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FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-4367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
One Financial Center, Boston, Massachusetts			02111
(Address of principal executive offices)			(Zip code)
James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111
(Name and address of agent for service)
Registrant's telephone number, including area code:		1-617-426-3750
Date of fiscal year end:	8/31/07
Date of reporting period:	11/30/06

Item 1. Schedule of Investments.

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia International Stock Fund

		Shares	Value ($)*
Common Stocks – 98.7%
CONSUMER DISCRETIONARY – 11.6%
Auto Components – 2.2%
	Continental AG	89,624	10,179,164
	Denso Corp.	318,900	12,094,259
	Leoni AG	203,934	8,553,438
	Auto Components Total		30,826,861
Automobiles – 2.9%
	Suzuki Motor Corp.	386,900	11,096,782
	Toyota Motor Corp.	486,700	29,516,081
	Automobiles Total		40,612,863
Distributors – 0.3%
	Canon Marketing Japan, Inc.	213,700	4,910,734
	Distributors Total		4,910,734
Hotels, Restaurants & Leisure – 0.4%
	Genting Bhd	778,500	6,293,843
	Hotels, Restaurants & Leisure Total		6,293,843
Household Durables – 3.2%
	JM AB	623,200	12,602,307
	Makita Corp.	222,700	6,425,796
	Matsushita Electric Industrial Co., Ltd.	675,000	13,149,540
	Taylor Woodrow PLC	1,621,710	12,448,650
	Household Durables Total		44,626,293
Leisure Equipment & Products – 0.4%
	Sega Sammy Holdings, Inc.	200,200	5,041,536
	Leisure Equipment & Products Total		5,041,536
Media – 1.7%
	Modern Times Group AB, Class B (a)	88,500	5,388,305
	Vivendi SA	470,223	18,090,602
	Media Total		23,478,907
Specialty Retail – 0.5%
	HMV Group PLC	2,240,414	7,409,883
	Specialty Retail Total		7,409,883
	CONSUMER DISCRETIONARY TOTAL		163,200,920
CONSUMER STAPLES – 5.0%
Beverages – 1.8%
	Diageo PLC	375,872	7,215,065
	Fomento Economico Mexicano SAB de CV, ADR	52,913	5,569,093
	Heineken NV	258,449	12,595,798
	Beverages Total		25,379,956

1

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Food & Staples Retailing – 0.9%
	Kesko Oyj, Class B	108,743	5,561,816
	Massmart Holdings Ltd.	729,092	6,662,989
	Food & Staples Retailing Total		12,224,805
Food Products – 0.9%
	China Milk Products Group Ltd. (a)	7,752,000	6,899,620
	Toyo Suisan Kaisha Ltd.	394,000	5,885,067
	Food Products Total		12,784,687
Tobacco – 1.4%
	Imperial Tobacco Group PLC	342,255	12,574,396
	Japan Tobacco, Inc.	1,636	7,250,382
	Tobacco Total		19,824,778
	CONSUMER STAPLES TOTAL		70,214,226
ENERGY – 10.8%
Energy Equipment & Services – 1.2%
	Subsea 7, Inc. (a)	339,100	6,688,634
	TGS Nopec Geophysical Co. ASA (a)	490,500	9,515,691
	Energy Equipment & Services Total		16,204,325
Oil, Gas & Consumable Fuels – 9.6%
	BP PLC	788,477	8,896,700
	BP PLC, ADR	185,922	12,657,570
	EnCana Corp.	202,000	10,499,295
	ENI SpA	507,259	16,606,619
	PetroChina Co., Ltd., Class H	10,980,000	13,974,225
	Petroleo Brasileiro SA, ADR	49,399	4,650,916
	Royal Dutch Shell PLC, Class A	292,200	10,339,052
	Royal Dutch Shell PLC, Class B	522,544	18,664,047
	Statoil ASA	404,500	11,229,179
	Total SA	291,167	20,649,267
	Yanzhou Coal Mining Co., Ltd., Class H	10,270,000	7,301,057
	Oil, Gas & Consumable Fuels Total		135,467,927
	ENERGY TOTAL		151,672,252
FINANCIALS – 31.2%
Capital Markets – 3.2%
	Credit Suisse Group, Registered Shares	215,863	14,274,986
	Daiwa Securities Group, Inc.	650,000	7,451,514
	Deutsche Bank AG, Registered Shares	135,788	17,510,138

2

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Capital Markets – (continued)
	UBS AG, Registered Shares	111,831	6,723,484
	Capital Markets Total		45,960,122
Commercial Banks – 20.5%
	Australia & New Zealand Banking Group Ltd.	370,998	8,327,286
	Banco Bilbao Vizcaya Argentaria SA	1,042,651	25,200,250
	Banco Santander Central Hispano SA	1,512,926	27,469,968
	Bangkok Bank Public Co., Ltd., NVDR	2,108,800	7,226,143
	Bank of Ireland	408,521	8,764,606
	Barclays PLC	1,762,011	23,570,281
	BNP Paribas	203,447	21,918,552
	Bumiputra-Commerce Holdings Bhd	2,960,000	6,381,426
	Depfa Bank PLC	667,935	12,127,594
	HBOS PLC	1,009,761	20,663,189
	HSBC Holdings PLC	1,099,602	20,275,257
	Kookmin Bank	91,849	7,155,396
	Mega Financial Holding Co., Ltd.	8,735,000	6,617,424
	Mitsubishi UFJ Financial Group, Inc.	680	8,694,225
	Mizuho Financial Group, Inc.	756	5,564,442
	Societe Generale	120,335	20,159,766
	Sumitomo Mitsui Financial Group, Inc.	1,205	12,700,099
	Sumitomo Trust & Banking Co., Ltd.	695,000	7,463,047
	Swedbank AB, Class A	259,400	9,089,794
	United Overseas Bank Ltd.	1,450,900	17,532,396
	Westpac Banking Corp.	620,016	11,935,548
	Commercial Banks Total		288,836,689
Consumer Finance – 0.8%
	ORIX Corp.	41,640	11,403,292
	Consumer Finance Total		11,403,292
Diversified Financial Services – 2.1%
	Fortis	329,868	13,450,948
	ING Groep NV	386,794	16,489,356
	Diversified Financial Services Total		29,940,304
Insurance – 3.5%
	Aviva PLC	840,733	13,014,776
	Baloise Holding AG, Registered Shares	122,097	11,767,526
	Milano Assicurazioni SpA	1,097,000	8,804,045
	Sampo Oyj, Class A	606,144	15,308,390
	Insurance Total		48,894,737

3

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Real Estate Management & Development – 1.1%
	Sun Hung Kai Properties Ltd.	459,000	5,204,409
	Swire Pacific Ltd., Class A	961,300	10,121,224
	Real Estate Management & Development Total		15,325,633
	FINANCIALS TOTAL		440,360,777
HEALTH CARE – 8.4%
Pharmaceuticals – 8.4%
	AstraZeneca PLC	422,361	24,492,541
	Biovail Corp.	695,728	12,363,087
	Eisai Co., Ltd.	242,300	12,936,063
	GlaxoSmithKline PLC	461,971	12,268,687
	Hisamitsu Pharmaceutical Co., Inc.	326,300	9,866,097
	Novartis AG, Registered Shares	485,039	28,271,006
	Novo-Nordisk A/S, Class B	55,000	4,245,614
	Takeda Pharmaceutical Co., Ltd.	213,200	13,924,167
	Pharmaceuticals Total		118,367,262
	HEALTH CARE TOTAL		118,367,262
INDUSTRIALS – 11.4%
Aerospace & Defense – 0.9%
	European Aeronautic Defence and Space Co. NV	121,907	3,585,752
	MTU Aero Engines Holding AG	223,711	9,095,545
	Aerospace & Defense Total		12,681,297
Airlines – 0.6%
	British Airways PLC (a)	860,318	8,333,236
	Airlines Total		8,333,236
Building Products – 2.2%
	Assa Abloy AB, Class B	541,400	11,007,439
	Geberit AG, Registered Shares	9,833	14,260,475
	KCC Corp.	19,124	6,080,747
	Building Products Total		31,348,661
Electrical Equipment – 1.9%
	Mitsubishi Electric Corp.	1,220,000	11,098,095
	Schneider Electric SA	144,040	15,594,587
	Electrical Equipment Total		26,692,682
Machinery – 4.2%
	Georg Fischer AG, Registered Shares (a)	17,226	9,774,433
	Heidelberger Druckmaschinen AG	281,803	12,237,425
	Komatsu Ltd.	419,100	7,621,316

4

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Machinery – (continued)
	SKF AB, Class B	607,600	9,935,932
	Sulzer AG, Registered Shares	7,119	7,271,075
	Volvo AB, Class B	180,000	11,695,138
	Machinery Total		58,535,319
Road & Rail – 1.1%
	Central Japan Railway Co.	1,138	12,288,886
	ComfortDelGro Corp., Ltd.	3,136,000	3,198,649
	Road & Rail Total		15,487,535
Trading Companies & Distributors – 0.5%
	Hitachi High-Technologies Corp.	263,300	7,688,255
	Trading Companies & Distributors Total		7,688,255
	INDUSTRIALS TOTAL		160,766,985
INFORMATION TECHNOLOGY – 6.5%
Communications Equipment – 1.3%
	Nokia Oyj	890,443	17,912,941
	Communications Equipment Total		17,912,941
Computers & Peripherals – 1.3%
	Lite-On Technology Corp.	5,783,291	7,501,826
	Wincor Nixdorf AG	71,425	10,247,124
	Computers & Peripherals Total		17,748,950
Electronic Equipment & Instruments – 1.1%
	Hoya Corp.	165,800	6,531,450
	Kyocera Corp.	106,600	9,623,515
	Electronic Equipment & Instruments Total		16,154,965
Internet Software & Services – 0.4%
	NetEase.com, Inc., ADR (a)	295,169	5,448,820
	Internet Software & Services Total		5,448,820
IT Services – 0.7%
	CGI Group, Inc., Class A (a)	1,536,500	10,615,109
	IT Services Total		10,615,109
Office Electronics – 1.7%
	Brother Industries Ltd.	532,000	6,967,405
	Canon, Inc.	316,300	16,722,872
	Office Electronics Total		23,690,277

5

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Semiconductors & Semiconductor Equipment – 0.0%
	Taiwan Semiconductor Manufacturing Co., Ltd., ADR	1	11
	Semiconductors & Semiconductor Equipment Total		11
	INFORMATION TECHNOLOGY TOTAL		91,571,073
MATERIALS – 6.5%
Chemicals – 3.4%
	BASF AG	217,854	20,103,732
	Linde AG	101,752	10,024,449
	Shin-Etsu Chemical Co., Ltd.	170,100	11,241,545
	Sumitomo Chemical Co., Ltd.	987,000	6,633,718
	Chemicals Total		48,003,444
Metals & Mining – 3.1%
	Kobe Steel Ltd.	2,983,000	9,199,870
	Rio Tinto PLC	187,902	10,028,345
	Salzgitter AG	130,612	15,699,310
	ThyssenKrupp AG	229,158	8,843,569
	Metals & Mining Total		43,771,094
	MATERIALS TOTAL		91,774,538
TELECOMMUNICATION SERVICES – 3.9%
Diversified Telecommunication Services – 2.7%
	Belgacom SA	329,754	14,123,200
	Chunghwa Telecom Co. Ltd., ADR	473,245	8,991,655
	Nippon Telegraph & Telephone Corp.	1,716	8,687,106
	Telefonica O2 Czech Republic AS	284,336	6,448,002
	Diversified Telecommunication Services Total		38,249,963
Wireless Telecommunication Services – 1.2%
	China Mobile Ltd.	618,300	5,198,370
	Philippine Long Distance Telephone Co., ADR	104,657	5,139,705
	Taiwan Mobile Co., Ltd	7,079,000	7,081,189
	Wireless Telecommunication Services Total		17,419,264
	TELECOMMUNICATION SERVICES TOTAL		55,669,227
UTILITIES – 3.4%
Electric Utilities – 2.8%
	E.ON AG	141,816	18,210,457
	Endesa SA	445,103	20,678,695
	Electric Utilities Total		38,889,152

6

		Shares	Value ($)
Common Stocks – (continued)
UTILITIES – (continued)
Gas Utilities – 0.6%
	Tokyo Gas Co., Ltd.	1,864,000	9,243,108
	Gas Utilities Total		9,243,108
	UTILITIES TOTAL		48,132,260
	Total Common Stocks (cost of $1,101,203,414)		1,391,729,520
Investment Company – 0.4%
	iShares MSCI EAFE Index Fund	82,347	5,966,040
	Total Investment Company (cost of $5,500,788)		5,966,040

		Par ($)
Short-Term Obligation – 0.6%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Note maturing 08/15/07, market value of $9,061,370(repurchase proceeds $8,880,287)	8,879,000	8,879,000
	Total Short-Term Obligation (cost of $8,879,000)		8,879,000
	Total Investments – 99.7% (cost of $1,115,583,202)(b)(c)		1,406,574,560
	Other Assets & Liabilities, Net – 0.3%		4,275,256
	Net Assets – 100.0%		1,410,849,816

7

Notes to Investment Portfolio:
*	Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price.  Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments in other investment companies are valued at net asset value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade.  If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”).  The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times.  Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time.  Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value.  If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $1,115,583,202.
(c)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation
$	304,379,925	$	(13,388,567)	$	290,991,358

Acronym	Name
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

8

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Mid Cap Growth Fund

		Shares	Value ($)*
Common Stocks – 98.8%
CONSUMER DISCRETIONARY – 19.4%
Automobiles – 0.4%
	Harley-Davidson, Inc.	93,350	6,886,430
	Automobiles Total		6,886,430
Hotels, Restaurants & Leisure – 5.7%
	Brinker International, Inc.	133,470	6,068,881
	Darden Restaurants, Inc.	134,140	5,385,721
	Harrah’s Entertainment, Inc.	167,498	13,182,093
	Hilton Hotels Corp.	445,440	14,623,795
	International Game Technology, Inc.	281,800	12,337,204
	Marriott International, Inc., Class A	284,030	12,823,954
	Scientific Games Corp., Class A (a)	179,240	5,206,922
	Starwood Hotels & Resorts Worldwide, Inc.	115,570	7,416,127
	Yum! Brands, Inc.	186,430	11,407,652
	Hotels, Restaurants & Leisure Total		88,452,349
Household Durables – 1.3%
	Black & Decker Corp.	52,300	4,491,524
	Centex Corp.	151,420	8,379,583
	Newell Rubbermaid, Inc.	270,950	7,719,365
	Household Durables Total		20,590,472
Internet & Catalog Retail – 0.8%
	Liberty Media Holding Corp., Interactive Series A (a)	273,890	6,233,736
	Nutri/System, Inc. (a)	83,270	5,749,794
	Internet & Catalog Retail Total		11,983,530
Media – 2.0%
	EchoStar Communications Corp., Class A (a)	175,460	6,318,315
	Grupo Televisa SA, ADR	517,620	13,603,054
	Lamar Advertising Co., Class A (a)	102,870	6,208,204
	Regal Entertainment Group, Class A	221,720	4,613,993
	Media Total		30,743,566
Multiline Retail – 2.4%
	J.C. Penney Co., Inc.	202,880	15,690,739
	Nordstrom, Inc.	425,262	20,846,343
	Multiline Retail Total		36,537,082
Specialty Retail – 3.4%
	Abercrombie & Fitch Co., Class A	84,000	5,664,960
	Autozone, Inc. (a)	39,540	4,492,139
	GameStop Corp., Class A (a)	275,900	15,464,195

1

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY– (continued)
Specialty Retail – (continued)
	Office Depot, Inc. (a)	179,420	6,792,841
	PETsMART, Inc.	249,530	7,381,098
	TJX Companies, Inc.	495,010	13,573,174
	Specialty Retail Total		53,368,407
Textiles, Apparel & Luxury Goods – 3.4%
	Carter’s, Inc. (a)	307,934	8,486,661
	Coach, Inc. (a)	736,296	31,815,350
	Phillips-Van Heusen Corp.	197,440	9,739,716
	Polo Ralph Lauren Corp.	44,461	3,476,850
	Textiles, Apparel & Luxury Goods Total		53,518,577
	CONSUMER DISCRETIONARY TOTAL		302,080,413
CONSUMER STAPLES – 5.0%
Beverages – 0.5%
	Pepsi Bottling Group, Inc.	242,630	7,599,172
	Beverages Total		7,599,172
Food & Staples Retailing – 0.5%
	Kroger Co.	283,410	6,081,979
	Whole Foods Market, Inc.	46,960	2,291,648
	Food & Staples Retailing Total		8,373,627
Food Products – 2.6%
	Campbell Soup Co.	155,600	5,923,692
	Dean Foods Co. (a)	232,020	9,935,096
	H.J. Heinz Co.	202,940	9,020,683
	Hershey Co.	134,818	7,141,310
	McCormick & Co., Inc.	229,220	8,875,398
	Food Products Total		40,896,179
Personal Products – 0.9%
	Alberto-Culver Co.	110,900	2,225,763
	Avon Products, Inc.	186,380	6,083,443
	Estee Lauder Companies, Inc., Class A	140,720	5,810,329
	Personal Products Total		14,119,535
Tobacco – 0.5%
	UST, Inc.	129,290	7,237,654
	Tobacco Total		7,237,654
	CONSUMER STAPLES TOTAL		78,226,167
ENERGY – 9.4%
Energy Equipment & Services – 3.5%
	BJ Services Co.	384,510	12,984,903

2

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Energy Equipment & Services – (continued)
	Diamond Offshore Drilling, Inc.	82,520	6,405,202
	FMC Technologies, Inc. (a)	161,160	9,671,211
	Grant Prideco, Inc. (a)	180,240	7,898,117
	National Oilwell Varco, Inc. (a)	154,880	10,301,069
	Smith International, Inc.	153,360	6,496,330
	Energy Equipment & Services Total		53,756,832
Oil, Gas & Consumable Fuels – 5.9%
	Cameco Corp.	238,490	9,067,390
	Chesapeake Energy Corp.	485,550	16,523,266
	Denbury Resources, Inc. (a)	409,470	12,017,944
	EOG Resources, Inc.	177,220	12,499,327
	Helix Energy Solutions Group, Inc. (a)	182,260	6,703,523
	Petroplus Holdings AG (a)	93,671	5,467,529
	Quicksilver Resources, Inc. (a)	181,350	7,672,918
	Range Resources Corp.	467,220	14,525,870
	Southwestern Energy Co. (a)	190,454	8,023,827
	Oil, Gas & Consumable Fuels Total		92,501,594
	ENERGY TOTAL		146,258,426
FINANCIALS – 9.2%
Capital Markets – 4.1%
	Affiliated Managers Group, Inc. (a)	157,530	16,085,388
	Bear Stearns Companies, Inc.	79,812	12,169,734
	E*TRADE Financial Corp. (a)	253,660	6,105,596
	Investment Technology Group, Inc. (a)	121,140	4,542,750
	Lazard Ltd., Class A	177,400	8,057,508
	T. Rowe Price Group, Inc.	281,140	12,181,796
	TD Ameritrade Holding Corp.	235,460	4,134,678
	Capital Markets Total		63,277,450
Commercial Banks – 1.8%
	City National Corp.	125,590	8,517,514
	East West Bancorp, Inc.	210,327	7,489,744
	Zions Bancorporation	146,950	11,497,368
	Commercial Banks Total		27,504,626
Diversified Financial Services – 0.6%
	Chicago Mercantile Exchange Holdings, Inc., Class A	18,306	9,804,694
	Diversified Financial Services Total		9,804,694
Insurance – 1.4%
	Ambac Financial Group, Inc.	184,070	15,763,755
	Hanover Insurance Group, Inc.	123,770	5,864,223
	Insurance Total		21,627,978

3

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Real Estate Investment Trusts (REITs) – 0.4%
	General Growth Properties, Inc.	116,610	6,406,553
	Real Estate Investment Trusts (REITs) Total		6,406,553
Real Estate Management & Development – 0.9%
	CB Richard Ellis Group, Inc., Class A (a)	283,290	9,328,740
	St. Joe Co.	99,987	5,598,272
	Real Estate Management & Development Total		14,927,012
	FINANCIALS TOTAL		143,548,313
HEALTH CARE – 14.4%
Biotechnology – 1.6%
	Celgene Corp. (a)	204,460	11,394,556
	Cephalon, Inc. (a)	86,370	6,465,658
	MedImmune, Inc. (a)	122,200	3,994,718
	Vertex Pharmaceuticals, Inc. (a)	86,250	3,820,875
	Biotechnology Total		25,675,807
Health Care Equipment & Supplies – 4.5%
	Beckman Coulter, Inc.	96,200	5,709,470
	Biomet, Inc.	132,899	5,024,911
	C.R. Bard, Inc.	93,840	7,722,094
	Cytyc Corp. (a)	293,820	7,703,960
	Dade Behring Holdings, Inc.	154,720	5,857,699
	DENTSPLY International, Inc.	174,350	5,566,996
	Gen-Probe, Inc. (a)	114,430	5,577,318
	Hospira, Inc. (a)	92,410	3,031,048
	ResMed, Inc. (a)	67,904	3,395,200
	St. Jude Medical, Inc. (a)	250,330	9,329,799
	Varian Medical Systems, Inc. (a)	233,920	11,513,543
	Health Care Equipment & Supplies Total		70,432,038
Health Care Providers & Services – 4.5%
	Coventry Health Care, Inc. (a)	103,510	4,981,936
	DaVita, Inc. (a)	145,475	7,740,725
	Express Scripts, Inc. (a)	132,650	9,046,730
	Henry Schein, Inc. (a)	136,260	7,021,478
	Humana, Inc. (a)	114,476	6,193,152
	Laboratory Corp. of America Holdings (a)	143,780	10,179,624
	Manor Care, Inc.	133,680	6,352,473
	McKesson Corp.	117,820	5,820,308
	Patterson Companies, Inc. (a)	178,080	6,608,549

4

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Providers & Services – (continued)
	Quest Diagnostics, Inc.	117,090	6,225,675
	Health Care Providers & Services Total		70,170,650
Health Care Technology – 0.4%
	IMS Health, Inc.	209,910	5,766,228
	Health Care Technology Total		5,766,228
Life Sciences Tools & Services – 2.2%
	Covance, Inc. (a)	77,280	4,626,754
	Invitrogen Corp. (a)	130,530	7,181,760
	Thermo Fisher Scientific, Inc. (a)	280,180	12,280,289
	Waters Corp. (a)	187,570	9,386,003
	Life Sciences Tools & Services Total		33,474,806
Pharmaceuticals – 1.2%
	Allergan, Inc.	155,710	18,152,672
	Pharmaceuticals Total		18,152,672
	HEALTH CARE TOTAL		223,672,201
INDUSTRIALS – 13.4%
Aerospace & Defense – 3.0%
	Alliant Techsystems, Inc. (a)	102,769	7,945,072
	BE Aerospace, Inc. (a)	302,830	7,937,174
	Precision Castparts Corp.	181,063	13,663,014
	Rockwell Collins, Inc.	206,960	12,485,897
	Spirit Aerosystems Holdings, Inc., Class A (a)	181,002	5,276,208
	Aerospace & Defense Total		47,307,365
Air Freight & Logistics – 1.0%
	C.H. Robinson Worldwide, Inc.	189,740	8,348,560
	Expeditors International Washington, Inc.	158,375	7,164,885
	Air Freight & Logistics Total		15,513,445
Commercial Services & Supplies – 3.2%
	Corporate Executive Board Co.	127,150	12,030,933
	Dun & Bradstreet Corp. (a)	112,010	9,209,462
	Equifax, Inc.	121,600	4,619,584
	Monster Worldwide, Inc. (a)	168,070	7,336,256
	Robert Half International, Inc.	337,600	13,027,984
	Stericycle, Inc. (a)	43,960	3,183,583
	Commercial Services & Supplies Total		49,407,802
Construction & Engineering – 0.3%
	Jacobs Engineering Group, Inc. (a)	49,750	4,172,533
	Construction & Engineering Total		4,172,533

5

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Electrical Equipment – 0.9
	Rockwell Automation, Inc.	100,000	6,508,000
	Roper Industries, Inc.	130,440	6,692,876
	Electrical Equipment Total		13,200,876
Machinery – 3.0%
	JLG Industries, Inc.	304,210	8,490,501
	Joy Global, Inc.	319,578	14,029,474
	Terex Corp. (a)	287,970	16,132,079
	Timken Co.	246,390	7,327,639
	Machinery Total		45,979,693
Marine – 0.5%
	American Commercial Lines, Inc. (a)	115,340	7,997,676
	Marine Total		7,997,676
Road & Rail – 1.2%
	CSX Corp.	216,080	7,748,629
	Landstar System, Inc.	256,890	11,570,325
	Road & Rail Total		19,318,954
Trading Companies & Distributors – 0.3%
	WESCO International, Inc. (a)	67,600	4,522,440
	Trading Companies & Distributors Total		4,522,440
	INDUSTRIALS TOTAL		207,420,784
INFORMATION TECHNOLOGY – 18.0%
Communications Equipment – 1.3%
	F5 Networks, Inc. (a)	87,890	6,575,051
	Harris Corp.	237,060	9,982,596
	Tellabs, Inc. (a)	291,700	2,928,668
	Communications Equipment Total		19,486,315
Computers & Peripherals – 1.7%
	Network Appliance, Inc. (a)	342,920	13,445,893
	SanDisk Corp. (a)	238,570	10,592,508
	Western Digital Corp. (a)	149,380	3,065,278
	Computers & Peripherals Total		27,103,679
Electronic Equipment & Instruments – 1.2%
	Amphenol Corp., Class A	114,340	7,789,984
	Jabil Circuit, Inc.	163,710	4,642,815
	Trimble Navigation Ltd. (a)	124,973	5,994,955
	Electronic Equipment & Instruments Total		18,427,754

