-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GFeK9c5xOWDGoZ6V/C4YHcygAKxJNUg9R2ikuuAOaR2Mt2pkguvEDB0q7sZIri8Z Whb3w1ZZkL6qFnmeuKBhqA== 0000891804-05-003573.txt : 20051129 0000891804-05-003573.hdr.sgml : 20051129 20051129132322 ACCESSION NUMBER: 0000891804-05-003573 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA ACORN TRUST CENTRAL INDEX KEY: 0000002110 IRS NUMBER: 362692100 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01829 FILM NUMBER: 051231085 BUSINESS ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126349200 MAIL ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY ACORN TRUST DATE OF NAME CHANGE: 20010424 FORMER COMPANY: FORMER CONFORMED NAME: ACORN INVESTMENT TRUST DATE OF NAME CHANGE: 19940204 FORMER COMPANY: FORMER CONFORMED NAME: ACORN FUND INC DATE OF NAME CHANGE: 19920703 N-Q 1 file001.txt COLUMBIA ACORN TRUST ------------------------------ UNITED STATES OMB APPROVAL SECURITIES AND EXCHANGE COMMISSION ------------------------------ WASHINGTON, D.C. 20549 OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response........20.0 ------------------------------ FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-01829 -------------------------------------- Columbia Acorn Trust - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) One Financial Center, Boston, Massachusetts 02111 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Vincent Pietropaolo, Esq. Columbia Management Group, Inc. One Financial Center Boston, MA 02111 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-617-772-3698 ---------------------------- Date of fiscal year end: 12/31/05 -------------------- Date of reporting period: 9/30/05 ------------------ ITEM 1. SCHEDULE OF INVESTMENTS. Columbia Acorn Fund >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 93.1% - -------------------------------------------------------------------------------- INFORMATION: 21.6% SOFTWARE/SERVICES >BUSINESS SOFTWARE: 3.4% 11,500,000 Novell (b) $85,675 Directory, Operating System & Identity Management Software 1,700,000 Kronos (b)(c) 75,888 Labor Management Solutions 1,800,000 Avid Technology (b) 74,520 Digital Nonlinear Editing Software & Systems 1,425,000 Micros Systems (b) 62,344 Information Systems for Restaurants & Hotels 1,521,000 Sybase (b) 35,622 Database Software 2,200,000 JDA Software Group (b)(c) 33,396 Applications/Software & Services for Retailers 1,360,000 Witness Systems (b) 28,410 Customer Experience Management Software 1,602,000 MRO Software (b)(c) 26,978 Enterprise Maintenance Software 3,000,000 Lawson Software (b) 20,820 Enterprise Resource Planning (ERP) Software 460,000 Maximus 16,445 Outsourcer For Local Government 928,000 SSA Global Technologies (b) 16,333 Enterprise Resource Planning (ERP) Software 6,000,000 Actuate (b)(c) 15,180 Information Delivery Software & Solutions 2,131,000 Parametric Technology (b) 14,853 Engineering Software & Services 5,000,000 Indus International (b)(c) 13,350 600,000 Indus International (b)(c) 1,602 Enterprise Asset Management Software 440,000 Radiant Systems (b) 4,541 Point of Sale Systems for Convenience Stores 1,250,000 ClickSoftware Technologies (b) 2,038 Service Chain Optimization Software - -------------------------------------------------------------------------------- 527,995 >BUSINESS INFORMATION/BUSINESS SERVICES/ PUBLISHING: 1.9% 1,200,000 Getty Images (b) 103,248 Photographs for Publications & Electronic Media 1,316,000 Fair Isaac 58,957 Credit Scoring & Decision Analytic Software 2,120,000 Ceridian (b) 43,990 HR Services & Payment Processing 1,836,000 Navigant Consulting (b) 35,178 Financial Consulting Firm 2,685,000 InfoUSA (b) 28,515 Business Data for Sales Leads 500,000 Navteq (b) 24,975 Map Data for Electronic Devices 1,700,000 PRIMEDIA (b) 6,953 Specialty Magazines & Other Publications - -------------------------------------------------------------------------------- 301,816 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >TRANSACTION PROCESSORS: 1.0% 1,407,000 Global Payments $109,352 Credit Card Processor 9,000,000 Hong Kong Exchanges & Clearing (Hong Kong) 30,927 Hong Kong Equity & Derivatives Operator 1,250,000 Pegasus Systems (b)(c) 11,225 Transaction Processor for Hotel Industry 600,000 Cubic 10,272 Revenue Collection & Defense Systems - -------------------------------------------------------------------------------- 161,776 >INTERNET: 0.9% 9,500,000 Skillsoft Publishing (b)(c) 43,510 Provider of Web-Based Learning Solutions (E-Learning) 3,000,000 RSA Security (b) 38,130 Enterprise Security Software 2,000,000 ValueClick (b) 34,180 Internet Advertising 1,500,000 Cnet Networks (b) 20,355 Internet Advertising on Niche Websites 1,879,808 Vital Stream, Cl. C (b) 2,068 Streaming Services for the Internet - -------------------------------------------------------------------------------- 138,243 >ELECTRONICS DISTRIBUTION: 0.8% 2,325,000 Avnet (b) 56,846 Electronic Components Distribution 655,000 CDW 38,593 Technology Reseller 680,000 Tech Data (b) 24,963 I/T Distributor 710,000 Agilysys 11,956 I/T Distributor - -------------------------------------------------------------------------------- 132,358 >COMPUTER SERVICES: 0.6% 4,000,000 Bearing Point (b) 30,360 Business Consulting & Technology Strategy 5,000,000 Igate Capital (b)(c) 18,150 I/T & BPO Outsourcing Services 4,600,000 AnswerThink Consulting (b)(c) 17,940 I/T Integration & Best Practice Research 2,000,000 Ciber (b) 14,860 Software Services & Staffing 1,272,000 Analysts International (b)(c) 3,371 Technology Staffing Services 1,025,000 New Horizons Worldwide (b)(c) 2,716 Computer Training Services - -------------------------------------------------------------------------------- 87,397 >CONSUMER SOFTWARE: 0.3% 1,333,000 Activision (b) 27,260 Entertainment Software 1,050,000 THQ (b) 22,386 Entertainment Software - -------------------------------------------------------------------------------- 49,646 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMPUTER RELATED HARDWARE >COMPUTER HARDWARE/RELATED SYSTEMS: 2.6% 1,525,000 Unova (b) $53,344 Barcode & Wireless LAN Systems 371,900 Neopost (France) 36,071 Postage Meter Machines 1,070,000 Avocent (b) 33,855 Computer Control Switches 660,000 Rogers (b) 25,542 PCB Laminates & High Performance Foams 9,761,000 Advantech (Taiwan) 24,463 Embedded Computers 1,360,000 II VI (b) 24,126 Laser Components 1,173,000 Belden CDT 22,791 Specialty Cable 1,870,000 CTS (c) 22,627 Electronic Components, Sensors & EMS 230,000 Wincor Nixdorf (Germany) 22,135 Retail POS Systems & ATM Machines 530,000 Zebra Technologies (b) 20,718 Bar Code Printers 2,100,000 Symbol Technologies 20,328 Mobile Computers & Barcode Scanners 495,000 Amphenol 19,968 Electronic Connectors 625,000 Excel Technologies (b)(c) 16,056 Laser Systems & Electro-Optical Components 350,000 Nice Systems (Israel) (b) 15,813 Audio & Video Recording Solutions 625,000 Netgear (b) 15,037 Networking Products for Small Business & Home 375,000 Diebold 12,923 Automated Teller Machines 1,875,000 Seachange International (b)(c) 11,925 Systems for Video on Demand & Ad Insertion 10,987,000 Phoenixtec Power (Taiwan) 10,764 Uninterruptible Power Supplies 5,000,000 Concurrent Computer (b)(c) 8,450 Video on Demand Systems & Services 203,834 Tidel Technologies (b) 63 Automated Teller Machines - -------------------------------------------------------------------------------- 416,999 >GAMING EQUIPMENT: 1.3% 5,775,000 International Game Technology 155,925 Slot Machines & Progressive Jackpots 1,675,000 Shuffle Master (b) 44,270 Card Shufflers & Casino Games - -------------------------------------------------------------------------------- 200,195 >SEMICONDUCTORS/RELATED EQUIPMENT: 1.2% 2,900,000 Entegris (b) 32,770 Semiconductor Wafer Shipping & Handling Products 915,000 Littelfuse (b) 25,739 Little Fuses 1,950,000 Amis Holdings (b) 23,127 Analog & Mixed - Signal Semiconductors NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 1,963,000 Integrated Device Technology (formerly known as Integrated Circuit Systems) (b) $21,083 Communications Semiconductors 1,235,000 Semtech (b) 20,340 Analog Semiconductors 1,905,000 IXYS (b)(c) 20,117 Power Semiconductors 565,000 Supertex (b) 16,944 Mixed-Signal Semiconductors 2,954,000 Novatek Microelectronics (Taiwan) 12,962 LCD Related IC Designer 1,045,000 ASE Test (Taiwan) (b) 6,552 Semiconductor Packaging & Test Services 5,397,000 Sunplus Technology (Taiwan) 