N-Q 1 file001.txt COLUMBIA ACORN TRUST UNITED STATES 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: 12/31/05 ------------------ Date of reporting period: 3/31/05 ------------------ ITEM 1. SCHEDULE OF INVESTMENTS. Columbia Acorn Fund >Statement of Investments (Unaudited), March 31, 2005 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 92.5% -------------------------------------------------------------------------------- INFORMATION: 22.4% SOFTWARE/SERVICES >BUSINESS SOFTWARE: 4.1% 1,478,000 Kronos (b) $75,541 Labor Management Solutions 1,900,000 Micros Systems (b)(c) 69,749 Information Systems for Restaurants & Hotels 11,500,000 Novell (b) 68,540 Directory, Operating System & Identity Management Software 847,000 Avid Technology (b) 45,840 Digital Nonlinear Editing Software & Systems 3,448,000 Aspect Communications (b)(c) 35,894 Call Center Software 1,448,000 McAfee (b) 32,667 Security Software & Services 2,200,000 JDA Software Group (b)(c) 30,888 Applications/Software & Services for Retailers 1,521,000 Sybase (b) 28,078 Database Software 2,000,000 MRO Software (b)(c) 28,060 Enterprise Maintenance Software 2,200,000 MAPICS (b)(c) 28,006 Mid Market ERP Software 6,700,000 E.Piphany (b)(c) 23,785 CRM Software 1,300,000 Witness Systems (b) 22,815 Customer Experience Management Software 3,000,000 Lawson Software (b) 17,700 Enterprise Resource Planning (ERP) Software 1,575,000 Radiant Systems (b)(c) 15,435 Point of Sale Systems for Convenience Stores 460,000 Maximus 15,405 Outsourcer For Government 6,000,000 Actuate (b)(c) 14,400 Information Delivery Software & Solutions 5,000,000 Indus International (b)(c) 12,200 600,000 Indus International (b)(c) 1,464 Enterprise Asset Management Software 1,250,000 ClickSoftware Technologies 2,975 Service Chain Optimization Software -------------------------------------------------------------------------------- 569,442 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.8% 1,200,000 Getty Images (b) 85,332 Photographs for Publications & Electronic Media 1,110,000 Fair Isaac 38,228 Credit Scoring & Decision Analytic Software 1,336,000 Navigant Consulting (b) 36,379 Financial Consulting Firm 2,685,000 InfoUSA (c) 28,219 Business Data for Sales Leads 1,395,000 Ceridian (b) 23,785 HR Services & Payment Processing 1,000,000 FTI Consulting (b) 20,640 Financial Consulting Firm NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 1,700,000 PRIMEDIA (b) $7,395 Specialty Magazines & Other Publications 350,000 Dex Media 7,228 Yellow Pages Publisher -------------------------------------------------------------------------------- 247,206 >TRANSACTION PROCESSORS: 1.0% 1,432,000 Global Payments 92,350 Credit Card Processor 9,000,000 Hong Kong Exchanges & Clearing (Hong Kong) 23,310 Hong Kong Equity & Derivatives Operator 1,250,000 Pegasus Systems (b)(c) 14,775 Transaction Processor for Hotel Industry 600,000 Cubic 11,364 Revenue Collection & Defense Systems -------------------------------------------------------------------------------- 141,799 >ELECTRONICS DISTRIBUTION: 0.9% 2,325,000 Avnet (b) 42,827 Electronic Components Distribution 730,000 CDW 41,376 Tech Reseller to Small Businesses 680,000 Tech Data (b) 25,201 I/T Distributor 710,000 Agilysys 13,959 I/T Distributor -------------------------------------------------------------------------------- 123,363 >INTERNET: 0.7% 9,500,000 SkillSoft Publishing (b)(c) 34,960 Provider of Web-Based Learning Solutions (E-Learning) 2,000,000 RSA Security (b) 31,700 Enterprise Security Software 2,000,000 ValueClick (b) 21,220 Internet Advertising 1,400,000 DoubleClick (b) 10,780 Internet Advertising & Direct Marketing Statistical Data 1,879,808 Vital Stream, Cl. C (b) 1,269 Streaming Services for the Internet -------------------------------------------------------------------------------- 99,929 >COMPUTER SERVICES: 0.7% 4,000,000 Bearing Point (b) 35,080 Business Consulting & Technology Strategy 4,600,000 AnswerThink Consulting (b)(c) 18,998 I/T Consultant Offering Best Practices Benchmarking 4,948,000 Igate Capital (b)(c) 18,456 Technology Staffing Services 2,000,000 Ciber (b) 14,540 Software Services & Staffing 2,300,000 Analysts International (b)(c) 8,326 Technology Staffing Services 1,025,000 New Horizons Worldwide (b)(c) 4,101 Computer Training Services -------------------------------------------------------------------------------- 99,501 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >CONSUMER SOFTWARE: 0.3% 1,333,000 Activision (b) $19,728 Entertainment Software 700,000 THQ (b) 19,698 Entertainment Software -------------------------------------------------------------------------------- 39,426 COMPUTER RELATED HARDWARE >COMPUTER HARDWARE/RELATED SYSTEMS: 2.5% 371,900 Neopost (France) 32,210 Postage Meter Machines 1,525,000 Unova (b) 31,491 Barcode & Wireless LAN Systems 2,100,000 Symbol Technologies 30,429 Mobile Computers & Barcode Scanners 1,070,000 Avocent (b) 27,456 Computer Control Switches 660,000 Rogers (b) 26,400 PCB Laminates & High Performance Foams 1,173,000 Belden CDT 26,052 Specialty Cable 1,875,000 Seachange International (b)(c) 24,281 Systems for Video on Demand & Ad Insertion 1,626,000 CTS 21,138 Electronic Components, Sensors & EMS 400,000 Zebra Technologies 18,996 Bar Code Printers 1,070,000 II VI (b) 18,661 Laser Components 230,000 Wincor Nixdorf (Germany) (b) 18,340 Retail POS Systems & ATM Machines 7,416,000 Advantech (Taiwan) (b) 16,948 Embedded Computers 625,000 Excel Technologies (c) 15,363 Laser Systems & Electro-Optical Components 480,000 Applied Films (b) 11,098 Thin-Film Glass Coating Equipment 2,900,000 3Com (b) 10,324 Networking Equipment 5,000,000 Concurrent Computer (b)(c) 10,300 Video on Demand Systems & Services 6,800,000 Phoenixtec Power (Taiwan) (b) 7,511 Uninterruptible Power Supplies -------------------------------------------------------------------------------- 346,998 >GAMING EQUIPMENT: 1.5% 6,700,000 International Game Technology 178,622 Slot Machines & Progressive Jackpots 1,050,000 Shuffle Master (b) 30,408 Card Shufflers, Casino Games & Slot Machines -------------------------------------------------------------------------------- 209,030 >SEMICONDUCTORS/RELATED EQUIPMENT: 1.2% 1,835,000 Semtech (b) 32,791 Analog Semiconductors 1,510,000 Integrated Circuit Systems (b) 28,871 Silicon Timing Devices 785,000 Littelfuse (b) 22,490 Little Fuses -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 1,905,000 IXYS (b)(c) $21,793 Power Semiconductors 2,000,000 Entegris (b) 19,780 Semiconductor Wager Shipping & Handling Products 10,000,000 Sunplus Technology (Taiwan) 15,013 Fabless Semiconductor Designer 565,000 Supertex (b) 10,345 Mixed-Signal Semiconductors 1,410,100 ASE Test (Taiwan) (b) 7,163 Semiconductor Packaging & Test Services 361,000 Actel (b) 5,552 Field Programmable Gate Arrays 521,000 Pericom Semiconductor (b) 4,465 Semiconductors: Interface Integrated Circuits -------------------------------------------------------------------------------- 168,263 >INSTRUMENTATION: 1.1% 1,200,000 Trimble Navigation (b) 40,572 GPS-Based Instruments 711,000 Dionex (b) 38,750 Ion & Liquid Chromatography 600,000 Mettler Toledo (b) 28,500 Laboratory Equipment 2,300,000 Spectris (United Kingdom) 21,993 Electronic Instrumentation & Controls 428,000 Varian (b) 16,217 Analytical Instruments -------------------------------------------------------------------------------- 146,032 >CONTRACT MANUFACTURING: 0.5% 1,855,000 Jabil Circuit (b) 52,905 Electronic Manufacturing Services 1,536,000 Plexus (b) 17,679 Electronic Manufacturing Services -------------------------------------------------------------------------------- 70,584 TELECOMMUNICATIONS >MOBILE COMMUNICATIONS: 2.1% 3,000,000 Western Wireless (b) 113,880 Rural Cellular Phone Services 4,000,000 Crown Castle International (b) 64,240 Communication Towers 780,000 Telephone & Data Systems 63,648 Cellular & Telephone Services 3,000,000 American Tower (b) 54,690 Communication Towers in USA & Mexico -------------------------------------------------------------------------------- 296,458 >TELECOMMUNICATIONS EQUIPMENT: 1.1% 9,300,000 Tellabs (b) 67,890 Telecommunications Equipment 960,000 Plantronics 36,557 Communication Headsets 2,750,000 Andrew (b) 32,202 Wireless Infrastructure Equipment 1,510,000 Symmetricom (b) 16,746 Network Timing & Synchronization Devices -------------------------------------------------------------------------------- 153,395 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >TELECOMMUNICATIONS/WIRELINE COMMUNICATIONS: 0.3% 800,000 Commonwealth Telephone (b) $37,712 Rural Phone Franchises & CLEC -------------------------------------------------------------------------------- MEDIA >TELEVISION PROGRAMMING/CATV: 1.4% 1,050,000 Liberty Media International (b) 45,927 CATV Holding Company 2,700,000 Insight Communications (b) 31,995 CATV Franchises in Midwest 3,000,000 UnitedGlobalCom (b) 28,380 Video, Voice & Data Services Outside the USA 35,506 Jupiter Telecommunications (Japan) (b) 28,317 Largest Cable Service Provider in Japan 2,605,000 Liberty Media (b) 27,014 CATV Programming & Media Company Holdings 710,000 Corus Entertainment (Canada) 17,167 Television Programming & Radio Stations 1,250,000 Mediacom Communications (b) 8,175 Cable Television Franchises -------------------------------------------------------------------------------- 186,975 >TV/SATELLITE BROADCASTING: 0.7% 3,307,000 SES Global (France) 42,834 Satellite Broadcasting Services 1,750,000 Gray Television 25,323 Mid Market Affiliated TV Stations 1,827,000 Entravision Communications (b) 16,205 Spanish Language TV, Radio & Outdoor 333,000 Alliance Atlantis Communication (Canada) (b) 8,250 CATV Channels, TV/Movie Production/Distribution 270,000 Metropole TV (France) (b) 7,561 Television Broadcaster 200,000 Young Broadcasting (b) 1,728 Television Stations -------------------------------------------------------------------------------- 101,901 >RADIO BROADCASTING: 0.5% 1,291,000 Salem Communications (b) 26,595 Radio Stations for Religious Programming 1,200,000 Cumulus Media, Cl. A (b) 17,100 Radio Stations in Small Cities 992,000 Saga Communications (b) 15,971 Radio Stations in Small & Mid-sized Cities 1,200,000 Spanish Broadcasting (b) 12,312 Spanish Language Radio Stations -------------------------------------------------------------------------------- 71,978 --------- INFORMATION: TOTAL 3,109,992 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 20.9% SERVICES >RETAIL: 6.5% 4,990,000 Chico's FAS (b) $141,017 Women's Specialty Retail 3,200,000 Michaels Stores 116,160 Craft & Hobby Specialty Retailer 2,265,000 Aeropostale (b) 74,179 Mall Based Teen Retailer 1,245,000 Abercrombie & Fitch 71,264 Teen Apparel Retailer 3,743,000 Christopher & Banks (c) 65,877 Women's Apparel Retailer 1,245,000 Petco Animal Supplies (b) 45,828 Pet Supplies & Services 1,400,000 Williams Sonoma (b) 51,450 Home Goods & Furnishing Retailer 1,480,000 Sports Authority (b)(c) 40,700 Sporting Goods Stores 826,000 Urban Outfitters (b) 39,623 Eclectic Home & Apparel Retailer 1,300,000 Borders Group 34,606 Bookstores 1,072,000 Zale 31,860 Specialty Retailer of Jewelry 1,370,000 Hot Topic (b) 29,935 Music Inspired Retailer of Apparel, Accessories & Gifts 1,093,000 Ann Taylor (b) 27,970 Women's Apparel Retailer 230,000 Whole Foods Market 23,490 Natural Food Supermarkets 955,000 West Marine (b) 20,303 Largest Retailer of Boating Supplies 700,000 Genesco (b) 19,894 Multi-Concept Branded Footwear Retailer 300,000 Fast Retailing (Japan) 18,161 Apparel Retailer 958,000 Brookstone (b) 15,539 Specialty Consumer Product Retailer 350,000 Edgars Consolidated Stores (South Africa) 15,432 Leading Retail Conglomerate 2,250,000 Esprit Holdings (Hong Kong) 15,362 Global Apparel Brand Manager 1,062,000 Gaiam (b)(c) 5,883 Healthy Living Catalog & E-Commerce $ 6,000 Gadzooks 5% Convertible 10/07/08 (e)(f) 240 Teen Apparel Retailer -------------------------------------------------------------------------------- 904,773 >CONSUMER SERVICES: 1.7% 2,250,000 ITT Educational Services (b) 109,125 Postsecondary Degree Programs 775,000 Weight Watchers (b) 33,310 Weight Loss Programs 1,290,000 Coinstar (b)(c) 27,348 Owner/Operator of Coin Counting Machines NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >CONSUMER SERVICES--CONTINUED 1,530,000 Central Parking $26,285 Owner, Operator & Manager of Parking Lots & Garages 870,000 Park 24 (Japan) 16,231 Parking Lot Operator 1,850,000 Princeton Review (b)(c) 10,194 College Preparation Courses 2,350,000 Bally Total Fitness (b)(c) 8,178 National Chain of Fitness Centers -------------------------------------------------------------------------------- 230,671 >CASINOS: 1.3% 890,000 Station Casinos 60,120 Casinos & Riverboats 875,000 Argosy Gaming (b) 40,180 Regional Riverboat Casinos 1,925,000 Pinnacle Entertainment (b) 32,148 Regional Riverboat Casinos 2,750,000 Alliance Gaming (b)(c) 26,372 Diversified Gaming Company 4,130,000 Sky City Entertainment (New Zealand) 14,496 Casino/Entertainment Complex 226,000 Lakes Entertainment (b) 4,068 Native American Casino Development -------------------------------------------------------------------------------- 177,384 >ENTERTAINMENT/LEISURE PRODUCTS: 1.1% 905,000 International Speedway Motors 49,096 Largest Motorsport Racetrack Owner & Operator 1,220,000 RC2 (b)(c) 41,480 Collectibles & Toys 1,110,000 Amer Sports (formerly known as Amer Group) (Finland) 19,933 Branded Sporting Goods 553,000 Speedway Motorsports 19,742 Motorsport Racetrack Owner & Operator 345,000 Intralot (Greece) 10,565 Lottery & Gaming Systems & Services 500,000 Callaway Golf 6,400 Premium Golf Clubs & Balls -------------------------------------------------------------------------------- 147,216 >TRAVEL: 0.9% 1,635,000 Vail Resorts (b) 41,284 Owner/Operator of Ski Resorts 1,814,500 Intrawest (Canada) 34,678 Owner/Operator of Ski Resorts 3,380,000 LaQuinta (b) 28,730 Owner/Franchiser of Mid-Priced Hotels 1,045,000 Navigant International (b)(c) 14,275 Corporate Travel Agency 880,000 Jurys Doyle Hotel (Ireland) 13,349 Owner/Operator of Mid-Priced Hotels -------------------------------------------------------------------------------- 132,316 >RESTAURANTS: 0.7% 2,000,000 AFC Enterprises (b)(c) 51,020 Owner/Operator of Popeyes "Chicken" Restaurants 1,447,000 Autogrill (Italy) 21,650 Tollway Restaurants NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 364,000 Cheesecake Factory (b) $12,904 Casual Dining Restaurants 388,000 Kappa Create (Japan) 10,261 Sushi Chain Restaurant Operator -------------------------------------------------------------------------------- 95,835 >CRUISE LINES: 0.1% 400,000 Carnival 20,724 Largest Cruise Line -------------------------------------------------------------------------------- GOODS >FURNITURE/TEXTILES: 2.3% 2,200,000 HNI 98,890 Office Furniture & Fireplaces 740,000 Mohawk Industries (b) 62,382 Carpet & Flooring 1,900,000 Herman Miller 57,228 Office Furniture 2,130,000 Nobia (Sweden) 40,215 Kitchen Cabinet Manufacturing & Distribution 844,000 American Woodmark (c) 30,620 Kitchen Cabinet Manufacturer 465,000 Masonite International (Canada) (b) 16,201 Door Manufacturer 777,000 Knoll 12,960 Office Furniture -------------------------------------------------------------------------------- 318,496 >APPAREL: 2.2% 2,990,000 Coach (b) 169,324 Designer & Retailer of Branded Leather Accessories 844,000 Oxford Industries (c) 30,882 Branded & Private Label Apparel 3,000,000 Billabong International (Australia) 30,861 Action Sports Apparel Brand Manager 400,000 Columbia Sportswear (b) 21,292 Active Outdoor Apparel, Footwear & Accessories 469,000 Carter's (b) 18,643 Children's Branded Apparel 1,000,000 Wacoal (Japan) 13,274 Women's Specialty Apparel 728,000 Steven Madden (b)(c) 12,150 Wholesaler/Retailer of Fashion Footwear 3,882,411 Pacific Brands (Australia) 7,537 Australian Branded Apparel -------------------------------------------------------------------------------- 303,963 >LEISURE VEHICLES: 1.1% 1,745,000 Harley-Davidson 100,791 Motorcycles & Related Merchandise 550,000 Polaris Industries 38,627 Leisure Vehicles & Related Products 1,000,000 Monaco Coach 16,150 Recreational Vehicles 2,850,000 Ducati Motor (Italy) (b) 3,958 Motorcycles & Related Merchandise -------------------------------------------------------------------------------- 159,526 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >NONDURABLES: 1.1% 1,989,000 SCP Pool $63,370 Distributor of Swimming Pool Supplies 895,000 Scotts Company (b) 62,856 Consumer Lawn & Garden Products 630,000 Natura Cosmeticos (Brazil) 17,124 Direct Retailer of Cosmetics 350,000 Prestige Brands (b) 6,178 OTC, Household & Personal Care Products -------------------------------------------------------------------------------- 149,528 >DURABLE GOODS: 1.0% 1,316,000 Helen of Troy 36,032 Hairdryers & Curling Irons 465,000 Hyundai Mobis (South Korea) 30,313 Auto Parts 10,000,000 Techtronic Industries (Hong Kong) 22,053 Power Tools & Motorized Appliances 610,000 Shimano (Japan) 20,484 Bicycle Components & Fishing Tackle 133,000 Funai Electric (Japan) 16,401 Consumer Electronics 248,000 Hunter Douglas (Netherlands) 12,502 Window Shades & Venetian Blinds -------------------------------------------------------------------------------- 137,785 >FOOD & BEVERAGES: 0.9% 725,000 Orkla (Norway) 26,517 Food & Diversified Consumer Goods 1,000,000 Kerry (Ireland) 24,181 Food Ingredients 850,000 NBTY (b) 21,317 Vitamins & Supplements 30,000,000 Global Bio-Chem Technology Group (China) 18,848 1,841,250 Global Bio-Chem Technology Group Warrants (China) 61 Refiner of Corn-Based Commodities 3,000,000 Lion Nathan (Australia) 16,823 Beer Brewer/Distributor 180,000 Davide Campari (Italy) 12,521 Spirits & Wine 800,000 IAWS (Ireland) 12,105 Manufacturer of Baked Goods -------------------------------------------------------------------------------- 132,373 --------- CONSUMER GOODS/SERVICES: TOTAL 2,910,590 -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 15.0% >LOGISTICS: 2.3% 2,750,000 Expeditors International of Washington 147,263 International Freight Forwarder 900,000 UTI Worldwide 62,505 Global Logistics & Freight Forwarding 1,000,000 Forward Air 42,580 Freight Transportation Between Airports 2,600,000 Exel (United Kingdom) (b) 41,624 Global Logistics & Freight Forwarding 304,000 Hub Group (b) 19,052 Truck & Rail Freight Forwarder -------------------------------------------------------------------------------- 313,024 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >MACHINERY: 2.2% 2,250,000 Ametek $90,562 Aerospace/Industrial Instruments 1,050,000 Esco Technologies (b)(c) 84,368 Filtration & Test Equipment 840,000 Pentair 32,760 Pumps, Water Treatment & Tools 785,000 Gardner Denver (b) 31,015 Air Compressors, Blowers & Pumps 600,000 Nordson 22,092 Dispensing Systems for Adhesives & Coatings 553,000 Kaydon 17,364 Specialized Friction & Motion Control Products 500,000 Cobham (United Kingdom) 13,187 Aerospace Components 106,000 Oshkosh Truck 8,691 Specialty Truck Manufacturer 150,000 Tennant 5,804 Non-Residential Floor Cleaning Equipment -------------------------------------------------------------------------------- 305,843 >INDUSTRIAL GOODS: 1.9% 1,600,000 Clarcor (c) 83,136 Mobile & Industrial Filters 764,000 Genlyte Group (b)(c) 68,737 Commercial Lighting Fixtures 2,000,000 Donaldson 64,560 Industrial Air Filtration 1,300,000 Mine Safety Appliances 50,362 Safety Equipment 2,953,000 Electric City (b)(c) 2,805 Electricity Conservation Devices -------------------------------------------------------------------------------- 269,600 >INDUSTRIAL DISTRIBUTION: 1.9% 2,286,000 Watsco (c) 96,241 HVAC Distribution 1,925,000 Airgas 45,988 Industrial Gas Distributor 3,800,000 Grafton Group (Ireland) 44,884 Building Materials Wholesaling & DIY Retailing 1,200,000 Hughes Supply 35,700 Industrial Distribution 1,031,000 Nuco2 (b)(c) 27,115 Bulk CO2 Gas Distribution to Restaurants 600,000 Aviall (b) 16,800 Aircraft Replacement Parts Distributor -------------------------------------------------------------------------------- 266,728 >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS: 1.4% 3,000,000 Spartech (c) 59,550 Plastics Distribution & Compounding 42,500 Geberit International (Switzerland) 31,122 Plumbing Supplies 35,000 Sika (Switzerland) 26,098 Chemicals for Construction & Industrial Application 450,000 Novozymes (Denmark) 22,085 Industrial Enzymes NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS--CONTINUED 1,000,000 Schulman $17,420 Plastics Distribution & Compounding 200,000 Imerys (France) 15,118 Industrial Minerals Producer 20,000 Givaudan (Switzerland) 12,840 Industrial Fragrances & Flavors 200,000 Carbone Lorraine (France) 11,306 Advanced Industrial Materials -------------------------------------------------------------------------------- 195,539 >CONSTRUCTION: 1.1% 738,000 Florida Rock Industries 43,409 Concrete & Aggregates 1,200,000 Simpson 37,080 Wall Joint Maker 787,500 Wienerberger (Austria) 35,848 Bricks & Clay Roofing Tiles 380,000 Daito Trust Construction (Japan) 15,951 Apartment Builder 3,000,000 Consorcio (Mexico) 9,946 Affordable Housing Builder 572,000 Dominion Homes (b)(c) 9,684 Ohio/Kentucky Home Builder -------------------------------------------------------------------------------- 151,918 >STEEL: 1.1% 2,850,000 Gibraltar Industries (formerly known as Gibraltar Steel) (c) 62,529 Steel Processing 600,000 Tenaris (Argentina) 36,906 Steel Pipe for Oil Wells & Pipelines 158,000 Vallourec (France) 33,412 Seamless Tubes 1,050,000 Worthington Industries 20,244 Steel Processing -------------------------------------------------------------------------------- 153,091 >OUTSOURCING SERVICES & TRAINING: 1.0% 1,800,000 Labor Ready (b) 33,570 Temporary Manual Labor 635,000 Bilfinger Berger (Germany) 31,590 Construction & Related Services 675,000 United Services Group (Netherlands) 21,582 Temporary Staffing Services 565,000 Meitec (Japan) 19,711 Staffing Company Specializing in RD Engineers 1,150,000 Administaff 16,790 Professional Employer Organization 1,700,000 Quanta Services (b) 12,971 Electrical & Telecom Construction Services 600,000 GP Strategies (b) 4,302 Training Programs -------------------------------------------------------------------------------- 140,516 >WATER: 0.9% 856,000 Cuno (b) 43,990 Filtration & Fluids Clarification 3,000,000 Tetra Tech (b)(c) 37,860 Resource Management & Infrastructure Consulting NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 1,080,000 Pall $29,290 Filtration & Fluids Clarification 554,000 Watts Water Technologies 18,066 Water, Valves, Regulators & Filtration -------------------------------------------------------------------------------- 129,206 >OTHER INDUSTRIAL SERVICES: 0.6% 825,000 Mobile Mini (b)(c) 33,338 Leases Portable Storage Units 1,500,000 Clark (c) 23,220 Executive Compensation & Benefits Consulting 35,000 Schindler (Switzerland) 12,961 Elevator Manufacturer & Service Provider 300,000 Imtech (Netherlands) 9,802 Technical Engineering 185,000 Jaakko Poyry (Finland) 6,064 Engineering Consultants in Forestry, Energy 17,000 G&K Services 685 Uniform Rental -------------------------------------------------------------------------------- 86,070 >CONGLOMERATES: 0.4% 740,000 Aalberts Industries (Netherlands) 38,234 Flow Control & Heat Treatment 5,550 Pargesa (Switzerland) 21,110 Industrial & Media Holdings 10,000 Hexagon (Sweden) 523 Measurement Equipment & Polymers -------------------------------------------------------------------------------- 59,867 >ELECTRICAL COMPONENTS: 0.2% 1,125,000 Ushio (Japan) 21,513 Industrial Light Sources -------------------------------------------------------------------------------- --------- INDUSTRIAL GOODS/SERVICES: TOTAL 2,092,915 -------------------------------------------------------------------------------- FINANCE: 