6

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Internet Software & Services – 0.9%
	Akamai Technologies, Inc. (a)	120,311	5,879,599
	Equinix, Inc. (a)	103,570	7,904,462
	Internet Software & Services Total		13,784,061
IT Services – 3.5%
	Alliance Data Systems Corp. (a)	213,020	13,784,524
	Cognizant Technology Solutions Corp., Class A (a)	269,180	21,954,321
	Fiserv, Inc. (a)	180,610	9,230,977
	Network Specialists, Inc.	100,566	603,395
	Paychex, Inc.	234,480	9,240,857
	IT Services Total		54,814,074
Semiconductors & Semiconductor Equipment – 4.8%
	Intersil Corp., Class A	129,470	3,206,972
	KLA-Tencor Corp.	157,320	8,128,724
	Lam Research Corp. (a)	97,310	5,118,506
	Marvell Technology Group Ltd. (a)	389,120	8,031,437
	MEMC Electronic Materials, Inc. (a)	452,200	17,997,560
	National Semiconductor Corp.	292,900	7,085,251
	NVIDIA Corp. (a)	396,670	14,672,823
	Qimonda AG, ADR (a)	228,530	4,307,791
	Xilinx, Inc.	232,970	6,243,596
	Semiconductors & Semiconductor Equipment Total		74,792,660
Software – 4.6%
	Activision, Inc. (a)	284,170	4,845,099
	Amdocs Ltd. (a)	189,560	7,307,538
	Autodesk, Inc. (a)	228,169	9,395,999
	BEA Systems, Inc. (a)	386,680	5,324,584
	BMC Software, Inc. (a)	204,520	6,659,171
	Citrix Systems, Inc. (a)	270,526	7,774,917
	Electronic Arts, Inc. (a)	199,340	11,133,139
	Hyperion Solutions Corp. (a)	159,566	5,865,646
	Intuit, Inc. (a)	335,866	10,573,062
	Salesforce.com, Inc. (a)	74,120	2,890,680
	Software Total		71,769,835
	INFORMATION TECHNOLOGY TOTAL		280,178,378
MATERIALS – 3.5%
Chemicals – 0.5%
	Potash Corp. of Saskatchewan, Inc.	57,170	8,046,106
	Chemicals Total		8,046,106

7

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Construction Materials – 0.7%
	Florida Rock Industries, Inc.	72,870	3,282,065
	Vulcan Materials Co.	79,960	7,094,051
	Construction Materials Total		10,376,116
Metals & Mining – 2.3%
	Allegheny Technologies, Inc.	89,050	7,983,332
	Freeport-McMoRan Copper & Gold, Inc., Class B	109,730	6,898,725
	Phelps Dodge Corp.	80,700	9,926,100
	Zinifex Ltd.	764,700	10,274,374
	Metals & Mining Total		35,082,531
	MATERIALS TOTAL		53,504,753
TELECOMMUNICATION SERVICES – 4.7%
Wireless Telecommunication Services – 4.7%
	American Tower Corp., Class A (a)	543,977	20,600,409
	Crown Castle International Corp. (a)	403,020	13,888,069
	Leap Wireless International, Inc. (a)	262,190	14,879,283
	Millicom International Cellular SA (a)	139,790	8,004,375
	NII Holdings, Inc. (a)	238,820	15,506,583
	Wireless Telecommunication Services Total		72,878,719
	TELECOMMUNICATION SERVICES TOTAL		72,878,719
UTILITIES – 1.8%
Gas Utilities – 0.6%
	Questar Corp.	107,140	9,240,825
	Gas Utilities Total		9,240,825
Independent Power Producers & Energy Traders – 1.2%
	AES Corp. (a)	821,650	19,201,960
	Independent Power Producers & Energy Traders Total		19,201,960
	UTILITIES TOTAL		28,442,785
	Total Common Stocks (cost of $1,264,729,187)		1,536,210,939

		Par ($)
Short–Term Obligation – 2.7%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Note maturing 08/15/07, market value of $42,142,808 (repurchase proceeds $41,318,990)	41,313,000	41,313,000
	Total Short-Term Obligation (cost of $41,313,000)		41,313,000

8

Total Investments – 101.5% (cost of $1,306,042,187)(b)(c)	1,577,523,939
Other Assets & Liabilities, Net – (1.5)%	(23,104,315)
Net Assets – 100.0%	1,554,419,624

Notes to Investment Portfolio:
*	Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $1,306,042,187.
(c)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation
$	290,842,090	$	(19,360,338)	$	271,481,752

Acronym	Name
ADR	American Depositary Receipt

9

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Small Cap Growth Fund I

		Shares	Value ($)*
Common Stocks – 93.1%
CONSUMER DISCRETIONARY – 13.9%
Auto Components – 0.7%
	Spartan Motors, Inc.	67,600	1,510,184
	Auto Components Total		1,510,184
Automobiles – 0.5%
	Piaggio & C SpA (a)	263,400	1,100,571
	Automobiles Total		1,100,571
Diversified Consumer Services – 0.6%
	Laureate Education, Inc. (a)	25,000	1,299,250
	Diversified Consumer Services Total		1,299,250
Hotels, Restaurants & Leisure – 3.2%
	Chipotle Mexican Grill, Inc., Class A (a)	18,600	1,077,870
	Ctrip.com International Ltd., ADR	9,700	538,544
	Pinnacle Entertainment, Inc. (a)	38,428	1,249,294
	RARE Hospitality International, Inc. (a)	34,270	1,109,320
	Ruby Tuesday, Inc.	26,300	709,837
	Scientific Games Corp., Class A (a)	34,240	994,672
	Shuffle Master, Inc. (a)	40,800	1,270,512
	Hotels, Restaurants & Leisure Total		6,950,049
Household Durables – 0.6%
	Ryland Group, Inc.	21,700	1,144,675
	Household Durables Total		1,144,675
Internet & Catalog Retail – 0.6%
	Nutri/System, Inc. (a)	19,600	1,353,380
	Internet & Catalog Retail Total		1,353,380
Leisure Equipment & Products – 1.1%
	Marvel Entertainment, Inc. (a)	56,700	1,593,270
	Pool Corp.	15,400	630,938
	Leisure Equipment & Products Total		2,224,208
Specialty Retail – 4.4%
	Bebe Stores, Inc.	21,400	426,074
	Children’s Place Retail Stores, Inc. (a)	13,030	840,696
	Christopher & Banks Corp.	35,200	661,408
	GameStop Corp., Class A (a)	47,300	2,651,165
	Hibbett Sporting Goods, Inc. (a)	56,800	1,790,336
	Tractor Supply Co. (a)	27,700	1,318,520
	Tween Brands, Inc. (a)	41,300	1,731,296
	Specialty Retail Total		9,419,495
Textiles, Apparel & Luxury Goods – 2.2%
	Carter’s, Inc. (a)	74,400	2,050,464

1

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	Phillips-Van Heusen Corp.	18,300	902,739
	Quiksilver, Inc. (a)	125,600	1,827,480
	Textiles, Apparel & Luxury Goods Total		4,780,683
	CONSUMER DISCRETIONARY TOTAL		29,782,495
CONSUMER STAPLES – 1.7%
Food & Staples Retailing – 0.3%
	Pantry, Inc. (a)	12,900	632,358
	Food & Staples Retailing Total		632,358
Household Products – 0.6%
	Central Garden & Pet Co. (a)	25,000	1,305,000
	Household Products Total		1,305,000
Personal Products – 0.8%
	USANA Health Sciences, Inc. (a)	37,400	1,809,412
	Personal Products Total		1,809,412
	CONSUMER STAPLES TOTAL		3,746,770
ENERGY – 7.6%
Energy Equipment & Services – 3.8%
	Atwood Oceanics, Inc. (a)	43,400	2,151,338
	Core Laboratories NV (a)	17,300	1,530,358
	Oil States International, Inc. (a)	55,800	1,942,398
	Pioneer Drilling Co. (a)	78,800	1,141,024
	Tetra Technologies, Inc. (a)	58,000	1,498,720
	Energy Equipment & Services Total		8,263,838
Oil, Gas & Consumable Fuels – 3.8%
	Berry Petroleum Co., Class A	50,200	1,644,050
	Carrizo Oil & Gas, Inc. (a)	49,691	1,654,710
	Foundation Coal Holdings, Inc.	31,500	1,168,965
	Quicksilver Resources, Inc. (a)	25,200	1,066,212
	Ship Finance International Ltd.	48,700	1,083,575
	W&T Offshore, Inc.	42,400	1,469,584
	Oil, Gas & Consumable Fuels Total		8,087,096
	ENERGY TOTAL		16,350,934
FINANCIALS – 8.2%
Capital Markets – 2.4%
	Affiliated Managers Group, Inc. (a)	23,201	2,369,054
	Greenhill & Co., Inc.	17,661	1,231,149
	Investment Technology Group, Inc. (a)	16,900	633,750

2

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Capital Markets – (continued)
	Waddell & Reed Financial, Inc., Class A	40,600	1,012,158
	Capital Markets Total		5,246,111
Commercial Banks – 2.0%
	Signature Bank (a)	47,440	1,525,670
	Sterling Financial Corp.	36,738	1,232,560
	UCBH Holdings, Inc.	95,800	1,615,188
	Commercial Banks Total		4,373,418
Consumer Finance – 0.5%
	First Cash Financial Services, Inc. (a)	51,500	1,052,145
	Consumer Finance Total		1,052,145
Diversified Financial Services – 0.4%
	International Securities Exchange Holdings, Inc.	14,300	760,474
	Diversified Financial Services Total		760,474
Insurance – 1.5%
	Hanover Insurance Group, Inc.	23,670	1,121,484
	ProAssurance Corp. (a)	41,877	2,145,359
	Insurance Total		3,266,843
Real Estate Investment Trusts (REITs) – 1.4%
	Alexandria Real Estate Equities, Inc.	14,300	1,474,044
	Washington Real Estate Investment Trust	34,600	1,483,302
	Real Estate Investment Trusts (REITs) Total		2,957,346
	FINANCIALS TOTAL		17,656,337
HEALTH CARE – 19.0%
Biotechnology – 3.4%
	Alexion Pharmaceuticals, Inc. (a)	9,900	428,472
	Alkermes, Inc. (a)	33,200	503,976
	Applera Corp. - Celera Group (a)	20,967	300,877
	BioMarin Pharmaceuticals, Inc. (a)	40,500	692,955
	Cubist Pharmaceuticals, Inc. (a)	50,000	1,018,000
	Digene Corp. (a)	21,570	1,102,227
	Human Genome Sciences, Inc. (a)	43,400	543,368
	Keryx Biopharmaceuticals, Inc. (a)	37,700	520,260
	Medarex, Inc. (a)	37,200	501,828
	OSI Pharmaceuticals, Inc. (a)	26,100	957,348
	United Therapeutics Corp. (a)	13,100	762,682
	Biotechnology Total		7,331,993
Health Care Equipment & Supplies – 7.3%
	ArthroCare Corp. (a)	18,932	788,896

3

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Equipment & Supplies – (continued)
	Aspect Medical Systems, Inc. (a)	30,400	576,384
	Bespak PLC	131,800	1,528,606
	DexCom, Inc. (a)	93,700	1,055,062
	Haemonetics Corp. (a)	33,990	1,539,067
	Hologic, Inc. (a)	34,437	1,722,883
	I-Flow Corp. (a)	35,800	516,594
	Kyphon, Inc. (a)	48,830	1,648,989
	Mentor Corp.	26,300	1,313,685
	NuVasive, Inc. (a)	80,200	1,844,600
	PolyMedica Corp.	10,000	395,700
	ResMed, Inc. (a)	23,522	1,176,100
	Thoratec Corp. (a)	70,400	1,036,992
	West Pharmaceutical Services, Inc.	9,900	486,090
	Health Care Equipment & Supplies Total		15,629,648
Health Care Providers & Services – 3.6%
	HealthExtras, Inc. (a)	74,736	1,597,856
	Healthways, Inc. (a)	19,500	896,415
	Pediatrix Medical Group, Inc. (a)	35,400	1,704,510
	Psychiatric Solutions, Inc. (a)	44,300	1,612,077
	United Surgical Partners International, Inc. (a)	55,803	1,420,186
	Visicu, Inc. (a)	47,100	471,000
	Health Care Providers & Services Total		7,702,044
Health Care Technology – 1.1%
	Allscripts Healthcare Solutions, Inc. (a)	85,094	2,375,825
	Health Care Technology Total		2,375,825
Life Sciences Tools & Services – 1.7%
	ICON PLC, ADR (a)	99,828	3,711,605
	Life Sciences Tools & Services Total		3,711,605
Pharmaceuticals – 1.9%
	BioMimetic Therapeutics, Inc. (a)	57,617	610,740
	Medicis Pharmaceutical Corp., Class A	51,600	1,903,008
	Penwest Pharmaceuticals Co. (a)	92,100	1,583,199
	Pharmaceuticals Total		4,096,947
	HEALTH CARE TOTAL		40,848,062
INDUSTRIALS – 16.3%
Aerospace & Defense – 3.0%
	Armor Holdings, Inc. (a)	22,619	1,279,104
	BE Aerospace, Inc. (a)	86,527	2,267,873

4

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Aerospace & Defense – (continued)
	Ceradyne, Inc. (a)	20,300	1,072,246
	Hexcel Corp. (a)	97,300	1,741,670
	Aerospace & Defense Total		6,360,893
Air Freight & Logistics – 0.6%
	Forward Air Corp.	40,583	1,351,414
	Air Freight & Logistics Total		1,351,414
Airlines – 0.5%
	Alaska Air Group, Inc. (a)	26,500	1,089,945
	Airlines Total		1,089,945
Building Products – 0.6%
	ElkCorp	37,200	1,337,340
	Building Products Total		1,337,340
Commercial Services & Supplies – 6.3%
	ACCO Brands Corp. (a)	16,900	429,091
	Advisory Board Co. (a)	30,900	1,714,023
	Corporate Executive Board Co.	17,716	1,676,288
	Global Cash Access, Inc. (a)	65,805	1,054,854
	Huron Consulting Group, Inc. (a)	70,098	2,883,832
	Kenexa Corp. (a)	62,324	1,922,695
	Resources Connection, Inc. (a)	86,766	2,518,817
	Waste Connections, Inc. (a)	31,600	1,275,060
	Commercial Services & Supplies Total		13,474,660
Construction & Engineering – 0.5%
	Granite Construction, Inc.	8,500	438,600
	Perini Corp. (a)	21,527	700,058
	Construction & Engineering Total		1,138,658
Electrical Equipment – 2.3%
	Acuity Brands, Inc.	21,900	1,153,473
	First Solar, Inc. (a)	21,095	596,989
	Franklin Electric Co., Inc.	12,400	642,568
	General Cable Corp. (a)	58,200	2,473,500
	Electrical Equipment Total		4,866,530
Machinery – 1.5%
	Bucyrus International, Inc., Class A	23,400	999,180
	ESCO Technologies, Inc. (a)	34,436	1,525,515
	RBC Bearings, Inc. (a)	28,075	815,859
	Machinery Total		3,340,554
Marine – 0.5%
	American Commercial Lines, Inc. (a)	16,100	1,116,374
	Marine Total		1,116,374

5

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Road & Rail – 0.5%
	Genesee & Wyoming, Inc., Class A (a)	37,800	1,015,308
	Road & Rail Total		1,015,308
	INDUSTRIALS TOTAL		35,091,676
INFORMATION TECHNOLOGY – 22.3%
Communications Equipment – 1.5%
	CommScope, Inc. (a)	30,200	911,134
	F5 Networks, Inc. (a)	23,535	1,760,653
	Ixia (a)	66,948	635,337
	Communications Equipment Total		3,307,124
Computers & Peripherals – 0.6%
	Brocade Communications Systems, Inc. (a)	81,600	754,800
	Emulex Corp. (a)	21,400	446,618
	Computers & Peripherals Total		1,201,418
Electronic Equipment & Instruments – 1.2%
	FLIR Systems, Inc. (a)	53,600	1,726,456
	Sunpower Corp., Class A (a)	24,200	903,144
	Electronic Equipment & Instruments Total		2,629,600
Internet Software & Services – 3.1%
	aQuantive, Inc. (a)	64,000	1,529,600
	Equinix, Inc. (a)	24,940	1,903,421
	Knot, Inc. (a)	33,600	926,352
	RADVision Ltd. (a)	60,100	1,211,616
	WebEx Communications, Inc. (a)	27,500	987,250
	Internet Software & Services Total		6,558,239
IT Services – 3.9%
	Acxiom Corp.	50,500	1,258,460
	Euronet Worldwide, Inc. (a)	84,090	2,784,220
	Global Payments, Inc.	27,512	1,260,049
	Heartland Payment Systems, Inc.	62,100	1,763,640
	TALX Corp.	50,700	1,264,965
	IT Services Total		8,331,334
Semiconductors & Semiconductor Equipment – 4.6%
	Atheros Communications, Inc. (a)	76,359	1,736,404
	Cymer, Inc. (a)	12,400	585,900
	FormFactor, Inc. (a)	38,900	1,453,304
	Hittite Microwave Corp. (a)	34,701	1,355,768
	Netlogic Microsystems, Inc. (a)	46,700	996,111

6

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	SiRf Technology Holdings, Inc. (a)	36,260	1,108,105
	Tessera Technologies, Inc. (a)	47,706	1,806,626
	Varian Semiconductor Equipment Associates, Inc. (a)	22,900	909,817
	Semiconductors & Semiconductor Equipment Total		9,952,035
Software – 7.4%
	Activision, Inc. (a)	42,800	729,740
	ANSYS, Inc. (a)	22,900	1,075,155
	Hyperion Solutions Corp. (a)	36,086	1,326,521
	Informatica Corp. (a)	116,400	1,402,620
	KongZhong Corp., ADR (a)	86,100	703,437
	Micros Systems, Inc. (a)	28,072	1,429,426
	Nuance Communications, Inc. (a)	149,578	1,533,175
	Quest Software, Inc. (a)	80,600	1,153,386
	THQ, Inc. (a)	27,700	901,635
	Transaction Systems Architects, Inc. (a)	68,597	2,320,637
	Ultimate Software Group, Inc. (a)	89,300	2,153,023
	Verint Systems, Inc. (a)	36,900	1,259,028
	Software Total		15,987,783
	INFORMATION TECHNOLOGY TOTAL		47,967,533
MATERIALS – 1.6%
Metals & Mining – 1.6%
	Century Aluminum Co. (a)	23,127	986,367
	Universal Stainless & Alloy (a)	33,500	1,115,885
	Zinifex Ltd.	95,200	1,279,090
	Metals & Mining Total		3,381,342
	MATERIALS TOTAL		3,381,342
TELECOMMUNICATION SERVICES – 2.5%
Wireless Telecommunication Services – 2.5%
	Dobson Communications Corp., Class A (a)	159,700	1,381,405
	Linktone Ltd., ADR (a)	94,800	543,204
	Millicom International Cellular SA (a)	17,584	1,006,860
	SBA Communications Corp., Class A (a)	84,507	2,397,464
	Wireless Telecommunication Services Total		5,328,933
	TELECOMMUNICATION SERVICES TOTAL		5,328,933
	Total Common Stocks (cost of $159,714,999)		200,154,082

7

		Shares	Value ($)
Investment Companies – 1.8%
	Biotech HOLDRs Trust	6,500	1,218,685
	iShares Nasdaq Biotechnology Index Fund (a)	16,100	1,289,288
	streetTRACKS SPDR Biotech ETF	25,379	1,281,893
	Total Investment Companies (cost of $3,464,198)		3,789,866

		Par ($)
Short-Term Obligation – 4.8%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Bill maturing 05/31/07, market value of $10,622,625 (repurchase proceeds $10,413,510)	10,412,000	10,412,000
	Total Short-Term Obligation (cost of $10,412,000)		10,412,000
	Total Investments – 99.7% (cost of $173,591,197)(b)(c)		214,355,948
	Other Assets & Liabilities, Net – 0.3%		714,107
	Net Assets – 100.0%		215,070,055

Notes to Investment Portfolio:
*	Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $173,591,197.
(c)	Unrealized appreciation and depreciation at November 30, 2006, based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	43,477,080	$	(2,712,329	)	$	40,764,751

8

Acronym	Name
ADR	American Depositary Receipt

9

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Real Estate Equity Fund

		Shares	Value ($)*
Common Stocks – 96.3%
CONSUMER DISCRETIONARY – 6.5%
Hotels, Restaurants & Leisure – 6.5%
	Hilton Hotels Corp.	733,000	24,064,390
	Starwood Hotels & Resorts Worldwide, Inc.	345,400	22,164,318
	Hotels, Restaurants & Leisure Total		46,228,708
	CONSUMER DISCRETIONARY TOTAL		46,228,708
FINANCIALS – 89.8%
Real Estate Investment Trusts (REITs) – 88.6%
	Alexandria Real Estate Equities, Inc.	331,700	34,191,636
	AMB Property Corp.	147,627	9,045,106
	American Campus Communities, Inc.	257,382	7,644,245
	Apartment Investment & Management Co., Class A	485,676	27,994,365
	AvalonBay Communities, Inc.	179,000	23,821,320
	BioMed Realty Trust, Inc.	576,052	17,396,770
	Boston Properties, Inc.	222,700	26,067,035
	Camden Property Trust	435,205	34,698,895
	CBL & Associates Properties, Inc.	636,610	27,437,891
	Corporate Office Properties Trust	582,527	28,957,417
	Developers Diversified Realty Corp.	228,563	14,806,311
	Douglas Emmett, Inc. (a)	275,000	7,232,500
	EastGroup Properties, Inc.	268,260	15,035,973
	Essex Property Trust, Inc.	156,656	20,684,858
	Host Hotels & Resorts, Inc.	995,973	25,118,439
	iStar Financial, Inc.	581,150	27,192,009
	Kimco Realty Corp.	728,100	33,769,278
	Mid-America Apartment Communities, Inc.	270,712	16,242,720
	NorthStar Realty Finance Corp.	527,428	8,370,282
	ProLogis Trust	793,530	51,714,350
	Public Storage, Inc.	557,965	53,720,870
	Simon Property Group, Inc.	547,119	55,795,196
	SL Green Realty Corp.	224,900	30,415,476
	Taubman Centers, Inc.	106,400	5,262,544
	United Dominion Realty Trust, Inc.	262,600	8,818,108
	Vornado Realty Trust	201,895	25,460,979
	Real Estate Investment Trusts (REITs) Total		636,894,573

1

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Real Estate Management & Development – 1.2%
	Brookfield Properties Corp.	219,400	8,808,910
	Real Estate Management & Development Total		8,808,910
	FINANCIALS TOTAL		645,703,483
	Total Common Stocks (cost of $386,617,650)		691,932,191

		Par ($)
Short-Term Obligation – 3.0%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by U.S. Treasury Bonds with various maturities to 02/15/15, market value of $22,436,787 (repurchase proceeds $21,997,189)	21,994,000	21,994,000
	Total Short-Term Obligation (cost of $21,994,000)		21,994,000
	Total Investments – 99.3% (cost of $408,611,650)(b)(c)		713,926,191
	Other Assets & Liabilities, Net – 0.7%		4,890,927
	Net Assets – 100.0%		718,817,118

Notes to Investment Portfolio:
*	Security Valuation: Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $408,611,650.
(c)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	305,713,718	$	(399,177	)	$	305,314,541

2

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Technology Fund

		Shares	Value ($)*
Common Stocks – 101.0%
CONSUMER DISCRETIONARY – 3.9%
Hotels, Restaurants & Leisure – 0.4%
	Ctrip.com International Ltd., ADR	15,950	885,544
	Hotels, Restaurants & Leisure Total		885,544
Household Durables – 2.2%
	Garmin Ltd.	35,580	1,810,666
	Koninklijke Philips Electronics NV, N.Y. Registered Shares	54,760	2,043,644
	Sony Corp., ADR	21,790	858,744
	Household Durables Total		4,713,054
Internet & Catalog Retail – 1.1%
	IAC/InterActiveCorp (a)	65,870	2,403,596
	Internet & Catalog Retail Total		2,403,596
Media – 0.2%
	Knology, Inc. (a)	44,400	444,000
	Media Total		444,000
	CONSUMER DISCRETIONARY TOTAL		8,446,194
INDUSTRIALS – 2.1%
Commercial Services & Supplies – 2.1%
	Huron Consulting Group, Inc. (a)	48,154	1,981,056
	Kenexa Corp. (a)	33,905	1,045,969
	Monster Worldwide, Inc. (a)	36,350	1,586,677
	Commercial Services & Supplies Total		4,613,702
	INDUSTRIALS TOTAL		4,613,702
INFORMATION TECHNOLOGY – 88.0%
Communications Equipment – 11.9%
	Alcatel-Lucent, ADR	167,770	2,227,986
	Avaya, Inc. (a)	225,000	2,875,500
	China Techfaith Wireless Communication Technology Ltd., ADR (a)	42,670	332,826
	Cisco Systems, Inc. (a)	88,260	2,372,429
	Comverse Technology, Inc. (a)	51,150	998,448
	Corning, Inc. (a)	128,310	2,766,363
	Harris Corp.	89,740	3,778,951
	QUALCOMM, Inc.	104,620	3,828,046
	Research In Motion Ltd. (a)	35,180	4,884,039
	Tellabs, Inc. (a)	191,720	1,924,869
	Communications Equipment Total		25,989,457
Computers & Peripherals – 12.1%
	Apple Computer, Inc. (a)	77,740	7,127,203

1

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Computers & Peripherals – (continued)
	Brocade Communications Systems, Inc. (a)	74,200	686,350
	Emulex Corp. (a)	65,290	1,362,602
	Hewlett-Packard Co.	76,990	3,038,026
	International Business Machines Corp.	23,620	2,171,150
	NCR Corp. (a)	41,210	1,768,321
	Network Appliance, Inc. (a)	83,010	3,254,822
	QLogic Corp. (a)	75,920	1,689,220
	Quantum Corp. (a)	268,370	633,353
	SanDisk Corp. (a)	51,000	2,264,400
	Seagate Technology	95,510	2,460,338
	Computers & Peripherals Total		26,455,785
Electronic Equipment & Instruments – 2.2%
	Agilent Technologies, Inc. (a)	30,690	977,170
	Amphenol Corp., Class A	16,020	1,091,442
	AU Optronics Corp., ADR	116,060	1,552,883
	Jabil Circuit, Inc.	18,140	514,450
	Trimble Navigation Ltd. (a)	13,798	661,890
	Electronic Equipment & Instruments Total		4,797,835
Internet Software & Services – 6.5%
	Akamai Technologies, Inc. (a)	21,100	1,031,157
	eBay, Inc. (a)	41,490	1,342,202
	Equinix, Inc. (a)	29,770	2,272,046
	Google, Inc., Class A (a)	11,670	5,659,017
	Knot, Inc. (a)	42,740	1,178,342
	RADVision Ltd. (a)	39,240	791,078
	VeriSign, Inc. (a)	46,800	1,221,948
	WebEx Communications, Inc. (a)	21,740	780,466
	Internet Software & Services Total		14,276,256
IT Services – 11.6%
	Accenture Ltd., Class A	111,660	3,762,942
	Affiliated Computer Services, Inc., Class A (a)	20,340	1,028,187
	CheckFree Corp. (a)	46,540	1,945,837
	Cognizant Technology Solutions Corp., Class A (a)	80,860	6,594,942
	Computer Sciences Corp. (a)	20,830	1,087,326
	DST Systems, Inc. (a)	38,670	2,413,008
	Euronet Worldwide, Inc. (a)	32,715	1,083,194
	First Data Corp.	63,250	1,597,062