4,965 Fabless Semiconductor Designer - -------------------------------------------------------------------------------- 184,599 >INSTRUMENTATION: 0.9% 711,000 Dionex (b) 38,572 Ion & Liquid Chromatography 750,000 Mettler Toledo (b) 38,235 Laboratory Equipment 1,000,000 Trimble Navigation (b) 33,690 GPS-Based Instruments 2,300,000 Spectris (United Kingdom) 23,332 Electronic Instrumentation & Controls 428,000 Varian (b) 14,689 Analytical Instruments - -------------------------------------------------------------------------------- 148,518 >CONTRACT MANUFACTURING: 0.6% 1,955,000 Jabil Circuit (b) 60,449 Electronic Manufacturing Services 1,861,000 Plexus (b) 31,804 Electronic Manufacturing Services - -------------------------------------------------------------------------------- 92,253 TELECOMMUNICATIONS >TELECOMMUNICATION SERVICES: 2.5% 4,500,000 Crown Castle International (b) 110,835 Communication Towers 1,600,000 Alltel (Acquirer of Western Wireless) 104,176 Cellular & Wireline Telephone Services 3,500,000 American Tower (b) 87,325 Communication Towers in USA & Mexico 780,000 Telephone and Data Systems 30,420 600,000 Telephone and Data Systems, Cl. S 22,530 Cellular & Wireline Telephone Services 700,000 Commonwealth Telephone 26,390 Rural Phone Franchises & CLEC 1,500,000 Time Warner Telecom (b) 11,700 Facilities Based End-to-End CLEC - -------------------------------------------------------------------------------- 393,376 >TELECOMMUNICATIONS EQUIPMENT: 0.8% 9,540,000 Tellabs (b) 100,361 Telecommunications Equipment 1,750,000 Andrew (b) 19,513 Wireless Infrastructure Equipment 1,510,000 Symmetricom (b) 11,687 Network Timing & Synchronization Devices - -------------------------------------------------------------------------------- 131,561 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- MEDIA >TELEVISION PROGRAMMING/CATV: 1.8% 4,000,000 Discovery Holding (b) $57,760 CATV Programming 1,700,000 Liberty Global, Series A (b) 46,036 1,700,000 Liberty Global, Series C (b) 43,775 CATV Holding Company 36,000 Jupiter Telecommunications (Japan) (b) 31,177 Largest Cable Service Provider in Japan 2,430,000 Insight Communications (b) 28,261 CATV Franchises in Midwest 2,768,000 Lions Gate Entertainment (b) 26,407 Film & TV Studio 2,605,000 Liberty Media (b) 20,970 CATV Programming & Media Company Holdings 1,250,000 Mediacom Communications (b) 9,225 Cable Television Franchises 333,000 Alliance Atlantis Communication (Canada) (b) 9,205 CATV Channels, TV/Movie Production/Distribution 500,000 Outdoor Channel (b) 7,380 Cable Television Programming - -------------------------------------------------------------------------------- 280,196 >TV/SATELLITE BROADCASTING: 0.6% 2,750,000 SES Global (France) 43,169 Satellite Broadcasting Services 2,500,000 Entravision Communications (b) 19,675 Spanish Language TV, Radio & Outdoor 1,750,000 Gray Television 18,533 Mid Market Affiliated TV Stations 270,000 Metropole TV (France) 6,821 Television Broadcaster 60,000 Young Broadcasting (b) 209 Television Stations - -------------------------------------------------------------------------------- 88,407 >RADIO BROADCASTING: 0.4% 1,291,000 Salem Communications, Cl. A (b)(c) 23,806 Radio Stations for Religious Programming 1,500,000 Cumulus Media, Cl. A (b) 18,735 Radio Stations in Small Cities 829,000 Saga Communications (b) 11,026 Radio Stations in Small & Mid-sized Cities 1,200,000 Spanish Broadcasting (b) 8,616 Spanish Language Radio Stations - -------------------------------------------------------------------------------- 62,183 -------------- INFORMATION: TOTAL 3,397,518 - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 19.3% SERVICES >RETAIL: 5.6% 5,090,000 Chico's FAS (b) 187,312 Women's Specialty Retail 3,350,000 Michaels Stores 110,751 Craft & Hobby Specialty Retailer 1,630,000 Abercrombie & Fitch 81,256 Teen Apparel Retailer NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- 1,852,000 Urban Outfitters (b) $54,449 Apparel & Home Specialty Retailer 1,400,000 Williams Sonoma (b) 53,690 Home Goods & Furnishing Retailer 3,743,000 Christopher & Banks (c) 51,915 Women's Apparel Retailer 1,520,000 Sports Authority (b)(c) 44,749 Sporting Goods Stores 2,070,000 Aeropostale (b) 43,988 Mall Based Teen Retailer 1,223,000 Ann Taylor (b) 32,471 Women's Apparel Retailer 230,000 Whole Foods Market 30,923 Natural Food Supermarkets 1,445,000 Petco Animal Supplies (b) 30,576 Pet Supplies & Services 1,072,000 Zale (b) 29,137 Specialty Retailer of Jewelry 775,000 Genesco (b) 28,861 Multi-Concept Branded Footwear Retailer 1,300,000 Borders Group 28,821 Bookstores 300,000 Fast Retailing (Japan) 22,849 Apparel Retailer 958,000 Brookstone (b) 19,103 Specialty Consumer Product Retailer 3,500,000 Edgars Consolidated Stores (South Africa) 17,462 Leading Retail Conglomerate 1,062,000 Gaiam (b)(c) 10,960 Healthy Living Catalogs & E-Commerce 270,000 Hot Topic (b) 4,147 Music Inspired Retailer of Apparel, Accessories & Gifts $ 6,000 Gadzooks 5.00% Convertible 10/07/08 (d)(e) 0 Teen Apparel Retailer - -------------------------------------------------------------------------------- 883,420 >CONSUMER SERVICES: 1.6% 2,250,000 ITT Educational Services (b) 111,037 Postsecondary Degree Programs 775,000 Weight Watchers (b) 39,974 Weight Loss Programs 1,440,000 Coinstar (b)(c) 26,654 Owner/Operator of Coin Counting Machines 620,000 Regis Corp. Minnesota 23,448 Hair Salons 1,530,000 Central Parking 22,874 Owner, Operator & Manager of Parking Lots & Garages 870,000 Park 24 (Japan) 18,633 Parking Lot Operator 1,850,000 Princeton Review (b)(c) 11,118 College Preparation Courses - -------------------------------------------------------------------------------- 253,738 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >TRAVEL: 1.2% 2,110,000 Vail Resorts (b)(c) $60,662 Owner/Operator of Ski Resorts 815,000 Four Seasons Hotels (Canada) 46,781 Luxury Hotel Operator 1,217,000 Intrawest (Canada) 33,129 Owner/Operator of Ski Resorts 3,512,000 LaQuinta (b) 30,519 Owner/Franchiser of Mid-Priced Hotels 1,045,000 Navigant International (b)(c) 12,853 Corporate Travel Agency - -------------------------------------------------------------------------------- 183,944 >CASINOS: 1.2% 745,000 Station Casinos 49,438 Casinos & Riverboats 875,000 Argosy Gaming (b) 41,116 Regional Riverboat Casinos 3,690,000 Alliance Gaming (b)(c) 40,037 Diversified Gaming Company 1,898,000 Pinnacle Entertainment (b) 34,790 Regional Riverboat Casinos 4,500,000 Sky City Entertainment (New Zealand) 15,017 Casino/Entertainment Complex 226,000 Lakes Entertainment (b) 2,271 Native American Casino Development - -------------------------------------------------------------------------------- 182,669 >ENTERTAINMENT/LEISURE PRODUCTS: 1.0% 1,025,000 International Speedway Motors 53,782 Largest Motorsport Racetrack Owner & Operator 1,320,000 Speedway Motorsports 47,956 Motorsport Racetrack Owner & Operator 1,370,000 RC2 (b)(c) 46,251 Collectibles, Toys & Infant Products 500,000 Callaway Golf 7,545 Premium Golf Clubs & Balls - -------------------------------------------------------------------------------- 155,534 >RESTAURANTS: 0.4% 700,000 Cheesecake Factory (b) 21,868 Casual Dining Restaurants 1,656,000 AFC Enterprises (b)(c) 19,110 Popeyes Restaurants 390,000 Sonic (b) 10,666 Drive-in Restaurants 137,000 Kappa Create (Japan) 2,379 Sushi Chain Restaurant Operator 24,900 Red Robin Gourmet (b) 1,141 Casual Dining Restaurants - -------------------------------------------------------------------------------- 55,164 >GAMING: 0.1% 650,000 Paddy Power (Ireland) 11,445 Irish Betting Services 690,000 Intralot (Greece) 10,764 Lottery & Gaming Systems & Services - -------------------------------------------------------------------------------- 22,209 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CRUISE LINES: 0.1% 400,000 Carnival $19,992 Largest Cruise Line - -------------------------------------------------------------------------------- GOODS >FURNITURE/TEXTILES: 2.1% 2,200,000 HNI 132,484 Office Furniture & Fireplaces 765,000 Mohawk Industries (b) 61,391 Carpet & Flooring 1,900,000 Herman Miller 57,570 Office Furniture 1,850,000 Nobia (Sweden) 31,134 Kitchen Cabinet Manufacturing & Distribution 844,000 American Woodmark (c) 28,358 Kitchen Cabinet Manufacturer 1,384,000 Knoll 25,396 Office Furniture - -------------------------------------------------------------------------------- 336,333 >APPAREL: 