INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Convertible Securities Fund

		Par ($)	Value ($)*
Convertible Bonds — 79.4%
CONSUMER DISCRETIONARY — 10.0%
Auto Components — 1.9%
BorgWarner, Inc.
	3.500% 04/15/12	2,880,000	3,700,800
TRW Automotive, Inc.
	3.500% 12/01/15 (a)	3,000,000	3,656,250
Auto Components Total			7,357,050
Automobiles — 0.9%
Ford Motor Co.
	4.250% 11/15/16	2,400,000	3,372,000
Automobile Total			3,372,000
Diversified Consumer Services — 1.1%
Coinstar, Inc.
	4.000% 09/01/14	3,052,000	4,543,665
Diversified Consumer Services Total			4,543,665
Hotels, Restaurants & Leisure — 1.3%
MGM Mirage
	4.250% 04/15/15 (a)	5,500,000	5,046,250
Hotels, Restaurants & Leisure Total			5,046,250
Household Durables — 1.0%
DR Horton, Inc.
	2.000% 05/15/14	1,900,000	2,132,750
Lennar Corp.
	2.000% 12/01/20 (a)	2,250,000	2,109,375
Household Durables Total			4,242,125
Internet & Catalog Retail — 0.7%
priceline.com, Inc.
	1.250% 03/15/15 (a)	3,000,000	2,790,000
Internet & Catalog Retail Total			2,790,000
Media — 1.6%
Interpublic Group of Companies, Inc.
	4.250% 03/15/23	4,290,000	4,472,325
Liberty Global, Inc.
	4.500% 11/15/16 (a)	1,750,000	1,997,187
Media Total			6,469,512
Specialty Retail — 1.5%
Best Buy Co., Inc.
	2.250% 01/15/22	2,425,000	2,643,250

		Par ($)	Value ($)
Convertible Bonds — (continued)
CONSUMER DISCRETIONARY — (continued)
Charming Shoppes, Inc.
	1.125% 05/01/14	4,000,000	3,135,000
Specialty Retail Total			5,778,250
CONSUMER DISCRETIONARY TOTAL			39,598,852
CONSUMER STAPLES — 1.4%
Food Products — 0.6%
Smithfield Foods, Inc.
	4.000% 06/30/13	2,500,000	2,543,750
Food Products Total			2,543,750
Tobacco — 0.8%
Vector Group Ltd.
	3.875% 06/15/26 (b)	2,900,000	3,103,000
Tobacco Total			3,103,000
CONSUMER STAPLES TOTAL			5,646,750
ENERGY — 7.4%
Energy Equipment & Services — 2.8%
Cameron International Corp.
	2.500% 06/15/26	2,940,000	3,450,825
Exterran Holdings, Inc.
	4.250% 06/15/14	1,530,000	1,931,625
Hornbeck Offshore Services, Inc.
	1.625% 11/15/26 (a)(c) (1.375% 11/15/13)	5,000,000	3,975,000
	1.625% 11/15/26 (c) (1.375% 11/15/13)	2,030,000	1,613,850
Energy Equipment & Services Total			10,971,300
Oil, Gas & Consumable Fuels — 4.6%
Alpha Natural Resources, Inc.
	2.375% 04/15/15	3,000,000	2,992,500
Chesapeake Energy Corp.
	2.750% 11/15/35	4,360,000	3,885,850
International Coal Group, Inc.
	4.000% 04/01/17	2,850,000	2,785,875
Massey Energy Co.
	3.250% 08/01/15	2,500,000	2,068,750

		Par ($)	Value ($)
Convertible Bonds — (continued)
ENERGY — (continued)
SM Energy Co.
	3.500% 04/01/27	6,200,000	6,634,000
Oil, Gas & Consumable Fuels Total			18,366,975
ENERGY TOTAL			29,338,275
FINANCIALS — 7.6%
Capital Markets — 0.5%
Janus Capital Group, Inc.
	3.250% 07/15/14	1,950,000	2,108,438
Capital Markets Total			2,108,438
Consumer Finance — 1.1%
Dollar Financial Corp.
	3.000% 04/01/28	4,477,000	4,135,629
Consumer Finance Total			4,135,629
Real Estate Investment Trusts (REITs) — 3.9%
BioMed Realty LP
	3.750% 01/15/30 (a)	5,500,000	5,885,000
Boston Properties LP
	3.750% 05/15/36	3,893,000	4,038,987
Digital Realty Trust LP
	5.500% 04/15/29 (a)	4,000,000	5,595,000
Real Estate Investment Trusts (REITs) Total			15,518,987
Thrifts & Mortgage Finance — 2.1%
MGIC Investment Corp.
	5.000% 05/01/17	5,700,000	5,892,375
PMI Group, Inc.
	4.500% 04/15/20	2,600,000	2,252,250
Thrifts & Mortgage Finance Total			8,144,625
FINANCIALS TOTAL			29,907,679
HEALTH CARE — 17.7%
Biotechnology — 5.7%
Amylin Pharmaceuticals, Inc.
	3.000% 06/15/14	3,600,000	2,961,000
BioMarin Pharmaceuticals, Inc.
	1.875% 04/23/17	1,925,000	2,115,094
Gilead Sciences, Inc.
	0.500% 05/01/11	7,140,000	7,505,925
Invitrogen Corp.
	3.250% 06/15/25	8,536,000	9,763,050
Biotechnology Total			22,345,069
Health Care Equipment & Supplies — 3.8%
Fisher Scientific International, Inc.
	3.250% 03/01/24	6,377,000	8,473,439

		Par ($)	Value ($)
Convertible Bonds — (continued)
HEALTH CARE — (continued)
Medtronic, Inc.
	1.625% 04/15/13	6,400,000	6,488,000
Health Care Equipment & Supplies Total			14,961,439
Health Care Providers & Services — 0.5%
Omnicare, Inc.
	3.250% 12/15/35	2,500,000	2,053,125
Health Care Providers & Services Total			2,053,125
Health Care Technology — 1.3%
Inverness Medical Innovations, Inc.
	3.000% 05/15/16 (a)	5,100,000	5,131,875
Health Care Technology Total			5,131,875
Pharmaceuticals — 6.4%
Allergan, Inc.
	1.500% 04/01/26 (a)	4,180,000	4,603,225
	1.500% 04/01/26	2,035,000	2,241,044
Biovail Corp.
	5.375% 08/01/14 (a)	2,325,000	2,766,750
Charles River Laboratories International, Inc.
	2.250% 06/15/13	2,750,000	2,581,562
Mylan, Inc.
	1.250% 03/15/12	10,514,000	10,934,560
Salix Pharmaceuticals Ltd.
	2.750% 05/15/15	2,000,000	2,013,600
Pharmaceuticals Total			25,140,741
HEALTH CARE TOTAL			69,632,249
INDUSTRIALS — 11.0%
Aerospace & Defense — 0.7%
L-3 Communications Corp.
	3.000% 08/01/35	2,850,000	2,882,062
Aerospace & Defense Total			2,882,062
Airlines — 2.1%
AirTran Holdings, Inc.
	5.250% 11/01/16	1,900,000	2,196,875
UAL Corp.
	4.500% 06/30/21	6,200,000	6,091,500
Airlines Total			8,288,375

		Par ($)	Value ($)
Convertible Bonds — (continued)
INDUSTRIALS — (continued)
Commercial Services & Supplies — 0.7%
Covanta Holding Corp.
	3.250% 06/01/14 (a)	2,500,000	2,553,125
Commercial Services & Supplies Total			2,553,125
Construction Materials — 0.8%
Cemex SAB de CV
	4.875% 03/15/15 (a)	3,000,000	3,138,750
Construction Materials Total			3,138,750
Containers & Packaging — 1.1%
Owens-Brockway Glass Container, Inc.
	3.000% 06/01/15 (a)	4,500,000	4,342,500
Containers & Packaging Total			4,342,500
Electrical Equipment — 1.0%
General Cable Corp.
	4.500% 11/15/29 (c) (2.250% 11/15/19)	3,700,000	3,908,125
Electrical Equipment Total			3,908,125
Machinery — 3.9%
Barnes Group, Inc.
	3.750% 08/01/25	2,800,000	2,908,500
Ingersoll-Rand Global Holding Co. Ltd.
	4.500% 04/15/12	950,000	1,999,750
Navistar International Corp.
	3.000% 10/15/14	5,700,000	7,039,500
Trinity Industries, Inc.
	3.875% 06/01/36	4,220,000	3,470,950
Machinery Total			15,418,700
Marine — 0.7%
DryShips, Inc.
	5.000% 12/01/14	3,300,000	2,924,625
Marine Total			2,924,625
INDUSTRIALS TOTAL			43,456,262
INFORMATION TECHNOLOGY — 18.2%
Communications Equipment — 1.6%
Arris Group, Inc.
	2.000% 11/15/26	3,585,000	3,405,750
CommScope, Inc.
	3.250% 07/01/15	2,450,000	2,979,812
Communications Equipment Total			6,385,562
Computers & Peripherals — 3.2%
EMC Corp.
	1.750% 12/01/11	6,370,000	7,827,137
	1.750% 12/01/13	3,750,000	4,785,938
Computers & Peripherals Total			12,613,075

		Par ($)	Value ($)
Convertible Bonds — (continued)
INFORMATION TECHNOLOGY — (continued)
Internet Software & Services — 2.5%
Akamai Technologies, Inc.
	1.000% 12/15/33	860,000	2,206,975
Digital River, Inc.
	1.250% 01/01/24	1,900,000	1,919,000
Equinix, Inc.
	2.500% 04/15/12	3,540,000	3,681,600
Telvent GIT SA
	5.500% 04/15/15 (a)	2,000,000	1,932,500
Internet Software & Services Total			9,740,075
IT Services — 1.0%
DST Systems, Inc.
	4.125% 08/15/23 (b)	4,150,000	4,072,188
IT Services Total			4,072,188
Semiconductors & Semiconductor Equipment — 6.1%
Advanced Micro Devices, Inc.
	6.000% 05/01/15	8,480,000	8,225,600
Intel Corp.
	3.250% 08/01/39 (a)	3,500,000	4,204,375
Micron Technology, Inc.
	1.875% 06/01/14	6,560,000	5,871,200
ON Semiconductor Corp.
	2.625% 12/15/26	4,145,000	4,098,369
Xilinx, Inc.
	3.125% 03/15/37	1,860,000	1,643,775
Semiconductors & Semiconductor Equipment Total			24,043,319
Software — 3.8%
Informatica Corp.
	3.000% 03/15/26	1,650,000	2,211,000
Nuance Communications, Inc.
	2.750% 08/15/27	1,925,000	2,098,250
Rovi Corp.
	2.625% 02/15/40 (a)	3,500,000	3,535,000
Salesforce.com, Inc.
	0.750% 01/15/15 (a)	4,600,000	5,238,250

		Par ($)	Value ($)
Convertible Bonds — (continued)
INFORMATION TECHNOLOGY — (continued)
Take-Two Interactive Software, Inc.
	4.375% 06/01/14	1,450,000	1,814,312
Software Total			14,896,812
INFORMATION TECHNOLOGY TOTAL			71,751,031
MATERIALS — 3.4%
Metals & Mining — 3.4%
Kinross Gold Corp.
	1.750% 03/15/28 (a)	1,100,000	1,072,500
	1.750% 03/15/28	700,000	682,500
Newmont Mining Corp.
	3.000% 02/15/12	3,000,000	3,885,000
Steel Dynamics, Inc.
	5.125% 06/15/14	3,200,000	3,596,000
Sterlite Industries India Ltd.
	4.000% 10/30/14	4,500,000	4,066,875
Metals & Mining Total			13,302,875
MATERIALS TOTAL			13,302,875
TELECOMMUNICATION SERVICES — 1.6%
Diversified Telecommunication Services — 1.1%
Qwest Communications International, Inc.
	3.500% 11/15/25	3,850,000	4,259,063
Diversified Telecommunication Services Total			4,259,063
Wireless Telecommunication Services — 0.5%
Leap Wireless International, Inc.
	4.500% 07/15/14	2,400,000	2,013,000
Wireless Telecommunication Services Total			2,013,000
TELECOMMUNICATION SERVICES TOTAL			6,272,063
UTILITIES — 1.1%
Multi-Utilities — 1.1%
CMS Energy Corp.
	5.500% 06/15/29	3,650,000	4,220,313
Multi-Utilities Total			4,220,313
UTILITIES TOTAL			4,220,313

	Total Convertible Bonds (cost of $303,779,005)		313,126,349

		Shares	Value ($)
Convertible Preferred Stocks — 19.4%
CONSUMER DISCRETIONARY — 1.9%
Automobiles — 1.9%
	Ford Motor Co. Capital Trust II, 6.500%	167,000	7,593,490
Automobiles Total			7,593,490
CONSUMER DISCRETIONARY TOTAL			7,593,490
CONSUMER STAPLES — 1.7%
Food Products — 1.7%
	Deutsche Bank AG, 7.250% (a)(d)	90,000	3,005,100
	Dole Food Automatic Common Exchange Security Trust, 7.000% (a)	390,000	3,759,834
Food Products Total			6,764,934
CONSUMER STAPLES TOTAL			6,764,934
ENERGY — 1.0%
Oil, Gas & Consumable Fuels — 1.0%
	El Paso Corp., 4.990% (a)	4,000	3,945,000
Oil, Gas & Consumable Fuels Total			3,945,000
ENERGY TOTAL			3,945,000
FINANCIALS — 8.6%
Commercial Banks — 1.0%
	Fifth Third Bancorp., 8.500%	30,000	3,960,000
Commercial Banks Total			3,960,000
Diversified Financial Services — 5.0%
	Bank of America Corp., 7.250%	6,725	6,220,692
	Citigroup, Inc., 7.500%	99,600	11,916,144
	Omnicare Capital Trust II, 4.000%	45,000	1,687,500
Diversified Financial Services Total			19,824,336
Insurance — 2.1%
	American International Group, Inc., 8.500%	452,500	4,217,300
	Hartford Financial Services Group, Inc., 7.250%	165,000	3,928,650
Insurance Total			8,145,950

		Shares	Value ($)
Convertible Preferred Stocks — (continued)
FINANCIALS — (continued)
Real Estate Investment Trusts (REITs) — 0.5%
	Alexandria Real Estate Equities, Inc., Series D, 7.000%	90,000	2,024,100
Real Estate Investment Trusts (REITs) Total			2,024,100
FINANCIALS TOTAL			33,954,386
HEALTH CARE — 1.3%
Biotechnology — 1.3%
	Deutsche Bank AG, 7.200% (a)(d)	102,000	4,949,040
Biotechnology Total			4,949,040
HEALTH CARE TOTAL			4,949,040
INDUSTRIALS — 1.2%
Aerospace & Defense — 1.2%
	Deutsche Bank AG, 7.200% (a)(d)	229,000	4,740,529
Aerospace & Defense Total			4,740,529
INDUSTRIALS TOTAL			4,740,529
INFORMATION TECHNOLOGY — 1.7%
Internet Software & Services — 1.7%
	Goldman Sachs Group, Inc., 1.000% (a)	183,130	6,557,336
Internet Software & Services Total			6,557,336
INFORMATION TECHNOLOGY TOTAL			6,557,336
MATERIALS — 1.2%
Metals & Mining — 1.2%
	Vale Capital Ltd., 5.500%	96,000	4,894,080
Metals & Mining Total			4,894,080
MATERIALS TOTAL			4,894,080
UTILITIES — 0.8%
Electric Utilities — 0.8%
	Great Plains Energy, Inc., 12.000%	51,500	3,090,000
Electric Utilities Total			3,090,000
UTILITIES TOTAL			3,090,000

	Total Convertible Preferred Stocks (cost of $81,119,784)		76,488,795

		Shares	Value ($)
Common Stocks — 0.4%
FINANCIALS — 0.0%
Insurance — 0.0%
	MetLife, Inc.	2	81
Insurance Total			81
FINANCIALS TOTAL			81
MATERIALS — 0.4%
Chemicals — 0.4%
	Monsanto Co.	31,054	1,579,717
Chemicals Total			1,579,717
MATERIALS TOTAL			1,579,717

	Total Common Stocks (cost of $2,543,291)		1,579,798

		Par ($)
Short-Term Obligation — 1.8%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by U.S. Government Agency obligations with various maturities to 01/28/13, market value $7,200,175 (repurchase proceeds $7,056,110)	7,056,000	7,056,000

	Total Short-Term Obligation (cost of $7,056,000)		7,056,000

	Total Investments — 101.0% (cost of $394,498,080)(e)(f)		398,250,942

	Other Assets & Liabilities, Net — (1.0)%		(3,772,304	)

	Net Assets — 100.0%		394,478,638

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.

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

		Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

		Investments in other open-end investment companies are valued at net asset value.

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

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

	· Level 1 — quoted prices in active markets for identical securities · Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 — prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the “amendment”), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and requires disclosures of the reason(s) for the transfer. Additionally, purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 rollforward. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009; except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment.

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Convertible Bonds	$	—	$	313,126,349	$	—	$	313,126,349
Convertible Preferred Stocks
Consumer Discretionary	7,593,490		—		—		7,593,490
Consumer Staples	—		6,764,934		4,740,529		11,505,463
Energy	—		3,945,000		—		3,945,000
Financials	33,954,386		—		—		33,954,386
Health Care	—		—		4,949,040		4,949,040
Information Technology	—		6,557,336		—		6,557,336
Materials	4,894,080		—		—		4,894,080
Utilities	3,090,000		—		—		3,090,000
Total Convertible Preferred Stocks	49,531,956		17,267,270		9,689,569		76,488,795
Total Common Stocks	1,579,798		—		—		1,579,798
Total Short-Term Obligation	—		7,056,000		—		7,056,000
Total Investments	$	51,111,754	$	337,449,619	$	9,689,569	$	398,250,942

The following table reconciles asset balances for the three month period ending May 31, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2010

Convertible Bonds	$	4,789,500	$	—	$	—		$	210,500	$	—	$	(4,815,005	)	$	—	$	—	$	—

Convertible Preferred Stocks	4,440,770		—		—			591,467		—		(3,954,850		)	9,657,380		—		9,689,569

Total	$	9,230,270	$	—	$	(1,230,193	)	$	801,967	$	—	$	(8,769,855	)	$	9,657,380	$	—	$	9,689,569

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

The change in unrealized appreciation attributed to securities owned at May 31, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $591,467.

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

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	—	$	4,949,040	$	4,949,040	$	—

Financial assets were transferred from Level 2 to Level 3 due to pricing services methodology change from pricing the security based upon market data for comparable securities to the reliance upon a single broker quote.

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2010, these securities, which are not illiquid, amounted to $96,529,751, which represents 24.5% of net assets.
(b)	The interest rate shown on floating rate or variable rate securities reflects the rate at May 31, 2010.
(c)	Step bond. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.
(d)	Zero coupon bond.
(e)	Cost for federal income tax purposes is $394,498,080.
(f)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	23,799,310	$	(20,046,448	)	$	3,752,862

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Global Value Fund

		Shares	Value ($)*
Common Stocks — 99.5%
CONSUMER DISCRETIONARY — 2.7%
Automobiles — 0.6%
	Toyota Motor Corp.	7,000	256,488
Automobiles Total			256,488
Multiline Retail — 2.1%
	Marks & Spencer Group PLC	191,019	974,499
Multiline Retail Total			974,499
CONSUMER DISCRETIONARY TOTAL			1,230,987
CONSUMER STAPLES — 12.2%
Food & Staples Retailing — 9.1%
	Carrefour SA	18,500	764,148
	Koninklijke Ahold NV	76,660	965,064
	Safeway, Inc.	54,000	1,195,560
	Seven & I Holdings Co., Ltd.	12,800	293,753
	SUPERVALU, Inc.	23,186	312,315
	Wm. Morrison Supermarkets PLC	177,232	675,999
Food & Staples Retailing Total			4,206,839
Food Products — 3.1%
	Sara Lee Corp.	47,560	673,925
	Unilever NV	26,700	728,522
Food Products Total			1,402,447
CONSUMER STAPLES TOTAL			5,609,286
ENERGY — 2.2%
Oil, Gas & Consumable Fuels — 2.2%
	ENI SpA	24,200	454,442
	Valero Energy Corp.	30,200	564,136
Oil, Gas & Consumable Fuels Total			1,018,578
ENERGY TOTAL			1,018,578
FINANCIALS — 21.7%
Commercial Banks — 10.9%
	Fifth Third Bancorp.	36,825	478,357
	Intesa Sanpaolo SpA	142,178	371,550
	Mitsubishi UFJ Financial Group, Inc.	197,500	959,391
	Mizuho Financial Group, Inc.	506,900	914,331
	PNC Financial Services Group, Inc.	11,903	746,913
	Sumitomo Mitsui Financial Group, Inc.	28,300	841,203
	Wells Fargo & Co.	25,159	721,812
Commercial Banks Total			5,033,557
Diversified Financial Services — 4.2%
	Bank of America Corp. (a)	71,524	1,125,788

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Citigroup, Inc. (b)	198,769	787,125
Diversified Financial Services Total			1,912,913
Insurance — 6.6%
	Aegon NV (b)	178,682	1,013,963
	MS & AD Insurance Group Holdings	40,700	993,073
	Tokio Marine Holdings, Inc.	37,300	1,033,955
Insurance Total			3,040,991
FINANCIALS TOTAL			9,987,461
HEALTH CARE — 16.3%
Health Care Equipment & Supplies — 1.5%
	Boston Scientific Corp. (b)	112,473	680,462
Health Care Equipment & Supplies Total			680,462
Health Care Providers & Services — 0.7%
	Tenet Healthcare Corp. (b)	59,100	338,052
Health Care Providers & Services Total			338,052
Pharmaceuticals — 14.1%
	AstraZeneca PLC	25,500	1,067,861
	Bristol-Myers Squibb Co.	30,592	710,040
	Daiichi Sankyo Co., Ltd.	47,100	815,744
	GlaxoSmithKline PLC	73,020	1,220,410
	Pfizer, Inc.	100,800	1,535,184
	Sanofi-Aventis SA	18,849	1,129,492
Pharmaceuticals Total			6,478,731
HEALTH CARE TOTAL			7,497,245
INDUSTRIALS — 1.1%
Industrial Conglomerates — 1.1%
	General Electric Co.	30,040	491,154
Industrial Conglomerates Total			491,154
INDUSTRIALS TOTAL			491,154
INFORMATION TECHNOLOGY — 18.3%
Communications Equipment — 5.3%
	Alcatel-Lucent (b)	250,100	642,935
	Motorola, Inc. (b)	93,600	641,160
	Telefonaktiebolaget LM Ericsson, Class B	113,689	1,144,824
Communications Equipment Total			2,428,919
Computers & Peripherals — 2.5%
	Dell, Inc. (b)	87,150	1,161,709
Computers & Peripherals Total			1,161,709

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Electronic Equipment, Instruments & Components — 1.6%
	FUJIFILM Holdings Corp.	25,300	744,785
Electronic Equipment, Instruments & Components Total			744,785
Office Electronics — 2.0%
	Xerox Corp.	97,300	905,863
Office Electronics Total			905,863
Semiconductors & Semiconductor Equipment — 4.1%
	Intel Corp.	48,459	1,037,992
	STMicroelectronics NV	112,500	876,177
Semiconductors & Semiconductor Equipment Total			1,914,169
Software — 2.8%
	Microsoft Corp.	50,400	1,300,320
Software Total			1,300,320
INFORMATION TECHNOLOGY TOTAL			8,455,765
MATERIALS — 4.3%
Chemicals — 4.3%
	Akzo Nobel NV	16,700	848,762
	Dow Chemical Co.	43,000	1,157,130
Chemicals Total			2,005,892
MATERIALS TOTAL			2,005,892
TELECOMMUNICATION SERVICES — 20.7%
Diversified Telecommunication Services — 20.7%
	AT&T, Inc.	62,827	1,526,696
	Brasil Telecom SA, ADR (Ordinary) (b)	11,568	94,163
	Brasil Telecom SA, ADR (Preference) (b)	15,672	286,327
	Deutsche Telekom AG, Registered Shares	138,403	1,551,495
	Nippon Telegraph & Telephone Corp.	43,000	1,761,012
	Tele Norte Leste Participacoes SA, ADR	14,700	227,115
	Telecom Italia SpA	832,893	987,419
	Telecom Italia SpA, Savings Shares	565,300	523,982
	Telefonica SA	42,374	811,728
	Telefonos de Mexico SA de CV, ADR, Class L	23,700	333,459
	Verizon Communications, Inc.	52,800	1,453,056
Diversified Telecommunication Services Total			9,556,452
TELECOMMUNICATION SERVICES TOTAL			9,556,452

	Total Common Stocks (cost of $63,108,809)		45,852,820

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

· Level 1 — quoted prices in active markets for identical securities

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

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

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description		Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary		$	—	$	1,230,987	$	—	$	1,230,987
Consumer Staples		2,181,800		3,427,486		—		5,609,286
Energy		564,136		454,442		—		1,018,578
Financials		3,859,995		6,127,466		—		9,987,461
Health Care		3,263,738		4,233,507		—		7,497,245
Industrials		491,154		—		—		491,154
Information Technology		5,047,044		3,408,721		—		8,455,765
Materials		1,157,130		848,762		—		2,005,892
Telecommunication Services		3,920,816		5,635,636		—		9,556,452
Total Common Stocks		20,485,813		25,367,007		—		45,852,820
Total Investments		$	20,485,813	$	25,367,007	$	—	$	45,852,820

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

	(a)	Investments in affiliates during the three months ended May 31, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period

Bank of America Corp.	$	1,191,590	$	—	$	—	$	715	$	—

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

	(b)	Non-income producing security.
	(c)	Cost for federal income tax purposes is $63,108,809.
	(d)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia International Value Master Portfolio

		Shares	Value ($)*
Common Stocks — 96.8%
CONSUMER DISCRETIONARY — 8.4%
Automobiles — 2.2%
	Nissan Motor Co., Ltd. (a)	1,330,900	9,697,861
	Renault SA (a)	125,200	4,522,597
	Toyota Motor Corp.	664,900	23,932,752
Automobiles Total			38,153,210
Household Durables — 1.6%
	Sony Corp.	897,900	27,747,450
Household Durables Total			27,747,450
Media — 1.8%
	British Sky Broadcasting Group PLC	1,083,100	9,063,203
	ITV PLC (a)	27,185,276	22,076,806
Media Total			31,140,009
Multiline Retail — 1.4%
	Marks & Spencer Group PLC, ADR	2,485,740	25,424,149
Multiline Retail Total			25,424,149
Specialty Retail — 1.4%
	Kingfisher PLC	7,819,700	25,412,463
Specialty Retail Total			25,412,463
CONSUMER DISCRETIONARY TOTAL			147,877,281
CONSUMER STAPLES — 10.8%
Food & Staples Retailing — 7.9%
	Carrefour SA	891,160	36,929,409
	J Sainsbury PLC	4,965,329	23,371,346
	Koninklijke Ahold NV	2,496,732	31,428,946
	Seven & I Holdings Co., Ltd.	1,041,300	23,985,610
	Wm. Morrison Supermarkets PLC	6,214,365	23,851,750
Food & Staples Retailing Total			139,567,061
Food Products — 1.7%
	Unilever NV	1,105,149	30,363,811
Food Products Total			30,363,811
Tobacco — 1.2%
	Japan Tobacco, Inc.	6,829	21,403,154
Tobacco Total			21,403,154
CONSUMER STAPLES TOTAL			191,334,026
ENERGY — 5.2%
Oil, Gas & Consumable Fuels — 5.2%
	BP PLC	3,064,170	22,025,878
	ENI SpA	1,771,347	33,098,259
	Petroleo Brasileiro SA, ADR	170,243	5,272,426

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Total SA	702,481	32,582,118
Oil, Gas & Consumable Fuels Total			92,978,681
ENERGY TOTAL			92,978,681
FINANCIALS — 18.6%
Capital Markets — 1.2%
	Deutsche Bank AG, Registered Shares	132,250	7,867,814
	UBS AG, Registered Shares (a)	975,930	13,113,730
Capital Markets Total			20,981,544
Commercial Banks — 9.5%
	Barclays PLC	4,818,407	21,356,809
	Chuo Mitsui Trust Holdings, Inc.	1,436,000	5,105,778
	Credit Agricole SA	956,132	10,433,788
	HSBC Holdings PLC	983,039	8,965,670
	Intesa Sanpaolo SpA	8,435,186	22,527,468
	Mitsubishi UFJ Financial Group, Inc.	4,958,431	23,996,357
	Mizuho Financial Group, Inc.	11,539,600	20,768,114
	Natixis (a)	3,977,546	17,656,338
	San-In Godo Bank Ltd.	233,000	1,659,446
	Sumitomo Mitsui Financial Group, Inc.	781,042	23,167,698
	UniCredit SpA	3,651,500	7,810,493
	Yamaguchi Financial Group, Inc.	425,000	4,071,605
Commercial Banks Total			167,519,564
Consumer Finance — 0.1%
	Takefuji Corp.	340,590	1,001,680
Consumer Finance Total			1,001,680
Insurance — 7.8%
	Aegon NV (a)	5,311,757	30,278,421
	MS & AD Insurance Group Holdings	1,373,000	33,886,167
	NKSJ Holdings, Inc. (a)	2,857,900	17,782,489
	Swiss Reinsurance Co., Ltd., Registered Shares	539,900	22,063,143
	Tokio Marine Holdings, Inc.	1,021,900	28,585,164
	XL Capital Ltd., Class A	354,150	6,236,582
Insurance Total			138,831,966
FINANCIALS TOTAL			328,334,754
HEALTH CARE — 12.3%
Pharmaceuticals — 12.3%
	Astellas Pharma, Inc.	635,900	20,481,388
	AstraZeneca PLC	991,685	41,801,032

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Daiichi Sankyo Co., Ltd.	852,600	15,063,770
	GlaxoSmithKline PLC	2,198,848	36,958,918
	Ono Pharmaceutical Co., Ltd.	730,800	29,232,000
	Sanofi-Aventis SA	697,686	42,411,558
	Taisho Pharmaceutical Co., Ltd.	382,000	7,256,428
	Takeda Pharmaceutical Co., Ltd.	565,400	23,546,700
Pharmaceuticals Total			216,751,794
HEALTH CARE TOTAL			216,751,794
INDUSTRIALS — 1.3%
Air Freight & Logistics — 0.2%
	Deutsche Post AG, Registered Shares	225,000	3,352,302
Air Freight & Logistics Total			3,352,302
Commercial Services & Supplies — 1.1%
	Dai Nippon Printing Co., Ltd.	1,555,000	19,026,886
Commercial Services & Supplies Total			19,026,886
INDUSTRIALS TOTAL			22,379,188
INFORMATION TECHNOLOGY — 14.5%
Communications Equipment — 5.0%
	Alcatel-Lucent (a)	9,071,300	23,406,684
	Nokia Oyj	2,979,465	30,656,437
	Telefonaktiebolaget LM Ericsson, Class B	3,292,968	33,802,094
Communications Equipment Total			87,865,215
Computers & Peripherals — 0.6%
	NEC Corp.	3,879,000	10,939,951
Computers & Peripherals Total			10,939,951
Electronic Equipment, Instruments & Components — 3.5%
	FUJIFILM Holdings Corp.	890,505	26,483,057
	TDK Corp.	185,000	10,759,945
	Tyco Electronics Ltd.	861,543	24,829,669
Electronic Equipment, Instruments & Components Total			62,072,671
Office Electronics — 2.0%
	Canon, Inc.	855,200	35,146,491
Office Electronics Total			35,146,491
Semiconductors & Semiconductor Equipment — 3.4%
	Rohm Co., Ltd.	551,500	35,041,811

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	STMicroelectronics NV	3,166,900	25,028,550
Semiconductors & Semiconductor Equipment Total			60,070,361
INFORMATION TECHNOLOGY TOTAL			256,094,689
MATERIALS — 2.9%
Chemicals — 1.2%
	Akzo Nobel NV	405,700	20,821,855
Chemicals Total			20,821,855
Construction Materials — 1.7%
	Cemex SAB de CV, ADR (a)	2,473,828	26,791,557
	Italcementi SpA	890,500	4,280,245
Construction Materials Total			31,071,802
MATERIALS TOTAL			51,893,657
TELECOMMUNICATION SERVICES — 19.8%
Diversified Telecommunication Services — 17.0%
	Brasil Telecom SA, ADR (Ordinary) (a)	199,977	1,627,813
	Brasil Telecom SA, ADR (Preference) (a)	352,511	6,440,376
	Deutsche Telekom AG, Registered Shares	3,845,600	43,090,220
	France Telecom SA	1,602,470	30,533,707
	Nippon Telegraph & Telephone Corp.	942,500	38,113,717
	Portugal Telecom SGPS SA, ADR	5,122,676	51,687,801
	Swisscom AG, ADR	688,200	22,023,363
	Tele Norte Leste Participacoes SA, ADR	691,100	10,677,495
	Telecom Corp. of New Zealand Ltd., ADR	1,486,604	9,484,533
	Telecom Italia SpA	16,491,810	19,290,125
	Telecom Italia SpA, Savings Shares	32,972,210	30,095,561
	Telefonica SA, ADR	362,381	20,789,798
	Telefonos de Mexico SA de CV, ADR, Class L	1,158,962	16,306,595
Diversified Telecommunication Services Total			300,161,104
Wireless Telecommunication Services — 2.8%
	SK Telecom Co., Ltd.	160,077	21,773,929
	SK Telecom Co., Ltd., ADR	617,639	9,604,287
	Tim Participacoes SA, ADR	127,738	3,445,094
	Vivo Participacoes SA, ADR	228,230	6,235,244

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Vodafone Group PLC	4,677,390	9,387,396
Wireless Telecommunication Services Total			50,445,950
TELECOMMUNICATION SERVICES TOTAL			350,607,054
UTILITIES — 3.0%
Electric Utilities — 3.0%
	Centrais Electricas Brasileiras SA, ADR	2,801,140	34,958,227
	Korea Electric Power Corp., ADR (a)	1,294,050	17,443,794
	Electric Utilities Total		52,402,021
	UTILITIES TOTAL		52,402,021

	Total Common Stocks (cost of $2,227,621,447)		1,710,653,145

Preferred Stock — 0.8%
CONSUMER DISCRETIONARY — 0.8%
Automobiles — 0.8%
	Volkswagen AG	152,159	13,417,030
	Automobiles Total		13,417,030
	CONSUMER DISCRETIONARY TOTAL		13,417,030

	Total Preferred Stock (cost of $13,269,366)		13,417,030

		Par ($)
Short-Term Obligation — 0.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.130%, collateralized by a U.S. Government Agency obligation maturing 03/29/13, market value $7,071,419 (repurchase proceeds $6,932,100)	6,932,000	6,932,000

	Total Short-Term Obligation (cost of $6,932,000)		6,932,000

	Total Investments — 98.0% (cost of $2,247,822,813)(b)(c)		1,731,002,175

	Other Assets & Liabilities, Net — 2.0%		35,339,818

	Net Assets — 100.0%		1,766,341,993

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Master Portfolio’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—	$	147,877,281	$	—	$	147,877,281
Consumer Staples	—		191,334,026		—		191,334,026
Energy	5,272,426		87,706,255		—		92,978,681
Financials	6,236,582		322,098,172		—		328,334,754
Health Care	—		216,751,794		—		216,751,794
Industrials	—		22,379,188		—		22,379,188
Information Technology	24,829,669		231,265,020		—		256,094,689
Materials	26,791,557		25,102,100		—		51,893,657
Telecommunication Services	136,299,036		214,308,018		—		350,607,054
Utilities	52,402,021		—		—		52,402,021
Total Common Stocks	251,831,291		1,458,821,854		—		1,710,653,145
Total Preferred Stock	—		13,417,030		—		13,417,030
Total Short-Term Obligation	—		6,932,000		—		6,932,000
Total Investments	$	251,831,291	$	1,479,170,884	$	—	$	1,731,002,175

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

	(a)	Non-income producing security.
	(b)	Cost for federal income tax purposes is $2,247,822,813.
	(c)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Large Cap Core Fund

		Shares	Value ($)*
Common Stocks — 99.1%
CONSUMER DISCRETIONARY — 11.6%
Auto Components — 0.5%
	Autoliv, Inc. (a)	45,160	2,145,100
	BorgWarner, Inc. (a)	87,053	3,243,595
Auto Components Total			5,388,695
Hotels, Restaurants & Leisure — 1.5%
	Bally Technologies, Inc. (a)	107,863	4,584,177
	Carnival Corp.	157,434	5,703,834
	Cheesecake Factory, Inc. (a)	102,930	2,624,715
	Las Vegas Sands Corp. (a)	155,510	3,651,375
Hotels, Restaurants & Leisure Total			16,564,101
Internet & Catalog Retail — 1.0%
	Amazon.com, Inc. (a)	83,782	10,511,290
Internet & Catalog Retail Total			10,511,290
Media — 4.3%
	DISH Network Corp., Class A	383,970	8,005,774
	Gannett Co., Inc.	319,250	4,961,145
	Lamar Advertising Co., Class A (a)	103,670	3,055,155
	Time Warner, Inc.	306,192	9,488,890
	Viacom, Inc., Class B (a)	311,157	10,457,987
	Walt Disney Co.	314,930	10,524,961
Media Total			46,493,912
Multiline Retail — 1.3%
	Kohl’s Corp. (a)	52,610	2,669,957
	Target Corp.	202,811	11,059,284
Multiline Retail Total			13,729,241
Specialty Retail — 3.0%
	Lowe’s Companies, Inc.	638,148	15,794,163
	Ross Stores, Inc.	145,524	7,625,458
	TJX Companies, Inc.	189,372	8,608,851
Specialty Retail Total			32,028,472
CONSUMER DISCRETIONARY TOTAL			124,715,711
CONSUMER STAPLES — 9.0%
Beverages — 2.1%
	Coca-Cola Co.	208,410	10,712,274
	PepsiCo, Inc.	186,110	11,704,458
Beverages Total			22,416,732
Food & Staples Retailing — 1.8%
	Wal-Mart Stores, Inc.	386,071	19,519,749
Food & Staples Retailing Total			19,519,749

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food Products — 0.4%
	Mead Johnson Nutrition Co., Class A	91,031	4,489,649
Food Products Total			4,489,649
Household Products — 2.1%
	Clorox Co.	189,719	11,918,148
	Procter & Gamble Co.	169,749	10,369,966
Household Products Total			22,288,114
Personal Products — 0.7%
	Avon Products, Inc.	308,573	8,174,099
Personal Products Total			8,174,099
Tobacco — 1.9%
	Lorillard, Inc.	57,976	4,144,704
	Philip Morris International, Inc.	361,997	15,971,308
Tobacco Total			20,116,012
CONSUMER STAPLES TOTAL			97,004,355
ENERGY — 10.0%
Energy Equipment & Services — 1.2%
	Cameron International Corp. (a)	102,470	3,709,414
	Schlumberger Ltd.	171,180	9,611,757
Energy Equipment & Services Total			13,321,171
Oil, Gas & Consumable Fuels — 8.8%
	Alpha Natural Resources, Inc. (a)	120,307	4,616,180
	Anadarko Petroleum Corp.	51,160	2,677,203
	Apache Corp.	112,281	10,053,641
	Cabot Oil & Gas Corp.	148,206	5,141,266
	Chevron Corp.	265,654	19,623,861
	ConocoPhillips	200,720	10,409,339
	Continental Resources, Inc. (a)	79,865	3,766,433
	Devon Energy Corp.	109,270	6,976,890
	Newfield Exploration Co. (a)	65,070	3,387,544
	Occidental Petroleum Corp.	229,391	18,927,051
	Southwestern Energy Co. (a)	224,756	8,453,073
Oil, Gas & Consumable Fuels Total			94,032,481
ENERGY TOTAL			107,353,652
FINANCIALS — 16.1%
Capital Markets — 3.5%
	Franklin Resources, Inc.	65,849	6,459,129
	Goldman Sachs Group, Inc.	77,058	11,116,387
	Northern Trust Corp.	133,640	6,790,248
	Raymond James Financial, Inc.	239,952	6,783,443