12.3% >BANKS: 5.2% 3,502,000 TCF Financial 95,079 Great Lakes Bank 2,712,000 Associated Banc-Corp 84,696 Midwest Bank 3,328,794 Anglo Irish Bank (Ireland) 83,298 Small Business & Middle Market Banking 1,958,000 BOK Financial 79,651 Oklahoma Bank 2,187,000 Glacier Bancorp (c) 66,704 Mountain States Bank 1,190,000 Texas Regional Bancshares 35,831 South Texas Bank 1,320,000 West Coast Bancorp (c) 31,416 Portland Small Business Lender 215,000 Komercni Banka (Czech Republic) 30,633 Leading Czech Universal Bank 1,850,000 Depfa Bank (Ireland) 29,263 International Public Sector Finance 1,658,000 Republic 22,449 Michigan Bank 2,150,000 Den Norske Bank (Norway) 21,947 Largest Norwegian Bank Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >BANKS--CONTINUED 619,000 Great Southern Bancorp $20,099 Missouri Real Estate Lender 756,000 Chittenden 19,709 Vermont & Western Massachusetts Bank 510,000 CityBank Lynnwood (c) 16,493 Seattle Real Estate Lender 370,000 Cullen Frost Bankers 16,706 San Antonio Bank 1,000,000 Credito Emiliano (Italy) 11,364 Italian Regional Bank 551,000 West Bancorporation 9,389 Des Moines Small Business Bank 192,000 First Financial BankShares 8,569 West Texas Community Bank 336,000 Sterling Bancorp 8,155 New York City Small Biz Bank 382,000 Cascade Financial 7,067 Seattle Community Bank 208,000 First Mutual Bancshares 5,296 Seattle Community Bank 200,000 S Y Bancorp 4,400 Louisville Bank 152,000 Independent Bank 4,373 Michigan Bank 170,000 Midwest Bank 3,385 Chicago Bank 19,000 BankFirst 1,311 Oklahoma Community Bank -------------------------------------------------------------------------------- 717,283 >INSURANCE: 2.5% 575,000 Philadelphia Consolidated Holding (b) 44,580 Specialty Insurance 1,169,000 Leucadia National 40,155 Insurance Holding Company 995,000 Protective Life 39,104 Life Insurance 109,000 Markel (b) 37,628 Specialty Insurance 1,020,000 HCC Insurance Holdings 36,883 Specialty Insurance 710,000 Selective Insurance Group 32,823 Commercial & Personal Lines Insurance 1,250,000 Scottish Re Group 28,150 Life Reinsurance 570,000 RLI 23,627 Specialty Insurance 560,000 Endurance Specialty Holdings 21,190 Commercial Lines Insurance/Reinsurance 210,000 StanCorp Financial 17,804 Group Life & Disability Insurance 700,000 United America Indemnity (formerly known as United National Group) (b) 13,188 Specialty Insurance 340,000 Stewart Information Services 12,757 Title Company -------------------------------------------------------------------------------- 347,889 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >SAVINGS & LOANS: 1.7% 3,026,000 People's Bank Bridgeport $123,915 Connecticut Savings & Loan 1,605,000 Washington Federal 37,413 Mortgage Lender 1,178,000 Anchor Bancorp Wisconsin (c) 33,114 Wisconsin Thrift 1,700,000 Housing Development Finance (India) 28,285 Premier Mortgage Lender in India 200,000 Bankinter (Spain) 10,357 Mortgage Lender 76,000 FirstFed Financial (b) 3,877 Santa Monica Savings & Loan 160,000 Provident Bancorp 1,958 New York State Thrift -------------------------------------------------------------------------------- 238,919 >FINANCE COMPANIES: 1.6% 5,831,000 AmeriCredit (b) 136,679 Auto Lending 1,820,000 World Acceptance (b)(c) 46,446 Personal Loans 1,100,000 Intermediate Capital (United Kingdom) 22,200 European Provider of Mezzanine Capital 1,000,000 Northgate (United Kingdom) 16,944 Light Commercial Vehicle Rental Specialist -------------------------------------------------------------------------------- 222,269 >MONEY MANAGEMENT: 1.2% 2,355,000 SEI Investments 85,157 Mutual Fund Administration & Investment Management 2,390,000 Eaton Vance 56,022 Specialty Mutual Funds 965,000 Nuveen Investments 33,119 Specialty Mutual Funds -------------------------------------------------------------------------------- 174,298 >BROKERAGE: 0.1% 690,000 Investment Technology Group (b) 12,075 Electronic Trading -------------------------------------------------------------------------------- --------- FINANCE: TOTAL 1,712,733 -------------------------------------------------------------------------------- ENERGY/MINERALS: 10.3% >OIL/GAS PRODUCERS: 5.9% 9,000,000 XTO Energy 295,560 Natural Gas Producer 3,000,000 Western Gas 103,350 Oil Producer & Coal Seam Gas Producer 3,000,000 Talisman Energy (Canada) 102,641 Oil & Gas Producer 1,700,000 Ultra Petroleum (b) 86,360 Natural Gas Producer 15,400,000 Tullow Oil (United Kingdom) (b) 50,515 Oil & Gas Producer 700,000 Quicksilver Resources (b) 34,111 Natural Gas & Coal Seam Gas Producer 500,000 Southwestern Energy (b) 28,380 Natural Gas Producer 680,000 Petrokazakhstan (Canada) 27,316 20,000 Petrokazakhstan (Canada) 803 Oil Producer & Refiner in Kazakhstan NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >OIL/GAS PRODUCERS--CONTINUED 700,000 Denbury Resources (b) $24,661 Oil Producer Using CO2 Injection 1,100,000 McMoran Exploration (b) 22,110 Natural Gas Producers & LNG Developer 1,000,000 Range Resources 23,360 Oil & Gas Producer 3,000,000 Vaalco Energy (b)(c) 11,490 Oil & Gas Producer 2,265,000 Tipperary (b)(c) 8,947 Coal Seam Gas Producer -------------------------------------------------------------------------------- 819,604 >OIL SERVICES: 2.7% 2,300,000 FMC Technologies (b) 76,314 Oil & Gas Well Head Manufacturer 2,100,000 Pride International (b) 52,164 Offshore Drilling Contractor 800,000 Chicago Bridge & Iron 35,224 Engineering & Construction for Petrochemicals & LNG 500,000 Carbo Ceramics 35,075 Natural Gas Well Stimulants 333,000 Fugro (Netherlands) 30,287 Survey & GPS Services 5,000,000 Newpark Resources (b)(c) 29,450 Drilling Fluid Services to Oil & Gas Industry 2,400,000 Key Energy Services (b) 27,528 Oil & Gas Well Workover Services 1,250,000 Enerflex Systems (Canada) (c) 27,361 Natural Gas Compressor 2,000,000 Saipem (Italy) 25,361 Offshore Construction & Drilling 1,200,000 Hanover Compressor (b) 14,484 Natural Gas Compressor Rental 374,000 Veritas DGC (b) 11,205 Geophysical Contractor 168,000 Pioneer Drilling (b) 2,313 Oil & Gas Well Driller -------------------------------------------------------------------------------- 366,766 >DISTRIBUTION/MARKETING/REFINING: 1.3% 1,600,000 Equitable Resources 91,904 Natural Gas Utility & Producer 1,900,000 Oneok 58,558 Natural Gas Utility, Marketing & Processing 1,206,000 Atmos Energy 32,562 Natural Gas Utility -------------------------------------------------------------------------------- 183,024 >MINING: 0.4% 1,440,000 Xstrata (United Kingdom) 27,458 Diversified Mining Holding Company 900,000 Noranda (Canada) 18,086 Diversified Mining Holding Company 1,000,000 Ivanhoe Mines (Canada) (b) 7,522 Copper Mining in Mongolia 32,800 Sociedad Quimica Y Minera de Chile (Chile) 2,642 Producer of Specialty Fertilizers, Lithium & Iodine -------------------------------------------------------------------------------- 55,708 -------------------------------------------------------------------------------- ENERGY/MINERALS: TOTAL 1,425,102 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE: 8.0% >SERVICES: 2.9% 2,491,000 Lincare Holdings (b) $110,177 Home Health Care Services 1,370,000 Charles River Laboratories (b) 64,445 Pharmaceutical Research 821,000 Coventry Health Care (b) 55,943 PPO Network 3,470,000 Gambro (Sweden) 47,357 Products/Services for Renal Care 2,592,000 NDCHealth Group (c) 41,420 Health Claims Processing & Drug Marketing Services 510,000 OPG Groep (Netherlands) 32,599 Healthcare Supplies & Pharmacies 1,333,000 Dendrite International (b) 18,715 Software for Pharmaceutical Sales Force 700,000 Serologicals 17,108 Blood Collection & Antibody Production 236,000 Omega Pharma (Belgium) 12,172 OTC Products, Pharmacy & Dental Supplies 440,000 Medquist (b) 5,896 Medical Transcription Services -------------------------------------------------------------------------------- 405,832 >MEDICAL EQUIPMENT/LABORATORY SUPPLIES: 2.8% 1,629,000 Edwards Lifesciences (b) 70,405 Heart Valves 1,240,000 Diagnostic Products 59,892 Immunodiagnostic Kits 1,900,000 CTI Molecular Imaging (b) 38,513 Medical Diagnostic Devices 365,000 Essilor International (France) 26,383 Eyeglass Lenses 714,000 ICU Medical (b)(c) 25,347 Intravenous Therapy Products 1,000,000 VISX (b) 23,440 Laser Eye Surgery Equipment 583,000 Orthofix International 22,824 Bone Fixation & Stimulation Devices 655,000 Arrow International 22,499 Disposable Catheters 861,000 CYTYC (b) 19,812 Consumables Related to Women's Health 390,000 Hogy Medical (Japan) 18,953 Disposable Surgical Products 750,000 Intermagnetics General (b) 18,255 MRI Equipment 125,000 Synthes (Switzerland) 13,898 Products for Orthopedic Surgery 875,000 Viasys Healthcare (b) 16,695 Respiratory & Neurology Medical Equipment 350,000 Haemonetics (b) 14,756 Blood & Plasma Collection Equipment -------------------------------------------------------------------------------- 391,672 >BIOTECHNOLOGY/DRUG DELIVERY: 1.5% 880,000 Neurocrine Biosciences (b) 33,493 Drugs for Sleep, Diabetes, MS & Endometriosis 519,000 Martek Biosciences (b) 30,201 Fatty Acids for Baby Formula & Other Foods Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >BIOTECHNOLOGY/DRUG DELIVERY--CONTINUED 1,350,000 DOV Pharmaceutical (b)(c) $18,468 Drugs for Insomnia, Anxiety, Pain & Depression 1,179,000 AtheroGenics (b) 15,433 Drugs for Atherosclerosis 1,055,000 Nektar Therapeutics (b) 14,707 Drug Delivery Technologies 2,000,000 Medarex (b) 14,260 Humanized Antibodies 2,400,000 Pozen (b)(c) 12,504 Drugs for Migraines 2,000,000 Lexicon Genetics (b) 10,220 Drug Discovery 776,000 NPS Pharmaceuticals (b) 9,793 Drugs for Osteoporosis & Hyperparathyroidism 460,000 Myriad Genetics (b) 8,459 Gene Discovery & Diagnostic Products 1,200,000 Ligand Pharmaceuticals (b) 6,876 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 888,000 Exelixis (b) 6,021 Treatments for Cancer & Metabolic Disorders 635,000 Maxygen (b) 5,448 Molecular Breeding 1,708,000 Ciphergen Biosystems (b)(c) 4,731 Protein Chips used for Drug Target Discovery 865,000 Arena Pharmaceuticals (b) 4,368 Novel Drug Targeting Technology 5,500,000 La Jolla Pharmaceutical (b)(c) 3,850 Lupus Treatment 1,875,000 Locus Discovery, Series D, Pfd. (e)(f) 3,750 High Throughput Rational Drug Design 638,000 Diversa (b) 3,177 Molecular Breeding 461,000 SYRRX, Series C (e)(f) 2,877 X-Ray Crystallography 1,249,999 Perlegen Sciences (e)(f) 2,237 Large Scale Gene Sequencing 359,944 Microdose (e)(f) 270 Drug Inhalers -------------------------------------------------------------------------------- 211,143 >MEDICAL SUPPLIES: 0.4% 686,000 Techne (b) 27,563 Cytokines, Antibodies, Other Reagents For Life Sciences 650,000 Owens & Minor 17,648 Distribution of Medical Supplies -------------------------------------------------------------------------------- 45,211 >PHARMACEUTICALS: 0.2% 500,000 Par Pharmaceuticals (b) 16,720 Generics 3,120,838 United Drug (Ireland) 14,122 Irish Pharmaceutical Wholesaler & Outsourcer -------------------------------------------------------------------------------- 30,842 >HOSPITAL MANAGEMENT: 0.2% 500,000 Rhoen-Klinikum (Germany) 31,150 Hospital Management -------------------------------------------------------------------------------- --------- HEALTH CARE: TOTAL 1,115,850 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- OTHER INDUSTRIES: 3.6% >REAL ESTATE: 2.1% 699,000 Forest City Enterprises, Cl. B $45,260 Commercial & Residential Property Developer 1,320,000 General Growth Properties 45,012 Regional Shopping Malls 650,000 SL Green Realty 36,543 Manhattan Office Buildings 635,000 Macerich Company 33,833 Regional Shopping Malls 620,000 Mills 32,798 Regional Shopping Malls 575,000 Federal Realty Investment Trust 27,801 Shopping Centers 2,552,000 Highland Hospitality (c) 26,413 Hotel Real Estate Investment Trust 1,375,000 Crescent Real Estate Equities 22,468 Class A Office Buildings 1,355,000 Sponda (Finland) 12,280 Office & Warehouse Property