligations – 0.5%
U.S. GOVERNMENT OBLIGATION – 0.1%
United States Treasury Bill
	4.910% 06/14/07(f)(g)	1,000,000	987,589
	U.S. GOVERNMENT OBLIGATION TOTAL		987,589
REPURCHASE AGREEMENT – 0.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by a U.S. Government Agency Obligation maturing 12/02/21, market value of $7,070,987 (repurchase proceeds $6,932,001)	6,931,000	6,931,000

	Total Short-Term Obligations (cost of $7,918,589)		7,918,589

	Total Investments – 127.1% (cost of $1,502,885,915)(h)(i)		2,151,988,302

	Other Assets & Liabilities, Net – (27.1)%		(458,606,740	)

	Net Assets – 100.0%		1,693,381,562

	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 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)	All or a portion of this security was on loan at May 31, 2007. The market value of securities on loan at May 31, 2007 is $461,190,442.

	(c)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

	(d)	Security has no value.

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

	(f)	The rate shown represents the annualized yield at the date of purchase.

	(g)	Security pledged as collateral for open futures contracts.

	(h)	Cost for federal income tax purposes is $1,502,885,915.

	(i)	Unrealized appreciation and depreciation at May 31, 2007, based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	705,239,622	$	(56,137,235	)	$	649,102,387

INVESTMENT PORTFOLIO

May 31, 2007 (Unaudited)

Columbia Small Cap Value Fund II

		Shares	Value ($)*
Common Stocks – 97.5%
CONSUMER DISCRETIONARY – 16.8%
Auto Components – 2.2%
	Cooper Tire & Rubber Co.	300,000	7,221,000
	Tenneco Automotive, Inc. (a)	190,000	6,195,900
	Visteon Corp. (a)	330,000	2,669,700
	Auto Components Total		16,086,600
Diversified Consumer Services – 0.7%
	Stewart Enterprises, Inc., Class A	600,000	4,644,000
	Diversified Consumer Services Total		4,644,000
Hotels, Restaurants & Leisure – 2.2%
	Bally Technologies, Inc. (a)	265,000	7,200,050
	Morton’s Restaurant Group, Inc. (a)	250,000	3,925,000
	Ruby Tuesday, Inc.	167,500	4,617,975
	Hotels, Restaurants & Leisure Total		15,743,025
Household Durables – 2.6%
	Helen of Troy Ltd. (a)	275,000	7,507,500
	Hovnanian Enterprises, Inc., Class A (a)	135,000	3,410,100
	Tupperware Brands Corp.	260,000	7,516,600
	Household Durables Total		18,434,200
Leisure Equipment & Products – 0.7%
	Callaway Golf Co.	280,300	5,093,051
	Leisure Equipment & Products Total		5,093,051
Media – 3.4%
	Carmike Cinemas, Inc.	260,000	6,773,000
	Cinemark Holdings, Inc. (a)	410,736	7,947,742
	Lee Enterprises, Inc.	116,000	2,913,920
	World Wrestling Entertainment, Inc.	390,000	6,828,900
	Media Total		24,463,562
Specialty Retail – 2.7%
	Brown Shoe Co., Inc.	260,000	7,706,400
	Genesco, Inc. (a)	47,800	2,502,330
	Pacific Sunwear of California, Inc. (a)	209,800	4,172,922
	Sonic Automotive, Inc.	155,000	4,825,150
	Specialty Retail Total		19,206,802
Textiles, Apparel & Luxury Goods – 2.3%
	Phillips-Van Heusen Corp.	65,000	3,972,800
	Unifirst Corp.	106,000	4,426,560

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	Warnaco Group, Inc. (a)	245,000	8,425,550
	Textiles, Apparel & Luxury Goods Total		16,824,910
	CONSUMER DISCRETIONARY TOTAL		120,496,150