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	T. Rowe Price Group, Inc.	132,090	6,541,097
Capital Markets Total			37,690,304
Commercial Banks — 4.8%
	Fifth Third Bancorp.	633,465	8,228,710
	Governor & Co. of the Bank of Ireland, ADR (a)	219,500	1,119,450
	M&T Bank Corp.	104,770	8,301,975
	PNC Financial Services Group, Inc.	221,532	13,901,133
	Wells Fargo & Co.	679,019	19,481,055
Commercial Banks Total			51,032,323
Consumer Finance — 0.8%
	Discover Financial Services	636,814	8,565,148
Consumer Finance Total			8,565,148
Diversified Financial Services — 3.8%
	Bank of America Corp.	1,502,120	23,643,369
	IntercontinentalExchange, Inc. (a)	76,150	8,843,299
	JPMorgan Chase & Co.	204,377	8,089,242
Diversified Financial Services Total			40,575,910
Insurance — 3.2%
	Lincoln National Corp.	189,330	5,009,672
	MetLife, Inc.	192,654	7,800,560
	Prudential Financial, Inc.	117,257	6,766,902
	Unum Group	364,261	8,414,429
	XL Capital Ltd., Class A	383,546	6,754,245
Insurance Total			34,745,808
FINANCIALS TOTAL			172,609,493
HEALTH CARE — 11.9%
Biotechnology — 0.9%
	Celgene Corp. (a)	182,280	9,617,093
Biotechnology Total			9,617,093
Health Care Equipment & Supplies — 1.7%
	Medtronic, Inc.	128,990	5,053,828
	St. Jude Medical, Inc. (a)	188,429	7,035,939
	Zimmer Holdings, Inc. (a)	112,835	6,310,862
Health Care Equipment & Supplies Total			18,400,629
Health Care Providers & Services — 2.5%
	Cardinal Health, Inc.	250,771	8,649,092
	Humana, Inc. (a)	108,863	5,013,141
	Medco Health Solutions, Inc. (a)	109,457	6,310,196
	UnitedHealth Group, Inc.	237,503	6,904,212
Health Care Providers & Services Total			26,876,641

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Life Sciences Tools & Services — 1.6%
	Life Technologies Corp. (a)	117,700	5,892,062
	Thermo Fisher Scientific, Inc. (a)	117,407	6,112,208
	Waters Corp. (a)	81,720	5,592,917
Life Sciences Tools & Services Total			17,597,187
Pharmaceuticals — 5.2%
	Abbott Laboratories	455,299	21,654,020
	Allergan, Inc.	90,100	5,423,119
	Mylan, Inc. (a)	217,232	4,222,990
	Pfizer, Inc.	864,220	13,162,071
	Teva Pharmaceutical Industries Ltd., ADR	96,170	5,272,039
	Watson Pharmaceuticals, Inc. (a)	140,861	6,220,422
Pharmaceuticals Total			55,954,661
HEALTH CARE TOTAL			128,446,211
INDUSTRIALS — 11.9%
Aerospace & Defense — 2.7%
	Honeywell International, Inc.	183,333	7,841,152
	TransDigm Group, Inc.	109,705	5,788,036
	United Technologies Corp.	231,145	15,574,550
Aerospace & Defense Total			29,203,738
Air Freight & Logistics — 1.2%
	United Parcel Service, Inc., Class B	201,124	12,622,542
Air Freight & Logistics Total			12,622,542
Building Products — 0.5%
	Masco Corp.	403,962	5,392,893
Building Products Total			5,392,893
Electrical Equipment — 0.2%
	First Solar, Inc. (a)	18,870	2,120,233
Electrical Equipment Total			2,120,233
Industrial Conglomerates — 2.4%
	General Electric Co.	1,252,648	20,480,795
	Tyco International Ltd.	155,068	5,611,911
Industrial Conglomerates Total			26,092,706
Machinery — 3.1%
	Cummins, Inc.	94,960	6,455,381
	Illinois Tool Works, Inc.	222,719	10,340,843
	Ingersoll-Rand PLC	156,240	5,829,315
	Joy Global, Inc.	97,030	4,948,530

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Parker Hannifin Corp.	93,442	5,742,945
Machinery Total			33,317,014
Road & Rail — 1.8%
	Hertz Global Holdings, Inc. (a)	358,960	4,077,785
	Norfolk Southern Corp.	94,647	5,343,770
	Union Pacific Corp.	131,518	9,394,331
Road & Rail Total			18,815,886
INDUSTRIALS TOTAL			127,565,012
INFORMATION TECHNOLOGY — 21.4%
Communications Equipment — 1.6%
	Cisco Systems, Inc. (a)	739,874	17,135,482
Communications Equipment Total			17,135,482
Computers & Peripherals — 7.3%
	Apple, Inc. (a)	135,514	34,848,780
	EMC Corp. (a)	749,246	13,950,961
	Hewlett-Packard Co.	454,030	20,889,920
	Teradata Corp. (a)	260,516	8,320,881
Computers & Peripherals Total			78,010,542
Electronic Equipment, Instruments & Components — 0.9%
	Corning, Inc.	547,006	9,534,314
Electronic Equipment, Instruments & Components Total			9,534,314
Internet Software & Services — 3.6%
	Akamai Technologies, Inc. (a)	177,720	7,059,038
	eBay, Inc. (a)	451,937	9,675,971
	Google, Inc., Class A (a)	45,542	22,096,068
Internet Software & Services Total			38,831,077
IT Services — 2.4%
	Global Payments, Inc.	76,680	3,235,129
	International Business Machines Corp.	131,624	16,487,222
	MasterCard, Inc., Class A	28,177	5,685,274
IT Services Total			25,407,625
Semiconductors & Semiconductor Equipment — 2.7%
	Broadcom Corp., Class A	173,730	5,997,160
	Lam Research Corp. (a)	167,602	6,345,412
	Marvell Technology Group Ltd. (a)	298,505	5,665,625
	Silicon Laboratories, Inc. (a)	58,610	2,662,652
	Texas Instruments, Inc.	354,049	8,645,876
Semiconductors & Semiconductor Equipment Total			29,316,725
Software — 2.9%
	Autodesk, Inc. (a)	224,323	6,563,691

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Microsoft Corp.	616,930	15,916,794
	Nintendo Co. Ltd., ADR (b)	138,770	5,058,167
	Nuance Communications, Inc. (a)	222,063	3,782,843
Software Total			31,321,495
INFORMATION TECHNOLOGY TOTAL			229,557,260
MATERIALS — 3.4%
Chemicals — 1.3%
	Agrium, Inc.	59,490	3,265,406
	Celanese Corp., Series A	233,674	6,699,433
	PPG Industries, Inc.	64,055	4,104,004
Chemicals Total			14,068,843
Containers & Packaging — 0.4%
	Packaging Corp. of America	200,411	4,437,100
Containers & Packaging Total			4,437,100
Metals & Mining — 1.3%
	Cliffs Natural Resources, Inc.	68,350	3,818,031
	Freeport-McMoRan Copper & Gold, Inc.	92,413	6,473,531
	Rio Tinto PLC, ADR	74,740	3,445,514
Metals & Mining Total			13,737,076
Paper & Forest Products — 0.4%
	International Paper Co.	183,830	4,270,371
Paper & Forest Products Total			4,270,371
MATERIALS TOTAL			36,513,390
TELECOMMUNICATION SERVICES — 2.3%
Diversified Telecommunication Services — 1.6%
	AT&T, Inc.	322,147	7,828,172
	Verizon Communications, Inc.	345,517	9,508,628
Diversified Telecommunication Services Total			17,336,800
Wireless Telecommunication Services — 0.7%
	Millicom International Cellular SA	45,135	3,607,641
	NII Holdings, Inc. (a)	95,201	3,471,980
Wireless Telecommunication Services Total			7,079,621
TELECOMMUNICATION SERVICES TOTAL			24,416,421
UTILITIES — 1.5%
Gas Utilities — 0.4%
	Questar Corp.	103,695	4,651,757
Gas Utilities Total			4,651,757
Multi-Utilities — 1.1%
	PG&E Corp.	159,048	6,600,492

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	Public Service Enterprise Group, Inc.	163,879	5,019,614
	Multi-Utilities Total		11,620,106
	UTILITIES TOTAL		16,271,863

	Total Common Stocks (cost of $985,884,552)		1,064,453,368
Investment Company — 0.3%
	SPDR S&P Biotech ETF	58,170	3,148,742

	Total Investment Company (cost of $3,563,494)		3,148,742

		Par ($)
Short-Term Obligation — 0.6%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 01/28/13, market value $6,879,225 (repurchase proceeds $6,741,105)	6,741,000	6,741,000

	Total Short-Term Obligation (cost of $6,741,000)		6,741,000

	Total Investments — 100.0% (cost of $996,189,046)(c)(d)		1,074,343,110

	Other Assets & Liabilities, Net — (0.0)%		(83,992	)

	Net Assets — 100.0%		1,074,259,118

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description		Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks		$	1,064,453,368	$	—	$	—	$	1,064,453,368
Total Investment Company		3,148,742		—		—		3,148,742
Total Short-Term Obligation		—		6,741,000		—		6,741,000
Total Investments		$	1,067,602,110	$	6,741,000	$	—	$	1,074,343,110

	(a)	Non-income producing security.
	(b)	An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the three months ended May 31, 2010, are as follows:

	Value,
	beginning of				Sales		Dividend		Value, end of
Affiliate	period		Purchases		Proceeds		Income		period
Nintendo Co. Ltd., ADR	$	—	$	138,770	$	—	$	—	$	5,058,167

	(c) Cost for federal income tax purposes is $996,189,046.
	(d) Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Large Cap Enhanced Core Fund

		Shares	Value ($)*
Common Stocks — 99.1%
CONSUMER DISCRETIONARY — 10.9%
Automobiles — 0.4%
	Ford Motor Co. (a)	156,100	1,831,053
Automobiles Total			1,831,053
Hotels, Restaurants & Leisure — 0.9%
	Carnival Corp.	3,400	123,182
	McDonald’s Corp.	40,800	2,728,296
	Starbucks Corp.	52,000	1,346,280
Hotels, Restaurants & Leisure Total			4,197,758
Household Durables — 0.2%
	Leggett & Platt, Inc.	23,300	542,424
	Stanley Black & Decker, Inc.	800	44,632
	Whirlpool Corp.	3,700	386,428
Household Durables Total			973,484
Internet & Catalog Retail — 0.2%
	Amazon.com, Inc. (a)	7,100	890,766
	Priceline.com, Inc. (a)	1,100	210,276
Internet & Catalog Retail Total			1,101,042
Leisure Equipment & Products — 0.3%
	Mattel, Inc.	59,400	1,286,604
Leisure Equipment & Products Total			1,286,604
Media — 4.1%
	CBS Corp., Class B	21,000	305,760
	Comcast Corp., Class A	230,500	4,169,745
	DIRECTV, Class A (a)	94,500	3,561,705
	News Corp., Class A	108,400	1,430,880
	Time Warner Cable, Inc.	16,200	886,626
	Time Warner, Inc.	168,200	5,212,518
	Viacom, Inc., Class B (a)	5,800	194,938
	Walt Disney Co.	82,100	2,743,782
Media Total			18,505,954
Multiline Retail — 1.1%
	Macy’s, Inc.	20,881	463,767
	Nordstrom, Inc.	23,400	928,980
	Sears Holdings Corp. (a)	2,400	211,344
	Target Corp.	63,200	3,446,296
Multiline Retail Total			5,050,387
Specialty Retail — 2.9%
	GameStop Corp., Class A (a)	6,900	157,251
	Gap, Inc.	149,900	3,267,820
	Home Depot, Inc.	78,800	2,668,168

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Limited Brands, Inc.	97,000	2,411,420
	Ross Stores, Inc.	23,200	1,215,680
	Tiffany & Co.	23,400	1,063,062
	TJX Companies, Inc.	49,500	2,250,270
Specialty Retail Total			13,033,671
Textiles, Apparel & Luxury Goods — 0.8%
	Coach, Inc.	15,400	633,094
	NIKE, Inc., Class B	24,700	1,787,786
	Polo Ralph Lauren Corp.	2,800	243,208
	V.F. Corp.	13,500	1,044,225
Textiles, Apparel & Luxury Goods Total			3,708,313
CONSUMER DISCRETIONARY TOTAL			49,688,266
CONSUMER STAPLES — 11.1%
Beverages — 1.9%
	Brown-Forman Corp., Class B	16,800	931,728
	Coca-Cola Co.	84,700	4,353,580
	PepsiCo, Inc.	56,000	3,521,840
Beverages Total			8,807,148
Food & Staples Retailing — 1.5%
	CVS Caremark Corp.	17,600	609,488
	Sysco Corp.	19,700	587,257
	Wal-Mart Stores, Inc.	91,400	4,621,184
	Walgreen Co.	26,400	845,856
Food & Staples Retailing Total			6,663,785
Food Products — 2.0%
	ConAgra Foods, Inc.	12,900	311,922
	General Mills, Inc.	36,000	2,564,280
	H.J. Heinz Co.	20,700	914,526
	Hershey Co.	40,900	1,914,120
	Kellogg Co.	10,200	544,986
	Sara Lee Corp.	209,800	2,972,866
Food Products Total			9,222,700
Household Products — 2.7%
	Colgate-Palmolive Co.	20,200	1,577,418
	Kimberly-Clark Corp.	19,300	1,171,510
	Procter & Gamble Co.	157,400	9,615,566
Household Products Total			12,364,494
Personal Products — 0.5%
	Estée Lauder Companies, Inc., Class A	36,300	2,115,201
Personal Products Total			2,115,201

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 2.5%
	Altria Group, Inc.	141,300	2,866,977
	Lorillard, Inc.	26,900	1,923,081
	Philip Morris International, Inc.	144,800	6,388,576
	Reynolds American, Inc.	8,300	432,762
Tobacco Total			11,611,396
CONSUMER STAPLES TOTAL			50,784,724
ENERGY — 10.7%
Energy Equipment & Services — 1.0%
	National-Oilwell Varco, Inc.	19,400	739,722
	Rowan Companies, Inc. (a)	80,700	1,998,132
	Schlumberger Ltd.	30,000	1,684,500
Energy Equipment & Services Total			4,422,354
Oil, Gas & Consumable Fuels — 9.7%
	Anadarko Petroleum Corp.	25,600	1,339,648
	Apache Corp.	52,200	4,673,988
	Chevron Corp.	134,400	9,928,128
	ConocoPhillips	133,400	6,918,124
	Consol Energy, Inc.	10,800	393,984
	Devon Energy Corp.	20,200	1,289,770
	EOG Resources, Inc.	500	52,420
	Exxon Mobil Corp.	198,600	12,007,356
	Hess Corp.	13,500	718,200
	Marathon Oil Corp.	32,800	1,019,752
	Massey Energy Co.	19,400	642,528
	Murphy Oil Corp.	700	37,366
	Peabody Energy Corp.	73,800	2,875,248
	Pioneer Natural Resources Co.	5,700	363,090
	Valero Energy Corp.	63,400	1,184,312
	XTO Energy, Inc.	27,000	1,153,980
Oil, Gas & Consumable Fuels Total			44,597,894
ENERGY TOTAL			49,020,248
FINANCIALS — 16.0%
Capital Markets — 2.3%
	Franklin Resources, Inc.	31,500	3,089,835
	Goldman Sachs Group, Inc.	32,500	4,688,450
	Morgan Stanley	10,000	271,100
	T. Rowe Price Group, Inc.	52,200	2,584,944
Capital Markets Total			10,634,329
Commercial Banks — 2.8%
	Comerica, Inc.	8,500	323,850

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Fifth Third Bancorp.	120,600	1,566,594
	KeyCorp	42,800	343,256
	M&T Bank Corp.	6,600	522,984
	PNC Financial Services Group, Inc.	58,600	3,677,150
	SunTrust Banks, Inc.	14,500	390,775
	U.S. Bancorp	68,900	1,650,844
	Wells Fargo & Co.	132,400	3,798,556
	Zions Bancorporation	26,600	637,070
Commercial Banks Total			12,911,079
Consumer Finance — 1.9%
	American Express Co.	37,300	1,487,151
	Capital One Financial Corp.	21,100	871,430
	Discover Financial Services	209,300	2,815,085
	SLM Corp. (a)	321,700	3,574,087
Consumer Finance Total			8,747,753
Diversified Financial Services — 3.4%
	Citigroup, Inc. (a)	1,694,400	6,709,824
	JPMorgan Chase & Co.	224,300	8,877,794
Diversified Financial Services Total			15,587,618
Insurance — 3.5%
	AFLAC, Inc.	42,300	1,873,890
	Allstate Corp.	54,500	1,669,335
	Berkshire Hathaway, Inc., Class B (a)	30,400	2,144,720
	Hartford Financial Services Group, Inc.	113,300	2,840,431
	Loews Corp.	24,600	799,746
	MetLife, Inc.	25,200	1,020,348
	Prudential Financial, Inc.	39,100	2,256,461
	Torchmark Corp.	7,000	360,710
	Travelers Companies, Inc.	38,300	1,894,701
	Unum Group	41,900	967,890
Insurance Total			15,828,232
Real Estate Investment Trusts (REITs) — 1.5%
	Boston Properties, Inc.	4,000	306,720
	Equity Residential Property Trust	31,000	1,399,030
	Public Storage	9,400	871,286
	Simon Property Group, Inc.	31,800	2,703,954
	Ventas, Inc.	26,000	1,220,700
	Vornado Realty Trust	4,900	380,632
Real Estate Investment Trusts (REITs) Total			6,882,322

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Thrifts & Mortgage Finance — 0.6%
	Hudson City Bancorp, Inc.	199,800	2,519,478
Thrifts & Mortgage Finance Total			2,519,478
FINANCIALS TOTAL			73,110,811
HEALTH CARE — 11.5%
Biotechnology — 1.0%
	Amgen, Inc. (a)	66,400	3,438,192
	Biogen Idec, Inc. (a)	2,900	137,547
	Gilead Sciences, Inc. (a)	22,100	793,832
Biotechnology Total			4,369,571
Health Care Equipment & Supplies — 1.0%
	Becton Dickinson & Co.	600	42,780
	CareFusion Corp. (a)	6,300	160,146
	Hospira, Inc. (a)	27,800	1,447,268
	Medtronic, Inc.	62,200	2,436,996
	Zimmer Holdings, Inc. (a)	10,800	604,044
Health Care Equipment & Supplies Total			4,691,234
Health Care Providers & Services — 4.5%
	Aetna, Inc.	21,100	615,276
	AmerisourceBergen Corp.	93,000	2,909,040
	Cardinal Health, Inc.	119,100	4,107,759
	Humana, Inc. (a)	73,800	3,398,490
	Laboratory Corp. of America Holdings (a)	1,600	120,976
	McKesson Corp.	21,200	1,484,000
	Medco Health Solutions, Inc. (a)	74,400	4,289,160
	UnitedHealth Group, Inc.	121,600	3,534,912
	WellPoint, Inc. (a)	7,100	364,230
Health Care Providers & Services Total			20,823,843
Life Sciences Tools & Services — 0.2%
	Thermo Fisher Scientific, Inc. (a)	16,700	869,402
Life Sciences Tools & Services Total			869,402
Pharmaceuticals — 4.8%
	Abbott Laboratories	98,100	4,665,636
	Bristol-Myers Squibb Co.	79,400	1,842,874
	Eli Lilly & Co.	47,000	1,541,130
	Forest Laboratories, Inc. (a)	10,800	279,504
	Johnson & Johnson	126,300	7,363,290
	Merck & Co., Inc.	71,700	2,415,573
	Mylan, Inc. (a)	44,900	872,856

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Pfizer, Inc.	198,900	3,029,247
Pharmaceuticals Total			22,010,110
HEALTH CARE TOTAL			52,764,160
INDUSTRIALS — 10.5%
Aerospace & Defense — 3.4%
	General Dynamics Corp.	29,700	2,016,630
	Honeywell International, Inc.	19,200	821,184
	ITT Corp.	15,400	743,512
	L-3 Communications Holdings, Inc.	3,800	313,994
	Lockheed Martin Corp.	19,200	1,534,464
	Northrop Grumman Corp.	14,000	846,860
	Raytheon Co.	80,500	4,219,005
	United Technologies Corp.	76,200	5,134,356
Aerospace & Defense Total			15,630,005
Air Freight & Logistics — 0.6%
	United Parcel Service, Inc., Class B	44,500	2,792,820
Air Freight & Logistics Total			2,792,820
Commercial Services & Supplies — 0.8%
	R.R. Donnelley & Sons Co.	135,700	2,600,012
	Waste Management, Inc.	30,300	985,053
Commercial Services & Supplies Total			3,585,065
Electrical Equipment — 1.1%
	Emerson Electric Co.	106,100	4,927,284
Electrical Equipment Total			4,927,284
Industrial Conglomerates — 2.6%
	3M Co.	27,300	2,165,163
	General Electric Co. (b)	590,400	9,653,040
Industrial Conglomerates Total			11,818,203
Machinery — 1.3%
	Danaher Corp.	7,700	611,226
	Dover Corp.	40,000	1,795,600
	Eaton Corp.	8,100	566,595
	Illinois Tool Works, Inc.	20,200	937,886
	Parker Hannifin Corp.	33,900	2,083,494
Machinery Total			5,994,801
Road & Rail — 0.5%
	Ryder System, Inc.	51,000	2,291,940
Road & Rail Total			2,291,940

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Trading Companies & Distributors — 0.2%
	W.W. Grainger, Inc.	12,100	1,231,175
Trading Companies & Distributors Total			1,231,175
INDUSTRIALS TOTAL			48,271,293
INFORMATION TECHNOLOGY — 18.8%
Communications Equipment — 1.5%
	Cisco Systems, Inc. (a)	238,000	5,512,080
	Harris Corp.	6,400	300,224
	QUALCOMM, Inc.	25,900	921,004
Communications Equipment Total			6,733,308
Computers & Peripherals — 5.4%
	Apple, Inc. (a)	41,600	10,697,856
	Dell, Inc. (a)	56,500	753,145
	EMC Corp. (a)	81,000	1,508,220
	Hewlett-Packard Co.	157,200	7,232,772
	SanDisk Corp. (a)	34,000	1,585,080
	Teradata Corp. (a)	82,300	2,628,662
	Western Digital Corp. (a)	11,200	389,872
Computers & Peripherals Total			24,795,607
Electronic Equipment, Instruments & Components — 0.3%
	Corning, Inc.	84,900	1,479,807
Electronic Equipment, Instruments & Components Total			1,479,807
Internet Software & Services — 1.7%
	eBay, Inc. (a)	84,700	1,813,427
	Google, Inc., Class A (a)	12,600	6,113,268
Internet Software & Services Total			7,926,695
IT Services — 2.7%
	Cognizant Technology Solutions Corp., Class A (a)	21,400	1,070,856
	Computer Sciences Corp. (a)	7,500	374,925
	International Business Machines Corp.	85,000	10,647,100
IT Services Total			12,092,881
Office Electronics — 0.1%
	Xerox Corp.	62,000	577,220
Office Electronics Total			577,220
Semiconductors & Semiconductor Equipment — 3.3%
	Advanced Micro Devices, Inc. (a)	33,100	283,667
	Intel Corp.	411,300	8,810,046
	Micron Technology, Inc. (a)	163,900	1,489,851

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Texas Instruments, Inc.	192,400	4,698,408
Semiconductors & Semiconductor Equipment Total			15,281,972
Software — 3.8%
	Intuit, Inc. (a)	15,400	550,396
	Microsoft Corp. (b)	476,200	12,285,960
	Oracle Corp.	171,000	3,859,470
	Symantec Corp. (a)	39,500	559,715
Software Total			17,255,541
INFORMATION TECHNOLOGY TOTAL			86,143,031
MATERIALS — 3.4%
Chemicals — 1.7%
	CF Industries Holdings, Inc.	2,400	164,616
	E.I. du Pont de Nemours & Co.	22,100	799,357
	Eastman Chemical Co.	59,500	3,593,205
	PPG Industries, Inc.	53,400	3,421,338
Chemicals Total			7,978,516
Metals & Mining — 1.2%
	Cliffs Natural Resources, Inc.	7,500	418,950
	Freeport-McMoRan Copper & Gold, Inc.	51,000	3,572,550
	Newmont Mining Corp.	25,200	1,356,264
Metals & Mining Total			5,347,764
Paper & Forest Products — 0.5%
	International Paper Co.	92,400	2,146,452
Paper & Forest Products Total			2,146,452
MATERIALS TOTAL			15,472,732
TELECOMMUNICATION SERVICES — 2.9%
Diversified Telecommunication Services — 2.8%
	AT&T, Inc.	293,500	7,132,050
	Qwest Communications International, Inc.	207,700	1,088,348
	Verizon Communications, Inc.	173,800	4,782,976
Diversified Telecommunication Services Total			13,003,374
Wireless Telecommunication Services — 0.1%
	Sprint Nextel Corp. (a)	63,500	325,755
Wireless Telecommunication Services Total			325,755
TELECOMMUNICATION SERVICES TOTAL			13,329,129
UTILITIES — 3.3%
Electric Utilities — 1.5%
	Edison International	15,100	488,636

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	Entergy Corp.	29,300	2,199,551
	Exelon Corp.	30,600	1,181,160
	FirstEnergy Corp.	43,700	1,538,677
	Pinnacle West Capital Corp.	42,400	1,488,664
Electric Utilities Total			6,896,688
Gas Utilities — 0.5%
	Questar Corp.	49,000	2,198,140
Gas Utilities Total			2,198,140
Independent Power Producers & Energy Traders — 0.4%
	AES Corp. (a)	73,700	756,899
	Constellation Energy Group, Inc.	29,600	1,047,248
Independent Power Producers & Energy Traders Total			1,804,147
Multi-Utilities — 0.9%
	Dominion Resources, Inc.	3,400	132,464
	DTE Energy Co.	12,900	587,079
	NiSource, Inc.	33,900	507,144
	PG&E Corp.	9,400	390,100
	Public Service Enterprise Group, Inc.	91,200	2,793,456
Multi-Utilities Total			4,410,243
UTILITIES TOTAL			15,309,218

	Total Common Stocks (cost of $360,807,387)		453,893,612

		Par ($)
Short-Term Obligation — 0.7%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 03/29/13, market value $3,287,281 (repurchase proceeds $3,221,050)	3,221,000	3,221,000

	Total Short-Term Obligation (cost of $3,221,000)		3,221,000

	Total Investments — 99.8% (cost of $364,028,387)(c)(d)		457,114,612

	Other Assets & Liabilities, Net — 0.2%		732,357

	Net Assets — 100.0%		457,846,969

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	453,893,612		$	—	$	—	$	453,893,612
Total Short-Term Obligation	—			3,221,000		—		3,221,000
Total Investments	453,893,612			3,221,000		—		457,114,612
Unrealized depreciation on futures contracts	(256,821		)	—		—		(256,821		)
Total	$	453,636,791		$	3,221,000	$	—	$	456,857,791

(a)

Non-income producing security.

(b)

A portion of these securities with a market value of $5,750,250 are pledged as collateral for open futures contracts.

(c)

Cost for federal income tax purposes is $364,028,387.

(d)

Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

104,669,988

(11,583,763

)

93,086,225

At May 31, 2010, the Fund held the following open long futures contracts:

Number of

Aggregate

Expiration

Unrealized

Risk Exposure/ Type

Contracts

Value

Face Value

Date

Depreciation

Equity Risk

S&P 500 Index

4,081,875

4,338,696

June-2010

(256,821

)

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Large Cap Index Fund

		Shares	Value ($)*
Common Stocks — 97.8%
CONSUMER DISCRETIONARY — 10.4%
Auto Components — 0.2%
	Goodyear Tire & Rubber Co. (a)	63,735	758,447
	Johnson Controls, Inc.	176,840	5,045,245
Auto Components Total			5,803,692
Automobiles — 0.5%
	Ford Motor Co. (a)	886,801	10,402,176
	Harley-Davidson, Inc.	61,712	1,864,319
Automobiles Total			12,266,495
Distributors — 0.1%
	Genuine Parts Co.	41,752	1,695,549
Distributors Total			1,695,549
Diversified Consumer Services — 0.2%
	Apollo Group, Inc., Class A (a)	33,862	1,800,104
	DeVry, Inc.	16,339	939,329
	H&R Block, Inc.	88,345	1,420,588
Diversified Consumer Services Total			4,160,021
Hotels, Restaurants & Leisure — 1.6%
	Carnival Corp.	114,309	4,141,415
	Darden Restaurants, Inc.	36,829	1,579,964
	International Game Technology	78,114	1,528,691
	Marriott International, Inc., Class A	67,044	2,242,622
	McDonald’s Corp.	283,279	18,942,867
	Starbucks Corp.	195,686	5,066,311
	Starwood Hotels & Resorts Worldwide, Inc.	49,185	2,274,806
	Wyndham Worldwide Corp.	47,062	1,110,663
	Wynn Resorts Ltd.	18,148	1,522,254
	Yum! Brands, Inc.	123,512	5,057,816
Hotels, Restaurants & Leisure Total			43,467,409
Household Durables — 0.4%
	D.R. Horton, Inc.	72,821	887,688
	Fortune Brands, Inc.	39,964	1,896,292
	Harman International Industries, Inc. (a)	18,254	589,604
	Leggett & Platt, Inc.	39,087	909,945
	Lennar Corp., Class A	42,833	741,011
	Newell Rubbermaid, Inc.	73,187	1,219,295
	Pulte Homes, Inc. (a)	83,505	930,246
	Stanley Black & Decker, Inc.	41,407	2,310,097
	Whirlpool Corp.	19,667	2,054,021
Household Durables Total			11,538,199

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
Internet & Catalog Retail — 0.6%
	Amazon.com, Inc. (a)	90,132	11,307,961
	Expedia, Inc.	55,661	1,200,051
	Priceline.com, Inc. (a)	12,000	2,293,920
Internet & Catalog Retail Total			14,801,932
Leisure Equipment & Products — 0.2%
	Eastman Kodak Co. (a)	70,759	399,081
	Hasbro, Inc.	34,494	1,384,934
	Mattel, Inc.	95,713	2,073,144
Leisure Equipment & Products Total			3,857,159
Media — 3.1%
	CBS Corp., Class B	178,227	2,594,985
	Comcast Corp., Class A	747,043	13,514,008
	DIRECTV, Class A (a)	246,191	9,278,939
	Discovery Communications, Inc., Class A (a)	74,700	2,813,202
	Gannett Co., Inc.	62,512	971,436
	Interpublic Group of Companies, Inc. (a)	127,969	1,068,541
	McGraw-Hill Companies, Inc.	83,118	2,310,680
	Meredith Corp.	9,707	326,058
	New York Times Co., Class A (a)	30,654	284,469
	News Corp., Class A	593,265	7,831,098
	Omnicom Group, Inc.	81,713	3,101,008
	Scripps Networks Interactive Inc., Class A	23,586	1,065,616
	Time Warner Cable, Inc.	92,779	5,077,795
	Time Warner, Inc.	302,842	9,385,074
	Viacom, Inc., Class B (a)	159,853	5,372,659
	Walt Disney Co.	510,621	17,064,954
	Washington Post Co., Class B	1,589	740,045
Media Total			82,800,567
Multiline Retail — 0.9%
	Big Lots, Inc. (a)	21,731	767,756
	Family Dollar Stores, Inc.	36,399	1,482,895
	J.C. Penney Co., Inc.	62,149	1,708,476
	Kohl’s Corp. (a)	80,763	4,098,722
	Macy’s, Inc.	110,862	2,462,245
	Nordstrom, Inc.	43,516	1,727,585
	Sears Holdings Corp. (a)	12,755	1,123,206

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Target Corp.	198,039	10,799,067
Multiline Retail Total			24,169,952
Specialty Retail — 2.1%
	Abercrombie & Fitch Co., Class A	23,144	829,250
	AutoNation, Inc. (a)	23,831	477,335
	Autozone, Inc. (a)	7,832	1,494,972
	Bed Bath & Beyond, Inc. (a)	68,949	3,093,742
	Best Buy Co., Inc.	90,261	3,813,527
	GameStop Corp., Class A (a)	43,333	987,559
	Gap, Inc.	125,394	2,733,589
	Home Depot, Inc.	447,715	15,159,630
	Limited Brands, Inc.	70,435	1,751,014
	Lowe’s Companies, Inc.	387,541	9,591,640
	O’Reilly Automotive, Inc. (a)	36,266	1,850,291
	Office Depot, Inc. (a)	72,370	419,746
	RadioShack Corp.	32,961	673,723
	Ross Stores, Inc.	32,600	1,708,240
	Staples, Inc.	191,897	4,129,623
	Tiffany & Co.	32,800	1,490,104
	TJX Companies, Inc.	110,522	5,024,330
	Urban Outfitters, Inc. (a)	34,200	1,241,460
Specialty Retail Total			56,469,775
Textiles, Apparel & Luxury Goods — 0.5%
	Coach, Inc.	82,681	3,399,016
	NIKE, Inc., Class B	102,675	7,431,616
	Polo Ralph Lauren Corp.	15,088	1,310,544
	V.F. Corp.	23,295	1,801,868
Textiles, Apparel & Luxury Goods Total			13,943,044
CONSUMER DISCRETIONARY TOTAL			274,973,794
CONSUMER STAPLES — 11.1%
Beverages — 2.5%
	Brown-Forman Corp., Class B	28,658	1,589,373
	Coca-Cola Co.	606,914	31,195,380
	Coca-Cola Enterprises, Inc.	84,164	2,196,680
	Constellation Brands, Inc., Class A (a)	52,567	875,766
	Dr Pepper Snapple Group, Inc.	66,914	2,533,364
	Molson Coors Brewing Co., Class B	41,687	1,710,834
	PepsiCo, Inc.	430,290	27,060,938
Beverages Total			67,162,335
Food & Staples Retailing — 2.6%
	Costco Wholesale Corp.	115,693	6,739,117

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
	CVS Caremark Corp.	366,133	12,679,186
	Kroger Co.	171,110	3,444,444
	Safeway, Inc.	102,382	2,266,738
	SUPERVALU, Inc.	55,856	752,380
	Sysco Corp.	155,959	4,649,138
	Wal-Mart Stores, Inc.	561,776	28,403,395
	Walgreen Co.	259,381	8,310,567
	Whole Foods Market, Inc. (a)	44,849	1,813,245
Food & Staples Retailing Total			69,058,210
Food Products — 1.8%
	Archer-Daniels-Midland Co.	169,152	4,274,471
	Campbell Soup Co.	49,608	1,776,462
	ConAgra Foods, Inc.	116,760	2,823,257
	Dean Foods Co. (a)	47,700	508,005
	General Mills, Inc.	86,800	6,182,764
	H.J. Heinz Co.	83,250	3,677,985
	Hershey Co.	43,807	2,050,168
	Hormel Foods Corp.	18,275	727,345
	J.M. Smucker Co.	31,303	1,728,552
	Kellogg Co.	67,170	3,588,893
	Kraft Foods, Inc., Class A	457,205	13,076,063
	McCormick & Co., Inc. Non-Voting Shares	34,741	1,339,960
	Mead Johnson Nutrition Co., Class A	53,800	2,653,416
	Sara Lee Corp.	174,122	2,467,309
	Tyson Foods, Inc., Class A	80,341	1,412,395
Food Products Total			48,287,045
Household Products — 2.5%
	Clorox Co.	36,908	2,318,560
	Colgate-Palmolive Co.	130,009	10,152,403
	Kimberly-Clark Corp.	109,588	6,651,992
	Procter & Gamble Co.	764,693	46,715,095
Household Products Total			65,838,050
Personal Products — 0.2%
	Avon Products, Inc.	112,531	2,980,946
	Estée Lauder Companies, Inc., Class A	31,114	1,813,013
Personal Products Total			4,793,959
Tobacco — 1.5%
	Altria Group, Inc.	547,804	11,114,943
	Lorillard, Inc.	40,711	2,910,430

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
	Philip Morris International, Inc.	495,259	21,850,827
	Reynolds American, Inc.	44,509	2,320,699
Tobacco Total			38,196,899
CONSUMER STAPLES TOTAL			293,336,498
ENERGY — 10.5%
Energy Equipment & Services — 1.6%
	Baker Hughes, Inc.	113,089	4,313,215
	Cameron International Corp. (a)	64,387	2,330,809
	Diamond Offshore Drilling, Inc.	18,297	1,154,541
	FMC Technologies, Inc. (a)	32,079	1,865,394
	Halliburton Co.	238,275	5,916,368
	Helmerich & Payne, Inc.	27,800	1,047,504
	Nabors Industries Ltd. (a)	74,934	1,425,994
	National-Oilwell Varco, Inc.	110,164	4,200,553
	Rowan Companies, Inc. (a)	29,979	742,280
	Schlumberger Ltd.	315,030	17,688,935
	Smith International, Inc.	65,364	2,455,072
Energy Equipment & Services Total			43,140,665
Oil, Gas & Consumable Fuels — 8.9%
	Anadarko Petroleum Corp.	129,716	6,788,038
	Apache Corp.	88,636	7,936,467
	Cabot Oil & Gas Corp.	27,243	945,060
	Chesapeake Energy Corp.	171,642	3,834,482
	Chevron Corp.	528,722	39,056,694
	ConocoPhillips	391,485	20,302,412
	Consol Energy, Inc.	57,796	2,108,398
	Denbury Resources, Inc. (a)	104,075	1,712,034
	Devon Energy Corp.	117,635	7,510,995
	El Paso Corp.	184,652	2,093,954
	EOG Resources, Inc.	66,527	6,974,691
	Exxon Mobil Corp. (b)	1,243,001	75,151,840
	Hess Corp.	76,700	4,080,440
	Marathon Oil Corp.	186,427	5,796,015
	Massey Energy Co.	25,051	829,689
	Murphy Oil Corp.	50,307	2,685,388
	Noble Energy, Inc.	45,892	2,730,115
	Occidental Petroleum Corp.	213,763	17,637,585
	Peabody Energy Corp.	70,753	2,756,537
	Pioneer Natural Resources Co.	30,403	1,936,671
	Range Resources Corp.	41,935	1,884,978
	Southwestern Energy Co. (a)	91,127	3,427,287