Company 1,000,000 Diamondrock Hospitality (b)(e) 10,650 Hotel Real Estate Investment Trust 37,407 Security Capital European Realty (Luxembourg) (e)(f) 513 Self Storage Properties -------------------------------------------------------------------------------- 293,571 >TRANSPORTATION: 0.6% 720,000 Grupo Aeroportaurio Del Sureste (Mexico) 20,196 Cancun & Cozumel Airport Operator 980,000 Heartland Express 18,767 Top Performing Trucker 18,000,000 ComfortDelGro (Singapore) 18,208 Taxi & Mass Transit Service 70,000 Kobenhavns Lufthavne (Denmark) 16,702 Copenhagen Airport Authority -------------------------------------------------------------------------------- 73,873 >WASTE MANAGEMENT: 0.5% 1,500,000 Waste Connections (b) 52,125 Solid Waste Management 2,500,000 Allied Waste Industries (b) 18,275 Solid Waste Management -------------------------------------------------------------------------------- 70,400 >REGULATED UTILITIES: 0.4% 1,650,000 Northeast Utilities 31,796 Regulated Electric Utility 989,800 Red Electrica (Spain) 24,511 Spanish Power Grid -------------------------------------------------------------------------------- 56,307 -------------------------------------------------------------------------------- OTHER INDUSTRIES TOTAL 494,151 TOTAL COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 92.5% ---------- (COST: $7,664,840) 12,861,333 PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 7.4% $ 104,000 Bayer Corp 2.57%: 2.68% Due 4/4/05: 4/18/05 $103,930 102,000 American Express Credit 2.64%: 2.65% Due 4/7/05: 4/12/05 101,940 100,000 General Electric Capital 2.54%: 2.75% Due 4/5/05: 4/25/05 99,891 100,000 HSBC Finance Corp 2.64%: 2.76% Due 4/13/05: 4/27/05 99,840 96,000 Citicorp 2.65%: 2.76% Due 4/14/05: 5/02/05 95,850 80,000 Countrywide Funding 2.78%: 2.80% Due 5/5/05: 5/6/05 79,786 75,000 LaSalle Bank 2.62%: 2.67% Due 4/11/05: 4/19/05 74,921 72,000 SBC Communications 2.56%: 2.80% Due 4/1/05: 5/3/05 71,920 62,000 American General Finance 2.70%: 2.78% Due 4/21/05: 4/29/05 61,888 50,000 Verizon Network 2.74% Due 4/26/05 49,905 PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- $ 42,000 Prudential Funding 2.64% Due 4/15/05 $41,957 40,000 AIG Funding 2.57% Due 4/5/05 39,989 40,000 Illinois Tools Works 2.75% Due 5/4/05 39,899 35,000 Virginia Electric & Power 2.78% Due 4/28/05 34,927 25,000 Toyota Motor Credit 2.76% Due 4/27/05 24,950 6,621 Repurchase Agreement with State Street Bank & Trust Dated 3/31/05, Due 4/1/05 at 2.70% Collateralized by Federal National Mortgage Association Notes, Maturing 9/15/09, Market Value $6,756 (Repurchase proceeds: $6,621) 6,621 -------------------------------------------------------------------------------- (AMORTIZED COST: $1,028,214) 1,028,214 ----------- TOTAL INVESTMENTS: 99.9% 13,889,547 (COST: $8,693,054) (A) CASH AND OTHER ASSETS LESS LIABILITIES: 0.1% 20,188 ----------- TOTAL NET ASSETS: 100% $13,909,735 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At March 31, 2005, for federal income tax purposes cost of investments was $8,693,054 and net unrealized appreciation was $5,196,493 consisting of gross unrealized appreciation of $5,614,664 and gross unrealized depreciation of $418,171. (b) Non-income producing security. Columbia Acorn Fund >Statement of Investments (Unaudited), continued (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. On March 31, 2005, the Fund held five percent or more of the outstanding voting securities of the following companies:
AnswerThink Consulting 10.58% Princeton Review 6.71% Christopher & Banks 10.48 Seachange International 6.68 New Horizons Worldwide 9.81 Highland Hospitality 6.37 Indus International 9.76 DOV Pharmaceutical 6.30 Actuate 9.68 Clarcor 6.21 Gibraltar Industries 9.61 Pegasus Systems 6.04 World Acceptance 9.58 RC2 5.96 Analysts International 9.50 Newpark Resources 5.96 Igate Capital 9.42 Ciphergen Biosystems 5.79 Spartech 9.31 Aspect Communications 5.76 SkillSoft Publishing 8.95 IXYS 5.73 West Coast Bancorp 8.89 Sports Authority 5.73 Glacier Bancorp 8.88 Mobile Mini 5.61 E.Piphany 8.71 Enerflex Systems 5.60 MAPICS 8.50 Genlyte Group 5.56 Watsco 8.38 Steven Madden 5.49 Esco Technologies 8.33 Tipperary 5.48 Pozen 8.30 Radiant Systems 5.41 Clark 8.18 Alliance Gaming 5.38 MRO Software 7.92 Vaalco Energy 5.34 Concurrent Computer 7.84 Tetra Tech 5.31 JDA Software Group 7.57 ICU Medical 5.26 La Jolla Pharmaceuticals 7.46 Excel Technologies 5.19 Nuco2 7.20 Anchor Bancorp Wisconsin 5.18 NDCHealth Group 7.19 American Woodmark 5.11 Gaiam 7.17 CityBank Lynwood 5.10 Electric City 7.10 Coinstar 5.10 Dominion Homes 6.95 InfoUSA 5.04 Bally Total Fitness 6.90 Micros Systems 5.02 AFC Enterprises 6.82 Oxford Industries 5.01 Navigant International 6.75
The aggregate cost and value of these companies at March 31, 2005, was $1,447,045 and $1,817,169 respectively. Investments in affiliate companies represent 13.06% of total net assets at March 31, 2005. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2005 were as follow: Dividend Income $ 3,211,659 Net realized gain or loss $(4,154,172) Change in unrealized gain or loss $ (114,792) Purchases $ 62,480 Proceeds from sales $ 10,850 (d) On March 31, 2005, the market value of foreign securities (in thousands) represents 15.64% of total net assets. The Fund's foreign portfolio was diversified as follows: Value Percent ---------------------------------------------- Canada $260,025 1.87% Ireland 221,202 1.59 Japan 199,257 1.43 United Kingdom 193,921 1.39 France 168,824 1.21 Netherlands 145,006 1.04 Switzerland 118,029 0.85 Sweden 88,095 0.63 Germany 81,080 0.58 Italy 74,854 0.54 Hong Kong 60,725 0.44 Australia 55,221 0.40 Norway 48,464 0.35 Taiwan 46,635 0.33 Denmark 38,787 0.28 Finland 38,277 0.28 Value Percent --------------------------------------------- Argentina 36,906 0.27 Austria 35,848 0.26 Spain 34,868 0.25 Czech Republic 30,633 0.22 South Korea 30,313 0.22 Mexico 30,142 0.22 India 28,285 0.20 China 18,909 0.14 Singapore 18,208 0.13 Brazil 17,124 0.12 South Africa 15,432 0.11 New Zealand 14,496 0.10 Belgium 12,172 0.09 Greece 10,565 0.08 Chile 2,642 0.02 Luxembourg 513 0.00 ---------- ------ Total Foreign Portfolio $2,175,458 15.64% ========== ====== (e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. At March 31, 2005, these securities were illiquid. At March 31, 2005, these securities (in thousands) amounted to $20,537, which represents 0.15% of total net assets. Additional information on these securities is as follows:
ACQUISITION SHARES/ SECURITY DATES PAR (000) COST (000) VALUE (000) ----------------------------------------------------------------------------------------------------- Diamondrock Hospitality 06/29/04 1,000,000 $10,000 $10,650 Gadzooks 5% Convertible 10/07/08 10/08/03 $6,000 6,000 240 Locus Discovery, Series D, Pfd. 09/05/01 1,875,000 7,500 3,750 Microdose 11/24/00 359,944 2,005 270 Perlegen Sciences 03/30/01 1,249,999 4,500 2,237 Security Capital European Realty 08/20/98-11/12/99 37,407 748 513 SYRRX, Series C 01/08/01 461,000 2,997 2,877 ------- ------- $33,750 $20,537 ======= =======
(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. Columbia Acorn International >Statement of Investments (Unaudited), March 31, 2005 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 96.7% -------------------------------------------------------------------------------- EUROPE: 59.2% >UNITED KINGDOM/IRELAND: 18.9% 2,370,505 Anglo Irish Bank (Ireland) $59,318 Small Business & Middle Market Banking 1,750,000 Exel 28,016 Global Logistics & Freight Forwarding 2,350,000 Grafton Group (Ireland) 27,757 Building Materials Wholesaling & DIY Retailing 7,500,000 Tullow Oil (b) 24,602 Oil & Gas Producer 2,600,000 Expro International 21,279 Offshore Oil Field Services 1,400,000 IAWS (Ireland) 21,183 Manufacturer of Baked Goods 1,275,000 Depfa Bank (Ireland) 20,168 International Public Sector Finance 4,300,000 United Drug (Ireland) 19,457 Irish Pharmaceutical Wholesaler & Outsourcer 800,000 Kerry (Ireland) 19,345 Food Ingredients 1,650,000 Kensington 18,534 Non-Conforming Mortgage Company 900,000 Intermediate Capital 18,163 European Provider of Mezzanine Capital 975,000 Northgate 16,520 Light Commercial Vehicle Rental Specialist 600,000 Cobham 15,824 Aerospace Components 950,000 Jurys Doyle Hotel (Ireland) 14,411 Owner/Operator of Mid-Priced Hotels 750,000 Xstrata 14,301 Diversified Mining Holding Company 1,070,000 Business Post 13,332 Parcel & Express Mail Service 2,200,000 BBA Group 12,533 Aviation Support Services & Non-Woven Materials 1,600,000 Paragon Group 12,083 UK Buy-to-Let Finance Company 1,200,000 Spectris 11,475 Electronic Instruments & Controls 3,800,000 RPS Group 10,241 Environmental Consulting 2,100,000 Workspace Group 9,317 Real Estate Company 500,000 Viridian 7,155 Northern Ireland Electric Utility 1,270,000 Hit Entertainment 7,151 Children's Programming 223,000 Ulster Television 2,185 Irish Television & Radio Station Operator -------------------------------------------------------------------------------- 424,350 >FRANCE/BELGIUM: 9.1% 377,500 Neopost 32,695 Postage Meter Machines 2,280,000 SES Global 29,532 Satellite Broadcasting Services 117,000 Vallourec 24,742 Seamless Tubes -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 300,000 Imerys $22,677 Industrial Minerals Producer 400,000 April Group 11,695 Insurance Policy Construction 279,500 Iliad 10,400 High Speed Internet Service Provider 140,000 Essilor International 10,120 Eyeglass Lenses 360,000 Metropole TV 10,082 Television Broadcaster 404,000 Fininfo 9,690 Data Feeds for French Banks & Brokers 170,000 Carbone Lorraine 9,610 Advanced Industrial Materials 184,000 Omega Pharma (Belgium) 9,490 OTC Products, Pharmacy & Dental Supplies 94,000 Bacou Dalloz 8,933 Safety Equipment 140,000 Norbert Dentressangle 8,168 Transport 60,000 Pierre & Vacances 6,846 Vacation Apartment Lets -------------------------------------------------------------------------------- 204,680 >NETHERLANDS: 7.5% 540,000 Aalberts Industries 27,900 Flow Control & Heat Treatment 278,800 Fugro 25,358 Survey & GPS services 327,000 OPG Groep 20,902 Healthcare Supplies & Pharmacies 243,000 Koninklijke Ten Cate 20,763 Advanced Textiles & Industrial Fabrics 620,000 United Services Group 19,823 Temporary Staffing Services 340,000 Sligro Food Group 17,898 Food Service & Wholesaling 890,000 Unit 4 Aggresso (b) 15,232 Business & Security Software 400,000 Imtech 13,069 Technical Engineering 128,000 Hunter Douglas 6,452 Window Shades & Venetian Blinds -------------------------------------------------------------------------------- 167,397 >GERMANY/AUSTRIA: 7.1% 315,000 Rhoen-Klinikum Pfd. 19,971 300,000 Rhoen-Klinikum 18,690 Hospital Management 225,000 Wincor Nixdorf (b) 17,941 Retail POS Systems & ATM Machines 375,000 Wienerberger (Austria) 17,071 Bricks & Clay Roofing Tiles 300,000 Bilfinger Berger 14,925 Construction & Related Services 450,000 Hugo Boss Designs 13,991 Fashion Apparel 350,000 GFK 13,886 Market Research Services 175,000 Deutsche Boerse 13,160 Trading, Clearing & Settlement Services for Financial Markets NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >GERMANY/AUSTRIA--CONTINUED 200,000 Vossloh $10,201 Rail Infrastructure & Diesel Locomotives 800,000 Takkt 8,402 Mail Order Retailer of Office & Warehouse Durables 160,000 Grenke Grenkeleasing 7,261 Financing for IT Equipment 260,000 Deutsche Beteiligungs 3,877 Private Equity Investment Management -------------------------------------------------------------------------------- 159,376 >SWITZERLAND: 4.4% 85,000 Kuehne & Nagel 18,332 Freight Forwarding/Logistics 25,000 Geberit International 18,307 Plumbing Supplies 24,000 Sika 17,896 Chemicals for Construction & Industrial Application 3,000 Pargesa 11,411 Industrial & Media Conglomerate 30,000 Schindler 11,110 Elevator Manufacturer & Service Provider 85,000 Synthes 9,450 Products for Orthopedic Surgery 110,000 Bachem 6,736 Peptides 10,000 Givaudan 