CONSUMER STAPLES – 3.2%
Food Products – 0.6%
	Sanderson Farms, Inc.	98,700	4,243,113
	Food Products Total		4,243,113
Personal Products – 1.6%
	Chattem, Inc. (a)	95,000	6,048,650
	Inter Parfums, Inc.	210,000	5,575,500
	Personal Products Total		11,624,150
Tobacco – 1.0%
	Universal Corp.	110,000	6,992,700
	Tobacco Total		6,992,700
	CONSUMER STAPLES TOTAL		22,859,963
ENERGY – 5.3%
Energy Equipment & Services – 3.9%
	Atwood Oceanics, Inc. (a)	81,000	5,316,840
	Dawson Geophysical Co. (a)	75,000	3,992,250
	Dresser-Rand Group, Inc. (a)	217,000	7,725,200
	Oil States International, Inc. (a)	190,000	7,396,700
	Universal Compression Holdings, Inc. (a)	54,800	4,072,188
	Energy Equipment & Services Total		28,503,178
Oil, Gas & Consumable Fuels – 1.4%
	Arlington Tankers	235,000	6,316,800
	Petrohawk Energy Corp. (a)	221,000	3,602,300
	Oil, Gas & Consumable Fuels Total		9,919,100
	ENERGY TOTAL		38,422,278
FINANCIALS – 24.8%
Capital Markets – 2.6%
	Affiliated Managers Group, Inc. (a)	63,000	8,202,600
	Apollo Investment Corp.	150,000	3,529,500
	Lazard Ltd., Class A	128,000	6,896,640
	Capital Markets Total		18,628,740
Commercial Banks – 8.2%
	AmericanWest Bancorporation	240,000	4,761,600
	Bancorpsouth, Inc.	195,000	4,882,800

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Commercial Banks – (continued)
	Colonial BancGroup, Inc.	212,000	5,350,880
	Community Bank System, Inc.	163,000	3,351,280
	First Midwest Bancorp, Inc.	148,000	5,444,920
	First State Bancorporation	168,000	3,716,160
	Independent Bank Corp.	150,000	4,444,500
	Pacific Capital Bancorp	175,000	4,504,500
	Prosperity Bancshares, Inc.	205,000	7,101,200
	SVB Financial Group (a)	150,000	7,960,500
	UCBH Holdings, Inc.	191,000	3,554,510
	Umpqua Holdings Corp.	140,000	3,494,400
	Commercial Banks Total		58,567,250
Insurance – 4.9%
	Argonaut Group, Inc. (a)	179,000	5,930,270
	Delphi Financial Group, Inc., Class A	149,000	6,398,060
	National Financial Partners Corp.	117,000	5,479,110
	NYMAGIC, Inc.	90,000	3,771,900
	Platinum Underwriters Holdings Ltd.	198,000	6,819,120
	Zenith National Insurance Corp.	140,000	6,771,800
	Insurance Total		35,170,260
Real Estate Investment Trusts (REITs) – 7.8%
	Alexandria Real Estate Equities, Inc.	70,000	7,364,000
	Digital Realty Trust, Inc.	180,000	7,308,000
	Equity Inns, Inc.	380,000	7,596,200
	LaSalle Hotel Properties	132,000	6,283,200
	LTC Properties, Inc.	257,000	6,162,860
	Mid-America Apartment Communities, Inc.	141,000	8,283,750
	OMEGA Healthcare Investors, Inc.	305,000	5,249,050
	Tanger Factory Outlet Centers, Inc.	180,000	7,551,000
	Real Estate Investment Trusts (REITs) Total		55,798,060
Thrifts & Mortgage Finance – 1.3%
	First Niagara Financial Group, Inc.	275,000	3,773,000
	NewAlliance Bancshares, Inc.	360,000	5,803,200
	Thrifts & Mortgage Finance Total		9,576,200
	FINANCIALS TOTAL		177,740,510
HEALTH CARE – 5.3%
Health Care Equipment & Supplies – 1.5%
	Datascope Corp.	108,000	3,979,800
	Medical Action Industries, Inc. (a)	335,000	6,767,000
	Health Care Equipment & Supplies Total		10,746,800