2.0% 5,980,000 Coach (b) 187,533 Designer & Retailer of Branded Leather Accessories 844,000 Oxford Industries 38,081 Branded & Private Label Apparel 3,000,000 Billabong International (Australia) 29,886 Action Sports Apparel Brand Manager 515,000 Carter's (b) 29,252 Children's Branded Apparel 400,000 Columbia Sportswear (b) 18,560 Active Outdoor Apparel, Footwear & Accessories 328,000 Steven Madden (b) 7,518 Wholesaler/Retailer of Fashion Footwear - -------------------------------------------------------------------------------- 310,830 >NONDURABLES: 1.1% 895,000 Scotts Miracle-Gro 78,697 Consumer Lawn & Garden Products 1,689,000 SCP Pool 58,997 Distributor of Swimming Pool Supplies & Equipment 630,000 Natura Cosmeticos (Brazil) 25,217 Direct Retailer of Cosmetics 1,300,000 Prestige Brands (b) 16,016 OTC, Household & Personal Care Products - -------------------------------------------------------------------------------- 178,927 >DURABLE GOODS: 1.1% 14,999,300 Techtronic Industries (Hong Kong) 38,258 Power Tools & Motorized Appliances 465,000 Hyundai Mobis (South Korea) 38,236 Auto Parts 2,500,000 Fleetwood Enterprises (b) 30,750 RV & Manufactured Home Maker 1,316,000 Helen of Troy (b) 27,162 Hairdryers & Curling Irons 780,000 Shimano (Japan) 21,119 Bicycle Components & Fishing Tackle 133,000 Funai Electric (Japan) 11,806 Consumer Electronics 170,000 Winnebago 4,925 Premier Motorhome Maker - -------------------------------------------------------------------------------- 172,256 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >LEISURE VEHICLES: 0.9% 1,745,000 Harley-Davidson $84,528 Motorcycles & Related Merchandise 1,056,000 Polaris Industries 52,325 Leisure Vehicles & Related Products 2,850,000 Ducati Motor (Italy) (b) 4,100 Motorcycles & Related Merchandise - -------------------------------------------------------------------------------- 140,953 >FOOD & BEVERAGES: 0.9% 725,000 Orkla (Norway) 27,507 Food & Diversified Consumer Goods 1,000,000 Kerry (Ireland) 23,394 Consumer Foods & Food Ingredients 1,381,000 IAWS (Ireland) 20,022 Baked Goods 850,000 NBTY (b) 19,975 Vitamins & Supplements 3,000,000 Lion Nathan (Australia) 19,215 Beer Brewer/Distributor 32,676,000 Global Bio-Chem Technology Group (China) 14,874 1,700,000 Global Bio-Chem Technology Group Warrants (China) 10 Refiner of Corn-Based Commodities 1,800,000 Davide Campari (Italy) 13,510 Spirits & Wine - -------------------------------------------------------------------------------- 138,507 -------------- CONSUMER GOODS/SERVICES: TOTAL 3,034,476 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 15.8% >MACHINERY: 2.7% 2,100,000 Esco Technologies (b)(c) 105,147 Automatic Electric Meter Readers 2,250,000 Ametek 96,683 Aerospace/Industrial Instruments 1,500,000 Nordson 57,045 Dispensing Systems for Adhesives & Coatings 1,400,000 Pentair 51,100 Pumps, Water Treatment & Tools 1,140,000 Gardner Denver (b) 50,844 Air Compressors, Blowers & Pumps 1,100,000 Kaydon 31,251 Specialized Friction & Motion Control Products 400,000 Toro 14,704 Turf Maintenance Equipment 212,000 Oshkosh Truck 9,150 Specialty Truck Manufacturer 150,000 Tennant 6,147 Non-Residential Floor Cleaning Equipment - -------------------------------------------------------------------------------- 422,071 >INDUSTRIAL GOODS: 2.1% 3,200,000 Clarcor (c) 91,904 Mobile & Industrial Filters 1,791,000 Genlyte Group (b)(c) 86,111 Commercial Lighting Fixtures 2,200,000 Donaldson 67,166 Industrial Air Filtration NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 1,640,000 Mine Safety Appliances $63,468 Safety Equipment 980,000 Drew Industries (b) 25,294 RV & MFG Home Components 3,000,000 Electric City (b)(c) 2,580 Electricity Conservation Devices - -------------------------------------------------------------------------------- 336,523 >LOGISTICS: 2.1% 2,750,000 Expeditors International of Washington 156,145 International Freight Forwarder 2,000,000 Forward Air (c) 73,680 Freight Transportation Between Airports 900,000 UTI Worldwide 69,930 Global Logistics & Freight Forwarding 1,300,000 Exel (United Kingdom) 28,147 Global Logistics & Freight Forwarding - -------------------------------------------------------------------------------- 327,902 >INDUSTRIAL DISTRIBUTION: 1.9% 2,286,000 Watsco (c) 121,409 HVAC Distribution 1,925,000 Airgas 57,038 Industrial Gas Distributor 1,200,000 Hughes Supply 39,120 Industrial Distribution 3,800,000 Grafton Group (Ireland) (b) 38,381 Building Materials Wholesaling & DIY Retailing 1,031,000 Nuco2 (b)(c) 26,548 Bulk CO2 Gas Distribution to Restaurants 600,000 Aviall (b) 20,268 Aircraft Replacement Parts Distributor - -------------------------------------------------------------------------------- 302,764 >CONSTRUCTION: 1.6% 1,107,000 Florida Rock Industries 70,948 Concrete & Aggregates 1,450,000 Simpson 56,753 Wall Joint Maker 635,000 Bilfinger Berger (Germany) 34,060 Construction & Related Services 42,500 Geberit International (Switzerland) 30,942 Plumbing Supplies 550,000 Wienerberger (Austria) 21,694 Bricks & Clay Roofing Tiles 380,000 Daito Trust Construction (Japan) 16,697 Apartment Builder 3,000,000 Consorcio (Mexico) 11,393 Affordable Housing Builder 90,000 Ciments Francais (France) 10,436 Leading French & Emerging Markets Cement Producer - -------------------------------------------------------------------------------- 252,923 >STEEL: 1.6% 600,000 Tenaris (Argentina) 82,704 Steel Pipe for Oil Wells & Pipelines 2,850,000 Gibraltar Industries (c) 65,180 Steel Processing 128,000 Vallourec (France) 62,484 Seamless Tubes 1,964,000 Worthington Industries 41,303 Steel Processing - -------------------------------------------------------------------------------- 251,671 >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS: 1.2% 3,150,000 Spartech (c) $61,551 Plastics Distribution & Compounding 650,000 Novozymes (Denmark) 33,517 Industrial Enzymes 35,000 Sika (Switzerland) 26,688 Chemicals for Construction & Industrial Application 300,000 Imerys (France) 22,280 Industrial Minerals Producer 20,000 Givaudan (Switzerland) 12,818 Industrial Fragrances & Flavors 750,000 Ultrapar (Brazil) 12,801 Specialty Chemicals & Liquid Propane Gas Distribution 260,000 Carbone Lorraine (France) 12,053 Advanced Industrial Materials - -------------------------------------------------------------------------------- 181,708 >OUTSOURCING SERVICES & TRAINING: 1.1% 1,300,000 Administaff 51,662 Professional Employer Organization 1,600,000 Labor Ready (b) 41,040 Temporary Manual Labor 2,481,000 Quanta Services (b) 31,658 Electrical & Telecom Construction Services 740,000 United Services Group (Netherlands) 25,295 Temporary Staffing Services 565,000 Meitec (Japan) 18,099 R&D Staffing Services 600,000 GP Strategies (b) 5,406 Training Programs - -------------------------------------------------------------------------------- 173,160 >WATER: 0.5% 2,000,000 Tetra Tech (b) 33,640 Resource Management & Infrastructure Consulting 1,080,000 Pall 29,700 Filtration & Fluids Clarification 554,000 Watts Water Technologies 15,983 Water, Valves, Regulators & Filtration - -------------------------------------------------------------------------------- 79,323 >OTHER INDUSTRIAL SERVICES: 0.5% 825,000 Mobile Mini (b)(c) 35,764 Leases Portable Storage Units 35,000 Schindler (Switzerland) 13,621 Elevator Manufacturer & Service Provider 300,000 IM Tech (Netherlands) 10,099 Technical Engineering 185,000 Jaakko Poyry (Finland) 6,406 Engineering Consultants in Forestry, Energy 378,000 Clark 6,362 Executive Compensation & Benefits Consulting - -------------------------------------------------------------------------------- 72,252 >CONGLOMERATES: 0.4% 755,000 Aalberts Industrie (Netherlands) 39,982 Flow Control & Heat Treatment 277,500 Pargesa (Switzerland) 23,459 Industrial & Media Holdings NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 120,000 Hexagon (Sweden) $2,956 Measurement Equipment & Polymers - -------------------------------------------------------------------------------- 66,397 >ELECTRICAL COMPONENTS: 0.1% 1,125,000 Ushio (Japan) 22,835 Industrial Light Sources - -------------------------------------------------------------------------------- -------------- INDUSTRIAL GOODS/SERVICES: TOTAL 2,489,529 - -------------------------------------------------------------------------------- FINANCE: 11.6% >BANKS: 4.4% 2,114,000 BOK Financial 101,831 Southwest Middle Market Bank 3,502,000 