6,420 Industrial Fragrances & Flavors -------------------------------------------------------------------------------- 99,662 >ITALY: 2.7% 270,000 Amplifon 16,401 Hearing Aid Retailer 212,000 Davide Campari 14,747 Spirits & Wine 830,000 Autogrill 12,419 Tollway Restaurants 1,000,000 Credit Emiliano 11,364 Italian Regional Bank 3,300,000 Ducati Motor (b) 4,582 Motorcycles & Related Merchandise -------------------------------------------------------------------------------- 59,513 >SWEDEN: 2.3% 398,000 Hexagon 20,826 Measurement Equipment & Polymers 1,075,000 Nobia 20,296 Kitchen Cabinet Manufacturing & Distribution 470,000 Gambro 6,414 Products/Services for Renal Care 142,200 Sweco (b) 2,876 Nordic Infrastructure/Environment Consulting -------------------------------------------------------------------------------- 50,412 >SPAIN: 1.9% 2,000,000 Abengoa 21,938 Engineering & Construction 620,000 Red Electrica 15,354 Spanish Power Grid 120,000 Bankinter 6,214 Mortgage Lender -------------------------------------------------------------------------------- 43,506 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >FINLAND: 1.5% 439,000 Jaakko Poyry $14,389 Engineering Consultants in Forestry, Energy 555,000 Amer Sports (formerly known as Amer Group) 9,966 Branded Sporting Goods 950,000 Sponda 8,610 Office & Warehouse Property Company -------------------------------------------------------------------------------- 32,965 >NORWAY: 1.3% 522,300 Ekornes 11,322 Niche Furniture Manufacturer 910,000 Den Norske Bank 9,289 Largest Norwegian Bank 221,000 Orkla 8,083 Food & Diversified Consumer Goods -------------------------------------------------------------------------------- 28,694 >CZECH REPUBLIC: 1.0% 161,000 Komercni Banka 22,939 Leading Czech Universal Bank -------------------------------------------------------------------------------- >GREECE: 0.6% 465,000 Intralot 14,240 Lottery & Gaming Systems/Services -------------------------------------------------------------------------------- >DENMARK: 0.4% 35,000 Kobenhavns Lufthavne 8,351 Copenhagen Airport Authority -------------------------------------------------------------------------------- >RUSSIAN FEDERATION: 0.3% 260,000 Mechel Steel Group (b) 6,960 Coking Coal -------------------------------------------------------------------------------- >POLAND: 0.2% 132,000 Central European Distribution (b) 4,394 Spirits & Wine Distribution -------------------------------------------------------------------------------- --------- EUROPE: TOTAL 1,327,439 -------------------------------------------------------------------------------- ASIA: 23.8% >JAPAN: 12.5% 480,100 Daito Trust Construction 20,153 Apartment Builder 1,500,000 Wacoal 19,910 Women's Specialty Apparel 2,900,000 Bank of Yokohama (b) 17,691 Regional Bank 338,000 Hogy Medical 16,426 Disposable Surgical Products 470,000 Meitec 16,397 Staffing Company Specializing in R&D Engineers 862,000 Park 24 16,081 Parking Lot Operator 380,000 ARRK 14,249 Prototypes & Molds for New Product Development 110,000 Funai Electric 13,565 Consumer Electronics Columbia Acorn International >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >JAPAN--CONTINUED 220,000 Fast Retailing $13,318 Apparel Retailer 818,000 NIFCO 12,987 Molded Plastic Components 358,000 Eneserve 12,155 Power Generators 2,248,000 Hiroshima Bank 11,701 Regional Bank 14,465 Jupiter Telecommunications (b) 11,536 Largest Cable Service Provider in Japan 906,000 Toyo Technica 11,189 Value Added Reseller of Imported Instrumentation 402,000 Kappa Create 10,631 Sushi Chain Restaurant Operator 550,000 Ushio 10,517 Industrial Light Sources 1,500,000 Fukuoka Bank 9,417 Regional Bank 450,200 Ain Pharmaciez 9,260 Dispensing Pharmacy/Drugstore Operator 1,400,000 Chiba Bank 9,063 Regional Bank 250,000 Shimano 8,395 Bicycle Components & Fishing Tackle 325,000 Olympus Optical 7,579 Medical Equipment & Cameras 142,000 Ito En 6,901 Soft Drink Maker Specializing in Green Tea Products 88,800 Sato 2,236 Bar Code Printers & Supplies -------------------------------------------------------------------------------- 281,357 >TAIWAN: 3.7% 15,740,000 Phoenixtec Power (b) 17,386 Uninterruptible Power Supplies 5,240,000 Springsoft Systems (b) 11,426 Electronic Design Automation Software 4,978,000 Advantech (b) 11,376 Embedded Computers 9,661,000 Chicony Electronics (b) 10,119 PC Power Supplies & Keyboards 6,000,000 Sunplus Technology 9,008 Fabless Semiconductor Designer 5,302,590 Wah Lee Industrial (b) 7,431 Distributor of Chemicals, Materials & Equipment 1,245,100 ASE Test (b) 6,325 Semiconductor Packaging & Test Services 8,470,000 Bank of Kaohsiung (b) 5,820 Commercial Banking 3,010,000 Taiwan Fu Hsing (b) 3,449 Door Lock Manufacturer -------------------------------------------------------------------------------- 82,340 >HONG KONG/CHINA: 3.5% 25,000,000 Global Bio-Chem Technology Group (China) 15,706 1,875,000 Global Bio-Chem Technology Group Warrants (China) 63 Refiner of Corn-Based Commodities 6,000,000 Hong Kong Exchanges & Clearing 15,540 Hong Kong Equity & Derivatives Operator NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 2,000,000 Esprit Holdings $13,655 Global Apparel Brand Manager 6,000,000 Techtronic Industries 13,232 Power Tools & Motorized Appliances 17,700,000 Linmark 6,752 Sourcing of Consumer Goods 9,800,000 Hainan Meilan Airport (China) 6,251 Chinese Airport Operator 27,932,000 Lerado Group 4,298 Baby Strollers & Infant Car Seats Manufacturer 14,500,000 Ngai Lik Industrial 3,951 Consumer Electronics Manufacturer -------------------------------------------------------------------------------- 79,448 >SOUTH KOREA: 1.4% 250,000 Hyundai Mobis 16,297 Auto Parts 100,000 Samsung Fire & Marine 7,573 Non-Life Insurance 63,280 Yuhan 5,608 OTC & Prescription Drug Manufacturer 200,000 Samyoung Heat Exchange 3,033 Power Plant Related Machinery -------------------------------------------------------------------------------- 32,511 >SINGAPORE: 1.2% 16,000,000 ComfortDelGro 16,185 Taxi & Mass Transit Service 19,500,000 LMA International (b) 10,631 Medical Equipment & Supplies -------------------------------------------------------------------------------- 26,816 >INDIA: 1.0% 1,300,000 Housing Development Finance 21,630 Premier Mortgage Lender in India -------------------------------------------------------------------------------- >INDONESIA: 0.5% 45,000,000 PT Perusahaan Gas Negara 10,810 Gas Pipeline Operator -------------------------------------------------------------------------------- ------- ASIA: TOTAL 534,912 -------------------------------------------------------------------------------- OTHER COUNTRIES: 9.2% >CANADA: 4.7% 595,000 Talisman Energy 20,357 Oil & Gas Producer 1,190,000 ShawCor 17,706 Oil & Gas Pipeline Products 445,000 Masonite International (b) 15,505 Door Manufacturer 450,000 Intrawest 8,600 Owner/Operator of Ski Resorts 400,000 Noranda 8,038 Diversified Mining Holding Company 330,000 Corus Entertainment 7,979 Television Programming & Radio Stations 185,000 Petrokazakhstan 7,431 Oil Producer & Refiner in Kazakhstan 1,100,000 Kinross Gold (b) 6,692 Gold Mining 850,000 Ivanhoe Mines (b) 6,394 Copper Mining in Mongolia NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- CANADA--CONTINUED 2,000,000 Northern Orion Resources $5,803 Mining of Copper & Gold in Argentina 68,000 Fairborne Energy (b) 763 Oil & Gas Producer -------------------------------------------------------------------------------- 105,268 >AUSTRALIA/NEW ZEALAND: 3.8% 3,000,000 Billabong International 30,861 Action Sports Apparel Brand Manager 3,000,000 Lion Nathan 16,823 Beer Brewer/Distributor 350,000 Perpetual Trustees 15,476 Australian Mutual Fund Manager 3,000,000 Sky City Entertainment (New Zealand) 10,530 Casino/Entertainment Complex 3,882,489 Pacific Brands 7,537 Australian Branded Apparel 456,200 Major Drilling Group International (b) 5,091 Mining Exploration Driller -------------------------------------------------------------------------------- 86,318 >SOUTH AFRICA: 0.7% 350,000 Edgars Consolidated Stores 15,432 Leading Retail Conglomerate -------------------------------------------------------------------------------- ------- OTHER COUNTRIES: TOTAL 207,018 -------------------------------------------------------------------------------- LATIN AMERICA: 4.5% >BRAZIL: 1.7% 640,000 Natura Cosmeticos 17,396 Direct Retailer of Cosmetics 280,000 America Latina Logisticos 7,705 Monopoly Rail Operator in Southern Brazil 6,300,000 Caemi 5,849 Iron Ore/Kaolin Producer 594,000 Porto Seguro 5,340 Brazil's Largest Independent Insurer 156,250 Diagnosticos (b) 1,579 Largest Private Diagnostic Services Company in Brazil -------------------------------------------------------------------------------- 37,869 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- >MEXICO: 1.4% 660,000 Grupo Aeroportaurio Del Sureste $18,513 Cancun & Cozumel Airport Operator 3,000,000 Consorcio ARA 9,946 Affordable Housing Builder 700,000 URBI Desarrollo (b) 3,510 Affordable Housing Builder -------------------------------------------------------------------------------- 31,969 >ARGENTINA: 1.0% 340,000 Tenaris 20,913 Steel Pipe for Oil Wells & Pipelines -------------------------------------------------------------------------------- >CHILE: 0.4% 300,000 CorpBanca 7,815 Chilean Local Bank 16,800 Sociedad Quimica Y Minera de Chile 1,353 Producer of Specialty Fertilizers, Lithium & Iodine -------------------------------------------------------------------------------- 9,168 ------ LATIN AMERICA: TOTAL 99,919 TOTAL COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 96.7% 2,169,288 (COST: $1,425,298) SHORT-TERM OBLIGATIONS: 2.6% $ 28,000 Citicorp 2.78% Due 4/7/05 27,987 30,785 Repurchase Agreement with State Street Bank & Trust Dated 3/31/05, Due 4/1/05 at 2.70% Collateralized by Federal Home Loan Mortgage Corp, Maturing 3/5/19, Federal Home Loan Bank, Maturing 4/6/09, & Federal National Mortgage Association, Maturing 9/15/09 Market Value $31,404 (Repurchase proceeds: $30,787) 30,785 -------------------------------------------------------------------------------- (AMORTIZED COST: $58,772) 58,772 --------- TOTAL INVESTMENTS: 99.3% 2,228,060 (COST: $1,484,070) (A) CASH AND OTHER ASSETS LESS LIABILITIES: 0.7% 15,987 TOTAL NET ASSETS: 100% $2,244,047 -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) -------------------------------------------------------------------------------- (a) At March 31, 2005, for federal income tax purposes cost of investments was $1,484,070 and net unrealized appreciation was $743,990 consisting of gross unrealized appreciation of $771,481 and gross unrealized depreciation of $27,491. (b) Non-income producing security. (c) On March 31, 2005, the Fund's total investments were denominated in currencies as follows: Currency Value % of Net Assets ======================================================== Euro $ 863,314 38.5% Japanese Yen 281,357 12.5 British Pounds 242,711 10.8 US Dollar 132,478 5.9 Other currencies less than 5% of total net assets 708,200 31.6 ---------- ------- $2,228,060 99.3% ========== ======= Columbia Acorn International >Portfolio Diversi1/2cation (Unaudited) At March 31, 2005, the Fund's portfolio investments as a percent of net assets was diversified as follows: VALUE (000) PERCENT -------------------------------------------------------------------------------- >INDUSTRIAL GOODS/SERVICES Other Industrial Services $124,306 5.5% Industrial Materials 109,043 4.9 Conglomerates 82,075 3.7 Construction 55,598 2.5 Outsourcing & Training Services 48,753 2.2 Machinery 48,165 2.1 Steel 45,655 2.0 Industrial Distribution 27,757 1.2 Electrical Components 26,341 1.2 Specialty Chemicals 24,316 1.1 -------------------------------------------------------------------------------- 592,009 26.4 >CONSUMER GOODS/SERVICES Apparels 79,051 3.5 Retail 68,066 3.0 Food 66,509 3.0 Furniture & Textiles 53,575 2.4 Beverage 