columbia marsico 21st century fund commentary march 31 2007 for the first quarter returned 1 27 class a shares without sales charges essentially remaining even with its primary benchmark russell 3000 index which 28 performance data quoted represents past and current may be lower or higher is no guarantee of future results investment return principal value will fluctuate so that when redeemed worth more less than original cost reflect any voluntary waivers reimbursements expenses by advisor affiliates absent these reimbursement arrangements please visit www columbiafunds com daily most recent month end updates market environment number moving events unfolded during equity volatility rose emphatically but dust settled us quarterly returns had not changed materially one way another markets similar to federal reserve s ongoing mantra seemed dependent throughout as stock prices reacted sometimes quite strongly contradictory signals about overall health