TCF Financial 93,678 Great Lakes Bank 2,822,000 Associated Banc-Corp 86,015 Midwest Bank 6,230,000 Anglo Irish Bank (Ireland) 84,868 Small Business & Middle Market Banking 2,734,000 Glacier Bancorp (c) 84,399 Mountain States Bank 250,000 Komercni Banka (Czech Republic) 36,438 Leading Czech Universal Bank 1,320,000 West Coast Bancorp (c) 33,000 Portland Small Business Lender 1,850,000 Depfa Bank (Germany) 29,691 International Public Sector Finance 1,438,000 Republic 20,333 Michigan Bank 756,000 Chittenden 20,042 Vermont & Western Massachusetts Bank 640,000 Great Southern Bancorp 19,149 Missouri Real Estate Lender 510,000 CityBank Lynnwood (c) 17,457 North Seattle Real Estate Lender 1,670,000 Den Norske Bank (Norway) 17,218 Largest Norwegian Bank 551,000 West Bancorporation 10,205 Des Moines Commercial Bank 267,000 First Financial BankShares 9,300 West Texas Bank 265,000 Independent Bank 7,696 Michigan Bank 336,000 Sterling Bancorp 7,563 New York City Niche Lender 382,000 Cascade Financial 6,972 Seattle Community Bank 242,000 First Mutual Bancshares 6,232 Seattle Community Bank 221,000 S Y Bancorp 5,255 Louisville Bank - -------------------------------------------------------------------------------- 697,342 >INSURANCE: 2.6% 575,000 Philadelphia Consolidated Holding (b) 48,817 Specialty Insurance 1,119,000 Leucadia National 48,229 Insurance Holding Company 1,530,000 HCC Insurance Holdings 43,651 Specialty Insurance Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >INSURANCE--CONTINUED 995,000 Protective Life $40,974 Life Insurance 1,700,000 Scottish Re Group 40,528 Life Reinsurance 109,000 Markel (b) 36,024 Specialty Insurance 710,000 Selective Insurance Group 34,719 Commercial & Personal Lines Insurance 1,550,000 United America Indemnity (b) 28,442 Specialty Insurance 715,000 Assurant 27,213 Specialty Insurance 570,000 RLI 26,368 Specialty Insurance 560,000 Endurance Specialty Holdings 19,102 Commercial Lines Insurance/Reinsurance 210,000 StanCorp Financial 17,682 Group Life & Disability Insurance - -------------------------------------------------------------------------------- 411,749 >FINANCE COMPANIES: 1.6% 5,831,000 AmeriCredit (b) 139,186 Auto Lending 1,700,000 World Acceptance (b)(c) 43,197 Personal Loans 1,100,000 Intermediate Capital (United Kingdom) 23,857 European Provider of Mezzanine Capital 1,000,000 Northgate (United Kingdom) 19,915 Light Commercial Vehicle Rental Specialist 1,950,000 Paragon Group (United Kingdom) 18,270 UK Buy-to-Let Finance Company - -------------------------------------------------------------------------------- 244,425 >SAVINGS & LOANS: 1.5% 4,016,000 Peoples Bank Bridgeport 116,384 Connecticut Savings & Loan 1,700,000 Housing Development Finance (India) 40,326 Premier Mortgage Lender in India 1,178,000 Anchor Bancorp Wisconsin (c) 34,727 Wisconsin Thrift 1,285,000 Washington Federal 28,990 Old Fashioned Thrift 200,000 Bankinter (Spain) 10,391 Mortgage Lender 360,000 Provident Bancorp 4,201 New York State Thrift - -------------------------------------------------------------------------------- 235,019 >MONEY MANAGEMENT: 1.4% 2,355,000 SEI Investments 88,501 Mutual Fund Administration & Investment Management 2,590,000 Eaton Vance 64,284 Specialty Mutual Funds 1,630,000 Nuveen Investments 64,206 Specialty Mutual Funds - -------------------------------------------------------------------------------- 216,991 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >BROKERAGE: 0.1% 690,000 Investment Technology Group (b) $20,424 Electronic Trading - -------------------------------------------------------------------------------- -------------- FINANCE: TOTAL 1,825,950 - -------------------------------------------------------------------------------- ENERGY/MINERALS: 11.4% >OIL/GAS PRODUCERS: 6.3% 4,500,000 XTO Energy 203,940 Natural Gas Producer 3,400,000 Ultra Petroleum (b) 193,392 Natural Gas Producer 3,200,000 Western Gas 163,936 Oil & Coal Seam Gas Producer 3,000,000 Talisman Energy (Canada) 146,951 Oil & Gas Producer 1,000,000 Southwestern Energy (b) 73,400 Natural Gas Producer 13,500,000 Tullow Oil (United Kingdom) 61,921 Oil & Gas Producer 1,000,000 Range Resources 38,610 Oil & Gas Producer 700,000 Denbury Resources (b) 35,308 Oil Producer Using CO2 Injection 500,000 PetroKazakhstan (Canada) 27,215 Oil Producer & Refiner in Kazakhstan 1,200,000 McMoran Exploration (b) 23,328 Natural Gas Producers & LNG Developer 2,320,000 Tipperary (b)(c) 17,098 Coal Seam Gas Producer 3,200,000 Vaalco Energy (b)(c) 12,928 Oil & Gas Producer - -------------------------------------------------------------------------------- 998,027 >OIL SERVICES: 3.0% 2,350,000 FMC Technologies (b) 98,959 Oil & Gas Well Head Manufacturer 2,300,000 Pride International (b) 65,573 Offshore Drilling Contractor 1,600,000 Chicago Bridge & Iron 49,744 Engineering & Construction for Petrochemicals & LNG 750,000 Carbo Ceramics 49,493 Natural Gas Well Stimulants 5,000,000 Newpark Resources (b)(c) 42,100 Drilling Fluid Services to Oil & Gas Industry 1,365,000 Fugro (Netherlands) 41,187 Survey & GPS Services 2,400,000 Key Energy Services (b) 35,400 Oil & Gas Well Workover Services 2,000,000 Saipem (Italy) 33,645 Offshore Construction & Drilling 1,350,000 Enerflex Systems (Canada) (c) 31,855 Natural Gas Compressor 700,000 Veritas DGC (b) 25,634 Geophysical Contractor 168,000 Pioneer Drilling (b) 3,279 Oil & Gas Well Driller 27,193 Hanover Compressor (b) 377 Natural Gas Compressor Rental - -------------------------------------------------------------------------------- 477,246 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >DISTRIBUTION/MARKETING/REFINING: 1.2% 2,400,000 Equitable Resources $93,744 Natural Gas Producer & Utility 1,700,000 Oneok 57,834 Natural Gas Utility, Marketing & Processing 1,206,000 Atmos Energy 34,070 Natural Gas Utility - -------------------------------------------------------------------------------- 185,648 >MINING: 0.7% 1,440,000 Xstrata (United Kingdom) 37,324 Diversified Mining Holding Company 275,000 Sociedad Quimica Y Minera de Chile (Chile) 34,716 Producer of Specialty Fertilizers, Lithium & Iodine 900,000 Falconbridge (Canada) (formerly known as Noranda) 24,081 Diversified Mining Holding Company 1,000,000 Ivanhoe Mines (Canada) (b) 8,440 Copper Mining in Mongolia - -------------------------------------------------------------------------------- 104,561 >AGRICULTURAL COMMODITIES: 0.2% 550,000 Aracruz Celulose (Brazil) 22,319 Brazilian Hardwood Pulp Producer - -------------------------------------------------------------------------------- -------------- ENERGY/MINERALS: TOTAL 1,787,801 - -------------------------------------------------------------------------------- HEALTH CARE: 9.4% >SERVICES: 2.9% 2,491,000 Lincare Holdings (b) 102,256 Home Health Care Services 821,000 Coventry Health Care (b) 70,622 PPO Network 1,595,000 Charles River Laboratories (b) 69,574 Pharmaceutical Research 3,470,000 Gambro (Sweden) 52,581 Products & Services for Renal Care 2,592,000 NDCHealth Group (c) 49,041 Health Claims Processing & Drug Marketing Services 2,033,000 Dendrite International (b) 40,843 Software for Pharmaceutical Sales Force 510,000 OPG Groep (Netherlands) 38,777 Healthcare Supplies & Pharmacies 1,200,000 Serologicals (b) 27,072 Blood Collection & Antibody Production 236,000 Omega Pharma (Belgium) 13,327 OTC Products, Pharmacy & Dental Supplies - -------------------------------------------------------------------------------- 464,093 >BIOTECHNOLOGY/DRUG DELIVERY: 2.9% 880,000 Neurocrine Biosciences (b) 43,287 Drugs for Sleep, Diabetes, MS & Endometriosis 1,160,000 Martek Biosciences (b) 40,751 Fatty Acids for Baby Formula & Other Foods 2,400,000 Pozen (b)(c) 26,376 Drugs for Migraines 3,230,000 Exelixis (b) 24,774 Treatments for Cancer & Metabolic Disorders 975,000 Rigel Pharmaceuticals (b) 23,176 Drugs for Hay Fever, Asthma, Hepatitis & Cancer NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 1,350,000 DOV Pharmaceutical (b)(c) $22,923 Drugs for Insomnia, Anxiety, Pain & Depression 2,200,000 Ligand Pharmaceuticals (b) 22,300 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 1,500,000 Tanox (b) 21,975 Drugs for Asthma & HIV 800,000 Momenta Pharmaceuticals (b) 21,800 Sugar Analysis Technology for Drug Design 2,000,000 Medarex (b) 19,040 Humanized Antibodies 1,179,000 AtheroGenics (b) 18,899 Drugs for Atherosclerosis 1,055,000 Nektar Therapeutics (b) 17,882 Drug