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Spectra Energy Corp.	170,488	3,411,465
	Sunoco, Inc.	30,824	920,713
	Tesoro Corp.	37,034	433,298
	Valero Energy Corp.	148,749	2,778,631
	Williams Companies, Inc.	153,635	3,034,291
	XTO Energy, Inc.	153,536	6,562,129
Oil, Gas & Consumable Fuels Total			235,320,297
ENERGY TOTAL			278,460,962
FINANCIALS — 15.9%
Capital Markets — 2.5%
	Ameriprise Financial, Inc. (c)	67,251	2,675,917
	Bank of New York Mellon Corp.	318,094	8,652,157
	Charles Schwab Corp.	257,354	4,205,164
	E*TRADE Financial Corp. (a)	521,350	771,598
	Federated Investors, Inc., Class B	23,344	518,470
	Franklin Resources, Inc.	39,077	3,833,063
	Goldman Sachs Group, Inc.	138,563	19,989,098
	Invesco Ltd.	112,874	2,094,942
	Janus Capital Group, Inc.	48,350	515,411
	Legg Mason, Inc.	42,811	1,272,343
	Morgan Stanley	368,051	9,977,863
	Northern Trust Corp.	63,620	3,232,532
	State Street Corp.	130,469	4,980,002
	T. Rowe Price Group, Inc.	68,214	3,377,957
Capital Markets Total			66,096,517
Commercial Banks — 3.1%
	BB&T Corp.	181,862	5,499,507
	Comerica, Inc.	45,792	1,744,675
	Fifth Third Bancorp.	209,312	2,718,963
	First Horizon National Corp. (a)	59,306	738,360
	Huntington Bancshares, Inc.	188,604	1,161,801
	KeyCorp	231,161	1,853,911
	M&T Bank Corp.	21,841	1,730,681
	Marshall & Ilsley Corp.	138,677	1,130,217
	PNC Financial Services Group, Inc.	136,088	8,539,522
	Regions Financial Corp.	313,992	2,395,759
	SunTrust Banks, Inc.	131,468	3,543,063
	U.S. Bancorp	503,769	12,070,305
	Wells Fargo & Co.	1,363,950	39,131,725

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Zions Bancorporation	39,628	949,091
Commercial Banks Total			83,207,580
Consumer Finance — 0.8%
	American Express Co.	315,108	12,563,356
	Capital One Financial Corp.	119,904	4,952,035
	Discover Financial Services	143,139	1,925,220
	SLM Corp. (a)	127,672	1,418,436
Consumer Finance Total			20,859,047
Diversified Financial Services — 4.4%
	Bank of America Corp. (c)	2,641,217	41,572,756
	Citigroup, Inc. (a)	5,173,248	20,486,062
	CME Group, Inc.	17,520	5,547,708
	IntercontinentalExchange, Inc. (a)	19,420	2,255,245
	JPMorgan Chase & Co.	1,046,075	41,403,648
	Leucadia National Corp. (a)	49,950	1,094,904
	Moody’s Corp.	51,739	1,060,650
	NASDAQ OMX Group, Inc. (a)	39,009	725,177
	NYSE Euronext	68,733	1,970,575
Diversified Financial Services Total			116,116,725
Insurance — 3.7%
	AFLAC, Inc.	123,561	5,473,752
	Allstate Corp.	141,314	4,328,448
	American International Group, Inc. (a)	35,490	1,255,636
	AON Corp.	70,290	2,774,346
	Assurant, Inc.	30,636	1,063,069
	Berkshire Hathaway, Inc., Class B (a)	435,700	30,738,635
	Chubb Corp.	86,524	4,346,966
	Cincinnati Financial Corp.	42,923	1,167,076
	Genworth Financial, Inc., Class A (a)	128,788	2,007,805
	Hartford Financial Services Group, Inc.	116,822	2,928,728
	Lincoln National Corp.	79,562	2,105,211
	Loews Corp.	93,474	3,038,840
	Marsh & McLennan Companies, Inc.	140,093	3,055,428
	MetLife, Inc.	215,626	8,730,697
	Principal Financial Group, Inc.	84,071	2,285,890
	Progressive Corp.	176,805	3,463,610
	Prudential Financial, Inc.	122,427	7,065,262
	Torchmark Corp.	21,771	1,121,860
	Travelers Companies, Inc.	135,255	6,691,065
	Unum Group	87,468	2,020,511

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	XL Capital Ltd., Class A	90,046	1,585,710
Insurance Total			97,248,545
Real Estate Investment Trusts (REITs) — 1.3%
	Apartment Investment & Management Co., Class A	30,875	636,951
	AvalonBay Communities, Inc.	21,470	2,105,348
	Boston Properties, Inc.	36,573	2,804,418
	Equity Residential Property Trust	74,258	3,351,264
	HCP, Inc.	77,319	2,463,383
	Health Care REIT, Inc.	32,597	1,404,279
	Host Hotels & Resorts, Inc.	171,937	2,451,822
	Kimco Realty Corp.	106,785	1,527,025
	Plum Creek Timber Co., Inc.	42,884	1,501,798
	ProLogis	124,817	1,420,417
	Public Storage	35,734	3,312,184
	Simon Property Group, Inc.	76,341	6,491,275
	Ventas, Inc.	41,226	1,935,561
	Vornado Realty Trust	41,493	3,223,176
Real Estate Investment Trusts (REITs) Total			34,628,901
Real Estate Management & Development — 0.0%
	CB Richard Ellis Group, Inc., Class A (a)	71,146	1,126,241
Real Estate Management & Development Total			1,126,241
Thrifts & Mortgage Finance — 0.1%
	Hudson City Bancorp, Inc.	124,734	1,572,896
	People’s United Financial, Inc.	97,778	1,365,958
Thrifts & Mortgage Finance Total			2,938,854
FINANCIALS TOTAL			422,222,410
HEALTH CARE — 11.4%
Biotechnology — 1.3%
	Amgen, Inc. (a)	257,794	13,348,573
	Biogen Idec, Inc. (a)	70,999	3,367,483
	Celgene Corp. (a)	120,991	6,383,485
	Cephalon, Inc. (a)	19,768	1,163,545
	Genzyme Corp. (a)	70,048	3,407,835
	Gilead Sciences, Inc. (a)	237,872	8,544,362
Biotechnology Total			36,215,283
Health Care Equipment & Supplies — 1.8%
	Baxter International, Inc.	158,703	6,702,028
	Becton Dickinson & Co.	62,069	4,425,520

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Boston Scientific Corp. (a)	397,935	2,407,507
	C.R. Bard, Inc.	25,171	2,038,096
	CareFusion Corp. (a)	46,645	1,185,716
	DENTSPLY International, Inc.	38,751	1,256,695
	Hospira, Inc. (a)	43,107	2,244,150
	Intuitive Surgical, Inc. (a)	10,266	3,313,557
	Medtronic, Inc.	290,786	11,392,995
	St. Jude Medical, Inc. (a)	85,700	3,200,038
	Stryker Corp.	74,361	3,943,364
	Varian Medical Systems, Inc. (a)	32,618	1,633,835
	Zimmer Holdings, Inc. (a)	56,122	3,138,903
Health Care Equipment & Supplies Total			46,882,404
Health Care Providers & Services — 2.1%
	Aetna, Inc.	113,478	3,309,019
	AmerisourceBergen Corp.	74,321	2,324,761
	Cardinal Health, Inc.	95,191	3,283,138
	CIGNA Corp.	72,394	2,423,027
	Coventry Health Care, Inc. (a)	38,927	805,789
	DaVita, Inc. (a)	27,187	1,724,471
	Express Scripts, Inc. (a)	72,496	7,293,098
	Humana, Inc. (a)	44,769	2,061,612
	Laboratory Corp. of America Holdings (a)	27,597	2,086,609
	McKesson Corp.	70,958	4,967,060
	Medco Health Solutions, Inc. (a)	122,154	7,042,178
	Patterson Companies, Inc.	24,533	728,875
	Quest Diagnostics, Inc.	39,553	2,086,421
	Tenet Healthcare Corp. (a)	114,013	652,154
	UnitedHealth Group, Inc.	304,724	8,858,327
	WellPoint, Inc. (a)	116,916	5,997,791
Health Care Providers & Services Total			55,644,330
Health Care Technology — 0.1%
	Cerner Corp. (a)	17,900	1,498,409
Health Care Technology Total			1,498,409
Life Sciences Tools & Services — 0.4%
	Life Technologies Corp. (a)	47,620	2,383,857
	Millipore Corp. (a)	14,716	1,562,987
	PerkinElmer, Inc.	30,945	702,142
	Thermo Fisher Scientific, Inc. (a)	107,804	5,612,276
	Waters Corp. (a)	24,654	1,687,320
Life Sciences Tools & Services Total			11,948,582

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Pharmaceuticals — 5.7%
	Abbott Laboratories	408,797	19,442,385
	Allergan, Inc.	80,989	4,874,728
	Bristol-Myers Squibb Co.	451,336	10,475,509
	Eli Lilly & Co.	267,188	8,761,095
	Forest Laboratories, Inc. (a)	79,630	2,060,824
	Johnson & Johnson	724,518	42,239,399
	King Pharmaceuticals, Inc. (a)	65,455	567,495
	Merck & Co., Inc.	820,215	27,633,043
	Mylan, Inc. (a)	80,778	1,570,324
	Pfizer, Inc.	2,124,751	32,359,958
	Watson Pharmaceuticals, Inc. (a)	28,082	1,240,101
Pharmaceuticals Total			151,224,861
HEALTH CARE TOTAL			303,413,869
INDUSTRIALS — 10.3%
Aerospace & Defense — 2.8%
	Boeing Co.	199,285	12,790,111
	General Dynamics Corp.	101,566	6,896,331
	Goodrich Corp.	32,946	2,286,452
	Honeywell International, Inc.	201,253	8,607,591
	ITT Corp.	48,133	2,323,861
	L-3 Communications Holdings, Inc.	30,439	2,515,175
	Lockheed Martin Corp.	83,027	6,635,518
	Northrop Grumman Corp.	79,737	4,823,291
	Precision Castparts Corp.	37,255	4,347,659
	Raytheon Co.	99,806	5,230,832
	Rockwell Collins, Inc.	41,389	2,414,634
	United Technologies Corp.	246,591	16,615,302
Aerospace & Defense Total			75,486,757
Air Freight & Logistics — 1.1%
	C.H. Robinson Worldwide, Inc.	43,853	2,548,298
	Expeditors International of Washington, Inc.	55,841	2,132,568
	FedEx Corp.	82,340	6,874,566
	United Parcel Service, Inc., Class B	261,405	16,405,778
Air Freight & Logistics Total			27,961,210
Airlines — 0.1%
	Southwest Airlines Co.	195,702	2,434,533
Airlines Total			2,434,533

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Building Products — 0.0%
	Masco Corp.	94,503	1,261,615
Building Products Total			1,261,615
Commercial Services & Supplies — 0.5%
	Avery Dennison Corp.	29,495	1,008,139
	Cintas Corp.	34,613	899,938
	Iron Mountain, Inc.	47,665	1,168,746
	Pitney Bowes, Inc.	53,267	1,205,965
	R.R. Donnelley & Sons Co.	54,080	1,036,173
	Republic Services, Inc.	85,269	2,483,033
	Stericycle, Inc. (a)	22,312	1,307,929
	Waste Management, Inc.	127,637	4,149,479
Commercial Services & Supplies Total			13,259,402
Construction & Engineering — 0.2%
	Fluor Corp.	47,098	2,209,838
	Jacobs Engineering Group, Inc. (a)	32,846	1,371,649
	Quanta Services, Inc. (a)	55,343	1,147,261
Construction & Engineering Total			4,728,748
Electrical Equipment — 0.5%
	Emerson Electric Co.	198,131	9,201,204
	First Solar, Inc. (a)	12,800	1,438,208
	Rockwell Automation, Inc.	37,593	2,008,594
	Roper Industries, Inc.	24,700	1,433,094
Electrical Equipment Total			14,081,100
Industrial Conglomerates — 2.4%
	3M Co.	187,413	14,863,725
	General Electric Co.	2,809,209	45,930,567
	Textron, Inc.	71,808	1,484,272
Industrial Conglomerates Total			62,278,564
Machinery — 1.7%
	Caterpillar, Inc.	164,483	9,993,987
	Cummins, Inc.	53,036	3,605,387
	Danaher Corp.	68,994	5,476,744
	Deere & Co.	111,603	6,437,261
	Dover Corp.	49,026	2,200,777
	Eaton Corp.	43,575	3,048,071
	Flowserve Corp.	14,663	1,394,451
	Illinois Tool Works, Inc.	101,832	4,728,060
	PACCAR, Inc.	95,863	3,930,383
	Pall Corp.	30,880	1,051,464
	Parker Hannifin Corp.	42,315	2,600,680

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Snap-On, Inc.	15,254	674,227
Machinery Total			45,141,492
Professional Services — 0.1%
	Dun & Bradstreet Corp.	13,457	982,226
	Equifax, Inc.	33,235	1,005,359
	Robert Half International, Inc.	39,110	989,092
Professional Services Total			2,976,677
Road & Rail — 0.8%
	CSX Corp.	102,660	5,363,985
	Norfolk Southern Corp.	97,317	5,494,518
	Ryder System, Inc.	14,029	630,463
	Union Pacific Corp.	133,032	9,502,476
Road & Rail Total			20,991,442
Trading Companies & Distributors — 0.1%
	Fastenal Co.	34,574	1,743,913
	W.W. Grainger, Inc.	16,198	1,648,146
Trading Companies & Distributors Total			3,392,059
INDUSTRIALS TOTAL			273,993,599
INFORMATION TECHNOLOGY — 18.5%
Communications Equipment — 2.4%
	Cisco Systems, Inc. (a)	1,507,463	34,912,843
	Harris Corp.	34,458	1,616,425
	JDS Uniphase Corp. (a)	58,848	676,752
	Juniper Networks, Inc. (a)	138,347	3,682,797
	Motorola, Inc. (a)	608,917	4,171,081
	QUALCOMM, Inc.	442,507	15,735,549
	Tellabs, Inc.	101,226	911,034
Communications Equipment Total			61,706,481
Computers & Peripherals — 4.4%
	Apple, Inc. (a)	238,737	61,393,607
	Dell, Inc. (a)	453,295	6,042,422
	EMC Corp. (a)	540,483	10,063,794
	Hewlett-Packard Co.	619,740	28,514,237
	Lexmark International, Inc., Class A (a)	20,520	770,526
	NetApp, Inc. (a)	90,737	3,418,970
	QLogic Corp. (a)	30,003	543,654
	SanDisk Corp. (a)	60,232	2,808,016
	Teradata Corp. (a)	43,932	1,403,188
	Western Digital Corp. (a)	60,181	2,094,901
Computers & Peripherals Total			117,053,315

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Electronic Equipment, Instruments & Components — 0.6%
	Agilent Technologies, Inc. (a)	91,857	2,972,493
	Amphenol Corp., Class A	45,583	1,932,719
	Corning, Inc.	410,379	7,152,906
	FLIR Systems, Inc. (a)	40,276	1,147,463
	Jabil Circuit, Inc.	50,793	695,356
	Molex, Inc.	35,699	756,105
Electronic Equipment, Instruments & Components Total			14,657,042
Internet Software & Services — 1.7%
	Akamai Technologies, Inc. (a)	45,262	1,797,807
	eBay, Inc. (a)	297,510	6,369,689
	Google, Inc., Class A (a)	63,612	30,863,270
	Monster Worldwide, Inc. (a)	33,088	489,372
	VeriSign, Inc. (a)	48,313	1,348,416
	Yahoo!, Inc. (a)	313,345	4,806,712
Internet Software & Services Total			45,675,266
IT Services — 3.0%
	Automatic Data Processing, Inc.	132,923	5,433,892
	Cognizant Technology Solutions Corp., Class A (a)	78,380	3,922,135
	Computer Sciences Corp. (a)	40,486	2,023,895
	Fidelity National Information Services, Inc.	86,823	2,389,369
	Fiserv, Inc. (a)	40,100	1,906,755
	International Business Machines Corp.	341,957	42,833,534
	MasterCard, Inc., Class A	25,425	5,130,002
	Paychex, Inc.	84,659	2,416,168
	SAIC, Inc. (a)	80,300	1,380,357
	Total System Services, Inc.	51,884	757,507
	Visa, Inc., Class A	117,500	8,514,050
	Western Union Co.	179,722	2,868,363
IT Services Total			79,576,027
Office Electronics — 0.1%
	Xerox Corp.	355,982	3,314,192
Office Electronics Total			3,314,192
Semiconductors & Semiconductor Equipment — 2.5%
	Advanced Micro Devices, Inc. (a)	148,597	1,273,476
	Altera Corp.	78,303	1,845,602
	Analog Devices, Inc.	78,365	2,285,907
	Applied Materials, Inc.	353,637	4,565,454
	Broadcom Corp., Class A	113,560	3,920,091

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Intel Corp.	1,454,412	31,153,505
	KLA-Tencor Corp.	45,335	1,394,958
	Linear Technology Corp.	58,896	1,646,732
	LSI Corp. (a)	172,854	921,312
	MEMC Electronic Materials, Inc. (a)	59,899	679,854
	Microchip Technology, Inc.	48,547	1,352,034
	Micron Technology, Inc. (a)	224,007	2,036,224
	National Semiconductor Corp.	62,592	879,418
	Novellus Systems, Inc. (a)	25,264	652,316
	NVIDIA Corp. (a)	146,048	1,919,071
	Teradyne, Inc. (a)	46,632	512,019
	Texas Instruments, Inc.	326,994	7,985,193
	Xilinx, Inc.	72,875	1,781,794
Semiconductors & Semiconductor Equipment Total			66,804,960
Software — 3.8%
	Adobe Systems, Inc. (a)	137,990	4,426,719
	Autodesk, Inc. (a)	60,516	1,770,698
	BMC Software, Inc. (a)	48,056	1,778,553
	CA, Inc.	104,067	2,107,357
	Citrix Systems, Inc. (a)	48,377	2,109,721
	Compuware Corp. (a)	59,871	490,344
	Electronic Arts, Inc. (a)	86,010	1,420,025
	Intuit, Inc. (a)	82,637	2,953,446
	McAfee, Inc. (a)	41,744	1,327,459
	Microsoft Corp.	2,008,891	51,829,388
	Novell, Inc. (a)	91,711	534,675
	Oracle Corp.	1,029,126	23,227,374
	Red Hat, Inc. (a)	49,700	1,456,707
	Salesforce.com, Inc. (a)	28,980	2,507,639
	Symantec Corp. (a)	212,258	3,007,696
Software Total			100,947,801
INFORMATION TECHNOLOGY TOTAL			489,735,084
MATERIALS — 3.4%
Chemicals — 1.8%
	Air Products & Chemicals, Inc.	55,819	3,854,860
	Airgas, Inc.	21,800	1,361,846
	CF Industries Holdings, Inc.	18,276	1,253,551
	Dow Chemical Co.	302,817	8,148,806
	E.I. Du Pont de Nemours & Co.	237,976	8,607,592
	Eastman Chemical Co.	19,175	1,157,978

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Ecolab, Inc.	62,245	2,939,831
	FMC Corp.	19,100	1,156,505
	International Flavors & Fragrances, Inc.	20,771	924,310
	Monsanto Co.	143,636	7,306,763
	PPG Industries, Inc.	43,703	2,800,051
	Praxair, Inc.	80,677	6,260,535
	Sherwin-Williams Co.	24,237	1,857,281
	Sigma-Aldrich Corp.	32,109	1,710,768
Chemicals Total			49,340,677
Construction Materials — 0.1%
	Vulcan Materials Co.	33,253	1,678,611
Construction Materials Total			1,678,611
Containers & Packaging — 0.2%
	Ball Corp.	24,755	1,219,184
	Bemis Co., Inc.	28,724	823,804
	Owens-Illinois, Inc. (a)	44,439	1,347,835
	Pactiv Corp. (a)	34,845	995,870
	Sealed Air Corp.	41,845	872,050
Containers & Packaging Total			5,258,743
Metals & Mining — 1.1%
	AK Steel Holding Corp.	28,938	432,912
	Alcoa, Inc.	268,668	3,127,296
	Allegheny Technologies, Inc.	25,853	1,413,642
	Cliffs Natural Resources, Inc.	35,600	1,988,616
	Freeport-McMoRan Copper & Gold, Inc.	123,682	8,663,924
	Newmont Mining Corp.	129,300	6,958,926
	Nucor Corp.	82,958	3,571,342
	Titanium Metals Corp. (a)	22,262	393,370
	United States Steel Corp.	37,767	1,782,980
Metals & Mining Total			28,333,008
Paper & Forest Products — 0.2%
	International Paper Co.	114,042	2,649,196
	MeadWestvaco Corp.	45,135	1,078,726
	Weyerhaeuser Co.	55,697	2,371,578
Paper & Forest Products Total			6,099,500
MATERIALS TOTAL			90,710,539
TELECOMMUNICATION SERVICES — 2.8%
Diversified Telecommunication Services — 2.5%
	AT&T, Inc.	1,553,954	37,761,082
	CenturyTel, Inc.	78,918	2,709,255

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Frontier Communications Corp.	82,187	653,387
	Qwest Communications International, Inc.	391,744	2,052,739
	Verizon Communications, Inc.	746,551	20,545,083
	Windstream Corp.	120,267	1,283,249
Diversified Telecommunication Services Total			65,004,795
Wireless Telecommunication Services — 0.3%
	American Tower Corp., Class A (a)	106,003	4,296,302
	MetroPCS Communications, Inc. (a)	68,673	617,370
	Sprint Nextel Corp. (a)	783,850	4,021,150
Wireless Telecommunication Services Total			8,934,822
TELECOMMUNICATION SERVICES TOTAL			73,939,617
UTILITIES — 3.5%
Electric Utilities — 1.8%
	Allegheny Energy, Inc.	44,615	912,823
	American Electric Power Co., Inc.	125,866	4,022,677
	Duke Energy Corp.	344,675	5,501,013
	Edison International	85,816	2,777,006
	Entergy Corp.	49,822	3,740,138
	Exelon Corp.	173,698	6,704,743
	FirstEnergy Corp.	80,226	2,824,758
	FPL Group, Inc.	108,844	5,434,581
	Northeast Utilities	46,233	1,199,746
	Pepco Holdings, Inc.	58,533	944,137
	Pinnacle West Capital Corp.	28,311	993,999
	PPL Corp.	99,247	2,561,565
	Progress Energy, Inc.	74,943	2,892,050
	Southern Co.	216,000	7,063,200
Electric Utilities Total			47,572,436
Gas Utilities — 0.2%
	EQT Corp.	37,888	1,484,831
	Nicor, Inc.	11,888	480,394
	ONEOK, Inc.	27,800	1,236,266
	Questar Corp.	45,967	2,062,079
Gas Utilities Total			5,263,570
Independent Power Producers & Energy Traders — 0.2%
	AES Corp. (a)	175,955	1,807,058
	Constellation Energy Group, Inc.	52,987	1,874,680

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	NRG Energy, Inc. (a)	69,000	1,611,150
Independent Power Producers & Energy Traders Total			5,292,888
Multi-Utilities — 1.3%
	Ameren Corp.	62,342	1,537,354
	CenterPoint Energy, Inc.	103,414	1,408,499
	CMS Energy Corp.	60,525	888,507
	Consolidated Edison, Inc.	74,096	3,155,749
	Dominion Resources, Inc.	157,975	6,154,706
	DTE Energy Co.	43,449	1,977,364
	Integrys Energy Group, Inc.	20,110	909,374
	NiSource, Inc.	72,843	1,089,731
	PG&E Corp.	97,745	4,056,417
	Public Service Enterprise Group, Inc.	133,198	4,079,855
	SCANA Corp.	29,343	1,064,857
	Sempra Energy	65,046	2,992,116
	TECO Energy, Inc.	56,273	875,045
	Wisconsin Energy Corp.	30,828	1,510,572
	Xcel Energy, Inc.	120,246	2,463,841
Multi-Utilities Total			34,163,987
UTILITIES TOTAL			92,292,881

	Total Common Stocks (cost of $2,325,480,710)		2,593,079,253

		Par ($)
Short-Term Obligation — 1.9%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by U.S. Government Agency obligations with various maturities to 03/29/13, market value $50,410,375 (repurchase proceeds $49,421,769)	49,421,000	49,421,000

	Total Short-Term Obligation (cost of $49,421,000)		49,421,000

	Total Investments — 99.7% (cost of $2,374,901,710)(d)(e)		2,642,500,253

	Other Assets & Liabilities, Net — 0.3%		7,558,618

	Net Assets — 100.0%		2,650,058,871

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	2,593,079,253		$	—	$	—	$	2,593,079,253
Total Short-Term Obligation	—			49,421,000		—		49,421,000
Total Investments	2,593,079,253			49,421,000		—		2,642,500,253
Unrealized depreciation on futures contracts	(3,768,380		)	—		—		(3,768,380		)
Total	$	2,589,310,873		$	49,421,000	$	—	$	2,638,731,873

	(a)	Non-income producing security.
	(b)	A portion of this security with a market value of $7,557,500 is pledged as collateral for open futures contracts.
	(c)	Investments in affiliates during the three months ended May 31, 2010:

Affiliate	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Value, end of period
Ameriprise Financial, Inc.	$	—	$	—	$	—	$	12,105	$	2,675,917

As of May 1, 2010, this company became an affiliate of the Fund. The above table reflects activity for the period from May 1, 2010 through May 31, 2010.

Bank of America Corp.	$	43,612,831	$	393,237	—		$	26,178	—

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

	(d)	Cost for federal income tax purposes is $2,374,901,710.
	(e)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	728,592,515	$	(460,993,972	)	$	267,598,543

At May 31, 2010, the Fund held the following open long futures contracts:

Number of

Aggregate

Expiration

Unrealized

Risk Exposure/ Type

Contracts

Value

Face Value

Date

Depreciation

Equity Risk

S&P 500 Index

201

54,697,125

58,465,505

June-2010

(3,768,380

)

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Large Cap Value Fund

		Shares	Value ($)*
Common Stocks — 98.0%
CONSUMER DISCRETIONARY — 11.2%
Auto Components — 0.1%
	Dana Holding Corp. (a)	186,200	2,022,132
Auto Components Total			2,022,132
Hotels, Restaurants & Leisure — 2.5%
	Carnival Corp.	570,600	20,672,838
	McDonald’s Corp.	314,919	21,058,634
	Starwood Hotels & Resorts Worldwide, Inc.	228,138	10,551,382
Hotels, Restaurants & Leisure Total			52,282,854
Household Durables — 0.6%
	Newell Rubbermaid, Inc.	714,300	11,900,238
Household Durables Total			11,900,238
Multiline Retail — 3.1%
	J.C. Penney Co., Inc.	733,600	20,166,664
	Nordstrom, Inc.	277,700	11,024,690
	Target Corp.	590,200	32,183,606
Multiline Retail Total			63,374,960
Specialty Retail — 3.7%
	Best Buy Co., Inc.	392,900	16,600,025
	Lowe’s Companies, Inc.	1,392,100	34,454,475
	O’Reilly Automotive, Inc. (a)	483,887	24,687,915
Specialty Retail Total			75,742,415
Textiles, Apparel & Luxury Goods — 1.2%
	NIKE, Inc., Class B	323,800	23,436,644
	Warnaco Group, Inc. (a)	48,700	2,074,133
Textiles, Apparel & Luxury Goods Total			25,510,777
CONSUMER DISCRETIONARY TOTAL			230,833,376
CONSUMER STAPLES — 6.2%
Beverages — 1.3%
	Diageo PLC, ADR	449,198	27,526,854
Beverages Total			27,526,854
Food Products — 2.5%
	General Mills, Inc.	506,200	36,056,626
	J.M. Smucker Co.	290,900	16,063,498
Food Products Total			52,120,124
Household Products — 1.1%
	Procter & Gamble Co.	367,300	22,438,357
Household Products Total			22,438,357

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 1.3%
	Philip Morris International, Inc.	591,777	26,109,201
Tobacco Total			26,109,201
CONSUMER STAPLES TOTAL			128,194,536
ENERGY — 11.9%
Energy Equipment & Services — 1.4%
	Cameron International Corp. (a)	131,100	4,745,820
	Halliburton Co.	367,798	9,132,424
	Schlumberger Ltd.	268,200	15,059,430
Energy Equipment & Services Total			28,937,674
Oil, Gas & Consumable Fuels — 10.5%
	Anadarko Petroleum Corp.	172,600	9,032,158
	Apache Corp.	229,800	20,576,292
	Chevron Corp.	1,283,800	94,834,306
	Occidental Petroleum Corp.	923,300	76,181,483
	Williams Companies, Inc.	727,600	14,370,100
Oil, Gas & Consumable Fuels Total			214,994,339
ENERGY TOTAL			243,932,013
FINANCIALS — 23.6%
Capital Markets — 1.2%
	Affiliated Managers Group, Inc. (a)	29,600	2,120,840
	Goldman Sachs Group, Inc.	88,900	12,824,714
	Morgan Stanley	391,400	10,610,854
Capital Markets Total			25,556,408
Commercial Banks — 9.9%
	BB&T Corp.	491,900	14,875,056
	Fifth Third Bancorp.	1,015,600	13,192,644
	Huntington Bancshares, Inc.	359,900	2,216,984
	PNC Financial Services Group, Inc.	671,779	42,154,132
	SVB Financial Group (a)	50,200	2,251,972
	U.S. Bancorp	2,050,582	49,131,945
	Wells Fargo & Co.	2,599,614	74,582,925
	Zions Bancorporation	200,500	4,801,975
Commercial Banks Total			203,207,633
Consumer Finance — 2.5%
	American Express Co.	1,287,300	51,324,651
Consumer Finance Total			51,324,651
Diversified Financial Services — 3.7%
	JPMorgan Chase & Co.	1,924,610	76,176,064
Diversified Financial Services Total			76,176,064

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Insurance — 4.7%
	ACE Ltd.	707,676	34,789,352
	Assured Guaranty Ltd.	105,700	1,775,760
	Axis Capital Holdings Ltd.	519,400	15,789,760
	Genworth Financial, Inc., Class A (a)	132,500	2,065,675
	Prudential Financial, Inc.	678,015	39,128,246
	XL Capital Ltd., Class A	122,500	2,157,225
Insurance Total			95,706,018
Real Estate Investment Trusts (REITs) — 1.6%
	Equity Residential Property Trust	336,600	15,190,758
	Rayonier, Inc.	401,100	18,001,368
Real Estate Investment Trusts (REITs) Total			33,192,126
FINANCIALS TOTAL			485,162,900
HEALTH CARE — 8.1%
Health Care Providers & Services — 1.1%
	Medco Health Solutions, Inc. (a)	406,200	23,417,430
Health Care Providers & Services Total			23,417,430
Life Sciences Tools & Services — 3.4%
	Life Technologies Corp. (a)	654,200	32,749,252
	Thermo Fisher Scientific, Inc. (a)	705,500	36,728,330
Life Sciences Tools & Services Total			69,477,582
Pharmaceuticals — 3.6%
	Merck & Co., Inc.	644,035	21,697,539
	Pfizer, Inc.	1,920,500	29,249,215
	Watson Pharmaceuticals, Inc. (a)	495,300	21,872,448
Pharmaceuticals Total			72,819,202
HEALTH CARE TOTAL			165,714,214
INDUSTRIALS — 13.6%
Aerospace & Defense — 4.7%
	General Dynamics Corp.	315,900	21,449,610
	Honeywell International, Inc.	582,500	24,913,525
	L-3 Communications Holdings, Inc.	164,900	13,625,687
	United Technologies Corp.	535,080	36,053,690
Aerospace & Defense Total			96,042,512
Air Freight & Logistics — 0.9%
	United Parcel Service, Inc., Class B	287,800	18,062,328
Air Freight & Logistics Total			18,062,328
Building Products — 0.5%
	Masco Corp.	768,700	10,262,145
Building Products Total			10,262,145

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Construction & Engineering — 1.2%
	Fluor Corp.	306,900	14,399,748
	Foster Wheeler AG (a)	469,900	11,282,299
Construction & Engineering Total			25,682,047
Industrial Conglomerates — 1.4%
	General Electric Co.	1,808,816	29,574,142
Industrial Conglomerates Total			29,574,142
Machinery — 4.2%
	Eaton Corp.	194,800	13,626,260
	Gardner Denver, Inc.	52,000	2,368,080
	Illinois Tool Works, Inc.	485,800	22,555,694
	Ingersoll-Rand PLC	703,100	26,232,661
	Kennametal, Inc.	209,200	5,901,532
	Navistar International Corp. (a)	271,702	14,720,814
Machinery Total			85,405,041
Professional Services — 0.7%
	Manpower, Inc.	318,200	14,544,922
Professional Services Total			14,544,922
INDUSTRIALS TOTAL			279,573,137
INFORMATION TECHNOLOGY — 8.3%
Computers & Peripherals — 3.8%
	EMC Corp. (a)	2,584,600	48,125,252
	Hewlett-Packard Co.	674,500	31,033,745
Computers & Peripherals Total			79,158,997
Electronic Equipment, Instruments & Components — 0.5%
	Tyco Electronics Ltd.	394,400	11,366,608
Electronic Equipment, Instruments & Components Total			11,366,608
IT Services — 1.7%
	International Business Machines Corp.	203,100	25,440,306
	Western Union Co.	582,300	9,293,508
IT Services Total			34,733,814
Semiconductors & Semiconductor Equipment — 1.4%
	Lam Research Corp. (a)	413,283	15,646,894
	Texas Instruments, Inc.	536,400	13,098,888
Semiconductors & Semiconductor Equipment Total			28,745,782

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Software — 0.9%
	Nuance Communications, Inc. (a)	1,029,700	17,540,940
Software Total			17,540,940
INFORMATION TECHNOLOGY TOTAL			171,546,141
MATERIALS — 6.6%
Chemicals — 1.9%
	Celanese Corp., Series A	695,000	19,925,650
	Potash Corp. of Saskatchewan, Inc.	190,300	18,875,857
Chemicals Total			38,801,507
Containers & Packaging — 0.1%
	Crown Holdings, Inc. (a)	92,000	2,162,920
Containers & Packaging Total			2,162,920
Metals & Mining — 3.5%
	Allegheny Technologies, Inc.	206,000	11,264,080
	Freeport-McMoRan Copper & Gold, Inc.	224,190	15,704,510
	Nucor Corp.	507,900	21,865,095
	Schnitzer Steel Industries, Inc., Class A	42,500	2,126,700
	United States Steel Corp.	413,300	19,511,893
Metals & Mining Total			70,472,278
Paper & Forest Products — 1.1%
	International Paper Co.	440,800	10,239,784
	Weyerhaeuser Co.	304,100	12,948,578
Paper & Forest Products Total			23,188,362
MATERIALS TOTAL			134,625,067
TELECOMMUNICATION SERVICES — 1.8%
Diversified Telecommunication Services — 1.8%
	AT&T, Inc.	1,516,451	36,849,759
Diversified Telecommunication Services Total			36,849,759
TELECOMMUNICATION SERVICES TOTAL			36,849,759
UTILITIES — 6.7%
Electric Utilities — 2.5%
	American Electric Power Co., Inc.	1,318,900	42,152,044
	Northeast Utilities	324,961	8,432,738
Electric Utilities Total			50,584,782
Multi-Utilities — 4.2%
	PG&E Corp.	1,028,643	42,688,685
	Sempra Energy	407,700	18,754,200
	Wisconsin Energy Corp.	302,500	14,822,500

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	Xcel Energy, Inc.	497,700	10,197,873
Multi-Utilities Total			86,463,258
UTILITIES TOTAL			137,048,040

	Total Common Stocks (cost of $1,753,627,637)		2,013,479,183
Convertible Preferred Stocks — 0.9%
FINANCIALS — 0.9%
Commercial Banks — 0.3%
	Fifth Third Bancorp., 8.500% (a)	40,500	5,346,000
Commercial Banks Total			5,346,000
Diversified Financial Services — 0.6%
	Citigroup, Inc., 7.500%	107,688	12,883,792
Diversified Financial Services Total			12,883,792
FINANCIALS TOTAL			18,229,792

	Total Convertible Preferred Stocks (cost of $16,555,822)		18,229,792

		Par ($)
Short-Term Obligation — 0.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 03/29/13, market value $3,106,606 (repurchase proceeds $3,044,047)	3,044,000	3,044,000

	Total Short-Term Obligation (cost of $3,044,000)		3,044,000

	Total Investments — 99.0% (cost of $1,773,227,459)(b)(c)		2,034,752,975

	Other Assets & Liabilities, Net — 1.0%		19,876,774

	Net Assets — 100.0%		2,054,629,749

	Notes to Investment Portfolio:
	* Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

	Accounting principles generally accepted in the United States of America (“GAAP”) establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below: · Level 1 — quoted prices in active markets for identical securities · Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 — prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the “amendment”), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and requires disclosures of the reason(s) for the transfer. Additionally, purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 rollforward. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009; except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment.