2

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
IT Services – (continued)
	Fiserv, Inc. (a)	44,270	2,262,640
	Global Payments, Inc.	22,970	1,052,026
	Satyam Computer Services Ltd., ADR	50,280	1,174,038
	Western Union Co.	63,310	1,443,468
	IT Services Total		25,444,670
Office Electronics – 0.7%
	Xerox Corp. (a)	95,520	1,576,080
	Office Electronics Total		1,576,080
Semiconductors & Semiconductor Equipment – 20.0%
	ASML Holding N.V., N.Y. Registered Shares (a)	72,060	1,794,294
	Atheros Communications, Inc. (a)	49,530	1,126,312
	Broadcom Corp., Class A (a)	31,510	1,034,473
	Cymer, Inc. (a)	23,570	1,113,683
	FormFactor, Inc. (a)	29,760	1,111,834
	Hittite Microwave Corp. (a)	38,790	1,515,525
	Intel Corp.	98,140	2,095,289
	Intersil Corp., Class A	93,730	2,321,692
	KLA-Tencor Corp.	43,730	2,259,529
	Lam Research Corp. (a)	45,460	2,391,196
	Linear Technology Corp.	20,120	646,657
	Marvell Technology Group Ltd. (a)	121,480	2,507,347
	Maxim Integrated Products, Inc.	24,940	785,111
	MEMC Electronic Materials, Inc. (a)	117,310	4,668,938
	Microchip Technology, Inc.	31,320	1,068,325
	Micron Technology, Inc. (a)	95,000	1,387,000
	National Semiconductor Corp.	72,250	1,747,728
	Netlogic Microsystems, Inc. (a)	42,980	916,763
	NVIDIA Corp. (a)	157,910	5,841,091
	PDF Solutions, Inc. (a)	60,890	895,692
	Qimonda AG, ADR (a)	81,070	1,528,170
	SiRF Technology Holdings, Inc. (a)	33,441	1,021,957
	Tessera Technologies, Inc. (a)	28,570	1,081,946
	Texas Instruments, Inc.	30,040	887,682
	Xilinx, Inc.	72,450	1,941,660
	Semiconductors & Semiconductor Equipment Total		43,689,894
Software – 23.0%
	Activision, Inc. (a)	66,010	1,125,470
	Adobe Systems, Inc. (a)	49,920	2,003,290
	Amdocs Ltd. (a)	66,170	2,550,853

3

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Software – (continued)
	ANSYS, Inc. (a)	23,770	1,116,002
	Autodesk, Inc. (a)	49,580	2,041,704
	BEA Systems, Inc. (a)	197,200	2,715,444
	BMC Software, Inc. (a)	67,180	2,187,381
	Business Objects SA, ADR (a)	55,390	2,150,240
	CA, Inc.	40,820	885,794
	Cadence Design Systems, Inc. (a)	129,457	2,379,420
	Check Point Software Technologies Ltd. (a)	49,100	1,124,390
	Citrix Systems, Inc. (a)	89,176	2,562,918
	Electronic Arts, Inc. (a)	50,680	2,830,478
	Hyperion Solutions Corp. (a)	21,930	806,147
	Intuit, Inc. (a)	59,240	1,864,875
	KongZhong Corp., ADR (a)	151,698	1,239,373
	Macrovision Corp. (a)	20,880	577,332
	McAfee, Inc. (a)	46,010	1,343,952
	Micros Systems, Inc. (a)	12,056	613,892
	Microsoft Corp.	73,540	2,156,928
	NAVTEQ Corp. (a)	30,849	1,103,469
	Nuance Communications, Inc. (a)	50,585	518,496
	Oracle Corp. (a)	239,030	4,548,741
	Salesforce.com, Inc. (a)	50,210	1,958,190
	SAP AG, ADR	37,150	1,939,973
	Symantec Corp. (a)	210,304	4,458,445
	Transaction Systems Architects, Inc. (a)	22,786	770,850
	Ultimate Software Group, Inc. (a)	32,330	779,476
	Software Total		50,353,523
	INFORMATION TECHNOLOGY TOTAL		192,583,500
TELECOMMUNICATION SERVICES – 7.0%
Wireless Telecommunication Services – 7.0%
	American Tower Corp., Class A (a)	106,203	4,021,908
	Crown Castle International Corp. (a)	27,660	953,163
	Dobson Communications Corp., Class A (a)	123,600	1,069,140
	Linktone Ltd., ADR (a)	198,690	1,138,494
	Millicom International Cellular SA (a)	84,670	4,848,204
	NII Holdings, Inc. (a)	18,990	1,233,021

4

		Shares	Value ($)
Common Stocks – (continued)
TELECOMMUNICATION SERVICES – (continued)
Wireless Telecommunication Services – (continued)
	SBA Communications Corp., Class A (a)	69,980	1,985,332
	Wireless Telecommunication Services Total		15,249,262
	TELECOMMUNICATION SERVICES TOTAL		15,249,262
	Total Common Stocks (cost of $187,959,461)		220,892,658

		Par ($)
Short-Term Obligation – 1.1%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by U.S. Treasury Bill maturing on 05/31/07, market value of $2,535,000 (repurchase proceeds $2,482,360)	2,482,000	2,482,000
	Total Short-Term Obligation (cost of $2,482,000)		2,482,000
	Total Investments – 102.1% (cost of $190,441,461)(b)(c)		223,374,658
	Other Assets & Liabilities, Net – (2.1)%		(4,570,405	)
	Net Assets – 100.0%		218,804,253

Notes to Investment Portfolio:
*	Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $190,441,461.
(c)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	35,795,024	$	(2,861,827	)	$	32,933,197

Acronym	Name
ADR	American Depositary Receipt

5

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Strategic Investor Fund

		Shares	Value ($)*
Common Stocks – 96.0%
CONSUMER DISCRETIONARY – 9.0%
Auto Components – 0.5%
	Nokian Renkaat Oyj	271,000	5,609,592
	Auto Components Total		5,609,592
Hotels, Restaurants & Leisure – 0.9%
	Starbucks Corp. (a)	138,400	4,884,136
	Yum! Brands, Inc.	93,300	5,709,027
	Hotels, Restaurants & Leisure Total		10,593,163
Household Durables – 0.2%
	Desarrolladora Homex SA de CV, ADR (a)	59,800	2,952,924
	Household Durables Total		2,952,924
Internet & Catalog Retail – 0.3%
	Expedia, Inc. (a)	212,900	3,868,393
	Internet & Catalog Retail Total		3,868,393
Media – 2.8%
	Comcast Corp., Class A (a)	285,700	11,507,996
	Liberty Global, Inc., Class A (a)	145,400	3,921,438
	News Corp., Class A	75,000	1,545,000
	News Corp., Class B	170,000	3,660,100
	Reed Elsevier PLC, ADR	61,600	2,706,704
	Time Warner, Inc.	514,988	10,371,858
	Media Total		33,713,096
Multiline Retail – 1.8%
	Federated Department Stores, Inc.	88,936	3,743,317
	Kohl’s Corp. (a)	94,500	6,577,200
	Stockmann Oyj Abp, Class B	66,500	3,223,337
	Target Corp.	142,100	8,254,589
	Multiline Retail Total		21,798,443
Specialty Retail – 1.4%
	Bed Bath & Beyond, Inc. (a)	137,000	5,308,750
	Gap, Inc.	343,900	6,437,808
	Home Depot, Inc.	140,300	5,327,191
	Specialty Retail Total		17,073,749
Textiles, Apparel & Luxury Goods – 1.1%
	Carter’s, Inc. (a)	83,000	2,287,480

1

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER DISCRETIONARY – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	NIKE, Inc., Class B	110,700	10,953,765
	Textiles, Apparel & Luxury Goods Total		13,241,245
	CONSUMER DISCRETIONARY TOTAL		108,850,605
CONSUMER STAPLES – 9.6%
Beverages – 1.4%
	Coca-Cola Co.	371,700	17,406,711
	Beverages Total		17,406,711
Food & Staples Retailing – 1.1%
	CVS Corp.	144,700	4,163,019
	Walgreen Co.	210,000	8,502,900
	Food & Staples Retailing Total		12,665,919
Food Products – 4.2%
	ConAgra Foods, Inc.	276,000	7,093,200
	General Mills, Inc.	101,900	5,701,305
	Hershey Co.	163,200	8,644,704
	Nestle SA, Registered Shares	30,900	10,906,792
	Unilever NV, N.Y. Registered Shares	191,400	5,070,186
	Wrigley (Wm.) Jr. Co.	253,300	13,283,052
	Food Products Total		50,699,239
Household Products – 2.4%
	Colgate-Palmolive Co.	114,100	7,422,205
	Procter & Gamble Co.	338,300	21,241,857
	Household Products Total		28,664,062
Personal Products – 0.5%
	Avon Products, Inc.	197,400	6,443,136
	Personal Products Total		6,443,136
	CONSUMER STAPLES TOTAL		115,879,067
ENERGY – 10.7%
Energy Equipment & Services – 3.6%
	Cameron International Corp. (a)	76,000	4,128,320
	Dresser-Rand Group, Inc. (a)	218,700	5,294,727
	Nabors Industries Ltd. (a)	56,400	1,904,064
	National-Oilwell Varco, Inc. (a)	57,500	3,824,325
	Noble Corp.	87,600	6,767,100
	Schlumberger Ltd.	180,300	12,346,944
	Smith International, Inc.	51,900	2,198,484
	Transocean, Inc. (a)	88,800	6,921,960
	Energy Equipment & Services Total		43,385,924

2

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – 7.1%
	Cameco Corp.	82,900	3,151,858
	Chesapeake Energy Corp.	161,300	5,489,039
	Chevron Corp.	73,600	5,322,752
	ConocoPhillips	132,300	8,903,790
	Exxon Mobil Corp.	440,000	33,796,400
	Hess Corp.	124,000	6,233,480
	Newfield Exploration Co. (a)	93,200	4,638,564
	Peabody Energy Corp.	52,200	2,401,722
	Petroplus Holdings AG (a)	45,801	2,673,381
	Southwestern Energy Co. (a)	63,700	2,683,681
	USEC, Inc. (a)	290,900	3,624,614
	Valero Energy Corp.	129,600	7,137,072
	Oil, Gas & Consumable Fuels Total		86,056,353
	ENERGY TOTAL		129,442,277
FINANCIALS – 20.0%
Capital Markets – 3.1%
	Bank of New York Co., Inc.	224,417	7,975,780
	Lazard Ltd., Class A	111,200	5,050,704
	Legg Mason, Inc.	59,600	5,683,456
	Merrill Lynch & Co., Inc.	78,283	6,844,283
	Morgan Stanley	45,500	3,465,280
	Nomura Holdings, Inc., ADR	218,400	3,813,264
	Waddell & Reed Financial, Inc., Class A	169,600	4,228,128
	Capital Markets Total		37,060,895
Commercial Banks – 4.9%
	Allied Irish Banks PLC, ADR	77,800	4,377,028
	HSBC Holdings PLC, ADR	69,800	6,491,400
	ICICI Bank Ltd., ADR	113,600	4,420,176
	Mitsubishi UFJ Financial Group, Inc.	300	3,835,687
	Mizuho Financial Group, Inc.	460	3,385,772
	Raiffeisen International Bank Holding AG	30,600	3,598,632
	SunTrust Banks, Inc.	81,800	6,678,970
	U.S. Bancorp	348,300	11,716,812
	Wachovia Corp.	285,000	15,444,150
	Commercial Banks Total		59,948,627
Diversified Financial Services – 4.6%
	CIT Group, Inc.	141,200	7,343,812
	Citigroup, Inc.	578,100	28,667,979

3

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Diversified Financial Services – (continued)
	JPMorgan Chase & Co.	414,700	19,192,316
	Diversified Financial Services Total		55,204,107
Insurance – 5.8%
	ACE Ltd.	107,800	6,127,352
	American International Group, Inc.	217,691	15,308,031
	AON Corp.	97,800	3,489,504
	Axis Capital Holdings Ltd.	203,400	6,962,382
	Berkshire Hathaway, Inc., Class B (a)	2,600	9,243,000
	Hartford Financial Services Group, Inc.	87,000	7,461,120
	MetLife, Inc.	39,600	2,325,708
	National Financial Partners Corp.	76,400	3,462,448
	Platinum Underwriters Holdings Ltd.	192,800	5,866,904
	Prudential Financial, Inc.	115,900	9,443,532
	Insurance Total		69,689,981
Real Estate Investment Trusts (REITs) – 0.5%
	CapitalSource, Inc.	236,300	6,432,086
	Real Estate Investment Trusts (REITs) Total		6,432,086
Thrifts & Mortgage Finance – 1.1%
	Freddie Mac	79,500	5,339,220
	Washington Mutual, Inc.	187,800	8,203,104
	Thrifts & Mortgage Finance Total		13,542,324
	FINANCIALS TOTAL		241,878,020
HEALTH CARE – 13.9%
Biotechnology – 2.1%
	Amgen, Inc. (a)	76,700	5,445,700
	Applera Corp. - Celera Group (a)	37,534	538,613
	Biogen Idec, Inc. (a)	65,000	3,396,900
	Genentech, Inc. (a)	62,100	5,076,675
	Genzyme Corp. (a)	58,500	3,767,400
	Gilead Sciences, Inc. (a)	63,800	4,205,696
	Keryx Biopharmaceuticals, Inc. (a)	80,800	1,115,040
	PDL BioPharma, Inc. (a)	91,500	2,077,965
	Biotechnology Total		25,623,989
Health Care Equipment & Supplies – 2.9%
	Align Technology, Inc. (a)	202,300	2,656,199
	Baxter International, Inc.	60,600	2,711,244
	BioLase Technology, Inc. (a)	147,700	1,273,174
	Conceptus, Inc. (a)	97,200	2,228,796
	DENTSPLY International, Inc.	183,100	5,846,383

4

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Health Care Equipment & Supplies – (continued)
	Hospira, Inc. (a)	125,000	4,100,000
	Medtronic, Inc.	73,200	3,815,916
	Sirona Dental Systems, Inc. (a)	52,900	1,955,184
	St. Jude Medical, Inc. (a)	45,500	1,695,785
	Thoratec Corp. (a)	115,500	1,701,315
	Volcano Corp. (a)	108,000	1,921,320
	Zimmer Holdings, Inc. (a)	75,700	5,523,072
	Health Care Equipment & Supplies Total		35,428,388
Health Care Providers & Services – 1.5%
	Cardinal Health, Inc.	55,800	3,605,796
	Community Health Systems, Inc. (a)	51,400	1,799,000
	Health Management Associates, Inc., Class A	236,200	4,842,100
	Omnicare, Inc.	86,900	3,449,061
	Sierra Health Services, Inc. (a)	105,400	3,694,270
	Health Care Providers & Services Total		17,390,227
Health Care Technology – 0.4%
	IMS Health, Inc.	174,600	4,796,262
	Health Care Technology Total		4,796,262
Life Sciences Tools & Services – 1.7%
	Applera Corp. - Applied Biosystems Group	167,500	6,103,700
	Nektar Therapeutics (a)	106,200	1,753,362
	Qiagen N.V. (a)	226,400	3,303,176
	Thermo Fisher Scientific, Inc. (a)	170,400	7,468,632
	Waters Corp. (a)	44,300	2,216,772
	Life Sciences Tools & Services Total		20,845,642
Pharmaceuticals – 5.3%
	Abbott Laboratories	40,000	1,866,400
	AstraZeneca PLC, ADR	48,600	2,813,454
	Johnson & Johnson	342,470	22,572,198
	Novartis AG, ADR	208,893	12,201,440
	Novo-Nordisk A/S, Class B	63,200	4,878,596
	Pfizer, Inc.	715,200	19,660,848
	Pharmaceuticals Total		63,992,936
	HEALTH CARE TOTAL		168,077,444
INDUSTRIALS – 9.1%
Aerospace & Defense – 0.6%
	Goodrich Corp.	145,200	6,534,000
	Aerospace & Defense Total		6,534,000

5

		Shares	Value ($)
Common Stocks – (continued)
INDUSTRIALS – (continued)
Air Freight & Logistics – 1.1%
	United Parcel Service, Inc., Class B	174,200	13,573,664
	Air Freight & Logistics Total		13,573,664
Airlines – 0.4%
	Gol Linhas Aereas Inteligentes SA, ADR	173,600	4,940,656
	Airlines Total		4,940,656
Building Products – 0.4%
	Assa Abloy AB, Class B	239,000	4,859,213
	Building Products Total		4,859,213
Industrial Conglomerates – 4.3%
	3M Co.	150,400	12,251,584
	General Electric Co.	959,800	33,861,744
	Siemens AG, ADR	63,400	6,051,530
	Industrial Conglomerates Total		52,164,858
Machinery – 1.8%
	Deere & Co.	96,200	9,235,200
	Illinois Tool Works, Inc.	84,000	3,964,800
	Joy Global, Inc.	132,800	5,829,920
	Timken Co.	87,300	2,596,302
	Machinery Total		21,626,222
Marine – 0.5%
	A.P. Moller - Maersk A/S	660	6,179,347
	Marine Total		6,179,347
	INDUSTRIALS TOTAL		109,877,960
INFORMATION TECHNOLOGY – 13.6%
Communications Equipment – 2.8%
	Cisco Systems, Inc. (a)	591,400	15,896,832
	Corning, Inc. (a)	273,800	5,903,128
	Nokia Oyj, ADR	299,700	6,059,934
	QUALCOMM, Inc.	150,100	5,492,159
	Communications Equipment Total		33,352,053
Computers & Peripherals – 2.2%
	Apple Computer, Inc. (a)	72,300	6,628,464
	Hewlett-Packard Co.	276,200	10,898,852
	International Business Machines Corp.	98,162	9,023,051
	Computers & Peripherals Total		26,550,367
Internet Software & Services – 1.4%
	eBay, Inc. (a)	150,200	4,858,970
	Equinix, Inc. (a)	16,100	1,228,752

6

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Internet Software & Services – (continued)
	Google, Inc., Class A (a)	23,200	11,250,144
	Internet Software & Services Total		17,337,866
IT Services – 1.4%
	CheckFree Corp. (a)	92,400	3,863,244
	Computer Sciences Corp. (a)	69,500	3,627,900
	First Data Corp.	255,750	6,457,687
	Western Union Co.	126,450	2,883,060
	IT Services Total		16,831,891
Semiconductors & Semiconductor Equipment – 2.8%
	Applied Materials, Inc.	156,000	2,804,880
	ASML Holding N.V., N.Y. Registered Shares (a)	144,000	3,585,600
	Intel Corp.	340,700	7,273,945
	Intersil Corp., Class A	193,800	4,800,426
	Samsung Electronics Co. Ltd., GDR (b)	33,700	11,525,400
	Texas Instruments, Inc.	133,700	3,950,835
	Semiconductors & Semiconductor Equipment Total		33,941,086
Software – 3.0%
	Electronic Arts, Inc. (a)	42,300	2,362,455
	Microsoft Corp.	753,700	22,106,021
	Oracle Corp. (a)	581,000	11,056,430
	Software Total		35,524,906
	INFORMATION TECHNOLOGY TOTAL		163,538,169
MATERIALS – 3.1%
Chemicals – 0.9%
	Dow Chemical Co.	138,900	5,557,389
	International Flavors & Fragrances, Inc.	68,500	3,227,035
	Lyondell Chemical Co.	96,900	2,393,430
	Chemicals Total		11,177,854
Metals & Mining – 2.2%
	Alcoa, Inc.	80,200	2,499,834
	Companhia Vale do Rio Doce, ADR	217,700	6,043,352
	Freeport-McMoRan Copper & Gold, Inc., Class B	102,400	6,437,888
	Mittal Steel Co. N.V., N.Y. Registered Shares, Class A	119,600	4,928,716

7

		Shares	Value ($)
Common Stocks – (continued)
MATERIALS – (continued)
Metals & Mining – (continued)
	Newmont Mining Corp.	143,500	6,731,585
	Metals & Mining Total		26,641,375
	MATERIALS TOTAL		37,819,229
TELECOMMUNICATION SERVICES – 3.2%
Diversified Telecommunication Services – 2.1%
	AT&T, Inc.	206,000	6,985,460
	BellSouth Corp.	129,976	5,795,630
	Chunghwa Telecom Co. Ltd., ADR	212,338	4,034,422
	Telekomunikasi Indonesia, ADR	185,000	8,132,600
	Diversified Telecommunication Services Total		24,948,112
Wireless Telecommunication Services – 1.1%
	Philippine Long Distance Telephone Co., ADR	54,600	2,681,406
	Sprint Nextel Corp.	333,600	6,508,536
	Syniverse Holdings, Inc. (a)	104,900	1,452,865
	Turkcell Iletisim Hizmet AS, ADR	209,566	2,674,062
	Wireless Telecommunication Services Total		13,316,869
	TELECOMMUNICATION SERVICES TOTAL		38,264,981
UTILITIES – 3.8%
Electric Utilities – 2.2%
	Edison International	109,800	5,048,604
	Entergy Corp.	60,600	5,533,992
	Exelon Corp.	115,000	6,983,950
	FPL Group, Inc.	76,800	4,093,440
	PPL Corp.	142,000	5,161,700
	Electric Utilities Total		26,821,686
Independent Power Producers & Energy Traders – 0.3%
	AES Corp. (a)	115,000	2,687,550
	Independent Power Producers & Energy Traders Total		2,687,550
Multi-Utilities – 1.3%
	PG&E Corp.	139,078	6,387,853
	Public Service Enterprise Group, Inc.	142,400	9,572,128
	Multi-Utilities Total		15,959,981
	UTILITIES TOTAL		45,469,217
	Total Common Stocks (cost of $950,266,663)		1,159,096,969

8

		Par ($)	Value ($)
Short-Term Obligation – 4.1%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Note maturing 08/15/07, market value of $50,475,987 (repurchase proceeds $49,493,175)	49,486,000	49,486,000
	Total Short-Term Obligation (cost of $49,486,000)		49,486,000
	Total Investments – 100.1% (cost of $999,752,663)(c)(d)		1,208,582,969
	Other Assets & Liabilities, Net – (0.1)%		(1,615,088	)
	Net Assets – 100.0%		1,206,967,881

Notes to Investment Portfolio:
*	Security Valuation: Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.
(a)	Non-income producing security.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, the value of this security, which is not illiquid, represents 1.0% of net assets.
(c)	Cost for federal income tax purposes is $999,752,663.
(d)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	216,727,198	$	(7,896,892	)	$	208,830,306

9

Acronym	Name
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

10

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Balanced Fund

		Shares	Value ($)*
Common Stocks – 61.7%
CONSUMER DISCRETIONARY – 6.9%
Hotels, Restaurants & Leisure – 0.7%
	Hilton Hotels Corp.	29,900	981,617
	Wyndham Worldwide Corp. (a)	24,040	763,030
	Hotels, Restaurants & Leisure Total		1,744,647
Media – 3.8%
	Comcast Corp., Class A (a)	70,700	2,860,522
	News Corp., Class A	99,800	2,055,880
	Omnicom Group, Inc.	15,500	1,583,480
	Time Warner, Inc.	115,700	2,330,198
	Media Total		8,830,080
Multiline Retail – 0.9%
	Kohl’s Corp. (a)	18,100	1,259,760
	Target Corp.	13,300	772,597
	Multiline Retail Total		2,032,357
Specialty Retail – 0.3%
	Urban Outfitters, Inc. (a)	29,100	648,348
	Specialty Retail Total		648,348
Textiles, Apparel & Luxury Goods – 1.2%
	Coach, Inc. (a)	35,400	1,529,634
	NIKE, Inc., Class B	11,900	1,177,505
	Textiles, Apparel & Luxury Goods Total		2,707,139
	CONSUMER DISCRETIONARY TOTAL		15,962,571
CONSUMER STAPLES – 3.7%
Beverages – 1.5%
	Coca-Cola Co.	52,940	2,479,180
	Hansen Natural Corp. (a)	33,200	933,916
	Beverages Total		3,413,096
Food & Staples Retailing – 0.5%
	Sysco Corp.	35,200	1,261,920
	Food & Staples Retailing Total		1,261,920
Food Products – 0.4%
	ConAgra Foods, Inc.	32,100	824,970
	Food Products Total		824,970
Household Products – 0.8%
	Colgate-Palmolive Co.	28,430	1,849,372
	Household Products Total		1,849,372

1

		Shares	Value ($)
Common Stocks – (continued)
CONSUMER STAPLES – (continued)
Tobacco – 0.5%
	Altria Group, Inc.	15,300	1,288,413
	Tobacco Total		1,288,413
	CONSUMER STAPLES TOTAL		8,637,771
ENERGY – 3.5%
Energy Equipment & Services – 1.2%
	Dresser-Rand Group, Inc. (a)	18,600	450,306
	Halliburton Co.	46,100	1,555,414
	Transocean, Inc. (a)	9,210	717,919
	Energy Equipment & Services Total		2,723,639
Oil, Gas & Consumable Fuels – 2.3%
	Anadarko Petroleum Corp.	29,400	1,451,184
	Apache Corp.	20,400	1,426,572
	Chesapeake Energy Corp.	24,300	826,929
	Devon Energy Corp.	23,970	1,758,679
	Oil, Gas & Consumable Fuels Total		5,463,364
	ENERGY TOTAL		8,187,003
FINANCIALS – 13.7%
Capital Markets – 0.6%
	Charles Schwab Corp.	80,200	1,470,868
	Capital Markets Total		1,470,868
Commercial Banks – 0.7%
	Wachovia Corp.	31,500	1,706,985
	Commercial Banks Total		1,706,985
Consumer Finance – 0.7%
	American Express Co.	26,605	1,562,246
	Consumer Finance Total		1,562,246
Diversified Financial Services – 3.0%
	Citigroup, Inc.	76,133	3,775,436
	JPMorgan Chase & Co.	68,680	3,178,510
	Diversified Financial Services Total		6,953,946
Insurance – 6.2%
	ACE Ltd.	22,800	1,295,952
	Allied World Assurance Holdings Ltd.	15,500	657,975
	Ambac Financial Group, Inc.	22,100	1,892,644
	American International Group, Inc.	47,150	3,315,588
	Aspen Insurance Holdings Ltd.	49,900	1,344,805
	Berkshire Hathaway, Inc., Class B (a)	976	3,469,680
	UnumProvident Corp.	117,100	2,398,208
	Insurance Total		14,374,852