38,471 1.7 Other Consumer Services 27,225 1.2 Durables Goods 26,209 1.2 Restaurants 23,050 1.0 Travel 23,011 1.0 Nondurables 17,396 0.8 Gaming 14,240 0.6 Consumer Electronics 13,565 0.6 Casinos 10,530 0.5 Leisure Products 9,966 0.5 Consumer Goods Distribution 4,394 0.2 -------------------------------------------------------------------------------- 475,258 21.2 >FINANCE Banks 184,585 8.2 Other Finance Companies 72,561 3.2 Savings & Loans 27,844 1.2 Insurance 24,608 1.1 Money Management 19,353 0.9 -------------------------------------------------------------------------------- 328,951 14.6 VALUE (000) PERCENT -------------------------------------------------------------------------------- >INFORMATION TECHNOLOGY Computer Hardware & Related Equipment $56,822 2.5% Business Information & Marketing Services 33,817 1.5 Satellite Broadcasting 29,532 1.3 Financial Processors 28,700 1.3 Business Software 26,658 1.2 Instrumentation 22,664 1.0 Semiconductors & Related Equipment 15,333 0.7 Television Programming 15,130 0.7 Television Broadcasting 12,267 0.5 Cable Television 11,536 0.5 Internet Related 10,400 0.5 Electronics Distribution 7,431 0.3 Contract Manufacturing 3,951 0.2 -------------------------------------------------------------------------------- 274,241 12.2 >ENERGY/MINERALS Oil Services 64,343 2.9 Oil/Gas Producers 53,153 2.4 Mining 48,698 2.2 Agricultural Commodities 15,769 0.7 Independent Power 12,155 0.5 Non-Ferrous Metals 11,783 0.5 Refining/Marketing/Distribution 10,810 0.5 -------------------------------------------------------------------------------- 216,711 9.7 >HEALTH CARE Hospital Management 38,661 1.7 Medical Equipment 37,780 1.7 Pharmaceuticals 34,555 1.6 Services 27,316 1.2 Hospital/ Laboratory Supplies 18,005 0.8 Biotechnology/ Drug Delivery 6,736 0.3 -------------------------------------------------------------------------------- 163,053 7.3 >OTHER INDUSTRIES Transportation 65,173 2.9 Real Estate 31,383 1.4 Regulated Utilities 22,509 1.0 -------------------------------------------------------------------------------- 119,065 5.3 TOTAL COMMON STOCKS & ------------------------- OTHER EQUITY-LIKE SECURITIES 2,169,288 96.7 SHORT-TERM OBLIGATIONS 58,772 2.6 ------------------------- TOTAL INVESTMENTS 2,228,060 99.3 CASH AND OTHER ASSETS LESS LIABILITIES 15,987 0.7 ------------------------- NET ASSETS $2,244,047 100% -------------------------------------------------------------------------------- Columbia Acorn USA >Statement of Investments (Unaudited), March 31, 2005 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 90.8% -------------------------------------------------------------------------------- INFORMATION: 27.2% >BUSINESS/CONSUMER SOFTWARE: 7.5% 501,200 Micros Systems (b) $18,399 Information Systems for Restaurants & Hotels 974,000 JDA Software (b) 13,675 Applications/Software & Services for Retailers 266,650 Kronos (b) 13,628 Labor Management Solutions 1,330,000 Novell (b) 7,927 Directory, Operating System & Identity Management Software 473,500 MRO Software (b) 6,643 Enterprise Maintenance Software 260,000 Aspect Communications (b) 2,707 Call Center Software 653,200 E.Piphany 2,319 CRM Software 60,000 Maximus 2,009 Outsourcer For Government 65,000 MAPICS (b) 827 Mid Market ERP Software -------------------------------------------------------------------------------- 68,134 >MOBILE COMMUNICATIONS: 4.7% 652,000 Western Wireless (b) 24,750 Rural Cellular Phone Services 1,005,000 Crown Castle International (b) 16,140 Communication Towers 10,000 Telephone & Data Systems 816 Cellular & Telephone Services 40,000 American Tower (b) 729 Communication Towers in USA & Mexico -------------------------------------------------------------------------------- 42,435 >COMPUTER HARDWARE/SEMICONDUCTORS/ RELATED EQUIPMENT: 4.4% 570,000 Symbol Technologies 8,259 Mobile Computers & Barcode Scanners 365,300 Integrated Circuit Systems (b) 6,985 Silicon Timing Devices 424,100 Seachange International (b) 5,492 Systems for Video on Demand & Ad Insertion 260,000 Unova (b) 5,369 Barcode & Wireless LAN Systems 99,000 Zebra Technologies (b) 4,702 Bar Code Printers 345,000 Entegris (b) 3,412 Semiconductor Wager Shipping & Handling Products 100,000 Belden CDT 2,221 Specialty Cable 70,000 Littelfuse (b) 2,006 Little Fuses 40,000 Rogers (b) 1,600 PCB Laminates & High Performance Foams -------------------------------------------------------------------------------- 40,046 >TELECOMMUNICATIONS/WIRELINE COMMUNICATIONS: 2.5% 333,800 Commonwealth Telephone (b) 15,735 Rural Phone Franchises & CLEC NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 480,000 Andrew (b) $5,621 Wireless Infrastructure Equipment 200,000 Tellabs (b) 1,460 Telecommunications Equipment -------------------------------------------------------------------------------- 22,816 >BROADCASTING: 2.2% 695,000 Spanish Broadcasting (b) 7,131 Spanish Language Radio Stations 293,100 Salem Communications (b) 6,038 Radio Stations for Religious Programming 572,700 Entravision Communications (b) 5,080 Spanish Language TV, Radio & Outdoor 138,500 Gray Television 2,004 Mid Market Affiliated TV Stations -------------------------------------------------------------------------------- 20,253 >TRANSACTION PROCESSORS: 1.7% 211,640 Global Payments 13,649 Credit Card Processor 143,100 Pegasus Systems (b) 1,691 Transaction Processor for Hotel Industry -------------------------------------------------------------------------------- 15,340 >COMPUTER SERVICES: 1.0% 1,005,500 AnswerThink Consulting (b) 4,153 I/T Consultant Offering Best Practices Benchmarking 786,000 RCM Technologies (b)(c) 3,961 Technology Engineering Services 200,000 Igate Capital (b) 746 Technology Staffing Services -------------------------------------------------------------------------------- 8,860 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.0% 102,800 Getty Images (b) 7,310 Photographs for Publications & Electronic Media 90,000 Ceridian (b) 1,535 HR Services & Payment Processing -------------------------------------------------------------------------------- 8,845 >INTERNET: 0.7% 460,600 DoubleClick (b) 3,547 Internet Advertising & Direct Marketing Statistical Data 285,000 ValueClick (b) 3,024 Internet Advertising -------------------------------------------------------------------------------- 6,571 >ELECTRONICS DISTRIBUTION: 0.4% 60,000 CDW 3,401 Tech Reseller to Small Businesses -------------------------------------------------------------------------------- >TELECOMMUNICATION EQUIPMENT: 0.4% 300,000 Symmetricom (b) 3,327 Network Timing & Synchronization Devices -------------------------------------------------------------------------------- >INSTRUMENTATION: 0.3% 90,000 Trimble Navigation (b) 3,043 GPS-Based Instruments -------------------------------------------------------------------------------- >TELEVISION PROGRAMMING/CATV: 0.2% 300,000 Mediacom Communications (b) 1,962 Cable Television Franchises -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >CONTRACT MANUFACTURING: 0.2% 117,700 Plexus (b) $1,355 Electronic Manufacturing Services -------------------------------------------------------------------------------- ------- INFORMATION: TOTAL 246,388 -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 18.4% >RETAIL: 8.6% 285,000 Abercrombie & Fitch 16,313 Teen Apparel Retailer 435,750 Aeropostale (b) 14,271 Mall Based Teen Retailer 360,000 Petco Animal Supplies (b) 13,252 Pet Supplies & Services 393,750 Christopher & Banks 6,930 Women's Apparel Retailer 230,000 Chico's FAS (b) 6,500 Women's Specialty Retail 212,500 Ann Taylor (b) 5,438 Women's Apparel Retailer 100,000 Michaels Stores 3,630 Craft & Hobby Specialty Retailer 100,000 Sports Authority (b) 2,750 Sporting Goods Stores 95,000 Genesco (b) 2,700 Multi-Concept Branded Footwear Retailer 48,200 Urban Outfitters (b) 2,312 Eclectic Home & Apparel Retailer 141,200 Brookstone (b) 2,290 Specialty Consumer Product Retailer 60,000 West Marine (b) 1,276 Largest Retailer of Boating Supplies -------------------------------------------------------------------------------- 77,662 >CONSUMER SERVICES: 4.1% 396,000 ITT Educational Services (b) 19,206 Postsecondary Degree Program 435,000 Coinstar (b) 9,222 Owner/Operator of Coin Counting Machines 371,700 Central Parking 6,386 Owner, Operator & Manager of Parking Lots & Garages 60,000 Weight Watchers (b) 2,579 Weight Loss Programs -------------------------------------------------------------------------------- 37,393 >ENTERTAINMENT/LEISURE PRODUCTS: 1.7% 241,300 International Speedway Motors 13,091 Largest Motorsport Racetrack Owner & Operator 195,000 Callaway Golf 2,496 Premium Golf Clubs & Balls -------------------------------------------------------------------------------- 15,587 >APPAREL: 1.6% 194,200 Oxford Industries 7,106 Branded & Private Label Apparel 84,000 Coach (b) 4,757 Designer & Retailer of Branded Leather Accessories 134,000 Steven Madden (b) 2,236 Wholesaler/Retailer of Fashion Footwear -------------------------------------------------------------------------------- 14,099 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >NONDURABLES: 1.3% 167,200 Scotts Company (b) $11,742 Consumer Lawn & Garden Products -------------------------------------------------------------------------------- >FURNITURE: 1.0% 60,000 HNI 2,697 Office Furniture & Fireplaces 85,000 Herman Miller 2,560 Office Furniture 60,000 American Woodmark 2,177 Kitchen Cabinet Manufacturer 20,000 Mohawk Industries (b) 1,686 Carpet & Flooring -------------------------------------------------------------------------------- 9,120 >FOOD & BEVERAGES: 0.1% 37,000 NBTY (b) 928 Vitamins & Supplements -------------------------------------------------------------------------------- ------- CONSUMER GOODS/SERVICES: TOTAL 166,531 -------------------------------------------------------------------------------- HEALTH CARE: 13.2% >MEDICAL EQUIPMENT: 5.8% 573,000 Edwards Lifesciences (b) 24,765 Heart Valves 221,300 Diagnostic Products 10,689 Immunodiagnostic Kits 245,000 CTI Molecular Imaging (b) 4,966 Medical Diagnostic Devices 220,000 Viasys Healthcare (b) 4,198 Respiratory & Neurology Medical Equipment 115,700 ICU Medical (b) 4,107 Intravenous Therapy Products 170,600 VISX 3,999 Laser Eye Surgery -------------------------------------------------------------------------------- 52,724 >SERVICES: 3.3% 246,800 Lincare Holdings (b) 10,916 Home Health Care Services 133,250 Coventry Health Care (b) 9,080 PPO Network 423,800 NDCHealth Group (b) 6,772 Health Claims Processing & Drug Marketing Services 40,000 Charles River Laboratories (b) 1,882 Pharmaceutical Research 100,000 Dendrite International (b) 1,404 Software for Pharmaceutical Sales Force -------------------------------------------------------------------------------- 30,054 >BIOTECHNOLOGY/DRUG DELIVERY: 2.2% 155,000 Neurocrine Biosciences (b) 5,899 Drugs for Sleep, Diabetes, MS & Endometriosis 360,000 Nektar Therapeutics (b) 5,018 Drug Delivery Technologies 260,000 AtheroGenics (b) 3,403 Drugs for Atherosclerosis, Rheumatoid Arthritis, Asthma 315,000 Ligand Pharmaceuticals (b) 1,805 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 300,000 Lexicon Genetics (b) 1,533 Drug Discovery Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >BIOTECHNOLOGY/DRUG DELIVERY--CONTINUED 154,000 SYRRX, Series C (d)(e) $961 X-Ray Crystallography 375,000 Locus Discovery, Series D, Pfd. (d)(e) 750 High Throughput Rational Drug Design 363,636 Metabolex, Series F (d)(e) 53 Drugs for Diabetes -------------------------------------------------------------------------------- 19,422 >MEDICAL SUPPLIES: 1.0% 222,800 Techne (b) 8,952 Cytokines, Antibodies, Other Reagents For Life Sciences -------------------------------------------------------------------------------- >PHARMACEUTICALS: 0.9% 245,500 Par Pharmaceuticals (b) 8,210 Generics -------------------------------------------------------------------------------- ------- HEALTH