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Providers & Services – 3.8%
	Kindred Healthcare, Inc. (a)	185,000	5,920,000
	LifePoint Hospitals, Inc. (a)	189,000	7,671,510
	Magellan Health Services, Inc. (a)	140,000	6,272,000
	Owens & Minor, Inc.	202,000	7,171,000
	Health Care Providers & Services Total		27,034,510
	HEALTH CARE TOTAL		37,781,310
INDUSTRIALS – 20.1%
Aerospace & Defense – 3.6%
	AAR Corp. (a)	180,000	5,850,000
	BE Aerospace, Inc. (a)	205,000	7,849,450
	DRS Technologies, Inc.	120,000	6,162,000
	Esterline Technologies Corp. (a)	132,000	6,006,000
	Aerospace & Defense Total		25,867,450
Airlines – 0.5%
	Alaska Air Group, Inc. (a)	115,000	3,353,400
	Airlines Total		3,353,400
Commercial Services & Supplies – 6.5%
	ABM Industries, Inc.	188,000	5,547,880
	Bowne & Co., Inc.	158,000	3,063,620
	CBIZ, Inc. (a)	435,000	3,253,800
	Comfort Systems USA, Inc.	455,000	6,370,000
	Consolidated Graphics, Inc. (a)	100,000	7,260,000
	Cornell Companies, Inc. (a)	315,000	7,506,450
	FTI Consulting, Inc. (a)	193,000	7,156,440
	Watson Wyatt Worldwide, Inc., Class A	125,000	6,446,250
	Commercial Services & Supplies Total		46,604,440
Construction & Engineering – 1.5%
	Integrated Electrical Services, Inc. (a)	150,000	3,972,000
	Washington Group International, Inc. (a)	76,000	6,384,000
	Construction & Engineering Total		10,356,000
Electrical Equipment – 2.3%
	Baldor Electric Co.	160,000	7,420,800
	JA Solar Holdings Co. Ltd. (a)	210,000	4,991,700
	LSI Industries, Inc.	281,000	4,288,060
	Electrical Equipment Total		16,700,560
Machinery – 3.7%
	Actuant Corp., Class A	87,000	4,839,810
	AGCO Corp. (a)	168,500	7,292,680

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Machinery – (continued)
	Barnes Group, Inc.	285,000	8,404,650
	Gardner Denver, Inc. (a)	145,000	5,972,550
	Machinery Total		26,509,690
Marine – 1.0%
	Eagle Bulk Shipping, Inc.	330,000	7,352,400
	Marine Total		7,352,400
Trading Companies & Distributors – 1.0%
	GATX Corp.	140,000	7,203,000
	Trading Companies & Distributors Total		7,203,000
	INDUSTRIALS TOTAL		143,946,940
INFORMATION TECHNOLOGY – 10.1%
Communications Equipment – 1.1%
	CommScope, Inc. (a)	138,000	7,552,740
	Communications Equipment Total		7,552,740
Computers & Peripherals – 1.3%
	Brocade Communications Systems, Inc. (a)	259,600	2,383,128
	Electronics for Imaging, Inc. (a)	230,000	6,557,300
	Computers & Peripherals Total		8,940,428
Electronic Equipment & Instruments – 5.2%
	Aeroflex, Inc. (a)	323,000	4,567,220
	Agilysys, Inc.	125,000	2,715,000
	Benchmark Electronics, Inc. (a)	130,000	2,874,300
	Electro Scientific Industries, Inc. (a)	175,000	3,613,750
	Gerber Scientific, Inc. (a)	365,000	4,164,650
	MTS Systems Corp.	115,000	5,049,650
	Rofin-Sinar Technologies, Inc. (a)	100,000	6,750,000
	X-Rite, Inc. (a)	510,000	7,629,600
	Electronic Equipment & Instruments Total		37,364,170
Internet Software & Services – 0.7%
	Ariba, Inc. (a)	575,000	5,353,250
	Internet Software & Services Total		5,353,250
Semiconductors & Semiconductor Equipment – 0.8%
	Cypress Semiconductor Corp. (a)	270,000	5,796,900
	Semiconductors & Semiconductor Equipment Total		5,796,900
Software – 1.0%
	i2 Technologies, Inc. (a)	186,000	3,489,360