2

		Shares	Value ($)
Common Stocks – (continued)
FINANCIALS – (continued)
Thrifts & Mortgage Finance – 2.5%
	MGIC Investment Corp.	34,000	1,970,640
	Washington Mutual, Inc.	87,900	3,839,472
	Thrifts & Mortgage Finance Total		5,810,112
	FINANCIALS TOTAL		31,879,009
HEALTH CARE – 12.6%
Biotechnology – 1.7%
	Amgen, Inc. (a)	8,193	581,703
	Genentech, Inc. (a)	15,900	1,299,825
	Medimmune, Inc. (a)	43,930	1,436,072
	Millennium Pharmaceuticals, Inc. (a)	57,300	644,625
	Biotechnology Total		3,962,225
Health Care Equipment & Supplies – 2.9%
	Baxter International, Inc.	26,300	1,176,662
	Medtronic, Inc.	28,200	1,470,066
	Stryker Corp.	32,400	1,680,264
	Zimmer Holdings, Inc. (a)	33,100	2,414,976
	Health Care Equipment & Supplies Total		6,741,968
Health Care Providers & Services – 3.5%
	AmerisourceBergen Corp.	17,480	803,905
	Cardinal Health, Inc.	8,650	558,963
	Express Scripts, Inc. (a)	9,900	675,180
	McKesson Corp.	28,130	1,389,622
	Omnicare, Inc.	34,400	1,365,336
	Tenet Healthcare Corp. (a)	164,200	1,164,178
	UnitedHealth Group, Inc.	43,900	2,154,612
	Health Care Providers & Services Total		8,111,796
Life Sciences Tools & Services – 0.4%
	Thermo Fisher Scientific, Inc. (a)	20,130	882,298
	Life Sciences Tools & Services Total		882,298
Pharmaceuticals – 4.1%
	Abbott Laboratories	52,899	2,468,267
	Eli Lilly & Co.	20,700	1,109,313
	Endo Pharmaceuticals Holdings, Inc. (a)	58,300	1,580,513
	Forest Laboratories, Inc. (a)	33,900	1,650,930
	Johnson & Johnson	22,200	1,463,202

3

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Pharmaceuticals – (continued)
	Warner Chilcott Ltd. (a)	102,405	1,414,213
	Pharmaceuticals Total		9,686,438
	HEALTH CARE TOTAL		29,384,725
INDUSTRIALS – 6.1%
Aerospace & Defense – 0.9%
	Honeywell International, Inc.	25,490	1,095,560
	KBR, Inc. (a)	12,761	282,529
	Spirit Aerosystems Holdings, Inc. (a)	25,600	746,240
	Aerospace & Defense Total		2,124,329
Airlines – 0.5%
	UAL Corp. (a)	31,100	1,262,038
	Airlines Total		1,262,038
Commercial Services & Supplies – 1.0%
	ARAMARK Corp., Class B	71,500	2,384,525
	Commercial Services & Supplies Total		2,384,525
Industrial Conglomerates – 2.4%
	General Electric Co.	105,700	3,729,096
	Tyco International Ltd.	58,000	1,756,820
	Industrial Conglomerates Total		5,485,916
Machinery – 0.4%
	Dover Corp.	17,315	870,944
	Machinery Total		870,944
Road & Rail – 0.9%
	Avis Budget Group, Inc. (a)	58,100	1,188,726
	Union Pacific Corp.	9,760	883,475
	Road & Rail Total		2,072,201
	INDUSTRIALS TOTAL		14,199,953
INFORMATION TECHNOLOGY – 13.8%
Communications Equipment – 3.1%
	Alcatel-Lucent, ADR	60,400	802,112
	Avaya, Inc. (a)	55,900	714,402
	Cisco Systems, Inc. (a)	125,050	3,361,344
	Juniper Networks, Inc. (a)	60,400	1,285,916
	QUALCOMM, Inc.	25,500	933,045
	Communications Equipment Total		7,096,819
Computers & Peripherals – 0.6%
	Hewlett-Packard Co.	33,600	1,325,856
	Computers & Peripherals Total		1,325,856

4

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Internet Software & Services – 2.0%
	eBay, Inc. (a)	72,600	2,348,610
	VeriSign, Inc. (a)	62,600	1,634,486
	Yahoo!, Inc. (a)	23,800	642,362
	Internet Software & Services Total		4,625,458
IT Services – 2.3%
	Affiliated Computer Services, Inc., Class A (a)	27,300	1,380,015
	CheckFree Corp. (a)	32,700	1,367,187
	Computer Sciences Corp. (a)	22,400	1,169,280
	First Data Corp.	56,700	1,431,675
	IT Services Total		5,348,157
Semiconductors & Semiconductor Equipment – 0.3%
	Broadcom Corp., Class A (a)	21,780	715,037
	Semiconductors & Semiconductor Equipment Total		715,037
Software – 5.5%
	Cognos, Inc. (a)	16,600	679,106
	McAfee, Inc. (a)	52,200	1,524,762
	Microsoft Corp.	191,390	5,613,469
	Oracle Corp. (a)	124,075	2,361,147
	Symantec Corp. (a)	125,500	2,660,600
	Software Total		12,839,084
	INFORMATION TECHNOLOGY TOTAL		31,950,411
TELECOMMUNICATION SERVICES – 1.4%
Diversified Telecommunication Services – 0.3%
	NeuStar, Inc., Class A (a)	19,600	651,700
	Diversified Telecommunication Services Total		651,700
Wireless Telecommunication Services – 1.1%
	Sprint Nextel Corp.	128,000	2,497,280
	Wireless Telecommunication Services Total		2,497,280
	TELECOMMUNICATION SERVICES TOTAL		3,148,980
	Total Common Stocks (cost of $120,081,124)		143,350,423

	Par ($)
Corporate Fixed-Income Bonds & Notes – 11.4%
BASIC MATERIALS – 0.3%
Chemicals – 0.1%
Huntsman International LLC
7.875% 11/15/14(b)	100,000	100,500
Lyondell Chemical Co.
8.000% 09/15/14	15,000	15,469

5

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
BASIC MATERIALS – (continued)
Chemicals – (continued)
8.250% 09/15/16	20,000	20,800
Chemicals Total		136,769
Forest Products & Paper – 0.1%
Domtar, Inc.
7.125% 08/15/15	15,000	14,363
Georgia-Pacific Corp.
8.000% 01/15/24	100,000	102,500
Forest Products & Paper Total		116,863
Metals & Mining – 0.1%
Alcan, Inc.
4.500% 05/15/13	250,000	238,156
Vale Overseas Ltd.
6.250% 01/23/17	200,000	202,224
Metals & Mining Total		440,380
BASIC MATERIALS TOTAL		694,012
COMMUNICATIONS – 1.8%
Media – 0.8%
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.
10.250% 09/15/10	100,000	104,500
Comcast Corp.
7.050% 03/15/33	375,000	412,855
CSC Holdings, Inc.
7.625% 04/01/11	85,000	86,594
EchoStar DBS Corp.
6.625% 10/01/14	95,000	92,150
Lamar Media Corp.
7.250% 01/01/13	100,000	100,500
News America, Inc.
6.550% 03/15/33	275,000	285,183
Quebecor Media, Inc.
7.750% 03/15/16	100,000	101,250
R.H. Donnelley Finance Corp.
10.875% 12/15/12(b)	115,000	125,350
Sinclair Broadcast Group, Inc.
8.000% 03/15/12	100,000	103,000
Time Warner, Inc.

6

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
COMMUNICATIONS – (continued)
Media – (continued)
6.625% 05/15/29	425,000	440,881
Media Total		1,852,263
Telecommunication Services – 1.0%
AT&T Wireless Services, Inc.
8.750% 03/01/31	250,000	333,606
Citizens Communications Co.
9.000% 08/15/31	95,000	103,550
Dobson Cellular Systems, Inc.
9.875% 11/01/12	100,000	108,500
Embarq Corp.
7.995% 06/01/36	10,000	10,823
Intelsat Bermuda Ltd.
9.250% 06/15/16(b)	100,000	107,000
Lucent Technologies, Inc.
6.450% 03/15/29	100,000	90,000
Qwest Corp.
8.875% 03/15/12	100,000	111,375
Rogers Wireless, Inc.
8.000% 12/15/12	65,000	68,900
Sprint Capital Corp.
6.875% 11/15/28	200,000	208,191
Telefonica Emisones SAU
5.984% 06/20/11	300,000	308,044
Verizon Global Funding Corp.
7.750% 12/01/30	350,000	417,717
Vodafone Group PLC
5.000% 12/16/13	300,000	293,737
Windstream Corp.
8.625% 08/01/16(b)	100,000	108,875
Telecommunication Services Total		2,270,318
COMMUNICATIONS TOTAL		4,122,581
CONSUMER CYCLICAL – 0.7%
Apparel – 0.0%
Levi Strauss & Co.
9.750% 01/15/15	90,000	96,187
Apparel Total		96,187
Auto Manufacturers – 0.1%
DaimlerChrysler NA Holding Corp.
8.500% 01/18/31	230,000	281,069
Auto Manufacturers Total		281,069

7

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER CYCLICAL – (continued)
Auto Parts & Equipment – 0.0%
Goodyear Tire & Rubber Co.
9.000% 07/01/15	100,000	102,250
Auto Parts & Equipment Total		102,250
Entertainment – 0.0%
Warner Music Group
7.375% 04/15/14	40,000	39,600
Entertainment Total		39,600
Home Builders – 0.2%
D.R. Horton, Inc.
5.625% 09/15/14	275,000	268,040
K. Hovnanian Enterprises, Inc.
6.000% 01/15/10	25,000	23,906
6.375% 12/15/14	25,000	23,750
KB Home
5.875% 01/15/15	60,000	55,591
Home Builders Total		371,287
Leisure Time – 0.1%
Royal Caribbean Cruises Ltd.
6.875% 12/01/13	50,000	51,177
8.750% 02/02/11	55,000	60,476
Leisure Time Total		111,653
Lodging – 0.2%
Chukchansi Economic Development Authority
8.000% 11/15/13(b)	35,000	36,138
Harrah’s Operating Co., Inc.
5.625% 06/01/15	225,000	193,019
MGM Mirage
6.000% 10/01/09	45,000	44,888
8.500% 09/15/10	30,000	32,025
Station Casinos, Inc.
6.875% 03/01/16	165,000	153,862
Wynn Las Vegas LLC
6.625% 12/01/14	70,000	68,950
Lodging Total		528,882
Retail – 0.1%
AmeriGas Partners LP
7.125% 05/20/16	50,000	49,750
AutoNation, Inc.

8

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
7.374% 04/15/13(c)	5,000	5,000
Couche-Tard US LP
7.500% 12/15/13	100,000	102,250
Retail Total		157,000
CONSUMER CYCLICAL TOTAL		1,687,928
CONSUMER NON-CYCLICAL – 1.0%
Beverages – 0.0%
Cott Beverages, Inc.
8.000% 12/15/11	100,000	102,000
Beverages Total		102,000
Commercial Services – 0.2%
Ashtead Capital, Inc.
9.000% 08/15/16(b)	25,000	26,750
Avis Budget Car Rental LLC
7.625% 05/15/14(b)	100,000	96,625
Iron Mountain, Inc.
7.750% 01/15/15	100,000	102,000
Quebecor World Capital Corp.
8.750% 03/15/16(b)	25,000	24,250
United Rentals North America, Inc.
7.750% 11/15/13	100,000	100,000
Commercial Services Total		349,625
Food – 0.2%
Dean Foods Co.
7.000% 06/01/16	50,000	51,062
Kroger Co.
6.200% 06/15/12	400,000	414,073
Food Total		465,135
Healthcare Services – 0.4%
Aetna, Inc.
6.625% 06/15/36	300,000	331,757
HCA, Inc.
9.250% 11/15/16(b)	55,000	57,406
9.625% 11/15/16(b)	45,000	47,138
Tenet Healthcare Corp.
9.875% 07/01/14	100,000	100,250
Triad Hospitals, Inc.
7.000% 05/15/12	25,000	25,250
WellPoint, Inc.

9

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare Services – (continued)
6.800% 08/01/12	300,000	322,218
Healthcare Services Total		884,019
Household Products/Wares – 0.2%
American Greetings Corp.
7.375% 06/01/16	100,000	102,250
Fortune Brands, Inc.
5.375% 01/15/16	300,000	288,796
Household Products/Wares Total		391,046
Pharmaceuticals – 0.0%
Omnicare, Inc.
6.750% 12/15/13	100,000	98,000
Pharmaceuticals Total		98,000
CONSUMER NON-CYCLICAL TOTAL		2,289,825
ENERGY – 0.8%
Coal – 0.1%
Peabody Energy Corp.
6.875% 03/15/13	120,000	121,500
Coal Total		121,500
Oil & Gas – 0.5%
Anadarko Petroleum Corp.
6.450% 09/15/36	150,000	158,866
Chesapeake Energy Corp.
6.375% 06/15/15	100,000	97,250
Devon Financing Corp. ULC
7.875% 09/30/31	250,000	310,457
Marathon Oil Corp.
6.800% 03/15/32	300,000	341,238
Valero Energy Corp.
6.875% 04/15/12	275,000	293,822
Oil & Gas Total		1,201,633
Pipelines – 0.2%
El Paso Performance-Linked Trust
7.750% 07/15/11(b)	100,000	103,500
Energy Transfer Partners LP
6.625% 10/15/36	200,000	212,048
MarkWest Energy Partners LP
6.875% 11/01/14	45,000	42,300
8.500% 07/15/16(b)	100,000	101,000
Williams Companies, Inc.

10

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
ENERGY – (continued)
Pipelines – (continued)
6.375% 10/01/10(b)	45,000	45,113
8.125% 03/15/12	60,000	64,500
Pipelines Total		568,461
ENERGY TOTAL		1,891,594
FINANCIALS – 4.5%
Banks – 1.1%
Marshall & Ilsley Corp.
4.375% 08/01/09	700,000	688,422
SunTrust Preferred Capital I
5.853% 12/15/11	200,000	203,139
U.S. Bank NA
6.375% 08/01/11	600,000	632,904
Wachovia Corp.
4.875% 02/15/14	300,000	293,511
Wells Fargo & Co.
5.125% 09/01/12	600,000	605,479
Banks Total		2,423,455
Diversified Financial Services – 2.9%
American General Finance Corp.
5.375% 09/01/09	475,000	477,801
Capital One Bank
4.875% 05/15/08	325,000	323,614
Citigroup, Inc.
5.000% 09/15/14	700,000	691,944
Countrywide Home Loans, Inc.
4.125% 09/15/09	300,000	292,505
Ford Motor Credit Co.
7.375% 10/28/09	400,000	399,331
7.375% 02/01/11	100,000	98,814
General Electric Capital Corp.
5.000% 01/08/16	650,000	644,722
Goldman Sachs Group, Inc.
6.345% 02/15/34	370,000	385,845
HSBC Finance Corp.
5.000% 06/30/15	650,000	639,999
JPMorgan Chase Capital XV
5.875% 03/15/35	800,000	800,355
Lehman Brothers Holdings, Inc.
5.750% 07/18/11	600,000	616,264
Merrill Lynch & Co., Inc.

11

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
FINANCIALS – (continued)
Diversified Financial Services – (continued)
4.125% 01/15/09	500,000	490,269
Morgan Stanley
4.750% 04/01/14	400,000	386,928
SLM Corp.
5.375% 05/15/14	475,000	477,940
Diversified Financial Services Total		6,726,331
Insurance – 0.1%
Genworth Financial, Inc.
6.150% 11/15/66	150,000	152,559
Insurance Total		152,559
Real Estate – 0.1%
EOP Operating LP
7.000% 07/15/11	255,000	276,893
Real Estate Total		276,893
Real Estate Investment Trusts (REITs) – 0.1%
Health Care Property Investors, Inc.
6.450% 06/25/12	250,000	261,279
Rouse Co. LP/TRC Co-Issuer, Inc.
6.750% 05/01/13(b)	40,000	40,719
Real Estate Investment Trusts (REITs) Total		301,998
Savings & Loans – 0.2%
Washington Mutual, Inc.
4.200% 01/15/10	430,000	418,857
Savings & Loans Total		418,857
FINANCIALS TOTAL		10,300,093
INDUSTRIALS – 0.9%
Aerospace & Defense – 0.1%
L-3 Communications Corp.
6.375% 10/15/15	90,000	89,325
Lockheed Martin Corp.
6.150% 09/01/36(b)	225,000	245,221
Total Aerospace & Defense		334,546
Environmental Control – 0.2%
Allied Waste North America, Inc.
7.125% 05/15/16	100,000	99,375
Waste Management, Inc.
7.375% 08/01/10	225,000	241,441
Environmental Control Total		340,816

12

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
INDUSTRIALS – (continued)
Miscellaneous Manufacturing – 0.0%
Bombardier, Inc.
6.300% 05/01/14(b)	105,000	96,863
Miscellaneous Manufacturing Total		96,863
Packaging & Containers – 0.1%
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15	100,000	102,750
Jefferson Smurfit Corp.
8.250% 10/01/12	55,000	52,937
Owens-Illinois, Inc.
7.500% 05/15/10	100,000	101,000
Packaging & Containers Total		256,687
Transportation – 0.5%
Canadian National Railway Co.
7.195% 01/02/16	495,302	565,660
Union Pacific Corp.
3.875% 02/15/09	500,000	486,782
Transportation Total		1,052,442
INDUSTRIALS TOTAL		2,081,354
TECHNOLOGY – 0.2%
Computers – 0.2%
International Business Machines Corp.
6.220% 08/01/27	400,000	433,698
Computers Total		433,698
Semiconductors – 0.0%
Freescale Semiconductor, Inc.
6.875% 07/15/11	65,000	68,555
10.125% 12/15/16(b)	10,000	10,112
PIK,
9.125% 12/15/14(b)	35,000	35,000
Semiconductors Total		113,667
TECHNOLOGY TOTAL		547,365
UTILITIES – 1.2%
Electric – 1.0%
AES Corp.
7.750% 03/01/14	95,000	100,700
American Electric Power Co., Inc.
5.250% 06/01/15	350,000	347,399
CenterPoint Energy Houston Electric LLC
5.750% 01/15/14	250,000	254,209
CMS Energy Corp.

13

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
UTILITIES – (continued)
Electric – (continued)
6.875% 12/15/15	20,000	20,550
8.500% 04/15/11	10,000	10,925
Commonwealth Edison Co.
5.950% 08/15/16	325,000	334,369
Nevada Power Co.
6.500% 04/15/12	30,000	31,161
NRG Energy, Inc.
7.250% 02/01/14	15,000	15,000
7.375% 02/01/16	85,000	85,000
Progress Energy, Inc.
7.750% 03/01/31	250,000	309,920
Scottish Power PLC
5.375% 03/15/15	250,000	250,723
Southern California Edison Co.
5.000% 01/15/14	275,000	271,429
Virginia Electric & Power Co.
5.375% 02/01/07	350,000	349,998
Electric Total		2,381,383
Gas – 0.2%
Sempra Energy
4.750% 05/15/09	375,000	371,356
Gas Total		371,356
UTILITIES TOTAL		2,752,739
Total Corporate Fixed-Income Bonds & Notes (cost of $25,669,391)		26,367,491
Mortgage-Backed Securities – 8.9%
Federal Home Loan Mortgage Corp.
5.500% 12/01/18	1,243,316	1,251,981
5.500% 07/01/19	319,687	321,662
5.500% 07/01/21	2,249,649	2,260,589
5.500% 08/01/21	6,735,727	6,768,485
5.500% 08/01/35	1,554,302	1,549,907
6.000% 03/01/17	97,218	98,713
6.000% 04/01/17	618,037	627,540
6.000% 05/01/17	315,155	320,000
6.000% 08/01/17	190,482	193,411
6.500% 08/01/32	186,527	191,283
Federal National Mortgage Association

14

	Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
5.500% 04/01/36	2,339,748	2,331,276
5.500% 05/01/36	87,105	86,789
5.500% 11/01/36	3,090,000	3,078,812
5.797% 07/01/32(c)	659,598	662,618
TBA,
6.000% 12/01/36(d)	736,000	743,820
Government National Mortgage Association
7.000% 10/15/31	84,812	87,756
7.000% 04/15/ 32	73,069	75,597
7.000% 05/15/32	94,303	97,565
Total Mortgage-Backed Securities (cost of $20,500,090)		20,747,804
Collateralized Mortgage Obligations – 7.2%
AGENCY – 6.0%
Federal Home Loan Mortgage Corp.
4.000% 09/15/15	3,020,000	2,955,245
4.000% 10/15/18	1,900,000	1,766,295
4.500% 03/15/18	2,920,000	2,871,538
4.500% 10/15/18	1,626,715	1,609,827
4.500% 02/15/27	630,000	621,154
4.500% 08/15/28	720,000	702,962
Federal National Mortgage Association
4.500% 11/25/14	630,000	622,972
6.000% 04/25/32	2,600,000	2,649,503
AGENCY TOTAL		13,799,496
NON - AGENCY – 1.2%
Bear Stearns Asset Backed Securities, Inc.
5.000% 01/25/34	1,149,278	1,135,316
SACO I, Inc.
0.010% 09/25/24(c)	14,336	13,620
Structured Asset Securities Corp.
5.500% 05/25/33	692,397	684,128
5.500% 07/25/33	1,020,804	1,016,912
NON - AGENCY TOTAL		2,849,976
Total Collateralized Mortgage Obligations (cost of $16,829,055)		16,649,472
Government & Agency Obligations – 5.7%
FOREIGN GOVERNMENT OBLIGATIONS – 0.5%
Province of Ontario
3.500% 09/17/07	1,000,000	986,676

15

	Par ($)	Value ($)
Government & Agency Obligations – (continued)
FOREIGN GOVERNMENT OBLIGATIONS – (continued)
United Mexican States
7.500% 04/08/33	250,000	296,500
FOREIGN GOVERNMENT OBLIGATIONS TOTAL		1,283,176
U.S. GOVERNMENT AGENCIES – 1.7%
Federal Home Loan Bank
5.125% 10/19/16	700,000	718,935
Federal Home Loan Mortgage Corp.
6.625% 09/15/09	760,000	797,468
Federal National Mortgage Association
5.250% 08/01/12	2,400,000	2,437,387
U.S. GOVERNMENT AGENCIES TOTAL		3,953,790
U.S. GOVERNMENT OBLIGATIONS – 3.5%
U.S. Treasury Bonds
6.250% 08/15/23	1,690,000	1,998,161
7.250% 05/15/16	2,200,000	2,664,579
U.S. Treasury Inflation Indexed Bonds
2.500% 07/15/16	1,426,901	1,469,875
U.S. Treasury Notes
3.875% 02/15/13	1,950,000	1,892,415
U.S. GOVERNMENT OBLIGATIONS TOTAL		8,025,030
Total Government & Agency Obligations (cost of $13,207,707)		13,261,996
Commercial Mortgage-Backed Securities – 2.0%
Bear Stearns Commercial Mortgage Securities
5.449% 12/11/40	500,000	509,244
5.458% 03/11/39(c)	760,000	781,733
Nationslink Funding Corp.
6.888% 11/10/30	3,279,174	3,294,608
Total Commercial Mortgage-Backed Securities (cost of $4,581,820)		4,585,585
Asset-Backed Securities – 1.3%
Cityscape Home Equity Loan Trust
7.410% 05/25/28	416,187	414,544
First Alliance Mortgage Loan Trust
7.340% 06/20/27	84,937	84,684
IMC Home Equity Loan Trust
7.310% 11/20/28	1,167,709	1,163,907

16

	Par ($)	Value ($)
Asset-Backed Securities – (continued)
7.520% 08/20/28	665,720	663,736
Salomon Brothers Mortgage Securities VII
7.150% 06/25/28	650,413	647,995
Total Asset-Backed Securities (cost of $2,977,366)		2,974,866
Short-Term Obligation – 1.5%
Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Note maturing 08/15/09, market value of $3,546,212 (repurchase proceeds $3,474,504)	3,474,000	3,474,000
Total Short-Term Obligation (cost of $3,474,000)		3,474,000
Total Investments – 99.7% (cost of $207,320,553)(e)(f)		231,411,637
Other Assets & Liabilities, Net – 0.3%		765,566
Net Assets – 100.0%		232,177,203

Notes to Investment Portfolio:

*

Security Valuation: Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

17

	Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.
(a)	Non-income producing security.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, these securities, which are not illiquid, amounted to $1,407,560, which represents 0.6% of net assets.
(c)	The interest rate shown on floating rate or variable rate securities reflects the rate at November 30, 2006.
(d)	Security, or a portion thereof, purchased on a delayed delivery basis.
(e)	Cost for federal income tax purposes is $207,459,464.
(f)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	25,761,055	$	(1,808,882	)	$	23,952,173

Acronym	Name
ADR	American Depositary Receipt
PIK	Payment-In-Kind
TBA	To Be Announced

18

INVESTMENT PORTFOLIO

November 30, 2006 (Unaudited)                                                                        Columbia Oregon Intermediate Municipal Bond Fund

	Par ($)	Value ($)*
Municipal Bonds – 99.3%
EDUCATION – 5.7%
Education – 5.7%
OR Facilities Authority
Linfield College Project,
Series 2005 A,
5.000% 10/01/20	1,825,000	1,923,477
OR Health Sciences University
Series 1996 A,
Insured: MBIA:
(a) 07/01/09	1,530,000	1,393,371
(a) 07/01/12	1,315,000	1,068,543
(a) 07/01/14	2,550,000	1,912,270
(a) 07/01/15	4,325,000	3,104,269
(a) 07/01/21	12,515,000	6,844,954
OR Health, Housing, Educational & Cultural Facilities Authority
Linfield College Project,
Series 1998 A:
4.650% 10/01/09	555,000	564,257
5.500% 10/01/18	1,000,000	1,031,410
Reed College Project,
Series 1995 A,
Insured: MBIA
5.100% 07/01/10	900,000	927,801
OR Multnomah County Educational Facilities Authority
University of Portland Project:
Series 1997,
Insured: AMBAC
5.000% 04/01/11	1,150,000	1,178,003
Series 2000:
5.700% 04/01/15	1,000,000	1,052,380
6.000% 04/01/20	1,000,000	1,060,540
6.000% 04/01/25	500,000	530,750
Education Total		22,592,025
EDUCATION TOTAL		22,592,025
HEALTH CARE – 9.9%
Continuing Care Retirement – 0.4%
OR Albany Hospital Facility Authority
Mennonite Home Albany,
Series 2004 PJ-A:
4.750% 10/01/11	660,000	682,176
5.000% 10/01/12	680,000	714,353
Continuing Care Retirement Total		1,396,529
Hospitals – 9.5%
OR Benton County Hospital Facilities Authority
Samaritan Health Services Project,
Series 1998:

1

	Par ($)	Value ($)
Municipal Bonds – (continued)
HEALTH CARE – (continued)
Hospitals – (continued)
4.400% 10/01/07	220,000	220,832
4.800% 10/01/11	245,000	251,096
5.200% 10/01/17	2,255,000	2,317,802
OR Clackamas County Hospital Facility Authority
Legacy Health System, IBC,
Series 1999,
Insured: MBIA
5.500% 02/15/13	495,000	521,166
Legacy Health System:
Series 1999:
5.000% 02/15/16	1,010,000	1,049,127
5.500% 02/15/13	5,450,000	5,732,310
5.500% 02/15/14	2,385,000	2,507,851
Series 2001:
4.600% 05/01/10	885,000	911,771
5.250% 05/01/21	4,890,000	5,174,207
5.750% 05/01/12	2,000,000	2,181,840
5.750% 05/01/16	1,500,000	1,629,540
OR Medford Hospital Facilities Authority
Asante Health System,
Series 1998 A,
Insured: MBIA:
5.250% 08/15/10	485,000	501,946
5.250% 08/15/11	260,000	268,689
OR Multnomah County Hospital Facilities Authority
Providence Health System,
Series 2004,
5.250% 10/01/16	2,970,000	3,260,407
OR Salem Hospital Facility Authority
Series 1998:
5.000% 08/15/18	2,000,000	2,067,400
5.250% 08/15/14	4,860,000	5,043,756
Series 2006 A,
5.000% 08/15/27	3,500,000	3,735,515
OR Umatilla County Hospital Facility Authority
Catholic Health Initiatives,
Series 2000 A,
5.750% 12/01/20	285,000	306,147
Hospitals Total		37,681,402
HEALTH CARE TOTAL		39,077,931
HOUSING – 3.6%
Assisted Living/Senior – 0.5%
OR Clackamas County Hospital Facility Authority

2

	Par ($)	Value ($)
Municipal Bonds – (continued)
HOUSING – (continued)
Assisted Living/Senior – (continued)
Robison Jewish Home Project,
Series 2005:
5.000% 10/01/19	1,000,000	1,022,750
5.125% 10/01/24	1,000,000	1,016,330
Assisted Living/Senior Total		2,039,080
Multi-Family – 0.6%
OR Clackamas County Housing Authority
Multi-Family Housing,
Easton Ridge,
Series 1996 A,
5.800% 12/01/16	2,255,000	2,259,149
Multi-Family Total		2,259,149
Single-Family – 2.5%
OR Housing & Community Services
Department Mortgage Single Family Program:
Series 1991 D,
6.700% 07/01/13	275,000	275,459
Series 1998 A,
4.850% 07/01/10	120,000	122,879
Series 1999 E,
5.375% 07/01/21	2,800,000	2,903,824
Series 1999 M, AMT,
5.800% 07/01/12	145,000	149,815
Series 2000 E,
Insured: FHA:
5.700% 07/01/12	495,000	502,524
5.800% 07/01/14	435,000	442,056
6.000% 07/01/20	1,225,000	1,266,699
Series 2001 J,
5.150% 07/01/24	1,620,000	1,670,787
Series 2001 Q:
4.700% 07/01/15	545,000	561,928
4.900% 07/01/17	520,000	538,028
Series 2006 A,
4.300% 07/01/20	1,475,000	1,499,338
Single-Family Total		9,933,337
HOUSING TOTAL		14,231,566
OTHER – 32.0%
Other – 1.2%
OR Health, Housing, Educational & Cultural Facilities Authority
Goodwill Industries Lane County,
Series 1998 A,
6.650% 11/15/22(b)(c)	3,515,000	3,575,563
PR Commonwealth of Puerto Rico Government Development Bank
Series 2006 B,
5.000% 12/01/14	1,200,000	1,294,440
Other Total		4,870,003

3

	Par ($)	Value ($)
Municipal Bonds – (continued)
OTHER – (continued)
Pool/Bond Bank – 0.3%
OR Economic Community Development Department
Series 2000 A,
Insured: MBIA
5.375% 01/01/11	1,105,000	1,147,896
Pool/Bond Bank Total		1,147,896
Refunded/Escrowed(d) – 30.5%
OR Board of Higher Education
Lottery Education Project,
Series 1999 A:
Pre-refunded 04/01/09,
Insured: FSA
5.250% 04/01/13	1,600,000	1,676,960
Pre-refunded 04/01/11,
Insured: FSA
5.000% 04/01/14	2,705,000	2,862,323
Series 2001 A,
Pre-refunded 08/01/11:
5.250% 08/01/14	1,225,000	1,312,183
5.250% 08/01/16	4,550,000	4,873,823
OR Clackamas County Hospital Facility Authority
Kaiser Permanente,
Series 1998 A,
Escrowed to Maturity,
5.375% 04/01/14	7,135,000	7,481,262
Willamette View, Inc. Project,
Series 1999 A,
Pre-refunded 11/01/09,
6.850% 11/01/15	1,480,000	1,612,726
OR Clackamas County
School District No. 086,
Series 2000,
Pre-refunded 06/15/10,
6.000% 06/15/16	2,350,000	2,542,418
School District No. 108,
Series 2001,
Pre-refunded 06/15/11,
Insured: FSA
5.375% 06/15/15	1,055,000	1,135,549
School District No. 12, North Clackamas,
Series 1998,
Pre-refunded 06/01/09,
Insured: FGIC:
5.250% 06/01/11	1,000,000	1,041,590
5.250% 06/01/15	2,750,000	2,864,373
School District No. 7J, Lake Oswega,
Series 2001,
Pre-refunded 06/01/11:
5.375% 06/01/15	2,450,000	2,631,398
5.375% 06/01/16	1,295,000	1,390,882
5.375% 06/01/17	2,535,000	2,722,691

4

	Par ($)	Value ($)
Municipal Bonds – (continued)
OTHER – (continued)
Refunded/Escrowed(d) – (continued)
OR Coos County
School District No. 13, North Bend,
Series 2002,
Pre-refunded 06/15/12,
Insured: FSA
5.500% 06/15/15	1,765,000	1,935,799
OR Department of Administrative Services
Certificates of Participation,
Series 1997 A,
Pre-refunded 06/01/07,
Insured: AMBAC
5.300% 05/01/08	750,000	762,893
OR Department of Transportation
Highway User Tax,
Series 2002 A,
Pre-refunded 11/15/12,
5.500% 11/15/16	2,500,000	2,758,275
OR Deschutes County Hospital Facilities Authority
Cascade Health Services, Inc.,
Series 2002,
Pre-refunded 01/01/12:
5.500% 01/01/22	2,000,000	2,173,180
5.600% 01/01/27	5,550,000	6,056,104
5.600% 01/01/32	2,000,000	2,182,380
OR Deschutes County
Certificates of Participation,
Series 1998 A,
Pre-refunded 06/01/09,
5.050% 06/01/17	420,000	435,267
School District No. 1,
Series 2001 A,
Pre-refunded 06/15/11,
Insured: FSA
5.500% 06/15/18	1,000,000	1,081,550
OR Jackson County
School District No. 4, Phoenix-Talent,
Series 2001,
Pre-refunded 06/15/11,
Insured: FSA
5.500% 06/15/16	1,000,000	1,081,550
School District No. 9, Eagle Point,
Series 2000,
Pre-refunded 06/15/11,
5.625% 06/15/15	1,920,000	2,086,560
OR Linn County Community
School District No. 9, Lebanon,
Series 2001,
Pre-refunded 06/15/13,
Insured: FGIC
5.550% 06/15/21	2,000,000	2,231,640
School District No. 9,
Series 2001,
Pre-refunded 06/15/13,
Insured: FGIC
5.250% 06/15/15	405,000	444,374

5

	Par ($)	Value ($)
Municipal Bonds – (continued)
OTHER – (continued)
Refunded/Escrowed(d) – (continued)
OR Medford Hospital Facilities Authority
Asante Health System,
Series 1998 A,
Pre-refunded 08/15/08,
Insured: MBIA:
5.250% 08/15/10	1,015,000	1,053,377
5.250% 08/15/11	540,000	560,417
OR Metro Washington Park Zoo
Series 1996 A,
Pre-refunded 01/15/07,
5.300% 01/15/11	1,000,000	1,002,150
OR Multnomah County
Certificates of Participation,
Series 1998,
Pre-refunded 08/01/08,
4.550% 08/01/10	235,000	241,176
School District No. 40,
Series 2001,
Pre-refunded 12/01/10,
Insured: FSA
5.000% 12/01/14	1,790,000	1,888,110
School District No. 7, Reynolds,
Series 2000,
Pre-refunded 06/15/11:
5.625% 06/15/14	2,670,000	2,901,622
5.625% 06/15/17	1,000,000	1,086,750
OR Multnomah-Clackamas Counties
Centennial School District No. 28-302,
Series 2001,
Pre-refunded 06/15/11,
Insured: FGIC:
5.375% 06/15/16	2,055,000	2,211,899
5.375% 06/15/17	2,280,000	2,454,078
5.375% 06/15/18	2,490,000	2,680,112
OR North Clackamas Parks & Recreation District Facilities
Series 1993,
Escrowed to Maturity,
5.700% 04/01/13	2,625,000	2,804,655
OR Northern Oregon Corrections
Series 1997,
Pre-refunded 09/15/07,
Insured: AMBAC:
5.250% 09/15/12	1,000,000	1,013,350
5.300% 09/15/13	1,000,000	1,013,740
OR Portland Community College District
Series 2001 A,
Pre-refunded 06/01/11:
5.375% 06/01/14	1,925,000	2,070,838
5.375% 06/01/16	2,705,000	2,909,931
5.375% 06/01/17	2,540,000	2,732,430

6

	Par ($)	Value ($)
Municipal Bonds – (continued)
OTHER – (continued)
Refunded/Escrowed(d) – (continued)
OR Powell Valley Water District
Series 2000,
Pre-refunded 08/01/09,
6.000% 02/01/15	620,000	657,491
OR Salem Water & Sewer
Series 2000,
Pre-refunded 06/01/10,
Insured: FSA
5.300% 06/01/15	1,500,000	1,587,270
OR Tri-County Metropolitan Transportation District
Series 1999 1,
Pre-refunded 06/01/09,
5.400% 06/01/19	4,200,000	4,426,086
OR Umatilla County Hospital Facility Authority
Catholic Health Initiatives,
Series 2000 A,
Escrowed to Maturity:
5.750% 12/01/20	245,000	265,110
6.000% 12/01/30	4,825,000	5,245,499
OR Washington & Clackamas Counties
School District No. 23J, Tigard,
Series 2002,
Pre-refunded 06/15/12,
Insured: MBIA
5.375% 06/15/17	1,500,000	1,635,810
OR Washington County
School District No. 15, Forest Grove,
Series 2001,
Pre-refunded 06/15/11,
Insured: FSA:
5.375% 06/15/13	2,070,000	2,228,045
5.375% 06/15/15	2,515,000	2,707,020
School District No. 48J, Beaverton:
Series 1998,
Pre-refunded 08/01/08,
5.250% 08/01/10	1,150,000	1,182,304
Series 1999,
Pre-refunded 06/01/09,
Insured: FGIC
5.100% 06/01/12	500,000	519,010
Series 2001,
Pre-refunded 01/01/11:
5.125% 01/01/14	2,000,000	2,119,560
5.125% 01/01/17	1,820,000	1,928,800
5.125% 01/01/18	2,260,000	2,395,103
Series 2001,
Pre-refunded 06/01/11,
5.500% 06/01/16	2,785,000	3,010,362
OR Washington, Multnomah & Yamhill Counties
School District No. 1J,
Series 1999,
Pre-refunded 06/01/09,

7

	Par ($)	Value ($)
Municipal Bonds – (continued)
OTHER – (continued)
Refunded/Escrowed(d) – (continued)
5.250% 06/01/14	500,000	520,795
OR Yamhill County
School District No. 029J,
Series 2002,
Pre-refunded 06/15/12,
Insured: MBIA
5.250% 06/15/16	2,535,000	2,748,701
VI Virgin Islands Public Finance Authority
Series 1989 A,
Escrowed to Maturity,
7.300% 10/01/18	1,185,000	1,484,141
Refunded/Escrowed Total		120,663,492
OTHER TOTAL		126,681,391
OTHER REVENUE – 1.9%
Recreation – 1.9%
OR Board of Higher Education
Lottery Education Project:
Series 1999 B,
Insured: FSA
5.250% 04/01/15	1,315,000	1,373,425
Series 2003 A,
Insured: FSA:
5.000% 04/01/14	1,830,000	1,987,984
5.250% 04/01/11	4,000,000	4,184,120
Recreation Total		7,545,529
OTHER REVENUE TOTAL		7,545,529
TAX-BACKED – 35.6%
Local Appropriated – 0.5%
OR Deschutes & Jefferson County
School District No. 02J,
Series 2004 B,
Insured: FGIC
(a) 06/15/22	2,335,000	1,225,735
OR Multnomah County
Certificates of Participation,
Series 1998,
4.550% 08/01/10	765,000	783,505
Local Appropriated Total		2,009,240
Local General Obligations – 20.5%
OR Aurora
Series 1999,
5.600% 06/01/24	1,205,000	1,258,960
OR Bend Municipal Airport Project
Series 1999 B, AMT,
5.375% 06/01/13	150,000	155,335

8

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
Local General Obligations – (continued)
OR Benton & Linn Counties
School District No. 509J, Corvallis,
Series 2003,
Insured: FSA
5.000% 06/01/17	2,665,000	2,862,023
OR Canyonville South Umpqua Rural Fire District
Series 2001,
5.400% 07/01/31	610,000	619,559
OR Clackamas & Washington Counties
School District No. 003JT,
Series 2003,
Insured: FGIC
(a) 06/15/17	4,000,000	2,623,360
OR Clackamas Community College
Series 2001,
Insured: FGIC
5.250% 06/15/15	1,500,000	1,600,230
OR Clackamas County
School District No. 007J, Lake Oswego,
Series 2005,
Insured: FSA
5.250% 06/01/21	2,000,000	2,306,540
School District No. 108, Estacada,
Series 2005,
Insured: FSA
5.500% 06/15/25	2,485,000	3,002,601
OR Columbia County
School District No. 502, Deferred Interest,
Series 1999,
Insured: FGIC:
(a) 06/01/13	1,685,000	1,320,821
(a) 06/01/14	1,025,000	771,261
OR Coos Bay
Series 2000,
4.900% 09/01/07	525,000	530,250
OR Crook County
School District,
Series 2002,
Insured: FSA
5.000% 02/01/14	2,860,000	3,051,220
OR Jackson County
School District No. 009,
Series 2005,
Insured: MBIA:
5.500% 06/15/20	1,000,000	1,177,480
5.500% 06/15/21	1,410,000	1,668,918
School District No. 6, Central Point,
Series 2000,
6.000% 06/15/09	1,090,000	1,155,422
OR Jefferson County
School District No. 509J, Madras School District,

9

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
Local General Obligations – (continued)
Series 2002,
Insured: FGIC
5.250% 06/15/18	1,075,000	1,158,334
OR Josephine County
Unit School District, Three Rivers,
Series 2005,
Insured: FGIC:
5.000% 12/15/15	1,000,000	1,104,050
5.000% 12/15/16	1,000,000	1,109,170
OR Lane County
School District No. 19, Springfield:
Series 1997,
Insured: FGIC:
6.000% 10/15/12	1,740,000	1,964,182
6.000% 10/15/14	1,310,000	1,524,250
Series 2006,
Insured: FSA
(a) 06/15/25(e)	5,160,000	2,254,868
School District No. 4J, Eugene,
Series 2002:
5.000% 07/01/12	1,000,000	1,073,910
5.250% 07/01/13	1,000,000	1,099,640
OR Lincoln County
School District,
Series 1995,
Insured: FGIC
5.600% 06/15/10	3,480,000	3,651,007
OR Linn Benton Community College
Series 2001,
Insured: FGIC
(a) 06/15/13	1,000,000	782,480
Series 2002,
Insured: FGIC
(a) 06/15/14	1,000,000	752,340
OR Linn County
Community School District No. 9, Lebanon,
Series 2001,
Insured: FGIC
5.250% 06/15/15	305,000	333,722
OR Madras Aquatic Center District
Series 2005,
5.000% 06/01/22	1,695,000	1,788,496
OR Metro
Series 2002,
5.250% 09/01/14	3,130,000	3,367,004
OR Multnomah-Clackamas Counties
Centennial School District No. 28JT,
Series 2006,
Insured: AMBAC
(a) 06/01/16	2,260,000	1,539,535

10

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
Local General Obligations – (continued)
OR Portland Limited Tax
Series 2001 B:
(a) 06/01/12	1,750,000	1,425,655
(a) 06/01/13	1,500,000	1,175,055
(a) 06/01/16	3,500,000	2,408,070
(a) 06/01/18	4,000,000	2,510,720
(a) 06/01/19	4,000,000	2,402,280
(a) 06/01/20	4,000,000	2,300,160
OR Rogue Community College District
Series 2005,
Insured: MBIA:
5.000% 06/15/15	1,015,000	1,117,972
5.000% 06/15/16	1,050,000	1,152,480
5.000% 06/15/17	1,255,000	1,374,589
OR Tualatin Hills Park & Recreation District
Series 1998,
Insured: FGIC
5.750% 03/01/14	990,000	1,127,254
OR Washington & Clackamas Counties
Deferred Interest,
Series 1999 A,
(a) 06/01/10	1,520,000	1,322,871
School District No. 23J, Tigard:
Series 2000,
(a) 06/15/18	2,700,000	1,688,256
Series 2005,
Insured: MBIA
5.000% 06/15/21	6,575,000	7,403,055
OR Washington County
Criminal Justice Facilities,
Series 1998,
5.000% 12/01/10	1,400,000	1,419,278
OR Washington, Multnomah & Yamhill Counties
School District No. 1J:
Series 1998,
5.000% 11/01/13	1,100,000	1,197,273
Series 2006,
Insured: MBIA
(a) 06/15/25(e)	4,065,000	1,753,966
OR Yamhill County
School District No. 029J,
Series 2005,
Insured: FGIC
5.500% 06/15/21	1,000,000	1,183,630
School District No. 40,
Series 1997,
Insured: FGIC

11

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
Local General Obligations – (continued)
6.000% 06/01/09	500,000	529,705
Local General Obligations Total		81,099,237
Special Property Tax – 6.9%
OR Hood River Urban Renewal Agency
Series 1996,
6.250% 12/15/11	985,000	1,002,878
OR Lebanon Urban Renewal Agency
Series 1999,
5.625% 06/01/19	1,000,000	1,043,430
Series 2000:
5.750% 06/01/15	1,120,000	1,162,907
6.000% 06/01/20	1,580,000	1,653,644
OR Medford Urban Renewal
Series 1996,
5.875% 09/01/10	500,000	500,805
OR Portland Airport Way Urban Renewal & Redevelopment
Convention Center,
Series 2000 A,
Insured: AMBAC:
5.750% 06/15/17	1,500,000	1,620,570
5.750% 06/15/18	2,050,000	2,213,364
OR Portland Limited Tax
Series 2003 A,
3.400% 06/01/13	810,000	798,692
OR Portland River District Urban Renewal & Redevelopment
Series 2003 A,
Insured: AMBAC:
5.000% 06/15/17	1,500,000	1,611,450
5.000% 06/15/18	3,070,000	3,296,259
5.000% 06/15/20	2,000,000	2,147,400
OR Portland Urban Renewal & Redevelopment
South Park Blocks,
Series 2000 A,
Insured: AMBAC:
5.750% 06/15/17	2,065,000	2,230,985
5.750% 06/15/19	2,580,000	2,785,600
OR Redmond Urban Renewal Agency
Downtown Area B,
Series 1999:
5.650% 06/01/13	720,000	742,536
5.850% 06/01/19	785,000	810,434
South Airport Industrial Area A,
Series 1999,
5.700% 06/01/19	650,000	664,333

12

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
Special Property Tax – (continued)
OR Seaside Urban Renewal Agency
Greater Seaside Urban Renewal,
Series 2001,
5.250% 06/01/15	1,000,000	1,037,030
OR Veneta Urban Renewal Agency
Series 2001:
5.375% 02/15/16	700,000	739,473
5.625% 02/15/21	1,100,000	1,158,619
OR Wilsonville Limited Tax Improvement
Series 1998,
5.000% 12/01/10	250,000	251,825
Special Property Tax Total		27,472,234
State Appropriated – 4.1%
OR Department of Administrative Services
Certificates of Participation:
Series 1999 A,
Insured: AMBAC:
4.500% 05/01/12	1,020,000	1,048,264
5.000% 05/01/13	4,240,000	4,416,130
5.000% 05/01/14	1,000,000	1,041,230
Series 2002 B,
Insured: MBIA
5.250% 05/01/10	840,000	884,554
Series 2002 C,
Insured: MBIA:
5.250% 11/01/15	1,000,000	1,075,960
5.250% 11/01/17	5,000,000	5,374,750
Series 2002 E,
Insured: FSA
5.000% 11/01/13	1,470,000	1,574,987
PR Commonwealth of Puerto Rico Public Finance Corp.
Series 2004 A,
5.750% 08/01/27	750,000	814,920
State Appropriated Total		16,230,795
State General Obligations – 3.6%
OR Board of Higher Education
Deferred Interest,
Series 2001 A,
(a) 08/01/17	1,050,000	685,262
Series 1996 A,
(a) 08/01/14	490,000	365,966
Series 2001 A:
5.250% 08/01/14	255,000	272,855
5.250% 08/01/16	780,000	831,714
Series 2004 D,
5.000% 08/01/24	3,620,000	3,871,662
OR Elderly & Disabled Housing
Series 2001 B,

13

	Par ($)	Value ($)
Municipal Bonds – (continued)
TAX-BACKED – (continued)
State General Obligations – (continued)
4.950% 08/01/20	985,000	1,017,269
OR State
Series 1980,
9.200% 10/01/08	385,000	422,857
Series 2002 A,
5.250% 10/15/15	1,735,000	1,884,349
OR Veterans Welfare
Series 1980,
8.000% 07/01/08	580,000	618,976
Series 1995,
5.850% 10/01/15	265,000	268,000
Series 2000 80A,
5.700% 10/01/32	1,620,000	1,632,069
PR Commonwealth of Puerto Rico
Series 2004 A,
5.000% 07/01/30	1,000,000	1,056,760
Series 2006 A,
5.250% 07/01/23	1,000,000	1,094,510
State General Obligations Total		14,022,249
TAX-BACKED TOTAL		140,833,755
TRANSPORTATION – 1.5%
Airports – 0.5%
OR Eugene Airport
Series 2000, AMT:
5.650% 05/01/07	555,000	558,658
5.700% 05/01/08	515,000	526,304
OR Port of Portland International Airport
Series 1998 12B,
Insured: FGIC
5.250% 07/01/12	1,000,000	1,037,620
Airports Total		2,122,582
Ports – 0.7%
OR Port Morrow
Series 2000,
6.700% 06/01/20	2,000,000	2,012,540
OR Port of St. Helens
Series 1999:
5.600% 08/01/14	315,000	323,165
5.750% 08/01/19	425,000	436,020
Ports Total		2,771,725
Transportation – 0.3%
OR Tri-County Metropolitan Transportation District
Series 2003 A,

14

	Par ($)	Value ($)
Municipal Bonds – (continued)
TRANSPORTATION – (continued)
Transportation – (continued)
5.000% 09/01/15	1,000,000	1,076,550
Transportation Total		1,076,550
TRANSPORTATION TOTAL		5,970,857
UTILITIES – 9.1%
Independent Power Producers – 0.3%
OR Western Generation Agency
Series 2006 A,
5.000% 01/01/21	1,000,000	1,039,900
Independent Power Producers Total		1,039,900
Investor Owned – 2.2%
OR Port of St. Helens Pollution Control
Portland General Electric Co.:
Series 1985 A,
4.800% 04/01/10	5,195,000	5,237,651
Series 1985 B,
4.800% 06/01/10	3,500,000	3,530,275
Investor Owned Total		8,767,926
Municipal Electric – 3.2%
OR Emerald Peoples Utility District
Series 1996,
Insured: FGIC:
7.350% 11/01/10	2,160,000	2,451,859
7.350% 11/01/11	2,000,000	2,333,040
7.350% 11/01/12	2,490,000	2,977,866
7.350% 11/01/13	2,675,000	3,285,034
Series 2003 A,
Insured: FSA
5.250% 11/01/20	605,000	661,380
OR Eugene Electric Utilities System
Series 2001 B,
Insured: FSA
5.250% 08/01/13	1,040,000	1,113,559
Municipal Electric Total		12,822,738
Water & Sewer – 3.4%
OR Myrtle Point Water
Series 2000,
6.000% 12/01/20	510,000	540,319
OR Portland Water Systems Revenue
Series 2006 B,
5.000% 10/01/16	5,330,000	5,889,757
OR Portland Sewer System
Series 1997 A,
Insured: FGIC
5.000% 06/01/12	2,835,000	2,854,732
OR Sheridan Water
Series 1998,

15

	Par ($)	Value ($)
Municipal Bonds – (continued)
UTILITIES – (continued)
Water & Sewer – (continued)
5.350% 04/01/18	300,000	306,510
Series 2000:
6.200% 05/01/15	625,000	664,250
6.450% 05/01/20	520,000	555,209
OR Washington County Housing Authority
Clean Water Services Sewer,
Series 2004 Lien,
Insured: MBIA
5.000% 10/01/13	2,310,000	2,512,356
Water & Sewer Total		13,323,133
UTILITIES TOTAL		35,953,697
Total Municipal Bonds (cost of $374,592,949)		392,886,751

	Shares
Investment Companies – 0.1%
Dreyfus Tax-Exempt Cash Management Fund	304,318	304,318
Total Investment Companies (cost of $304,318)		304,318

	Par ($)
Short-Term Obligations – 0.3%
VARIABLE RATE DEMAND NOTES (f) – 0.3%
AL Homewood Educational Building Authority
Samford University,
Series 1999,
Insured: AMBAC,
LOC: Bank of Nova Scotia
3.530% 12/01/21	200,000	200,000
NE Lancaster County Hospital Authority No. 1
Bryanlgh Medical Center,
Series 2002,
Insured: AMBAC
3.570% 06/01/18	200,000	200,000
TX Harris County Health Facilities Development Corp.
YMCA-Greater Houston Area,
Series 2002,
LOC: JPMorgan Chase Bank
3.570% 07/01/37	600,000	600,000
WI Health & Educational Facilities Authority

16

	Par ($)	Value ($)
Short-Term Obligations – (continued)
VARIABLE RATE DEMAND NOTES (f) – (continued)
ProHealth Care, Inc.,
Series 2001 B,
Insured: AMBAC,
SPA: JPMorgan Chase Bank
3.570% 08/15/30	300,000	300,000
VARIABLE RATE DEMAND NOTES TOTAL		1,300,000
Total Short-Term Obligations (cost of $1,300,000)		1,300,000
Total Investments – 99.7% (cost of $376,197,267)(g)(h)		394,491,069
Other Assets & Liabilities, Net – 0.3%		1,279,656
Net Assets – 100.0%		395,770,725

Notes to Investment Portfolio:
*	Security Valuation: Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities.  The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes.  Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation.  Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral.  Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments in other investment companies are valued at net asset value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Zero coupon bond.
(b)	Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration.  At November 30, 2006, the value of these securities amounted to $3,575,563, which represents 0.9% of net assets.
(c)	Illiquid security.
(d)	The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.
(e)	Security purchased on a delayed delivery basis.
(f)	Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks.  The interest rates change periodically and the interest rates shown reflect the rates at November 30, 2006.