Delivery Technologies 3,600,000 Incyte (b) 16,920 Drug Development 2,000,000 Cytokinetics (b)(c) 16,280 Drugs for Cancer & Heart Failure 1,900,000 Decode Genetics (b) 15,941 Drugs for Heart Attack, Asthma & Vascular Disease 1,415,000 Arena Pharmaceuticals (b) 14,009 Novel Drug Targeting Technology 1,000,000 Renovis (b) 13,530 Drug to Minimize Neurological Damage from Strokes 3,100,000 Lexicon Genetics (b) 12,338 Drug Discovery 1,750,000 Genitope (b)(c) 12,145 Cancer Vaccine 2,300,000 Seattle Genetics (b)(c) 12,075 Antibody-Based Therapies for Cancer 1,176,000 NPS Pharmaceuticals (b) 11,889 Drugs for Osteoporosis & Hyperparathyroidism 1,265,000 Maxygen (b) 10,487 Molecular Breeding 5,500,000 La Jolla Pharmaceutical (b)(c) 4,180 Lupus Treatment 1,875,000 Locus Discovery, Series D, Pfd. (d)(e) 3,750 High Throughput Rational Drug Design 1,249,999 Perlegen Sciences (d)(e) 2,632 Large Scale Gene Sequencing 359,944 Microdose (d)(e) 270 Drug Inhalers - -------------------------------------------------------------------------------- 449,629 >MEDICAL EQUIPMENT/LABORATORY SUPPLIES: 2.8% 1,629,000 Edwards Lifesciences (b) 72,344 Heart Valves 1,240,000 Diagnostic Products 65,385 Immunodiagnostic Kits 1,550,000 CYTYC (b) 41,618 Consumables Related to Women's Health 475,000 Essilor International (France) 39,363 Eyeglass Lenses 1,180,000 Intermagnetics General (b) 32,969 MRI Equipment 905,000 Arrow International 25,521 Disposable Catheters 583,000 Orthofix International (b) 25,419 Bone Fixation & Stimulation Devices Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >MEDICAL EQUIPMENT/LABORATORY SUPPLIES--CONTINUED 875,000 Viasys Healthcare (b) $21,866 Respiratory & Neurology Medical Equipment 552,000 Advanced Medical Optics (b) 20,948 Medical Devices for Eye Care 714,000 ICU Medical (b)(c) 20,535 Intravenous Therapy Products 390,000 Hogy Medical (Japan) 20,331 Disposable Surgical Products 630,000 Datascope 19,543 Medical Devices 350,000 Haemonetics (b) 16,635 Blood & Plasma Collection Equipment 125,000 Synthes (Switzerland) 14,630 Products for Orthopedic Surgery 206,000 Vital Signs 9,495 Anesthesia, Respiratory & Sleep Products - -------------------------------------------------------------------------------- 446,602 >MEDICAL SUPPLIES: 0.4% 686,000 Techne (b) 39,088 Cytokines, Antibodies, Other Reagents For Life Sciences 650,000 Owens & Minor 19,077 Distribution of Medical Supplies - -------------------------------------------------------------------------------- 58,165 >HOSPITAL MANAGEMENT: 0.2% 1,000,000 Rhoen-Klinikum (Germany) 38,450 Hospital Management - -------------------------------------------------------------------------------- >PHARMACEUTICALS: 0.2% 4,100,000 United Drug (Ireland) 16,468 Irish Pharmaceutical Wholesaler & Outsourcer 500,000 Par Pharmaceuticals (b) 13,310 Generics - -------------------------------------------------------------------------------- 29,778 -------------- HEALTH CARE: TOTAL 1,486,717 - -------------------------------------------------------------------------------- OTHER INDUSTRIES : 4.0% >REAL ESTATE: 2.7% 1,320,000 General Growth Properties 59,308 Regional Shopping Malls 1,398,000 Forest City Enterprises, Cl. B 53,474 Commercial & Residential Property Developer 650,000 SL Green Realty 44,317 Manhattan Office Buildings 635,000 Macerich Company 41,237 Regional Shopping Malls 575,000 Federal Realty Investment Trust 35,035 Shopping Centers 620,000 Mills 34,150 Regional Shopping Malls 1,375,000 Crescent Real Estate Equities 28,201 Class A Office Buildings 2,552,000 Highland Hospitality (c) 26,184 Hotel Owner 475,000 Gaylord Entertainment (b) 22,634 Convention Hotels NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 1,400,000 Kite Realty Group (c) $20,888 Community Shopping Centers 400,000 Parkway Properties 18,768 Office Buildings 1,355,000 Sponda (Finland) 14,373 Office & Warehouse Property Company 1,000,000 Diamondrock Hospitality 144A (d) 11,750 303,000 Diamondrock Hospitality 3,560 Hotel Owner 87,000 American Campus Communities 2,090 Student Housing/Apartments 55,000 Brandywine Realty 1,710 Office Buildings 37,407 Security Capital European Realty (Luxembourg) (d)(e) 544 Self Storage Properties - -------------------------------------------------------------------------------- 418,223 >TRANSPORTATION: 0.6% 1,557,000 Heartland Express 31,669 Regional Trucker 720,000 Grupo Aeroportaurio Del Sureste (Mexico) 28,728 Cancun & Cozumel Airport Operator 70,000 Kobenhavns Lufthavne (Denmark) 17,522 Copenhagen Airport Authority 18,000,000 Comfort Del Gro (Singapore) 16,007 Taxi & Mass Transit Service 256,000 JB Hunt 4,867 Trucking Conglomerate - -------------------------------------------------------------------------------- 98,793 >REGULATED UTILITIES: 0.4% 1,650,000 Northeast Utilities 32,917 Regulated Electric Utility 989,800 Red Electrica (Spain) 28,272 Spanish Power Grid - -------------------------------------------------------------------------------- 61,189 >WASTE MANAGEMENT: 0.3% 1,500,000 Waste Connections (b) 52,620 US Garbage Collection & Disposal - -------------------------------------------------------------------------------- -------------- OTHER INDUSTRIES: TOTAL 630,825 TOTAL COMMON STOCKS AND OTHER -------------- EQUITY-LIKE SECURITIES: 93.1% 14,652,816 (COST: $8,365,075) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 7.2% $ 135,000 SBC Communications 3.64% - 3.74% Due 10/12/05 - 11/02/05 (f) $134,697 134,000 Citigroup Funding 3.60% - 3.75% Due 10/04/05 - 11/09/05 133,804 114,000 Countrywide Financial Funding 3.62% - 3.72% Due 10/06/05 - 10/27/05 113,818 109,000 Prudential Funding 3.60% - 3.69% Due 10/14/05 - 10/25/05 108,800 108,000 Aluminum Company America 3.60% - 3.80% Due 10/12/05 - 11/15/05 107,753 74,000 Toyota Credit 3.59% - 3.72% Due 10/07/05 - 10/26/05 73,868 70,000 General Electric Capital Services 3.63% - 3.73% Due 10/19/05 - 11/01/05 69,817 60,000 American General Finance 3.73% - 3.80% Due 11/04/05 - 11/14/05 59,755 56,000 LaSalle Bank 3.57% - 3.76% Due 10/11/05 - 11/10/05 55,887 40,000 Verizon Global Funding 3.57% Due 10/03/05 (f) 39,992 40,000 Virginia Electric & Power 3.73% Due 10/28/05 39,888 35,000 Verizon Network 3.58% Due 10/04/05 34,990 35,000 General Electric Capital Corporate 3.75% Due 11/07/05 34,865 PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- $ 35,000 Alcoa 3.77% Due 11/08/05 $34,861 30,000 AIG Funding 3.55% Due 10/05/05 29,988 28,000 Toyota Motor Credit 3.73% Due 10/31/05 27,913 23,000 Bayer Corp 3.74% Due 11/03/05 (f) 22,921 11,097 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/3/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 8/03/15 Market Value $11,320 (Repurchase proceeds: $11,099) 11,097 - -------------------------------------------------------------------------------- (AMORTIZED COST: $1,134,714) 1,134,714 -------------- TOTAL INVESTMENTS: 100.3% 15,787,530 (COST: $9,499,789)(A)(G) CASH AND OTHER ASSETS LESS LIABILITIES: (0.3%) (43,635) -------------- TOTAL NET ASSETS: 100% $ 15,743,895 ================================================================================ Columbia Acorn Fund >Statement of Investments (Unaudited), continued - -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purposes cost of investments was $9,499,789 and net unrealized appreciation was $6,287,741 consisting of gross unrealized appreciation of $6,620,662 and gross unrealized depreciation of $332,921. (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 September 30, 2005, the Fund held five percent or more of the outstanding voting securities of the following companies:
AnswerThink Consulting 10.54% MRO Software 6.24% Christopher & Banks 10.44 Genitope 6.19 Actuate 9.86 Clarcor 6.17 Spartech 9.86 Pegasus Systems 6.02 Indus International 9.82 Gaiam 6.00 New Horizons Worldwide 9.81 Enerflex Systems 5.98 Gibraltar Industries 9.61 Electric City 5.90 Igate Capital 9.51 DOV Pharmaceuticals 5.86 World Acceptance 9.12 Sports Authority 5.80 West Coast Bancorp 8.94 Newpark Resources 5.73 Skillsoft Publishing 8.89 IXYS 5.67 Glacier Bancorp 8.74 Vaalco Energy 5.66 Watsco 8.35 Coinstar 5.65 Pozen 8.30 AFC Enterprises 5.62 Esco Technologies 8.24 Tipperary 5.60 Concurrent Computer 7.86 Mobile Mini 5.55 JDA Software Group 7.71 Seattle Genetics 5.44 La Jolla Pharmaceuticals 7.43 Kronos 5.36 Kite Realty Group 7.31 Anchor Bancorp Wisconsin 5.28 Alliance Gaming 7.22 Excel Technologies 5.19 NDCHealth Group 7.16 ICU Medical 5.16 Cytokinetics 6.99 American Woodmark 5.14 Navigant International 6.75 CTS 5.13 Nuco2 6.73 Analysts International 5.13 Princeton Review 6.71 Highland Hospitality 5.09 RC2 6.64 CityBank Lynwood 5.02 Seachange International 6.61 Vail Resorts 5.02 Genlyte Group 6.44 Salem Communications, Cl. A 5.01 Forward Air 6.32
