N-Q 1 file001.txt COLUMBIA ACORN TRUST ------------------------------ UNITED STATES OMB APPROVAL SECURITIES AND EXCHANGE COMMISSION ------------------------------ WASHINGTON, D.C. 20549 OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response........20.0 ------------------------------ FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-01829 -------------------------------------- Columbia Acorn Trust -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) One Financial Center, Boston, Massachusetts 02111 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Vincent Pietropaolo, Esq. Columbia Management Group, Inc. One Financial Center Boston, MA 02111 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-617-772-3698 ---------------------------- Date of fiscal year end: 12/31/04 -------------------- Date of reporting period: 9/30/04 ------------------ ITEM 1. SCHEDULE OF INVESTMENTS. Columbia Acorn Fund >Statement of Investments (Unaudited), September 30, 2004 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 94.1% ----------------------------------------------------------------------------------------------------------
INFORMATION: 22.9% SOFTWARE/SERVICES >BUSINESS SOFTWARE: 4.9% 11,500,000 Novell (b) $72,565 Directory, Operating System & Identity Management Software 1,625,000 Kronos (b)(c) 71,971 Labor Management Solutions 1,469,000 Avid Technology (b) 68,852 Digital Nonlinear Editing Software & Systems 3,450,000 PeopleSoft (b) 68,483 HR, ERP, CRM & Supply Chain Software 950,000 Micros Systems (b)(c) 47,566 Information Systems for Restaurants & Hotels 3,448,000 Aspect Communications (b)(c) 34,239 Call Center Software 1,600,000 McAfee (b) 32,160 Security Software & Services 6,700,000 E.Piphany (b)(c) 27,001 CRM Software 2,200,000 JDA Software Group (b)(c) 23,804 Applications/Software & Services for Retailers 1,400,000 Witness Systems (b)(c) 22,498 Customer Experience Management Software 6,000,000 Actuate (b)(c) 21,180 Information Delivery Software & Solutions 1,521,000 Sybase (b) 20,975 Database Software 2,000,000 MRO Software (b)(c) 20,000 Enterprise Maintenance Software 2,200,000 MAPICS (b)(c) 19,910 Mid-market ERP Software 3,000,000 Lawson Software (b) 16,800 Enterprise Resource Planning (ERP) Software 5,000,000 Indus International (b)(c) 7,900 600,000 Indus International 948 Enterprise Asset Management Software 973,000 Netegrity (b) 7,307 Enterprise Security Software 1,575,000 Radiant Systems (b)(c) 6,332 Point of Sale Systems for Convenience Stores 385,000 SPSS (b) 5,132 Statistical/Business Analysis Software 1,250,000 ClickSoftware Technologies (b) 2,375 Service Chain Optimization Software ---------------------------------------------------------------------------------------------------------- 597,998 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.5% 1,200,000 Getty Images (b) 66,360 Photographs for Publications & Electronic Media 1,336,000 Navigant Consulting (b) 29,339 Consulting Firm 2,685,000 InfoUSA (b)(c) 23,923 Business Data for Sales Leads 1,090,000 Ceridian (b) 20,067 HR Services & Payment Processing NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 600,000 Information Holdings (b) $16,338 Patent & other Business Information 530,000 Fair Isaac 15,476 Credit Scoring & Decision Analytic Software 350,000 Dex Media (b) 7,409 Yellow Pages Publisher 1,700,000 PRIMEDIA (b) 3,995 Specialty Magazines & other Publications ---------------------------------------------------------------------------------------------------------- 182,907 >INTERNET: 1.1% 9,500,000 Skillsoft Publishing (b)(c) 63,555 Provider of Web-based Learning Solutions (E-Learning) 2,000,000 RSA Security (b) 38,600 Enterprise Security Software 2,000,000 ValueClick (b) 18,880 Internet Advertising 1,400,000 DoubleClick (b) 8,274 Internet Advertising & Direct Marketing Statistical Data 500,000 Autobytel (b) 4,485 Automobile Websites for Sales Leads & Advertising 1,879,808 Vital Stream, Cl. C (b) 1,128 Streaming Services for the Internet ---------------------------------------------------------------------------------------------------------- 134,922 >TRANSACTION PROCESSORS: 1.0% 1,457,000 Global Payments 78,022 Credit Card Processor 7,000,000 Hong Kong Exchanges & Clearing (Hong Kong) 15,873 Trading, Clearing & Settlement Services for Financial Markets 1,250,000 Pegasus Systems (b)(c) 14,900 Transaction Processor for Hotel Industry 600,000 Cubic 13,740 Revenue Collection & Defense Systems 249,000 Euronet Worldwide (b) 4,661 ATM Processor ---------------------------------------------------------------------------------------------------------- 127,196 >COMPUTER SERVICES: 0.8% 3,350,000 Bearing Point (b) 29,949 Business Consulting & Technology Strategy 4,600,000 AnswerThink Consulting (b)(c) 24,610 IT Integrator for Fortune 2000 4,656,000 Igate Capital (b)(c) 17,134 Technology Staffing Services 2,000,000 Ciber (b) 15,040 Software Services & Staffing 2,300,000 Analysts International (b)(c) 10,074 Technology Staffing Services 1,025,000 New Horizons Worldwide (b)(c) 4,397 Computer Training Services ---------------------------------------------------------------------------------------------------------- 101,204 >ELECTRONICS DISTRIBUTION: 0.6% 1,695,000 Avnet (b) 29,018 Electronic Components Distribution 680,000 Tech Data (b) 26,214 IT Distributor NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >ELECTRONICS DISTRIBUTION--CONTINUED 710,000 Agilysys $12,276 IT Distributor ---------------------------------------------------------------------------------------------------------- 67,508 >CONSUMER SOFTWARE: 0.4% 1,260,000 THQ (b) 24,520 Entertainment Software 1,125,000 Activision (b) 15,604 Entertainment Software 2,000,000 Pinnacle Systems (b) 8,340 Video Editing Software & Hardware ---------------------------------------------------------------------------------------------------------- 48,464 COMPUTER RELATED HARDWARE >COMPUTER HARDWARE/RELATED SYSTEMS: 2.3% 2,500,000 Seachange International (b)(c) 39,975 Systems for Video On Demand & Ad Insertion 591,000 Zebra Technologies (b) 36,057 Bar Code Printers 945,000 Avocent (b) 24,598 Computer Control Switches 371,900 Neopost (France) 23,910 Postage Meter Machines 1,525,000 Unova (b) 21,426 Barcode & Wireless LAN Systems 445,000 Rogers (b) 18,908 PCB Laminates & High Performance Foams 1,500,000 CTS 18,900 Electronic Components, Sensors & EMS 535,000 II VI (b) 18,730 Laser Components 788,000 Belden CDT 17,178 Specialty Cable 625,000 Excel Technologies (b)(c) 16,137 Laser Systems & Electro-optical Components 1,235,000 Symbol Technologies 15,610 Mobile Computers & Barcode Scanners 2,900,000 3Com (b) 12,238 Networking Equipment 5,000,000 Concurrent Computer (b)(c) 8,400 Video On Demand Systems & Services 6,800,000 Phoenixtec Power (Taiwan) 6,497 Uninterruptable Power Supplies 230,000 Applied Films (b) 4,142 Thin-Film Glass Coating Equipment ---------------------------------------------------------------------------------------------------------- 282,706 >GAMING EQUIPMENT: 2.3% 6,700,000 International Game Technology 240,865 Slot Machines & Progressive Jackpots 940,000 Shuffle Master (b) 35,212 Card Shufflers, Casino Games & Slot Machines ---------------------------------------------------------------------------------------------------------- 276,077 >INSTRUMENTATION: 1.1% 1,350,000 Trimble Navigation (b) 42,660 GPS-based Instruments 536,000 Dionex (b) 29,319 Ion & Liquid Chromatography NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 600,000 Mettler Toledo (b) $28,332 Laboratory Equipment 2,300,000 Spectris (United Kingdom) 16,496 Electronic Instrumentation & Controls 428,000 Varian (b) 16,208 Analytical Instruments ---------------------------------------------------------------------------------------------------------- 133,015 >SEMICONDUCTORS/RELATED EQUIPMENT: 0.9% 1,315,000 Integrated Circuit Systems (b) 28,272 Silicon Timing Devices 685,000 Littelfuse (b) 23,653 Little Fuses 850,000 Semtech (b) 16,295 Analog Semiconductors 565,000 Supertex (b) 10,978 Mixed-signal Semiconductors 1,250,000 IXYS (b) 8,975 Power Semiconductors 1,380,000 Ase Test (Taiwan) (b) 7,245 Semiconductor Packaging & Test Services 604,000 Pericom Semiconductor (b) 5,835 Semiconductors: Interface Integrated Circuits 361,000 Actel (b) 5,487 Field Programmable Gate Arrays 664,000 Asyst Technologies (b) 3,393 Semiconductor Fab Automation Equipment ---------------------------------------------------------------------------------------------------------- 110,133 >CONTRACT MANUFACTURING: 0.4% 1,500,000 Jabil Circuit (b) 34,500 Electronic Manufacturing Services 1,600,000 Plexus (b) 17,664 Electronic Manufacturing Services ---------------------------------------------------------------------------------------------------------- 52,164 TELECOMMUNICATIONS >MOBILE COMMUNICATIONS: 1.8% 3,000,000 Western Wireless (b) 77,130 Rural Cellular Phone Services 4,000,000 Crown Castle International (b) 59,520 Communication Towers 520,000 Telephone & Data Systems 43,768 Cellular & Telephone Services 2,250,000 American Tower (b) 34,537 Communication Towers in USA & Mexico 11,000 COMARCO (b) 69 Wireless Network Testing ---------------------------------------------------------------------------------------------------------- 215,024 >TELECOMMUNICATIONS EQUIPMENT: 1.3% 8,700,000 Tellabs (b) 79,953 Telecommunications Equipment 830,000 Plantronics 35,889 Communication Headsets 2,000,000 Andrew (b) 24,480 Wireless Infrastructure Equipment 1,225,000 Symmetricom (b) 11,589 Network Timing & Synchronization Devices ---------------------------------------------------------------------------------------------------------- 151,911 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >TELECOMMUNICATIONS/WIRELINE COMMUNICATIONS: 0.3% ---------------------------------------------------------------------------------------------------------- 800,000 Commonwealth Telephone (b) $34,840 Rural Phone Franchises & CLEC ---------------------------------------------------------------------------------------------------------- MEDIA >TELEVISION PROGRAMMING/CATV: 1.2% 864,000 Liberty Media International (b) 28,825 CATV Holding Company 2,700,000 Insight Communications (b) 23,760 CATV Franchises in Midwest 2,605,000 Liberty Media (b) 22,716 CATV Programming & Media Company Holdings 3,000,000 United Global Com (b) 22,410 Video, Voice & Data Services Outside the USA 1,100,000 Corus Entertainment (Canada) 20,502 Television Programming & Radio Stations 2,500,000 Mediacom Communications (b) 16,325 Cable Television Franchises 450,000 Alliance Atlantis Communication (Canada) (b) 9,950 CATV Channels, TV/Movie Production/Distribution ---------------------------------------------------------------------------------------------------------- 144,488 >RADIO BROADCASTING: 0.5% 770,000 Salem Communications (b) 19,496 Radio Stations for Religious Programming 1,200,000 Cumulus Media, Cl. A (b) 17,268 Radio Stations in Small Cities 992,000 Saga Communications (b) 16,814 Radio Stations in Small & Mid-sized Cities 1,200,000 Spanish Broadcasting (b) 11,808 Spanish Language Radio Stations ---------------------------------------------------------------------------------------------------------- 65,386 >TV/SATELLITE BROADCASTING: 0.5% 2,537,000 SES Global (Luxembourg) 24,757 Satellite Broadcasting Services 1,400,000 Gray Television 16,660 Mid-market Affiliated TV Stations 1,000,000 Entravision Communications (b) 7,610 Spanish Language TV, Radio & Outdoor 270,000 Metropole TV (France) 7,232 Television Broadcaster 200,000 Young Broadcasting (b) 2,174 Television Stations ---------------------------------------------------------------------------------------------------------- 58,433 --------- INFORMATION: TOTAL 2,784,376 ---------------------------------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 20.6% SERVICES >RETAIL: 5.8% 1,600,000 Michaels Stores 94,736 Craft & Hobby Specialty Retailer 2,495,000 Chico's FAS (b) 85,329 Women's Specialty Retail 3,743,000 Christopher & Banks (c) 59,925 Women's Apparel Retailer NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- 2,265,000 Aeropostale (b) $59,343 Mall-based Teen Retailer 1,400,000 Williams Sonoma (b) 52,570 Home Goods & Furnishing Retailer 1,245,000 Abercrombie & Fitch 39,217 Teen Apparel Retailer 1,026,000 Urban Outfitters (b) 35,294 Eclectic Home & Apparel Retailer 1,015,000 Petco Animal Supplies (b) 33,150 Pet Supplies & Services 1,300,000 Borders Group 32,240 Bookstores 1,072,000 Zale (b) 30,123 Specialty Retailer of Jewelry 350,000 Whole Foods Market 30,027 Natural Food Supermarkets 