17

(g)	Cost for federal income tax purposes is $376,029,784.
(h)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	18,513,244	$	(51,959	)	$	18,461,285

Acronym	Name
AMBAC	Ambac Assurance Corp.
AMT	Alternative Minimum Tax
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FSA	Financial Security Assurance, Inc.
IBC	Insured Bond Certificates
LOC	Letter of Credit
MBIA	MBIA Insurance Corp.
SPA	Stand-by Purchase Agreement

18

INVESTMENT PORTFOLIO
November 30, 2006 (Unaudited)	Columbia Conservative High Yield Fund

	Par ($)	Value ($)*
Corporate Fixed-Income Bonds & Notes – 95.8%
BASIC MATERIALS – 5.9%
Chemicals – 3.5%
Agricultural Chemicals – 0.6%
Mosaic Co.
7.375% 12/01/14(a)	1,215,000	1,234,744
7.625% 12/01/16(a)	4,440,000	4,539,900
		5,774,644
Chemicals-Diversified – 2.0%
EquiStar Chemicals LP
10.125% 09/01/08	3,865,000	4,106,562
10.625% 05/01/11	1,175,000	1,254,313
Huntsman International LLC
6.875% 11/15/13(a)	1,975,000	2,599,245
7.875% 11/15/14(a)	2,815,000	2,829,075
Lyondell Chemical Co.
8.000% 09/15/14	2,615,000	2,696,719
8.250% 09/15/16	3,650,000	3,796,000
NOVA Chemicals Corp.
6.500% 01/15/12	4,070,000	3,846,150
		21,128,064
Chemicals-Specialty – 0.9%
Chemtura Corp.
6.875% 06/01/16	4,600,000	4,519,500
Nalco Co.
7.750% 11/15/11	4,830,000	4,926,600
		9,446,100
Chemicals Total		36,348,808
Forest Products & Paper – 1.0%
Paper & Related Products – 1.0%
Boise Cascade LLC
7.125% 10/15/14	2,465,000	2,366,400
Domtar, Inc.
7.125% 08/15/15	3,415,000	3,269,862
Georgia-Pacific Corp.
8.000% 01/15/24	4,320,000	4,428,000
		10,064,262
Forest Products & Paper Total		10,064,262
Iron/Steel – 1.2%
Steel-Producers – 1.2%
Russel Metals, Inc.
6.375% 03/01/14	8,885,000	8,440,750

1

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
BASIC MATERIALS – (continued)
Iron/Steel – (continued)
Steel-Producers – (continued)
United States Steel Corp.
9.750% 05/15/10	4,055,000	4,303,369
		12,744,119
Iron/Steel Total		12,744,119
Metals & Mining – 0.2%
Diversified Minerals – 0.2%
FMG Finance Ltd.
10.625% 09/01/16(a)	2,215,000	2,231,612
		2,231,612
Metals & Mining Total		2,231,612
BASIC MATERIALS TOTAL		61,388,801
COMMUNICATIONS – 15.6%
Media – 8.4%
Broadcast Services/Programs – 0.2%
Clear Channel Communications, Inc.
4.900% 05/15/15	2,930,000	2,378,343
		2,378,343
Cable TV – 4.0%
CSC Holdings, Inc.
7.625% 04/01/11	4,340,000	4,421,375
DirecTV Holdings LLC
6.375% 06/15/15	6,585,000	6,354,525
8.375% 03/15/13	6,009,000	6,241,849
EchoStar DBS Corp.
6.625% 10/01/14	10,440,000	10,126,800
7.000% 10/01/13(a)	4,000,000	3,990,000
Rogers Cable, Inc.
6.250% 06/15/13	5,515,000	5,487,425
7.875% 05/01/12	4,605,000	4,950,375
		41,572,349
Multimedia – 1.5%
Lamar Media Corp.
7.250% 01/01/13	12,168,000	12,228,840
Quebecor Media, Inc.
7.750% 03/15/16	3,015,000	3,052,687
		15,281,527

2

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
COMMUNICATIONS – (continued)
Media – (continued)
Publishing-Periodicals – 1.7%
Dex Media West LLC
9.875% 08/15/13	3,975,000	4,332,750
R.H. Donnelley Finance Corp.
10.875% 12/15/12(a)	12,235,000	13,336,150
		17,668,900
Television – 1.0%
LIN Television Corp.
6.500% 05/15/13	8,025,000	7,623,750
Sinclair Broadcast Group, Inc.
8.000% 03/15/12	2,980,000	3,069,400
		10,693,150
Media Total		87,594,269
Telecommunication Services – 7.2%
Cellular Telecommunications – 2.0%
Nextel Communications, Inc.
7.375% 08/01/15	9,585,000	9,896,512
Rogers Wireless, Inc.
7.500% 03/15/15	2,940,000	3,149,475
8.000% 12/15/12	7,340,000	7,780,400
		20,826,387
Satellite Telecommunications – 0.4%
Intelsat Bermuda Ltd.
9.250% 06/15/16(a)	3,760,000	4,023,200
		4,023,200
Telecommunication Equipment – 0.3%
Lucent Technologies, Inc.
6.450% 03/15/29	3,965,000	3,568,500
		3,568,500
Telecommunication Services – 0.7%
Embarq Corp.
7.082% 06/01/16	1,790,000	1,853,935
7.995% 06/01/36	1,790,000	1,937,289
Time Warner Telecom Holdings, Inc.
9.250% 02/15/14	2,920,000	3,109,800
		6,901,024
Telephone-Integrated – 3.8%
Cincinnati Bell, Inc.
7.000% 02/15/15	3,440,000	3,397,000
Citizens Communications Co.
9.000% 08/15/31	6,760,000	7,368,400

3

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
COMMUNICATIONS – (continued)
Telecommunication Services – (continued)
Telephone-Integrated – (continued)
Qwest Corp.
7.500% 10/01/14(a)	1,775,000	1,885,937
7.500% 06/15/23	4,890,000	4,987,800
8.875% 03/15/12	14,380,000	16,015,725
Windstream Corp.
8.625% 08/01/16(a)	4,980,000	5,421,975
		39,076,837
Telecommunication Services Total		74,395,948
COMMUNICATIONS TOTAL		161,990,217
CONSUMER CYCLICAL – 16.0%
Apparel – 0.5%
Apparel Manufacturers – 0.5%
Phillips-Van Heusen Corp.
7.250% 02/15/11	4,795,000	4,896,894
		4,896,894
Apparel Total		4,896,894
Auto Parts & Equipment – 1.1%
Auto/Truck Parts & Equipment-Original – 0.9%
Accuride Corp.
8.500% 02/01/15	3,555,000	3,403,912
TRW Automotive, Inc.
9.375% 02/15/13	5,590,000	5,995,275
		9,399,187
Rubber-Tires – 0.2%
Goodyear Tire & Rubber Co.
8.625% 12/01/11(a)	1,620,000	1,644,300
		1,644,300
Auto Parts & Equipment Total		11,043,487
Entertainment – 2.1%
Music – 1.0%
Steinway Musical Instruments, Inc.
7.000% 03/01/14(a)	4,115,000	4,001,837
Warner Music Group
7.375% 04/15/14	6,185,000	6,123,150
		10,124,987

4

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER CYCLICAL – (continued)
Entertainment – (continued)
Racetracks – 1.1%
Speedway Motorsports, Inc.
6.750% 06/01/13	11,926,000	11,896,185
		11,896,185
Entertainment Total		22,021,172
Home Builders – 1.5%
Building-Residential/Commercial – 1.5%
K. Hovnanian Enterprises, Inc.
6.000% 01/15/10	2,290,000	2,189,812
6.375% 12/15/14	3,110,000	2,954,500
6.500% 01/15/14	3,025,000	2,904,000
KB Home
5.875% 01/15/15	8,425,000	7,805,864
		15,854,176
Home Builders Total		15,854,176
Home Furnishings – 0.5%
Home Furnishings – 0.5%
Sealy Mattress Co.
8.250% 06/15/14	4,835,000	5,022,356
		5,022,356
Home Furnishings Total		5,022,356
Leisure Time – 1.3%
Cruise Lines – 1.1%
Royal Caribbean Cruises Ltd.
6.875% 12/01/13	5,775,000	5,910,955
8.750% 02/02/11	5,085,000	5,591,258
		11,502,213
Leisure & Recreational Products – 0.2%
K2, Inc.
7.375% 07/01/14	2,450,000	2,437,750
		2,437,750
Leisure Time Total		13,939,963
Lodging – 5.8%
Casino Hotels – 5.2%
Caesars Entertainment, Inc.
7.875% 03/15/10	5,040,000	5,178,600
CCM Merger, Inc.
8.000% 08/01/13(a)	6,225,000	6,007,125
Chukchansi Economic Development Authority
8.000% 11/15/13(a)	4,565,000	4,713,363

5

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER CYCLICAL – (continued)
Lodging – (continued)
Casino Hotels – (continued)
Harrah’s Operating Co., Inc.
5.625% 06/01/15	4,845,000	4,156,351
Las Vegas Sands Corp.
6.375% 02/15/15	1,745,000	1,681,744
MGM Mirage
6.000% 10/01/09	4,775,000	4,763,062
8.500% 09/15/10	3,565,000	3,805,638
Station Casinos, Inc.
6.875% 03/01/16	12,895,000	12,024,587
Wynn Las Vegas LLC
6.625% 12/01/14	11,555,000	11,381,675
		53,712,145
Hotels & Motels – 0.6%
Starwood Hotels & Resorts Worldwide, Inc.
7.875% 05/01/12	6,010,000	6,423,025
		6,423,025
Lodging Total		60,135,170
Retail – 2.8%
Retail-Automobiles – 0.7%
AutoNation, Inc.
7.000% 04/15/14	1,635,000	1,635,000
7.374% 04/15/13(b)	1,000,000	1,000,000
Group 1 Automotive, Inc.
8.250% 08/15/13	4,825,000	4,933,562
		7,568,562
Retail-Convenience Store – 0.8%
Couche-Tard US LP
7.500% 12/15/13	7,605,000	7,776,112
		7,776,112
Retail-Propane Distributors – 0.6%
AmeriGas Partners LP
7.125% 05/20/16	5,005,000	4,979,975
Ferrellgas Escrow LLC
6.750% 05/01/14	1,345,000	1,314,738
		6,294,713

6

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
Retail-Restaurants – 0.7%
Domino’s, Inc.
8.250% 07/01/11	7,215,000	7,485,563
		7,485,563
Retail Total		29,124,950
Textiles – 0.4%
Textile-Products – 0.4%
INVISTA
9.250% 05/01/12(a)	3,745,000	3,997,788
		3,997,788
Textiles Total		3,997,788
CONSUMER CYCLICAL TOTAL		166,035,956
CONSUMER NON-CYCLICAL – 16.4%
Agriculture – 0.4%
Tobacco – 0.4%
Reynolds American, Inc.
7.625% 06/01/16(a)	3,940,000	4,204,240
		4,204,240
Agriculture Total		4,204,240
Beverages – 2.1%
Beverages-Non-Alcoholic – 1.1%
Cott Beverages, Inc.
8.000% 12/15/11	11,730,000	11,964,600
		11,964,600
Beverages-Wine/Spirits – 1.0%
Constellation Brands, Inc.
8.125% 01/15/12	9,660,000	10,070,550
		10,070,550
Beverages Total		22,035,150
Biotechnology – 0.3%
Medical-Biomedical/Gene – 0.3%
Bio-Rad Laboratories, Inc.
7.500% 08/15/13	2,915,000	2,995,163
		2,995,163
Biotechnology Total		2,995,163
Commercial Services – 4.4%
Commercial Services – 0.6%
Iron Mountain, Inc.
7.750% 01/15/15	5,175,000	5,278,500

7

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
Commercial Services – (continued)
8.625% 04/01/13	1,170,000	1,208,025
		6,486,525
Funeral Services & Related Items – 0.6%
Service Corp. International
6.750% 04/01/16	600,000	589,500
7.375% 10/01/14	2,750,000	2,860,000
7.625% 10/01/18	2,360,000	2,466,200
		5,915,700
Printing-Commercial – 0.5%
Quebecor World Capital Corp.
8.750% 03/15/16(a)	5,070,000	4,917,900
		4,917,900
Private Corrections – 1.1%
Corrections Corp. of America
6.250% 03/15/13	510,000	502,350
7.500% 05/01/11	10,300,000	10,583,250
		11,085,600
Rental Auto/Equipment – 1.6%
Ashtead Capital, Inc.
9.000% 08/15/16(a)	4,250,000	4,547,500
Avis Budget Car Rental LLC
7.625% 05/15/14(a)	2,775,000	2,681,343
7.750% 05/15/16(a)	2,085,000	2,009,419
United Rentals North America, Inc.
7.000% 02/15/14	7,100,000	6,887,000
7.750% 11/15/13	845,000	845,000
		16,970,262
Commercial Services Total		45,375,987
Food – 1.3%
Food-Dairy Products – 0.7%
Dean Foods Co.
7.000% 06/01/16	7,095,000	7,245,769
		7,245,769

8

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER NON-CYCLICAL – (continued)
Food – (continued)
Food-Miscellaneous/Diversified – 0.6%
Del Monte Corp.
6.750% 02/15/15	5,675,000	5,589,875
		5,589,875
Food Total		12,835,644
Healthcare Services – 4.8%
Medical Products – 1.0%
Fisher Scientific International, Inc.
6.750% 08/15/14	9,540,000	9,833,679
		9,833,679
Medical-HMO – 1.0%
Coventry Health Care, Inc.
5.875% 01/15/12	10,205,000	10,179,804
		10,179,804
Medical-Hospitals – 2.3%
HCA, Inc.
9.250% 11/15/16(a)	7,700,000	8,036,875
9.625% 11/15/16(a)	5,650,000	5,918,375
Triad Hospitals, Inc.
7.000% 05/15/12	10,208,000	10,310,080
		24,265,330
Medical-Outpatient/Home Medical – 0.2%
Select Medical Corp.
7.625% 02/01/15	2,175,000	1,816,125
		1,816,125
Physician Practice Management – 0.3%
US Oncology, Inc.
9.000% 08/15/12	3,375,000	3,535,313
		3,535,313
Healthcare Services Total		49,630,251
Household Products/Wares – 1.1%
Consumer Products-Miscellaneous – 1.1%
American Greetings Corp.
7.375% 06/01/16	4,375,000	4,473,437
Scotts Co.
6.625% 11/15/13	6,910,000	6,892,725
		11,366,162
Household Products/Wares Total		11,366,162

9

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – 2.0%
Medical-Drugs – 0.6%
Elan Finance PLC
8.875% 12/01/13(a)	6,385,000	6,361,056
		6,361,056
Medical-Generic Drugs – 0.4%
Mylan Laboratories, Inc.
6.375% 08/15/15	3,900,000	3,841,500
		3,841,500
Medical-Wholesale Drug Distribution – 0.6%
AmerisourceBergen Corp.
5.625% 09/15/12	6,870,000	6,845,598
		6,845,598
Pharmacy Services – 0.4%
Omnicare, Inc.
6.750% 12/15/13	4,060,000	3,978,800
		3,978,800
Pharmaceuticals Total		21,026,954
CONSUMER NON-CYCLICAL TOTAL		169,469,551
ENERGY – 15.3%
Coal – 2.5%
Coal – 2.5%
Arch Western Finance LLC
6.750% 07/01/13	9,055,000	8,873,900
Massey Energy Co.
6.875% 12/15/13	4,360,000	4,054,800
Peabody Energy Corp.
6.875% 03/15/13	12,195,000	12,347,438
		25,276,138
Coal Total		25,276,138
Oil & Gas – 5.6%
Oil & Gas Drilling – 0.7%
Pride International, Inc.
7.375% 07/15/14	7,025,000	7,288,437
		7,288,437
Oil Companies-Exploration & Production – 4.4%
Chesapeake Energy Corp.
6.375% 06/15/15	13,610,000	13,235,725
7.500% 09/15/13	4,450,000	4,594,625

10

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
ENERGY – (continued)
Oil & Gas – (continued)
Oil Companies-Exploration & Production – (continued)
Compton Petroleum Corp.
7.625% 12/01/13	3,850,000	3,657,500
Newfield Exploration Co.
6.625% 09/01/14	10,800,000	10,800,000
Pogo Producing Co.
6.625% 03/15/15	9,845,000	9,451,200
Quicksilver Resources, Inc.
7.125% 04/01/16	4,445,000	4,267,200
		46,006,250
Oil Refining & Marketing – 0.5%
Tesoro Corp.
6.625% 11/01/15	5,090,000	5,039,100
		5,039,100
Oil & Gas Total		58,333,787
Oil & Gas Services – 2.8%
Oil Field Machinery & Equipment – 1.2%
Complete Production Services, Inc.
8.000% 12/15/16(a)	1,935,000	1,954,350
Grant Prideco, Inc.
6.125% 08/15/15	11,060,000	10,617,600
		12,571,950
Oil-Field Services – 1.6%
Hornbeck Offshore Services, Inc.
6.125% 12/01/14	6,630,000	6,232,200
Universal Compression, Inc.
7.250% 05/15/10	10,270,000	10,270,000
		16,502,200
Oil & Gas Services Total		29,074,150
Pipelines – 4.4%
Pipelines – 4.4%
Atlas Pipeline Partners LP
8.125% 12/15/15	3,700,000	3,792,500
Colorado Interstate Gas Co.
6.800% 11/15/15	6,285,000	6,514,453
El Paso Performance-Linked Trust
7.750% 07/15/11(a)	6,720,000	6,955,200
MarkWest Energy Partners LP
6.875% 11/01/14	8,600,000	8,084,000
Williams Companies, Inc.
6.375% 10/01/10(a)	9,545,000	9,568,862

11

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
ENERGY – (continued)
Pipelines – (continued)
Pipelines – (continued)
8.125% 03/15/12	9,790,000	10,524,250
		45,439,265
Pipelines Total		45,439,265
ENERGY TOTAL		158,123,340
FINANCIALS – 3.2%
Diversified Financial Services – 1.7%
Finance-Investment Banker/Broker – 0.9%
E*Trade Financial Corp.
7.375% 09/15/13	6,875,000	7,064,062
LaBranche & Co., Inc.
11.000% 05/15/12	2,145,000	2,316,600
		9,380,662
Special Purpose Entity – 0.8%
Idearc, Inc.
8.000% 11/15/16(a)	7,475,000	7,596,469
		7,596,469
Diversified Financial Services Total		16,977,131
Real Estate Investment Trusts (REITs) – 1.5%
REITS-Hotels – 0.8%
Host Marriott LP
6.375% 03/15/15	8,775,000	8,632,406
		8,632,406
REITS-Regional Malls – 0.7%
Rouse Co. LP/TRC Co-Issuer, Inc.
6.750% 05/01/13(a)	7,090,000	7,217,429
		7,217,429
Real Estate Investment Trusts (REITs) Total		15,849,835
FINANCIALS TOTAL		32,826,966
INDUSTRIALS – 15.1%
Aerospace & Defense – 1.9%
Aerospace/Defense-Equipment – 1.0%
DRS Technologies, Inc.
6.625% 02/01/16	5,075,000	5,113,063
Sequa Corp.
9.000% 08/01/09	4,970,000	5,286,837
		10,399,900

12

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
INDUSTRIALS – (continued)
Aerospace & Defense – (continued)
Electronics-Military – 0.9%
L-3 Communications Corp.
5.875% 01/15/15	1,680,000	1,629,600
6.375% 10/15/15	3,555,000	3,528,337
7.625% 06/15/12	3,995,000	4,139,819
		9,297,756
Total Aerospace & Defense		19,697,656
Electronics – 0.9%
Electronic Components-Miscellaneous – 0.9%
Flextronics International Ltd.
6.250% 11/15/14	4,720,000	4,578,400
NXP BV/NXP Funding LLC
7.875% 10/15/14(a)	4,835,000	4,967,963
		9,546,363
Electronics Total		9,546,363
Environmental Control – 1.5%
Non-Hazardous Waste Disposal – 1.5%
Allied Waste North America, Inc.
7.125% 05/15/16	15,700,000	15,601,875
		15,601,875
Environmental Control Total		15,601,875
Machinery-Construction & Mining – 0.4%
Machinery-Construction & Mining – 0.4%
Terex Corp.
7.375% 01/15/14	4,250,000	4,313,750
		4,313,750
Machinery-Construction & Mining Total		4,313,750
Machinery-Diversified – 1.5%
Machinery-General Industry – 1.5%
Manitowoc Co., Inc.
7.125% 11/01/13	7,215,000	7,251,075
Westinghouse Air Brake Technologies Corp.
6.875% 07/31/13	7,685,000	7,588,938
		14,840,013
Machinery-Diversified Total		14,840,013
Miscellaneous Manufacturing – 1.2%
Diversified Manufacturing Operators – 1.2%
Bombardier, Inc.
6.300% 05/01/14(a)	7,340,000	6,771,150

13

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
INDUSTRIALS – (continued)
Miscellaneous Manufacturing – (continued)
Diversified Manufacturing Operators – (continued)
Trinity Industries, Inc.
6.500% 03/15/14	5,800,000	5,640,500
		12,411,650
Miscellaneous Manufacturing Total		12,411,650
Packaging & Containers – 4.3%
Containers-Metal/Glass – 4.0%
Ball Corp.
6.875% 12/15/12	8,382,000	8,528,685
Crown Americas LLC & Crown Americas Capital Corp.
7.750% 11/15/15	5,450,000	5,599,875
Owens-Brockway Glass Container, Inc.
8.875% 02/15/09	7,225,000	7,405,625
Owens-Illinois, Inc.
7.500% 05/15/10	10,555,000	10,660,550
Silgan Holdings, Inc.
6.750% 11/15/13	9,755,000	9,559,900
		41,754,635
Containers-Paper/Plastic – 0.3%
Jefferson Smurfit Corp.
8.250% 10/01/12	3,185,000	3,065,562
		3,065,562
Packaging & Containers Total		44,820,197
Transportation – 3.4%
Transportation-Marine – 2.7%
Overseas Shipholding Group
8.250% 03/15/13	8,320,000	8,725,600
Stena AB
7.500% 11/01/13	9,370,000	9,299,725
Teekay Shipping Corp.
8.875% 07/15/11	9,616,000	10,349,220
		28,374,545

14

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
INDUSTRIALS – (continued)
Transportation – (continued)
Transportation-Services – 0.7%
Bristow Group, Inc.
6.125% 06/15/13	7,595,000	7,063,350
		7,063,350
Transportation Total		35,437,895
INDUSTRIALS TOTAL		156,669,399
TECHNOLOGY – 2.7%
Office/Business Equipment – 0.2%
Office Automation & Equipment – 0.2%
Xerox Corp.
6.400% 03/15/16	2,135,000	2,221,019
		2,221,019
Office/Business Equipment Total		2,221,019
Semiconductors – 2.5%
Electronic Components-Semiconductors – 2.5%
Advanced Micro Devices, Inc.
7.750% 11/01/12	2,910,000	2,982,750
Freescale Semiconductor, Inc.
6.875% 07/15/11	9,815,000	10,351,783
10.125% 12/15/16(a)	7,065,000	7,144,481
PIK,
9.125% 12/15/14(a)	5,200,000	5,200,000
		25,679,014
Semiconductors Total		25,679,014
TECHNOLOGY TOTAL		27,900,033
UTILITIES – 5.6%
Electric – 5.6%
Electric-Generation – 2.1%
AES Corp.
7.750% 03/01/14	15,550,000	16,483,000
Edison Mission Energy
7.730% 06/15/09	4,780,000	4,959,250
		21,442,250
Electric-Integrated – 1.8%
CMS Energy Corp.
6.875% 12/15/15	3,710,000	3,812,025
8.500% 04/15/11	1,645,000	1,797,163
Mirant Mid Atlantic LLC
8.625% 06/30/12	954,726	1,009,623

15

	Par ($)	Value ($)
Corporate Fixed-Income Bonds & Notes – (continued)
UTILITIES – (continued)
Electric – (continued)
Electric-Integrated – (continued)
Nevada Power Co.
6.500% 04/15/12	3,950,000	4,102,904
TECO Energy, Inc.
6.750% 05/01/15	3,480,000	3,619,200
7.000% 05/01/12	4,180,000	4,378,550
		18,719,465
Independent Power Producer – 1.7%
Mirant North America LLC
7.375% 12/31/13	6,510,000	6,591,375
MSW Energy Holdings LLC
7.375% 09/01/10	3,780,000	3,855,600
NRG Energy, Inc.
7.250% 02/01/14	2,545,000	2,545,000
7.375% 02/01/16	2,750,000	2,750,000
7.375% 01/15/17	1,735,000	1,730,663
		17,472,638
Electric Total		57,634,353
UTILITIES TOTAL		57,634,353
Total Corporate Fixed-Income Bonds & Notes (cost of $990,622,579)		992,038,616
Short-Term Obligations – 4.0%
Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by U.S. Notes with various maturities to 08/15/09, market value of $42,679,377 (repurchase proceeds $41,847,067)	41,841,000	41,841,000
Total Short-Term Obligations (cost of $41,841,000)		41,841,000

16

Total Investments – 99.8% (cost of $1,032,463,579)(c)(d)	1,033,879,616
Other Assets & Liabilities, Net – 0.2%	1,890,050
Net Assets – 100.0%	1,035,769,666

Notes to Investment Portfolio:
*	Security Valuation: Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Security 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 November 30, 2006, these securities, which are not illiquid, amounted to $158,508,864, which represents 15.3% of net assets.
(b)	The interest rate shown on floating rate or variable rate securities reflects the rate at November 30, 2006.
(c)	Cost for federal income tax purposes is $1,036,660,406.
(d)	Unrealized appreciation and depreciation at November 30, 2006, based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Depreciation
$	12,478,874	$	(15,259,664	)	$	(2,780,790	)