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	2,013,479,183	$	—	$	—	$	2,013,479,183
Total Convertible Preferred Stocks	18,229,792		—		—		18,229,792
Total Short-Term Obligation	—		3,044,000		—		3,044,000
Total Investments	$	2,031,708,975	$	3,044,000	$	—	$	2,034,752,975

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Marsico Global Fund

		Shares	Value ($)*
Common Stocks — 97.2%
CONSUMER DISCRETIONARY — 27.4%
Distributors — 3.0%
	Li & Fung Ltd.	36,000	160,729
Distributors Total			160,729
Hotels, Restaurants & Leisure — 5.6%
	Chipotle Mexican Grill, Inc., Class A (a)	433	61,607
	Ctrip.com International Ltd., ADR (a)	900	35,451
	Starwood Hotels & Resorts Worldwide, Inc.	2,000	92,500
	Wynn Macau Ltd. (a)	72,127	114,707
Hotels, Restaurants & Leisure Total			304,265
Household Durables — 5.1%
	Cyrela Brazil Realty SA	7,200	77,982
	D.R. Horton, Inc.	4,322	52,685
	Gafisa SA	6,792	40,245
	Gafisa SA, ADR	4,090	48,671
	PDG Realty SA Empreendimentos e Participacoes	6,400	55,031
Household Durables Total			274,614
Internet & Catalog Retail — 1.7%
	Amazon.com, Inc. (a)	736	92,339
Internet & Catalog Retail Total			92,339
Media — 2.0%
	Walt Disney Co.	3,230	107,947
Media Total			107,947
Multiline Retail — 1.1%
	Lojas Renner SA	2,400	57,081
Multiline Retail Total			57,081
Specialty Retail — 4.6%
	Inditex SA	3,720	207,284
	Rue21, Inc. (a)	1,213	41,181
Specialty Retail Total			248,465
Textiles, Apparel & Luxury Goods — 4.3%
	Compagnie Financiere Richemont SA	4,859	158,070
	Lululemon Athletica, Inc. (a)	1,844	75,346
Textiles, Apparel & Luxury Goods Total			233,416
CONSUMER DISCRETIONARY TOTAL			1,478,856
CONSUMER STAPLES — 5.2%
Beverages — 3.3%
	Anheuser-Busch InBev NV	3,730	178,427
Beverages Total			178,427

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food Products — 1.9%
	Nestle SA, Registered Shares	2,268	102,389
Food Products Total			102,389
CONSUMER STAPLES TOTAL			280,816
ENERGY — 3.8%
Oil, Gas & Consumable Fuels — 3.8%
	OGX Petroleo e Gas Participacoes SA (a)	17,700	156,683
	Range Resources Corp.	1,122	50,434
Oil, Gas & Consumable Fuels Total			207,117
ENERGY TOTAL			207,117
FINANCIALS — 29.8%
Capital Markets — 6.0%
	Credit Suisse Group AG, Registered Shares	3,051	118,277
	Julius Baer Group Ltd.	4,643	134,903
	State Street Corp.	1,841	70,271
Capital Markets Total			323,451
Commercial Banks — 13.8%
	First Midwest Bancorp, Inc.	3,865	53,607
	ICICI Bank Ltd., ADR	2,100	77,259
	PNC Financial Services Group, Inc.	3,664	229,916
	Standard Chartered PLC	3,400	80,971
	Wells Fargo & Co.	10,632	305,032
Commercial Banks Total			746,785
Diversified Financial Services — 3.1%
	JPMorgan Chase & Co.	4,141	163,901
Diversified Financial Services Total			163,901
Insurance — 2.2%
	Ping An Insurance Group Co. of China, Ltd., Class H	14,500	117,462
Insurance Total			117,462
Real Estate Management & Development — 4.7%
	BR Malls Participacoes SA	11,500	146,107
	Hang Lung Properties Ltd.	23,000	80,471

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	IFM Investments Ltd., ADR (a)	5,300	27,931
Real Estate Management & Development Total			254,509
FINANCIALS TOTAL			1,606,108
HEALTH CARE — 3.5%
Health Care Equipment & Supplies — 3.5%
	Intuitive Surgical, Inc. (a)	587	189,466
Health Care Equipment & Supplies Total			189,466
HEALTH CARE TOTAL			189,466
INDUSTRIALS — 5.9%
Aerospace & Defense — 2.0%
	Precision Castparts Corp.	935	109,115
Aerospace & Defense Total			109,115
Commercial Services & Supplies — 0.8%
	Ritchie Bros Auctioneers, Inc.	2,134	43,491
Commercial Services & Supplies Total			43,491
Construction & Engineering — 0.4%
	AECOM Technology Corp. (a)	801	20,329
Construction & Engineering Total			20,329
Electrical Equipment — 1.1%
	Sensata Technologies Holding NV (a)	3,600	59,868
Electrical Equipment Total			59,868
Marine — 1.6%
	Kuehne & Nagel International AG	919	86,111
Marine Total			86,111
INDUSTRIALS TOTAL			318,914
INFORMATION TECHNOLOGY — 11.9%
Communications Equipment — 0.3%
	Calix, Inc. (a)	1,462	17,881
Communications Equipment Total			17,881
Computers & Peripherals — 4.4%
	Apple, Inc. (a)	931	239,416
Computers & Peripherals Total			239,416
Internet Software & Services — 5.2%
	Baidu, Inc., ADR (a)	410	30,016
	Google, Inc., Class A (a)	344	166,902
	MercadoLibre, Inc. (a)	1,100	57,057
	OpenTable, Inc. (a)	646	26,699
Internet Software & Services Total			280,674
Software — 2.0%
	ANSYS, Inc. (a)	819	35,815

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Nuance Communications, Inc. (a)	4,093	69,724
Software Total			105,539
INFORMATION TECHNOLOGY TOTAL			643,510
MATERIALS — 6.9%
Chemicals — 5.0%
	Monsanto Co.	2,203	112,067
	Novozymes A/S, Class B	1,022	108,448
	Praxair, Inc.	652	50,595
Chemicals Total			271,110
Metals & Mining — 1.9%
	BHP Billiton PLC	3,613	99,384
Metals & Mining Total			99,384
MATERIALS TOTAL			370,494
TELECOMMUNICATION SERVICES — 2.8%
Wireless Telecommunication Services — 2.8%
	Crown Castle International Corp. (a)	4,093	151,564
Wireless Telecommunication Services Total			151,564
TELECOMMUNICATION SERVICES TOTAL			151,564

	Total Common Stocks (cost of $4,876,926)		5,246,845

		Par ($)
Short-Term Obligation — 2.4%
	Repurchase agreement with State Street Bank and Trust Co., dated 05/28/10, due 06/01/10 at 0.080%, collateralized by a U.S. Government Agency obligation maturing 04/30/15, market value $137,538 (repurchase proceeds $130,001)	130,000	130,000

	Total Short-Term Obligation (cost of $130,000)		130,000

	Total Investments — 99.6% (cost of $5,006,926)(b)(c)		5,376,845

	Other Assets & Liabilities, Net — 0.4%		23,280

	Net Assets — 100.0%		5,400,125

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	838,066	$	640,790	$	—	$	1,478,856
Consumer Staples	—		280,816		—		280,816
Energy	207,117		—		—		207,117
Financials	1,074,024		532,084		—		1,606,108
Health Care	189,466		—		—		189,466
Industrials	232,803		86,111		—		318,914
Information Technology	643,510		—		—		643,510
Materials	162,662		207,832		—		370,494
Telecommunication Services	151,564		—		—		151,564
Total Common Stocks	3,499,212		1,747,633		—		5,246,845
Total Short-Term Obligation	—		130,000		—		130,000
Total Investments	$	3,499,212	$	1,877,633	$	—	$	5,376,845

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

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $5,006,926.

(c)

Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized

Net Unrealized

Appreciation

Depreciation

Appreciation

604,649

(234,730

)

369,919

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Marsico 21st Century Fund

		Shares	Value ($)*
Common Stocks — 97.1%
CONSUMER DISCRETIONARY — 22.5%
Hotels, Restaurants & Leisure — 6.7%
	Chipotle Mexican Grill, Inc., Class A (a)	174,032	24,761,273
	Starwood Hotels & Resorts Worldwide, Inc.	1,628,480	75,317,200
	Vail Resorts, Inc. (a)(b)	2,159,919	89,874,229
	Wynn Resorts Ltd.	599,984	50,326,658
Hotels, Restaurants & Leisure Total			240,279,360
Household Durables — 0.9%
	PDG Realty SA Empreendimentos e Participacoes	3,522,503	30,288,575
Household Durables Total			30,288,575
Internet & Catalog Retail — 2.0%
	Amazon.com, Inc. (a)	558,497	70,069,034
Internet & Catalog Retail Total			70,069,034
Media — 7.5%
	CBS Corp., Class B	7,852,408	114,331,060
	Walt Disney Co.	4,662,244	155,812,195
Media Total			270,143,255
Specialty Retail — 5.4%
	J Crew Group, Inc. (a)	2,486,462	113,482,126
	Rue21, Inc. (a)	825,981	28,042,055
	Williams-Sonoma, Inc.	1,792,447	53,558,316
Specialty Retail Total			195,082,497
CONSUMER DISCRETIONARY TOTAL			805,862,721
CONSUMER STAPLES — 3.0%
Beverages — 3.0%
	Anheuser-Busch InBev NV	2,241,501	107,223,526
Beverages Total			107,223,526
CONSUMER STAPLES TOTAL			107,223,526
ENERGY — 2.6%
Oil, Gas & Consumable Fuels — 2.6%
	Range Resources Corp.	2,107,238	94,720,348
Oil, Gas & Consumable Fuels Total			94,720,348
ENERGY TOTAL			94,720,348
FINANCIALS — 36.9%
Capital Markets — 5.2%
	Jefferies Group, Inc.	4,606,494	107,469,505
	State Street Corp.	2,044,441	78,036,313
Capital Markets Total			185,505,818

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Commercial Banks — 22.7%
	City National Corp.	1,404,517	81,012,541
	CVB Financial Corp.	2,564,154	25,462,049
	First Horizon National Corp. (a)	7,348,648	91,490,668
	First Midwest Bancorp, Inc.	1,924,278	26,689,736
	Glacier Bancorp, Inc.	1,668,632	26,464,503
	PNC Financial Services Group, Inc.	2,870,661	180,133,978
	U.S. Bancorp	6,521,977	156,266,569
	Wells Fargo & Co.	7,874,560	225,921,126
Commercial Banks Total			813,441,170
Diversified Financial Services — 4.0%
	JPMorgan Chase & Co.	3,670,660	145,284,723
Diversified Financial Services Total			145,284,723
Real Estate Investment Trusts (REITs) — 1.1%
	Colony Financial, Inc.	721,673	13,127,232
	Taubman Centers, Inc.	624,267	25,276,571
Real Estate Investment Trusts (REITs) Total			38,403,803
Real Estate Management & Development — 1.7%
	BR Malls Participacoes SA	1,429,500	18,161,761
	Jones Lang LaSalle, Inc.	572,883	42,748,529
Real Estate Management & Development Total			60,910,290
Thrifts & Mortgage Finance — 2.2%
	First Niagara Financial Group, Inc.	6,029,688	79,652,178
Thrifts & Mortgage Finance Total			79,652,178
FINANCIALS TOTAL			1,323,197,982
HEALTH CARE — 4.5%
Health Care Equipment & Supplies — 4.0%
	Intuitive Surgical, Inc. (a)	444,103	143,343,125
Health Care Equipment & Supplies Total			143,343,125
Health Care Providers & Services — 0.5%
	Emergency Medical Services Corp., Class A (a)	360,570	19,315,735
Health Care Providers & Services Total			19,315,735
HEALTH CARE TOTAL			162,658,860
INDUSTRIALS — 9.7%
Aerospace & Defense — 3.2%
	Honeywell International, Inc.	1,007,105	43,073,881
	Precision Castparts Corp.	614,243	71,682,158
Aerospace & Defense Total			114,756,039

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Commercial Services & Supplies — 0.6%
	Ritchie Bros Auctioneers, Inc.	1,011,689	20,618,222
Commercial Services & Supplies Total			20,618,222
Construction & Engineering — 0.5%
	AECOM Technology Corp. (a)	680,744	17,277,283
Construction & Engineering Total			17,277,283
Electrical Equipment — 1.1%
	Sensata Technologies Holding NV (a)	2,407,516	40,036,991
Electrical Equipment Total			40,036,991
Road & Rail — 4.3%
	CSX Corp.	2,982,918	155,857,465
Road & Rail Total			155,857,465
INDUSTRIALS TOTAL			348,546,000
INFORMATION TECHNOLOGY — 11.9%
Computers & Peripherals — 4.7%
	Apple, Inc. (a)	650,741	167,344,555
Computers & Peripherals Total			167,344,555
Internet Software & Services — 3.9%
	Google, Inc., Class A (a)	260,118	126,204,051
	OpenTable, Inc. (a)	377,352	15,595,958
Internet Software & Services Total			141,800,009
Software — 3.3%
	ANSYS, Inc. (a)	1,316,593	57,574,612
	Nuance Communications, Inc. (a)	3,585,764	61,083,490
Software Total			118,658,102
INFORMATION TECHNOLOGY TOTAL			427,802,666
MATERIALS — 2.6%
Chemicals — 2.6%
	Monsanto Co.	1,841,318	93,667,847
Chemicals Total			93,667,847
MATERIALS TOTAL			93,667,847
TELECOMMUNICATION SERVICES — 3.4%
Wireless Telecommunication Services — 3.4%
	Crown Castle International Corp. (a)	3,300,431	122,214,960
Wireless Telecommunication Services Total			122,214,960
TELECOMMUNICATION SERVICES TOTAL			122,214,960

	Total Common Stocks (cost of $2,893,760,749)		3,485,894,910

		Units	Value ($)
Warrants — 0.8%
FINANCIALS — 0.8%
Diversified Financial Services — 0.8%
	Bank of America Corp. Expires 10/28/18 (a)	2,408,878	8,310,629
	JPMorgan Chase & Co., Expires 10/28/18 (a)	1,489,447	20,584,158
Diversified Financial Services Total			28,894,787
FINANCIALS TOTAL			28,894,787

	Total Warrants (cost of $27,619,994)		28,894,787

		Par ($)
Short-Term Obligation — 2.5%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by U.S. Government Agency obligations with various maturities to 08/25/14, market value $91,512,938 (repurchase proceeds $89,716,396)	89,715,000	89,715,000

	Total Short-Term Obligation (cost of $89,715,000)		89,715,000

	Total Investments — 100.4% (cost of $3,011,095,743)(c)(d)		3,604,504,697

	Other Assets & Liabilities, Net — (0.4)%		(13,864,191	)

	Net Assets — 100.0%		3,590,640,506

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	805,862,721	$	—	$	—	$	805,862,721
Consumer Staples	—		107,223,526		—		107,223,526
Energy	94,720,348		—		—		94,720,348
Financials	1,323,197,982		—		—		1,323,197,982
Health Care	162,658,860		—		—		162,658,860
Industrials	348,546,000		—		—		348,546,000
Information Technology	427,802,666		—		—		427,802,666
Materials	93,667,847		—		—		93,667,847
Telecommunication Services	122,214,960		—		—		122,214,960
Total Common Stocks	3,378,671,384		107,223,526		—		3,485,894,910
Total Warrants	28,894,787		—		—		28,894,787
Total Short-Term Obligation	—		89,715,000		—		89,715,000
Total Investments	$	3,407,566,171	$	196,938,526	$	—	$	3,604,504,697

	(a)	Non-income producing security.
	(b)	An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the three months ended May 31, 2010, are as follows:

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Marsico Focused Equities Fund

		Shares	Value ($)*
Common Stocks — 99.9%
CONSUMER DISCRETIONARY — 18.1%
Hotels, Restaurants & Leisure — 5.0%
	McDonald’s Corp.	1,546,989	103,447,154
	Wynn Resorts Ltd.	464,892	38,995,141
Hotels, Restaurants & Leisure Total			142,442,295
Internet & Catalog Retail — 5.3%
	Amazon.com, Inc. (a)	706,106	88,588,059
	Priceline.com, Inc. (a)	316,884	60,575,545
Internet & Catalog Retail Total			149,163,604
Media — 3.1%
	Walt Disney Co.	2,665,913	89,094,813
Media Total			89,094,813
Multiline Retail — 1.6%
	Nordstrom, Inc.	1,108,671	44,014,239
Multiline Retail Total			44,014,239
Specialty Retail — 2.4%
	Home Depot, Inc.	1,972,804	66,799,143
Specialty Retail Total			66,799,143
Textiles, Apparel & Luxury Goods — 0.7%
	NIKE, Inc., Class B	259,678	18,795,494
Textiles, Apparel & Luxury Goods Total			18,795,494
CONSUMER DISCRETIONARY TOTAL			510,309,588
CONSUMER STAPLES — 2.4%
Food Products — 2.4%
	Mead Johnson Nutrition Co., Class A	1,357,750	66,964,230
Food Products Total			66,964,230
CONSUMER STAPLES TOTAL			66,964,230
ENERGY — 2.4%
Oil, Gas & Consumable Fuels — 2.4%
	EOG Resources, Inc.	648,379	67,976,054
Oil, Gas & Consumable Fuels Total			67,976,054
ENERGY TOTAL			67,976,054
FINANCIALS — 19.3%
Capital Markets — 2.6%
	Goldman Sachs Group, Inc.	509,811	73,545,335
Capital Markets Total			73,545,335
Commercial Banks — 11.6%
	ICICI Bank Ltd., ADR	862,388	31,727,255
	PNC Financial Services Group, Inc.	770,526	48,350,507
	U.S. Bancorp	4,261,338	102,101,658

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Wells Fargo & Co.	5,083,570	145,847,623
Commercial Banks Total			328,027,043
Consumer Finance — 1.7%
	American Express Co.	1,234,365	49,214,132
Consumer Finance Total			49,214,132
Diversified Financial Services — 3.4%
	JPMorgan Chase & Co.	2,425,641	96,006,871
Diversified Financial Services Total			96,006,871
FINANCIALS TOTAL			546,793,381
HEALTH CARE — 8.0%
Health Care Equipment & Supplies — 3.4%
	Intuitive Surgical, Inc. (a)	301,084	97,180,883
Health Care Equipment & Supplies Total			97,180,883
Pharmaceuticals — 4.6%
	Johnson & Johnson	462,832	26,983,105
	Merck & Co., Inc.	3,073,888	103,559,287
Pharmaceuticals Total			130,542,392
HEALTH CARE TOTAL			227,723,275
INDUSTRIALS — 20.2%
Aerospace & Defense — 6.4%
	General Dynamics Corp.	1,397,678	94,902,336
	Goodrich Corp.	1,248,505	86,646,247
Aerospace & Defense Total			181,548,583
Air Freight & Logistics — 3.0%
	FedEx Corp.	1,028,686	85,884,994
Air Freight & Logistics Total			85,884,994
Machinery — 3.5%
	Eaton Corp.	1,395,384	97,607,111
Machinery Total			97,607,111
Road & Rail — 7.3%
	Norfolk Southern Corp.	1,270,589	71,737,455
	Union Pacific Corp.	1,878,554	134,185,112
Road & Rail Total			205,922,567
INDUSTRIALS TOTAL			570,963,255
INFORMATION TECHNOLOGY — 18.4%
Communications Equipment — 2.9%
	Cisco Systems, Inc. (a)	3,530,031	81,755,518
Communications Equipment Total			81,755,518

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Computers & Peripherals — 8.7%
	Apple, Inc. (a)	961,398	247,233,110
Computers & Peripherals Total			247,233,110
Internet Software & Services — 6.8%
	Baidu, Inc., ADR (a)	1,437,610	105,247,428
	Google, Inc., Class A (a)	177,517	86,127,698
Internet Software & Services Total			191,375,126
INFORMATION TECHNOLOGY TOTAL			520,363,754
MATERIALS — 11.1%
Chemicals — 7.4%
	Dow Chemical Co.	5,691,555	153,159,745
	Monsanto Co.	324,364	16,500,397
	Potash Corp. of Saskatchewan, Inc.	382,952	37,985,009
Chemicals Total			207,645,151
Metals & Mining — 3.7%
	BHP Billiton PLC, ADR	1,927,031	105,774,731
Metals & Mining Total			105,774,731
MATERIALS TOTAL			313,419,882

	Total Common Stocks (cost of $2,398,346,338)		2,824,513,419

		Par ($)
Short-Term Obligation — 1.7%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by U.S. Government Agency obligations with various maturities to 10/29/12, market value $48,280,256 (repurchase proceeds $47,333,736)	47,333,000	47,333,000

	Total Short-Term Obligation (cost of $47,333,000)		47,333,000

	Total Investments — 101.6% (cost of $2,445,679,338)(b)(c)		2,871,846,419

	Other Assets & Liabilities, Net — (1.6)%		(46,021,508	)

	Net Assets — 100.0%		2,825,824,911

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

		· Level 1 — quoted prices in active markets for identical securities · Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 — prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment.

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description		Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks		$	2,824,513,419		$	—		$	—	$	2,824,513,419
Total Short-Term Obligation		—			47,333,000			—		47,333,000
Total Investments		$	2,824,513,419		$	47,333,000		$	—	$	2,871,846,419

	(a)	Non-income producing security.
	(b)	Cost for federal income tax purposes is $2,445,679,338.
	(c)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was :

		Unrealized Appreciation			Unrealized Depreciation			Net Unrealized Appreciation
		$	506,135,072		$	(79,967,991	)	$	426,167,081


	Acronym			Name

	ADR			American Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Marsico Growth Fund

		Shares	Value ($)*
Common Stocks — 100.0%
CONSUMER DISCRETIONARY — 24.6%
Hotels, Restaurants & Leisure — 5.6%
	McDonald’s Corp.	2,086,291	139,510,279
	Wynn Resorts Ltd.	582,680	48,875,198
Hotels, Restaurants & Leisure Total			188,385,477
Internet & Catalog Retail — 5.1%
	Amazon.com, Inc. (a)	899,117	112,803,219
	Priceline.com, Inc. (a)	301,389	57,613,521
Internet & Catalog Retail Total			170,416,740
Media — 4.8%
	DIRECTV, Class A (a)	1,831,324	69,022,602
	Walt Disney Co.	2,752,836	91,999,779
Media Total			161,022,381
Multiline Retail — 1.1%
	Nordstrom, Inc.	942,568	37,419,950
Multiline Retail Total			37,419,950
Specialty Retail — 4.3%
	Home Depot, Inc.	2,384,201	80,729,046
	Tiffany & Co.	737,422	33,501,081
	TJX Companies, Inc.	684,578	31,120,916
Specialty Retail Total			145,351,043
Textiles, Apparel & Luxury Goods — 3.7%
	NIKE, Inc., Class B	1,741,257	126,032,182
Textiles, Apparel & Luxury Goods Total			126,032,182
CONSUMER DISCRETIONARY TOTAL			828,627,773
ENERGY — 3.3%
Oil, Gas & Consumable Fuels — 3.3%
	EOG Resources, Inc.	1,071,873	112,375,165
Oil, Gas & Consumable Fuels Total			112,375,165
ENERGY TOTAL			112,375,165
FINANCIALS — 16.8%
Capital Markets — 2.2%
	Goldman Sachs Group, Inc.	526,456	75,946,543
Capital Markets Total			75,946,543
Commercial Banks — 10.7%
	PNC Financial Services Group, Inc.	1,607,607	100,877,339
	U.S. Bancorp	4,566,502	109,413,388
	Wells Fargo & Co.	5,200,991	149,216,432
Commercial Banks Total			359,507,159

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Consumer Finance — 0.7%
	American Express Co.	629,063	25,080,742
Consumer Finance Total			25,080,742
Diversified Financial Services — 3.2%
	JPMorgan Chase & Co.	2,689,773	106,461,215
Diversified Financial Services Total			106,461,215
FINANCIALS TOTAL			566,995,659
HEALTH CARE — 3.0%
Pharmaceuticals — 3.0%
	Johnson & Johnson	895,496	52,207,417
	Merck & Co., Inc.	1,472,605	49,612,062
Pharmaceuticals Total			101,819,479
HEALTH CARE TOTAL			101,819,479
INDUSTRIALS — 14.7%
Aerospace & Defense — 3.4%
	General Dynamics Corp.	1,692,444	114,916,948
Aerospace & Defense Total			114,916,948
Air Freight & Logistics — 3.0%
	FedEx Corp.	1,193,593	99,653,079
Air Freight & Logistics Total			99,653,079
Machinery — 2.0%
	Danaher Corp.	843,170	66,930,835
Machinery Total			66,930,835
Road & Rail — 6.3%
	Norfolk Southern Corp.	1,149,426	64,896,592
	Union Pacific Corp.	2,060,841	147,205,872
Road & Rail Total			212,102,464
INDUSTRIALS TOTAL			493,603,326
INFORMATION TECHNOLOGY — 19.6%
Communications Equipment — 3.3%
	Cisco Systems, Inc. (a)	4,798,242	111,127,285
Communications Equipment Total			111,127,285
Computers & Peripherals — 9.3%
	Apple, Inc. (a)	942,643	242,410,074
	EMC Corp. (a)	3,784,589	70,469,047
Computers & Peripherals Total			312,879,121
Internet Software & Services — 7.0%
	Baidu, Inc., ADR (a)	1,789,230	130,989,528

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Google, Inc., Class A (a)	216,943	105,256,405
Internet Software & Services Total			236,245,933
INFORMATION TECHNOLOGY TOTAL			660,252,339
MATERIALS — 15.6%
Chemicals — 12.3%
	Dow Chemical Co.	4,979,652	134,002,435
	Monsanto Co.	1,010,553	51,406,831
	Potash Corp. of Saskatchewan, Inc.	489,320	48,535,651
	PPG Industries, Inc.	1,028,091	65,869,790
	Praxair, Inc.	1,474,861	114,449,214
Chemicals Total			414,263,921
Metals & Mining — 3.3%
	BHP Billiton PLC, ADR	2,046,823	112,350,115
Metals & Mining Total			112,350,115
MATERIALS TOTAL			526,614,036
TELECOMMUNICATION SERVICES — 2.4%
Wireless Telecommunication Services — 2.4%
	American Tower Corp., Class A (a)	1,404,862	56,939,057
	Crown Castle International Corp. (a)	618,024	22,885,428
Wireless Telecommunication Services Total			79,824,485
TELECOMMUNICATION SERVICES TOTAL			79,824,485

	Total Common Stocks (cost of $2,736,366,265)		3,370,112,262
Preferred Stock — 0.5%
FINANCIALS — 0.5%
Commercial Banks — 0.5%
	Wells Fargo & Co., Series J, 8.000%	687,425	18,216,763
Commercial Banks Total			18,216,763
FINANCIALS TOTAL			18,216,763

	Total Preferred Stock (cost of $13,207,874)		18,216,763

		Par ($)
Short-Term Obligation — 3.1%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 07/30/12, market value $105,240,000 (repurchase proceeds $103,177,605)	103,176,000	103,176,000

	Total Short-Term Obligation (cost of $103,176,000)		103,176,000

Total Investments — 103.6% (cost of $2,852,750,139)(b)(c)	$	3,491,505,025

Other Assets & Liabilities, Net — (3.6)%	(120,385,392		)

Net Assets — 100.0%	$	3,371,119,633

	Notes to Investment Portfolio:
	*	Security Valuation:

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

		Short-term investments maturing in 60 days or less 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. Occasionally, events affecting the values of such foreign securities 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 that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

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

		· Level 1 — quoted prices in active markets for identical securities · Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 — prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment.

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	3,370,112,262	$	—	$	—	$	3,370,112,262
Total Preferred Stock	18,216,763		—		—		18,216,763
Total Short-Term Obligation	—		103,176,000		—		103,176,000
Total Investments	$	3,388,329,025	$	103,176,000	$	—	$	3,491,505,025

(a)

Non-income producing security.

(b)

Cost for federal income tax purposes is $2,852,750,139.

(c)

Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation

697,810,955

(59,056,069

)

638,754,886

Acronym

Name

ADR

American Depositary Receipt

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Marsico International Opportunities Fund

		Shares	Value ($)*
Common Stocks — 96.6%
CONSUMER DISCRETIONARY — 22.0%
Automobiles — 3.5%
	Daimler AG, Registered Shares (a)	437,835	22,067,456
	Honda Motor Co., Ltd.	503,800	15,314,414
Automobiles Total			37,381,870
Distributors — 2.1%
	Li & Fung Ltd.	5,300,000	22,972,747
Distributors Total			22,972,747
Hotels, Restaurants & Leisure — 4.4%
	Accor SA (a)	414,041	19,743,359
	Compass Group PLC	2,133,599	16,598,275
	Ctrip.com International Ltd., ADR (a)	274,166	10,799,399
Hotels, Restaurants & Leisure Total			47,141,033
Household Durables — 4.5%
	Cyrela Brazil Realty SA	587,502	6,370,990
	Gafisa SA	2,116,564	12,783,640
	Panasonic Corp.	835,800	10,648,711
	PDG Realty SA Empreendimentos e Participacoes	2,288,428	19,237,245
Household Durables Total			49,040,586
Media — 1.5%
	Publicis Groupe SA	379,936	15,914,912
Media Total			15,914,912
Specialty Retail — 2.9%
	Inditex SA	563,750	31,473,410
Specialty Retail Total			31,473,410
Textiles, Apparel & Luxury Goods — 3.1%
	Adidas AG	313,171	15,753,428
	Swatch Group AG	66,402	17,431,423
Textiles, Apparel & Luxury Goods Total			33,184,851
CONSUMER DISCRETIONARY TOTAL			237,109,409
CONSUMER STAPLES — 10.4%
Beverages — 3.5%
	Anheuser-Busch InBev NV	547,450	26,438,033
	Pernod-Ricard SA	144,167	10,956,019
Beverages Total			37,394,052
Food & Staples Retailing — 4.2%
	FamilyMart Co., Ltd.	426,100	13,883,027
	Metro AG	386,200	20,336,161
	Tesco PLC	1,911,035	11,427,065
Food & Staples Retailing Total			45,646,253

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Food Products — 1.6%
	Nestle SA, Registered Shares	371,356	16,836,733
Food Products Total			16,836,733
Household Products — 1.1%
	Reckitt Benckiser Group PLC	251,359	11,849,495
Household Products Total			11,849,495
CONSUMER STAPLES TOTAL			111,726,533
ENERGY — 4.6%
Oil, Gas & Consumable Fuels — 4.6%
	CNOOC Ltd.	7,861,300	12,579,857
	OGX Petroleo e Gas Participacoes SA (a)	2,834,200	25,225,742
	Reliance Industries Ltd., GDR (b)	251,300	11,255,727
Oil, Gas & Consumable Fuels Total			49,061,326
ENERGY TOTAL			49,061,326
FINANCIALS — 17.8%
Capital Markets — 2.0%
	Credit Suisse Group AG, Registered Shares	544,738	21,162,653
Capital Markets Total			21,162,653
Commercial Banks — 11.7%
	Banco Bilbao Vizcaya Argentaria SA	1,377,203	14,424,324
	Barclays PLC	2,560,692	11,349,853
	BNP Paribas	207,978	11,836,121
	HSBC Holdings PLC	2,376,363	21,673,287
	ICICI Bank Ltd., ADR	520,157	19,136,576
	Mizuho Financial Group, Inc.	7,728,500	13,909,180
	Standard Chartered PLC	897,053	21,333,272
	Toronto-Dominion Bank	182,267	12,479,871
Commercial Banks Total			126,142,484
Insurance — 1.9%
	AXA SA	727,199	12,028,041
	Ping An Insurance Group Co. of China, Ltd., Class H	1,068,000	8,600,072
Insurance Total			20,628,113
Real Estate Management & Development — 2.2%
	CapitaLand Ltd.	6,783,000	17,343,242

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Hang Lung Properties Ltd.	1,771,000	6,220,699
Real Estate Management & Development Total			23,563,941
FINANCIALS TOTAL			191,497,191
HEALTH CARE — 7.1%
Health Care Equipment & Supplies — 1.5%
	Covidien PLC	387,585	16,429,728
Health Care Equipment & Supplies Total			16,429,728
Life Sciences Tools & Services — 1.0%
	Lonza Group AG, Registered Shares	153,894	10,119,787
Life Sciences Tools & Services Total			10,119,787
Pharmaceuticals — 4.6%
	Novo-Nordisk A/S, Class B	223,524	17,267,457
	Teva Pharmaceutical Industries Ltd., ADR	588,898	32,283,389
Pharmaceuticals Total			49,550,846
HEALTH CARE TOTAL			76,100,361
INDUSTRIALS — 10.4%
Aerospace & Defense — 1.5%
	Rolls Royce Group PLC, Class C (c)	63,471,600	92,209
	Rolls-Royce Group PLC (a)	1,922,467	16,463,925
Aerospace & Defense Total			16,556,134
Building Products — 0.5%
	Daikin Industries Ltd.	171,324	5,640,296
Building Products Total			5,640,296
Electrical Equipment — 1.9%
	Schneider Electric SA	203,238	20,484,422
Electrical Equipment Total			20,484,422
Industrial Conglomerates — 2.0%
	Siemens AG, Registered Shares	236,562	21,525,438
Industrial Conglomerates Total			21,525,438
Road & Rail — 1.8%
	Canadian National Railway Co.	328,419	18,841,398
Road & Rail Total			18,841,398
Trading Companies & Distributors — 2.7%
	Marubeni Corp.	4,213,000	23,440,231
	Noble Group Ltd.	4,761,545	6,155,335
Trading Companies & Distributors Total			29,595,566
INDUSTRIALS TOTAL			112,643,254
INFORMATION TECHNOLOGY — 13.0%
Communications Equipment — 3.5%
	HTC Corp.	918,000	12,490,772

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Research In Motion Ltd. (a)	416,621	25,288,895
Communications Equipment Total			37,779,667
Electronic Equipment, Instruments & Components — 1.8%
	HON HAI Precision Industry Co., Ltd.	5,179,390	20,169,974
Electronic Equipment, Instruments & Components Total			20,169,974
Internet Software & Services — 1.6%
	Baidu, Inc., ADR (a)	164,150	12,017,422
	Tencent Holdings Ltd.	278,600	5,388,518
Internet Software & Services Total			17,405,940
Office Electronics — 1.6%
	Canon, Inc.	413,000	16,973,224
Office Electronics Total			16,973,224
Semiconductors & Semiconductor Equipment — 1.7%
	Infineon Technologies AG (a)	1,917,269	10,985,506
	Sumco Corp. (a)	396,500	7,188,126
Semiconductors & Semiconductor Equipment Total			18,173,632
Software — 2.8%
	Autonomy Corp. PLC (a)	684,302	17,416,970
	Nintendo Co., Ltd.	42,800	12,625,119
Software Total			30,042,089
INFORMATION TECHNOLOGY TOTAL			140,544,526
MATERIALS — 9.2%
Chemicals — 5.7%
	BASF SE	610,415	32,311,502
	Novozymes A/S, Class B	80,072	8,587,129
	Syngenta AG, Registered Shares	95,100	21,130,591
Chemicals Total			62,029,222
Metals & Mining — 3.5%
	Teck Resources Ltd., Class B (a)	254,037	8,858,204
	ThyssenKrupp AG	425,206	11,470,778

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Vale SA, ADR	630,099	17,132,392
Metals & Mining Total			37,461,374
MATERIALS TOTAL			99,490,596
TELECOMMUNICATION SERVICES — 1.0%
Wireless Telecommunication Services — 1.0%
	Millicom International Cellular SA	140,049	11,194,116
Wireless Telecommunication Services Total			11,194,116
TELECOMMUNICATION SERVICES TOTAL			11,194,116
UTILITIES — 1.1%
Electric Utilities — 1.1%
	Tokyo Electric Power Co., Inc.	466,200	11,546,923
Electric Utilities Total			11,546,923
UTILITIES TOTAL			11,546,923

	Total Common Stocks (cost of $980,342,033)		1,040,914,235
Preferred Stock — 0.5%
CONSUMER DISCRETIONARY — 0.5%
Media — 0.5%
	NET Servicos de Comunicacao SA (a)	526,600	5,363,585
Media Total			5,363,585
CONSUMER DISCRETIONARY TOTAL			5,363,585

	Total Preferred Stock (cost of $6,944,306)		5,363,585

		Par ($)
Short-Term Obligation — 0.7%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 04/15/14, market value $8,135,475 (repurchase proceeds $7,974,124)	7,974,000	7,974,000

	Total Short-Term Obligation (cost of $7,974,000)		7,974,000

	Total Investments — 97.8% (cost of $995,260,339)(d)(e)		1,054,251,820

	Other Assets & Liabilities, Net — 2.2%		23,796,277

	Net Assets — 100.0%		1,078,048,097

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	49,191,274	$	187,918,135	$	—	$	237,109,409
Consumer Staples	—		111,726,533		—		111,726,533
Energy	36,481,469		12,579,857		—		49,061,326
Financials	31,616,447		159,880,744		—		191,497,191
Health Care	48,713,117		27,387,244		—		76,100,361
Industrials	18,841,398		93,709,647		92,209		112,643,254
Information Technology	37,306,317		103,238,209		—		140,544,526
Materials	25,990,596		73,500,000		—		99,490,596
Telecommunication Services	11,194,116		—		—		11,194,116
Utilities	—		11,546,923		—		11,546,923
Total Common Stocks	259,334,734		781,487,292		92,209		1,040,914,235
Total Preferred Stock	5,363,585		—		—		5,363,585
Total Short-Term Obligation	—		7,974,000		—		7,974,000
Total Investments	$	264,698,319	$	789,461,292	$	92,209	$	1,054,251,820

The following table reconciles asset balances for the three month period ending May 31, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2010
Common Stocks
Industrials	$	—	$	—	$	(5,363	)	$	97,572	$	—	$	—	$	—	$	92,209

The change in unrealized depreciation attributed to securities owned at May 31, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $5,363.

(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 on foreign exchanges or to qualified institutional buyers. At May 31, 2010, this security which is not illiquid, amounted to $11,255,727, which represents 1.0% of net assets.

(c)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2010, the value of this security amounted to $92,209, which represents less than 0.1% of net assets.

(d)

Cost for federal income tax purposes is $995,260,339.