1,093,000 Ann Taylor (b) 25,576 Women's Apparel Retailer 1,370,000 Hot Topic (b) 23,345 Music-inspired Retailer of Apparel, Accessories & Gifts 955,000 West Marine (b) 20,418 Largest Retailer of Boating Supplies 873,000 Sports Authority (b) 20,254 Sporting Goods Stores 700,000 Genesco (b) 16,485 Multi-concept Branded Footwear Retailer 200,000 Fast Retailing (Japan) 13,625 Apparel Retailer 2,250,000 Esprit Holdings (Hong Kong) 11,520 Global Apparel Brand Manager 600,000 Brookstone (b) 11,334 Specialty Consumer Product Retailer 280,000 Otsuke Kagu (Japan) 6,861 Furniture Retailer 950,000 Gaiam (b)(c) 5,671 Healthy Living Catalog & E-Commerce $ 6,000 Gadzooks 5.00% Convertible (e) 900 Teen Apparel Retailer ---------------------------------------------------------------------------------------------------------- 707,943 >CASINOS: 1.6% 890,000 Station Casinos 43,646 Casinos & Riverboats 2,750,000 Alliance Gaming (b)(c) 41,415 Diversified Gaming Company 875,000 Argosy Gaming (b) 34,300 Regional Riverboat Casinos 1,925,000 Pinnacle Entertainment (b)(c) 26,565 Regional Riverboat Casinos 5,000,000 Sky City Entertainment (New Zealand) 15,669 Casino/Entertainment Complex 805,000 Monarch Casino & Resort (b)(c) 15,351 Casino/Hotel in Reno 2,500,000 Rank Group (United Kingdom) 12,674 Gaming & Media Services 226,000 Lakes Entertainment (b) 2,368 Native American Casino Development ---------------------------------------------------------------------------------------------------------- 191,988 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >CONSUMER SERVICES: 1.5% 2,250,000 ITT Educational Services (b) $81,112 Technology-oriented Post Secondary Degree Services 775,000 Weight Watchers (b) 30,086 Weight Loss Programs 1,290,000 Coinstar (b)(c) 30,057 Owner/Operator of Coin Counting Machines 1,140,000 Central Parking 15,071 Owner, Operator, Manager of Parking Lots & Garages 1,750,000 Princeton Review (b)(c) 13,125 College Preparation Courses 2,350,000 Bally Total Fitness (b)(c) 8,554 National Chain of Fitness Centers ---------------------------------------------------------------------------------------------------------- 178,005 >TRAVEL: 1.2% 2,314,500 Intrawest (Canada) 44,056 Owner/Operator of Ski Resorts 1,050,000 Orbitz (b) 28,560 Online Travel Distribution 3,380,000 LaQuinta (b) 26,364 Owner/Franchiser of Mid-priced Hotels 1,115,000 Vail Resorts (b) 20,148 Owner/Operator of Ski Resorts 1,045,000 Navigant International (b)(c) 17,065 Corporate Travel Agency 720,000 Jurys Doyle Hotel (Ireland) 9,448 Hotel Group ---------------------------------------------------------------------------------------------------------- 145,641 >ENTERTAINMENT/LEISURE PRODUCTS: 1.0% 805,000 International Speedway Motors 40,169 Largest Motorsport Racetrack Owner & Operator 1,275,000 Leapfrog Enterprises (b) 25,819 Educational Toys 545,000 RC2 (b) 17,931 Collectibles & Toys 370,000 Amer Group (Finland) 17,490 Branded Sporting Goods 363,000 Speedway Motorsports 12,099 Motorsport Racetrack Owner & Operator 345,000 Intralot (Greece) 5,310 Lottery & Gaming Systems/Services 500,000 Callaway Golf 5,285 Premium Golf Clubs & Balls ---------------------------------------------------------------------------------------------------------- 124,103 >RESTAURANTS: 0.7% 2,000,000 AFC Enterprises (b)(c) 43,560 Popeyes, Churches Fried Chicken 1,447,000 Autogrill (Italy) (b) 20,571 Tollway Restaurants 388,000 Kappa Create (Japan) 13,504 Sushi Chain Restaurant Operator 243,000 Cheesecake Factory (b) 10,546 Casual Dining Restaurants ---------------------------------------------------------------------------------------------------------- 88,181 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >CRUISE LINES: 0.2% 400,000 Carnival $18,916 Largest Cruise Line ---------------------------------------------------------------------------------------------------------- GOODS >APPAREL: 2.0% 2,990,000 Coach (b) 126,836 Designer & Retailer of Branded Leather Accessories 664,000 Oxford Industries 24,734 Branded & Private Label Apparel 400,000 Columbia Sportswear (b) 21,800 Active Outdoor Apparel, Footwear & Accessories 3,000,000 Billabong International (Australia) 20,817 Surfwear Apparel Manufacturer 828,000 Steven Madden (b)(c) 14,614 Wholesaler/Retailer of Fashion Footwear 469,000 Carter's (b) 12,987 Children's Branded Apparel 5,000,000 Pacific Brands (Australia) 10,506 Dominant Australian Apparel Brand Manager 1,000,000 Wacoal (Japan) 9,817 Women's Specialty Apparel ---------------------------------------------------------------------------------------------------------- 242,111 >FURNITURE/TEXTILES: 2.0% 1,750,000 HNI 69,265 Office Furniture & Fireplaces 740,000 Mohawk Industries (b) 58,749 Carpet & Flooring 1,900,000 Herman Miller 46,835 Office Furniture 844,000 American Woodmark (c) 31,249 Kitchen Cabinets 1,700,000 Nobia (Sweden) 21,887 Kitchen Interiors Manufacturing & Distribution 550,000 Masonite International (Canada) (b) 13,880 Door Manufacturer ---------------------------------------------------------------------------------------------------------- 241,865 >LEISURE VEHICLES: 1.4% 1,745,000 Harley-Davidson 103,723 Motorcycles & Related Merchandise 1,495,000 Monaco Coach (c) 32,367 Recreational Vehicles 550,000 Polaris Industries 30,701 Manufacturer of Leisure Vehicles & Related Products 2,850,000 Ducati Motor (Italy) (b) 3,787 Motorcycles & Related Merchandise ---------------------------------------------------------------------------------------------------------- 170,578 >DURABLE GOODS: 1.1% 1,316,000 Helen of Troy (b) 35,822 Hairdryers & Curling Irons 540,000 Hunter Douglas (Netherlands) 24,838 Window Shades & Venetian Blinds 465,000 Hyundai Mobis (South Korea) 23,400 Auto Parts 10,000,000 Techtronic Industries (Hong Kong) 19,675 Power Tools Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >DURABLE GOODS--CONTINUED 133,000 Funai Electric (Japan) $17,977 Consumer Electronics 610,000 Shimano (Japan) 15,619 Bicycle Components & Fishing Tackle ---------------------------------------------------------------------------------------------------------- 137,331 >NONDURABLES: 1.1% 895,000 Scotts Company (b) 57,414 Consumer Lawn & Garden Products 1,989,000 SCP Pool 53,186 Distributor of Swimming Pool Supplies 630,000 Natura Cosmetics (Brazil) 12,737 Direct Retailer of Cosmetics 255,000 Uni-Charm (Japan) 12,665 Infant & Personal Care Products ---------------------------------------------------------------------------------------------------------- 136,002 >FOOD & BEVERAGES: 1.0% 1,600,000 Kerry (Ireland) 35,403 Food Ingredients 30,000,000 Global Bio-Chem Technology Group (China) 22,855 1,841,250 Global Bio-Chem Technology Group Warrants (China) (b) 125 Chinese Refiner of Corn-based Commodities 4,000,000 Lion Nathan (Australia) 21,474 Beer Brewer/Distributor 725,000 Orkla (Norway) 20,072 Diversified Consumer Goods 850,000 NBTY (b) 18,326 Vitamins & Supplements 180,000 Davide Campari (Italy) 9,064 Spirits & Wine ---------------------------------------------------------------------------------------------------------- 127,319 --------- CONSUMER GOODS/SERVICES: TOTAL 2,509,983 ---------------------------------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 14.5% >LOGISTICS: 2.4% 2,750,000 Expeditors International of Washington 142,175 International Freight Forwarder 900,000 UTI Worldwide 52,929 International Freight Forwarder 1,000,000 Forward Air (b) 40,020 Freight Transportation Between Airports 2,600,000 Exel (United Kingdom) 32,235 Global Logistics & Freight Forwarding 469,000 Hub Group (b) 17,470 Truck & Rail Freight Forwarder 7,500,000 Sembcorp Logistics (Singapore) 10,109 Logistics Services ---------------------------------------------------------------------------------------------------------- 294,938 >MACHINERY: 1.7% 1,050,000 Esco Technologies (b)(c) 71,148 Automatic Electric Meter Readers 2,250,000 Ametek 68,220 Aerospace/Industrial Instruments NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 840,000 Pentair $29,324 Pumps, Water Treatment & Tools 785,000 Gardner Denver (b) 21,642 Air Compressors, Blowers & Pumps 500,000 Cobham (United Kingdom) 12,068 Aerospace 150,000 Tennant 6,080 Non-residential Floor Cleaning Equipment ---------------------------------------------------------------------------------------------------------- 208,482 >INDUSTRIAL GOODS: 1.7% 1,400,000 Clarcor (c) 66,738 Mobile & Industrial Filters 1,700,000 Donaldson 48,263 Industrial Air Filtration 804,000 Mine Safety Appliances 32,739 Safety Equipment 430,000 Genlyte Group (b) 27,688 Commercial Lighting Fixtures 750,000 Intermagnetics General (b) 17,362 Superconducting Wire 100,000 Bacou Dalloz (France) 7,077 Safety Equipment 2,000,000 Electric City (b) 2,760 Electricity Conservation Devices ---------------------------------------------------------------------------------------------------------- 202,627 >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS: 1.7% 2,550,000 Spartech (c) 64,005 Plastics Distribution & Compounding 47,000 Geberit International (Switzerland) 36,569 Plumbing Supplies 37,000 Givaudan (Switzerland) 22,549 Industrial Fragrances & Flavors 1,000,000 Schulman 22,040 Plastics Distribution & Compounding 450,000 Novozymes (Denmark) 20,306 Industrial Enzymes 25,000 Sika (Switzerland) (b) 14,440 Chemicals for Construction & Industrial Application 200,000 Imerys (France) 13,316 Industrial Minerals Producer 347,000 SYMYX (b) 8,172 Materials & Chemicals ---------------------------------------------------------------------------------------------------------- 201,397 >INDUSTRIAL DISTRIBUTION: 1.5% 1,525,000 Watsco (c) 45,796 HVAC Distribution 1,200,000 Hughes Supply 36,084 Industrial Distribution 3,800,000 Grafton Group (Ireland) (b) 35,335 Builders, Wholesalers & DIY Retailing 1,375,000 Airgas 33,096 Industrial Gas Distributor 900,000 NuCO2 (b)(c) 17,523 Bulk CO2 Gas Distribution to Restaurants NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >INDUSTRIAL DISTRIBUTION--CONTINUED 600,000 Aviall (b) $12,240 Aircraft Replacement Parts Distributor ---------------------------------------------------------------------------------------------------------- 180,074 >STEEL: 1.2% 1,900,000 Gibraltar Steel (c) 68,704 Steel Processing 700,000 Tenaris (Argentina) 31,913 Steel Pipe for Oil Wells & Pipelines 1,050,000 Worthington Industries 22,418 Steel Processing 158,000 Vallourec (France) 18,464 Seamless Tubes ---------------------------------------------------------------------------------------------------------- 141,499 >CONSTRUCTION: 1.1% 738,000 Florida Rock Industries 36,155 Concrete & Aggregates 488,000 Simpson 30,842 Wall Joint Maker 787,500 Wienerberger (Austria) 29,580 Bricks & Clay Roofing Tiles 380,000 Daito Trust Construction (Japan) 15,454 Apartment Builder 3,000,000 Consorcio (Mexico) (b) 8,563 Affordable Housing Builder 290,000 Dominion Homes (b) 6,908 Ohio/Kentucky Home Builder 141,000 M/I Homes 5,984 Ohio Home Builder ---------------------------------------------------------------------------------------------------------- 133,486 >WATER: 1.1% 856,000 Cuno (b)(c) 49,434 Filtration & Fluids Clarification 3,000,000 Tetra Tech (b)(c) 38,010 Resource Management & Infrastructure Consulting 1,080,000 Pall 26,438 Filtration & Fluids Clarification 554,000 Watts Water Technologies 14,875 Water, Valves, Regulators & Filtration ---------------------------------------------------------------------------------------------------------- 128,757 >OTHER INDUSTRIAL SERVICES: 0.8% 550,000 G&K Services 21,857 Uniform Rental 825,000 Mobile Mini (b)(c) 20,460 Leases Portable Storage Units 1,500,000 Clark (b)(c) 20,310 Executive Compensation & Benefits Consulting 1,125,000 Ushio (Japan) 19,013 Industrial Light Sources 60,000 Schindler (Switzerland) 17,098 Elevator Manufacturer & Service Provider 185,000 Jaakko Poyry (Finland) 4,713 Engineering Consultants in Forestry, Energy ---------------------------------------------------------------------------------------------------------- 103,451 ---------------------------------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >OUTSOURCING SERVICES & TRAINING: 0.7% 1,800,000 Labor Ready (b) $25,236 Temporary Manual Labor 525,000 Bilfinger Berger (Germany) 18,207 Construction & Related Services 640,000 United Services Group (Netherlands) 12,639 Temporary Staffing Services 950,000 Administaff (b) 11,115 Professional Employer Organization 280,000 Meitec (Japan) 10,086 Staffing Company Specializing in RD Engineers 1,450,000 Quanta Services (b) 8,773 Electrical & Telecom Construction Services 600,000 GP