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – (continued)
	Lawson Software, Inc. (a)	403,000	3,699,540
	Software Total		7,188,900
	INFORMATION TECHNOLOGY TOTAL		72,196,388
MATERIALS – 6.9%
Chemicals – 1.9%
	Olin Corp.	170,700	3,454,968
	Rockwood Holdings, Inc. (a)	210,000	6,738,900
	Terra Industries, Inc. (a)	195,000	3,781,050
	Chemicals Total		13,974,918
Construction Materials – 0.6%
	US Concrete, Inc. (a)	520,000	4,596,800
	Construction Materials Total		4,596,800
Containers & Packaging – 1.9%
	Crown Holdings, Inc. (a)	280,000	6,980,400
	Rock-Tenn Co., Class A	180,000	6,285,600
	Containers & Packaging Total		13,266,000
Metals & Mining – 2.5%
	AMCOL International Corp.	148,000	3,680,760
	Carpenter Technology Corp.	53,000	7,026,210
	Ryerson Tull, Inc.	87,000	3,299,910
	Steel Dynamics, Inc.	85,000	3,986,500
	Metals & Mining Total		17,993,380
	MATERIALS TOTAL		49,831,098
TELECOMMUNICATION SERVICES – 0.8%
Diversified Telecommunication Services – 0.8%
	Cincinnati Bell, Inc. (a)	1,050,000	6,121,500
	Diversified Telecommunication Services Total		6,121,500
	TELECOMMUNICATION SERVICES TOTAL		6,121,500
UTILITIES – 4.2%
Electric Utilities – 0.8%
	ITC Holdings Corp.	122,000	5,294,800
	Electric Utilities Total		5,294,800
Gas Utilities – 1.8%
	Atmos Energy Corp.	195,000	6,316,050
	New Jersey Resources Corp.	121,000	6,628,380
	Gas Utilities Total		12,944,430
Multi-Utilities – 1.6%
	Integrys Energy Group, Inc.	115,000	6,428,500

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Multi-Utilities – (continued)
	PNM Resources, Inc.	179,000	5,282,290
	Multi-Utilities Total		11,710,790
	UTILITIES TOTAL		29,950,020

	Total Common Stocks (cost of $584,204,056)		699,346,157

		Par ($)
Short-Term Obligation – 2.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/31/07, due on 06/01/07, at 5.200%, collateralized by a U.S. Government Agency Obligation maturing 02/09/26, market value of 17,428,250(repurchase proceeds $17,085,468)	17,083,000	17,083,000

	Total Short-Term Obligation (cost of $17,083,000)		17,083,000

	Total Investments – 99.9% (cost of $601,287,056)(b)(c)		716,429,157

	Other Assets & Liabilities, Net – 0.1%		960,644

	Net Assets – 100.0%		717,389,801

	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)	Non-income producing security.

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: May 31, 2007 Estimated average burden hours per response........21.09


	FORM N-Q

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)

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

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

Date of fiscal year end:	2/28/2007

Date of reporting period:	5/31/2007

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Road & Rail – (continued)
	Kansas City Southern (d)	5,752	236,120
Road & Rail Total			4,876,270
INDUSTRIALS TOTAL			15,312,160
INFORMATION TECHNOLOGY – 0.1%
Internet Software & Services – 0.1%
	Akamai Technologies, Inc. (d)	36,000	1,591,560
Internet Software & Services Total			1,591,560
INFORMATION TECHNOLOGY TOTAL			1,591,560

	Total Common Stocks (cost of $50,173,961)		62,073,353

		EUR		Euro
		HUF		Hungarian Forint
		JPY		Japanese Yen
		MXN		Mexican Peso
		TRY		Turkish Lira
		TWD		New Taiwan Dollar
		USD		United States Dollar

(registrant)				Columbia Funds Series Trust


By (Signature and Title)				/s/ Christopher L. Wilson
				Christopher L. Wilson, President


Date				July 23, 2007

Shares

Securities Lending Collateral – 24.3%

State Street Navigator Securities Lending Prime Portfolio (c)

Total Securities Lending Collateral
(cost of $93,004,635)

93,004,635