The aggregate cost and value of these companies at September 30, 2005, was $1,372,018 and $1,916,216 respectively. Investments in affiliate companies represent 12.2% of total net assets at September 30, 2005. Investment activity and income amounts relating to affiliates during the nine months ended September 30, 2005 were as follows: Dividend Income $ 17,406 Net realized gain or loss $ (83,549) Purchases $ 225,952 Proceeds from sales $ 94,201 (d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. At September 30, 2005, these securities (in thousands) amounted to $18,946, which represents 0.12% 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 $11,750 Gadzooks 5.00% Convertible 10/07/08 10/08/03 $6,000 6,000 0 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 2,632 Security Capital European Realty 08/20/98-11/12/99 37,407 748 544 ------- ------- $30,753 $18,946 ======= =======
(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. (f) Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At September 30, 2005, these securities amounted to $197,610, which represents 1.3% of net assets. (g) On September 30, 2005, the market value of foreign securities (in thousands) represents 15.78% of total net assets. The Fund's foreign portfolio was diversified as follows:
Value Percent Value Percent ========================================================= ======================================================= Canada $ 327,657 2.08% India $ 40,326 0.26% France 232,677 1.48 Mexico 40,121 0.25 United Kingdom 212,766 1.35 Spain 38,663 0.25 Ireland 194,578 1.24 South Korea 38,236 0.24 Japan 185,925 1.18 Czech Republic 36,438 0.23 Netherlands 155,340 0.99 Chile 34,716 0.22 Germany 124,336 0.79 Austria 21,694 0.14 Switzerland 122,158 0.78 Finland 20,779 0.13 Sweden 86,671 0.55 South Africa 17,462 0.11 Argentina 82,704 0.53 Singapore 16,007 0.10 Hong Kong 69,185 0.44 Israel 15,813 0.10 Brazil 60,337 0.38 New Zealand 15,017 0.10 Taiwan 59,706 0.38 China 14,884 0.09 Italy 51,255 0.33 Belgium 13,327 0.08 Denmark 51,039 0.32 Greece 10,764 0.07 Australia 49,101 0.31 Luxembourg 544 0.00 Norway 44,725 0.28 ---------- ------ Total Foreign Portfolio $2,484,951 15.78% ========== ------
Columbia Acorn International >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 95.7% - -------------------------------------------------------------------------------- EUROPE: 60.2% >UNITED KINGDOM/IRELAND: 18.6% 3,820,000 Anglo Irish Bank (Ireland) $52,038 Small Business & Middle Market Banking 1,750,000 Exel 37,890 Global Logistics & Freight Forwarding 6,370,000 Tullow Oil 29,218 Oil & Gas Producer 2,840,000 Expro International 27,402 Offshore Oil Field Services 2,800,000 Paragon Group 26,235 UK Buy-to-Let Finance Company 1,690,000 IAWS (Ireland) 24,502 Baked Goods 6,000,000 United Drug (Ireland) 24,100 Irish Pharmaceutical Wholesaler & Outsourcer 2,350,000 Grafton Group (Ireland) (b) 23,736 Building Materials Wholesaling & DIY Retailing 1,700,000 Kensington 19,752 Non-Conforming Mortgage Company 900,000 Intermediate Capital 19,519 European Provider of Mezzanine Capital 750,000 Xstrata 19,439 Diversified Mining Holding Company 975,000 Northgate 19,417 Light Commercial Vehicle Rental Specialist 800,000 Kerry (Ireland) 18,715 Consumer Foods & Food Ingredients 1,650,000 William Hill 16,976 UK Betting Services 6,000,000 Cobham 16,766 Aerospace Components 3,850,000 Taylor Nelson 13,577 Market Research 1,600,000 Ulster Television 12,888 Irish Television & Radio Station Operator 1,200,000 Spectris 12,173 Electronic Instruments & Controls 2,200,000 BBA Group 11,520 Aviation Support Services & Non-Woven Materials 2,450,000 Workspace Group 11,442 Real Estate Company 600,000 Paddy Power (Ireland) 10,565 Irish Betting Services 3,800,000 RPS Group 10,317 Environmental Consulting & Planning 1,175,000 Business Post 9,301 Parcel & Express Mail Service 1,500,000 Bloomsbury Publishing 8,797 Publishing 600,000 Cambridge Antibody (b) 7,878 Leader in Human Monoclonal Antibodies 450,000 Viridian 6,304 Northern Ireland Electric Utility - -------------------------------------------------------------------------------- 490,467 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >FRANCE/BELGIUM: 10.4% 70,000 Vallourec $34,171 Seamless Tubes 327,500 Neopost 31,765 Postage Meter Machines 1,980,000 SES Global 31,081 Satellite Broadcasting Services 360,000 Imerys 26,736 Industrial Minerals Producer 636,501 April Group 22,584 Insurance Policy Construction 390,000 Iliad 21,640 High Speed Internet Service Provider 164,000 Ciments Francais 19,018 Leading French & Emerging Markets Cement Producer 200,000 Essilor International 16,574 Eyeglass Lenses 303,000 Carbone Lorraine 14,046 Advanced Industrial Materials 170,000 Pierre & Vacances 13,689 Vacation Apartment Lets 450,000 Metropole TV 11,368 Television Broadcaster 184,000 Omega Pharma (Belgium) 10,391 OTC Products, Pharmacy & Dental Supplies 94,000 Bacou Dalloz 9,131 Safety Equipment 144,000 Norbert Dentressangle 7,958 Transport 40,000 Rubis 3,266 Tank Storage & LPG Supplier 2,000 Trigano 179 Leisure Vehicles & Camping Equipment - -------------------------------------------------------------------------------- 273,597 >GERMANY/AUSTRIA: 8.4% 1,230,000 Rhoen-Klinikum 47,293 Hospital Management 275,000 Wincor Nixdorf 26,466 Retail POS Systems & ATM Machines 445,000 Bilfinger Berger 23,869 Construction & Related Services 1,275,000 Depfa Bank 20,463 International Public Sector Finance 175,000 Deutsche Boerse 16,736 Trading, Clearing & Settlement Services for Financial Markets 450,000 Hugo Boss Designs 15,689 Fashion Apparel 415,000 GFK 15,640 Market Research Services 300,000 Wienerberger (Austria) 11,833 Bricks & Clay Roofing Tiles 222,000 Grenkeleasing 11,336 Financing for IT Equipment 200,000 Vossloh 10,520 Rail Infrastructure & Diesel Locomotives 868,000 Takkt 9,498 Mail Order Retailer of Office & Warehouse Durables 150,000 CTS Eventim (b) 6,944 Event Ticket Sales NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >GERMANY/AUSTRIA--CONTINUED 260,000 Deutsche Beteiligungs $4,311 Private Equity Investment Management - -------------------------------------------------------------------------------- 220,598 >NETHERLANDS: 7.9% 1,245,000 Fugro 37,566 Survey & GPS services 550,000 Aalberts Industries 29,126 Flow Control & Heat Treatment 237,000 Koninklijke Ten Cate 25,649 Advanced Textiles & Industrial Fabrics 327,000 OPG Groep 24,863 Healthcare Supplies & Pharmacies 684,000 United Services Group 23,381 Temporary Staffing Services 330,000 Smit Internationale 21,419 Harbor & Offshore Towage & Marine Services 475,000 Sligro Food Group 18,823 Food Service & Wholesaling 890,000 Unit 4 Aggresso (b) 15,140 Business & Security Software 400,000 IMTech 13,465 Technical Engineering - -------------------------------------------------------------------------------- 209,432 >SWITZERLAND: 4.4% 95,000 Kuehne & Nagel 23,512 Freight Forwarding/Logistics 24,000 Sika 18,300 Chemicals for Construction & Industrial Application 25,000 Geberit International 18,201 Plumbing Supplies 110,000 Synthes 12,875 Products for Orthopedic Surgery 150,000 Pargesa 12,681 Industrial & Media Conglomerate 30,000 Schindler 11,675 Elevator Manufacturer & Service Provider 15,000 Givaudan 9,613 Industrial Fragrances & Flavors 130,000 BKW Energie 9,342 Electric Utility - -------------------------------------------------------------------------------- 116,199 >SWEDEN: 2.5% 1,230,000 Hexagon 30,302 Measurement Equipment & Polymers 1,112,000 Gambro 16,850 Products/Services for Renal Care 905,000 Nobia 15,230 Kitchen Cabinet Manufacturing & Distribution 194,000 Sweco (b) 4,479 Nordic Infrastructure/Environment Consulting - -------------------------------------------------------------------------------- 66,861 >SPAIN: 1.6% 620,000 Red Electrica 17,709 Spanish Power Grid 1,000,000 Abengoa 17,616 Engineering & Construction 120,000 Bankinter 6,235 Mortgage Lender - -------------------------------------------------------------------------------- 41,560 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >ITALY: 1.2% 2,120,000 Davide Campari $15,912 Spirits & Wine 