Strategies (b) 4,470 Training Programs ---------------------------------------------------------------------------------------------------------- 90,526 >CONGLOMERATES: 0.4% 740,000 Aalberts Industrie (Netherlands) 26,910 Flow Control & Heat Treatment 5,550 Pargesa (Switzerland) 16,914 Industrial & Media Holdings ---------------------------------------------------------------------------------------------------------- 43,824 >INDUSTRIAL SUPPLIERS: 0.2% 1,800,000 Xstrata (United Kingdom) 29,649 Diversified Mining Holding Company ---------------------------------------------------------------------------------------------------------- --------- INDUSTRIAL GOODS/SERVICES: TOTAL 1,758,710 ---------------------------------------------------------------------------------------------------------- FINANCE: 13.3% >BANKS: 5.6% 3,502,000 TCF Financial 106,076 Great Lakes Bank 2,412,000 Associated Banc-Corp 77,353 Midwest Bank 1,638,000 BOK Financial (b) 73,071 Oklahoma Bank 2,187,000 Glacier Bancorp (c) 63,773 Mountain States Bank 1,980,000 Texas Regional Bancshares 61,558 South Texas Bank 3,300,000 Anglo Irish Bank (Ireland) 60,550 Small Business & Middle Market Banking 1,320,000 West Coast Bancorp (c) 27,496 Portland Small Business Lender 1,850,000 Depfa Bank (Ireland) 25,265 International Public Sector Finance 1,598,000 Republic 24,609 Michigan Bank 756,000 Chittenden 20,601 Vermont & Western Massachusetts Bank 172,000 Komercni Banka (Czech Republic) 19,233 Leading Czech Universal Bank 370,000 Cullen Frost Bankers 17,194 Top San Antonio Bank 2,150,000 Den Norske Bank (Norway) 17,044 Largest Norwegian Bank Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >BANKS--CONTINUED 455,000 CityBank Lynnwood $15,916 Seattle Real Estate Lender 465,000 Great Southern Bancorp 14,531 Missouri Real Estate Lender 436,000 Bank of the Ozarks 12,962 Arkansas Bank 400,000 CorpBanca (Chile) (e) 10,744 Chilean Local Bank 1,000,000 Credito Emiliano (Italy) 8,334 Italian Regional Bank 82,000 BankFirst 5,258 Oklahoma Community Bank 251,000 West Bancorporation 4,202 Des Moines Small Business Bank 141,000 First Mutual Bancshares 3,525 Seattle Community Bank 82,000 First Financial BankShares 3,293 West Texas Community Bank 170,000 Midwest Bank 3,267 Chicago Bank 188,000 Cascade Financial 3,140 Seattle Community Bank ---------------------------------------------------------------------------------------------------------- 678,995 >INSURANCE: 2.7% 826,000 Leucadia National 46,793 Insurance Holding Company 138,000 Markel (b) 42,559 Specialty Insurance 1,320,000 HCC Insurance Holdings 39,798 Aviation Insurance 720,000 Philadelphia Consolidated Holding (b) 39,686 Specialty Insurance 995,000 Protective Life 39,113 Life Insurance 800,000 RLI 30,040 Specialty Insurance 600,000 Selective Insurance Group 22,320 Commercial & Personal Lines Insurance 1,992,000 Jardine Lloyd Thompson (United Kingdom) 15,625 Business Insurance Broker 210,000 StanCorp Financial 14,952 Group Life, Disability & 401K 650,000 Scottish Re Group 13,761 Life Reinsurance 340,000 Stewart Information Services 13,396 Title Company 700,000 United National Group (b) 10,164 Specialty Insurance ---------------------------------------------------------------------------------------------------------- 328,207 >SAVINGS & LOANS: 2.1% 3,276,000 Peoples Bank Bridgeport 117,051 Connecticut Savings & Loan 1,178,000 Anchor Bancorp Wisconsin (c) 30,510 Wisconsin Thrift NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 487,000 Downey Financial $26,766 California Home Lender 1,700,000 Housing Development Finance (India) 22,586 Premier Mortgage Lender in India 869,000 Washington Federal 21,855 Old Fashioned Mortgage Lender 700,000 First Federal Capital 21,168 Wisconsin Thrift 225,000 FirstFed Financial (b) 10,998 Old Fashioned Santa Monica Savings & Loan 200,000 Bankinter (Spain) 8,732 Mortgage Lender ---------------------------------------------------------------------------------------------------------- 259,666 >FINANCE COMPANIES: 1.5% 5,831,000 AmeriCredit (b) 121,751 Auto Lending 1,820,000 World Acceptance (b)(c) 42,315 Personal Loans 1,000,000 Northgate (United Kingdom) 12,683 Light Commercial Vehicle Rental Specialist 500,000 Intermediate Capital (United Kingdom) 9,682 European Provider of Mezzanine Capital ---------------------------------------------------------------------------------------------------------- 186,431 >MONEY MANAGEMENT: 1.2% 2,390,000 SEI Investments 80,495 Mutual Fund Administration & Investment Management 1,195,000 Eaton Vance 48,266 Specialty Mutual Funds 524,000 Nuveen Investments 15,510 Money Manager for Tax Averse Affluent ---------------------------------------------------------------------------------------------------------- 144,271 >BROKERAGE: 0.2% 1,215,000 Investment Technology Group (b) 18,589 Electronic Trading ---------------------------------------------------------------------------------------------------------- --------- FINANCE: TOTAL 1,616,159 ---------------------------------------------------------------------------------------------------------- ENERGY/MINERALS: 10.3% >OIL/GAS PRODUCERS: 6.4% 7,275,000 XTO Energy 236,292 Natural Gas Producer 2,195,000 Ultra Petroleum (b) 107,665 Natural Gas Producer 2,900,000 Western Gas 82,911 Oil Producer & Coal Seam Gas Producer 3,000,000 Talisman Energy (Canada) 78,019 Oil & Gas Producer 1,100,000 Southwestern Energy (b) 46,189 Natural Gas Producer 15,400,000 Tullow Oil (United Kingdom) 40,138 Oil & Gas Producer 925,000 Nexen (Canada) 38,699 Oil & Gas Producer 930,000 Petrokazakhstan (Canada) 31,871 70,000 Petrokazakhstan (Canada) (b) 2,399 Oil Producer & Refiner in Kazakhstan NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >OIL/GAS PRODUCERS--CONTINUED 930,000 Quicksilver (b) $30,383 Natural Gas & Coal Seam Gas Producer 814,000 Denbury Resources (b) 20,676 Oil Producer Using CO2 Injection 950,000 Range Resources 16,616 Oil & Gas Producer 1,100,000 McMoran Exploration (b)(c) 14,333 Natural Gas Producers & LNG Developer 440,000 Clayton Williams Energy (b)(e) 9,052 40,000 Clayton Williams Energy (b) 857 Oil & Gas Producer 2,265,000 Tipperary (b)(c) 8,494 Coal Seam Gas Producer 1,000,000 Fairbourne Energy (Canada) (b) 7,773 Oil & Gas Producer ---------------------------------------------------------------------------------------------------------- 772,367 >OIL SERVICES: 2.4% 2,300,000 FMC Technologies (b) 76,820 Oil & Gas Well Head Manufacturer 710,000 Carbo Ceramics 51,219 Natural Gas Well Stimulants 4,750,000 Newpark Resources (b)(c) 28,500 Drilling Fluid Services to Oil & Gas Industry 2,400,000 Key Energy Services (b) 26,520 Oil & Gas Well Workover Services 333,000 Fugro (Netherlands) 25,980 Survey & GPS Services 800,000 Chicago Bridge & Iron 23,992 Engineering & Construction for Petrochemicals & LNG 2,000,000 Saipem (Italy) 22,513 Offshore Construction & Drilling 1,250,000 Enerflex Systems (Canada) 20,036 Natural Gas Compressor 1,200,000 Hanover Compressor (b) 16,140 Natural Gas Compressor Rental ---------------------------------------------------------------------------------------------------------- 291,720 >DISTRIBUTION/MARKETING/REFINING: 1.3% 1,600,000 Equitable Resources 86,896 Natural Gas Utility & Producer 1,900,000 Oneok 49,438 Natural Gas Utility, Marketing & Processing 1,076,000 Atmos Energy 27,104 Natural Gas Utility ---------------------------------------------------------------------------------------------------------- 163,438 >MINING: 0.1% 900,000 Noranda (Canada) 15,704 Diversified Mining Holding Company ---------------------------------------------------------------------------------------------------------- >INDEPENDENT POWER: 0.1% 670,000 Gamesa (Spain) 9,851 Spanish Wind Turbines ---------------------------------------------------------------------------------------------------------- --------- ENERGY/MINERALS: TOTAL 1,253,080 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- HEALTH CARE: 8.7% >SERVICES: 3.1% 5,586,000 First Health (b)(c) $89,879 PPO Network 2,491,000 Lincare Holdings (b) 74,008 Home Health Care Services 2,592,000 NDCHealth Group (c) 41,602 Health Claims Processing & Drug Marketing Services 3,470,000 Gambro (Sweden) 39,832 Products/Services for Renal Care 640,000 Charles River Laboratories (b) 29,312 Pharmaceutical Research 510,000 OPG Groep (Netherlands) 27,637 Pharmaceutical Wholesaler & Retailer 1,333,000 Dendrite International (b) 21,488 Software for Pharmaceutical Sales Force 700,000 Accredo Health (b) 16,499 Specialty Pharmacy 276,000 Omega Pharma (Belgium) 13,509 OTC Products, Pharmacy & Dental Supplies 550,000 Serologicals (b) 12,832 Blood Collection & Antibody Production 440,000 Medquist (b) 5,742 Medical Transcription Services ---------------------------------------------------------------------------------------------------------- 372,340 >MEDICAL EQUIPMENT/LABORATORY SUPPLIES: 2.6% 1,629,000 Edwards Lifesciences (b) 54,571 Heart Valves 1,240,000 Diagnostic Products 50,679 Immunodiagnostic Kits 2,910,000 Smith & Nephew (United Kingdom) 26,822 Medical Equipment & Supplies 365,000 Essilor International (France) 23,504 Eyeglass Lenses 200,000 Synthes-Stratec (Switzerland) (b) 21,837 Products for Orthopedic Surgery 1,000,000 VISX (b) 20,600 Laser Eye Surgery Equipment 583,000 Orthofix International (b) 20,026 Bone Fixation & Stimulation Devices 1,000,000 Sola International (b) 19,050 Specialty Eyeglass Lenses 714,000 ICU Medical (b)(c) 18,593 Intravenous Therapy Products 390,000 Hogy Medical (Japan) 16,025 Disposable Surgical Products 1,900,000 CTI Molecular Imaging (b) 15,333 Medical Diagnostic Devices 875,000 Viasys Healthcare (b) 14,639 Respiratory & Neurology Medical Equipment 350,000 Haemonetics (b) 11,494 Blood & Plasma Collection Equipment ---------------------------------------------------------------------------------------------------------- 313,173 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >BIOTECHNOLOGY/DRUG DELIVERY: 2.3% 775,000 Par Pharmaceuticals (b) $27,846 Generics 789,000 AtheroGenics (b) 25,998 Drugs for Atherosclerosis, Rheumatoid Arthritis & Asthma 519,000 Martek Biosciences (b) 25,244 Fatty Acids for Baby Formula & other Foods 1,350,000 DOV Pharmaceutical (b)(c) 23,139 Drugs for Insomnia, Anxiety, Pain & Depression 2,200,000 Pozen (b)(c) 19,228 Drugs for Migraines 360,000 Neurocrine Biosciences (b) 16,978 Drugs for Sleep, Diabetes, MS & Endometriosis 776,000 NPS Pharmaceuticals (b) 16,901 Small Molecule Drugs 1,600,000 Ligand Pharmaceuticals (b) 16,032 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 1,055,000 Nektar Therapeutics (b) 15,276 Drug Delivery Technologies 2,000,000 Medarex (b) 14,760 Humanized Antibodies 2,000,000 Lexicon Genetics (b) 13,180 Drug Discovery 608,000 Protein Design Labs (b) 11,905 Monoclonal Antibodies 3,500,000 La Jolla Pharmaceutical (b)(c) 10,675 Lupus Treatment 1,698,000 Sangamo Biosciences (b)(c) 8,269 Drug Discovery 460,000 Myriad Genetics (b) 7,866 Gene Discovery & Diagnostic Products 1,708,000 Ciphergen Biosystems (b)(c) 6,661 Protein Chips used for Drug Target Discovery 635,000 Maxygen (b) 6,280 Molecular Breeding 638,000 Diversa (b) 5,327 Molecular Breeding 1,875,000 Locus Discovery, Series D. Pfd. (e) 3,750 High Throughput Rational Drug Design 865,000 Arena Pharmaceuticals (b) 3,728 Novel Drug Targeting Technology 461,000 SYRRX, Series C (e) 2,305 X-Ray Crystallography 1,249,999 Perlegen Sciences (e) 1,950 Large Scale Gene Sequencing 194,000 Bioveris (b) 1,205 Immunodiagnostic Technology 359,944 Microdose (e) 270 Drug Inhalers ---------------------------------------------------------------------------------------------------------- 284,773 >MEDICAL SUPPLIES: 0.4% 686,000 Techne (b) 26,191 Cytokines, Antibodies, other Reagents for Life Sciences 650,000 Owens & Minor 16,510 Distribution of Medical Supplies ---------------------------------------------------------------------------------------------------------- 42,701 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >HOSPITAL MANAGEMENT: 0.2% 500,000 Rhoen-Klinikum (Germany) $24,731 Hospital Management ---------------------------------------------------------------------------------------------------------- >PHARMACEUTICALS: 0.1% 138,000 Yuhan (South Korea) 9,118 Ethical Drug Producer 2,000,000 United Drug (Ireland) 7,756 Irish Pharmaceutical Wholesaler & Outsourcer ---------------------------------------------------------------------------------------------------------- 16,874 --------- HEALTH CARE: TOTAL 1,054,592 ---------------------------------------------------------------------------------------------------------- OTHER