Acronym	Name
PIK	Payment-In-Kind

17

INVESTMENT PORTFOLIO

November 30, 2006 (Unaudited) Columbia Federal Securities Fund

		Par ($)	Value ($)*
Mortgage-Backed Securities – 59.4%
Federal Home Loan Mortgage Corp.
	4.881% 02/01/18(a)	22,841	22,814
	5.500% 07/01/21	63,290,564	63,598,365
	5.789% 07/01/19(a)	45,444	45,349
	5.987% 05/01/18(a)	43,384	43,499
	6.000% 05/15/29	8,812,000	8,935,910
	7.000% 08/01/29	16	16
	7.500% 04/01/07	204	204
	7.500% 08/01/08	1,724	1,726
	7.500% 10/01/11	19,637	20,082
	7.500% 03/01/16	17,257	17,202
	8.000% 04/01/07	77	78
	8.000% 06/01/07	417	418
	8.000% 08/01/07	1,720	1,724
	8.000% 12/01/07	2,131	2,139
	8.000% 05/01/09	72	73
	8.000% 06/01/09	8,210	8,217
	8.000% 07/01/09	24,822	25,169
	8.000% 09/01/09	44,102	44,749
	8.000% 05/01/10	14,305	14,597
	8.000% 01/01/11	5,991	5,975
	8.000% 12/01/11	116,410	117,557
	8.000% 05/01/16	44,952	45,486
	8.000% 04/01/17	76,249	79,405
	8.500% 12/01/07	13,341	13,419
	8.500% 01/01/08	5,332	5,369
	8.500% 02/01/08	2,622	2,642
	8.500% 03/01/08	2,424	2,459
	8.500% 10/01/08	2,175	2,197
	8.500% 05/01/09	12,263	12,422
	8.500% 01/01/10	10,082	10,398
	8.500% 07/01/10	4,864	4,919
	8.500% 03/01/17	5,808	6,161
	8.500% 06/01/17	349	371
	8.500% 09/01/17	25,847	27,233
	8.500% 09/01/20	68,846	72,536
	8.750% 12/01/07	2,644	2,660
	8.750% 05/01/08	1,047	1,065
	8.750% 07/01/08	2,251	2,265
	8.750% 08/01/08	671	680
	8.750% 10/01/08	9,168	9,226

1

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	8.750% 03/01/09	13,401	13,760
	8.750% 05/01/09	8,582	8,636
	8.750% 11/01/09	15,844	16,110
	9.000% 12/01/08	1,466	1,493
	9.000% 05/01/09	26,486	26,959
	9.000% 06/01/09	1,583	1,580
	9.000% 07/01/09	67,286	69,047
	9.000% 05/01/10	1,804	1,802
	9.000% 06/01/11	1,988	2,083
	9.000% 12/01/16	4,654	4,965
	9.000% 12/01/18	34,129	34,097
	9.000% 01/01/22	102,178	109,980
	9.250% 10/01/08	2,568	2,622
	9.250% 11/01/08	10,068	10,281
	9.250% 03/01/09	3,321	3,350
	9.250% 01/01/10	101,410	103,549
	9.250% 03/01/10	27,090	28,188
	9.250% 07/01/10	1,185	1,222
	9.250% 10/01/10	31,790	33,077
	9.250% 11/01/10	15,634	15,769
	9.250% 10/01/19	18,839	20,266
	9.500% 10/01/08	6,392	6,539
	9.500% 11/01/08	6,461	6,610
	9.500% 02/01/09	11,895	12,008
	9.500% 06/01/09	46,050	47,112
	9.500% 07/01/09	4,192	4,335
	9.500% 08/01/09	16,911	17,486
	9.500% 04/01/11	11,275	11,876
	9.500% 05/01/12	10,047	10,657
	9.500% 04/01/16	1,419	1,525
	9.500% 07/01/16	1,258	1,361
	9.500% 09/01/16	1,726	1,855
	9.500% 10/01/16	6,165	6,643
	9.500% 04/01/18	6,374	6,451
	9.500% 06/01/20	1,421	1,546
	9.500% 09/01/20	544	588
	9.500% 06/01/21	13,928	15,045
	9.500% 01/01/29	32,463	35,832
	9.750% 11/01/08	1,749	1,799
	9.750% 12/01/08	13,195	13,575
	9.750% 04/01/09	17,126	17,596

2

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	9.750% 09/01/16	10,386	11,178
	10.000% 09/01/18	3,973	4,294
	10.000% 11/01/19	42,775	47,342
	10.250% 06/01/09	3,265	3,427
	10.250% 09/01/09	8,531	8,888
	10.250% 10/01/09	26,177	27,049
	10.250% 06/01/10	34,053	35,746
	10.250% 10/01/10	13,350	13,794
	10.250% 08/01/13	14,275	15,199
	10.250% 11/01/13	13,339	13,783
	10.500% 11/01/09	21	21
	10.500% 09/01/13	2,606	2,666
	10.500% 01/01/16	85,092	92,977
	10.500% 06/01/17	85,790	93,022
	10.500% 08/01/19	11,558	11,994
	10.500% 09/01/19	13,848	14,610
	10.500% 01/01/20	64,157	71,424
	10.500% 04/01/21	38,457	39,907
	11.250% 10/01/09	15,256	16,191
	11.250% 02/01/10	12,495	13,418
	11.250% 04/01/11	42,028	45,439
	11.250% 10/01/12	9,857	10,263
	11.250% 08/01/13	54,019	57,373
	11.250% 02/01/15	3,053	3,287
	11.250% 07/01/15	9,613	10,348
	11.250% 09/01/15	24,993	25,457
	11.250% 12/01/15	27,054	29,852
	11.500% 02/01/15	36,074	39,226
TBA
	5.500% 12/12/36(b)	90,556,000	90,244,668
Federal National Mortgage Association
	5.427% 07/01/27(a)	27,049	27,221
	6.000% 12/01/08	770,851	770,561
	6.000% 01/01/09	617,631	617,399
	6.000% 01/01/24	274,396	278,525
	6.000% 02/01/24	141,582	143,788
	6.000% 03/01/24	1,027,971	1,043,982
	6.000% 04/01/24	858,941	872,246
	6.000% 05/01/24	259,675	263,720
	6.000% 08/01/24	70,323	71,418
	6.000% 01/01/26	4,376	4,446
	6.000% 03/01/26	73,438	74,635
	6.000% 04/01/26	5,019	5,101

3

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	6.000% 05/01/26	8,397	8,534
	6.500% 10/01/07	368	368
	6.500% 12/01/07	1,830	1,830
	6.500% 01/01/09	6,553	6,586
	6.500% 02/01/09	3,049	3,064
	6.500% 06/01/09	1,531	1,548
	6.500% 08/01/10	16,493	16,783
	6.500% 12/01/10	1,277	1,300
	6.500% 04/01/11	26,514	27,124
	6.500% 11/01/19(a)	3,200	3,210
	6.500% 10/01/22	24,960	25,593
	6.500% 09/01/25	42,904	44,064
	6.500% 11/01/25	146,818	150,789
	6.500% 05/01/26	193,958	199,203
	6.500% 09/01/28	13,205	13,582
	6.500% 12/01/28	15,026	15,455
	6.500% 01/01/29	147,087	151,292
	6.500% 06/01/29	176,910	181,836
	6.510% 08/01/19(a)	26,194	26,147
	6.565% 07/01/16	4,765,546	4,972,948
	6.695% 07/01/20(a)	11,677	11,889
	6.792% 06/01/20(a)	30,868	31,452
	6.891% 12/01/31(a)	45,482	45,125
	6.900% 12/01/17(a)	15,689	16,116
	7.000% 11/01/07	121	121
	7.000% 06/01/09	5,340	5,376
	7.000% 07/01/10	21,603	21,956
	7.000% 09/01/10	15,867	16,235
	7.000% 10/01/10	32,436	33,191
	7.000% 10/01/12	23,345	24,035
	7.000% 06/01/19(a)	21,110	21,280
	7.000% 08/01/23	164,644	170,167
	7.000% 10/01/23	29,430	30,417
	7.000% 11/01/23	83,772	86,583
	7.000% 02/01/27	7,236	7,488
	7.075% 03/01/18(a)	139,760	143,135
	7.199% 08/01/36(a)	21,216	21,223
	7.500% 02/01/08	216	216
	7.500% 01/01/09	3,021	3,035
	7.500% 05/01/09	3,925	3,934
	7.500% 06/01/09	6,751	6,752

4

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	7.500% 12/01/09	21,763	22,143
	7.500% 02/01/10	1,578	1,606
	7.500% 06/01/10	5,964	6,111
	7.500% 11/01/11	7,965	8,045
	7.500% 07/01/13	15,030	15,477
	7.500% 12/01/14	781	811
	7.500% 01/01/17	42,468	44,543
	7.500% 02/01/18	21,766	22,828
	7.500% 10/01/23	12,725	13,289
	7.500% 12/01/23	59,026	61,641
	8.000% 07/01/08	5,119	5,157
	8.000% 12/01/08	4,890	4,906
	8.000% 03/01/09	2,079	2,087
	8.000% 04/01/09	36,373	36,494
	8.000% 07/01/09	32,905	33,140
	8.000% 08/01/09	734	733
	8.000% 03/01/13	3,092	3,270
	8.000% 11/01/15	5,075	5,380
	8.000% 06/01/25	2,146	2,272
	8.000% 08/01/27	26,289	27,865
	8.000% 02/01/30	3,085	3,275
	8.000% 03/01/30	10,089	10,660
	8.000% 08/01/30	3,205	3,387
	8.000% 10/01/30	47,151	49,822
	8.000% 11/01/30	227,198	240,068
	8.000% 12/01/30	90,809	95,953
	8.000% 01/01/31	547,880	581,661
	8.000% 02/01/31	759	802
	8.000% 04/01/31	42,534	44,944
	8.000% 05/01/31	49,514	52,332
	8.000% 08/01/31	2,741	2,898
	8.000% 09/01/31	158,548	167,588
	8.000% 12/01/31	20,042	21,183
	8.000% 03/01/32	26,446	27,960
	8.000% 04/01/32	229,612	242,730
	8.000% 05/01/32	497,501	525,988
	8.000% 06/01/32	464,422	491,015
	8.000% 07/01/32	8,221	8,692
	8.000% 08/01/32	34,671	36,656
	8.000% 10/01/32	38,756	40,976
	8.000% 11/01/32	116,656	123,264
	8.000% 02/01/33	177,812	187,993

5

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	8.000% 03/01/33	39,134	41,387
	8.000% 06/01/33	7,696	8,139
	8.250% 05/01/08	5,055	5,079
	8.250% 04/01/09	557	569
	8.250% 05/01/10	5,712	5,741
	8.250% 09/01/11	1,989	2,022
	8.500% 09/01/07	2,443	2,441
	8.500% 02/01/08	12,199	12,271
	8.500% 05/01/08	653	654
	8.500% 11/01/08	7,464	7,582
	8.500% 12/01/08	2,794	2,792
	8.500% 06/01/09	14,466	14,662
	8.500% 07/01/09	4,851	4,847
	8.500% 03/01/10	8,228	8,222
	8.500% 12/01/11	18,972	19,010
	8.500% 02/01/15	2,858	2,910
	8.500% 05/01/15	10,434	10,734
	8.500% 06/01/15	52,787	52,871
	8.500% 02/01/17	2,539	2,699
	8.500% 06/01/17	3,363	3,389
	8.500% 07/01/17	21,070	21,598
	8.500% 12/01/17	3,615	3,612
	8.500% 09/01/21	39,344	40,332
	9.000% 06/01/07	335	337
	9.000% 08/01/07	589	594
	9.000% 09/01/07	4,950	4,950
	9.000% 10/01/07	153	153
	9.000% 03/01/08	2,470	2,491
	9.000% 05/01/08	3,058	3,108
	9.000% 07/01/08	2,824	2,880
	9.000% 12/01/08	3,617	3,647
	9.000% 01/01/09	2,172	2,190
	9.000% 05/01/09	82,305	83,542
	9.000% 07/01/09	137	137
	9.000% 09/01/09	21,452	21,881
	9.000% 12/01/09	25,248	25,308
	9.000% 04/01/10	1,450	1,494
	9.000% 05/01/10	3,118	3,166
	9.000% 06/01/10	7,046	7,187
	9.000% 11/01/10	515	530
	9.000% 04/01/11	5,618	5,664

6

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	9.000% 06/01/11	2,173	2,225
	9.000% 09/01/13	9,198	9,274
	9.000% 09/01/14	4,349	4,349
	9.000% 04/01/15	7,285	7,563
	9.000% 05/01/15	7,770	8,060
	9.000% 04/01/16	129,420	133,725
	9.000% 06/01/16	6,868	7,074
	9.000% 07/01/16	4,235	4,270
	9.000% 09/01/16	5,839	6,014
	9.000% 10/01/16	4,348	4,435
	9.000% 12/01/16	3,028	3,094
	9.000% 01/01/17	3,076	3,193
	9.000% 02/01/17	157	161
	9.000% 05/01/17	2,802	2,858
	9.000% 06/01/17	6,679	6,829
	9.000% 08/01/17	18,275	18,823
	9.000% 05/01/18	34,986	35,771
	9.000% 09/01/19	1,776	1,829
	9.000% 10/01/19	20,131	20,734
	9.000% 11/01/19	417	429
	9.000% 03/01/20	912	920
	9.000% 07/01/20	2,095	2,137
	9.000% 01/01/21	2,842	2,994
	9.000% 08/01/21	161,967	166,825
	9.000% 06/01/22	2,819	2,926
	9.000% 09/01/24	41,249	44,482
	9.500% 12/01/10	5,633	5,771
	9.500% 03/01/11	514	526
	9.500% 06/01/15	4,603	4,813
	9.500% 03/01/16	13,853	13,991
	9.500% 04/01/16	9,892	10,123
	9.500% 06/01/16	35,435	35,787
	9.500% 02/01/17	2,181	2,302
	9.500% 07/01/17	528	540
	9.500% 01/01/19	141,452	152,295
	9.500% 04/01/20	167,747	181,510
	9.500% 07/15/21	394,632	431,086
	9.500% 08/01/21	140,304	154,779
	10.000% 04/01/20	17,016	18,398
	10.500% 03/01/14	29,130	30,181
	10.500% 12/01/15	72,802	76,912
	11.000% 08/01/15	47,813	50,851

7

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
TBA:	5.000% 12/18/21(b)	92,415,000	91,548,609
	5.500% 12/18/21(b)	19,115,000	19,216,539
	5.500% 12/12/36(b)	23,500,000	23,411,875
	6.000% 12/12/36(c)	95,778,000	96,795,641
	6.500% 12/12/36(b)	68,750,000	70,146,450
Government National Mortgage Association
	5.375% 05/20/22(a)	41,300	41,464
	5.375% 06/20/23(a)	26,646	26,778
	5.750% 08/20/22(a)	7,665	7,703
	6.000% 12/15/10	57,024	57,695
	6.500% 06/15/23	15,887	16,373
	6.500% 08/15/23	17,401	17,934
	6.500% 09/15/23	21,088	21,733
	6.500% 10/15/23	36,724	37,847
	6.500% 11/15/23	178,071	183,516
	6.500% 12/15/23	61,316	63,191
	6.500% 01/15/24	41,519	42,821
	6.500% 02/15/24	38,333	39,535
	6.500% 03/15/24	108,586	111,990
	6.500% 04/15/24	17,646	18,199
	6.500% 05/15/24	30,812	31,767
	6.500% 07/15/24	130,740	134,748
	6.500% 09/15/25	31,806	32,827
	6.500% 12/15/25	34,716	35,830
	6.500% 01/15/28	30,386	31,378
	6.500% 02/15/28	76,827	79,335
	6.500% 07/15/28	135,387	139,807
	6.500% 08/15/28	116,896	120,712
	6.500% 10/15/28	108,539	112,083
	6.500% 11/15/28	37,077	38,288
	6.500% 12/15/28	216,374	223,437
	6.500% 01/15/29	173,870	179,470
	6.500% 02/15/29	43,267	44,661
	7.000% 02/15/09	759	769
	7.000% 03/15/22	8,901	9,198
	7.000% 04/15/22	2,125	2,196
	7.000% 10/15/22	4,297	4,440
	7.000% 11/15/22	12,125	12,530
	7.000% 01/15/23	197,719	204,425
	7.000% 03/15/23	2,243	2,320

8

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	7.000% 05/15/23	81,658	84,429
	7.000% 06/15/23	25,069	25,919
	7.000% 07/15/23	5,857	6,056
	7.000% 10/15/23	88,302	91,297
	7.000% 12/15/23	65,287	67,484
	7.000% 01/15/24	2,016	2,086
	7.000% 03/15/24	2,311	2,390
	7.000% 10/15/24	50,669	52,392
	7.000% 08/15/25	2,435	2,520
	7.000% 09/15/25	4,059	4,201
	7.000% 10/15/25	121,579	125,830
	7.000% 12/15/25	49,760	51,502
	7.000% 01/15/26	50,564	52,354
	7.000% 02/15/26	58,919	61,007
	7.000% 03/15/26	6,028	6,240
	7.000% 04/15/26	4,516	4,676
	7.000% 05/15/26	1,618	1,675
	7.000% 06/15/26	56,082	58,067
	7.000% 11/15/26	79,010	81,784
	7.000% 12/15/26	782	810
	7.000% 01/15/27	4,578	4,742
	7.000% 02/15/27	1,046	1,084
	7.000% 04/15/27	4,108	4,255
	7.000% 08/15/27	962	996
	7.000% 09/15/27	57,864	59,932
	7.000% 10/15/27	88,170	91,319
	7.000% 11/15/27	234,574	242,955
	7.000% 12/15/27	385,644	399,423
	7.000% 01/15/28	45,060	46,618
	7.000% 02/15/28	87,558	90,630
	7.000% 03/15/28	187,167	193,691
	7.000% 04/15/28	104,350	107,959
	7.000% 05/15/28	42,024	43,478
	7.000% 06/15/28	13,767	14,242
	7.000% 07/15/28	516,491	534,344
	7.000% 09/15/28	18,635	19,279
	7.000% 12/15/28	98,059	101,447
	7.000% 01/15/29	1,563	1,618
	7.000% 02/15/29	4,089	4,232
	7.000% 03/15/29	33,847	35,027
	7.000% 04/15/29	50,125	51,872
	7.000% 05/15/29	33,324	34,487

9

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	7.000% 06/15/29	27,233	28,183
	7.000% 07/15/29	77,531	80,235
	7.000% 08/15/29	56,790	58,770
	7.000% 09/15/29	37,704	39,020
	7.000% 10/15/29	17,171	17,769
	7.500% 02/15/07	613	615
	7.500% 03/15/07	622	623
	7.500% 04/15/22	19,367	20,200
	7.500% 10/15/23	69,972	73,031
	7.500% 07/15/25	8,503	8,885
	7.500% 08/15/25	172,915	180,678
	7.500% 10/15/25	21,216	22,168
	7.500% 12/15/25	47,316	49,440
	8.000% 08/15/07	118	118
	8.000% 04/15/08	63	64
	8.000% 11/15/14	25,558	27,019
	8.000% 06/20/17	166,371	174,879
	8.000% 06/15/22	70,037	74,339
	8.000% 02/15/23	100,714	106,662
	8.000% 03/20/23	697	735
	8.000% 06/15/23	2,331	2,469
	8.000% 07/15/23	3,349	3,546
	8.000% 07/15/26	80,776	85,729
	8.000% 07/15/29	4,721	5,014
	8.500% 10/15/09	7,011	7,275
	8.500% 12/15/21	5,298	5,704
	8.500% 01/15/22	85,478	92,148
	8.500% 09/15/22	4,526	4,879
	8.500% 10/15/22	5,906	6,367
	8.500% 11/20/22	59,374	63,769
	8.500% 12/15/22	5,486	5,904
	8.750% 12/15/21	112,652	120,421
	8.850% 01/15/19	46,468	49,778
	8.850% 05/15/19	71,755	76,866
	9.000% 06/15/07	180	182
	9.000% 08/15/08	21,372	21,837
	9.000% 09/15/08	38,385	39,219
	9.000% 10/15/08	6,394	6,534
	9.000% 11/15/08	27,422	28,017
	9.000% 12/15/08	20,961	21,417
	9.000% 01/15/09	13,572	13,985

10

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	9.000% 02/15/09	18,316	18,874
	9.000% 03/15/09	56,013	57,719
	9.000% 04/15/09	2,761	2,845
	9.000% 05/15/09	100,995	104,070
	9.000% 06/15/09	85,491	88,094
	9.000% 12/15/09	6,972	7,184
	9.000% 05/15/16	25,343	27,127
	9.000% 06/15/16	19,188	20,539
	9.000% 07/15/16	29,595	31,679
	9.000% 08/15/16	1,605	1,718
	9.000% 09/15/16	26,128	27,969
	9.000% 10/15/16	45,584	48,793
	9.000% 11/15/16	10,326	11,053
	9.000% 11/20/16	97,856	104,354
	9.000% 12/15/16	1,320	1,414
	9.000% 01/15/17	93,788	100,454
	9.000% 02/15/17	2,312	2,477
	9.000% 03/20/17	45,404	48,450
	9.000% 05/15/17	3,075	3,294
	9.000% 06/15/17	28,118	30,117
	9.000% 06/20/17	111,386	118,857
	9.000% 07/15/17	680	727
	9.000% 09/15/17	12,721	13,625
	9.000% 10/15/17	14,895	15,913
	9.000% 12/15/17	9,010	9,629
	9.000% 04/20/18	122,542	131,041
	9.000% 05/20/18	44,390	47,469
	9.000% 12/15/19	495	533
	9.000% 04/15/20	1,107	1,192
	9.000% 05/20/21	3,756	4,036
	9.000% 09/15/21	501	541
	9.000% 02/15/25	137,564	149,016
	9.250% 10/15/16	127,671	137,135
	9.250% 05/15/18	16,782	18,130
	9.250% 07/15/21	37,632	40,905
	9.250% 09/15/21	34,947	37,986
	9.500% 06/15/09	73,153	75,798
	9.500% 07/15/09	22,589	23,406
	9.500% 08/15/09	92,734	96,088
	9.500% 09/15/09	73,564	76,225
	9.500% 10/15/09	43,379	44,948
	9.500% 02/20/18	56,093	60,932

11

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	9.500% 12/20/24	11,868	12,964
	9.500% 01/20/25	12,871	14,069
	10.000% 12/15/17	1,902	2,114
	10.000% 07/20/18	19,855	21,993
	10.000% 11/15/18	562	625
	10.000% 12/15/18	462	513
	10.000% 03/15/19	490	545
	10.000% 04/15/20	862	960
	10.000% 11/15/20	12,709	14,155
	10.500% 02/15/10	4,283	4,579
	10.500% 09/15/10	707	756
	10.500% 06/15/11	14,882	16,115
	10.500% 06/15/12	15,937	17,402
	10.500% 03/15/13	250	275
	10.500% 07/15/13	7,254	7,982
	10.500% 11/15/13	19,622	21,592
	10.500% 08/15/15	9,200	10,206
	10.500% 09/15/15	21,210	23,530
	10.500% 10/15/15	7,526	8,349
	10.500% 12/15/15	8,280	9,186
	10.500% 01/15/16	33,704	37,503
	10.500% 01/20/16	189	208
	10.500% 02/15/16	11,392	12,676
	10.500% 03/15/16	10,445	11,622
	10.500% 07/15/17	13,748	15,336
	10.500% 10/15/17	2,496	2,784
	10.500% 11/15/17	45,185	50,402
	10.500% 12/15/17	74,497	83,100
	10.500% 01/15/18	55,034	61,512
	10.500% 02/15/18	64,006	71,546
	10.500% 03/15/18	50,904	56,901
	10.500% 04/15/18	119,232	133,274
	10.500% 06/15/18	8,414	9,405
	10.500% 07/15/18	61,106	68,304
	10.500% 09/15/18	24,319	27,183
	10.500% 10/15/18	7,735	8,646
	10.500% 12/15/18	10,627	11,894
	10.500% 02/15/19	8,338	9,349
	10.500% 03/15/19	6,133	6,877
	10.500% 04/15/19	50,363	56,470
	10.500% 05/15/19	41,635	46,685

12

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	10.500% 06/15/19	60,765	68,072
	10.500% 06/20/19	9,037	10,097
	10.500% 07/15/19	117,363	131,597
	10.500% 07/20/19	6,450	7,206
	10.500% 08/15/19	23,260	26,082
	10.500% 08/20/19	16,030	17,910
	10.500% 09/15/19	27,415	30,740
	10.500% 09/20/19	12,669	14,155
	10.500% 10/15/19	4,486	5,030
	10.500% 12/15/19	56,901	63,802
	10.500% 03/15/20	19,955	22,410
	10.500% 04/15/20	6,224	6,989
	10.500% 05/15/20	7,583	8,515
	10.500% 07/15/20	20,814	23,373
	10.500% 08/15/20	32,372	36,353
	10.500% 09/15/20	16,540	18,574
	10.500% 10/15/20	149	168
	10.500% 11/15/20	2,133	2,396
	10.500% 12/15/20	833	935
	10.500% 01/15/21	2,854	3,209
	10.500% 08/15/21	183,664	204,952
	10.625% 05/15/10	7,970	8,527
	11.000% 12/15/09	20,853	22,164
	11.000% 01/15/10	248	267
	11.000% 02/15/10	21,652	23,226
	11.000% 03/15/10	8,343	8,972
	11.000% 07/15/10	11,031	11,861
	11.000% 08/15/10	24,647	26,470
	11.000% 09/15/10	41,327	44,372
	11.000% 10/15/10	1,666	1,792
	11.000% 11/15/10	4,314	4,623
	11.000% 04/15/11	5,382	5,827
	11.000% 02/15/13	1,681	1,845
	11.000% 07/15/13	17,878	19,621
	11.000% 08/15/15	28,015	31,126
	11.000% 09/15/15	36,499	40,551
	11.000% 10/15/15	8,891	9,878
	11.000% 11/15/15	83,098	92,319
	11.000% 12/15/15	85,313	94,784
	11.000% 01/15/16	32,619	36,373
	11.000% 02/15/16	3,068	3,421
	11.000% 03/15/16	4,037	4,502