170,000 Amplifon 11,813 Hearing Aid Retailer 3,590,000 Ducati Motor (b) 5,165 Motorcycles & Related Merchandise - -------------------------------------------------------------------------------- 32,890 >RUSSIA: 1.1% 700,000 RBC Information Systems (b) 15,400 Financial Information, Media, & IT Services 370,000 Mechel Steel Group 13,498 Coking Coal - -------------------------------------------------------------------------------- 28,898 >CZECH REPUBLIC: 1.0% 183,000 Komercni Banka 26,673 Leading Czech Universal Bank - -------------------------------------------------------------------------------- >FINLAND: 1.0% 439,000 Jaakko Poyry 15,202 Engineering Consultants in Forestry, Energy 950,000 Sponda 10,077 Office & Warehouse Property Company - -------------------------------------------------------------------------------- 25,279 >DENMARK: 0.7% 200,000 Novozymes 10,313 Industrial Enzymes 35,000 Kobenhavns Lufthavne 8,761 Copenhagen Airport Authority - -------------------------------------------------------------------------------- 19,074 >NORWAY: 0.7% 470,000 Ekornes 9,072 Niche Furniture Manufacturer 221,000 Orkla 8,385 Food & Diversified Consumer Goods - -------------------------------------------------------------------------------- 17,457 >GREECE: 0.5% 930,000 Intralot 14,507 Lottery & Gaming Systems/Services - -------------------------------------------------------------------------------- >POLAND: 0.2% 132,000 Central European Distribution (b) 5,622 Spirits & Wine Distribution - -------------------------------------------------------------------------------- -------------- EUROPE: TOTAL 1,589,114 - -------------------------------------------------------------------------------- ASIA: 19.7% >JAPAN: 9.5% 2,900,000 Bank of Yokohama 22,096 Regional Bank 481,000 Daito Trust Construction 21,135 Apartment Builder 862,000 Park 24 18,462 Parking Lot Operator 338,000 Hogy Medical 17,620 Disposable Surgical Products Columbia Acorn International >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >JAPAN--CONTINUED 220,000 Fast Retailing $16,756 Apparel Retailer 355,000 Ito En 16,636 Bottled Tea & Other Beverages 710,000 Sato 16,389 Bar Code Printers & Supplies 750,000 Ushio 15,223 Industrial Light Sources 470,000 Meitec 15,056 R&D Staffing Services 15,000 Jupiter Telecommunications (b) 12,991 Largest Cable Service Provider in Japan 450,000 Shimano 12,184 Bicycle Components & Fishing Tackle 2,248,000 Hiroshima Bank 12,052 Regional Bank 1,400,000 Chiba Bank 11,380 Regional Bank 1,500,000 Fukuoka Bank 10,787 Regional Bank 906,000 Toyo Technica 10,178 Value Added Reseller of Imported Instrumentation 110,000 Funai Electric 9,764 Consumer Electronics 450,200 Ain Pharmaciez 9,741 Dispensing Pharmacy/Drugstore Operator 142,000 Kappa Create 2,466 Sushi Chain Restaurant Operator - -------------------------------------------------------------------------------- 250,916 >TAIWAN: 3.3% 18,300,000 Phoenixtec Power 17,928 Uninterruptible Power Supplies 6,822,000 Advantech 17,098 Embedded Computers 5,565,000 Wah Lee Industrial 10,229 Distributor of Chemicals, Materials & Equipment 5,686,000 Springsoft Systems 9,560 Electronic Design Automation Software 2,044,000 Novatek Microelectronics 8,969 LCD Related IC Designer 10,620,000 Chicony Electronic 7,063 PC Power Supplies & Keyboards 881,000 ASE Test (b) 5,524 Semiconductor Packaging & Test Services 8,470,000 Bank of Kaohsiung 5,297 Commercial Banking 3,040,000 Taiwan Fu Hsing 3,359 Door Lock Manufacturer 3,258,000 Sunplus Technology 2,997 Fabless Semiconductor Designer - -------------------------------------------------------------------------------- 88,024 >HONG KONG/CHINA: 2.6% 6,000,000 Hong Kong Exchanges & Clearing 20,618 Hong Kong Equity & Derivatives Operator 6,500,000 Techtronic Industries 16,579 Power Tools & Motorized Appliances NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 32,678,000 Global Bio-Chem Technology Group (China) $14,875 1,800,000 Global Bio-Chem Technology Group Warrants (China) (b) 10 Refiner of Corn-Based Commodities 20,000,000 Linmark 6,446 Sourcing of Consumer Goods 9,800,000 Hainan Meilan Airport (China) 5,182 Chinese Airport Operator 27,476,000 Lerado Group 2,198 Baby Strollers & Infant Car Seats Manufacturer 11,330,000 Ngai Lik Industrial 1,435 Consumer Electronics Manufacturer - -------------------------------------------------------------------------------- 67,343 >SOUTH KOREA: 1.4% 250,000 Hyundai Mobis 20,557 Auto Parts 100,000 Samsung Fire & Marine 10,364 Non-Life Insurance 200,000 S&T 4,927 Power Plant Related Machinery - -------------------------------------------------------------------------------- 35,848 >INDIA: 1.2% 1,300,000 Housing Development Finance 30,838 Premier Mortgage Lender in India - -------------------------------------------------------------------------------- >SINGAPORE: 1.0% 20,000,000 Comfort Del Gro 17,786 Taxi & Mass Transit Service 20,000,000 LMA International (b) 9,115 Medical Equipment & Supplies - -------------------------------------------------------------------------------- 26,901 >INDONESIA: 0.7% 45,000,000 PT Perusahaan Gas Negara 18,292 Gas Pipeline Operator - -------------------------------------------------------------------------------- -------------- ASIA: TOTAL 518,162 - -------------------------------------------------------------------------------- OTHER COUNTRIES: 8.1% >AUSTRALIA/NEW ZEALAND: 4.0% 3,000,000 Billabong International 29,886 Action Sports Apparel Brand Manager 3,000,000 Lion Nathan 19,215 Beer Brewer/Distributor 350,000 Perpetual Trustees 18,095 Australian Mutual Fund Manager 4,000,000 Sky City Entertainment (New Zealand) 13,349 Casino/Entertainment Complex 2,000,000 ABC Learning Center 9,569 Childcare Centers 3,800,000 Pacific Brands 8,295 Australian Branded Apparel 530,000 Major Drilling Group International (b) 7,736 Mining Exploration Driller - -------------------------------------------------------------------------------- 106,145 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CANADA: 3.4% 595,000 Talisman Energy $29,145 Oil & Gas Producer 1,190,000 Shawcor 17,688 Oil & Gas Pipeline Products 400,000 Falconbridge (formerly known as Noranda) 10,703 Diversified Mining Holding Company 1,100,000 Kinross Gold (b) 8,459 Gold Mining 153,100 PetroKazakhstan 8,333 Oil Producer & Refiner in Kazakhstan 850,000 Ivanhoe Mines (b) 7,174 Copper Mining in Mongolia 2,000,000 Northern Orion Resources (b) 5,873 Mining of Copper & Gold in Argentina 102,000 Intrawest 2,777 Owner/Operator of Ski Resorts - -------------------------------------------------------------------------------- 90,152 >SOUTH AFRICA: 0.7% 3,500,000 Edgars Consolidated Stores 17,461 Leading Retail Conglomerate -------------- OTHER COUNTRIES: TOTAL 213,758 - -------------------------------------------------------------------------------- LATIN AMERICA: 7.7% >BRAZIL: 3.1% 640,000 Natura Cosmeticos 25,617 Direct Retailer of Cosmetics 8,800,000 Caemi Mine 14,010 Iron Ore/Kaolin Producer 280,000 America Latina Logistics 11,145 Rail Operator in Brazil & Argentina 1,000,000 Porto Seguro 9,962 Auto & Life Insurance 500,000 Ultrapar 8,534 Specialty Chemicals & Liquid Propane Gas Distribution 943,000 Suzano 5,323 Pulp & Paper Producer 375,000 Obrascon Huarte (b) 3,896 Tollroads 200,000 Diagnosticos (b) 3,139 Medical Diagnostic Services - -------------------------------------------------------------------------------- 81,626 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- >MEXICO: 1.8% 660,000 Grupo Aeroportaurio Del Sureste $26,334 Cancun & Cozumel Airport Operator 3,000,000 Consorcio ARA 11,393 Affordable Housing Builder 1,400,000 URBI Desarrollo (b) 10,401 Affordable Housing Builder - -------------------------------------------------------------------------------- 48,128 >ARGENTINA: 1.7% 316,000 Tenaris 43,557 Steel Pipe for Oil Wells & Pipelines - -------------------------------------------------------------------------------- >CHILE: 1.1% 160,000 Sociedad Quimica Y Minera de Chile 20,198 Producer of Specialty Fertilizers, Lithium & Iodine 300,000 CorpBanca 8,967 Consumer & SME Banking - -------------------------------------------------------------------------------- 29,165 -------------- LATIN AMERICA: TOTAL 202,476 TOTAL COMMON STOCKS AND OTHER -------------- EQUITY-LIKE SECURITIES: 95.7% 2,523,510 (COST: $1,608,025) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 4.8% $ 55,000 Countrywide Financial Corp 