INDUSTRIES: 3.8% >REAL ESTATE: 2.7% 825,000 The Rouse Company 55,176 Regional Shopping Malls 1,320,000 General Growth Properties 40,920 Regional Shopping Malls 699,000 Forest City Enterprises, Cl. B 38,256 Commercial & Residential Property Developer 635,000 Macerich Company 33,839 Regional Shopping Malls 650,000 SL Green Realty 33,677 Manhattan Office Buildings 620,000 Mills 32,159 Regional Shopping Malls 575,000 Federal Realty Investment Trust 25,300 Shopping Centers 1,375,000 Crescent Real Estate Equities 21,642 Class A Office Buildings 1,240,000 Highland Hospitality 14,136 Hotel Real Estate Investment Trust 1,355,000 Sponda (Finland) 11,445 Office & Warehouse Property Company 1,000,000 Diamondrock Hospitality (b)(e) 10,000 Hotel Real Estate Investment Trust 687,000 Am NV (Netherlands) 5,532 Property Developer 194,827 Security Capital European Realty (Luxembourg) (e) 3,238 Self Storage Properties ---------------------------------------------------------------------------------------------------------- 325,320 >WASTE MANAGEMENT: 0.4% 1,275,000 Waste Connections (b) 40,392 Solid Waste Management 1,500,000 Allied Waste Industries (b) 13,275 Solid Waste Management ---------------------------------------------------------------------------------------------------------- 53,667 >REGULATED UTILITIES: 0.4% 1,650,000 Northeast Utilities 31,993 Regulated Electric Utility 799,800 Red Electrica (Spain) 14,567 Spanish Power Grid 9,800 Electric Power Development (Japan) (b) 242 Japan's Largest Supplier of Wholesale Electricity ---------------------------------------------------------------------------------------------------------- 46,802 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- >TRANSPORTATION: 0.3% 620,000 Grupo Aeroportaurio Del Sureste (Mexico) $13,702 Cancun & Cozumel Airport Operator 15,000,000 Comfort Group (Singapore) 11,668 Taxi Service 70,000 Kobenhavns Lufthavne (Denmark) 10,678 Copenhagen Airport Authority ---------------------------------------------------------------------------------------------------------- 36,048 ---------- OTHER INDUSTRIES: TOTAL 461,837 TOTAL COMMON STOCKS AND OTHER ---------- EQUITY-LIKE SECURITIES: 94.1% 11,438,737 (COST: $7,188,421) SHORT-TERM OBLIGATIONS: 5.8% $ 75,000 Toyota Credit 1.76% - 1.77% 10/25/04 - 10/28/04 74,907 74,000 Prudential Funding 1.65% - 1.70% 10/12/04 - 10/18/04 73,949 67,500 General Electric Capital 1.67% - 1.70% 10/14/04 - 10/19/04 67,452 67,000 Virginia Electric & Power 1.66% - 1.79% 10/13/04 - 10/27/04 66,940 67,000 Bristol Myers Squibb 1.74% - 1.75% 10/21/04 - 10/29/04 66,925 53,000 Campbell Soup 1.76% - 1.77% 10/22/04 - 11/02/04 52,930 35,000 BellSouth 1.75% 11/4/04 34,942 35,000 Citicorp 1.76% 11/5/04 34,940 30,000 Bayer 1.74% 10/20/04 29,972 28,000 SBC Communications 1.76% 11/3/04 27,955 27,000 AIG Funding 1.75% 11/1/04 26,959 25,000 Nestle Capital 1.50% 10/01/04 25,000 PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- $ 25,000 State Street Bank & Trust 1.56% - 10/4/04 $24,997 25,000 Coca Cola 1.55% 10/5/04 24,996 25,000 American Express Credit 1.58% 10/6/04 24,995 22,000 American General Finance 1.63% 10/8/04 21,993 22,000 Household Finance 1.77% 11/08/04 21,959 3,081 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $3,143 (Repurchase proceeds: $3,081) 3,081 ---------------------------------------------------------------------------------------------------------- (AMORTIZED COST: $704,892) 704,892 ----------- TOTAL INVESTMENTS: 99.9% 12,143,629 (COST: $7,893,313) (a) CASH AND OTHER ASSETS LESS LIABILITIES: 0.1% 6,588 ----------- TOTAL NET ASSETS: 100% $12,150,217 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $7,893,313 and net unrealized appreciation was $4,250,316 consisting of gross unrealized appreciation of $4,591,650 and gross unrealized depreciation of $341,334. (b) Non-income producing security. (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting securities. On September 30, 2004, the Fund held the following percentages of the outstanding voting shares of the following companies:
AnswerThink Consulting 10.46% DOV Pharmaceutical 6.43% Christopher & Banks 10.26% Princeton Review 6.36% World Acceptance 9.86% Steven Madden 6.26% New Horizons Worldwide 9.81% First Health 6.09% Indus International 9.78% Coinstar 6.02% Actuate 9.72% Witness Systems 5.97% Gibraltar Steel 9.68% Aspect Communications 5.83% Analysts International 9.50% Ciphergen Biosystems 5.82% Seachange International 9.07% Tipperary 5.76% Skillsoft Publishing 8.98% Watsco 5.72% Igate Capital 8.96% La Jolla Pharmaceutical 5.71% Glacier Bancorp 8.94% Newpark Resources 5.66% West Coast Bancorp 8.85% Mobile Mini 5.66% E.Piphany 8.81% Pegasus Systems 5.62% MAPICS 8.66% Clarcor 5.48% Monarch Casino & Resort 8.58% Radiant Systems 5.46% Esco Technologies 8.10% Pinnacle Entertainment 5.40% Clark 8.05% Alliance Gaming 5.39% MRO Software 8.01% Tetra Tech 5.33% Concurrent Computer 7.95% McMoran Exploration 5.33% Spartech 7.94% Kronos 5.22% NuCO2 7.76% ICU Medical 5.20% Pozen 7.64% Excel Technologies 5.19% JDA Software Group 7.57% Micros Systems 5.17% NDCHealth Group 7.20% American Woodmark 5.13% AFC Enterprises 7.09% Anchor Bancorp Wisconsin 5.11% Bally Total Fitness 6.90% Monaco Coach 5.09% Navigant International 6.81% Cuno 5.05% Sangamo Biosciences 6.75% InfoUSA 5.02% Gaiam 6.46%
The aggregate cost and value of these companies at September 30, 2004, was $1,342,465 and $1,760,620 respectively. Investments in affiliate companies represent 14.43% of total net assets at September 30, 2004. Investment activity and income amounts relating to affiliates during the nine months ended September 30, 2004 were as follows: Dividend Income $ 3,490 Net realized gain or loss $46,509 Change in unrealized gain or loss $528,209 Purchases $222,202 Proceeds from sales $258,252 In addition, additional purchases of existing portfolio holdings that were not considered affiliates in prior years, resulted in the fund owning more than 5% of the outstanding shares of certain issues at September 30, 2004. Therefore, the cost and market value affiliate disclosure amounts include both acquisitions of new investments in affiliates during the period, as well as prior period investment holdings that became affiliates during the current period. (d) On September 30, 2004, the market value of foreign securities represents 15.38% of total net assets. The Fund's foreign portfolio was diversified as follows: Value Percent ============================================== Canada $282,889 2.33% United Kingdom 208,072 1.71 Ireland 173,757 1.43 Japan 150,888 1.24 Switzerland 129,407 1.07 Netherlands 123,536 1.02 France 93,503 0.77 Italy 64,269 0.53 Sweden 61,719 0.51 Australia 52,797 0.43 Hong Kong 47,068 0.39 Germany 42,938 0.35 Norway 37,116 0.31 Finland 33,648 0.28 Spain 33,150 0.27 South Korea 32,518 0.27 Value Percent ============================================== Argentina $31,913 0.26% Denmark 30,984 0.26 Austria 29,580 0.24 Luxembourg 27,995 0.23 China 22,980 0.19 India 22,586 0.19 Mexico 22,265 0.18 Singapore 21,777 0.18 Czech Republic 19,233 0.16 New Zealand 15,669 0.13 Taiwan 13,742 0.11 Belgium 13,509 0.11 Brazil 12,737 0.10 Chile 10,744 0.09 Greece 5,310 0.04 ---------- ------- Total Foreign Portfolio $1,868,299 15.38% ========== ======= (e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities, except for CorpBanca and Diamondrock Hospitality, are valued in good faith by the Board of Trustees. At September 30, 2004, these securities amounted to $42,209, which represents 0.35% of total net assets. Additional information on these securities is as follows:
ACQUISITION SHARES/ SECURITY DATES PAR (000) COST (000) VALUE (000) ----------------------------------------------------------------------------------------------------- Locus Discovery, Series D Pfd. 09/05/01 1,875 $7,500 $3,750 CorpBanca 11/19/03 400 10,290 10,744 Gadzooks 5.00% Convertible 10/08/03 $6,000 6,000 900 SYRRX, Series C 01/08/01 461 2,997 2,305 Perlegen Sciences 03/30/01 1,250 4,500 1,950 Microdose 11/24/00 360 2,005 270 Security Capital European Realty 08/20/98-11/12/99 195 3,897 3,238 Clayton Williams Energy 05/25/04 440 10,120 9,052 Diamondrock Hospitality 06/29/04 1,000 10,000 10,000 ------- ------- $57,309 $42,209 ======= =======
Columbia Acorn International >Statement of Investments (Unaudited), September 30, 2004
NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 96.5% ---------------------------------------------------------------------------------------------------------- EUROPE: 57.4% >UNITED KINGDOM/IRELAND: 19.0% 2,350,000 Anglo Irish Bank (Ireland) $43,119 Small Business & Middle Market Banking 2,750,000 Grafton Group (Ireland) (b) 25,571 Builders, Wholesalers & DIY Retailing 1,100,000 Kerry (Ireland) 24,339 Food Ingredients 1,750,000 Exel 21,697 Global Logistics & Freight Forwarding 7,500,000 Tullow Oil 19,548 Oil & Gas Producer 1,275,000 Depfa Bank (Ireland) 17,412 International Public Sector Finance 2,600,000 Expro International 15,898 Offshore Oil Field Services 6,200,000 RPS Group 15,536 Environmental Consulting 600,000 Cobham 14,482 Aerospace 1,450,000 Smith & Nephew 13,365 Medical Equipment & Supplies 1,593,000 Jardine Lloyd Thompson 12,495 Business Insurance Broker 750,000 Xstrata 12,354 Diversified Mining Holding Company 2,950,000 United Drug (Ireland) 11,441 Irish Pharmaceutical Wholesaler & Outsourcer 2,250,000 Rank Group 11,407 Gaming & Media Services 1,050,000 Business Post 10,865 Parcel & Express Mail Service 810,000 Jurys Doyle Hotel (Ireland) 10,629 Hotel Group 500,000 Intermediate Capital 9,682 European Provider of Mezzanine Capital 1,300,000 Kensington 9,504 Non-conforming Mortgage Company 1,200,000 Spectris 8,606 Electronic Instruments & Controls 600,000 Northgate 7,610 Light Commercial Vehicle Rental Specialist 500,000 Viridian 5,729 Northern Ireland Electric Utility 1,200,000 BBA Group 5,827 Aviation Support Services 297,100 IAWS (Ireland) 3,694 Diversified Food Producer ---------------------------------------------------------------------------------------------------------- 330,810 >NETHERLANDS: 7.4% 278,800 Fugro 21,752 Survey & GPS Services 540,000 Aalberts Industrie 19,637 Flow Control & Heat Treatment 327,000 OPG Groep 17,720 Pharmaceutical Wholesaler & Retailer 340,000 Sligro Food Group 13,734 Food Service & Wholesaling NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 280,000 Hunter Douglas $12,879 Decorative Window Coverings 584,000 United Services Group 11,533 Temporary Staffing Services 400,000 IM Tech 10,593 Technical Engineering 521,886 Vopak 9,073 Oil & Chemical Storage 158,000 Kon Ten Cate 8,513 Advanced Textiles & Industrial Fabrics 467,000 Am NV 3,761 Property Developer ---------------------------------------------------------------------------------------------------------- 129,195 >GERMANY/AUSTRIA: 7.1% 315,000 Rhoen-Klinikum Pfd. 15,679 300,000 Rhoen-Klinikum 14,838 Hospital Management 550,000 Hugo Boss Designs 14,791 Fashion Apparel 375,000 Wienerberger (Austria) 14,086 Bricks & Clay Roofing Tiles 300,000 Bilfinger Berger 10,404 Construction & Related Services 225,000 Kali & Salz 9,689 Potash Products, Fertilizers, Salt & Waste Management 300,000 GFK 8,370 Market Research Services 200,000 Vossloh 7,812 Rail Infrastrcuture & Diesel Locomotives 800,000 Takkt 6,874 Mail Order Retailer of Office & Warehouse Durables 120,000 Deutsche Boerse 6,082 Trading, Clearing & Settlement Services for Financial Markets 100,000 Wincor Nixdorf (b) 5,965 Retail POS Systems & ATM Machines 75,000 Beru 5,406 Auto Parts & Electronics 260,000 Deutsche Beteiligungs (b) 3,285 Private Equity Investment Management ---------------------------------------------------------------------------------------------------------- 123,281 >FRANCE/BELGIUM: 6.3% 375,000 Neopost 24,109 Postage Meter Machines 117,000 Vallourec 13,673 Seamless Tubes 224,000 Omega Pharma (Belgium) 10,964 OTC Products, Pharmacy & Dental Supplies 160,000 Imerys 10,653 Industrial Minerals Producer 150,000 Bacou Dalloz 10,616 Safety Equipment 404,000 Fininfo 10,447 Data Feeds for French Banks & Brokers 360,000 Metropole TV 9,643 Television Broadcaster 140,000 Essilor International 9,015 Eyeglass Lenses 60,000 Pierre & Vacances 4,991 Vacation Rental Properties Columbia Acorn International >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >FRANCE/BELGIUM--CONTINUED 54,000 Camaieu $4,837 Women's Apparel Retailer 15,000 Bonduelle 1,204 Producer of Canned, Frozen & Fresh Vegetables ---------------------------------------------------------------------------------------------------------- 