CARE: TOTAL 119,362 -------------------------------------------------------------------------------- ENERGY/MINERALS: 13.0% >OIL SERVICES: 6.3% 335,000 Chicago Bridge & Iron 14,750 Engineering & Construction for Petrochemicals & LNG 401,700 FMC Technologies (b) 13,328 Oil & Gas Well Head Manufacturer 300,000 Pride International (b) 7,452 Offshore Drilling Contractor 941,000 Newpark Resources (b) 5,542 Drilling Fluid Services to Oil & Gas Industry 355,000 Hanover Compressor (b) 4,285 Natural Gas Compressor Rental 266,800 Pioneer Drilling (b) 3,674 Oil & Gas Well Driller 51,000 Carbo Ceramics 3,578 Natural Gas Well Stimulants 156,700 Layne Christensen (b) 2,706 Water/Mineral Driller & Coal Seam Gas Producer 135,000 Key Energy Services (b) 1,548 Oil & Gas Well Workover Services -------------------------------------------------------------------------------- 56,863 >OIL & GAS PRODUCERS: 4.8% 540,000 Quicksilver Resources (b) 26,314 Natural Gas & Coal Seam Gas Producer 272,000 Western Gas 9,370 Oil & Coal Seam Gas Producer 52,100 Southwestern Energy (b) 2,957 Natural Gas Producer 75,000 Range Resources 1,752 Oil & Gas Producer 450,000 Vaalco Energy (b) 1,724 Oil & Gas Producer 70,000 McMoran Exploration (b) 1,407 Natural Gas Producers & LNG Developer -------------------------------------------------------------------------------- 43,524 >DISTRIBUTION/MARKETING/REFINING: 1.9% 245,000 Oneok 7,551 Natural Gas Utility, Marketing & Processing 193,000 Atmos Energy 5,211 Natural Gas Utility -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- 85,600 Equitable Resources $4,917 Natural Gas Utility & Producer -------------------------------------------------------------------------------- 17,679 ------- ENERGY/MINERALS: TOTAL 118,066 -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 9.5% >MACHINERY: 4.2% 282,000 Esco Technologies (b) 22,659 Filtration & Test Equipment 194,000 Pentair 7,566 Pumps, Water Treatment & Tools 110,000 Ametek 4,428 Aerospace/Industrial Instruments 50,000 Kaydon 1,570 Specialized Friction & Motion Control Products 40,100 Nordson 1,476 Dispensing Systems for Adhesives & Coatings -------------------------------------------------------------------------------- 37,699 >LOGISTICS: 1.4% 206,000 Hub Group (b) 12,910 Truck & Rail Freight Forwarder -------------------------------------------------------------------------------- >INDUSTRIAL GOODS: 1.3% 122,000 Genlyte Group 10,976 Commercial Lighting Fixtures 25,000 Donaldson 807 Industrial Air Filtration -------------------------------------------------------------------------------- 11,783 >WATER: 0.8% 134,000 Cuno (b) 6,886 Filtration & Fluids Clarification -------------------------------------------------------------------------------- >CONSTRUCTION: 0.7% 112,700 Florida Rock Industries 6,629 Concrete & Aggregates -------------------------------------------------------------------------------- >INDUSTRIAL DISTRIBUTION: 0.3% 113,000 Nuco2 (b) 2,972 Bulk CO2 Gas Distribution to Restaurants -------------------------------------------------------------------------------- >INDUSTRIAL SERVICES: 0.3% 95,000 Clark 1,471 Executive Compensation & Benefits Consulting 41,900 Insurance Auto Auctions (b) 1,167 Auto Salvage Services -------------------------------------------------------------------------------- 2,638 >SPECIALTY CHEMICALS/INDUSTRIAL MATERIALS: 0.3% 125,000 Spartech 2,481 Plastics Distribution & Compounding -------------------------------------------------------------------------------- >OUTSOURCING SERVICES: 0.2% 300,000 Quanta Services (b) 2,289 Electrical & Telecom Construction Services -------------------------------------------------------------------------------- ------ INDUSTRIAL GOODS/SERVICES: TOTAL 86,287 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- FINANCE: 8.9% >FINANCE COMPANIES: 4.3% 1,091,500 AmeriCredit (b) $25,585 Auto Lending 520,200 World Acceptance (b) 13,276 Personal Loans -------------------------------------------------------------------------------- 38,861 >INSURANCE: 2.7% 430,000 HCC Insurance Holdings 15,549 Specialty Insurance 14,000 Markel (b) 4,833 Specialty Insurance 35,000 Philadelphia Consolidated Holding (b) 2,714 Specialty Insurance 91,000 United America Indemnity (formerly known as United National Group) 1,714 Specialty Insurance -------------------------------------------------------------------------------- 24,810 >BANKS: 1.5% 263,000 TCF Financial 7,140 Great Lakes Bank 197,656 Chittenden 5,153 Vermont & Western Massachusetts Bank 15,000 First Financial BankShares 669 West Texas Community Bank 30,000 West Bancorporation 511 Des Moines Small Business Bank -------------------------------------------------------------------------------- 13,473 >SAVINGS & LOAN: 0.4% 116,400 Anchor Bancorp Wisconsin 3,272 Wisconsin Thrift -------------------------------------------------------------------------------- ------ FINANCE: TOTAL 80,416 -------------------------------------------------------------------------------- OTHER INDUSTRIES: 0.6% >REAL ESTATE: 0.2% 100,000 Crescent Real Estate Equities 1,634 Class A Office Buildings 35,000 Highland Hospitality 362 Hotel Real Estate Investment Trust -------------------------------------------------------------------------------- 1,996 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- >REGULATED UTILITIES: 0.2% 90,000 Northeast Utilities 1,734 Regulated Electric Utility -------------------------------------------------------------------------------- >WASTE MANAGEMENT: 0.2% 42,800 Waste Connections (b) 1,487 Solid Waste Management -------------------------------------------------------------------------------- ------- OTHER INDUSTRIES: TOTAL 5,217 TOTAL COMMON STOCKS AND OTHER ------- EQUITY-LIKE SECURITIES: 90.8% 822,267 (COST: $550,705) SHORT-TERM OBLIGATIONS: 9.3% $ 28,000 Marshall + Ilsley 2.76% 04/04/04 $27,994 26,000 AIG Funding 2.77% 4/05/05 25,992 30,333 Repurchase Agreement with State Street Bank & Trust Dated 03/31/05, Due 4/01/05 at 2.70% Collateralized by Federal Home Loan Mortgage Association Notes, Maturing 3/05/19, Market Value $30,942 (Repurchase proceeds: $30,335) 30,333 -------------------------------------------------------------------------------- (AMORTIZED COST: $84,319) 84,319 -------- TOTAL INVESTMENTS: 100.1% 906,586 (COST: $635,024) (A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.1%) (592) -------- TOTAL NET ASSETS: 100% $905,994 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At March 31, 2005, for federal income tax purposes cost of investments was $635,024 and net unrealized appreciation was $271,562 consisting of gross unrealized appreciation of $300,863 and gross unrealized depreciation of $29,301. (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 shares. On March 31, 2005, the Fund held five percent or more of the outstanding voting securities of the following company: RCM Technologies 6.90% The aggregate cost and value of this company at March 31, 2005, was $5,636 and $3,961, respectively. Investments in affiliate companies represent 0.4% of total net assets at March 31, 2005. Columbia Acorn USA >Statement of Investments (Unaudited), continued Investment activity and income amounts relating to affiliates during the three months ended March 31, 2005, were as follows: Dividend Income $ -- Net realized gain or loss $ -- Purchases $ -- Proceeds from sales $ -- (d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. At March 31, 2005, these securities were illiquid. At March 31, 2005, these securities (in thousands) amounted to $1,764 which represents 0.2% of total net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATES SHARES COST (000) VALUE (000) ----------------------------------------------------------------------------------------------------- Locus Discovery, Series D, Pfd. 09/05/01 375,000 $1,500 $750 Metabolex, Series F 05/11/00 363,636 2,000 53 SYRRX, Series C 01/08/01 154,000 1,001 961 ------ ------ $4,501 $1,764 ====== ======
(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. Columbia Acorn International Select >Statement of Investments (Unaudited) March 31, 2005 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS: 94.6% -------------------------------------------------------------------------------- EUROPE: 57.8% >UNITED KINGDOM/IRELAND: 20.2% 141,221 Anglo Irish Bank (Ireland) $3,534 Small Business & Middle Market Banking 170,000 Exel 2,722 Global Logistics & Freight Forwarding 132,000 Depfa Bank (Ireland) 2,088 International Public Sector Finance 110,000 IAWS (Ireland) 1,664 Manufacturer of Baked Goods 220,000 Compass Group 1,003 International Concession & Contract Caterer 70,000 Grafton Group (Ireland) (b) 827 Building Materials Wholesaling & DIY Retailing 70,000 British Sky Broadcasting 767 Digital Satellite Broadcasting 30,000 Intermediate Capital 605 European Provider of Mezzanine Capital 25,000 Kerry (Ireland) 605 Food Ingredients 17,000 Cobham 448 Aerospace Components -------------------------------------------------------------------------------- 14,263 >FRANCE/BELGIUM: 13.3% 31,000 Neopost 2,685 Postage Meter Machines 170,000 SES Global 2,202 Satellite Broadcasting Services 27,000 Imerys 2,041 Industrial Minerals Producer 34,000 Belgacom (Belgium) 1,406 Telecom Service Provider 14,500 Essilor International 1,048 Eyeglass Lenses -------------------------------------------------------------------------------- 9,382 >SWITZERLAND: 10.8% 9,000 Kuehne & Nagel 1,941 Freight Forwarding/Logistics 14,000 Swatch Group 1,924 Watch & Electronics Manufacturer 1,900 Geberit International 1,391 Plumbing Supplies 10,000 Synthes 1,112 Products for Orthopedic Surgery 2,300 Schindler 852 Elevator Manufacturer & Service Provider 600 Givaudan 385 Industrial Fragrances & Flavors -------------------------------------------------------------------------------- 7,605 >NORWAY: 3.6% 157,500 Den Norske Bank 1,608 Largest Norwegian Bank 26,000 Orkla 951 Food & Diversified Consumer Goods -------------------------------------------------------------------------------- 2,559 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- >CZECH REPUBLIC: 3.3% 16,300 Komercni Banka $2,322 Leading Czech Universal Bank -------------------------------------------------------------------------------- >SPAIN: 2.6% 73,000 Red Electrica 1,808 Spanish Power Grid -------------------------------------------------------------------------------- >GERMANY: 2.5% 13,000 Deutsche Boerse 978 Trading, Clearing & Settlement Services for Financial Markets 12,000 Rhoen-Klinikum 761 Hospital Management -------------------------------------------------------------------------------- 1,739 >ITALY: 1.5% 70,000 Autogrill 1,047 Tollway Restaurants -------------------------------------------------------------------------------- ------ EUROPE: TOTAL 40,725 -------------------------------------------------------------------------------- ASIA: 24.7% >JAPAN: 18.6% 48,000 Daito Trust Construction 2,015 Apartment Builder 59,000 Shimano 1,981 Bicycle Components & Fishing Tackle 16,200 Hoya 1,783 Opto-Electrical Components & Eyeglass Lenses 11,000 Funai Electric 1,357 Consumer Electronics 70,000 Ushio 1,339 Industrial Light Sources 1,627 Jupiter Telecommunications (b) 1,298 Largest Cable Service Provider in Japan 181,800 Hiroshima Bank 946 Regional Bank 11,500 Fast Retailing 696 Apparel Retailer 12,000 Ito En 583 Soft Drink Maker Specializing in Green Tea Products 94,000 Bank of Yokohama (b) 573 Regional Bank 23,000 Olympus Optical 536 Medical Equipment & Cameras -------------------------------------------------------------------------------- 13,107 >HONG KONG/CHINA: 4.0% 600,000 Hong Kong Exchanges & Clearing 1,554 Hong Kong Equity & Derivatives Operator 2,000,000 Global Bio-Chem Technology Group (China) 1,257 Refiner of Corn-Based Commodities -------------------------------------------------------------------------------- 2,811 >SINGAPORE: 2.1% 1,500,000 ComfortDelGro 1,517 Taxi & Mass