13

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	11.000% 07/15/16	40,713	45,399
	11.000% 07/15/17	213	226
	11.000% 08/15/18	5,073	5,670
	11.000% 09/15/18	88,069	98,425
	11.000% 11/15/18	10,245	11,449
	11.000% 12/15/18	37,112	41,476
	11.000% 06/20/19	10,233	11,426
	11.000% 07/20/19	284	315
	11.000% 09/20/19	3,757	4,179
	11.000% 12/15/20	12,853	14,420
	11.000% 02/15/21	7,042	7,905
	11.000% 03/15/21	10,306	11,570
	11.500% 03/15/10	2,261	2,452
	11.500% 04/15/10	8,119	8,810
	11.500% 07/15/10	5,837	6,334
	11.500% 09/15/10	25,421	27,585
	11.500% 10/15/10	21,443	23,267
	11.500% 01/15/13	27,115	29,919
	11.500% 02/15/13	86,743	96,071
	11.500% 03/15/13	161,380	178,434
	11.500% 04/15/13	144,350	159,836
	11.500% 05/15/13	180,312	199,641
	11.500% 06/15/13	102,007	112,924
	11.500% 07/15/13	76,032	84,211
	11.500% 08/15/13	26,244	29,066
	11.500% 09/15/13	23,563	25,797
	11.500% 11/15/13	8,315	9,210
	11.500% 01/15/14	4,444	4,957
	11.500% 02/15/14	39,285	43,818
	11.500% 08/15/15	4,662	5,232
	11.500% 09/15/15	12,736	14,036
	11.500% 10/15/15	19,772	22,209
	11.500% 11/15/15	7,327	8,222
	11.500% 12/15/15	12,696	14,248
	11.500% 01/15/16	7,565	8,534
	11.500% 02/15/16	7,379	8,324
	11.500% 02/20/16	11,825	13,292
	11.500% 03/15/16	7,818	8,820
	11.500% 11/15/17	8,680	9,834
	11.500% 12/15/17	9,978	11,305
	11.500% 01/15/18	5,710	6,493

14

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	11.500% 02/15/18	4,340	4,935
	11.500% 02/20/18	1,284	1,455
	11.500% 05/15/18	7,963	9,056
	11.500% 11/15/19	6,198	7,071
	11.750% 07/15/13	27,069	30,198
	11.750% 09/15/13	9,600	10,710
	11.750% 07/15/15	43,679	48,371
	12.000% 07/15/11	2,386	2,623
	12.000% 11/15/12	4,567	5,094
	12.000% 12/15/12	124,557	138,928
	12.000% 01/15/13	106,252	119,503
	12.000% 02/15/13	60,732	68,308
	12.000% 03/15/13	12,510	14,070
	12.000% 05/15/13	16,339	18,377
	12.000% 08/15/13	30,396	34,186
	12.000% 09/15/13	77,783	87,482
	12.000% 09/20/13	2,844	3,188
	12.000% 10/15/13	8,602	9,675
	12.000% 12/15/13	21,775	24,491
	12.000% 01/15/14	33,437	37,752
	12.000% 01/20/14	3,328	3,734
	12.000% 02/15/14	69,603	78,887
	12.000% 02/20/14	20,975	23,689
	12.000% 03/15/14	132,427	150,091
	12.000% 03/20/14	8,359	9,440
	12.000% 04/15/14	75,167	85,115
	12.000% 04/20/14	36,396	41,105
	12.000% 05/15/14	132,874	150,596
	12.000% 06/15/14	31,508	35,710
	12.000% 07/15/14	13,172	14,928
	12.000% 08/20/14	2,197	2,481
	12.000% 01/15/15	27,569	30,780
	12.000% 02/15/15	71,972	80,355
	12.000% 03/15/15	47,263	52,768
	12.000% 03/20/15	229	254
	12.000% 04/15/15	48,111	53,714
	12.000% 05/15/15	20,326	22,694
	12.000% 06/15/15	22,406	25,029
	12.000% 07/15/15	30,292	33,821
	12.000% 09/20/15	11,200	12,460
	12.000% 10/15/15	14,979	16,723
	12.000% 11/15/15	8,418	9,399

15

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	12.000% 12/20/15	1,554	1,728
	12.000% 01/15/16	4,985	5,552
	12.000% 02/15/16	7,068	7,873
	12.000% 02/20/16	3,173	3,522
	12.250% 09/15/13	26,201	28,907
	12.250% 02/15/14	49,413	54,638
	12.250% 03/15/14	6,484	7,170
	12.250% 04/15/14	20,187	22,321
	12.500% 04/15/10	60,421	66,068
	12.500% 05/15/10	77,027	84,457
	12.500% 06/15/10	94,692	103,731
	12.500% 07/15/10	61,435	67,341
	12.500% 08/15/10	12,054	13,217
	12.500% 09/15/10	3,898	4,274
	12.500% 10/15/10	21,211	23,257
	12.500% 11/15/10	95,130	104,213
	12.500% 12/15/10	177,043	193,849
	12.500% 01/15/11	30,433	33,632
	12.500% 05/15/11	15,172	16,767
	12.500% 10/15/13	48,282	53,698
	12.500% 10/20/13	22,197	24,599
	12.500% 11/15/13	123,529	137,388
	12.500% 12/15/13	45,990	51,138
	12.500% 01/15/14	30,966	34,527
	12.500% 05/15/14	88,255	98,405
	12.500% 06/15/14	62,891	70,125
	12.500% 07/15/14	2,247	2,506
	12.500% 07/20/14	2,839	3,155
	12.500% 08/15/14	12,271	13,683
	12.500% 09/20/14	2,676	2,973
	12.500% 10/20/14	6,604	7,337
	12.500% 11/15/14	4,115	4,512
	12.500% 12/15/14	45,203	50,401
	12.500% 01/15/15	71,515	79,747
	12.500% 04/15/15	2,528	2,826
	12.500% 05/15/15	18,540	20,719
	12.500% 05/20/15	26,426	29,276
	12.500% 06/15/15	11,783	13,169
	12.500% 07/15/15	25,506	28,504
	12.500% 07/20/15	3,139	3,496
	12.500% 08/15/15	24,220	27,067

16

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	12.500% 10/15/15	32,847	36,709
	12.500% 11/20/15	9,193	10,237
	13.000% 01/15/11	53,091	58,339
	13.000% 02/15/11	39,843	44,292
	13.000% 03/15/11	34,258	38,084
	13.000% 04/15/11	82,359	91,554
	13.000% 06/15/11	12,129	13,483
	13.000% 06/15/12	26,991	30,098
	13.000% 10/15/12	14,712	16,406
	13.000% 11/15/12	7,251	8,086
	13.000% 12/15/12	5,399	6,020
	13.000% 02/15/13	14,223	15,906
	13.000% 05/15/13	4,005	4,479
	13.000% 09/15/13	16,642	18,610
	13.000% 09/20/13	18,247	20,332
	13.000% 10/15/13	50,912	56,933
	13.000% 06/15/14	27,665	31,022
	13.000% 06/20/14	998	1,115
	13.000% 07/15/14	16,307	18,285
	13.000% 07/20/14	2,023	2,261
	13.000% 09/15/14	22,790	25,546
	13.000% 10/15/14	17,436	19,552
	13.000% 11/15/14	32,108	36,241
	13.000% 12/15/14	29,652	33,250
	13.000% 03/15/15	6,191	6,934
	13.000% 06/15/15	7,127	8,009
	13.000% 01/15/16	24,885	28,017
	13.500% 05/15/10	7,283	8,090
	13.500% 06/15/10	1,166	1,296
	13.500% 07/15/10	1,605	1,783
	13.500% 10/15/10	8,972	9,966
	13.500% 04/15/11	5,808	6,503
	13.500% 05/15/11	41,295	46,241
	13.500% 10/15/12	1,889	2,122
	13.500% 11/15/12	29,219	32,827
	13.500% 06/15/13	9,103	10,257
	13.500% 07/15/14	6,607	7,463
	13.500% 08/15/14	37,808	42,713
	13.500% 08/20/14	5,881	6,621
	13.500% 09/15/14	11,215	12,669
	13.500% 09/20/14	5,639	6,348
	13.500% 10/15/14	18,010	20,346

17

		Par ($)	Value ($)
Mortgage-Backed Securities – (continued)
	13.500% 11/15/14	12,009	13,566
	13.500% 11/20/14	36,081	40,618
	13.500% 12/15/14	9,470	10,699
	13.500% 12/20/14	5,327	5,996
	13.500% 01/15/15	13,646	15,452
	13.500% 02/15/15	23,217	26,289
	13.500% 02/20/15	9,012	10,168
	13.500% 04/15/15	4,127	4,673
	13.500% 06/15/15	4,931	5,583
	14.000% 06/15/11	4,199	4,733
	14.000% 03/15/12	4,900	5,543
	14.500% 10/15/12	4,578	5,207
	15.000% 09/15/11	37,687	42,973
	15.000% 07/15/12	2,481	2,840
	Total Mortgage-Backed Securities (cost of $491,905,336)		498,523,969
Government & Agency Obligations – 43.1%
U.S. GOVERNMENT AGENCIES – 3.9%
AID-Israel
	5.500% 04/26/24	10,000,000	10,658,760
Federal Home Loan Bank
	3.875% 06/14/13	1,750,000	1,666,177
	5.375% 07/17/09	10,000,000	10,153,940
Small Business Administration
	5.360% 11/01/26	9,000,000	9,166,276
	7.600% 01/01/12	193,116	200,098
	8.200% 10/01/11	101,148	105,511
	8.250% 11/01/11	327,701	342,467
	8.650% 11/01/14	463,954	493,967
	8.850% 08/01/11	49,885	52,242
	9.150% 07/01/11	131,555	137,931
	U.S. GOVERNMENT AGENCIES TOTAL		32,977,369
U.S. GOVERNMENT OBLIGATIONS – 39.2%
U.S. Treasury Bonds
	5.500% 08/15/28(c)	37,885,000	42,229,955
	6.500% 11/15/26(c)(d)	26,944,000	33,315,825
	6.750% 08/15/26(c)	12,888,000	16,311,375
	6.875% 08/15/25(c)	3,900,000	4,964,275
	7.125% 02/15/23(c)	11,619,000	14,845,991
	7.250% 08/15/22(c)	10,346,000	13,314,009

18

		Par ($)	Value ($)
Government & Agency Obligations – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
	8.750% 08/15/20(c)	13,446,000	19,028,188
U.S. Treasury Notes
	4.000% 02/15/14(c)	2,055,000	1,998,407
	4.250% 08/15/14(c)	1,350,000	1,332,439
	5.000% 02/15/11(c)	60,538,000	61,916,632
	6.125% 08/15/07	20,672,000	20,832,683
	6.500% 02/15/10(c)	88,643,000	93,906,178
U.S. Treasury STRIPS
	02/15/09(c)	5,500,000	4,981,521
	U.S. GOVERNMENT OBLIGATIONS TOTAL		328,977,478
	Total Government & Agency Obligations (cost of $351,710,557)		361,954,847
Asset-Backed Securities – 7.9%
Bank One Issuance Trust
	5.430% 12/15/10(a)	10,800,000	10,818,550
Capital One Multi-Asset Execution Trust
	5.570% 05/16/11(a)	10,000,000	10,042,212
Chase Credit Card Master Trust
	5.430% 07/15/10(a)	10,000,000	10,016,206
Chase Funding Mortgage Loan
	5.587% 02/25/32	1,294,042	1,284,508
	5.850% 02/25/32	4,622,266	4,542,449
	6.150% 06/25/31	4,094,917	4,092,136
	6.899% 03/25/31	1,705,744	1,707,935
First Alliance Mortgage Loan Trust
	8.225% 09/20/27	288,491	287,636
Green Tree Financial Corp.
	7.850% 08/15/25	9,100,000	8,964,505
MBNA Credit Card Master Note Trust
	4.450% 08/15/16(e)	5,000,000	4,819,156
Preferred Mortgage Asset Trust
	8.400% 09/25/12	19	19
Residential Asset Mortgage Products
	4.120% 06/25/33	2,303,401	2,245,595
	5.600% 12/25/33	5,500,000	5,447,069
Residential Asset Securities Corp.
	6.656% 04/25/32	1,838,691	1,859,377

19

		Par ($)	Value ($)
Asset-Backed Securities – (continued)
Residential Funding Mortgage Securities, Inc.
	6.460% 01/25/27	435,803	434,057
	Total Asset-Backed Securities (cost of $66,851,366)		66,561,410
Collateralized Mortgage Obligations – 2.6%
AGENCY – 0.0%
Federal Home Loan Mortgage Corp.
	I.O.:
	5.500% 01/15/23(f)	285,642	8,128
	5.500% 05/15/27(f)	409,179	29,805
Vendee Mortgage Trust
	I.O.:
	0.304% 03/15/29(f)	8,468,798	78,385
	0.442% 09/15/27(f)	7,045,465	88,677
	AGENCY TOTAL		204,995
NON - AGENCY – 2.6%
Countrywide Home Loans, Inc.
	6.000% 01/25/33	2,257,204	2,292,643
First Horizon Asset Securities, Inc.
	5.121% 10/25/33(a)	1,808,765	1,683,167
Nomura Asset Acceptance Corp.
	6.664% 05/25/36	4,220,000	4,293,625
Residential Accredit Loans, Inc.
	6.250% 03/25/17	3,174,695	3,166,295
Residential Funding Mortgage Securities, Inc.
	6.500% 03/25/32	1,031,216	1,034,631
	6.500% 03/25/32	773,412	776,958
Suntrust Alternative Loan Trust
	6.066% 12/25/35	6,969,445	6,983,234
Tryon Mortgage Funding, Inc.
	7.500% 02/20/27	39,114	38,989
Washington Mutual Mortgage Loan Trust
	6.120% 01/25/40(a)	1,577,053	1,579,163
	NON - AGENCY TOTAL		21,848,705
	Total Collateralized Mortgage Obligations (cost of $21,707,634)		22,053,700
Commercial Mortgage-Backed Securities – 1.2%
Citigroup/Deutsche Bank Commercial Mortgage Trust
	5.648% 10/15/48	7,900,000	8,180,155

20

		Par ($)	Value ($)
Commercial Mortgage-Backed Securities – (continued)
Merrill Lynch Mortgage Investors, Inc.
	I.O.,
	0.840% 12/15/30(f)	7,745,551	163,877
PNC Mortgage Acceptance Corp.
	5.910% 03/12/34	1,420,509	1,435,260
	Total Commercial Mortgage-Backed Securities (cost of $9,622,593)		9,779,292
Corporate Fixed-Income Bonds & Notes – 0.0%
FINANCIALS – 0.0%
Diversified Financial Services – 0.0%
Export Funding Trust
	8.210% 12/29/06	126,634	126,816
	Diversified Financial Services Total		126,816
	FINANCIALS TOTAL		126,816
	Total Corporate Fixed-Income Bonds & Notes (cost of $126,634)		126,816

		Shares
Securities Lending Collateral – 28.1%
	State Street Navigator Securities Lending Prime Portfolio (g)	236,427,376	236,427,376
	Total Securities Lending Collateral (cost of $236,427,376)		236,427,376

		Par ($)
Short-Term Obligation – 31.7%
	Repurchase agreement with Greenwich Capital, dated 11/30/06, due 12/01/06 at 5.250% collateralized by U.S. Government Obligations with various maturities to 08/06/38, market value $275,355,516 (repurchase proceeds $266,547,866)	266,509,000	266,509,000
	Total Short-Term Obligation (cost of $266,509,000)		266,509,000

21

Total Investments – 174.0% (cost of $1,444,860,496)(h)(i)	1,461,936,410
Other Assets & Liabilities, Net – (74.0)%	(621,960,193)
Net Assets – 100.0%	839,976,217

Notes to Investment Portfolio:
*		Security Valuation: Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis. Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments for which market quotations are not readily available, or have quotations which management believes are not appropriate, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)		The interest rate shown on floating rate or variable rate securities reflects the rate at November 30, 2006.
(b)		Security purchased on a delayed delivery basis.
(c)		All or portion of security was on loan at November 30, 2006. The market value of these securities is $232,646,608.
(d)		A portion of this security with a market value of $1,749,625 is pledged as collateral for open futures contracts.
(e)		Investments in affiliates during the period ended November 30, 2006:
		Security name: MBNA Credit Card Master Note Trust
		Par as of 08/31/06:					$	5,000,000
		Par purchased:					$	—
		Par sold:					$	—
		Par as of 11/30/06:					$	5,000,000
		Net realized gain/loss:					$	—
		Interest income earned:					$	18,542
		Value at end of period:					$	4,819,156
(f)		Accrued interest accumulates in the value of this security and is payable at redemption.
(g)		Investment made with cash collateral received from securities lending activity.
(h)		Cost for federal income tax purposes is $1,446,617,270.
(i)		Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:
	Unrealized			Unrealized				Net Unrealized
	Appreciation			Depreciation				Appreciation
	$		20,269,231	$	(4,950,091	)		$	15,319,140

22

At November 30, 2006, the Fund held the following open short futures contract:

	Number of			Aggregate		Expiration	Unrealized
Type	Contracts	Value		Face Value		Date	Depreciation
5-Year U.S. Treasury Notes	254	$	26,924,000	$	26,677,112	Dec-2006	$	(246,888	)
10-Year U.S. Treasury Notes	422	46,044,156		45,436,847		Dec-2006	(607,309		)
U.S. Treasury Bonds	64	7,320,000		7,087,620		Dec-2006	(232,380		)
							$	(1,086,577	)

Acronym	Name
I.O.	Interest Only
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

23

INVESTMENT PORTFOLIO

November 30, 2006 (Unaudited) Columbia Greater China Fund

		Shares	Value ($)*
Common Stocks – 94.6%
CONSUMER DISCRETIONARY – 7.0%
Automobiles – 1.0%
	Great Wall Motor Co., Ltd., Class H	1,966,682	1,946,772
	Automobiles Total		1,946,772
Distributors – 3.2%
	China Resources Enterprise Ltd.	974,000	2,474,207
	Li & Fung Ltd.	1,249,600	3,614,463
	Distributors Total		6,088,670
Diversified Consumer Services – 0.0%
	New Oriental Education & Technology Group, ADR (a)	700	22,337
	Diversified Consumer Services Total		22,337
Hotels, Restaurants & Leisure – 1.1%
	Cafe de Coral Holdings Ltd.	976,000	1,718,939
	Home Inns & Hotels Management, Inc., ADR (a)	12,800	391,296
	Hotels, Restaurants & Leisure Total		2,110,235
Specialty Retail – 1.7%
	Esprit Holdings Ltd.	324,000	3,359,229
	Specialty Retail Total		3,359,229
	CONSUMER DISCRETIONARY TOTAL		13,527,243
CONSUMER STAPLES – 2.6%
Beverages – 0.3%
	Yantai Changyu Pioneer Wine Co., Class B	126,510	497,339
	Beverages Total		497,339
Food Products – 2.0%
	China Mengniu Dairy Co., Ltd.	1,421,000	3,094,551
	China Milk Products Group Ltd. (a)	863,000	768,108
	Food Products Total		3,862,659
Personal Products – 0.3%
	China Flavors & Fragrances Co., Ltd. (a)	1,514,000	605,308
	Personal Products Total		605,308
	CONSUMER STAPLES TOTAL		4,965,306
ENERGY – 21.2%
Oil, Gas & Consumable Fuels – 21.2%
	China Petroleum & Chemical Corp., Class H	12,278,000	9,707,176
	China Shenhua Energy Co., Ltd., Class H	1,574,000	3,039,239
	CNOOC Ltd.	8,858,500	7,834,997
	PetroChina Co., Ltd., Class H	14,544,000	18,510,120

1

		Shares	Value ($)
Common Stocks – (continued)
ENERGY – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Yanzhou Coal Mining Co., Ltd., Class H	2,468,000	1,754,529
	Oil, Gas & Consumable Fuels Total		40,846,061
	ENERGY TOTAL		40,846,061
FINANCIALS – 24.1%
Commercial Banks – 8.2%
	Bank of China Ltd., Class H (a)	4,943,000	2,395,643
	China Merchants Bank Co., Ltd., Class H (a)	5,314,800	10,221,361
	Dah Sing Financial Holdings Ltd.	138,000	1,255,150
	Industrial & Commercial Bank of China, Class H (a)	3,698,000	1,868,313
	Commercial Banks Total		15,740,467
Consumer Finance – 0.2%
	Aeon Credit Service Co., Ltd.	538,000	414,977
	Consumer Finance Total		414,977
Insurance – 8.9%
	China Life Insurance Co., Ltd., Class H	5,380,000	13,057,934
	Ping An Insurance (Group) Co., Ltd., Class H	1,073,000	4,131,300
	Insurance Total		17,189,234
Real Estate Management & Development – 6.8%
	Cheung Kong Holdings Ltd.	117,000	1,382,266
	China Merchants Property Development Co., Ltd.	761,396	1,671,816
	Guangzhou R&F Properties Co. Ltd., Class H	1,936,000	3,932,354
	Shui On Land Ltd. (a)	1,647,500	1,433,852
	Sun Hung Kai Properties Ltd.	247,000	2,800,630
	Swire Pacific Ltd., Class A	190,000	2,000,450
	Real Estate Management & Development Total		13,221,368
	FINANCIALS TOTAL		46,566,046
HEALTH CARE – 1.1%
Health Care Equipment & Supplies – 0.6%
	Mindray Medical International Ltd., ADR (a)	44,851	1,076,424
	Health Care Equipment & Supplies Total		1,076,424

2

		Shares	Value ($)
Common Stocks – (continued)
HEALTH CARE – (continued)
Pharmaceuticals – 0.5%
	China Shineway Pharmaceutical Group Ltd.	1,832,000	1,024,483
	Pharmaceuticals Total		1,024,483
	HEALTH CARE TOTAL		2,100,907
INDUSTRIALS – 13.3%
Commercial Services & Supplies – 0.5%
	Guangdong Nan Yue Logistics Co., Ltd., Class H	2,013,000	957,493
	Commercial Services & Supplies Total		957,493
Electrical Equipment – 3.6%
	Dongfang Electrical Machinery Co., Ltd., Class H	500,000	1,168,568
	Harbin Power Equipment, Class H	2,252,000	2,200,251
	Shanghai Electric Group Co., Ltd., Class H	6,690,000	2,339,296
	Wasion Meters Group Ltd.	3,470,000	1,271,348
	Electrical Equipment Total		6,979,463
Industrial Conglomerates – 1.4%
	Hutchison Whampoa Ltd.	286,200	2,691,375
	Industrial Conglomerates Total		2,691,375
Machinery – 0.4%
	Xinjiang Tianye Water Saving Irrigation System Co., Ltd., Class H	3,728,000	690,127
	Machinery Total		690,127
Marine – 0.9%
	China Shipping Development Co. Ltd., Class H	1,554,000	1,823,946
	Marine Total		1,823,946
Transportation Infrastructure – 6.5%
	Anhui Expressway Co., Ltd., Class H	1,482,000	1,120,252
	China Merchants Holdings International Co., Ltd.	1,258,000	4,196,703
	Cosco Pacific Ltd.	2,042,000	4,509,922
	Jiangsu Expressway Co., Ltd., Class H	2,260,000	1,365,515
	Zhejiang Expressway Co., Ltd., Class H	1,992,000	1,357,236
	Transportation Infrastructure Total		12,549,628
	INDUSTRIALS TOTAL		25,692,032
INFORMATION TECHNOLOGY – 2.7%
Computers & Peripherals – 0.6%
	Lite-On Technology Corp.	846,139	1,097,574
	Computers & Peripherals Total		1,097,574

3

		Shares	Value ($)
Common Stocks – (continued)
INFORMATION TECHNOLOGY – (continued)
Electronic Equipment & Instruments – 0.4%
	Hon Hai Precision Industry Co., Ltd.	115,712	842,615
	Electronic Equipment & Instruments Total		842,615
Internet Software & Services – 0.8%
	NetEase.com, Inc., ADR (a)	80,828	1,492,085
	Internet Software & Services Total		1,492,085
Semiconductors & Semiconductor Equipment – 0.9%
	Taiwan Semiconductor Manufacturing Co., Ltd.	869,794	1,761,642
	Semiconductors & Semiconductor Equipment Total		1,761,642
	INFORMATION TECHNOLOGY TOTAL		5,193,916
TELECOMMUNICATION SERVICES – 19.6%
Diversified Telecommunication Services – 2.7%
	China Telecom Corp., Ltd., Class H	8,624,000	3,991,181
	Chunghwa Telecom Co., Ltd.	602,820	1,096,036
	Diversified Telecommunication Services Total		5,087,217
Wireless Telecommunication Services – 16.9%
	China Mobile Ltd.	3,741,500	31,456,738
	Taiwan Mobile Co., Ltd	1,186,000	1,186,367
	Wireless Telecommunication Services Total		32,643,105
	TELECOMMUNICATION SERVICES TOTAL		37,730,322
UTILITIES – 3.0%
Gas Utilities – 3.0%
	Hong Kong & China Gas Co., Ltd.	979,304	2,165,390
	Xinao Gas Holdings Ltd.	2,912,000	3,575,073
	Gas Utilities Total		5,740,463
	UTILITIES TOTAL		5,740,463
	Total Common Stocks (cost of $109,548,703)		182,362,296
Investment Company – 1.4%
	iShares FTSE/Xinhua China 25 Index Fund	28,795	2,742,724
	Total Investment Company (cost of $2,546,981)		2,742,724
		Par ($)
Short-Term Obligation – 4.9%
	Repurchase agreement with State Street Bank & Trust Co., dated 11/30/06, due 12/01/06 at 5.220%, collateralized by a U.S. Treasury Bond maturing 08/15/28, market value of $9,659,127 (repurchase proceeds $9,468,373)	9,467,000	9,467,000

4

Total Short-Term Obligation (cost of $9,467,000)	9,467,000
Total Investments – 100.9% (cost of $121,562,684)(b)(c)	194,572,020
Other Assets & Liabilities, Net – (0.9)%	(1,714,206)
Net Assets – 100.0%	192,857,814

Notes to Investment Portfolio:
*	Security Valuation:
	Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.
	Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.
	Investments in other investment companies are valued at net asset value.
	Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.
	Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.
	Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.
(a)	Non-income producing security.
(b)	Cost for federal income tax purposes is $121,562,684.
(c)	Unrealized appreciation and depreciation at November 30, 2006 based on cost of investments for federal income tax purposes was:

Unrealized		Unrealized			Net Unrealized
Appreciation		Depreciation			Appreciation
$	75,436,534	$	(2,427,198	)	$	73,009,336

Acronym	Name
ADR	American Depositary Receipt

5

Item 2. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Series Trust I
By (Signature and Title)	/s/ Christopher L. Wilson
	Christopher L. Wilson, President
Date	January 25, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Christopher L. Wilson
	Christopher L. Wilson, President
Date	January 25, 2007
By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, Treasurer
Date	January 25, 2007