(e)

Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation

113,297,891

(54,306,410

)

58,991,481

Acronym

Name

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Mid Cap Index Fund

		Shares	Value ($)*
Common Stocks — 96.5%
CONSUMER DISCRETIONARY — 14.3%
Auto Components — 0.7%
	BorgWarner, Inc. (a)	247,800	9,233,028
	Gentex Corp.	294,450	5,794,776
Auto Components Total			15,027,804
Automobiles — 0.1%
	Thor Industries, Inc.	82,825	2,415,177
Automobiles Total			2,415,177
Distributors — 0.2%
	LKQ Corp. (a)	299,700	5,520,474
Distributors Total			5,520,474
Diversified Consumer Services — 1.6%
	Career Education Corp. (a)	144,350	4,041,800
	Corinthian Colleges, Inc. (a)	185,900	2,489,201
	ITT Educational Services, Inc. (a)	63,125	6,371,837
	Matthews International Corp., Class A	64,300	2,082,034
	Regis Corp.	121,075	2,226,569
	Service Corp. International	538,400	4,597,936
	Sotheby’s	142,725	4,638,563
	Strayer Education, Inc.	29,600	7,104,000
Diversified Consumer Services Total			33,551,940
Hotels, Restaurants & Leisure — 2.4%
	Bally Technologies, Inc. (a)	117,000	4,972,500
	Bob Evans Farms, Inc.	64,625	1,876,710
	Boyd Gaming Corp. (a)	116,800	1,538,256
	Brinker International, Inc.	217,162	3,861,141
	Burger King Holdings, Inc.	194,900	3,705,049
	Cheesecake Factory, Inc. (a)	128,000	3,264,000
	Chipotle Mexican Grill, Inc., Class A (a)	66,900	9,518,532
	International Speedway Corp., Class A	64,725	1,805,180
	Life Time Fitness, Inc. (a)	87,800	3,258,258
	Panera Bread Co., Class A (a)	67,400	5,447,942
	Scientific Games Corp., Class A (a)	137,700	1,407,294
	Wendy’s/Arby’s Group, Inc., Class A	733,700	3,308,987
	WMS Industries, Inc. (a)	111,400	5,161,162
Hotels, Restaurants & Leisure Total			49,125,011
Household Durables — 1.7%
	American Greetings Corp., Class A	83,650	1,972,467
	KB Home	156,800	2,270,464
	M.D.C. Holdings, Inc.	79,800	2,504,124
	Mohawk Industries, Inc. (a)	118,950	6,680,232

		Shares		Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	NVR, Inc. (a)	12,917		8,851,762
	Ryland Group, Inc.	92,950		1,728,870
	Toll Brothers, Inc. (a)	297,450		6,267,271
	Tupperware Brands Corp.	133,675		5,679,851
Household Durables Total				35,955,041
Internet & Catalog Retail — 0.5%
	NetFlix, Inc. (a)	89,600		9,959,040
Internet & Catalog Retail Total				9,959,040
Media — 0.7%
	DreamWorks Animation SKG, Inc., Class A (a)		160,500	4,765,245
	Harte-Hanks, Inc.		80,825	1,104,070
	John Wiley & Sons, Inc., Class A		90,800	3,595,680
	Lamar Advertising Co., Class A (a)		113,100	3,333,057
	Scholastic Corp.		54,100	1,414,715
Media Total				14,212,767
Multiline Retail — 0.8%
	99 Cents Only Stores (a)	96,551		1,475,299
	Dollar Tree, Inc. (a)	187,050		11,707,459
	Saks, Inc. (a)	338,175		3,104,447
Multiline Retail Total				16,287,205
Specialty Retail — 4.4%
	Aaron’s, Inc.	172,650		3,449,547
	Advance Auto Parts, Inc.	195,500		10,119,080
	Aeropostale, Inc. (a)	209,987		5,818,740
	American Eagle Outfitters, Inc.	440,399		5,769,227
	AnnTaylor Stores Corp. (a)	124,425		2,693,801
	Barnes & Noble, Inc.	83,950		1,698,309
	CarMax, Inc. (a)	472,350		10,264,165
	Chico’s FAS, Inc.	377,200		4,613,156
	Coldwater Creek, Inc. (a)	122,900		766,896
	Collective Brands, Inc. (a)	135,900		3,041,442
	Dick’s Sporting Goods, Inc. (a)	189,500		5,402,645
	Dress Barn, Inc. (a)	126,800		3,473,052
	Foot Locker, Inc.	331,725		4,946,020
	Guess?, Inc.	123,300		4,684,167
	J Crew Group, Inc. (a)	118,600		5,412,904
	PETsMART, Inc.	261,900		8,317,944
	Rent-A-Center, Inc. (a)	139,325		3,374,451

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Williams-Sonoma, Inc.	225,025	6,723,747
Specialty Retail Total			90,569,293
Textiles, Apparel & Luxury Goods — 1.2%
	Fossil, Inc. (a)	102,200	3,832,500
	Hanesbrands, Inc. (a)	202,200	5,516,016
	Phillips-Van Heusen Corp.	120,200	6,578,546
	Timberland Co., Class A (a)	92,450	1,775,964
	Under Armour, Inc., Class A (a)	80,000	2,695,200
	Warnaco Group, Inc. (a)	96,800	4,122,712
Textiles, Apparel & Luxury Goods Total			24,520,938
CONSUMER DISCRETIONARY TOTAL			297,144,690
CONSUMER STAPLES — 3.6%
Beverages — 0.3%
	Hansen Natural Corp. (a)	149,500	5,837,975
Beverages Total			5,837,975
Food & Staples Retailing — 0.4%
	BJ’s Wholesale Club, Inc. (a)	118,050	4,730,264
	Ruddick Corp.	86,750	2,864,485
Food & Staples Retailing Total			7,594,749
Food Products — 1.5%
	Corn Products International, Inc.	159,200	5,309,320
	Flowers Foods, Inc.	163,300	4,035,143
	Green Mountain Coffee Roasters, Inc. (a)	222,300	5,257,395
	Lancaster Colony Corp.	41,225	2,253,358
	Ralcorp Holdings, Inc. (a)	116,000	6,968,120
	Smithfield Foods, Inc. (a)	299,625	5,165,535
	Tootsie Roll Industries, Inc.	57,166	1,431,437
Food Products Total			30,420,308
Household Products — 0.9%
	Church & Dwight Co., Inc.	149,700	9,851,757
	Energizer Holdings, Inc. (a)	147,975	8,314,715
Household Products Total			18,166,472
Personal Products — 0.4%
	Alberto-Culver Co.	181,400	4,992,128
	NBTY, Inc. (a)	134,000	4,588,160
Personal Products Total			9,580,288

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 0.1%
	Universal Corp.	51,925	2,122,175
Tobacco Total			2,122,175
CONSUMER STAPLES TOTAL			73,721,967
ENERGY — 5.5%
Energy Equipment & Services — 1.9%
	Atwood Oceanics, Inc. (a)	120,100	3,260,715
	Exterran Holdings, Inc. (a)	132,499	3,378,724
	Helix Energy Solutions Group, Inc. (a)	194,600	2,119,194
	Oceaneering International, Inc. (a)	116,400	5,385,828
	Patterson-UTI Energy, Inc.	325,525	4,567,116
	Pride International, Inc. (a)	372,125	9,217,536
	Superior Energy Services, Inc. (a)	166,400	3,620,864
	Tidewater, Inc.	109,575	4,581,331
	Unit Corp. (a)	85,700	3,504,273
Energy Equipment & Services Total			39,635,581
Oil, Gas & Consumable Fuels — 3.6%
	Arch Coal, Inc.	344,350	7,420,742
	Bill Barrett Corp. (a)	82,000	2,669,920
	Cimarex Energy Co.	177,700	13,057,396
	Comstock Resources, Inc. (a)	99,800	2,978,032
	Forest Oil Corp. (a)	238,250	6,346,980
	Frontier Oil Corp.	221,900	3,086,629
	Mariner Energy, Inc. (a)	215,700	4,611,666
	Newfield Exploration Co. (a)	281,600	14,660,096
	Overseas Shipholding Group, Inc.	56,025	2,167,607
	Patriot Coal Corp. (a)	159,900	2,665,533
	Plains Exploration & Production Co. (a)	295,425	6,528,893
	Quicksilver Resources, Inc. (a)	250,900	3,063,489
	Southern Union Co.	263,700	5,740,749
Oil, Gas & Consumable Fuels Total			74,997,732
ENERGY TOTAL			114,633,313
FINANCIALS — 20.1%
Capital Markets — 2.1%
	Affiliated Managers Group, Inc. (a)	93,500	6,699,275
	Apollo Investment Corp.	405,200	4,226,236
	Eaton Vance Corp.	249,100	7,445,599
	Greenhill & Co., Inc.	43,500	3,014,115
	Jefferies Group, Inc.	258,150	6,022,639
	Raymond James Financial, Inc.	210,280	5,944,616

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	SEI Investments Co.	273,600	5,770,224
	Waddell & Reed Financial, Inc., Class A	180,850	4,848,588
Capital Markets Total			43,971,292
Commercial Banks — 3.7%
	Associated Banc Corp.	366,062	4,916,213
	Bancorpsouth, Inc.	155,400	3,013,206
	Bank of Hawaii Corp.	101,775	4,888,253
	Cathay General Bancorp	166,400	1,833,728
	City National Corp.	91,850	5,297,908
	Commerce Bancshares, Inc.	154,673	5,749,195
	Cullen/Frost Bankers, Inc.	127,250	6,983,480
	FirstMerit Corp.	219,374	4,089,131
	Fulton Financial Corp.	420,100	4,179,995
	International Bancshares Corp.	109,700	2,166,575
	PacWest Bancorp	63,100	1,315,004
	Prosperity Bancshares, Inc.	98,700	3,557,148
	SVB Financial Group (a)	87,600	3,929,736
	Synovus Financial Corp.	1,582,300	4,683,608
	TCF Financial Corp.	261,425	4,219,400
	Trustmark Corp.	120,100	2,686,637
	Valley National Bancorp	340,824	4,928,315
	Webster Financial Corp.	141,275	2,705,416
	Westamerica Bancorporation	61,950	3,448,757
	Wilmington Trust Corp.	187,225	2,823,353
Commercial Banks Total			77,415,058
Consumer Finance — 0.2%
	AmeriCredit Corp. (a)	204,250	4,415,885
Consumer Finance Total			4,415,885
Diversified Financial Services — 0.3%
	MSCI, Inc., Class A (a)	222,500	6,597,125
Diversified Financial Services Total			6,597,125
Insurance — 4.5%
	American Financial Group, Inc.	161,650	4,510,035
	Arthur J. Gallagher & Co.	217,200	5,362,668
	Brown & Brown, Inc.	250,050	4,900,980
	Everest Re Group Ltd.	125,725	9,137,693
	Fidelity National Financial, Inc., Class A	488,300	7,041,286
	First American Corp.	219,325	7,463,630
	Hanover Insurance Group, Inc.	95,275	4,144,463
	HCC Insurance Holdings, Inc.	242,875	6,088,876

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Horace Mann Educators Corp.	83,150	1,278,016
	Mercury General Corp.	75,500	3,262,355
	Old Republic International Corp.	510,133	7,070,443
	Protective Life Corp.	181,400	3,903,728
	Reinsurance Group of America, Inc.	154,700	7,266,259
	Stancorp Financial Group, Inc.	100,150	4,285,418
	Transatlantic Holdings, Inc.	136,500	6,419,595
	Unitrin, Inc.	105,775	2,823,135
	W.R. Berkley Corp.	272,070	7,416,628
Insurance Total			92,375,208
Real Estate Investment Trusts (REITs) — 7.5%
	Alexandria Real Estate Equities, Inc.	93,900	6,157,962
	AMB Property Corp.	349,525	9,063,183
	BRE Properties, Inc.	131,800	5,385,348
	Camden Property Trust	136,000	6,207,040
	Corporate Office Properties Trust SBI MD	123,700	4,689,467
	Cousins Properties, Inc.	213,803	1,648,421
	Duke Realty Corp.	475,200	5,645,376
	Equity One, Inc.	74,500	1,279,165
	Essex Property Trust, Inc.	61,700	6,492,691
	Federal Realty Investment Trust	129,800	9,566,260
	Highwoods Properties, Inc.	151,300	4,457,298
	Hospitality Properties Trust	261,475	5,883,188
	Liberty Property Trust	239,025	7,364,360
	Macerich Co.	271,090	11,212,282
	Mack-Cali Realty Corp.	167,875	5,536,518
	Nationwide Health Properties, Inc.	248,900	8,833,461
	OMEGA Healthcare Investors, Inc.	188,100	3,735,666
	Potlatch Corp.	84,431	2,941,576
	Rayonier, Inc.	169,385	7,601,999
	Realty Income Corp.	221,300	6,891,282
	Regency Centers Corp.	172,900	6,354,075
	Senior Housing Properties Trust	270,000	5,626,800
	SL Green Realty Corp.	165,000	10,277,850
	UDR, Inc.	329,540	6,699,548
	Weingarten Realty Investors	221,500	4,620,490
Real Estate Investment Trusts (REITs) Total			154,171,306

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Real Estate Management & Development — 0.3%
	Jones Lang LaSalle, Inc.	88,900	6,633,718
Real Estate Management & Development Total			6,633,718
Thrifts & Mortgage Finance — 1.5%
	Astoria Financial Corp.	174,300	2,593,584
	First Niagara Financial Group, Inc.	444,063	5,866,072
	New York Community Bancorp, Inc.	918,203	14,737,158
	NewAlliance Bancshares, Inc.	224,800	2,645,896
	Washington Federal, Inc.	238,327	4,118,291
Thrifts & Mortgage Finance Total			29,961,001
FINANCIALS TOTAL			415,540,593
HEALTH CARE — 11.8%
Biotechnology — 1.3%
	OSI Pharmaceuticals, Inc. (a)	123,600	7,092,168
	United Therapeutics Corp. (a)	101,900	5,219,318
	Vertex Pharmaceuticals, Inc. (a)	425,075	14,703,344
Biotechnology Total			27,014,830
Health Care Equipment & Supplies — 3.8%
	Beckman Coulter, Inc.	148,100	8,506,864
	Edwards Lifesciences Corp. (a)	239,700	12,112,041
	Gen-Probe, Inc. (a)	104,000	4,571,840
	Hill-Rom Holdings, Inc.	133,300	3,716,404
	Hologic, Inc. (a)	547,800	8,162,220
	IDEXX Laboratories, Inc. (a)	123,100	7,784,844
	Immucor, Inc. (a)	148,100	2,908,684
	Kinetic Concepts, Inc. (a)	131,500	5,444,100
	Masimo Corp.	110,600	2,448,684
	ResMed, Inc. (a)	159,300	10,018,377
	STERIS Corp.	125,325	3,989,095
	Teleflex, Inc.	84,250	4,724,740
	Thoratec Corp. (a)	121,000	5,308,270
Health Care Equipment & Supplies Total			79,696,163
Health Care Providers & Services — 3.7%
	Community Health Systems, Inc. (a)	197,350	7,692,703
	Health Management Associates, Inc., Class A (a)	529,600	4,925,280
	Health Net, Inc. (a)	212,325	5,233,811
	Henry Schein, Inc. (a)	192,250	10,844,822
	Kindred Healthcare, Inc. (a)	82,900	1,285,779
	LifePoint Hospitals, Inc. (a)	116,200	4,123,938
	Lincare Holdings, Inc. (a)	139,300	6,522,026
	Mednax, Inc. (a)	99,900	5,649,345

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Omnicare, Inc.	254,925	6,401,167
	Owens & Minor, Inc.	133,350	3,983,165
	Psychiatric Solutions, Inc. (a)	119,200	3,859,696
	Universal Health Services, Inc., Class B	205,500	8,709,090
	VCA Antech, Inc. (a)	181,200	4,722,072
	WellCare Health Plans, Inc. (a)	89,700	2,445,222
Health Care Providers & Services Total			76,398,116
Life Sciences Tools & Services — 1.8%
	Affymetrix, Inc. (a)	150,300	984,465
	Bio-Rad Laboratories, Inc., Class A (a)	40,800	3,817,656
	Charles River Laboratories International, Inc. (a)	139,650	4,683,861
	Covance, Inc. (a)	136,050	7,177,998
	Mettler-Toledo International, Inc. (a)	71,600	8,200,348
	Pharmaceutical Product Development, Inc.	251,100	6,739,524
	Techne Corp.	79,100	4,789,505
Life Sciences Tools & Services Total			36,393,357
Pharmaceuticals — 1.2%
	Endo Pharmaceuticals Holdings, Inc. (a)	248,600	5,205,684
	Medicis Pharmaceutical Corp., Class A	122,900	2,850,051
	Perrigo Co.	170,525	10,130,890
	Valeant Pharmaceuticals International (a)	137,275	6,380,542
Pharmaceuticals Total			24,567,167
HEALTH CARE TOTAL			244,069,633
INDUSTRIALS — 13.9%
Aerospace & Defense — 0.5%
	Alliant Techsystems, Inc. (a)	69,975	4,813,580
	BE Aerospace, Inc. (a)	216,600	5,874,192
Aerospace & Defense Total			10,687,772
Airlines — 0.4%
	AirTran Holdings, Inc. (a)	285,650	1,611,066
	Alaska Air Group, Inc. (a)	75,550	3,528,185
	JetBlue Airways Corp. (a)	439,480	2,724,776
Airlines Total			7,864,027
Building Products — 0.2%
	Lennox International, Inc.	103,800	4,645,050
Building Products Total			4,645,050

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Commercial Services & Supplies — 1.6%
	Brink’s Co.	101,475	2,300,438
	Clean Harbors, Inc. (a)	48,400	3,068,076
	Copart, Inc. (a)	142,675	5,122,032
	Corrections Corp. of America (a)	245,800	4,891,420
	Deluxe Corp.	108,600	2,331,642
	Herman Miller, Inc.	118,525	2,279,236
	HNI Corp.	95,625	2,931,863
	Mine Safety Appliances Co.	64,000	1,751,040
	Rollins, Inc.	92,677	1,970,313
	Waste Connections, Inc. (a)	166,700	5,869,507
Commercial Services & Supplies Total			32,515,567
Construction & Engineering — 1.4%
	AECOM Technology Corp. (a)	241,600	6,131,808
	Granite Construction, Inc.	71,275	2,113,304
	KBR, Inc.	340,100	7,475,398
	Shaw Group, Inc. (a)	177,200	6,044,292
	URS Corp. (a)	178,000	7,935,240
Construction & Engineering Total			29,700,042
Electrical Equipment — 1.3%
	AMETEK, Inc.	228,725	9,286,235
	Hubbell, Inc., Class B	126,625	5,400,556
	Regal-Beloit Corp.	79,400	4,787,026
	Thomas & Betts Corp. (a)	111,500	4,274,910
	Woodward Governor Co.	120,300	3,452,610
Electrical Equipment Total			27,201,337
Industrial Conglomerates — 0.2%
	Carlisle Companies, Inc.	127,500	4,958,475
Industrial Conglomerates Total			4,958,475
Machinery — 5.2%
	AGCO Corp. (a)	195,975	5,638,201
	Bucyrus International, Inc.	171,400	9,180,184
	Crane Co.	99,300	3,230,229
	Donaldson Co., Inc.	163,700	7,063,655
	Federal Signal Corp.	103,225	702,962
	Graco, Inc.	127,387	4,036,894
	Harsco Corp.	170,200	4,631,142
	IDEX Corp.	171,700	5,243,718
	Joy Global, Inc.	218,200	11,128,200
	Kennametal, Inc.	172,800	4,874,688
	Lincoln Electric Holdings, Inc.	90,400	5,044,320

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Nordson Corp.	71,525	4,765,711
	Oshkosh Corp. (a)	189,700	6,740,041
	Pentair, Inc.	208,475	7,163,201
	SPX Corp.	105,625	6,242,437
	Terex Corp. (a)	229,500	4,993,920
	Timken Co.	168,400	4,848,236
	Trinity Industries, Inc.	167,900	3,668,615
	Valmont Industries, Inc.	42,300	3,351,006
	Wabtec Corp.	100,900	4,374,015
Machinery Total			106,921,375
Marine — 0.4%
	Alexander & Baldwin, Inc.	87,000	2,800,530
	Kirby Corp. (a)	114,100	4,498,963
Marine Total			7,299,493
Professional Services — 1.0%
	Corporate Executive Board Co.	72,400	2,345,036
	FTI Consulting, Inc. (a)	98,500	4,211,860
	Korn/Ferry International (a)	97,025	1,356,410
	Manpower, Inc.	173,475	7,929,542
	Navigant Consulting, Inc. (a)	106,000	1,284,720
	Towers Watson & Co., Class A	90,400	4,158,400
Professional Services Total			21,285,968
Road & Rail — 1.2%
	Con-way, Inc.	113,950	3,876,579
	J.B. Hunt Transport Services, Inc.	186,150	6,427,760
	Kansas City Southern (a)	215,700	8,233,269
	Landstar System, Inc.	106,500	4,466,610
	Werner Enterprises, Inc.	93,143	2,099,443
Road & Rail Total			25,103,661
Trading Companies & Distributors — 0.5%
	GATX Corp.	97,675	2,823,784
	MSC Industrial Direct Co., Class A	93,800	4,853,212
	United Rentals, Inc. (a)	127,550	1,549,733
Trading Companies & Distributors Total			9,226,729
INDUSTRIALS TOTAL			287,409,496
INFORMATION TECHNOLOGY — 14.5%
Communications Equipment — 1.7%
	ADC Telecommunications, Inc. (a)	205,500	1,697,430
	Adtran, Inc.	118,575	3,252,512
	Ciena Corp. (a)	196,200	3,054,834

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	CommScope, Inc. (a)	199,853	5,635,855
	F5 Networks, Inc. (a)	168,500	11,850,605
	Palm, Inc. (a)	355,200	2,024,640
	Plantronics, Inc.	102,325	3,063,610
	Polycom, Inc. (a)	178,300	5,354,349
Communications Equipment Total			35,933,835
Computers & Peripherals — 0.4%
	Diebold, Inc.	140,525	4,072,414
	NCR Corp. (a)	337,400	4,480,672
Computers & Peripherals Total			8,553,086
Electronic Equipment, Instruments & Components — 2.3%
	Arrow Electronics, Inc. (a)	253,975	6,928,438
	Avnet, Inc. (a)	321,550	9,234,916
	Ingram Micro, Inc., Class A (a)	346,800	5,881,728
	Itron, Inc. (a)	85,100	5,672,766
	National Instruments Corp.	121,262	3,903,424
	Tech Data Corp. (a)	107,850	4,384,102
	Trimble Navigation Ltd. (a)	255,800	7,349,134
	Vishay Intertechnology, Inc. (a)	395,575	3,579,954
Electronic Equipment, Instruments & Components Total			46,934,462
Internet Software & Services — 0.8%
	AOL, Inc. (a)	225,800	4,658,254
	Digital River, Inc. (a)	81,900	2,255,526
	Equinix, Inc. (a)	95,200	8,759,352
	ValueClick, Inc. (a)	177,000	2,058,510
Internet Software & Services Total			17,731,642
IT Services — 2.6%
	Acxiom Corp. (a)	167,775	2,920,963
	Alliance Data Systems Corp. (a)	111,425	7,873,290
	Broadridge Financial Solutions, Inc.	285,600	5,460,672
	Convergys Corp. (a)	261,100	2,851,212
	DST Systems, Inc.	81,800	3,134,576
	Gartner, Inc. (a)	128,125	3,171,094
	Global Payments, Inc.	172,700	7,286,213
	Hewitt Associates, Inc., Class A (a)	177,300	6,604,425
	Lender Processing Services, Inc.	202,400	6,869,456
	Mantech International Corp., Class A (a)	47,200	2,182,056
	NeuStar, Inc., Class A (a)	157,800	3,375,342
	SRA International, Inc., Class A (a)	91,400	1,971,498
IT Services Total			53,700,797

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Office Electronics — 0.2%
	Zebra Technologies Corp., Class A (a)	124,675	3,428,563
Office Electronics Total			3,428,563
Semiconductors & Semiconductor Equipment — 2.5%
	Atmel Corp. (a)	965,750	4,930,154
	Cree, Inc. (a)	225,075	14,938,228
	Fairchild Semiconductor International, Inc. (a)	263,450	2,634,500
	Integrated Device Technology, Inc. (a)	351,292	2,051,545
	International Rectifier Corp. (a)	150,675	3,158,148
	Intersil Corp., Class A	260,700	3,469,917
	Lam Research Corp. (a)	271,075	10,262,900
	RF Micro Devices, Inc. (a)	568,900	2,730,720
	Semtech Corp. (a)	130,700	2,301,627
	Silicon Laboratories, Inc. (a)	97,375	4,423,746
Semiconductors & Semiconductor Equipment Total			50,901,485
Software — 4.0%
	ACI Worldwide, Inc. (a)	72,100	1,377,831
	Advent Software, Inc. (a)	33,225	1,436,649
	ANSYS, Inc. (a)	190,400	8,326,192
	Cadence Design Systems, Inc. (a)	569,675	3,816,822
	FactSet Research Systems, Inc.	88,900	6,049,645
	Fair Isaac Corp.	98,500	2,285,200
	Informatica Corp. (a)	191,900	4,951,020
	Jack Henry & Associates, Inc.	179,125	4,306,165
	Mentor Graphics Corp. (a)	220,175	2,021,207
	Micros Systems, Inc. (a)	168,800	5,772,960
	Parametric Technology Corp. (a)	248,300	4,091,984
	Quest Software, Inc. (a)	132,700	2,568,409
	Rovi Corp. (a)	220,800	8,244,672
	Solera Holdings, Inc.	148,100	5,136,108
	Sybase, Inc. (a)	184,075	11,841,545
	Synopsys, Inc. (a)	310,625	6,653,587
	TIBCO Software, Inc. (a)	353,000	4,027,730
Software Total			82,907,726
INFORMATION TECHNOLOGY TOTAL			300,091,596
MATERIALS — 6.5%
Chemicals — 3.3%
	Albemarle Corp.	193,550	8,334,263

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Ashland, Inc.	165,400	8,867,094
	Cabot Corp.	138,525	3,880,085
	Cytec Industries, Inc.	103,375	4,417,214
	Intrepid Potash, Inc. (a)	87,500	2,157,750
	Lubrizol Corp.	144,900	12,833,793
	Minerals Technologies, Inc.	39,700	2,121,965
	NewMarket Corp.	24,900	2,563,704
	Olin Corp.	166,425	3,190,367
	RPM International, Inc.	274,500	5,437,845
	Scotts Miracle-Gro Co., Class A	95,950	4,263,059
	Sensient Technologies Corp.	104,300	2,888,067
	Valspar Corp.	210,950	6,617,501
Chemicals Total			67,572,707
Construction Materials — 0.4%
	Martin Marietta Materials, Inc.	96,075	8,957,072
Construction Materials Total			8,957,072
Containers & Packaging — 1.6%
	AptarGroup, Inc.	143,800	5,731,868
	Greif, Inc., Class A	72,900	3,994,920
	Packaging Corp. of America	218,375	4,834,823
	Rock-Tenn Co., Class A	82,100	4,224,866
	Silgan Holdings, Inc.	113,600	3,241,008
	Sonoco Products Co.	212,500	6,568,375
	Temple-Inland, Inc.	227,900	4,815,527
Containers & Packaging Total			33,411,387
Metals & Mining — 1.1%
	Carpenter Technology Corp.	93,200	3,626,412
	Commercial Metals Co.	239,300	3,725,901
	Reliance Steel & Aluminum Co.	136,100	6,248,351
	Steel Dynamics, Inc.	458,500	6,726,195
	Worthington Industries, Inc.	129,200	1,901,824
Metals & Mining Total			22,228,683
Paper & Forest Products — 0.1%
	Louisiana-Pacific Corp. (a)	268,900	2,285,650
Paper & Forest Products Total			2,285,650
MATERIALS TOTAL			134,455,499
TELECOMMUNICATION SERVICES — 0.8%
Diversified Telecommunication Services — 0.3%
	Cincinnati Bell, Inc. (a)	426,275	1,355,555
	tw telecom, Inc. (a)	318,300	5,567,067
Diversified Telecommunication Services Total			6,922,622

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
Wireless Telecommunication Services — 0.5%
	Syniverse Holdings, Inc. (a)	147,100	2,911,109
	Telephone & Data Systems, Inc.	195,241	6,419,524
Wireless Telecommunication Services Total			9,330,633
TELECOMMUNICATION SERVICES TOTAL			16,253,255
UTILITIES — 5.5%
Electric Utilities — 1.7%
	Cleco Corp.	128,200	3,393,454
	DPL, Inc.	253,825	6,355,778
	Great Plains Energy, Inc.	286,854	5,034,288
	Hawaiian Electric Industries, Inc.	195,100	4,284,396
	IDACORP, Inc.	101,600	3,357,880
	NV Energy, Inc.	497,700	5,867,883
	PNM Resources, Inc.	183,750	2,267,475
	Westar Energy, Inc.	231,125	5,084,750
Electric Utilities Total			35,645,904
Gas Utilities — 1.7%
	AGL Resources, Inc.	164,325	5,997,863
	Atmos Energy Corp.	197,200	5,348,064
	Energen Corp.	152,100	6,733,467
	National Fuel Gas Co.	171,875	8,353,125
	UGI Corp.	230,700	6,030,498
	WGL Holdings, Inc.	106,625	3,609,256
Gas Utilities Total			36,072,273
Independent Power Producers & Energy Traders — 0.2%
	Black Hills Corp.	82,400	2,364,056
	Dynegy, Inc. (a)	213,840	1,118,383
Independent Power Producers & Energy Traders Total			3,482,439
Multi-Utilities — 1.7%
	Alliant Energy Corp.	234,475	7,536,026
	MDU Resources Group, Inc.	398,205	7,446,434
	NSTAR	226,400	7,948,904
	OGE Energy Corp.	205,650	7,493,886
	Vectren Corp.	172,000	3,964,600
Multi-Utilities Total			34,389,850

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
Water Utilities — 0.2%
	Aqua America, Inc.	288,774	5,039,106
Water Utilities Total			5,039,106
UTILITIES TOTAL			114,629,572

	Total Common Stocks (cost of $1,814,822,946)		1,997,949,614

		Par ($)
Short-Term Obligation — 3.0%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10 due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 10/29/12, market value $64,516,031 (repurchase proceeds $63,248,984)	63,248,000	63,248,000

	Total Short-Term Obligation (cost of $63,248,000)		63,248,000

	Total Investments — 99.5% (cost of $1,878,070,946)(b)(c)		2,061,197,614

	Other Assets & Liabilities, Net — 0.5%		10,111,792

	Net Assets — 100.0%		2,071,309,406

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,997,949,614		$	—	$	—	$	1,997,949,614
Total Short-Term Obligation	—			63,248,000		—		63,248,000
Total Investments	1,997,949,614			63,248,000		—		2,061,197,614
Unrealized Depreciation on Futures Contracts	(4,434,169		)	—		—		(4,434,169		)
Total	$	1,993,515,445		$	63,248,000	$	—	$	2,056,763,445

	(a)	Non-income producing security.
	(b)	Cost for federal income tax purposes is $1,878,070,946.
	(c)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	436,843,833	$	(253,717,165	)	$	183,126,668

At May 31, 2010, the Fund held the following open long futures contracts:

Number of

Aggregate

Expiration

Unrealized

Risk Exposure/Type

Contracts

Value

Face Value

Date

Depreciation

Equity Risk

S&P Mid Cap 400 Index

935

71,265,700

75,699,869

June-2010

(4,434,169

)

On May 31, 2010, cash of $6,975,000 was pledged as collateral for open futures contracts and was being held at the broker of the futures contracts.

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Mid Cap Value Fund

		Shares	Value ($)*
Common Stocks — 97.9%
CONSUMER DISCRETIONARY — 15.3%
Auto Components — 1.6%
	BorgWarner, Inc. (a)	1,263,300	47,070,558
	Goodyear Tire & Rubber Co. (a)	2,082,100	24,776,990
Auto Components Total			71,847,548
Automobiles — 0.7%
	Harley-Davidson, Inc.	965,700	29,173,797
Automobiles Total			29,173,797
Hotels, Restaurants & Leisure — 3.0%
	International Game Technology	1,607,902	31,466,642
	Royal Caribbean Cruises Ltd. (a)	1,724,600	50,013,400
	Starwood Hotels & Resorts Worldwide, Inc.	1,063,600	49,191,500
Hotels, Restaurants & Leisure Total			130,671,542
Household Durables — 2.7%
	D.R. Horton, Inc.	3,500,800	42,674,752
	Newell Rubbermaid, Inc.	1,700,300	28,326,998
	Stanley Black & Decker, Inc.	837,700	46,735,283
Household Durables Total			117,737,033
Leisure Equipment & Products — 1.1%
	Hasbro, Inc.	1,195,100	47,983,265
Leisure Equipment & Products Total			47,983,265
Media — 1.4%
	DISH Network Corp., Class A (a)	1,528,200	31,862,970
	Gannett Co., Inc.	1,779,000	27,645,660
Media Total			59,508,630
Multiline Retail — 0.8%
	J.C. Penney Co., Inc.	1,263,400	34,730,866
Multiline Retail Total			34,730,866
Specialty Retail — 2.7%
	American Eagle Outfitters, Inc.	958,800	12,560,280
	Foot Locker, Inc.	3,039,500	45,318,945
	Limited Brands, Inc.	867,200	21,558,592
	O’Reilly Automotive, Inc. (a)	743,300	37,923,166
Specialty Retail Total			117,360,983
Textiles, Apparel & Luxury Goods — 1.3%
	Hanesbrands, Inc. (a)	1,224,600	33,407,088

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Jones Apparel Group, Inc.	1,113,000	21,859,320
Textiles, Apparel & Luxury Goods Total			55,266,408
CONSUMER DISCRETIONARY TOTAL			664,280,072
CONSUMER STAPLES — 3.7%
Food Products — 1.6%
	J.M. Smucker Co.	1,276,400	70,482,808
Food Products Total			70,482,808
Household Products — 0.7%
	Clorox Co.	454,900	28,576,818
Household Products Total			28,576,818
Personal Products — 1.4%
	Avon Products, Inc.	1,084,000	28,715,160
	Estée Lauder Companies, Inc., Class A	566,100	32,986,647
Personal Products Total			61,701,807
CONSUMER STAPLES TOTAL			160,761,433
ENERGY — 8.3%
Energy Equipment & Services — 3.6%
	Dresser-Rand Group, Inc. (a)	712,200	22,669,326
	Ensco PLC, ADR	873,500	32,668,900
	Nabors Industries Ltd. (a)	1,082,900	20,607,587
	Noble Corp.	1,278,800	37,174,716
	Pride International, Inc. (a)	1,735,300	42,983,381
Energy Equipment & Services Total			156,103,910
Oil, Gas & Consumable Fuels — 4.7%
	Cabot Oil & Gas Corp.	1,414,100	49,055,129
	Newfield Exploration Co. (a)	750,600	39,076,236
	Peabody Energy Corp.	1,243,178	48,434,215
	Spectra Energy Corp.	2,491,000	49,844,910
	Williams Companies, Inc.	1,046,000	20,658,500
Oil, Gas & Consumable Fuels Total			207,068,990
ENERGY TOTAL			363,172,900
FINANCIALS — 27.9%
Capital Markets — 2.4%
	Greenhill & Co., Inc.	127,500	8,834,475
	Raymond James Financial, Inc.	1,392,200	39,357,494
	TD Ameritrade Holding Corp. (a)	3,059,300	54,241,389
Capital Markets Total			102,433,358
Commercial Banks — 8.9%
	City National Corp.	945,400	54,530,672

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Comerica, Inc.	1,699,400	64,747,140
	Cullen/Frost Bankers, Inc.	1,260,050	69,151,544
	Fifth Third Bancorp.	3,382,600	43,939,974
	Huntington Bancshares, Inc.	3,452,400	21,266,784
	SVB Financial Group (a)	1,225,411	54,971,937
	TCF Financial Corp.	3,011,566	48,606,675
	Zions Bancorporation	1,274,350	30,520,683
Commercial Banks Total			387,735,409
Consumer Finance — 1.6%
	Discover Financial Services	5,342,899	71,861,992
Consumer Finance Total			71,861,992
Insurance — 6.0%
	ACE Ltd.	1,093,266	53,744,957
	Assured Guaranty Ltd.	1,243,100	20,884,080
	Axis Capital Holdings Ltd.	936,400	28,466,560
	Genworth Financial, Inc., Class A (a)	2,260,400	35,239,636
	Lincoln National Corp.	2,399,700	63,496,062
	Reinsurance Group of America, Inc.	1,279,100	60,079,327
Insurance Total			261,910,622
Real Estate Investment Trusts (REITs) — 8.4%
	Alexandria Real Estate Equities, Inc.	719,400	47,178,252
	Boston Properties, Inc.	661,300	50,708,484
	Equity Residential Property Trust	1,427,600	64,427,588
	Host Hotels & Resorts, Inc.	2,898,297	41,329,715
	ProLogis	2,428,200	27,632,916
	Rayonier, Inc.	1,444,500	64,829,160
	Taubman Centers, Inc.	897,100	36,323,579
	Vornado Realty Trust	420,372	32,654,497
Real Estate Investment Trusts (REITs) Total			365,084,191
Real Estate Management & Development — 0.3%
	CB Richard Ellis Group, Inc., Class A (a)	711,700	11,266,211
Real Estate Management & Development Total			11,266,211
Thrifts & Mortgage Finance — 0.3%
	MGIC Investment Corp. (a)	1,392,801	13,036,617
Thrifts & Mortgage Finance Total			13,036,617
FINANCIALS TOTAL			1,213,328,400
HEALTH CARE — 6.0%
Health Care Equipment & Supplies — 2.7%
	Beckman Coulter, Inc.	447,800	25,721,632
	Cooper Companies, Inc.	640,200	23,597,772
	Hospira, Inc. (a)	407,100	21,193,626

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Teleflex, Inc.	803,100	45,037,848
Health Care Equipment & Supplies Total			115,550,878
Health Care Providers & Services — 1.7%
	AmerisourceBergen Corp.	1,041,242	32,570,050
	Community Health Systems, Inc. (a)	1,083,800	42,246,524
Health Care Providers & Services Total			74,816,574
Life Sciences Tools & Services — 0.8%
	Mettler-Toledo International, Inc. (a)	291,500	33,385,495
Life Sciences Tools & Services Total			33,385,495
Pharmaceuticals — 0.8%
	Watson Pharmaceuticals, Inc. (a)	827,300	36,533,568
Pharmaceuticals Total			36,533,568
HEALTH CARE TOTAL			260,286,515
INDUSTRIALS — 11.6%
Aerospace & Defense — 2.2%
	AerCap Holdings NV (a)	3,314,007	39,734,944
	L-3 Communications Holdings, Inc.	678,500	56,064,455
Aerospace & Defense Total			95,799,399
Airlines — 0.6%
	Delta Air Lines, Inc. (a)	1,811,100	24,594,738
Airlines Total			24,594,738
Building Products — 0.7%
	Masco Corp.	2,144,500	28,629,075
Building Products Total			28,629,075
Construction & Engineering — 0.7%
	Foster Wheeler AG (a)	1,266,600	30,411,066
Construction & Engineering Total			30,411,066
Electrical Equipment — 1.0%
	Cooper Industries PLC, Class A	892,100	41,901,937
Electrical Equipment Total			41,901,937
Machinery — 5.3%
	Ingersoll-Rand PLC	1,313,400	49,002,954
	Kennametal, Inc.	1,726,900	48,715,849
	Navistar International Corp. (a)	815,400	44,178,372
	Parker Hannifin Corp.	983,100	60,421,326
	Terex Corp. (a)	1,402,700	30,522,752
Machinery Total			232,841,253
Professional Services — 0.9%
	Manpower, Inc.	829,500	37,916,445
Professional Services Total			37,916,445

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Road & Rail — 0.2%
	Con-way, Inc.	328,259	11,167,371
Road & Rail Total			11,167,371
INDUSTRIALS TOTAL			503,261,284
INFORMATION TECHNOLOGY — 8.1%
Communications Equipment — 1.0%
	Brocade Communications Systems, Inc. (a)	4,337,600	23,639,920
	CommScope, Inc. (a)	706,000	19,909,200
Communications Equipment Total			43,549,120
Computers & Peripherals — 0.9%
	Diebold, Inc.	1,385,700	40,157,586
Computers & Peripherals Total			40,157,586
Electronic Equipment, Instruments & Components — 2.6%
	Agilent Technologies, Inc. (a)	894,200	28,936,312
	Arrow Electronics, Inc. (a)	1,475,600	40,254,368
	Molex, Inc.	2,085,700	44,175,126
Electronic Equipment, Instruments & Components Total			113,365,806
Internet Software & Services — 0.4%
	VeriSign, Inc. (a)	635,500	17,736,805
Internet Software & Services Total			17,736,805
Semiconductors & Semiconductor Equipment — 1.4%
	Atmel Corp. (a)	4,224,800	21,567,604
	Lam Research Corp. (a)	723,712	27,399,736
	Varian Semiconductor Equipment Associates, Inc. (a)	325,800	10,129,122
Semiconductors & Semiconductor Equipment Total			59,096,462
Software — 1.8%
	Autodesk, Inc. (a)	1,032,100	30,199,246
	Citrix Systems, Inc. (a)	479,200	20,897,912
	Nuance Communications, Inc. (a)	1,682,600	28,663,091
Software Total			79,760,249
INFORMATION TECHNOLOGY TOTAL			353,666,028
MATERIALS — 8.4%
Chemicals — 3.8%
	Albemarle Corp.	1,210,600	52,128,436
	Celanese Corp., Series A	1,198,200	34,352,394
	International Flavors & Fragrances, Inc.	488,300	21,729,350
	PPG Industries, Inc.	901,800	57,778,326
Chemicals Total			165,988,506

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
Containers & Packaging — 2.2%
	Crown Holdings, Inc. (a)	1,639,700	38,549,347
	Packaging Corp. of America	2,647,000	58,604,580
Containers & Packaging Total			97,153,927
Metals & Mining — 1.3%
	United States Steel Corp.	1,164,600	54,980,766
Metals & Mining Total			54,980,766
Paper & Forest Products — 1.1%
	Weyerhaeuser Co.	1,123,400	47,834,372
Paper & Forest Products Total			47,834,372
MATERIALS TOTAL			365,957,571
TELECOMMUNICATION SERVICES — 0.7%
Diversified Telecommunication Services — 0.7%
	Qwest Communications International, Inc.	5,622,100	29,459,804
Diversified Telecommunication Services Total			29,459,804
TELECOMMUNICATION SERVICES TOTAL			29,459,804
UTILITIES — 7.9%
Electric Utilities — 1.6%
	American Electric Power Co., Inc.	1,445,200	46,188,592
	Northeast Utilities	856,600	22,228,770
Electric Utilities Total			68,417,362
Independent Power Producers & Energy Traders — 0.2%
	AES Corp. (a)	784,155	8,053,272
Independent Power Producers & Energy Traders Total			8,053,272
Multi-Utilities — 6.1%
	PG&E Corp.	1,286,200	53,377,300
	Public Service Enterprise Group, Inc.	1,255,200	38,446,776
	Sempra Energy	1,284,100	59,068,600
	Wisconsin Energy Corp.	1,229,200	60,230,800
	Xcel Energy, Inc.	2,740,700	56,156,943
Multi-Utilities Total			267,280,419
UTILITIES TOTAL			343,751,053