Transit Service -------------------------------------------------------------------------------- ------ ASIA: TOTAL 17,435 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- OTHER COUNTRIES: 8.9% >CANADA: 6.3% 300,000 Kinross Gold (b) $1,825 Gold Mining 47,000 Talisman Energy 1,608 Oil & Gas Producer 50,000 Noranda 1,005 Diversified Mining Holding Company -------------------------------------------------------------------------------- 4,438 >AUSTRALIA: 2.6% 320,000 Lion Nathan 1,794 Beer Brewer/Distributor -------------------------------------------------------------------------------- ------- OTHER: TOTAL 6,232 -------------------------------------------------------------------------------- LATIN AMERICA: 3.2% >ARGENTINA: 3.2% 37,000 Tenaris 2,276 Steel Pipe for Oil Wells & Pipelines -------------------------------------------------------------------------------- ------- LATIN AMERICA: TOTAL 2,276 ------ TOTAL COMMON STOCKS: 94.6% 66,668 (COST: $50,265) PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 6.2% $ 4,381 Repurchase Agreement with State Street Bank & Trust Dated 3/31/05, Due 4/1/05 at 2.70% Collateralized by Federal National Mortgage Association, Maturing 9/15/09, Market Value $4,469 (Repurchase proceeds: $4,381) $4,381 -------------------------------------------------------------------------------- (AMORTIZED COST: $4,381) 4,381 ------ TOTAL INVESTMENTS: 100.8% 71,049 (COST: $54,646) (A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.8%) (567) ------ TOTAL NET ASSETS: 100% 70,482 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At March 31, 2005, for federal income tax purposes cost of investments was $54,646 and net unrealized appreciation was $16,403 consisting of gross unrealized appreciation of $17,366 and gross unrealized depreciation of $963. (b) Non-income producing security. (c) On March 31, 2005, the Fund's total investments were denominated in currencies as follows: Currency Value % of Net Assets =================================================================== Euro $22,693 32.2% Japanese Yen 13,107 18.6 Swiss Franc 7,605 10.8 US Dollar 6,657 9.4 British Pounds 5,546 7.9 Canadian Dollar 4,438 6.3 Other currencies less than 5% of total net assets 11,003 15.6 -------- ------- $71,049 100.8% ======== ======= Columbia Acorn Select >Statement of Investments (Unaudited) March 31, 2005 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- COMMON STOCKS: 91.1% -------------------------------------------------------------------------------- INFORMATION: 33.9% >BUSINESS SOFTWARE: 8.8% 2,539,900 McAfee (b) $57,300 Security Software & Services 4,000,000 Novell (b) 23,840 Directory, Operating System & Identity Management Software 2,074,700 Aspect Communications (b) 21,598 Call Center Software 860,000 Synopsys (b) 15,566 Software for Designing Semiconductor Chips -------------------------------------------------------------------------------- 118,304 >BUSINESS INFORMATION: 5.6% 470,000 Moody's 38,004 Credit Rating Service 925,000 FTI Consulting (b) 19,092 Financial Consulting Firm 537,800 Fair Isaac 18,522 Credit Scoring & Decision Analytic Software -------------------------------------------------------------------------------- 75,618 >TELECOMMUNICATIONS EQUIPMENT: 4.4% 8,100,000 Tellabs 59,130 Telecommunications Equipment -------------------------------------------------------------------------------- >INTERNET: 4.0% 9,600,000 SkillSoft Publishing (b)(c) 35,328 Provider of Web-based Learning Solutions (E-Learning) 820,000 IAC/InterActive Corp (b) 18,261 Dominate Internet Middleman -------------------------------------------------------------------------------- 53,589 >MOBILE COMMUNICATIONS: 3.1% 2,300,000 American Tower (b) 41,929 Communication Towers in USA & Mexico -------------------------------------------------------------------------------- >INSTRUMENTATION: 2.6% 1,400,000 Tektronix 34,342 Analytical Instruments -------------------------------------------------------------------------------- >TELEVISION PROGRAMMING/CATV: 2.4% 400,000 Liberty Media International (b) 17,496 CATV Holding Company 1,600,000 UnitedGlobalCom (b) 15,136 Video, Voice & Data Services Outside the USA -------------------------------------------------------------------------------- 32,632 >ELECTRONICS DISTRIBUTION: 2.2% 525,000 CDW 29,757 Tech Reseller to Small Businesses -------------------------------------------------------------------------------- >COMPUTER SERVICES: 0.8% 2,445,000 AnswerThink Consulting (b)(c) 10,098 I/T Consultant Offering Best Practices Benchmarking -------------------------------------------------------------------------------- ------- INFORMATION: TOTAL 455,399 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 30.6% >RETAIL: 11.0% 975,000 Abercrombie & Fitch $55,809 Teen Apparel Retailer 3,000,000 Safeway (b) 55,590 Retail Food & Drug Stores 820,000 Costco 36,228 Warehouse Superstores -------------------------------------------------------------------------------- 147,627 >CONSUMER SERVICES: 7.6% 1,451,000 ITT Educational Services (b) 70,373 Postsecondary Degree Programs 728,000 Weight Watchers (b) 31,289 Weight Loss Program -------------------------------------------------------------------------------- 101,662 >FURNITURE & MANUFACTURERS: 5.3% 630,000 Coach (b) 35,677 Designer & Retailer of Branded Leather Accessories 1,160,000 Herman Miller 34,939 Office Furniture -------------------------------------------------------------------------------- 70,616 >LEISURE VEHICLES: 4.5% 1,050,000 Harley-Davidson 60,648 Motorcycles & Related Merchandise -------------------------------------------------------------------------------- >ENTERTAINMENT: 2.2% 550,000 International Speedway Motors 29,838 Largest Motorsport Racetrack Owner & Operator -------------------------------------------------------------------------------- ------- CONSUMER GOODS/SERVICES: TOTAL 410,391 -------------------------------------------------------------------------------- FINANCE: 13.4% >BANKS: 5.7% 1,970,000 TCF Financial 53,486 Great Lakes Bank 750,000 Associated Banc-Corp 23,422 Midwest Bank -------------------------------------------------------------------------------- 76,908 >MONEY MANAGEMENT: 4.6% 2,500,000 Janus Capital 34,875 Manages Mutual Funds 729,500 SEI Investments 26,379 Mutual Fund Administration & Investment Management -------------------------------------------------------------------------------- 61,254 >INSURANCE: 3.1% 120,000 Markel (b) 41,425 Specialty Insurance -------------------------------------------------------------------------------- ------- FINANCE: TOTAL 179,587 NUMBER OF SHARES VALUE (000) -------------------------------------------------------------------------------- HEALTH CARE: 5.7% >SERVICES: 5.7% 910,000 Lincare Holdings (b) $40,249 Home Health Care Services 530,000 Coventry Health Care (b) 36,114 PPO Network -------------------------------------------------------------------------------- 76,363 --------- HEALTH CARE: TOTAL 76,363 -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 3.5% >LOGISTICS: 2.6% 661,000 Expeditors International of Washington 35,397 International Freight Forwarder -------------------------------------------------------------------------------- >OUTSOURCING SERVICES & TRAINING: 0.9% 1,576,000 Quanta Services (b) 12,025 Electrical & Telecom Construction Services -------------------------------------------------------------------------------- --------- INDUSTRIAL GOODS/SERVICES: TOTAL 47,422 -------------------------------------------------------------------------------- ENERGY/MINERALS: 4.0% >OIL SERVICES: 4.0% 1,654,000 Pride International (b) 41,085 Offshore Drilling Contractor 400,000 FMC Technologies (b) 13,272 Oil & Gas Well Head Manufacturer -------------------------------------------------------------------------------- 54,357 -------------------------------------------------------------------------------- ENERGY/MINERALS: TOTAL 54,357 --------- TOTAL COMMON STOCKS: 91.1% 1,223,519 (COST: $1,048,053) PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 10.0% $ 30,000 American General Finance 2.76% Due 4/4/05 $29,993 30,000 Countrywide Funding 2.77% Due 4/5/05 29,991 30,000 Cheveron Texaco Funding 2.73% Due 4/6/05 29,989 25,000 Citicorp 2.78% Due 4/7/05 24,988 20,035 Repurchase Agreement with State Street Bank & Trust Dated 3/31/05, Due 4/1/05 at 2.70% Collateralized by Federal National Mortgage Association Notes, Maturing 9/15/09 Market Value $20,436 (Repurchase proceeds: $20,037) 20,035 -------------------------------------------------------------------------------- (AMORTIZED COST: $134,996) 134,996 ---------- TOTAL INVESTMENTS: 101.1% 1,358,515 (COST: $1,183,049) (A) CASH AND OTHER ASSETS LESS LIABILITIES: (1.1%) (15,202) ---------- TOTAL NET ASSETS: 100% $1,343,313 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At March 31, 2005, for federal income tax purposes cost of investments was $1,183,049 and net unrealized appreciation was $175,466 consisting of gross unrealized appreciation of $227,829 and gross unrealized depreciation of $52,363. (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 shares. On March 31, 2005, the Fund held five percent or more of the outstanding voting securities of the following companies: SkillSoft Publishing 9.04% AnswerThink Consulting 5.63% The aggregate cost and value of these companies at March 31, 2005, was $71,464 and $45,426, respectively. Investments in affiliate companies represent 3.8% of total net assets at March 31, 2005. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2005, were as follows: Dividend Income $ -- Net realized gain or loss $ -- Change in unrealized gain or loss $ (19,359) Purchases $ 13,030 Proceeds from sales $ -- Columbia Thermostat Fund >Statement of Investments (Unaudited), March 31, 2005 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) -------------------------------------------------------------------------------- BOND FUNDS: 55.0% 6,304,737 Columbia Intermediate Bond Fund, Class Z $56,491 3,221,191 Columbia Federal Securities Fund, Class Z 34,048 2,612,220 Columbia High Yield Fund, Class Z 22,256 -------------------------------------------------------------------------------- TOTAL BOND FUNDS (COST: $113,869) 112,795 STOCK FUNDS: 44.8% 2,640,978 Columbia Growth Stock Fund, Class Z (b) 22,950 1,262,176 Columbia Growth & Income Fund, Class Z 22,921 700,584 Columbia Acorn Fund, Class Z 18,299 689,428 Columbia Acorn Select, Class Z 13,795 509,865 Columbia Mid-Cap Value Fund, Class Z 13,772 -------------------------------------------------------------------------------- TOTAL STOCK FUNDS (COST: $76,969) 91,737 SHORT-TERM OBLIGATIONS: 0.2% $ 362 Repurchase Agreement with State Street Bank & Trust Dated 3/31/05, Due 4/1/05 at 2.70% Collateralized by Federal Home Loan Mortgage Corp, Maturing 3/5/19, Market Value $370 (Repurchase proceeds: $362) 362 -------------------------------------------------------------------------------- (AMORTIZED COST: $362) 362 -------- TOTAL INVESTMENTS: 100.0% 204,894 (COST: $191,200) (A) CASH AND OTHER ASSETS LESS LIABILITIES: 0.0% (56) -------- TOTAL NET ASSETS: 100% $204,838 -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) (a) At March 31, 2005, for federal income tax purposes cost of investments was $191,200 and net unrealized appreciation was $13,694 consisting of gross unrealized appreciation of $15,004 and gross unrealized depreciation of $1,310. (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 May 26, 2005 -------------------------------------------------------------------------- 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 May 26, 2005 --------------------------------------------------------------------------- By (Signature and Title) /S/ Bruce H. Lauer ------------------------------------------------------- Bruce H. Lauer, Treasurer Date May 26, 2005 ---------------------------------------------------------------------------