110,152 >SWITZERLAND: 4.5% 25,000 Geberit International 19,452 Plumbing Supplies 24,000 Sika (b) 13,862 Chemicals for Construction & Industrial Application 40,000 Schindler 11,399 Elevator Manufacturer & Service Provider 85,000 Synthes-Stratec (b) 9,281 Products for Orthopedic Surgery 3,000 Pargesa 9,143 Industrial & Media Conglomerate 15,000 Givaudan 9,141 Industrial Fragrances & Flavors 110,000 Bachem 5,702 Peptides ---------------------------------------------------------------------------------------------------------- 77,980 >ITALY: 2.9% 1,130,000 Autogrill (b) 16,065 Restaurants & Catering for Travelers 270,000 Amplifon 10,694 Hearing Aid Retailer 212,000 Davide Campari 10,675 Beverages 1,000,000 Credit Emiliano 8,334 Regional Bank 3,300,000 Ducati Motor (b) 4,384 Motorcycles & Related Merchandise ---------------------------------------------------------------------------------------------------------- 50,152 >SWEDEN: 2.5% 2,280,000 Intrum Justitia (b) 13,538 Receivables Management & Debt Collection 394,200 Hexagon 12,572 Diversified Engineering 860,000 Nobia 11,072 Kitchen Interiors Manufacturing & Distribution 470,000 Gambro 5,395 Products/Services for Renal Care ---------------------------------------------------------------------------------------------------------- 42,577 >SPAIN: 2.3% 2,000,000 Abengoa 18,499 Engineering & Construction 600,000 Gamesa 8,822 Wind Turbines 420,000 Red Electrica 7,649 Spanish Power Grid 120,000 Bankinter 5,239 Mortgage Lender ---------------------------------------------------------------------------------------------------------- 40,209 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >FINLAND: 1.6% 439,000 Jaakko Poyry $11,183 Engineering Consultants in Forestry, Energy 185,000 Amer Group 8,745 Branded Sporting Goods 950,000 Sponda 8,024 Office & Warehouse Property Company ---------------------------------------------------------------------------------------------------------- 27,952 >LUXEMBOURG: 1.1% 1,880,000 SES Global 18,346 Satellite Broadcasting Services ---------------------------------------------------------------------------------------------------------- >NORWAY: 1.0% 910,000 Den Norske Bank 7,214 Largest Norwegian Bank 221,000 Orkla 6,119 Diversified Consumer Goods 220,000 Ekornes 4,707 Niche Furniture Manufacturer ---------------------------------------------------------------------------------------------------------- 18,040 >CZECH REPUBLIC: 0.8% 118,000 Komercni Banka 13,195 Leading Czech Universal Bank ---------------------------------------------------------------------------------------------------------- >GREECE: 0.4% 465,000 Intralot 7,157 Lottery & Gaming Systems & Services ---------------------------------------------------------------------------------------------------------- >DENMARK: 0.3% 35,000 Kobenhavns Lufthavne 5,339 Copenhagen Airport Authority ---------------------------------------------------------------------------------------------------------- >POLAND: 0.2% 167,000 Central European Distribution (b) 3,731 Spirits & Wine Distribution ---------------------------------------------------------------------------------------------------------- ---------- EUROPE: TOTAL 998,116 ---------------------------------------------------------------------------------------------------------- ASIA: 26.8% >JAPAN: 14.5% 480,100 Daito Trust Construction 19,525 Apartment Builder 2,900,000 Bank of Yokohama 15,616 Regional Bank 220,000 Fast Retailing 14,988 Apparel Retailer 110,000 Funai Electric 14,868 Consumer Electronics 1,500,000 Wacoal 14,725 Women's Specialty Apparel 402,000 Kappa Create 13,991 Sushi Chain Restaurant Operator 5,200 Dentsu 13,953 Advertising Agency NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >JAPAN--CONTINUED 817,500 NIFCO $12,135 Molded Plastic Components 358,000 Eneserve 11,845 Power Generators 330,000 Sugi Pharmacy 10,356 Drugstore Operator 906,000 Toyo Technica 9,848 Value Added Reseller of Imported Instrumentation 2,248,000 Hiroshima Bank 9,672 Regional Bank 255,000 ARRK 9,501 Prototypes & Molds for New Product Development 550,000 Ushio 9,295 Industrial Light Sources 226,000 Hogy Medical 9,286 Disposable Surgical Products 172,000 Uni-Charm 8,543 Infant & Personal Care Products 411,200 Chiyoda Integre 8,528 Plastic Components for Consumer Electronics 326,900 Otsuke Kagu 8,010 Furniture Retailer 1,400,000 Chiba Bank 7,360 Regional Bank 200,000 Meitec 7,204 Staffing Company Specializing in RD Engineers 1,500,000 Fukuoka Bank 7,177 Regional Bank 325,000 Olympus Optical 6,282 Medical Equipment & Cameras 170,000 Park 24 5,020 Parking Lot Operator 155,200 Ain Pharmaciez 3,325 Dispensing Pharmacy/Drugstore Operator 12,800 Electric Power Development (b) 316 Japan's Largest Supplier of Wholesale Electricity ---------------------------------------------------------------------------------------------------------- 251,369 >HONG KONG/CHINA: 4.6% 23,000,000 Global Bio-Chem Technology Group (China) 17,522 1,875,000 Global Bio-Chem Technology Group Warrants (China) (b) 127 Chinese Refiner of Corn-Based Commodities 6,000,000 Hong Kong Exchanges & Clearing 13,605 Trading, Clearing & Settlement Services for Financial Markets 6,000,000 Techtronic Industries 11,805 Power Tools 2,000,000 Esprit Holdings 10,240 Global Apparel Brand Manager 9,800,000 Hainan Meilan Airport (China) 8,113 Chinese Airport Operator 17,700,000 Linmark 6,076 Sourcing of Consumer Goods 14,500,000 Ngai Lik Industrial 5,212 China Based Electronics Contract Manufacturer NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 28,000,000 Lerado Group $4,813 Baby Paraphernalia 5,694,000 Jiangsu Expressway (China) 2,463 Toll Road Builder & Operator ---------------------------------------------------------------------------------------------------------- 79,976 >TAIWAN: 2.7% 15,740,000 Phoenixtec Power 15,038 Uninterruptable Power Supplies 3,683,576 Springsoft Systems 6,833 Electronic Design Automation Software 1,230,000 ASE Test (b) 6,457 Semiconductor Packaging & Test Services 5,303,295 Wah Lee Industrial 6,180 Distributor of Chemicals, Materials & Equipment 8,470,000 Bank of Kaohsiung 5,826 Commerical Banking 4,000,000 Chicony Electronics 4,817 PC Power Supplies & Keyboards 3,010,000 Taiwan Fu Hsing 2,700 Door Lock Manufacturer ---------------------------------------------------------------------------------------------------------- 47,851 >SOUTH KOREA: 1.8% 250,000 Hyundai Mobis 12,580 Auto Parts 165,000 Yuhan 10,902 Ethical Drug Producer 100,000 Samsung Fire & Marine 5,770 Non-life Insurance 252,100 Samyoung Heat Exchange (b) 1,980 Power Plant Related Machinery ---------------------------------------------------------------------------------------------------------- 31,232 >SINGAPORE: 1.7% 15,000,000 Comfort Group 11,668 Taxi Service 1,000,000 Venture 9,791 Electronic Contract Manufacturer 6,000,000 Sembcorp Logistics 8,087 Logistics Services ---------------------------------------------------------------------------------------------------------- 29,546 >INDIA: 1.1% 1,500,000 Housing Development Finance 19,929 Premier Mortgage Lender in India ---------------------------------------------------------------------------------------------------------- >INDONESIA: 0.4% 55,000,000 PT Perusahaan Gas Negara 6,913 Gas Pipeline Operator ---------------------------------------------------------------------------------------------------------- ---------- ASIA: TOTAL 466,816 ---------------------------------------------------------------------------------------------------------- OTHER COUNTRIES: 8.5% >CANADA: 4.0% 795,000 Talisman Energy 20,675 Oil & Gas Producer 500,000 Corus Entertainment 9,319 Television Programming & Radio Stations Columbia Acorn International >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >CANADA--CONTINUED 340,000 Masonite International (b) $8,581 Door Manufacturer 450,000 Intrawest 8,566 Owner/Operator of Ski Resorts 235,000 Petrokazakhstan 8,053 Oil Producer & Refiner in Kazakhstan 1,000,000 Fairbourne Energy (b) 7,772 Oil & Gas Producer 400,000 Noranda 6,979 Diversified Mining Holding Company ---------------------------------------------------------------------------------------------------------- 69,945 >AUSTRALIA/NEW ZEALAND: 3.9% 3,000,000 Billabong International 20,817 Surfwear Apparel Manufacturer 2,500,000 Lion Nathan 13,421 Australian Beer Brewer/Distributor 350,000 Perpetual Trustees 12,751 Austrailan Mutual Fund Manager 5,000,000 Pacific Brands 10,506 Dominant Australian Apparel Brand Manager 3,000,000 Sky City Entertainment (New Zealand) 9,401 Casino/Entertainment Complex ---------------------------------------------------------------------------------------------------------- 66,896 >SOUTH AFRICA: 0.6% 350,000 Edgars Consolidated Stores 10,239 Leading Retail Conglomerate ---------------------------------------------------------------------------------------------------------- --------- OTHER COUNTRIES: TOTAL 147,080 ---------------------------------------------------------------------------------------------------------- LATIN AMERICA: 3.8% >MEXICO: 1.5% 660,000 Grupo Aeroportuario 14,586 Mexican Airport Authority 3,000,000 Consorcio ARA (b) 8,563 Affordable Housing Builder 700,000 URBI Desarrollo (b) 2,564 Affordable Housing Builder ---------------------------------------------------------------------------------------------------------- 25,713 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- >ARGENTINA: 1.1% 440,000 Tenaris $20,060 Steel Pipe for Oil Wells & Pipelines ---------------------------------------------------------------------------------------------------------- >BRAZIL: 0.7% 640,000 Natura Cosmetics 12,939 Direct Retailer of Cosmetics ---------------------------------------------------------------------------------------------------------- >CHILE: 0.5% 300,000 CorpBanca (b)(c) 8,058 Chilean Local Bank ---------------------------------------------------------------------------------------------------------- ---------- LATIN AMERICA: TOTAL 66,770 TOTAL COMMON STOCKS AND OTHER ---------- EQUITY-LIKE SECURITIES: 96.5% 1,678,782 (COST: $1,218,202) SHORT-TERM OBLIGATIONS: 3.5% $ 32,000 Marshall & Ilsley Corp 1.69% 10/1/04 32,000 28,614 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $29,190 (Repurchase proceeds: $28,615) 28,614 ---------------------------------------------------------------------------------------------------------- (AMORTIZED COST: $60,614) 60,614 ---------- TOTAL INVESTMENTS: 100.0% 1,739,396 (COST: $1,278,816) (a) CASH AND OTHER ASSETS LESS LIABILITIES: 0.0% (281) ---------- TOTAL NET ASSETS: 100% $1,739,115 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $1,280,031 and net unrealized appreciation was $459,365 consisting of gross unrealized appreciation of $500,869 and gross unrealized depreciation of $41,504. (b) Non-income producing security. (c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security amounted to $8,058, which represents 0.46% of total net assets. Additional information on this security is as follows:
ACQUISITION SECURITY DATE SHARES (000) COST (000) VALUE (000) ----------------------------------------------------------------------------------------------------- CorpBanca 11/19/03 300 $7,564 $8,058
(d) On September 30, 2004, the Fund's total investments were denominated in currencies as follows: CURRENCY VALUE % OF NET ASSETS -------------------------------------------------------------------------------- Euro $ 642,650 36.9% Japanese Yen 251,369 14.5 British Pounds 194,606 11.2 US Dollar 121,559 7.0 Other currencies less than 5% of total net assets 529,212 30.4 ---------- ------ $1,739,396 100.0% ========== ====== Columbia Acorn International >Portfolio Diversification (Unaudited) At September 30, 2004, the Fund's portfolio investments as a percent of net assets was diversified as follows:
VALUE PERCENT ------------------------------------------------------------------------------------------------------------- >INDUSTRIAL GOODS/SERVICES Other Industrial Services $94,927 5.5% Industrial Materials 79,896 4.6 Conglomerates 59,851 3.4 Outsourcing & Training Services 43,055 2.5 Electrical Components 41,127 2.4 Construction 36,311 2.1 Machinery 33,901 1.9 Steel 33,733 1.9 Industrial Distribution 25,571 1.5 Specialty Chemicals 23,003 1.2 ------------------------------------------------------------------------------------------------------------- 471,375 27.0 >CONSUMER GOODS/SERVICES Retail 72,689 4.2 Apparels 66,915 3.8 Food 49,090 2.8 Furniture & Textiles 37,239 2.1 Restaurants 30,056 1.7 Beverage 24,096 1.4 Leisure Products 21,684 1.2 Durables Goods 21,595 1.2 Casinos 20,808 1.2 Travel 19,195 1.1 Consumer Electronics 14,868 0.9 Other Consumer Services 14,824 0.9 Nondurables 8,543 0.5 Gaming 7,157 0.4 Consumer Goods Distribution 3,731 0.2 ------------------------------------------------------------------------------------------------------------ 412,490 23.6 >FINANCE Banks 142,983 8.2 Other Finance Companies 40,334 2.3 Savings & Loans 25,168 1.4 Insurance 18,265 1.1 Money Management 16,036 0.9 ------------------------------------------------------------------------------------------------------------ 242,786 13.9 VALUE PERCENT ------------------------------------------------------------------------------------------------------------- >INFORMATION Business Information & Marketing Services $34,353 2.0% Computer Hardware & Related Equipment 25,820 1.5 Financial Processors 19,687 1.1 Instrumentation 18,454 1.1 Satellite Broadcasting 18,346 1.1 Contract Manufacturing 15,003 0.9 Advertising 13,953 0.8 Television Broadcasting 9,643 0.6 Television Programming 9,319 0.5 Business Software 6,833 0.4 Semiconductors & Related Equipment 6,457 0.4 Electronics Distribution 6,180 0.4 ------------------------------------------------------------------------------------------------------------- 184,048 10.8 >ENERGY/MINERALS Oil/Gas Producers 56,048 3.2 Oil Services 37,650 2.2 Agricultural Commodities 17,649 1.0 Non-Ferrous Metals 12,354 0.7 Independent Power 11,845 0.7 Mining 6,979 0.4 Refining/Marketing/Distribution 6,913 0.4 ------------------------------------------------------------------------------------------------------------- 149,438 8.6 >HEALTH CARE Medical Equipment 37,943 2.2 Services 34,079 2.0 Hospital Management 30,517 1.8 Pharmaceuticals 22,343 1.3 Hospital/ Laboratory Supplies 9,286 0.5 Biotechnology/ Drug Delivery 5,702 0.3 ------------------------------------------------------------------------------------------------------------- 139,870 8.1 >OTHER INDUSTRIES Transportation 42,169 2.4 Real Estate 22,912 1.3 Regulated Utilities 13,694 0.8 ------------------------------------------------------------------------------------------------------------- 78,775 4.5 TOTAL COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES 1,678,782 96.5 SHORT-TERM OBLIGATIONS 60,614 3.5 ------------------------------- TOTAL INVESTMENTS 1,739,396 100.0 CASH AND OTHER ASSETS LESS LIABILITIES (281) 0.0 TOTAL NET ASSETS $1,739,115 100.0% =============================================================================================================
Columbia Acorn USA >Statement of Investments (Unaudited), September 30, 2004
NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- COMMON STOCKS: 94.6% ---------------------------------------------------------------------------------------------------------- INFORMATION: 31.5% >BUSINESS/CONSUMER SOFTWARE: 8.6% 287,600 Micros Systems (b) $14,400 Information Systems for Restaurants & Hotels 296,650 Kronos (b) 13,139 Labor Management Solutions 974,000 JDA Software (b) 10,539 Applications/Software & Services for Retailers 1,330,000 Novell (b) 8,392 Security & Identity Management Software 304,991 PeopleSoft (b) 6,054 HR, ERP, CRM & Supply Chain Software 473,500 MRO Software (b) 4,735 Enterprise Maintenance Software 653,200 E.Piphany (b) 2,632 CRM Software 140,000 SPSS (b) 1,866 Statistical Analysis Software 64,000 THQ (b) 1,245 Entertainment Software 100,000 Aspect Communications (b) 993 Call Center Software 65,000 MAPICS (b) 588 Mid-market ERP Software ---------------------------------------------------------------------------------------------------------- 64,583 >COMPUTER HARDWARE/SEMICONDUCTORS/ RELATED EQUIPMENT: 5.9% 204,000 Zebra Technologies (b) 12,446 Bar Code Printers 365,300 Integrated Circuit Systems (b) 7,854 Silicon Timing Devices 424,100 Seachange International (b) 6,781 Systems for Video On Demand & Ad Insertion 450,000 Symbol Technologies 5,688 Mobile Computers & Barcode Scanners 260,000 Unova (b) 3,653 Barcode & Wireless LAN Systems 70,000 Littelfuse (b) 2,417 Little Fuses 100,000 Belden CDT 2,180 Specialty Cable 40,000 Rogers (b) 1,700 PCB Laminates & High Performance Foams 50,000 Avocent (b) 1,301 Computer Control Switches ---------------------------------------------------------------------------------------------------------- 44,020 >MOBILE COMMUNICATIONS: 5.4% 927,000 Western Wireless (b) 23,833 Rural Cellular Phone Services 1,005,000 Crown Castle International (b) 14,954 Communication Towers 10,000 Telephone & Data Systems 842 Cellular & Telephone Services 40,000 American Tower (b) 614 Communication Towers in USA & Mexico ---------------------------------------------------------------------------------------------------------- 40,243 ---------------------------------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >TELECOMMUNICATIONS/WIRELINE COMMUNICATIONS: 2.7% 333,800 Commonwealth Telephone (b) $14,537 Rural Phone Franchises & CLEC 480,000 Andrew (b) 5,875 Wireless Infrastructure Equipment ---------------------------------------------------------------------------------------------------------- 20,412 >BROADCASTING: 2.7% 293,100 Salem Communications (b) 7,421 Radio Stations for Religious Programming 695,000 Spanish Broadcasting (b) 6,839 Spanish Language Radio Stations 510,000 Entravision Communications (b) 3,881 Spanish Language TV, Radio & Outdoor 138,500 Gray Television 1,648 Mid-market Affiliated TV Stations ---------------------------------------------------------------------------------------------------------- 19,789 >TRANSACTION PROCESSORS: 1.9% 211,640 Global Payments 11,334 Credit Card Processor 143,100 Pegasus Systems (b) 1,706 Transaction Processor for Hotel Industry 70,500 Euronet Worldwide (b) 1,320 ATM Processor ---------------------------------------------------------------------------------------------------------- 14,360 >COMPUTER SERVICES: 1.3% 1,005,500 AnswerThink Consulting (b) 5,379 IT Integrator for Fortune 2000 786,000 RCM Technologies (b)(c) 3,883 Technology Engineering Services 200,000 Igate Capital (b) 736 Technology Staffing Services ---------------------------------------------------------------------------------------------------------- 9,998 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 0.8% 102,800 Getty Images (b) 5,685 Photographs for Publications & Electronic Media ---------------------------------------------------------------------------------------------------------- >INTERNET: 0.7% 460,600 DoubleClick (b) 2,722 Internet Advertising & Direct Marketing Statistical Data 285,000 ValueClick (b) 2,690 Internet Advertising ---------------------------------------------------------------------------------------------------------- 5,412 >TELEVISION PROGRAMMING: 0.5% 600,000 Mediacom Communications (b) 3,918 Cable Television Franchises ---------------------------------------------------------------------------------------------------------- >INSTRUMENTATION: 0.4% 90,000 Trimble Navigation (b) 2,844 GPS-based Instruments ---------------------------------------------------------------------------------------------------------- Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >TELECOMMUNICATION EQUIPMENT: 0.4% 300,000 Symmetricom (b) $2,838 Network Timing & Synchronization Devices ---------------------------------------------------------------------------------------------------------- >CONTRACT MANUFACTURING: 0.2% 140,000 Plexus (b) 1,546 Electronic Manufacturing Services ---------------------------------------------------------------------------------------------------------- --------- INFORMATION: TOTAL 235,648 ---------------------------------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 16.8% >RETAIL: 7.2% 435,750 Aeropostale (b) 11,417 Mall-based Teen Retailer 285,000 Abercrombie & Fitch 8,977 Teen Apparel Retailer 393,750 Christopher & Banks 6,304 Women's Apparel Retailer 212,500 Ann Taylor (b) 4,972 Women's Apparel Retailer 138,200 Urban Outfitters (b) 4,754 Multi Channel Lifestyle Retailer 115,000 Chico's FAS (b) 3,933 Women's Specialty Retail 95,000 Petco Animal Supplies (b) 3,103 Pet Supplies & Services 50,000 Michaels Stores 2,961 Craft & Hobby Specialty Retailer 129,900 Brookstone (b) 2,454 Specialty Consumer Product Retailer 95,000 Genesco (b) 2,237 Multi-concept Branded Footwear Retailer 70,000 Sports Authority (b) 1,624 Sporting Goods Stores 60,000 West Marine (b) 1,283 Largest Retailer of Boating Supplies ---------------------------------------------------------------------------------------------------------- 54,019 >CONSUMER SERVICES: 4.2% 396,000 ITT Educational Services (b) 14,276 Technology-oriented Post Secondary Degree Services 435,000 Coinstar (b) 10,135 Owner/Operator of Coin Counting Machines 321,700 Central Parking 4,253 Owner, Operator, Manager of Parking Lots & Garages 60,000 Weight Watchers (b) 2,329 Weight Loss Programs ---------------------------------------------------------------------------------------------------------- 30,993 >APPAREL: 1.9% 194,200 Oxford Industries 7,234 Branded & Private Label Apparel 84,000 Coach (b) 3,563 Designer & Retailer of Branded Leather Accessories 197,600 Steven Madden (b) 3,488 Wholesaler/Retailer of Fashion Footwear ---------------------------------------------------------------------------------------------------------- 14,285 NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >NONDURABLES: 1.4% 167,200 Scotts Company (b) $10,726 Consumer Lawn & Garden Products ---------------------------------------------------------------------------------------------------------- >ENTERTAINMENT/LEISURE PRODUCTS: 1.0% 91,300 International Speedway Motors 4,556 Largest Motorsport Racetrack Owner & Operator 195,000 Callaway Golf 2,061 Premium Golf Clubs & Balls 50,000 Leapfrog Enterprises (b) 1,013 Educational Toys ---------------------------------------------------------------------------------------------------------- 7,630 >FURNITURE: 1.0% 60,000 American Woodmark 2,221 Kitchen Cabinets 85,000 Herman Miller 2,095 Office Furniture 20,000 Mohawk Industries (b) 1,588 Carpet & Flooring 40,000 HNI 1,583 Office Furniture & Fireplaces ---------------------------------------------------------------------------------------------------------- 7,487 >FOOD & BEVERAGES: 0.1% 37,000 NBTY (b) 798 Vitamins & Supplements --------- CONSUMER GOODS/SERVICES: TOTAL 125,938 ---------------------------------------------------------------------------------------------------------- HEALTH CARE: 13.8% >MEDICAL EQUIPMENT: 5.5% 573,000 Edwards Lifesciences (b) 19,195 Heart Valves 141,300 Diagnostic Products 5,775 Immunodiagnostic Kits 415,000 Ligand Pharmaceuticals (b) 4,158 Drugs for Pain, Cancer, Osteoporosis & Diabetes 220,000 Viasys Healthcare (b) 3,681 Respiratory & Neurology Medical Equipment 170,600 VISX (b) 3,514 Laser Eye Surgery 115,700 ICU Medical (b) 3,013 Intravenous Therapy Products 245,000 CTI Molecular Imaging (b) 1,977 Medical Diagnostic Devices ---------------------------------------------------------------------------------------------------------- 41,313 >SERVICES: 3.9% 744,000 First Health (b) 11,971 PPO Network 246,800 Lincare Holdings (b) 7,332 Home Health Care Services 423,800 NDCHealth Group 6,802 Health Claims Processing & Drug Marketing Services 40,000 Charles River Laboratories (b) 1,832 Pharmaceutical Research NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >SERVICES--CONTINUED 100,000 Dendrite International (b) $1,612 Software for Pharmaceutical Sales Force ---------------------------------------------------------------------------------------------------------- 29,549 >BIOTECHNOLOGY/DRUG DELIVERY: 3.3% 260,000 AtheroGenics (b) 8,567 Drugs for Atherosclerosis, Rheumatoid Arthritis & Asthma 192,000 Par Pharmaceuticals (b) 6,899 Generics 360,000 Nektar Therapeutics (b) 5,213 Drug Delivery Technologies 300,000 Lexicon Genetics (b) 1,977 Drug Discovery 154,000 SYRRX, Series C (d) 770 X-Ray Crystallography 375,000 Locus Discovery, Series D. Pfd. (d) 750 High Throughput Rational Drug Design 12,600 Bioveris (b) 78 Immunodiagnostic Technology 363,636 Metabolex, Series F (d) 53 Drugs for Diabetes ---------------------------------------------------------------------------------------------------------- 24,307 >MEDICAL SUPPLIES: 1.1% 222,800 Techne (b) 8,507 Cytokines, Antibodies, other Reagents for Life Sciences ---------------------------------------------------------------------------------------------------------- --------- HEALTH CARE: TOTAL 103,676 ---------------------------------------------------------------------------------------------------------- ENERGY/MINERALS: 