	Total Common Stocks (cost of $3,871,554,154)		4,257,925,060

		Shares	Value ($)
Preferred Stock — 0.2%
FINANCIALS — 0.2%
Commercial Banks — 0.2%
	Fifth Third Bancorp., 8.500% (a)	82,800	10,929,600
Commercial Banks Total			10,929,600
FINANCIALS TOTAL			10,929,600

	Total Preferred Stock (cost of $11,725,314)		10,929,600

		Par ($)
Convertible Bond — 0.3%
ENERGY — 0.3%
Energy Equipment & Services — 0.3%
Cameron International Corp.
	2.500% 06/15/26	9,421,000	11,057,899
Energy Equipment & Services Total			11,057,899
ENERGY TOTAL			11,057,899

	Total Convertible Bond (cost of $11,136,506)		11,057,899
Short-Term Obligation — 1.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligations with various maturites to 04/15/13, market value $60,786,275 (repurchase proceeds $59,591,927)	59,591,000	59,591,000

	Total Short-Term Obligation (cost of $59,591,000)		59,591,000

	Total Investments — 99.8% (cost of $3,954,006,974)(b)(c)		4,339,503,559

	Other Assets & Liabilities, Net — 0.2%		10,296,480

	Net Assets — 100.0%		4,349,800,039

	Notes to Investment Portfolio:
	*	Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

		Accounting principles generally accepted in the United States of America (“GAAP”) establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below: · Level 1 — quoted prices in active markets for identical securities · Level 2 — prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 — prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	4,257,925,060	$	—	$	—	$	4,257,925,060
Total Preferred Stock	10,929,600		—		—		10,929,600
Total Convertible Bond	—		11,057,899		—		11,057,899
Total Short-Term Obligation	—		59,591,000		—		59,591,000
Total Investments	$	4,268,854,660	$	70,648,899	$	—	$	4,339,503,559

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)	Columbia Multi-Advisor International Equity Fund

		Shares	Value ($)*
Common Stocks — 97.0%
CONSUMER DISCRETIONARY — 14.7%
Automobiles — 3.4%
	Daimler AG, Registered Shares (a)	257,123	12,674,438
	Dongfeng Motor Group Co., Ltd., Class H	2,104,000	2,444,639
	Honda Motor Co., Ltd.	425,700	12,930,295
	Nissan Motor Co., Ltd. (a)	566,500	4,074,806
	Toyota Motor Corp.	255,700	9,369,150
Automobiles Total			41,493,328
Distributors — 1.1%
	Li & Fung Ltd.	3,100,000	13,840,584
Distributors Total			13,840,584
Hotels, Restaurants & Leisure — 2.2%
	Accor SA	242,962	11,449,189
	Compass Group PLC	1,244,471	9,611,032
	Ctrip.com International Ltd., ADR (a)	160,860	6,336,275
Hotels, Restaurants & Leisure Total			27,396,496
Household Durables — 2.4%
	Cyrela Brazil Realty SA Empreedimentos e Participacoes	344,690	3,733,311
	Gafisa SA	1,239,806	7,346,239
	Panasonic Corp.	491,500	6,252,039
	PDG Realty SA Empreendimentos e Participacoes	1,340,400	11,525,556
Household Durables Total			28,857,145
Leisure Equipment & Products — 0.3%
	Altek Corp.	3,249,000	4,213,712
Leisure Equipment & Products Total			4,213,712
Media — 1.1%
	Daiichikosho Co., Ltd.	396,100	4,847,920
	Publicis Groupe SA	222,915	9,193,513
Media Total			14,041,433
Specialty Retail — 2.4%
	Game Group PLC	3,940,945	5,227,391
	Inditex SA	330,214	18,399,975
	USS Co., Ltd.	83,770	5,475,276
Specialty Retail Total			29,102,642
Textiles, Apparel & Luxury Goods — 1.8%
	Adidas AG	183,771	9,086,380
	LG Fashion Corp.	155,630	3,293,976

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Swatch Group AG	38,965	10,132,972
Textiles, Apparel & Luxury Goods Total			22,513,328
CONSUMER DISCRETIONARY TOTAL			181,458,668
CONSUMER STAPLES — 6.4%
Beverages — 2.0%
	Anheuser-Busch InBev NV	320,658	15,338,865
	Cott Corp. (a)	373,881	2,740,548
	Pernod-Ricard SA	83,922	6,293,424
Beverages Total			24,372,837
Food & Staples Retailing — 2.7%
	FamilyMart Co., Ltd.	250,600	8,045,807
	Koninklijke Ahold NV	333,047	4,192,690
	Matsumotokiyoshi Holdings Co., Ltd.	153,300	3,073,258
	Metro AG	226,625	11,860,248
	Tesco PLC	1,122,766	6,673,189
Food & Staples Retailing Total			33,845,192
Food Products — 1.1%
	Balrampur Chini Mills, Ltd.	2,360,150	4,103,533
	Nestle SA, Registered Shares	217,599	9,823,520
Food Products Total			13,927,053
Household Products — 0.6%
	Reckitt Benckiser Group PLC	147,313	6,899,458
Household Products Total			6,899,458
CONSUMER STAPLES TOTAL			79,044,540
ENERGY — 7.9%
Energy Equipment & Services — 0.8%
	Noble Corp. (a)	158,603	4,610,589
	Shinko Plantech Co., Ltd.	561,400	4,731,488
Energy Equipment & Services Total			9,342,077
Oil, Gas & Consumable Fuels — 7.1%
	AWE Ltd. (a)	2,031,051	3,578,575
	BP PLC	2,141,967	15,309,821
	CNOOC Ltd.	4,656,089	7,300,254
	ENI SpA	336,495	6,318,902
	OGX Petroleo e Gas Participacoes SA	1,663,200	14,722,884
	Reliance Industries Ltd., GDR (b)	147,650	6,613,243
	Royal Dutch Shell PLC, Class B	633,301	15,983,563
	Total SA	323,505	15,089,152

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	Yanzhou Coal Mining Co., Ltd., Class H	1,278,600	2,984,188
Oil, Gas & Consumable Fuels Total			87,900,582
ENERGY TOTAL			97,242,659
FINANCIALS — 26.6%
Capital Markets — 3.3%
	Credit Suisse Group AG, Registered Shares	486,694	18,867,492
	Deutsche Bank AG, Registered Shares	123,916	7,348,431
	ICAP PLC	737,233	4,118,872
	Intermediate Capital Group PLC	1,242,237	4,656,886
	Tokai Tokyo Financial Holdings	1,434,000	5,063,604
Capital Markets Total			40,055,285
Commercial Banks — 14.7%
	Australia & New Zealand Banking Group Ltd.	485,388	9,180,924
	Banco Bilbao Vizcaya Argentaria SA	1,666,929	17,274,201
	Banco Santander SA	1,619,022	16,432,238
	Bangkok Bank PCL, Foreign Registered Shares	882,300	3,078,334
	Bank of China Ltd., Class H	6,935,000	3,448,346
	Barclays PLC	1,502,631	6,555,885
	BNP Paribas	288,822	16,374,283
	Commonwealth Bank of Australia	122,751	5,378,713
	DBS Group Holdings Ltd.	895,390	8,784,292
	Governor & Co. of the Bank of Ireland (a)	2,448,975	2,211,896
	HSBC Holdings PLC	1,391,905	12,621,556
	HSBC Holdings PLC (Hong Kong Registered Shares)	1,922,436	17,608,257
	ICICI Bank Ltd., ADR	305,231	11,229,448
	Mitsubishi UFJ Financial Group, Inc.	596,800	2,899,061
	Mizuho Financial Group, Inc.	4,526,800	8,165,308
	National Australia Bank Ltd.	151,818	3,170,387
	National Bank of Canada	53,600	2,931,091
	National Bank of Greece SA (a)	288,390	3,544,639
	National Bank of Pakistan	3,341,737	2,465,255
	Standard Chartered PLC	525,445	12,408,612
	Sumitomo Mitsui Financial Group, Inc.	172,700	5,133,419
	Toronto-Dominion Bank	107,261	7,338,267
	Turkiye Is Bankasi, Class C	1,002,494	3,088,099
Commercial Banks Total			181,322,511
Diversified Financial Services — 0.9%
	Fuyo General Lease Co., Ltd.	201,700	5,201,471

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	ING Groep NV (a)	764,657	6,050,956
Diversified Financial Services Total			11,252,427
Insurance — 4.6%
	Allianz SE, Registered Shares	41,162	4,109,893
	AXA SA	425,942	6,993,056
	Baloise Holding AG, Registered Shares	83,119	5,853,344
	Brit Insurance Holdings NV	435,113	4,743,410
	Lincoln National Corp.	164,467	4,351,797
	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares	47,381	5,998,915
	Ping An Insurance Group Co. of China, Ltd., Class H	625,500	5,067,064
	Sampo Oyj, Class A	248,693	5,255,470
	XL Capital Ltd., Class A	223,210	3,930,728
	Zurich Financial Services AG, Registered Shares	49,551	10,070,289
Insurance Total			56,373,966
Real Estate Investment Trusts (REITs) — 0.8%
	Japan Retail Fund Investment Corp.	5,280	6,322,863
	Wereldhave NV	46,284	3,347,699
Real Estate Investment Trusts (REITs) Total			9,670,562
Real Estate Management & Development — 2.3%
	CapitaLand Ltd.	3,957,500	10,074,708
	Cheung Kong Holdings Ltd.	498,300	5,646,855
	Hang Lung Properties Ltd.	1,038,000	3,631,694
	Hongkong Land Holdings Ltd.	960,000	4,573,922
	Sinolink Worldwide Holdings Ltd.	30,046,000	4,429,226
Real Estate Management & Development Total			28,356,405
FINANCIALS TOTAL			327,031,156
HEALTH CARE — 6.7%
Health Care Equipment & Supplies — 0.8%
	Covidien PLC	227,500	9,643,725
Health Care Equipment & Supplies Total			9,643,725
Health Care Providers & Services — 0.4%
	Miraca Holdings, Inc.	161,400	4,733,217
Health Care Providers & Services Total			4,733,217
Life Sciences Tools & Services — 0.5%
	Lonza Group AG, Registered Shares	90,408	5,925,005
Life Sciences Tools & Services Total			5,925,005

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Pharmaceuticals — 5.0%
	Astellas Pharma, Inc.	87,100	2,747,642
	AstraZeneca PLC	218,200	9,137,537
	Bayer AG	106,277	5,936,104
	Novo-Nordisk A/S, Class B	130,374	10,023,351
	Sanofi-Aventis SA	173,353	10,387,860
	Santen Pharmaceutical Co., Ltd.	147,700	4,816,834
	Teva Pharmaceutical Industries Ltd., ADR	344,944	18,909,830
Pharmaceuticals Total			61,959,158
HEALTH CARE TOTAL			82,261,105
INDUSTRIALS — 9.3%
Aerospace & Defense — 0.8%
	Rolls Royce Group PLC, Class C (c)	37,755,000	54,599
	Rolls-Royce Group PLC (a)	1,128,367	9,589,254
Aerospace & Defense Total			9,643,853
Airlines — 0.2%
	Turk Hava Yollari A.O. (a)	920,174	2,586,864
Airlines Total			2,586,864
Building Products — 0.3%
	Daikin Industries Ltd.	101,688	3,395,248
Building Products Total			3,395,248
Commercial Services & Supplies — 0.3%
	Aeon Delight Co., Ltd.	256,700	4,272,605
Commercial Services & Supplies Total			4,272,605
Construction & Engineering — 0.4%
	JGC Corp.	192,000	3,002,774
	Toyo Engineering Corp.	836,000	2,449,331
Construction & Engineering Total			5,452,105
Electrical Equipment — 1.0%
	Schneider Electric SA	119,261	11,871,574
Electrical Equipment Total			11,871,574
Industrial Conglomerates — 1.7%
	DCC PLC	222,375	5,090,669
	Siemens AG, Registered Shares	138,565	12,452,676
	Tyco International Ltd.	98,479	3,563,955
Industrial Conglomerates Total			21,107,300
Machinery — 0.3%
	Demag Cranes AG (a)	98,194	3,072,526
Machinery Total			3,072,526
Professional Services — 0.7%
	Atkins WS PLC	578,069	5,557,372

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Teleperformance	132,126	3,646,448
Professional Services Total			9,203,820
Road & Rail — 0.9%
	Canadian National Railway Co.	192,718	11,056,232
Road & Rail Total			11,056,232
Trading Companies & Distributors — 2.7%
	ITOCHU Corp.	505,300	4,162,617
	Kloeckner & Co., SE (a)	207,866	3,923,466
	Marubeni Corp.	2,478,000	13,838,857
	Mitsui & Co., Ltd.	527,800	7,577,767
	Noble Group Ltd.	2,800,363	3,479,601
Trading Companies & Distributors Total			32,982,308
INDUSTRIALS TOTAL			114,644,435
INFORMATION TECHNOLOGY — 8.5%
Communications Equipment — 1.8%
	HTC Corp.	538,000	7,270,163
	Research In Motion Ltd. (a)	244,034	14,812,864
Communications Equipment Total			22,083,027
Electronic Equipment, Instruments & Components — 1.6%
	FUJIFILM Holdings Corp.	118,700	3,494,308
	HON HAI Precision Industry Co., Ltd.	3,027,337	11,937,396
	Venture Corp., Ltd.	741,000	4,438,195
Electronic Equipment, Instruments & Components Total			19,869,899
Internet Software & Services — 0.8%
	Baidu, Inc., ADR (a)	96,360	7,054,516
	Tencent Holdings Ltd.	163,000	3,102,759
Internet Software & Services Total			10,157,275
IT Services — 0.4%
	Cap Gemini SA	8,098	368,993
	Groupe Steria SCA	141,281	4,012,163
IT Services Total			4,381,156
Office Electronics — 1.3%
	Canon, Inc.	374,400	15,336,954
Office Electronics Total			15,336,954
Semiconductors & Semiconductor Equipment — 1.2%
	Infineon Technologies AG (a)	1,125,066	6,280,228
	Macronix International	6,967,000	4,474,236

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Sumco Corp. (a)	233,200	4,195,667
Semiconductors & Semiconductor Equipment Total			14,950,131
Software — 1.4%
	Autonomy Corp. PLC (a)	401,642	10,145,177
	Nintendo Co., Ltd.	25,100	7,290,850
Software Total			17,436,027
INFORMATION TECHNOLOGY TOTAL			104,214,469
MATERIALS — 7.1%
Chemicals — 4.3%
	BASF SE	432,534	22,675,056
	Clariant AG, Registered Shares (a)	330,915	3,848,513
	Kansai Paint Co., Ltd.	775,000	6,235,926
	Makhteshim-Agan Industries Ltd.	855,654	3,056,124
	Novozymes A/S, Class B	47,002	4,987,545
	Syngenta AG, Registered Shares	55,705	12,307,758
Chemicals Total			53,110,922
Metals & Mining — 2.4%
	Aurubis AG	56,838	2,608,367
	Eastern Platinum Ltd. (a)	2,826,100	3,168,755
	First Quantum Minerals Ltd.	38,928	2,061,808
	Teck Resources Ltd., Class B (a)	149,071	5,071,020
	ThyssenKrupp AG	249,569	6,722,165
	Vale SA, ADR	369,700	10,052,143
Metals & Mining Total			29,684,258
Paper & Forest Products — 0.4%
	Svenska Cellulosa AB, Class B	359,991	4,155,370
Paper & Forest Products Total			4,155,370
MATERIALS TOTAL			86,950,550
TELECOMMUNICATION SERVICES — 5.1%
Diversified Telecommunication Services — 2.4%
	BCE, Inc.	164,700	4,799,838
	Nippon Telegraph & Telephone Corp.	172,400	7,060,428
	Tele2 AB, Class B	378,484	5,515,822
	Telefonica SA	372,763	7,140,749
	Telenor ASA	439,076	5,406,762
Diversified Telecommunication Services Total			29,923,599
Wireless Telecommunication Services — 2.7%
	Freenet AG (a)	647,318	6,456,722
	Millicom International Cellular SA	82,100	6,562,253
	Softbank Corp.	207,700	4,997,738
	Vivo Participacoes SA, ADR	153,724	4,199,740

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Vodafone Group PLC	5,448,492	10,910,261
Wireless Telecommunication Services Total			33,126,714
TELECOMMUNICATION SERVICES TOTAL			63,050,313
UTILITIES — 4.7%
Electric Utilities — 2.5%
	E.ON AG	141,827	4,319,394
	Enel SpA	1,808,805	8,285,196
	Fortum Oyj	294,594	6,643,114
	Okinawa Electric Power Co., Inc.	100,800	5,217,987
	Tokyo Electric Power Co., Inc.	273,800	6,777,104
Electric Utilities Total			31,242,795
Independent Power Producers & Energy Traders — 0.6%
	Drax Group PLC	794,689	3,850,905
	Energy Development Corp.	33,954,000	3,612,232
Independent Power Producers & Energy Traders Total			7,463,137
Multi-Utilities — 1.1%
	AGL Energy Ltd.	309,536	3,529,651
	RWE AG	135,237	9,719,529
Multi-Utilities Total			13,249,180
Water Utilities — 0.5%
	Cia de Saneamento Basico do Estado de Sao Paulo	164,200	3,086,245
	Guangdong Investment Ltd.	5,252,000	2,476,135
Water Utilities Total			5,562,380
UTILITIES TOTAL			57,517,492

	Total Common Stocks (cost of $1,159,501,250)		1,193,415,387
Preferred Stock — 0.3%
CONSUMER DISCRETIONARY — 0.3%
Media — 0.3%
	NET Servicos de Comunicacao SA (a)	307,100	3,097,660
Media Total			3,097,660
CONSUMER DISCRETIONARY TOTAL			3,097,660

	Total Preferred Stock (cost of $4,036,855)		3,097,660
Investment Company — 0.8%
	iShares MSCI EAFE Index Fund	193,166	9,333,781

	Total Investment Company (cost of $10,213,802)		9,333,781

		Units	Value ($)
Rights — 0.0%
FINANCIALS — 0.0%
Commercial Banks — 0.0%
Governor & Co. of the Bank of Ireland
	Expires 06/08/10 (a)	1,771,456	391,292
Commercial Banks Total			391,292
FINANCIALS TOTAL			391,292

	Total Rights (cost of $583,300)		391,292

		Par ($)
Short-Term Obligation — 0.2%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by a U.S. Government Agency obligation maturing 09/28/12, market value $2,949,200 (repurchase proceeds $2,889,045)	2,889,000	2,889,000

	Total Short-Term Obligation (cost of $2,889,000)		2,889,000

	Total Investments — 98.3% (cost of $1,177,224,207)(d)(e)		1,209,127,120

	Other Assets & Liabilities, Net — 1.7%		21,229,718

	Net Assets — 100.0%		1,230,356,838

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	28,941,381	$	152,517,287		$	—	$	181,458,668
Consumer Staples	2,740,548		76,303,992			—		79,044,540
Energy	25,946,716		71,295,943			—		97,242,659
Financials	34,355,253		292,675,903			—		327,031,156
Health Care	28,553,555		53,707,550			—		82,261,105
Industrials	14,620,187		99,969,649			54,599		114,644,435
Information Technology	21,867,380		82,347,089			—		104,214,469
Materials	20,353,726		66,596,824			—		86,950,550
Telecommunication Services	15,561,831		47,488,482			—		63,050,313
Utilities	3,086,245		54,431,247			—		57,517,492
Total Common Stocks	196,026,822		997,333,966			54,599		1,193,415,387
Total Preferred Stock	3,097,660		—			—		3,097,660
Total Investment Company	9,333,781		—			—		9,333,781
Total Rights	—		391,292			—		391,292
Total Short-Term Obligation	—		2,889,000			—		2,889,000
Total Investments	208,458,263		1,000,614,258			54,599		1,209,127,120
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts	—		(5,567,804		)	—		(5,567,804		)
Total	$	208,458,263	$	995,046,454		$	54,599	$	1,203,559,316

The following table reconciles asset balances for the three month period ending May 31, 2010, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2010
Common Stocks
Industrials	$	—	$	—	$	(3,440	)	$	58,039	$	—	$	—	$	—	$	54,599

The change in unrealized depreciation attributed to securities owned at May 31, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $3,440.

(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 on a foreign exchange or to qualified institutional buyers. At May 31, 2010, this security, which is not illiquid, amounted to $6,613,243 which represents 0.5% of net assets.
(c)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2010, the value of this security amounted to $54,599, which represents less than 0.1% of net assets.
(d)	Cost for federal income tax purposes is $1,177,224,207.
(e)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

	Unrealized		Unrealized			Net Unrealized
	Appreciation		Depreciation			Appreciation
	$	111,399,465	$	(79,496,552	)	$	31,902,913

For the three months ended May 31, 2010, transactions in written call option contracts were as follows:

						Number of contracts					Premium received
Options outstanding at February 28, 2010						618					$	39,551
Options written						5,603					279,223
Options terminated in closing purchase transactions						(3,560		)			(114,579			)
Options exercised						—					—
Options expired						(2,661		)			(204,195			)
Options outstanding at May 31, 2010						—					$	—

	Forward foreign currency exchange contracts outstanding on May 31, 2010 are:

	Foreign Exchange Rate Risk

	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value			Settlement Date		Unrealized Appreciation (Depreciation)
	AUD	$	20,332,650	$	21,442,519		06/01/10		$	(1,109,869			)
	AUD	1,250,614		1,340,208			06/01/10		(89,594				)
	AUD	1,230,279		1,344,712			06/01/10		(114,433				)
	AUD	3,022,318		3,214,859			06/01/10		(192,541				)
	AUD	25,676,547		25,167,907			08/26/10		508,640
	CAD	17,214,937		16,982,564			06/01/10		232,373
	CHF	13,200,483		13,234,734			06/01/10		(34,251				)
	EUR	39,133,828		43,407,392			06/01/10		(4,273,564				)
	EUR	3,002,837		3,366,680			06/01/10		(363,843				)
	EUR	3,092,419		3,366,818			06/01/10		(274,399				)
	EUR	1,224,696		1,346,961			06/01/10		(122,265				)
	EUR	4,415,288		4,791,000			06/01/10		(375,712				)
	EUR	2,402,761		2,417,852			06/01/10		(15,091				)
	EUR	1,195,696		1,205,795			06/08/10		(10,099				)
	EUR	37,591,637		37,564,880			08/26/10		26,757
	GBP	20,611,982		21,456,039			06/01/10		(844,057				)
	GBP	2,445,441		2,489,538			06/01/10		(44,097				)
	GBP	8,882,541		8,818,801			08/26/10		63,740
	ILS	5,756,669		5,751,729			06/01/10		4,940
	JPY	2,534,297		2,587,435			06/01/10		(53,138				)
	JPY	1,385,007		1,340,934			06/01/10		44,073
	JPY	7,716,928		7,565,608			06/01/10		151,320
	JPY	11,608,456		11,698,546			08/26/10		(90,090				)
	PHP	1,674,906		1,659,996			06/01/10		14,910
	SEK	1,265,737		1,376,359			06/01/10		(110,622				)
	SEK	5,993,094		5,938,120			08/26/10		54,974
	SGD	4,550,204		4,542,615			06/01/10		7,589
	THB	5,276,271		5,281,950			06/01/10		(5,679				)
	TWD	9,587,405		9,502,233			06/01/10		85,172
									$	(6,928,856			)

Forward Foreign Currency Exchange Contracts to Sell	Value			Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	$		1,261,629	$	1,369,500	06/01/10	$	107,871
AUD	24,574,232			24,084,091		06/01/10	(490,141		)
CAD	14,704,485			15,010,864		06/01/10	306,379
CAD	1,305,587			1,348,930		06/01/10	43,343
CAD	1,204,865			1,189,035		06/01/10	(15,830		)
CAD	16,270,313			16,050,979		08/26/10	(219,334		)
CHF	13,200,483			14,243,428		06/01/10	1,042,945
CHF	12,934,067			12,973,981		08/26/10	39,914
EUR	1,250,466			1,381,889		06/01/10	131,423
EUR	4,315,888			4,478,607		06/01/10	162,719
EUR	7,317,498			7,492,372		06/01/10	174,874
EUR	40,387,976			40,350,112		06/01/10	(37,864		)
GBP	1,958,088			2,015,448		06/01/10	57,360
GBP	1,927,718			2,032,825		06/01/10	105,107
GBP	1,849,626			1,927,324		06/01/10	77,698
GBP	17,321,990			17,194,491		06/01/10	(127,499		)
ILS	5,756,669			5,849,686		06/01/10	93,017
JPY	1,998,790			2,006,493		06/01/10	7,703
JPY	1,815,664			1,819,980		06/01/10	4,316
JPY	7,821,780			7,878,981		06/01/10	57,201
KRW	5,589,870			5,431,101		08/26/10	(158,769		)
PHP	1,674,905			1,715,181		06/01/10	40,276
PHP	3,632,274			3,593,420		08/26/10	(38,854		)
SEK	1,265,738			1,253,453		06/01/10	(12,285		)
SGD	3,242,936			3,257,641		06/01/10	14,705
SGD	1,307,269			1,343,513		06/01/10	36,244
SGD	4,745,993			4,737,477		08/26/10	(8,516		)
THB	3,931,869			3,919,228		06/01/10	(12,641		)
THB	1,344,402			1,342,958		06/01/10	(1,444		)
THB	3,535,628			3,530,604		08/26/10	(5,024		)
TWD	7,101,757			7,167,572		06/01/10	65,815
TWD	2,485,648			2,513,445		06/01/10	27,797
TWD	10,127,672			10,020,218		08/26/10	(107,454		)
							$	1,361,052

Acronym		Name

ADR		American Depositary Receipt
AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		Pound Sterling
GDR		Global Depositary Receipt
ILS		Israeli Shekel
JPY		Japanese Yen
KRW		South Korean Won
PHP		Philippine Peso

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Overseas Value Fund

		Shares	Value ($)*
Common Stocks — 99.6%
CONSUMER DISCRETIONARY — 7.3%
Auto Components — 0.6%
	Nippon Seiki Co., Ltd.	4,000	39,023
Auto Components Total			39,023
Automobiles — 2.5%
	Dongfeng Motor Group Co., Ltd., Class H	18,000	21,892
	Nissan Motor Co., Ltd. (a)	6,300	45,906
	Toyota Motor Corp.	3,000	107,984
Automobiles Total			175,782
Leisure Equipment & Products — 0.7%
	Altek Corp.	38,000	49,803
Leisure Equipment & Products Total			49,803
Media — 1.0%
	Daiichikosho Co., Ltd.	5,800	71,350
Media Total			71,350
Specialty Retail — 1.9%
	Game Group PLC	46,600	62,181
	USS Co., Ltd.	1,010	67,278
Specialty Retail Total			129,459
Textiles, Apparel & Luxury Goods — 0.6%
	LG Fashion Corp.	1,920	42,089
Textiles, Apparel & Luxury Goods Total			42,089
CONSUMER DISCRETIONARY TOTAL			507,506
CONSUMER STAPLES — 2.4%
Beverages — 0.4%
	Cott Corp. (a)	4,238	31,065
Beverages Total			31,065
Food & Staples Retailing — 1.3%
	Koninklijke Ahold NV	3,979	50,088
	Matsumotokiyoshi Holdings Co., Ltd.	1,900	38,823
Food & Staples Retailing Total			88,911
Food Products — 0.7%
	Balrampur Chini Mills Ltd.	27,154	46,853
Food Products Total			46,853
CONSUMER STAPLES TOTAL			166,829
ENERGY — 11.6%
Energy Equipment & Services — 1.6%
	Noble Corp. (a)	1,833	53,285
	Shinko Plantech Co., Ltd.	6,500	57,207
Energy Equipment & Services Total			110,492

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
Oil, Gas & Consumable Fuels — 10.0%
	AWE Ltd. (a)	24,163	42,170
	BP PLC	25,156	180,827
	ENI SpA	3,934	73,508
	Royal Dutch Shell PLC, Class B	7,447	189,488
	Total SA	3,777	175,183
	Yanzhou Coal Mining Co., Ltd., Class H	15,400	35,719
Oil, Gas & Consumable Fuels Total			696,895
ENERGY TOTAL			807,387
FINANCIALS — 36.6%
Capital Markets — 4.7%
	Credit Suisse Group AG, Registered Shares	1,929	74,940
	Deutsche Bank AG, Registered Shares	1,437	85,490
	ICAP PLC	8,482	47,786
	Intermediate Capital Group PLC	14,737	55,685
	Tokai Tokyo Financial Holdings	17,000	61,377
Capital Markets Total			325,278
Commercial Banks — 18.3%
	Australia & New Zealand Banking Group Ltd.	5,779	108,700
	Banco Bilbao Vizcaya Argentaria SA	10,387	108,790
	Banco Santander SA	19,158	196,062
	Bangkok Bank PCL, Foreign Registered Shares	9,800	35,269
	Bank of China Ltd., Class H	89,000	44,349
	BNP Paribas	1,957	111,374
	Commonwealth Bank of Australia	1,511	65,441
	DBS Group Holdings Ltd.	10,610	106,089
	Governor & Co. of the Bank of Ireland (a)	28,436	25,868
	HSBC Holdings PLC	22,533	205,509
	Mitsubishi UFJ Financial Group, Inc.	6,900	33,393
	National Australia Bank Ltd.	1,760	36,547
	National Bank of Canada	600	33,175
	National Bank of Greece SA (a)	3,353	41,342
	National Bank of Pakistan	38,206	27,769
	Sumitomo Mitsui Financial Group, Inc.	1,900	56,359
	Turkiye Is Bankasi, Class C	11,536	35,230
Commercial Banks Total			1,271,266

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Diversified Financial Services — 1.9%
	Fuyo General Lease Co., Ltd.	2,300	60,172
	ING Groep NV (a)	9,159	73,016
Diversified Financial Services Total			133,188
Insurance — 7.5%
	Allianz SE, Registered Shares	491	49,120
	Baloise Holding AG, Registered Shares	917	65,021
	Brit Insurance Holdings NV	5,168	56,646
	Lincoln National Corp.	2,004	53,026
	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares	565	71,886
	Sampo Oyj, Class A	2,916	61,871
	XL Capital Ltd., Class A	2,578	45,399
	Zurich Financial Services AG, Registered Shares	576	118,016
Insurance Total			520,985
Real Estate Investment Trusts (REITs) — 1.6%
	Japan Retail Fund Investment Corp.	62	74,298
	Wereldhave NV	520	37,830
Real Estate Investment Trusts (REITs) Total			112,128
Real Estate Management & Development — 2.6%
	Cheung Kong Holdings Ltd.	5,700	64,969
	Hongkong Land Holdings Ltd.	12,000	57,360
	Sinolink Worldwide Holdings Ltd.	352,000	52,892
Real Estate Management & Development Total			175,221
FINANCIALS TOTAL			2,538,066
HEALTH CARE — 6.4%
Health Care Providers & Services — 0.8%
	Miraca Holdings, Inc.	1,800	53,867
Health Care Providers & Services Total			53,867
Life Sciences Tools & Services — 0.5%
	Tecan Group AG, Registered Shares	576	33,740
Life Sciences Tools & Services Total			33,740
Pharmaceuticals — 5.1%
	AstraZeneca PLC	2,527	106,517
	Bayer AG	1,223	68,406
	Sanofi-Aventis SA	2,006	121,943

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Santen Pharmaceutical Co., Ltd.	1,700	56,620
Pharmaceuticals Total			353,486
HEALTH CARE TOTAL			441,093
INDUSTRIALS — 8.4%
Airlines — 0.4%
	Turk Hava Yollari A.O. (a)	10,766	30,139
Airlines Total			30,139
Commercial Services & Supplies — 1.1%
	Aeon Delight Co., Ltd.	4,300	74,934
Commercial Services & Supplies Total			74,934
Construction & Engineering — 0.7%
	Toyo Engineering Corp.	16,000	47,934
Construction & Engineering Total			47,934
Industrial Conglomerates — 1.5%
	DCC PLC	2,589	60,152
	Tyco International Ltd.	1,189	43,030
Industrial Conglomerates Total			103,182
Machinery — 0.6%
	Demag Cranes AG (a)	1,266	39,693
Machinery Total			39,693
Professional Services — 1.6%
	Atkins WS PLC	6,972	67,558
	Teleperformance	1,553	43,384
Professional Services Total			110,942
Trading Companies & Distributors — 2.5%
	ITOCHU Corp.	5,900	48,883
	Kloeckner & Co., SE (a)	2,065	39,360
	Mitsui & Co., Ltd.	6,300	89,462
Trading Companies & Distributors Total			177,705
INDUSTRIALS TOTAL			584,529
INFORMATION TECHNOLOGY — 3.7%
Electronic Equipment, Instruments & Components — 1.2%
	FUJIFILM Holdings Corp.	1,400	41,635
	Venture Corp., Ltd.	7,000	43,396
Electronic Equipment, Instruments & Components Total			85,031
IT Services — 0.8%
	Groupe Steria SCA	1,880	53,675
IT Services Total			53,675

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Office Electronics — 0.9%
	Canon, Inc.	1,500	61,646
Office Electronics Total			61,646
Semiconductors & Semiconductor Equipment — 0.8%
	Macronix International	87,267	57,732
Semiconductors & Semiconductor Equipment Total			57,732
INFORMATION TECHNOLOGY TOTAL			258,084
MATERIALS — 5.0%
Chemicals — 3.0%
	BASF SE	1,025	54,257
	Clariant AG, Registered Shares (a)	3,898	45,464
	Kansai Paint Co., Ltd.	9,000	74,271
	Makhteshim-Agan Industries Ltd.	9,737	33,643
Chemicals Total			207,635
Metals & Mining — 1.3%
	Aurubis AG	643	29,452
	Eastern Platinum Ltd. (a)	32,200	36,874
	First Quantum Minerals Ltd.	446	24,004
Metals & Mining Total			90,330
Paper & Forest Products — 0.7%
	Svenska Cellulosa AB, Class B	4,205	49,077
Paper & Forest Products Total			49,077
MATERIALS TOTAL			347,042
TELECOMMUNICATION SERVICES — 9.5%
Diversified Telecommunication Services — 5.1%
	BCE, Inc.	1,920	56,249
	Nippon Telegraph & Telephone Corp.	2,100	84,922
	Tele2 AB, Class B	4,665	67,684
	Telefonica SA	4,289	82,066
	Telenor ASA	5,231	64,228
Diversified Telecommunication Services Total			355,149
Wireless Telecommunication Services — 4.4%
	Freenet AG (a)	7,523	74,844
	Softbank Corp.	2,400	57,442
	Vivo Participacoes SA, ADR	1,769	48,329

		Shares	Value ($)
Common Stocks — (continued)
TELECOMMUNICATION SERVICES — (continued)
	Vodafone Group PLC	61,432	123,293
Wireless Telecommunication Services Total			303,908
TELECOMMUNICATION SERVICES TOTAL			659,057
UTILITIES — 8.7%
Electric Utilities — 4.1%
	E.ON AG	1,891	57,488
	Enel SpA	19,680	90,420
	Fortum OYJ	3,457	77,302
	Okinawa Electric Power Co., Inc.	1,200	61,761
Electric Utilities Total			286,971
Independent Power Producers & Energy Traders — 1.4%
	Drax Group PLC	9,551	46,565
	Energy Development Corp.	445,000	47,607
Independent Power Producers & Energy Traders Total			94,172
Multi-Utilities — 2.3%
	AGL Energy Ltd.	3,658	42,652
	RWE AG	1,579	113,242
Multi-Utilities Total			155,894
Water Utilities — 0.9%
	Cia de Saneamento Basico do Estado de Sao Paulo	1,800	34,591
	Guangdong Investment Ltd.	62,000	30,099
Water Utilities Total			64,690
UTILITIES TOTAL			601,727

	Total Common Stocks (cost of $7,893,468)		6,911,320

		Units
Rights — 0.1%
FINANCIALS — 0.1%
Commercial Banks — 0.1%
Governor & Co. of the Bank of Ireland
	Expires 06/08/10 (a)	20,958	4,637
Commercial Banks Total			4,637
FINANCIALS TOTAL			4,637

	Total Rights (cost of $6,917)		4,637

	Total Investments — 99.7% (cost of $7,900,385)(b)(c)		6,915,957

	Other Assets & Liabilities, Net — 0.3%		21,935

	Net Assets — 100.0%		6,937,892

· Level 1 — quoted prices in active markets for identical securities

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

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—	$	507,506		$	—	$	507,506
Consumer Staples	31,065		135,764			—		166,829
Energy	53,285		754,102			—		807,387
Financials	188,960		2,349,106			—		2,538,066
Health Care	—		441,093			—		441,093
Industrials	43,030		541,499			—		584,529
Information Technology	—		258,084			—		258,084
Materials	60,878		286,164			—		347,042
Telecommunication Services	104,578		554,479			—		659,057
Utilities	34,591		567,136			—		601,727
Total Common Stocks	516,387		6,394,933			—		6,911,320
Total Rights	—		4,637			—		4,637
Total Investments	516,387		6,399,570			—		6,915,957
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts	—		(66,295		)	—		(66,295		)
Total	$	516,387	$	6,333,275		$	—	$	6,849,662

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $7,900,385.

(c) Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Depreciation
$	470,320	$	(1,454,748	)	$	(984,428	)

Forward foreign currency exchange contracts outstanding on May 31, 2010, are:

Foreign Exchange Rate Risk

Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)

AUD	$	298,457	$	317,190	06/01/10	$	(18,733	)
AUD	293,049		289,066		08/26/10	3,983
CAD	205,173		201,632		06/01/10	3,541
CHF	142,764		142,773		06/01/10	(9		)
CZK	70,170		74,535		06/01/10	(4,365		)
EUR	690,867		761,982		06/01/10	(71,115		)
EUR	435,603		433,679		08/26/10	1,924
EUR	14,171		14,266		06/08/10	(95		)
GBP	238,251		245,902		06/01/10	(7,651		)
GBP	104,621		103,618		08/26/10	1,003
ILS	52,679		53,114		06/01/10	(435		)
JPY	120,724		120,469		06/01/10	255
JPY	163,460		164,354		08/26/10	(894		)
KRW	81,119		79,574		06/01/10	1,545
NOK	14,072		15,311		06/01/10	(1,239		)
PHP	31,749		31,646		06/01/10	103
SEK	14,956		16,404		06/01/10	(1,448		)
SEK	63,708		62,911		08/26/10	797
THB	62,719		62,680		06/01/10	39
TWD	138,380		137,370		06/01/10	1,010
						$	(91,784	)

Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)

AUD	$	298,457	$	293,650	06/01/10	$	(4,807	)
CAD	205,172		207,862		06/01/10	2,690
CAD	191,742		188,543		08/26/10	(3,199		)
CHF	142,764		153,371		06/01/10	10,607
CHF	173,509		173,453		08/26/10	(56		)
CZK	70,170		76,499		06/01/10	6,329
EUR	690,867		702,220		06/01/10	11,353
GBP	238,251		237,302		06/01/10	(949		)
ILS	52,680		53,815		06/01/10	1,135
JPY	120,725		121,983		06/01/10	1,258
KRW	81,119		84,877		06/01/10	3,758
KRW	65,343		63,671		08/26/10	(1,672		)
NOK	14,072		13,928		06/01/10	(144		)
PHP	31,748		32,579		06/01/10	831
PHP	49,773		49,279		08/26/10	(494		)
SEK	14,957		14,758		06/01/10	(199		)
SGD	49,278		49,044		08/26/10	(234		)
THB	62,719		62,428		06/01/10	(291		)
THB	41,636		41,472		08/26/10	(164		)
TWD	138,380		139,456		06/01/10	1,076
TWD	119,003		117,664		08/26/10	(1,339		)
						$	25,489

For the three months ended May 31, 2010, transactions in written option contracts were as follows:

	Number of contracts		Premium received
Options outstanding at February 28, 2010	3		$	192
Options written	57		2,111
Options terminated in closing purchase transactions	(37	)	(1,205		)
Options exercised	—		—
Options expired	(23	)	(1,098		)
Options outstanding at May 31, 2010	—		$	—

	Acronym		Name

	ADR		American Depositary Receipt
	AUD		Australian Dollar
	CAD		Canadian Dollar
	CHF		Swiss Franc
	CZK		Czech Koruna
	EUR		Euro
	GBP		Pound Sterling
	ILS		Israeli Shekel
	JPY		Japanese Yen
	KRW		South Korean Won
	NOK		Norwegian Krone
	PHP		Philippine Peso
	SEK		Swedish Krona
	SGD		Singapore Dollar
	THB		Thailand Baht
	TWD		New Taiwan Dollar

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)		Columbia Small Cap Growth Fund II

		Shares	Value ($)*
Common Stocks — 97.7%
CONSUMER DISCRETIONARY — 16.7%
Diversified Consumer Services — 0.5%
	Sotheby’s	50,160	1,630,200
Diversified Consumer Services Total			1,630,200
Hotels, Restaurants & Leisure — 2.5%
	Bally Technologies, Inc. (a)	100,580	4,274,650
	DineEquity, Inc. (a)	113,975	3,848,936
	Vail Resorts, Inc. (a)	17,110	711,947
Hotels, Restaurants & Leisure Total			8,835,533
Household Durables — 1.5%
	Tempur-Pedic International, Inc. (a)	97,920	3,250,944
	Tupperware Brands Corp.	46,805	1,988,744
Household Durables Total			5,239,688
Internet & Catalog Retail — 0.9%
	HSN, Inc. (a)	113,425	3,056,804
Internet & Catalog Retail Total			3,056,804
Media — 2.9%
	Imax Corp. (a)	100,745	1,707,628
	Knology, Inc. (a)	463,039	5,537,946
	LodgeNet Interactive Corp. (a)	526,385	2,800,368
Media Total			10,045,942
Specialty Retail — 5.4%
	Group 1 Automotive, Inc. (a)	75,912	2,158,937
	hhgregg, Inc. (a)	58,015	1,741,030
	J Crew Group, Inc. (a)	55,165	2,517,731
	OfficeMax, Inc. (a)	204,565	3,647,394
	Pier 1 Imports, Inc. (a)	444,725	3,535,564
	Ulta Salon Cosmetics & Fragrance, Inc. (a)	97,285	2,488,550
	Vitamin Shoppe, Inc. (a)	98,052	2,512,092
Specialty Retail Total			18,601,298
Textiles, Apparel & Luxury Goods — 3.0%
	Iconix Brand Group, Inc. (a)	299,460	4,866,225
	Lululemon Athletica, Inc. (a)	88,345	3,609,777
	Warnaco Group, Inc. (a)	44,110	1,878,645
Textiles, Apparel & Luxury Goods Total			10,354,647
CONSUMER DISCRETIONARY TOTAL			57,764,112
CONSUMER STAPLES — 3.3%
Food Products — 1.9%
	American Italian Pasta Co., Class A (a)	97,212	3,782,519

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
	Darling International, Inc. (a)	332,413	2,659,304
Food Products Total			6,441,823
Household Products — 0.6%
	Central Garden & Pet Co., Class A (a)	214,435	2,028,555
Household Products Total			2,028,555
Personal Products — 0.8%
	Nu Skin Enterprises, Inc., Class A	101,253	2,912,036
Personal Products Total			2,912,036
CONSUMER STAPLES TOTAL			11,382,414
ENERGY — 3.9%
Energy Equipment & Services — 1.0%
	Key Energy Services, Inc. (a)	262,935	2,513,658
	Pioneer Drilling Co. (a)	188,818	1,119,691
Energy Equipment & Services Total			3,633,349
Oil, Gas & Consumable Fuels — 2.9%
	Arena Resources, Inc. (a)	64,855	2,132,433
	Atlas Energy, Inc. (a)	50,250	1,551,720
	Comstock Resources, Inc. (a)	64,445	1,923,039
	GMX Resources, Inc. (a)	93,859	640,118
	Resolute Energy Corp. (a)	213,490	2,687,839
	Stone Energy Corp. (a)	79,430	1,065,156
Oil, Gas & Consumable Fuels Total			10,000,305
ENERGY TOTAL			13,633,654
FINANCIALS — 5.8%
Capital Markets — 2.2%
	Evercore Partners, Inc., Class A	54,848	1,788,045
	FBR Capital Markets Corp. (a)	149,380	604,989
	Stifel Financial Corp. (a)	64,489	3,267,658
	Waddell & Reed Financial, Inc., Class A	77,255	2,071,206
Capital Markets Total			7,731,898
Commercial Banks — 0.6%
	Pinnacle Financial Partners, Inc. (a)	153,799	2,102,432
Commercial Banks Total			2,102,432
Diversified Financial Services — 1.7%
	Portfolio Recovery Associates, Inc. (a)	85,321	5,841,076
Diversified Financial Services Total			5,841,076
Insurance — 0.3%
	Platinum Underwriters Holdings Ltd.	25,305	931,477
Insurance Total			931,477

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Real Estate Investment Trusts (REITs) — 1.0%
	DuPont Fabros Technology, Inc.	69,080	1,764,303
	Home Properties, Inc.	36,722	1,785,791
Real Estate Investment Trusts (REITs) Total			3,550,094
FINANCIALS TOTAL			20,156,977
HEALTH CARE — 24.6%
Biotechnology — 6.4%
	Alexion Pharmaceuticals, Inc. (a)	49,795	2,491,244
	Alkermes, Inc. (a)	268,335	3,046,944
	Human Genome Sciences, Inc. (a)	134,972	3,341,907
	Incyte Corp. Ltd. (a)	137,210	1,768,637
	Isis Pharmaceuticals, Inc. (a)	230,550	2,121,060
	Martek Biosciences Corp. (a)	115,955	2,155,603
	Onyx Pharmaceuticals, Inc. (a)	100,748	2,245,673
	Savient Pharmaceuticals, Inc. (a)	155,482	1,872,003
	Seattle Genetics, Inc. (a)	223,108	2,951,719
Biotechnology Total			21,994,790
Health Care Equipment & Supplies — 5.3%
	American Medical Systems Holdings, Inc. (a)	238,295	5,375,935
	Cyberonics, Inc. (a)	73,560	1,291,714
	Masimo Corp.	128,221	2,838,813
	NuVasive, Inc. (a)	83,625	3,283,954
	Sirona Dental Systems, Inc. (a)	84,180	2,978,288
	Thoratec Corp. (a)	58,435	2,563,543
Health Care Equipment & Supplies Total			18,332,247
Health Care Providers & Services — 7.6%
	AMERIGROUP Corp. (a)	66,660	2,394,427
	Brookdale Senior Living, Inc. (a)	139,400	2,452,046
	Catalyst Health Solutions, Inc. (a)	41,964	1,606,802
	Genoptix, Inc. (a)	71,610	1,909,123
	Healthsouth Corp. (a)	136,945	2,719,728
	HMS Holdings Corp. (a)	34,475	1,870,613
	IPC The Hospitalist Co., Inc. (a)	113,440	3,320,389
	LHC Group, Inc. (a)	73,330	2,258,564
	Magellan Health Services, Inc. (a)	40,230	1,636,959
	Mednax, Inc. (a)	42,300	2,392,065
	Owens & Minor, Inc.	121,790	3,637,867
Health Care Providers & Services Total			26,198,583
Health Care Technology — 1.8%
	Computer Programs & Systems, Inc.	67,395	2,898,659

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Omnicell, Inc. (a)	254,920	3,339,452
Health Care Technology Total			6,238,111
Life Sciences Tools & Services — 2.4%
	Albany Molecular Research, Inc. (a)	155,175	996,223
	Bio-Rad Laboratories, Inc., Class A (a)	16,273	1,522,665
	Dionex Corp. (a)	52,285	4,117,444
	ICON PLC, ADR (a)	66,610	1,853,090
Life Sciences Tools & Services Total			8,489,422
Pharmaceuticals — 1.1%
	Eurand NV (a)	96,047	858,660
	Impax Laboratories, Inc. (a)	124,810	2,630,371
	MAP Pharmaceuticals, Inc. (a)	18,877	281,645
Pharmaceuticals Total			3,770,676
HEALTH CARE TOTAL			85,023,829
INDUSTRIALS — 15.7%
Aerospace & Defense — 2.3%
	HEICO Corp.	41,265	1,646,061
	Hexcel Corp. (a)	219,610	3,507,172
	Teledyne Technologies, Inc. (a)	72,728	2,858,937
Aerospace & Defense Total			8,012,170
Air Freight & Logistics — 1.1%
	HUB Group, Inc., Class A (a)	119,911	3,669,277
Air Freight & Logistics Total			3,669,277
Commercial Services & Supplies — 0.7%
	Geo Group, Inc. (a)	119,255	2,516,281
Commercial Services & Supplies Total			2,516,281
Construction & Engineering — 0.9%
	Great Lakes Dredge & Dock Corp.	560,955	3,267,563
Construction & Engineering Total			3,267,563
Electrical Equipment — 3.2%
	American Superconductor Corp. (a)	38,620	1,184,089
	General Cable Corp. (a)	69,680	2,171,229
	II-VI, Inc. (a)	120,764	4,048,009
	Thomas & Betts Corp. (a)	95,020	3,643,067
Electrical Equipment Total			11,046,394
Machinery — 2.8%
	Actuant Corp., Class A	71,150	1,438,653
	Chart Industries, Inc. (a)	109,525	2,017,451
	Columbus McKinnon Corp. (a)	118,460	1,940,375
	Dynamic Materials Corp.	138,740	2,207,353

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Trinity Industries, Inc.	94,510	2,065,043
Machinery Total			9,668,875
Marine — 1.0%
	Genco Shipping & Trading Ltd. (a)	69,722	1,326,810
	Kirby Corp. (a)	53,035	2,091,170
Marine Total			3,417,980
Professional Services — 1.1%
	Korn/Ferry International (a)	262,086	3,663,962
Professional Services Total			3,663,962
Road & Rail — 2.0%
	Dollar Thrifty Automotive Group, Inc. (a)	50,625	2,364,187
	Old Dominion Freight Line, Inc. (a)	49,420	1,761,329
	Roadrunner Transportation Systems, Inc. (a)	188,202	2,642,356
Road & Rail Total			6,767,872
Trading Companies & Distributors — 0.6%
	Beacon Roofing Supply, Inc. (a)	103,595	2,175,495
Trading Companies & Distributors Total			2,175,495
INDUSTRIALS TOTAL			54,205,869
INFORMATION TECHNOLOGY — 24.9%
Communications Equipment — 3.3%
	Brocade Communications Systems, Inc. (a)	209,220	1,140,249
	Comtech Telecommunications Corp. (a)	57,055	1,643,755
	Digi International, Inc. (a)	148,222	1,369,571
	Finisar Corp. (a)	154,045	2,341,484
	Polycom, Inc. (a)	159,865	4,800,746
Communications Equipment Total			11,295,805
Computers & Peripherals — 0.7%
	Synaptics, Inc. (a)	79,245	2,371,010
Computers & Peripherals Total			2,371,010
Electronic Equipment, Instruments & Components — 2.2%
	Anixter International, Inc. (a)	43,160	2,050,100
	Brightpoint, Inc. (a)	232,235	1,725,506
	Plexus Corp. (a)	50,165	1,708,119
	TTM Technologies, Inc. (a)	181,688	2,102,130
Electronic Equipment, Instruments & Components Total			7,585,855
Internet Software & Services — 1.3%
	OpenTable, Inc. (a)	42,845	1,770,784

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Perficient, Inc. (a)	254,720	2,717,862
Internet Software & Services Total			4,488,646
IT Services — 3.8%
	CACI International, Inc., Class A (a)	61,455	2,841,679
	Cybersource Corp. (a)	102,520	2,633,739
	Syntel, Inc.	61,360	2,051,878
	TeleTech Holdings, Inc. (a)	239,017	3,090,490
	Wright Express Corp. (a)	83,165	2,611,381
IT Services Total			13,229,167
Semiconductors & Semiconductor Equipment — 7.9%
	Amkor Technology, Inc. (a)	509,875	3,472,249
	Atheros Communications, Inc. (a)	37,840	1,286,560
	Cabot Microelectronics Corp. (a)	67,230	2,467,341
	Cavium Networks, Inc. (a)	98,600	2,620,788
	Cirrus Logic, Inc. (a)	266,440	3,787,445
	Diodes, Inc. (a)	82,300	1,626,248
	Monolithic Power Systems, Inc. (a)	153,260	2,941,059
	Semtech Corp. (a)	199,470	3,512,667
	Skyworks Solutions, Inc. (a)	244,450	3,894,088
	Volterra Semiconductor Corp. (a)	76,830	1,801,664
Semiconductors & Semiconductor Equipment Total			27,410,109
Software — 5.7%
	Cadence Design Systems, Inc. (a)	268,345	1,797,912
	Concur Technologies, Inc. (a)	33,370	1,411,551
	Net 1 UEPS Technologies, Inc. (a)	164,420	2,354,494
	Progress Software Corp. (a)	199,500	6,372,030
	Solera Holdings, Inc.	87,740	3,042,823
	TeleCommunication Systems, Inc., Class A (a)	271,095	1,358,186
	THQ, Inc. (a)	566,320	3,397,920
Software Total			19,734,916
INFORMATION TECHNOLOGY TOTAL			86,115,508
MATERIALS — 2.1%
Chemicals — 1.2%
	Koppers Holdings, Inc.	68,891	1,866,257
	Solutia, Inc. (a)	159,840	2,421,576
Chemicals Total			4,287,833

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
Containers & Packaging — 0.9%
	Greif, Inc., Class A	54,105	2,964,954
Containers & Packaging Total			2,964,954
MATERIALS TOTAL			7,252,787
TELECOMMUNICATION SERVICES — 0.7%
Wireless Telecommunication Services — 0.7%
	NTELOS Holdings Corp.	125,775	2,257,661
Wireless Telecommunication Services Total			2,257,661
TELECOMMUNICATION SERVICES TOTAL			2,257,661

	Total Common Stocks (cost of $298,670,163)		337,792,811

		Par ($)
Short-Term Obligation — 2.4%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.130%, collateralized by a U.S. Treasury obligation maturing 08/15/19, market value $8,404,550 (repurchase proceeds $8,235,119)	8,235,000	8,235,000

	Total Short-Term Obligation (cost of $8,235,000)		8,235,000

	Total Investments — 100.1% (cost of $306,905,163)(b)(c)		346,027,811

	Other Assets & Liabilities, Net — (0.1)%		(484,409	)

	Net Assets — 100.0%		345,543,402

Notes to Investment Portfolio:

Security Valuation:

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

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

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

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	337,792,811	$	—	$	—	$	337,792,811
Total Short-Term Obligation	—		8,235,000		—		8,235,000
Total Investments	$	337,792,811	$	8,235,000	$	—	$	346,027,811

INVESTMENT PORTFOLIO

May 31, 2010 (Unaudited)

Columbia Small Cap Index Fund

		Shares	Value ($)*
Common Stocks — 98.4%
CONSUMER DISCRETIONARY — 16.9%
Auto Components — 0.2%
	Drew Industries, Inc. (a)	64,800	1,421,712
	Spartan Motors, Inc.	113,200	543,360
	Standard Motor Products, Inc.	63,100	528,147
	Superior Industries International, Inc.	79,800	1,181,040
Auto Components Total			3,674,259
Automobiles — 0.1%
	Winnebago Industries, Inc. (a)	100,100	1,214,213
Automobiles Total			1,214,213
Distributors — 0.0%
	Audiovox Corp., Class A (a)	63,800	521,246
Distributors Total			521,246
Diversified Consumer Services — 1.4%
	American Public Education, Inc. (a)	63,000	2,576,070
	Capella Education Co. (a)	50,100	4,304,091
	Coinstar, Inc. (a)	107,100	5,746,986
	Hillenbrand, Inc.	214,200	5,202,918
	Pre-Paid Legal Services, Inc. (a)	23,200	1,074,624
	Universal Technical Institute, Inc. (a)	69,800	1,713,590
Diversified Consumer Services Total			20,618,279
Hotels, Restaurants & Leisure — 3.1%
	Biglari Holdings, Inc. (a)	4,205	1,278,740
	BJ’s Restaurants, Inc. (a)	72,800	1,688,232
	Buffalo Wild Wings, Inc. (a)	62,200	2,295,180
	California Pizza Kitchen, Inc. (a)	83,200	1,516,736
	CEC Entertainment, Inc. (a)	76,350	3,087,594
	CKE Restaurants, Inc.	189,900	2,347,164
	Cracker Barrel Old Country Store, Inc.	78,800	3,926,604
	DineEquity, Inc. (a)	52,400	1,769,548
	Interval Leisure Group, Inc. (a)	136,200	1,841,424
	Jack in the Box, Inc. (a)	190,200	4,268,088
	Landry’s Restaurants, Inc. (a)	27,800	666,366
	Marcus Corp.	71,900	787,305
	Monarch Casino & Resort, Inc. (a)	38,800	449,304
	Multimedia Games, Inc. (a)	94,000	433,340
	O’Charleys, Inc. (a)	64,500	480,525
	P.F. Chang’s China Bistro, Inc.	78,900	3,429,783
	Papa John’s International, Inc. (a)	72,900	1,810,107
	Peet’s Coffee & Tea, Inc. (a)	44,700	1,736,595
	Pinnacle Entertainment, Inc. (a)	206,800	2,502,280

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Red Robin Gourmet Burgers, Inc. (a)	53,700	1,106,757
	Ruby Tuesday, Inc. (a)	222,000	2,388,720
	Ruth’s Hospitality Group, Inc. (a)	98,108	474,843
	Shuffle Master, Inc. (a)	184,550	1,531,765
	Sonic Corp. (a)	210,200	2,217,610
	Texas Roadhouse, Inc., Class A (a)	177,600	2,592,960
Hotels, Restaurants & Leisure Total			46,627,570
Household Durables — 1.1%
	Blyth, Inc.	20,500	1,017,620
	Ethan Allen Interiors, Inc.	89,600	1,809,920
	Helen of Troy Ltd. (a)	105,100	2,707,376
	Kid Brands, Inc. (a)	58,400	501,656
	La-Z-Boy, Inc. (a)	177,400	2,105,738
	M/I Homes, Inc. (a)	63,700	754,208
	Meritage Home Corp. (a)	109,400	2,338,972
	National Presto Industries, Inc.	16,500	1,604,460
	Skyline Corp.	23,400	442,260
	Standard Pacific Corp. (a)	338,200	1,707,910
	Universal Electronics, Inc. (a)	47,100	919,392
Household Durables Total			15,909,512
Internet & Catalog Retail — 0.7%
	Blue Nile, Inc. (a)	49,800	2,335,620
	HSN, Inc. (a)	137,100	3,694,845
	NutriSystem, Inc.	106,500	2,369,625
	PetMed Express, Inc.	78,700	1,551,964
Internet & Catalog Retail Total			9,952,054
Leisure Equipment & Products — 1.5%
	Arctic Cat, Inc. (a)	42,000	481,740
	Brunswick Corp.	304,400	5,317,868
	Callaway Golf Co.	221,600	1,865,872
	Jakks Pacific, Inc. (a)	96,000	1,421,760
	Nautilus Group, Inc. (a)	70,900	162,361
	Polaris Industries, Inc.	113,100	6,638,970
	Pool Corp.	169,250	4,060,307
	RC2 Corp. (a)	73,600	1,368,960
	Sturm Ruger & Co., Inc.	65,600	1,032,544
Leisure Equipment & Products Total			22,350,382
Media — 0.7%
	Arbitron, Inc.	91,500	2,787,090
	EW Scripps Co., Class A (a)	100,000	883,000

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Live Nation, Inc. (a)	489,560	5,987,319
Media Total			9,657,409
Multiline Retail — 0.2%
	Fred’s, Inc., Class A	136,550	1,869,370
	Tuesday Morning Corp. (a)	107,800	610,148
Multiline Retail Total			2,479,518
Specialty Retail — 4.9%
	Big 5 Sporting Goods Corp.	74,200	1,097,418
	Brown Shoe Co., Inc.	147,575	2,461,551
	Buckle, Inc.	87,650	3,115,958
	Cabela’s, Inc. (a)	139,000	2,392,190
	Cato Corp., Class A	101,800	2,415,714
	Children’s Place Retail Stores, Inc. (a)	94,300	4,444,359
	Christopher & Banks Corp.	123,900	1,134,924
	Finish Line, Inc., Class A	194,899	3,245,068
	Genesco, Inc. (a)	81,800	2,545,616
	Group 1 Automotive, Inc. (a)	84,300	2,397,492
	Gymboree Corp. (a)	103,200	4,600,656
	Haverty Furniture Companies, Inc.	64,400	1,043,924
	Hibbett Sports, Inc. (a)	98,600	2,540,922
	HOT Topic, Inc.	152,400	847,344
	Jo-Ann Stores, Inc. (a)	92,250	4,213,980
	Jos. A. Bank Clothiers, Inc. (a)	62,975	3,821,323
	Lithia Motors, Inc., Class A	73,000	596,410
	Lumber Liquidators Holdings, Inc. (a)	53,500	1,578,785
	MarineMax, Inc. (a)	75,500	762,550
	Men’s Wearhouse, Inc.	179,900	3,911,026
	Midas, Inc. (a)	49,000	489,510
	Monro Muffler Brake, Inc.	68,300	2,690,337
	OfficeMax, Inc. (a)	291,300	5,193,879
	Pep Boys-Manny, Moe & Jack, Inc.	160,300	1,976,499
	Sonic Automotive, Inc., Class A (a)	136,400	1,348,996
	Stage Stores, Inc.	130,975	1,855,916
	Stein Mart, Inc. (a)	89,800	715,706
	Tractor Supply Co.	124,200	8,415,792
	Zale Corp. (a)	81,600	220,320
	Zumiez, Inc. (a)	71,800	1,229,216
Specialty Retail Total			73,303,381
Textiles, Apparel & Luxury Goods — 3.0%
	Carter’s, Inc. (a)	202,600	6,191,456
	CROCS, Inc. (a)	294,800	3,051,180

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER DISCRETIONARY — (continued)
	Deckers Outdoor Corp. (a)	44,300	6,411,096
	Iconix Brand Group, Inc. (a)	245,800	3,994,250
	K-Swiss, Inc., Class A (a)	93,100	1,160,957
	Liz Claiborne, Inc. (a)	326,300	2,000,219
	Maidenform Brands, Inc. (a)	74,200	1,716,988
	Movado Group, Inc. (a)	61,700	757,676
	Oxford Industries, Inc.	47,700	994,068
	Perry Ellis International, Inc. (a)	35,100	844,506
	Quiksilver, Inc. (a)	442,600	2,062,516
	Skechers U.S.A., Inc., Class A (a)	115,500	4,352,040
	True Religion Apparel, Inc. (a)	87,200	2,407,592
	Unifirst Corp.	49,400	2,223,000
	Volcom, Inc. (a)	57,000	1,137,720
	Wolverine World Wide, Inc.	171,400	4,919,180
Textiles, Apparel & Luxury Goods Total			44,224,444
CONSUMER DISCRETIONARY TOTAL			250,532,267
CONSUMER STAPLES — 3.2%
Beverages — 0.1%
	Boston Beer Co., Inc., Class A (a)	34,800	2,298,540
Beverages Total			2,298,540
Food & Staples Retailing — 1.1%
	Andersons, Inc.	63,000	2,061,990
	Casey’s General Stores, Inc.	175,200	6,459,624
	Great Atlantic & Pacific Tea Co., Inc. (a)	95,300	513,667
	Nash Finch Co.	44,100	1,592,451
	Spartan Stores, Inc.	77,300	1,178,052
	United Natural Foods, Inc. (a)	148,300	4,604,715
Food & Staples Retailing Total			16,410,499
Food Products — 1.6%
	Cal-Maine Foods, Inc.	43,400	1,404,858
	Calavo Growers, Inc.	40,400	645,188
	Darling International, Inc. (a)	283,000	2,264,000
	Diamond Foods, Inc.	72,700	3,013,415
	Hain Celestial Group, Inc. (a)	140,500	3,029,180
	J & J Snack Foods Corp.	48,700	2,163,741
	Lance, Inc.	110,300	2,128,790
	Sanderson Farms, Inc.	66,200	3,631,070
	TreeHouse Foods, Inc. (a)	118,200	5,449,020
Food Products Total			23,729,262

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Household Products — 0.3%
	Central Garden & Pet Co., Class A (a)	221,800	2,098,228
	WD-40 Co.	57,100	1,863,744
Household Products Total			3,961,972
Personal Products — 0.0%
	Mannatech, Inc.	53,800	136,114
Personal Products Total			136,114
Tobacco — 0.1%
	Alliance One International, Inc. (a)	306,600	1,278,522
Tobacco Total			1,278,522
CONSUMER STAPLES TOTAL			47,814,909
ENERGY — 4.8%
Energy Equipment & Services — 2.8%
	Basic Energy Services, Inc. (a)	78,400	639,744
	Bristow Group, Inc. (a)	123,700	4,020,250
	CARBO Ceramics, Inc.	65,850	4,260,495
	Dril-Quip, Inc. (a)	104,000	5,065,840
	Gulf Island Fabrication, Inc.	49,200	898,884
	Hornbeck Offshore Services, Inc. (a)	79,200	1,210,176
	ION Geophysical Corp. (a)	434,800	2,360,964
	Lufkin Industries, Inc.	51,400	4,098,122
	Matrix Service Co. (a)	90,500	890,520
	Oil States International, Inc. (a)	171,600	6,699,264
	Pioneer Drilling Co. (a)	186,300	1,104,759
	SEACOR Holdings, Inc. (a)	77,800	5,677,844
	Seahawk Drilling, Inc. (a)	40,700	492,063
	Superior Well Services, Inc. (a)	63,400	957,974
	TETRA Technologies, Inc. (a)	260,050	2,616,103
Energy Equipment & Services Total			40,993,002
Oil, Gas & Consumable Fuels — 2.0%
	Holly Corp.	149,900	3,882,410
	Penn Virginia Corp.	156,300	3,421,407
	Petroleum Development Corp. (a)	66,200	1,363,720
	Petroquest Energy, Inc. (a)	182,600	1,146,728
	SM Energy Co.	216,100	9,344,164
	Stone Energy Corp. (a)	145,100	1,945,791
	Swift Energy Co. (a)	129,100	3,569,615

		Shares	Value ($)
Common Stocks — (continued)
ENERGY — (continued)
	World Fuel Services Corp.	204,400	5,320,532
Oil, Gas & Consumable Fuels Total			29,994,367
ENERGY TOTAL			70,987,369
FINANCIALS — 18.2%
Capital Markets — 1.0%
	Investment Technology Group, Inc. (a)	151,400	2,552,604
	LaBranche & Co., Inc. (a)	147,300	626,025
	optionsXpress Holdings, Inc. (a)	146,300	2,348,115
	Piper Jaffray Companies, Inc. (a)	54,500	1,804,495
	Stifel Financial Corp. (a)	106,300	5,386,221
	SWS Group, Inc.	98,650	990,446
	TradeStation Group, Inc. (a)	113,900	809,829
Capital Markets Total			14,517,735
Commercial Banks — 6.4%
	Bank of the Ozarks, Inc.	44,700	1,577,463
	Boston Private Financial Holdings, Inc.	223,300	1,634,556
	City Holding Co.	54,700	1,755,323
	Columbia Banking System, Inc.	130,000	2,902,900
	Community Bank System, Inc.	112,700	2,575,195
	East West Bancorp, Inc.	509,000	8,653,000
	First Bancorp Puerto Rico	261,200	347,396
	First Commonwealth Financial Corp.	262,300	1,371,829
	First Financial Bancorp	168,800	2,683,076
	First Financial Bankshares, Inc.	71,700	3,597,906
	First Midwest Bancorp, Inc.	254,800	3,534,076
	Glacier Bancorp, Inc.	247,507	3,925,461
	Hancock Holding Co.	97,700	3,735,071
	Hanmi Financial Corp. (a)	176,200	407,022
	Home Bancshares, Inc.	73,950	1,743,741
	Independent Bank Corp. MA	72,000	1,743,840
	Nara Bancorp, Inc. (a)	111,400	849,982
	National Penn Bancshares, Inc.	433,400	3,029,466
	NBT Bancorp, Inc.	118,400	2,598,880
	Old National Bancorp	300,000	3,444,000
	Pinnacle Financial Partners, Inc. (a)	114,600	1,566,582
	PrivateBancorp, Inc.	201,300	2,667,225
	S&T Bancorp, Inc.	83,100	1,792,467
	Signature Bank (a)	139,700	5,286,248
	Simmons First National Corp., Class A	53,100	1,399,716
	South Financial Group, Inc.	741,500	201,836

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	Sterling Bancorp NY	92,000	880,440
	Sterling Bancshares, Inc.	341,350	1,826,222
	Susquehanna Bancshares, Inc.	426,700	3,742,159
	Tompkins Financial Corp.	26,540	1,056,823
	UMB Financial Corp.	103,000	4,011,850
	Umpqua Holdings Corp.	393,700	4,944,872
	United Bankshares, Inc.	131,600	3,542,672
	United Community Banks, Inc. (a)	284,472	1,318,528
	Whitney Holding Corp.	331,900	3,933,015
	Wilshire Bancorp, Inc.	66,800	680,024
	Wintrust Financial Corp.	103,700	3,697,942
Commercial Banks Total			94,658,804
Consumer Finance — 0.7%
	Cash America International, Inc.	101,700	3,757,815
	EZCORP, Inc., Class A (a)	167,700	3,070,587
	First Cash Financial Services, Inc. (a)	91,400	1,922,142
	Rewards Network, Inc.	30,033	321,353
	World Acceptance Corp. (a)	55,900	1,997,307
Consumer Finance Total			11,069,204
Diversified Financial Services — 0.2%
	Portfolio Recovery Associates, Inc. (a)	57,700	3,950,142
Diversified Financial Services Total			3,950,142
Insurance — 2.5%
	American Physicians Capital, Inc.	28,766	892,034
	Amerisafe, Inc. (a)	65,000	1,098,500
	Delphi Financial Group, Inc., Class A	163,850	4,255,184
	eHealth, Inc. (a)	80,800	1,069,792
	Employers Holdings, Inc.	151,400	2,414,830
	Infinity Property & Casualty Corp.	46,800	2,190,240
	National Financial Partners Corp. (a)	142,500	1,986,450
	Navigators Group, Inc. (a)	45,900	1,880,064
	Presidential Life Corp.	71,200	746,888
	ProAssurance Corp. (a)	111,500	6,562,890
	RLI Corp.	59,700	3,290,664
	Safety Insurance Group, Inc.	51,800	1,871,534
	Selective Insurance Group, Inc.	183,000	2,854,800
	Stewart Information Services Corp.	62,700	664,620
	Tower Group, Inc.	154,800	3,391,668
	United Fire & Casualty Co.	76,300	1,629,005
Insurance Total			36,799,163

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Real Estate Investment Trusts (REITs) — 6.9%
	Acadia Realty Trust	138,032	2,469,393
	BioMed Realty Trust, Inc.	377,200	6,416,172
	Cedar Shopping Centers, Inc.	199,800	1,372,626
	Colonial Properties Trust	241,000	3,634,280
	DiamondRock Hospitality Co. (a)	520,452	4,756,931
	EastGroup Properties, Inc.	92,300	3,413,254
	Entertainment Properties Trust	159,600	6,534,024
	Extra Space Storage, Inc.	298,500	4,489,440
	Franklin Street Properties Corp.	233,100	2,878,785
	Healthcare Realty Trust, Inc.	211,300	4,845,109
	Home Properties, Inc.	120,300	5,850,189
	Inland Real Estate Corp.	247,000	2,057,510
	Kilroy Realty Corp.	175,900	5,787,110
	Kite Realty Group Trust	214,500	1,051,050
	LaSalle Hotel Properties	237,500	5,343,750
	Lexington Realty Trust	379,951	2,359,496
	LTC Properties, Inc.	80,200	2,060,338
	Medical Properties Trust, Inc.	366,200	3,497,210
	Mid-America Apartment Communities, Inc.	100,100	5,468,463
	National Retail Properties, Inc.	285,400	6,273,092
	Parkway Properties, Inc.	74,200	1,250,270
	Pennsylvania Real Estate Investment Trust	164,200	2,264,318
	Post Properties, Inc.	167,200	4,193,376
	PS Business Parks, Inc.	62,100	3,347,811
	Sovran Self Storage, Inc.	94,700	3,412,041
	Tanger Factory Outlet Centers	139,200	5,793,504
	Urstadt Biddle Properties, Inc., Class A	74,000	1,238,760
Real Estate Investment Trusts (REITs) Total			102,058,302
Real Estate Management & Development — 0.1%
	Forestar Group Inc. (a)	125,200	2,297,420
Real Estate Management & Development Total			2,297,420
Thrifts & Mortgage Finance — 0.4%
	Bank Mutual Corp.	156,500	1,004,730
	Brookline Bancorp, Inc.	203,200	2,023,872
	Dime Community Bancshares	87,600	1,117,776

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
	TrustCo Bank Corp. NY	264,200	1,645,966
Thrifts & Mortgage Finance Total			5,792,344
FINANCIALS TOTAL			271,143,114
HEALTH CARE — 12.8%
Biotechnology — 1.2%
	ArQule, Inc. (a)	97,000	592,670
	Cubist Pharmaceuticals, Inc. (a)	199,500	4,289,250
	Emergent Biosolutions, Inc. (a)	57,200	900,900
	Martek Biosciences Corp. (a)	114,500	2,128,555
	Regeneron Pharmaceuticals, Inc. (a)	222,000	6,342,540
	Savient Pharmaceuticals, Inc. (a)	230,400	2,774,016
Biotechnology Total			17,027,931
Health Care Equipment & Supplies — 3.7%
	Abaxis, Inc. (a)	76,000	1,710,760
	Align Technology, Inc. (a)	233,000	3,476,360
	American Medical Systems Holdings, Inc. (a)	258,500	5,831,760
	Analogic Corp.	44,300	1,914,646
	Cantel Medical Corp.	44,400	761,016
	CONMED Corp. (a)	100,400	1,951,776
	Cooper Companies, Inc.	156,300	5,761,218
	CryoLife, Inc. (a)	98,100	508,158
	Cyberonics, Inc. (a)	82,200	1,443,432
	Greatbatch, Inc. (a)	79,900	1,684,292
	Haemonetics Corp. (a)	86,500	4,665,810
	ICU Medical, Inc. (a)	41,500	1,320,530
	Integra LifeSciences Holdings Corp. (a)	71,100	2,801,340
	Invacare Corp.	111,300	2,658,957
	Kensey Nash Corp. (a)	34,800	803,880
	Meridian Bioscience, Inc.	139,700	2,441,956
	Merit Medical Systems, Inc. (a)	96,700	1,478,543
	Natus Medical, Inc. (a)	97,700	1,616,935
	Neogen Corp. (a)	76,600	1,969,386
	Osteotech, Inc. (a)	62,000	234,360
	Palomar Medical Technologies, Inc. (a)	63,700	686,049
	SurModics, Inc. (a)	60,000	1,020,600
	Symmetry Medical, Inc. (a)	123,300	1,342,737
	Theragenics Corp. (a)	115,200	134,784
	West Pharmaceutical Services, Inc.	113,900	4,481,965
	Zoll Medical Corp. (a)	73,500	2,135,175
Health Care Equipment & Supplies Total			54,836,425

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Providers & Services — 5.3%
	Air Methods Corp. (a)	37,500	1,234,875
	Almost Family, Inc. (a)	28,000	1,018,360
	Amedisys, Inc. (a)	97,299	4,837,706
	AMERIGROUP Corp. (a)	175,850	6,316,532
	AMN Healthcare Services, Inc. (a)	112,300	934,336
	AmSurg Corp. (a)	106,300	2,104,740
	Bio-Reference Labs, Inc. (a)	82,100	1,877,627
	Catalyst Health Solutions, Inc. (a)	132,800	5,084,912
	Centene Corp. (a)	168,500	3,845,170
	Chemed Corp.	78,300	4,456,053
	Corvel Corp. (a)	24,500	869,015
	Cross Country Healthcare, Inc. (a)	106,100	902,911
	Genoptix, Inc. (a)	59,700	1,591,602
	Gentiva Health Services, Inc. (a)	100,900	2,787,867
	Hanger Orthopedic Group, Inc. (a)	109,800	1,872,090
	Healthspring, Inc. (a)	168,400	2,925,108
	Healthways, Inc. (a)	116,300	1,649,134
	HMS Holdings Corp. (a)	93,100	5,051,606
	inVentiv Health, Inc. (a)	116,300	2,905,174
	IPC The Hospitalist Co., Inc. (a)	46,900	1,372,763
	Landauer, Inc.	32,300	1,967,716
	LCA-Vision, Inc. (a)	64,100	480,750
	LHC Group, Inc. (a)	52,100	1,604,680
	Magellan Health Services, Inc. (a)	118,900	4,838,041
	Medcath Corp. (a)	63,400	578,842
	Molina Healthcare, Inc. (a)	45,700	1,257,664
	MWI Veterinary Supply, Inc. (a)	42,000	2,058,420
	Odyssey Healthcare, Inc. (a)	114,050	3,029,168
	PharMerica Corp. (a)	105,400	1,728,560
	PSS World Medical, Inc. (a)	202,600	4,641,566
	RehabCare Group, Inc. (a)	84,900	2,469,741
	Res-Care, Inc. (a)	88,200	992,250
Health Care Providers & Services Total			79,284,979
Health Care Technology — 0.9%
	Computer Programs & Systems, Inc.	33,600	1,445,136
	Eclipsys Corp. (a)	196,800	3,769,704
	Omnicell, Inc. (a)	111,200	1,456,720
	Phase Forward, Inc. (a)	149,000	2,507,670