12.4% >OIL SERVICES: 5.6% 401,700 FMC Technologies (b) 13,417 Oil & Gas Well Head Manufacturer 335,000 Chicago Bridge & Iron 10,047 Engineering & Construction for Petrochemicals & LNG 941,000 Newpark Resources (b) 5,646 Drilling Fluid Services to Oil & Gas Industry 355,000 Hanover Compressor (b) 4,775 Natural Gas Compressor Rental 61,000 Carbo Ceramics 4,401 Natural Gas Well Stimulants 215,000 Pioneer Drilling (b) 1,806 Oil & Gas Well Driller 135,000 Key Energy Services (b) 1,492 Oil & Gas Well Workover Services ---------------------------------------------------------------------------------------------------------- 41,584 >OIL & GAS PRODUCERS: 4.5% 610,000 Quicksilver (b) 19,929 Natural Gas & Coal Seam Gas Producer 272,000 Western Gas 7,776 Oil & Coal Seam Gas Producer 82,100 Southwestern Energy (b) 3,447 Natural Gas Producer 75,000 Range Resources 1,312 Oil & Gas Producer NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- 70,000 McMoran Exploration (b) $912 Natural Gas Producers & LNG Developer ---------------------------------------------------------------------------------------------------------- 33,376 >DISTRIBUTION/MARKETING/REFINING: 2.3% 245,000 Oneok 6,375 Natural Gas Utility, Marketing & Processing 115,600 Equitable Resources 6,278 Natural Gas Utility & Producer 193,000 Atmos Energy 4,862 Natural Gas Utility ---------------------------------------------------------------------------------------------------------- 17,515 --------- ENERGY/MINERALS: TOTAL 92,475 ---------------------------------------------------------------------------------------------------------- FINANCE: 10.3% >FINANCE COMPANIES: 4.7% 1,091,500 AmeriCredit (b) 22,791 Auto Lending 520,200 World Acceptance (b) 12,095 Personal Loans ---------------------------------------------------------------------------------------------------------- 34,886 >INSURANCE: 2.8% 430,000 HCC Insurance Holdings 12,964 Aviation Insurance 16,500 Markel (b) 5,089 Specialty Insurance 35,000 Philadelphia Consolidated Holding (b) 1,929 Specialty Insurance 91,000 United National Group (b) 1,321 Specialty Insurance ---------------------------------------------------------------------------------------------------------- 21,303 >BANKS: 1.8% 263,000 TCF Financial 7,966 Great Lakes Bank 197,656 Chittenden 5,386 Vermont & West Massachusetts Bank ---------------------------------------------------------------------------------------------------------- 13,352 >SAVINGS & LOAN: 1.0% 89,000 Downey Financial 4,891 California Home Lender 116,400 Anchor Bancorp Wisconsin 3,015 Wisconsin Thrift ---------------------------------------------------------------------------------------------------------- 7,906 --------- FINANCE: TOTAL 77,447 ---------------------------------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 8.9% >MACHINERY: 3.9% 282,000 Esco Technologies (b) 19,108 Automatic Electric Meter Readers 194,000 Pentair 6,773 Pumps, Water Treatment & Tools 110,000 Ametek 3,335 Aerospace/Industrial Instruments ---------------------------------------------------------------------------------------------------------- 29,216 Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >LOGISTICS: 1.2% 246,000 Hub Group (b) $9,163 Truck & Rail Freight Forwarder ---------------------------------------------------------------------------------------------------------- >INDUSTRIAL GOODS: 1.1% 112,000 Genlyte Group (b) 7,213 Commercial Lighting Fixtures 25,000 Donaldson 710 Industrial Air Filtration ---------------------------------------------------------------------------------------------------------- 7,923 >WATER: 1.0% 134,000 Cuno (b) 7,738 Filtration & Fluids Clarification ---------------------------------------------------------------------------------------------------------- >CONSTRUCTION: 0.6% 97,700 Florida Rock Industries 4,786 Concrete & Aggregates ---------------------------------------------------------------------------------------------------------- >SPECIALTY CHEMICALS/INDUSTRIAL MATERIALS: 0.3% 95,000 Spartech 2,385 Plastics Distribution & Compounding ---------------------------------------------------------------------------------------------------------- >INDUSTRIAL SERVICES: 0.3% 95,000 Clark (b) 1,286 Executive Compensation & Benefits Consulting 41,900 Insurance Auto Auctions (b) 719 Auto Salvage Services ---------------------------------------------------------------------------------------------------------- 2,005 >INDUSTRIAL DISTRIBUTION: 0.3% 100,000 NuCO2 (b) 1,947 Bulk CO2 Gas Distribution to Restaurants ---------------------------------------------------------------------------------------------------------- >OUTSOURCING SERVICES: 0.2% 250,000 Quanta Services (b) 1,513 Electrical & Telecom Construction Services ---------------------------------------------------------------------------------------------------------- --------- INDUSTRIAL GOODS/SERVICES: TOTAL 66,676 NUMBER OF SHARES OR PRINCIPAL VALUES VALUE (000) ---------------------------------------------------------------------------------------------------------- OTHER INDUSTRIES: 0.9% >REAL ESTATE: 0.7% 47,000 The Rouse Company $3,143 Regional Shopping Malls 100,000 Crescent Real Estate Equities 1,574 Class A Office Buildings 35,000 Highland Hospitality 399 Hotel Real Estate Investment Trust ---------------------------------------------------------------------------------------------------------- 5,116 >REGULATED UTILITIES: 0.2% 90,000 Northeast Utilities 1,745 Regulated Electric Utility ---------------------------------------------------------------------------------------------------------- --------- OTHER INDUSTRIES: TOTAL 6,861 --------- TOTAL COMMON STOCKS: 94.6% 708,721 (COST: $522,677) SHORT-TERM OBLIGATIONS: 5.6% $ 20,000 State Street Bank 1.75% 10/5/04 19,996 22,059 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $22,505 (Repurchase proceeds: $22,060) 22,059 ---------------------------------------------------------------------------------------------------------- (AMORTIZED COST: $42,055) 42,055 --------- TOTAL INVESTMENTS: 100.2% 750,776 (COST: $564,732) (a) CASH AND OTHER ASSETS LESS LIABILITIES: (0.2%) (1,424) --------- TOTAL NET ASSETS: 100% $749,352 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $564,732 and net unrealized appreciation was $186,044 consisting of gross unrealized appreciation of $215,649 and gross unrealized depreciation of $29,605. (b) Non-income producing security. (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting securities. On September 30, 2004, the Fund held five percent or more of the outstanding voting securities of the following company: RCM Technologies 6.93% The aggregate cost and value of this company at September 30, 2004, was $5,636 and $3,883 respectively. Investments in affiliate companies represent 0.52% of total net assets at September 30, 2004. The change in unrealized loss in affiliated companies amounted to $1,910 during the nine months ended September 30, 2004. There were purchases and sales in affiliate companies of $0 and $562, respectively, during the nine months ended September 30, 2004. Realized gain/loss and dividend income amounts relating to affiliates during the nine months ended September 30, 2004 were $(3,800) and $0, respectively. d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the Board of Trustees. At September 30, 2004, these securities amounted to $1,573 which represents 0.21% of net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATE SHARES (000) COST (000) VALUE (000) ----------------------------------------------------------------------------------------------------- Locus Discovery, Series D Pfd. 09/05/01 375 $1,500 $750 Metabolex, Series F 05/11/00 364 2,000 53 SYRRX, Series C 01/08/01 154 1,101 770 ------- ------- $4,601 $1,573 ======= =======
Columbia Acorn International Select >Statement of Investments (Unaudited), September 30, 2004
NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- COMMON STOCKS: 98.4% ---------------------------------------------------------------------------------------------------------- EUROPE: 58.1% >UNITED KINGDOM/IRELAND: 30.7% 160,000 Anglo Irish Bank (Ireland) $2,936 Small Business & Middle Market Banking 135,000 Exel 1,674 Global Logistics & Freight Forwarding 240,000 BG Group 1,615 Global Integrated Gas & LNG Producer 98,000 Depfa Bank (Ireland) 1,338 International Public Sector Finance 120,000 Grafton Group (Ireland) (b) 1,116 Builders, Wholesalers & DIY Retailing 200,000 Rank Group 1,014 Gaming & Media Services 40,000 Kerry (Ireland) 885 Food Ingredients 100,000 Jardine Lloyd Thompson 784 Business Insurance Broker 70,000 British Sky Broadcasting 609 Digital Satellite Broadcasting 120,000 Compass Group 481 International Concession & Contract Caterer 46,000 Smith & Nephew 424 Medical Equipment & Supplies 17,000 Cobham 410 Aerospace ---------------------------------------------------------------------------------------------------------- 13,286 >SWITZERLAND: 7.5% 4,000 Schindler 1,140 Elevator Manufacturer & Service Provider 7,000 Swatch Group 949 Watch & Electronics Manufacturer 1,000 Givaudan 609 Industrial Fragrances & Flavors 5,000 Synthes-Stratec (b) 546 Products for Orthopedic Surgery ---------------------------------------------------------------------------------------------------------- 3,244 >FRANCE: 6.9% 25,100 Neopost 1,614 Postage Meter Machines 14,000 Imerys 932 Industrial Minerals Producer 7,000 Essilor International 451 Eyeglass Lenses ---------------------------------------------------------------------------------------------------------- 2,997 >CZECH REPUBLIC: 3.1% 12,000 Komercni Banka 1,342 Leading Czech Universal Bank ---------------------------------------------------------------------------------------------------------- >NORWAY: 2.9% 157,500 Den Norske Bank 1,249 Largest Norwegian Bank ---------------------------------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >LUXEMBOURG: 2.7% 120,000 SES Global $1,171 Satellite Broadcasting Services ---------------------------------------------------------------------------------------------------------- >SPAIN: 1.8% 43,000 Red Electrica 783 Spanish Power Grid ---------------------------------------------------------------------------------------------------------- >GERMANY: 1.4% 12,000 Rhoen-Klinikum 597 Hospital Management ---------------------------------------------------------------------------------------------------------- >ITALY: 1.1% 34,000 Autogrill (b) 483 Restaurants & Catering for Travelers ---------------------------------------------------------------------------------------------------------- --------- EUROPE: TOTAL 25,152 ---------------------------------------------------------------------------------------------------------- ASIA: 26.8% >JAPAN: 25.8% 38,000 Daito Trust Construction 1,545 Apartment Builder 9,700 Funai Electric 1,311 Consumer Electronics 12,400 Hoya 1,303 Opto-electrical Components & Eyeglass Lenses 25,100 Uni-Charm 1,247 Infant & Personal Care Products 32,300 Sugi Pharmacy 1,014 Drugstore Operator 58,000 Ushio 980 Industrial Light Sources 35,000 Shimano 896 Bicycle Components & Fishing Tackle 310 Dentsu 831 Advertising Agency 11,500 Fast Retailing 783 Apparel Retailer 181,800 Hiroshima Bank 782 Regional Bank 23,000 Olympus Optical 445 Medical Equipment & Cameras 600 Electric Power Development (b) 15 Japan's Largest Supplier of Wholesale Electricity ---------------------------------------------------------------------------------------------------------- 11,152 >SINGAPORE: 1.0% 45,000 Venture 441 Electronic Contract Manufacturer ---------------------------------------------------------------------------------------------------------- --------- ASIA: TOTAL 11,593 Columbia Acorn International Select >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- OTHER COUNTRIES: 9.3% >CANADA: 6.1% 47,000 Talisman Energy $1,222 Oil & Gas Producer 50,000 Noranda 872 Diversified Mining Holding Company 80,000 Kinross Gold (b) 544 Gold Mining ---------------------------------------------------------------------------------------------------------- 2,638 >AUSTRALIA: 3.2% 260,000 Lion Nathan 1,396 Beer Brewer & Distributor ---------------------------------------------------------------------------------------------------------- --------- OTHER COUNTRIES: TOTAL 4,034 ---------------------------------------------------------------------------------------------------------- LATIN AMERICA: 4.2% >ARGENTINA: 4.2% 39,200 Tenaris 1,787 Steel Pipe for Oil Wells & Pipelines ---------------------------------------------------------------------------------------------------------- --------- LATIN AMERICA: TOTAL 1,787 --------- TOTAL COMMON STOCKS: 98.4% 42,566 (COST: $31,667) PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- SHORT-TERM OBLIGATION: 1.6% $ 706 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $722 (Repurchase proceeds: $706) $706 ---------------------------------------------------------------------------------------------------------- (COST: $706) 706 --------- TOTAL INVESTMENTS: 100.0% 43,272 (COST: $32,373) (a) CASH AND OTHER ASSETS LESS LIABILITIES: 0.0% 10 --------- TOTAL NET ASSETS: 100% $43,282 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $32,373 and net unrealized appreciation was $10,899 consisting of gross unrealized appreciation of $12,066 and gross unrealized depreciation of $1,167. (b) Non-income producing security. (c) On September 30, 2004, the Fund's total investments were denominated in currencies as follows: CURRENCY VALUE % OF NET ASSETS -------------------------------------------------------------------------------- Euro $12,306 28.4% Japanese Yen 11,152 25.8 British Pounds 7,010 16.2 Swiss Franc 3,244 7.5 Canadian Dollar 2,638 6.1 US Dollar 2,493 5.8 Other currencies less than 5% of total net assets 4,429 10.2 --------- ------ $43,272 100.0% ========= ====== Columbia Acorn International Select >Portfolio Diversification (Unaudited) At September 30, 2004, the Fund's portfolio investments as a percent of net assets was diversified as follows:
VALUE PERCENT ------------------------------------------------------------------------------------------------------------- >INDUSTRIAL GOODS/SERVICES Other Industrial Services $2,814 6.5% Steel 1,787 4.1 Machinery 1,614 3.7 Construction 1,545 3.6 Electrical Components 1,390 3.2 Industrial Distribution 1,116 2.6 Industrial Materials 932 2.2 Specialty Chemicals 609 1.4 ------------------------------------------------------------------------------------------------------------- 11,807 27.3 >CONSUMER GOODS/SERVICES Durable Goods 1,845 4.3 Retail 1,797 4.2 Beverage 1,396 3.2 Consumer Electronics 1,311 3.0 Nondurables 1,247 2.9 Casinos 1,014 2.3 Restaurants 964 2.2 Food 885 2.1 ------------------------------------------------------------------------------------------------------------- 10,459 24.2 >FINANCE Banks 7,647 17.7 Insurance 784 1.8 ------------------------------------------------------------------------------------------------------------- 8,431 19.5 VALUE PERCENT ------------------------------------------------------------------------------------------------------------- >INFORMATION Semiconductors & Related Equipment $1,303 3.0% Satellite Broadcasting & Services 1,171 2.7 Advertising 831 2.0 Television Broadcasting 609 1.4 Contract Manufacturing 441 1.0 ------------------------------------------------------------------------------------------------------------- 4,355 10.1 >ENERGY/MINERALS Oil/Gas Producers 2,837 6.5 Mining 872 2.0 Non-Ferrous Metals 544 1.3 ------------------------------------------------------------------------------------------------------------- 4,253 9.8 >HEALTH CARE Medical Equipment 1,866 4.3 Hospital Management 597 1.4 ------------------------------------------------------------------------------------------------------------- 2,463 5.7 >OTHER INDUSTRIES Regulated Utilities 798 1.8 ------------------------------------------------------------------------------------------------------------- 798 1.8 TOTAL COMMON STOCKS 42,566 98.4 SHORT-TERM OBLIGATION 706 1.6 ----------------------------- TOTAL INVESTMENTS 43,272 100.0 CASH AND OTHER ASSETS LESS LIABILITIES 10 0.0 ----------------------------- TOTAL NET ASSETS $43,282 100.0% =============================================================================================================
Columbia Acorn Select >Statement of Investments (Unaudited), September 30, 2004
NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- COMMON STOCKS: 88.1% ---------------------------------------------------------------------------------------------------------- INFORMATION: 31.6% >BUSINESS SOFTWARE: 12.3% 2,750,000 McAfee (b) $55,275 Security Software & Services 2,135,000 PeopleSoft (b) 42,380 HR, ERP, CRM & Supply Chain Software 1,040,000 Synopsys (b) 16,463 Software for Designing Semiconductor Chips 1,600,000 Novell (b) 10,096 Directory, Operating System & Identity Management Software ---------------------------------------------------------------------------------------------------------- 124,214 >BUSINESS INFORMATION: 6.3% 470,000 Moody's 34,427 Credit Rating Service 1,000,000 Fair Isaac 29,200 Credit Scoring & Decision Analytic Software ---------------------------------------------------------------------------------------------------------- 63,627 >TELECOMMUNICATIONS EQUIPMENT: 3.8% 4,100,000 Tellabs (b) 37,679 Telecommunications Equipment ---------------------------------------------------------------------------------------------------------- >INSTRUMENTATION: 3.3% 1,000,000 Tektronix 33,250 Analytical Instruments ---------------------------------------------------------------------------------------------------------- >MOBILE COMMUNICATIONS: 3.1% 2,050,000 American Tower (b) 31,468 Communication Towers in USA & Mexico ---------------------------------------------------------------------------------------------------------- >INTERNET: 2.8% 4,188,100 Skillsoft Publishing (b) 28,018 Provider of Web-based Learning Solutions (E-Learning) ---------------------------------------------------------------------------------------------------------- --------- INFORMATION: TOTAL 318,256 ---------------------------------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 30.4% >RETAIL: 9.1% 750,000 Costco 31,170 Warehouse Superstores 975,000 Abercrombie & Fitch 30,713 Teen Apparel Retailer 1,550,000 Safeway (b) 29,930 Retail Food & Drug Stores ---------------------------------------------------------------------------------------------------------- 91,813 >CONSUMER SERVICES: 7.6% 1,350,000 ITT Educational Services (b) 48,667 Technology-oriented Post Secondary Degree Services 728,000 Weight Watchers (b) 28,261 Weight Loss Program ---------------------------------------------------------------------------------------------------------- 76,928 >LEISURE VEHICLES: 5.9% 1,000,000 Harley-Davidson 59,440 Motorcycles & Related Merchandise ---------------------------------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) ---------------------------------------------------------------------------------------------------------- >FURNITURE & MANUFACTURERS: 5.5% 1,160,000 Herman Miller $28,594 Office Furniture 630,000 Coach (b) 26,725 Designer & Retailer of Branded Leather Accessories ---------------------------------------------------------------------------------------------------------- 55,319 >ENTERTAINMENT: 2.3% 460,000 International Speedway Motors 22,954 Largest Motorsport Racetrack Owner & Operator ---------------------------------------------------------------------------------------------------------- --------- CONSUMER GOODS/SERVICES: TOTAL 306,454 ---------------------------------------------------------------------------------------------------------- FINANCE: 14.9% >BANKS: 8.3% 1,970,000 TCF Financial 59,671 Great Lakes Bank 750,000 Associated Banc-Corp 24,053 Midwest Bank ---------------------------------------------------------------------------------------------------------- 83,724 >INSURANCE: 3.7% 120,000 Markel (b) 37,008 Specialty Insurance ---------------------------------------------------------------------------------------------------------- >MONEY MANAGEMENT: 2.9% 729,500 SEI Investments 24,570 Mutual Fund Administration & Investment Management 360,000 Janus Capital 4,900 Manages Mutual Funds ---------------------------------------------------------------------------------------------------------- 29,470 --------- FINANCE: TOTAL 150,202 ---------------------------------------------------------------------------------------------------------- HEALTH CARE: 8.0% >SERVICES: 8.0% 3,350,000 First Health (b) 53,901 PPO Network 910,000 Lincare Holdings (b) 27,036 Home Health Care Services ---------------------------------------------------------------------------------------------------------- 80,937 --------- HEALTH CARE: TOTAL 80,937 ---------------------------------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 3.2% >LOGISTICS: 3.2% 620,000 Expeditors International of Washington 32,054 International Freight Forwarder ---------------------------------------------------------------------------------------------------------- --------- INDUSTRIAL GOODS/SERVICES: TOTAL 32,054 --------- TOTAL COMMON STOCKS: 88.1% 887,903 (COST: $786,664) Columbia Acorn Select >Statement of Investments (Unaudited), continued PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 11.7% $ 30,000 American General Finance 1.76% 10/4/04 $29,996 30,000 Toyota Credit 1.75% 10/5/04 29,994 30,000 BellSouth 1.77% 10/7/04 29,991 25,000 Sara Lee 1.77% 10/1/04 25,500 2,828 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $2,894 (Repurchase proceeds: $2,828) 2,828 ---------------------------------------------------------------------------------------------------------- (AMORTIZED COST: $118,309) 118,309 TOTAL INVESTMENTS: 99.8% ---------- (COST: $904,973) (a) 1,006,212 CASH AND OTHER ASSETS LESS LIABILITIES: 0.2% 1,579 ---------- TOTAL NET ASSETS: 100% $1,007,791 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $904,973 and net unrealized appreciation was $101,239 consisting of gross unrealized appreciation of $138,363 and gross unrealized depreciation of $37,124. (b) Non-income producing security. Columbia Thermostat Fund >Statement of Investments (Unaudited), September 30, 2004
NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) ---------------------------------------------------------------------------------------------------------- STOCK FUNDS: 50.0% 1,414 Columbia Growth & Income Fund, Class Z $24,094 2,854 Columbia Growth Stock Fund, Class Z (b) 23,833 810 Columbia Acorn Fund, Class Z 19,720 571 Columbia Mid-Cap Value Fund, Class Z (b) 14,571 764 Columbia Acorn Select, Class Z 14,488 ---------------------------------------------------------------------------------------------------------- TOTAL STOCK FUNDS 96,706 (COST: $86,065) BOND FUNDS: 49.5% 5,241 Columbia Intermediate Bond Fund, Class Z 47,796 2,668 Columbia Federal Securities Fund, Class Z 28,682 2,185 Columbia High Yield Fund, Class Z 19,187 ---------------------------------------------------------------------------------------------------------- TOTAL BOND FUNDS 95,665 (COST: $94,518) SHORT-TERM OBLIGATION: 0.3% $ 677 Repurchase Agreement with State Street Bank & Trust Dated 9/30/04, Due 10/01/04 at 1.70% Collateralized by Federal Home Loan Bank Notes, Maturing 4/02/18, Market Value $692 (Repurchase proceeds: $677) 677 ---------------------------------------------------------------------------------------------------------- (AMORTIZED COST: $677) 677 TOTAL INVESTMENTS: 99.8% --------- (COST: $181,260) (a) 193,048 CASH AND OTHER ASSETS LESS LIABILITIES: 0.2% 332 --------- TOTAL NET ASSETS: 100% $193,380 ==========================================================================================================
-------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At September 30, 2004, for federal income tax purposes cost of investments was $181,260 and net unrealized appreciation was $11,788 consisting of gross unrealized appreciation of $11,788 and gross unrealized depreciation of $0. (b) Non-income producing security. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer, 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 were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (registrant) Columbia Acorn Trust -------------------------------------------------------------------- By (Signature and Title) /s/ Charles P. McQuaid -------------------------------------------------------- Charles P. McQuaid, President Date November 24, 2004 ---------------------------------------------------------------------------- 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/ Charles P. McQuaid -------------------------------------------------------- Charles P. McQuaid, President Date November 24, 2004 ---------------------------------------------------------------------------- By (Signature and Title) /s/ Bruce H. Lauer -------------------------------------------------------- Bruce H. Lauer, Treasurer Date November 24, 2004 ----------------------------------------------------------------------------