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
	Quality Systems, Inc.	65,100	3,843,504
Health Care Technology Total			13,022,734
Life Sciences Tools & Services — 0.8%
	Cambrex Corp. (a)	100,900	420,753
	Dionex Corp. (a)	60,800	4,788,000
	Enzo Biochem, Inc. (a)	114,620	608,632
	eResearchTechnology, Inc. (a)	145,100	1,152,094
	Kendle International, Inc. (a)	51,200	721,920
	PAREXEL International Corp. (a)	199,900	4,458,770
Life Sciences Tools & Services Total			12,150,169
Pharmaceuticals — 0.9%
	Par Pharmaceutical Companies, Inc. (a)	120,200	3,336,752
	Salix Pharmaceuticals Ltd. (a)	191,100	6,866,223
	Viropharma, Inc. (a)	266,700	3,245,739
Pharmaceuticals Total			13,448,714
HEALTH CARE TOTAL			189,770,952
INDUSTRIALS — 16.8%
Aerospace & Defense — 2.8%
	AAR Corp. (a)	134,000	2,639,800
	Aerovironment, Inc. (a)	51,100	1,279,544
	American Science & Engineering, Inc.	31,000	2,172,170
	Applied Signal Technology, Inc.	45,800	807,912
	Ceradyne, Inc. (a)	87,400	1,883,470
	Cubic Corp.	53,400	1,942,692
	Curtiss-Wright Corp.	157,700	5,223,024
	Esterline Technologies Corp. (a)	102,700	5,510,882
	GenCorp, Inc. (a)	175,200	911,040
	Moog, Inc., Class A (a)	156,175	5,155,337
	Orbital Sciences Corp. (a)	196,000	3,110,520
	Stanley, Inc. (a)	55,500	2,050,170
	Teledyne Technologies, Inc. (a)	124,600	4,898,026
	Triumph Group, Inc.	57,400	3,984,134
Aerospace & Defense Total			41,568,721
Air Freight & Logistics — 0.4%
	Forward Air Corp.	99,750	2,730,158
	HUB Group, Inc., Class A (a)	131,000	4,008,600
Air Freight & Logistics Total			6,738,758
Airlines — 0.4%
	Allegiant Travel Co.	51,900	2,869,551
	Skywest, Inc.	192,800	2,827,412
Airlines Total			5,696,963

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Building Products — 1.0%
	AAON, Inc.	43,300	1,068,644
	Apogee Enterprises, Inc.	96,300	1,315,458
	Gibraltar Industries, Inc. (a)	104,100	1,365,792
	Griffon Corp. (a)	151,800	1,842,852
	NCI Building Systems, Inc. (a)	62,240	717,005
	Quanex Building Products Corp.	130,200	2,594,886
	Simpson Manufacturing Co., Inc.	132,600	3,874,572
	Universal Forest Products, Inc.	66,400	2,460,120
Building Products Total			15,239,329
Commercial Services & Supplies — 2.3%
	ABM Industries, Inc.	160,800	3,452,376
	ATC Technology Corp. (a)	69,000	1,290,300
	Bowne & Co., Inc.	137,953	1,527,140
	Consolidated Graphics, Inc. (a)	38,400	1,764,096
	G&K Services, Inc., Class A	63,900	1,545,741
	Geo Group, Inc. (a)	177,700	3,749,470
	Healthcare Services Group, Inc.	149,600	3,008,456
	Interface, Inc., Class A	193,800	2,283,933
	Mobile Mini, Inc. (a)	124,800	1,996,800
	Standard Register Co.	43,700	174,363
	Sykes Enterprises, Inc. (a)	138,700	2,393,962
	Tetra Tech, Inc. (a)	212,300	4,811,779
	United Stationers, Inc. (a)	82,600	4,825,492
	Viad Corp.	70,700	1,637,412
Commercial Services & Supplies Total			34,461,320
Construction & Engineering — 0.8%
	Comfort Systems USA, Inc.	130,500	1,438,110
	Dycom Industries, Inc. (a)	134,700	1,330,836
	EMCOR Group, Inc. (a)	227,900	5,690,663
	Insituform Technologies, Inc., Class A (a)	134,700	2,755,962
Construction & Engineering Total			11,215,571
Electrical Equipment — 2.2%
	A.O. Smith Corp.	78,400	3,655,008
	Acuity Brands, Inc.	149,400	6,144,822
	AZZ, Inc.	42,500	1,569,100
	Baldor Electric Co.	144,400	5,188,292
	Belden, Inc.	160,550	4,158,245
	Brady Corp., Class A	180,300	5,243,124

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	Encore Wire Corp.	65,400	1,291,650
	II-VI, Inc. (a)	88,900	2,979,928
	MagneTek, Inc. (a)	107,000	153,010
	Powell Industries, Inc. (a)	30,000	881,850
	Vicor Corp. (a)	67,400	822,280
Electrical Equipment Total			32,087,309
Industrial Conglomerates — 0.2%
	Standex International Corp.	42,900	1,115,829
	Tredegar Corp.	74,200	1,222,816
Industrial Conglomerates Total			2,338,645
Machinery — 4.2%
	Actuant Corp., Class A	233,500	4,721,370
	Albany International Corp., Class A	94,500	1,778,490
	Astec Industries, Inc. (a)	68,300	2,040,121
	Badger Meter, Inc.	51,500	2,037,855
	Barnes Group, Inc.	149,400	2,796,768
	Briggs & Stratton Corp.	172,100	3,550,423
	Cascade Corp.	31,500	1,048,320
	CIRCOR International, Inc.	58,500	1,738,620
	CLARCOR, Inc.	173,500	6,291,110
	EnPro Industries, Inc. (a)	69,900	2,207,442
	ESCO Technologies, Inc.	91,000	2,381,470
	Gardner Denver, Inc.	179,700	8,183,538
	John Bean Technologies Corp.	96,900	1,665,711
	Kaydon Corp.	115,400	4,332,116
	Lindsay Corp.	42,900	1,465,893
	Lydall, Inc. (a)	58,800	473,928
	Mueller Industries, Inc.	129,600	3,435,696
	Robbins & Myers, Inc.	113,300	2,502,797
	Toro Co.	115,700	6,188,793
	Watts Water Technologies, Inc., Class A	101,000	3,272,400
Machinery Total			62,112,861
Professional Services — 0.9%
	Administaff, Inc.	76,600	1,848,358
	CDI Corp.	43,700	697,889
	Dolan Co. (a)	103,500	1,273,050
	Exponent, Inc. (a)	47,000	1,292,030
	Heidrick & Struggles International, Inc.	58,800	1,361,220
	Kelly Services, Inc., Class A (a)	91,500	1,334,985
	On Assignment, Inc. (a)	124,200	686,826
	School Specialty, Inc. (a)	55,200	1,186,248

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
	SFN Group, Inc. (a)	177,600	1,360,416
	TrueBlue, Inc. (a)	151,500	2,013,435
	Volt Information Sciences, Inc. (a)	41,600	418,496
Professional Services Total			13,472,953
Road & Rail — 0.8%
	Arkansas Best Corp.	87,100	2,037,269
	Heartland Express, Inc.	181,068	2,814,702
	Knight Transportation, Inc.	200,700	3,989,916
	Old Dominion Freight Line, Inc. (a)	96,250	3,430,350
Road & Rail Total			12,272,237
Trading Companies & Distributors — 0.8%
	Applied Industrial Technologies, Inc.	128,325	3,539,203
	Kaman Corp.	88,700	2,172,263
	Lawson Products, Inc.	13,800	190,026
	Watsco, Inc.	111,300	6,516,615
Trading Companies & Distributors Total			12,418,107
INDUSTRIALS TOTAL			249,622,774
INFORMATION TECHNOLOGY — 17.8%
Communications Equipment — 2.2%
	Arris Group, Inc. (a)	431,500	4,733,555
	Bel Fuse, Inc., Class B	40,100	706,562
	Black Box Corp.	60,400	1,781,196
	Blue Coat Systems, Inc. (a)	143,200	3,074,504
	Comtech Telecommunications Corp. (a)	97,300	2,803,213
	DG FastChannel, Inc. (a)	83,200	3,533,504
	Digi International, Inc. (a)	85,200	787,248
	EMS Technologies, Inc. (a)	52,600	817,404
	Harmonic, Inc. (a)	332,200	1,923,438
	NETGEAR, Inc. (a)	120,000	2,725,200
	Network Equipment Technologies, Inc. (a)	103,400	466,334
	PC-Tel, Inc. (a)	64,300	378,727
	Symmetricom, Inc. (a)	150,000	784,500
	Tekelec (a)	232,100	3,327,154
	Tollgrade Communications, Inc. (a)	43,700	282,739
	ViaSat, Inc. (a)	130,900	4,205,817
Communications Equipment Total			32,331,095
Computers & Peripherals — 0.8%
	Adaptec, Inc. (a)	414,200	1,201,180

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Avid Technology, Inc. (a)	97,875	1,319,355
	Compellent Technologies, Inc. (a)	78,500	1,009,510
	Hutchinson Technology, Inc. (a)	80,400	439,788
	Intermec, Inc. (a)	169,900	1,875,696
	Intevac, Inc. (a)	76,500	880,515
	Novatel Wireless, Inc. (a)	106,200	653,130
	Stratasys, Inc. (a)	69,700	1,621,222
	Synaptics, Inc. (a)	115,300	3,449,776
Computers & Peripherals Total			12,450,172
Electronic Equipment, Instruments & Components — 3.5%
	Agilysys, Inc.	69,200	466,408
	Anixter International, Inc. (a)	99,400	4,721,500
	Benchmark Electronics, Inc. (a)	219,225	4,051,278
	Brightpoint, Inc. (a)	241,440	1,793,899
	Checkpoint Systems, Inc. (a)	134,600	2,679,886
	Cognex Corp.	136,500	2,605,785
	CTS Corp.	116,900	1,230,957
	Daktronics, Inc.	118,700	999,454
	DTS, Inc. (a)	60,200	1,988,406
	Electro Scientific Industries, Inc. (a)	94,900	1,219,465
	FARO Technologies, Inc. (a)	55,500	1,327,005
	Gerber Scientific, Inc. (a)	86,800	523,404
	Insight Enterprises, Inc. (a)	157,900	2,295,866
	Keithley Instruments, Inc.	46,700	437,579
	Littelfuse, Inc. (a)	75,200	2,718,480
	LoJack Corp. (a)	62,400	251,472
	Mercury Computer Systems, Inc. (a)	81,100	952,925
	Methode Electronics, Inc.	128,100	1,300,215
	MTS Systems Corp.	56,800	1,661,400
	Newport Corp. (a)	125,000	1,297,500
	OSI Systems, Inc. (a)	61,200	1,607,724
	Park Electrochemical Corp.	70,700	1,829,716
	Plexus Corp. (a)	136,900	4,661,445
	RadiSys Corp. (a)	81,800	767,284
	Rogers Corp. (a)	54,300	1,550,808
	ScanSource, Inc. (a)	91,500	2,358,870
	SYNNEX Corp. (a)	72,500	1,937,925
	Technitrol, Inc.	141,900	546,315
	TTM Technologies, Inc. (a)	148,600	1,719,302
Electronic Equipment, Instruments & Components Total			51,502,273

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
Internet Software & Services — 0.8%
	comScore, Inc. (a)	83,400	1,282,692
	DealerTrack Holdings, Inc. (a)	139,100	2,229,773
	InfoSpace, Inc. (a)	121,800	1,002,414
	j2 Global Communications, Inc. (a)	155,500	3,598,270
	Knot, Inc. (a)	103,300	772,684
	Perficient, Inc. (a)	103,800	1,107,546
	Stamps.com, Inc. (a)	36,400	381,472
	United Online, Inc.	292,400	1,992,706
Internet Software & Services Total			12,367,557
IT Services — 1.9%
	CACI International, Inc., Class A (a)	103,700	4,795,088
	CIBER, Inc. (a)	238,400	710,432
	CSG Systems International, Inc. (a)	122,700	2,517,804
	Cybersource Corp. (a)	242,799	6,237,506
	Forrester Research, Inc. (a)	51,000	1,599,870
	Heartland Payment Systems, Inc.	129,100	2,121,113
	Integral Systems, Inc. (a)	59,900	409,716
	MAXIMUS, Inc.	59,800	3,582,020
	NCI, Inc., Class A (a)	23,900	524,366
	Startek, Inc. (a)	41,000	184,500
	TeleTech Holdings, Inc. (a)	110,600	1,430,058
	Wright Express Corp. (a)	131,500	4,129,100
IT Services Total			28,241,573
Semiconductors & Semiconductor Equipment — 5.3%
	Actel Corp. (a)	90,100	1,271,311
	Advanced Energy Industries, Inc. (a)	114,300	1,412,748
	ATMI, Inc. (a)	108,600	1,759,320
	Brooks Automation, Inc. (a)	222,130	1,848,122
	Cabot Microelectronics Corp. (a)	81,100	2,976,370
	Cohu, Inc.	81,000	1,134,810
	Cymer, Inc. (a)	103,300	3,126,891
	Cypress Semiconductor Corp. (a)	557,600	6,351,064
	Diodes, Inc. (a)	120,449	2,380,072
	DSP Group, Inc. (a)	78,800	533,476
	Exar Corp. (a)	150,800	1,055,600
	FEI Co. (a)	130,400	2,699,280
	Hittite Microwave Corp. (a)	73,800	3,374,874
	Kopin Corp. (a)	228,100	816,598

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Kulicke & Soffa Industries, Inc. (a)	240,200	1,671,792
	Micrel, Inc.	148,000	1,643,540
	Microsemi Corp. (a)	285,400	4,417,992
	MKS Instruments, Inc. (a)	170,400	3,384,144
	Pericom Semiconductor Corp. (a)	88,100	872,190
	Rudolph Technologies, Inc. (a)	106,800	948,384
	Sigma Designs, Inc. (a)	92,200	960,724
	Skyworks Solutions, Inc. (a)	604,900	9,636,057
	Standard Microsystems Corp. (a)	76,900	1,759,472
	Supertex, Inc. (a)	44,500	1,211,735
	Tessera Technologies, Inc. (a)	171,400	2,978,932
	TriQuint Semiconductor, Inc. (a)	528,000	3,706,560
	Ultratech, Inc. (a)	82,100	1,144,474
	Varian Semiconductor Equipment Associates, Inc. (a)	255,925	7,956,708
	Veeco Instruments, Inc. (a)	137,400	5,244,558
Semiconductors & Semiconductor Equipment Total			78,277,798
Software — 3.3%
	Blackbaud, Inc.	153,300	3,456,915
	CommVault Systems, Inc. (a)	146,500	3,302,110
	Concur Technologies, Inc. (a)	147,900	6,256,170
	Ebix, Inc. (a)	104,000	1,589,120
	Epicor Software Corp. (a)	158,500	1,474,050
	EPIQ Systems, Inc. (a)	112,100	1,283,545
	Interactive Intelligence, Inc. (a)	44,000	788,920
	JDA Software Group, Inc. (a)	122,200	3,265,184
	Manhattan Associates, Inc. (a)	77,800	2,252,310
	MicroStrategy, Inc., Class A (a)	31,600	2,435,096
	Netscout Systems, Inc. (a)	119,000	1,610,070
	Phoenix Technologies Ltd. (a)	120,600	358,182
	Progress Software Corp. (a)	142,000	4,535,480
	Radiant Systems, Inc. (a)	94,600	1,311,156
	Smith Micro Software, Inc. (a)	102,200	1,006,670
	Sonic Solutions (a)	105,000	1,248,450
	Take-Two Interactive Software, Inc. (a)	286,250	3,311,912
	Taleo Corp., Class A (a)	132,000	3,306,600
	THQ, Inc. (a)	232,550	1,395,300
	Tyler Technologies, Inc. (a)	95,400	1,548,342

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Websense, Inc. (a)	148,900	3,114,988
Software Total			48,850,570
INFORMATION TECHNOLOGY TOTAL			264,021,038
MATERIALS — 3.9%
Chemicals — 1.8%
	A. Schulman, Inc.	107,400	2,386,965
	American Vanguard Corp.	71,000	565,870
	Arch Chemicals, Inc.	86,400	2,960,064
	Balchem Corp.	96,250	2,337,912
	Calgon Carbon Corp. (a)	192,600	2,863,962
	H.B. Fuller Co.	167,700	3,577,041
	LSB Industries, Inc. (a)	60,700	992,445
	OM Group, Inc. (a)	105,200	3,140,220
	Penford Corp. (a)	39,100	319,838
	PolyOne Corp. (a)	318,500	3,181,815
	Quaker Chemical Corp.	38,300	1,058,229
	Stepan Co.	26,200	1,889,806
	Zep, Inc.	74,350	1,359,118
Chemicals Total			26,633,285
Construction Materials — 0.6%
	Eagle Materials, Inc.	150,800	4,626,544
	Headwaters, Inc. (a)	208,000	821,600
	Texas Industries, Inc.	95,500	3,466,650
Construction Materials Total			8,914,794
Containers & Packaging — 0.1%
	Myers Industries, Inc.	97,100	871,958
Containers & Packaging Total			871,958
Metals & Mining — 0.7%
	A.M. Castle & Co. (a)	57,600	856,512
	AMCOL International Corp.	85,500	2,305,080
	Brush Engineered Materials, Inc. (a)	69,600	1,758,096
	Century Aluminum Co. (a)	197,400	2,074,674
	Olympic Steel, Inc.	31,100	857,116
	RTI International Metals, Inc. (a)	103,400	2,741,134
Metals & Mining Total			10,592,612
Paper & Forest Products — 0.7%
	Buckeye Technologies, Inc. (a)	133,400	1,616,808
	Clearwater Paper Corp. (a)	39,100	2,394,093
	Deltic Timber Corp.	36,900	1,706,256
	Neenah Paper, Inc.	50,400	954,576

		Shares	Value ($)
Common Stocks — (continued)
MATERIALS — (continued)
	Schweitzer-Mauduit International, Inc.	60,900	3,361,680
	Wausau Paper Corp. (a)	168,700	1,472,751
Paper & Forest Products Total			11,506,164
MATERIALS TOTAL			58,518,813
OTHER — 0.0%
Other — 0.0%
	CSF Holdings, Inc. Escrow (a)(b)(c)	2,062	—
Other Total			—
OTHER TOTAL			—
TELECOMMUNICATION SERVICES — 0.5%
Diversified Telecommunication Services — 0.3%
	Cbeyond, Inc. (a)	92,500	1,445,775
	General Communication, Inc., Class A (a)	153,600	880,128
	Neutral Tandem, Inc. (a)	115,800	1,556,352
Diversified Telecommunication Services Total			3,882,255
Wireless Telecommunication Services — 0.2%
	NTELOS Holdings Corp.	102,700	1,843,465
	USA Mobility, Inc.	77,800	1,095,424
Wireless Telecommunication Services Total			2,938,889
TELECOMMUNICATION SERVICES TOTAL			6,821,144
UTILITIES — 3.5%
Electric Utilities — 0.9%
	ALLETE, Inc.	103,100	3,559,012
	Central Vermont Public Service Corp.	40,200	807,216
	El Paso Electric Co. (a)	151,200	2,996,784
	UIL Holdings Corp.	103,033	2,604,674
	Unisource Energy Corp.	123,700	3,819,856
Electric Utilities Total			13,787,542
Gas Utilities — 1.8%
	Laclede Group, Inc.	76,600	2,534,694
	New Jersey Resources Corp.	142,550	5,053,398
	Northwest Natural Gas Co.	91,300	4,014,461
	Piedmont Natural Gas Co.	251,600	6,393,156
	South Jersey Industries, Inc.	102,600	4,503,114
	Southwest Gas Corp.	155,700	4,611,834
Gas Utilities Total			27,110,657
Multi-Utilities — 0.6%
	Avista Corp.	188,500	3,638,050
	CH Energy Group, Inc.	54,400	2,115,616

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	NorthWestern Corp.	123,900	3,263,526
Multi-Utilities Total			9,017,192
Water Utilities — 0.2%
	American States Water Co.	63,700	2,189,369
Water Utilities Total			2,189,369
UTILITIES TOTAL			52,104,760

	Total Common Stocks (cost of $1,300,260,995)		1,461,337,140
Investment Company — 0.9%
	iShares S&P SmallCap 600 Index Fund	238,900	13,954,149

	Total Investment Company (cost of $10,475,991)		13,954,149

		Par ($)
Short-Term Obligation — 0.6%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10, at 0.140%, collateralized by a U.S. Government Agency obligation maturing 11/06/12, market value $9,231,400 (repurchase proceeds $9,050,141)	9,050,000	9,050,000

	Total Short-Term Obligation (cost of $9,050,000)		9,050,000

	Total Investments — 99.9% (cost of $1,319,786,986)(d)(e)		1,484,341,289

	Other Assets & Liabilities, Net — 0.1%		1,005,073

	Net Assets — 100.0%		1,485,346,362

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description		Quoted Prices (Level 1)					Other Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)					Total
Common Stocks
Consumer Discretionary		$	250,532,267				$	—			$	—				$	250,532,267
Consumer Staples		47,814,909					—				—					47,814,909
Energy		70,987,369					—				—					70,987,369
Financials		271,143,114					—				—					271,143,114
Health Care		189,770,952					—				—					189,770,952
Industrials		249,622,774					—				—					249,622,774
Information Technology		264,021,038					—				—					264,021,038
Materials		58,518,813					—				—					58,518,813
Other		—					—				—					—
Telecommunication Services		6,821,144					—				—					6,821,144
Utilities		52,104,760					—				—					52,104,760
Total Common Stocks		1,461,337,140					—				—					1,461,337,140
Total Investment Company		13,954,149					—				—					13,954,149
Total Short-Term Obligation		—					9,050,000				—					9,050,000
Total Investments		1,475,291,289					9,050,000				—					1,484,341,289
Unrealized Depreciation on Futures Contracts		(69,552				)	—				—					(69,552		)
Total		$	1,475,221,737				$	9,050,000			$	—				$	1,484,271,737

	(a)	Non-income producing security.
	(b)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2010, the security has no value.
	(c)	Security has no value.
	(d)	Cost for federal income tax purposes is $1,319,786,986.
	(e)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

				Unrealized					Unrealized					Net Unrealized
				Appreciation					Depreciation					Appreciation
				$	377,160,139				$	(212,605,836			)	$	164,554,303

At May 31, 2010, the Fund held the following open long futures contracts:

Number of

Aggregate

Expiration

Unrealized

Risk Exposure/Type

Contracts

Value

Face Value

Date

Depreciation

Equity Risk

Russell 2000 Mini Index

128

8,462,080

8,531,632

June-2010

(69,552

)

On May 31, 2010, cash of $ 3,000,000 was pledged as collateral for open futures contracts and was being held at the broker of the futures contracts.

INVESTMENT PORTFOLIO
May 31, 2010 (Unaudited)	Columbia Small Cap Value Fund II

		Shares	Value ($)*
Common Stocks — 97.0%
CONSUMER DISCRETIONARY — 11.5%
Auto Components — 1.3%
	Dana Holding Corp. (a)	830,000	9,013,800
	Tenneco Automotive, Inc. (a)	450,000	9,972,000
Auto Components Total			18,985,800
Automobiles — 0.7%
	Thor Industries, Inc.	370,000	10,789,200
Automobiles Total			10,789,200
Diversified Consumer Services — 1.8%
	Regis Corp.	710,000	13,056,900
	Stewart Enterprises, Inc., Class A	2,300,000	13,961,000
Diversified Consumer Services Total			27,017,900
Hotels, Restaurants & Leisure — 1.6%
	Domino’s Pizza, Inc. (a)	870,000	11,310,000
	Texas Roadhouse, Inc., Class A (a)	800,000	11,680,000
Hotels, Restaurants & Leisure Total			22,990,000
Household Durables — 1.6%
	Helen of Troy Ltd. (a)	630,000	16,228,800
	Tupperware Brands Corp.	170,000	7,223,300
Household Durables Total			23,452,100
Multiline Retail — 0.5%
	Saks, Inc. (a)	846,400	7,769,952
Multiline Retail Total			7,769,952
Specialty Retail — 3.5%
	Foot Locker, Inc.	859,600	12,816,636
	Genesco, Inc. (a)	265,000	8,246,800
	New York & Co., Inc. (a)	1,707,519	6,522,723
	Pier 1 Imports, Inc. (a)	2,100,000	16,695,000
	Talbots, Inc. (a)	567,800	8,539,712
Specialty Retail Total			52,820,871
Textiles, Apparel & Luxury Goods — 0.5%
	Columbia Sportswear Co.	151,100	7,733,298
Textiles, Apparel & Luxury Goods Total			7,733,298
CONSUMER DISCRETIONARY TOTAL			171,559,121
CONSUMER STAPLES — 2.0%
Food Products — 1.1%
	American Italian Pasta Co., Class A (a)	425,000	16,536,750
Food Products Total			16,536,750
Personal Products — 0.0%
	Inter Parfums, Inc.	41,150	643,174
Personal Products Total			643,174

		Shares	Value ($)
Common Stocks — (continued)
CONSUMER STAPLES — (continued)
Tobacco — 0.9%
	Universal Corp.	315,000	12,874,050
Tobacco Total			12,874,050
CONSUMER STAPLES TOTAL			30,053,974
ENERGY — 5.2%
Energy Equipment & Services — 2.1%
	Hornbeck Offshore Services, Inc. (a)	450,000	6,876,000
	ION Geophysical Corp. (a)	2,125,000	11,538,750
	Oil States International, Inc. (a)	350,000	13,664,000
Energy Equipment & Services Total			32,078,750
Oil, Gas & Consumable Fuels — 3.1%
	Bill Barrett Corp. (a)	345,000	11,233,200
	Patriot Coal Corp. (a)	630,000	10,502,100
	Stone Energy Corp. (a)	740,000	9,923,400
	Swift Energy Co. (a)	515,000	14,239,750
Oil, Gas & Consumable Fuels Total			45,898,450
ENERGY TOTAL			77,977,200
FINANCIALS — 32.1%
Capital Markets — 2.2%
	American Capital Ltd. (a)	1,470,000	7,835,100
	Apollo Investment Corp.	720,000	7,509,600
	KBW, Inc. (a)	322,781	8,098,575
	Stifel Financial Corp. (a)	195,000	9,880,650
Capital Markets Total			33,323,925
Commercial Banks — 10.9%
	Bancorpsouth, Inc.	350,000	6,786,500
	Community Bank System, Inc.	660,000	15,081,000
	East West Bancorp, Inc.	1,000,000	17,000,000
	First Horizon National Corp. (a)	600,000	7,470,000
	IBERIABANK Corp.	265,000	14,556,450
	Independent Bank Corp. MA	600,000	14,532,000
	Prosperity Bancshares, Inc.	335,000	12,073,400
	Sandy Spring Bancorp, Inc.	659,161	10,203,812
	Seacoast Banking Corp. of Florida (a)	2,558,669	4,835,884
	Sterling Bancorp NY	1,162,164	11,121,910
	Sterling Bancshares, Inc.	1,393,200	7,453,620
	Texas Capital Bancshares, Inc. (a)	770,000	14,067,900
	Umpqua Holdings Corp.	1,210,000	15,197,600
	Wilmington Trust Corp.	800,000	12,064,000
Commercial Banks Total			162,444,076

		Shares	Value ($)
Common Stocks — (continued)
FINANCIALS — (continued)
Consumer Finance — 0.7%
	Cardtronics, Inc. (a)	800,000	10,360,000
Consumer Finance Total			10,360,000
Insurance — 5.4%
	Alterra Capital Holdings Ltd.	515,000	9,635,650
	Argo Group International Holdings Ltd.	360,365	10,890,230
	Aspen Insurance Holdings Ltd.	430,000	10,861,800
	Assured Guaranty Ltd.	400,000	6,720,000
	Delphi Financial Group, Inc., Class A	575,000	14,932,750
	National Financial Partners Corp. (a)	817,870	11,401,108
	Platinum Underwriters Holdings Ltd.	400,000	14,724,000
	Primerica, Inc. (a)	88,797	2,104,489
Insurance Total			81,270,027
Real Estate Investment Trusts (REITs) — 8.7%
	BioMed Realty Trust, Inc.	544,300	9,258,543
	Brandywine Realty Trust	1,350,000	15,646,500
	CBL & Associates Properties, Inc.	620,600	8,868,374
	Developers Diversified Realty Corp.	725,800	8,303,152
	DuPont Fabros Technology, Inc.	408,600	10,435,644
	First Industrial Realty Trust, Inc. (a)	1,271,800	8,508,342
	Highwoods Properties, Inc.	240,000	7,070,400
	LaSalle Hotel Properties	670,000	15,075,000
	Mid-America Apartment Communities, Inc.	325,000	17,754,750
	OMEGA Healthcare Investors, Inc.	690,000	13,703,400
	U-Store-It Trust	1,850,000	15,207,000
Real Estate Investment Trusts (REITs) Total			129,831,105
Thrifts & Mortgage Finance — 4.2%
	First Niagara Financial Group, Inc.	975,000	12,879,750
	MGIC Investment Corp. (a)	1,372,614	12,847,667
	Northwest Bancshares, Inc.	1,075,000	12,502,250
	Ocwen Financial Corp. (a)	1,050,000	12,768,000
	Radian Group, Inc.	1,200,000	12,336,000
Thrifts & Mortgage Finance Total			63,333,667
FINANCIALS TOTAL			480,562,800
HEALTH CARE — 5.5%
Health Care Equipment & Supplies — 2.4%
	CONMED Corp. (a)	550,000	10,692,000
	Cooper Companies, Inc.	340,000	12,532,400
	Invacare Corp.	510,000	12,183,900
Health Care Equipment & Supplies Total			35,408,300

		Shares	Value ($)
Common Stocks — (continued)
HEALTH CARE — (continued)
Health Care Providers & Services — 3.1%
	Amedisys, Inc. (a)	300,000	14,916,000
	Healthspring, Inc. (a)	850,000	14,764,500
	Kindred Healthcare, Inc. (a)	810,000	12,563,100
	Res-Care, Inc. (a)	430,000	4,837,500
Health Care Providers & Services Total			47,081,100
HEALTH CARE TOTAL			82,489,400
INDUSTRIALS — 18.4%
Aerospace & Defense — 2.0%
	BE Aerospace, Inc. (a)	510,000	13,831,200
	Esterline Technologies Corp. (a)	305,000	16,366,300
Aerospace & Defense Total			30,197,500
Airlines — 0.9%
	AirTran Holdings, Inc. (a)	900,000	5,076,000
	UAL Corp. (a)	400,000	8,004,000
Airlines Total			13,080,000
Building Products — 0.6%
	Insteel Industries, Inc.	750,000	9,510,000
Building Products Total			9,510,000
Commercial Services & Supplies — 3.0%
	Cenveo, Inc. (a)	1,675,275	12,363,530
	Cornell Companies, Inc. (a)	247,855	6,701,999
	Deluxe Corp.	616,088	13,227,409
	Waste Services, Inc. (a)	1,078,100	12,107,063
Commercial Services & Supplies Total			44,400,001
Construction & Engineering — 1.4%
	EMCOR Group, Inc. (a)	460,000	11,486,200
	Sterling Construction Co., Inc. (a)	605,000	9,946,200
Construction & Engineering Total			21,432,400
Electrical Equipment — 0.9%
	Brady Corp., Class A (b)	425,000	12,359,000
	C&D Technologies, Inc. (a)(b)	1,400,000	1,302,000
Electrical Equipment Total			13,661,000
Machinery — 3.9%
	ArvinMeritor, Inc. (a)	920,000	13,376,800
	Barnes Group, Inc.	655,000	12,261,600
	Gardner Denver, Inc.	360,000	16,394,400
	Terex Corp. (a)	311,900	6,786,944
	Trinity Industries, Inc.	450,200	9,836,870
Machinery Total			58,656,614

		Shares	Value ($)
Common Stocks — (continued)
INDUSTRIALS — (continued)
Marine — 0.3%
	Diana Shipping, Inc. (a)	325,000	4,407,000
Marine Total			4,407,000
Professional Services — 1.4%
	Advisory Board Co. (a)	160,000	5,939,200
	CBIZ, Inc. (a)	750,000	4,950,000
	SFN Group, Inc. (a)	1,250,000	9,575,000
Professional Services Total			20,464,200
Road & Rail — 1.3%
	RailAmerica, Inc. (a)	770,000	8,600,900
	Werner Enterprises, Inc.	460,000	10,368,400
Road & Rail Total			18,969,300
Trading Companies & Distributors — 2.7%
	Houston Wire & Cable Co.	860,000	9,864,200
	Textainer Group Holdings Ltd.	570,000	13,993,500
	United Rentals, Inc. (a)	1,425,000	17,313,750
Trading Companies & Distributors Total			41,171,450
INDUSTRIALS TOTAL			275,949,465
INFORMATION TECHNOLOGY — 11.9%
Communications Equipment — 1.5%
	Ciena Corp. (a)	835,000	13,000,950
	CommScope, Inc. (a)	335,000	9,447,000
Communications Equipment Total			22,447,950
Electronic Equipment, Instruments & Components — 3.4%
	Anixter International, Inc. (a)	220,000	10,450,000
	Brightpoint, Inc. (a)	1,025,000	7,615,750
	Rofin-Sinar Technologies, Inc. (a)	500,000	11,935,000
	Rogers Corp. (a)	520,000	14,851,200
	Technitrol, Inc.	1,500,000	5,775,000
Electronic Equipment, Instruments & Components Total			50,626,950
IT Services — 0.6%
	iGate Corp.	740,000	8,643,200
IT Services Total			8,643,200
Semiconductors & Semiconductor Equipment — 3.8%
	Atmel Corp. (a)	2,125,000	10,848,125
	Cirrus Logic, Inc. (a)	800,000	11,372,000
	FEI Co. (a)	360,000	7,452,000
	IXYS Corp. (a)	850,000	7,922,000
	Micrel, Inc.	680,800	7,560,284
	Standard Microsystems Corp. (a)	326,300	7,465,744

		Shares	Value ($)
Common Stocks — (continued)
INFORMATION TECHNOLOGY — (continued)
	Ultra Clean Holdings (a)	560,841	5,002,702
Semiconductors & Semiconductor Equipment Total			57,622,855
Software — 2.6%
	Ariba, Inc. (a)	840,000	12,642,000
	Lawson Software, Inc. (a)	1,650,000	13,604,250
	Mentor Graphics Corp. (a)	1,380,000	12,668,400
Software Total			38,914,650
INFORMATION TECHNOLOGY TOTAL			178,255,605
MATERIALS — 6.8%
Chemicals — 2.3%
	Olin Corp.	395,000	7,572,150
	Rockwood Holdings, Inc. (a)	500,000	12,970,000
	Solutia, Inc. (a)	875,000	13,256,250
Chemicals Total			33,798,400
Containers & Packaging — 2.3%
	Boise, Inc. (a)	2,500,000	15,350,000
	Graham Packaging Co., Inc. (a)	431,155	5,402,372
	Rock-Tenn Co., Class A	270,000	13,894,200
Containers & Packaging Total			34,646,572
Metals & Mining — 1.3%
	RTI International Metals, Inc. (a)	450,000	11,929,500
	Schnitzer Steel Industries, Inc., Class A	155,000	7,756,200
Metals & Mining Total			19,685,700
Paper & Forest Products — 0.9%
	Schweitzer-Mauduit International, Inc.	245,000	13,524,000
Paper & Forest Products Total			13,524,000
MATERIALS TOTAL			101,654,672
TELECOMMUNICATION SERVICES — 0.5%
Diversified Telecommunication Services — 0.5%
	Cincinnati Bell, Inc. (a)	2,530,232	8,046,138
Diversified Telecommunication Services Total			8,046,138
TELECOMMUNICATION SERVICES TOTAL			8,046,138
UTILITIES — 3.1%
Electric Utilities — 1.0%
	Westar Energy, Inc.	682,400	15,012,800
Electric Utilities Total			15,012,800
Gas Utilities — 2.1%
	Atmos Energy Corp.	561,800	15,236,016

		Shares	Value ($)
Common Stocks — (continued)
UTILITIES — (continued)
	New Jersey Resources Corp.	440,600	15,619,270
Gas Utilities Total			30,855,286
UTILITIES TOTAL			45,868,086
	Total Common Stocks (cost of $1,293,308,644)		1,452,416,461

		Par ($)
Short-Term Obligation — 4.0%
	Repurchase agreement with Fixed Income Clearing Corp., dated 05/28/10, due 06/01/10 at 0.140%, collateralized by U.S. Government Agency obligations with various maturities to 09/28/12, market value $61,617,000 (repurchase proceeds $60,403,940)	60,403,000	60,403,000

	Total Short-Term Obligation (cost of $60,403,000)		60,403,000

	Total Investments — 101.0% (cost of $1,353,711,644)(c)(d)		1,512,819,461

	Other Assets & Liabilities, Net — (1.0)%		(14,726,577	)

	Net Assets — 100.0%		1,498,092,884


	Notes to Investment Portfolio:
	* Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

· Level 1 — quoted prices in active markets for identical securities

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

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

The following table summarizes the inputs used, as of May 31, 2010, in valuing the Fund’s assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,452,416,461	$	—	$	—	$	1,452,416,461
Total Short-Term Obligation	—		60,403,000		—		60,403,000
Total Investments	$	1,452,416,461	$	60,403,000	$	—	$	1,512,819,461

	(a)	Non-income producing security.
	(b)	An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the three months ended May 31, 2010, are as follows:

	Value,
	beginning of				Sales		Dividend		Value, end of
Affiliate	period		Purchases		Proceeds		Income		period
Brady Corp., Class A	$	11,908,500	$	—	$	—	$	74,375	$	12,359,000
C&D Technologies, Inc.	2,310,000		—		—		—		1,302,000
Total	$	14,218,500	$	—	$	—	$	74,375	$	13,661,000

	(c)	Cost for federal income tax purposes is $1,353,711,644.
	(d)	Unrealized appreciation and depreciation at May 31, 2010 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	246,473,412	$	(87,365,595	)	$	159,107,817

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: April 30, 2013 Estimated average burden hours per response........5.6


	FORM N-Q

Investment Company Act file number		811-09645

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

50606 Ameriprise Financial Center, Minneapolis, Minnesota			55474
(Address of principal executive offices)			(Zip code)

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

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2010

			Value ($)
Investment Company — 100.0%
	Investment in Columbia Funds Master Investment Trust, LLC, Columbia International Value Master Portfolio*		1,548,919,699

	Total Investments — 100.0%		1,548,919,699

	Other Assets & Liabilities, Net — (0.0)%		(674,931	)

	Net Assets — 100.0%		1,548,244,768


	*	The investment portfolio of the Columbia International Value Master Portfolio is included below. Columbia International Value Fund invests only in Columbia International Value Master Portfolio. At May 31, 2010, Columbia International Value Fund owned 87.7% of Columbia International Value Master Portfolio.

Total Investments — 99.5% (cost of $63,108,809)(c)(d)		$	45,852,820

Other Assets & Liabilities, Net — 0.5%		229,379

Net Assets — 100.0%		$	46,082,199


Notes to Investment Portfolio:
*	Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term investments maturing in 60 days or less 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. Occasionally, events affecting the values of such foreign securities may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees. The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

	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 investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

		Accounting principles generally accepted in the United States of America (“GAAP”) establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value giving the highest priority to unadjusted quoted prices in active markets for identical securities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the fair value hierarchy are described below: · Level 1 – quoted prices in active markets for identical securities · Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) · Level 3 – prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or less reliable, unobservable inputs may be used. Unobservable inputs may include management’s own assumptions about the factors market participants would use in pricing an investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards Update (the “amendment”), Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and Level 3 positions. The amendment also requires that transfers between all levels (including Level 1 and Level 2) be disclosed on a gross basis (i.e., transfers out must be disclosed separately from transfers in), and requires discloser of the reason(s) for the transfer. Additionally, purchases, sales, issuances and settlements must be disclosed on a gross basis in the Level 3 rollforward. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009; except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the amendment.

(registrant)	Columbia Funds Series Trust


By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President


Date	July 22, 2010