3.75% - 3.80% Due 10/04/05 - 10/05/05 54,980 41,000 Citigroup Funding 3.80% Due 10/06/05 - 10/07/05 40,976 28,000 HSBC Finance Corp 3.75% Due 10/03/05 27,994 3,370 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/03/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 8/03/15 Market Value $3,440 (Repurchase proceeds: $3,371) 3,370 - -------------------------------------------------------------------------------- (AMORTIZED COST: $127,320) 127,320 -------------- TOTAL INVESTMENTS: 100.5% 2,650,830 (COST: $1,735,345)(A)(C) CASH AND OTHER ASSETS LESS LIABILITIES: (0.5%) (13,013) -------------- TOTAL NET ASSETS: 100% $ 2,637,817 ================================================================================ Columbia Acorn International >Statement of Investments (Unaudited), continued - -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purpose cost of investments was $1,735,345 and net unrealized appreciation was $915,485 consisting of gross unrealized appreciation of $964,190 and gross unrealized depreciation of $48,705. (b) Non-income producing security. (c) On September 30, 2005, the Fund's total investments were denominated in currencies as follows: % of Total Currency Value Net Assets -------------------------------------------------------- Euro $ 971,519 36.8% British Pounds 336,811 12.8 US Dollar 274,753 10.4 Japanese Yen 250,916 9.5 Other currencies less than 5% of total net assets 816,831 31.0 ---------- ------- $2,650,830 100.5% ========== ======= Columbia Acorn USA >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 89.6% - -------------------------------------------------------------------------------- INFORMATION: 27.7% >BUSINESS/CONSUMER SOFTWARE: 6.9% 451,200 Micros Systems (b) $19,740 Information Systems for Restaurants & Hotels 974,000 JDA Software (b) 14,785 Applications/Software & Services for Retailers 1,850,000 Novell (b) 13,783 Directory, Operating System & Identity Management Software 266,650 Kronos (b) 11,903 Labor Management Solutions 405,800 SSA Global Technologies (b) 7,142 Enterprise Resource Planning (ERP) Software 385,900 MRO Software (b) 6,499 Enterprise Maintenance Software 60,000 Maximus 2,145 Outsourcer For Government 248,500 Parametric Technology (b) 1,732 Engineering Software & Services 13,300 Witness Systems (b) 278 Customer Experience Management Software - -------------------------------------------------------------------------------- 78,007 >TELECOMMUNICATION SERVICES: 6.4% 1,005,000 Crown Castle International (b) 24,753 Communication Towers 351,605 Alltel (Acquirer of Western Wireless) 22,893 Cellular & Wireline Telephone Services 490,000 American Tower (b) 12,225 Communication Towers in USA & Mexico 233,800 Commonwealth Telephone 8,814 Rural Phone Franchises & CLEC 300,000 Time Warner Telecom (b) 2,340 Facilities Based End-to-End CLEC 10,000 Telephone and Data Systems 390 Cellular & Wireline Telephone Services - -------------------------------------------------------------------------------- 71,415 >COMPUTER HARDWARE/ SEMICONDUCTORS/RELATED EQUIPMENT: 4.0% 260,000 Unova (b) 9,095 Barcode & Wireless LAN Systems 670,000 Entegris (b) 7,571 Semiconductor Wager Shipping & Handling Products 570,000 Symbol Technologies 5,518 Mobile Computers & Barcode Scanners 474,890 Integrated Device Technology (formerly known as Integrated Circuit Systems) (b) 5,100 Communications Semiconductors 99,000 Zebra Technologies (b) 3,870 Bar Code Printers 95,000 Amphenol 3,832 Electronic Connectors 424,100 Seachange International (b) 2,697 Systems for Video on Demand & Ad Insertion 70,000 Littelfuse (b) 1,969 Little Fuses NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 100,000 Belden CDT $1,943 Specialty Cable 40,000 Rogers (b) 1,548 PCB Laminates & High Performance Foams 29,300 Nice Systems (Israel) (b) 1,324 Audio & Video Recording Solutions - -------------------------------------------------------------------------------- 44,467 >TELECOMMUNICATIONS EQUIPMENT: 2.0% 1,575,000 Tellabs (b) 16,569 Telecommunications Equipment 310,000 Andrew (b) 3,456 Wireless Infrastructure Equipment 300,000 Symmetricom (b) 2,322 Network Timing & Synchronization Devices - -------------------------------------------------------------------------------- 22,347 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.9% 530,000 Ceridian (b) 10,998 HR Services & Payment Processing 102,800 Getty Images (b) 8,845 Photographs for Publications & Electronic Media 98,300 Navigant Consulting (b) 1,883 Financial Consulting Firm - -------------------------------------------------------------------------------- 21,726 >BROADCASTING: 1.9% 443,100 Salem Communications, Cl. A (b) 8,171 Radio Stations for Religious Programming 810,000 Entravision Communications (b) 6,375 Spanish Language TV, Radio & Outdoor 695,000 Spanish Broadcasting (b) 4,990 Spanish Language Radio Stations 138,500 Gray Television 1,467 Mid Market Affiliated TV Stations - -------------------------------------------------------------------------------- 21,003 >TRANSACTION PROCESSORS: 1.6% 211,640 Global Payments 16,449 Credit Card Processor 143,100 Pegasus Systems (b) 1,285 Transaction Processor for Hotel Industry - -------------------------------------------------------------------------------- 17,734 >INSTRUMENTATION: 0.9% 140,000 Mettler Toledo (b) 7,137 Laboratory Equipment 90,000 Trimble Navigation (b) 3,032 GPS-Based Instruments - -------------------------------------------------------------------------------- 10,169 >COMPUTER SERVICES: 0.8% 786,000 RCM Technologies (b)(c) 4,724 Technology Engineering Services 1,005,500 AnswerThink Consulting (b) 3,921 I/T Integration & Best Practice Research 200,000 Igate Capital (b) 726 I/T & BPO Outsourcing Services - -------------------------------------------------------------------------------- 9,371 >INTERNET: 0.4% 285,000 ValueClick (b) 4,871 Internet Advertising - -------------------------------------------------------------------------------- Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >TELEVISION PROGRAMMING/CATV: 0.4% 434,400 Lions Gate Entertainment (b) $4,144 Film & TV Studio - -------------------------------------------------------------------------------- >ELECTRONICS DISTRIBUTION: 0.3% 60,000 CDW 3,535 Technology Reseller - -------------------------------------------------------------------------------- >CONTRACT MANUFACTURING: 0.2% 117,700 Plexus (b) 2,011 Electronic Manufacturing Services - -------------------------------------------------------------------------------- -------------- INFORMATION: TOTAL 310,800 - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 15.9% >RETAIL: 6.1% 350,000 Abercrombie & Fitch 17,447 Teen Apparel Retailer 230,000 Chico's FAS (b) 8,464 Women's Specialty Retailer 395,750 Aeropostale (b) 8,410 Mall Based Teen Retailer 360,000 Petco Animal Supplies (b) 7,618 Pet Supplies & Services 190,000 Michaels Stores 6,281 Craft & Hobby Specialty Retailer 212,500 Ann Taylor (b) 5,642 Women's Apparel Retailer 393,750 Christopher & Banks 5,461 Women's Apparel Retailer 95,000 Genesco (b) 3,538 Multi-Concept Branded Footwear Retailer 100,000 Sports Authority (b) 2,944 Sporting Goods Stores 141,200 Brookstone (b) 2,816 Specialty Consumer Product Retailer - -------------------------------------------------------------------------------- 68,621 >CONSUMER SERVICES: 3.3% 416,000 ITT Educational Services (b) 20,530 Postsecondary Degree Programs 435,000 Coinstar (b) 8,052 Owner/Operator of Coin Counting Machines 371,700 Central Parking 5,557 Owner, Operator & Manager of Parking Lots & Garages 60,000 Weight Watchers (b) 3,095 Weight Loss Programs - -------------------------------------------------------------------------------- 37,234 >NONDURABLES: 1.9% 226,200 Scotts Miracle-Gro 19,890 Consumer Lawn & Garden Products 100,000 Prestige Brands (b) 1,232 OTC, Household & Personal Care Products - -------------------------------------------------------------------------------- 21,122 >ENTERTAINMENT/LEISURE PRODUCTS: 1.7% 301,300 International Speedway Motors 15,809 Largest Motorsport Racetrack Owner & Operator - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 195,000 Callaway Golf $2,943 Premium Golf Clubs & Balls 10,400 Polaris Industries 515 Leisure Vehicles & Related Products - -------------------------------------------------------------------------------- 19,267 >APPAREL: 1.5% 194,200 Oxford Industries 8,762 Branded & Private Label Apparel 168,000 Coach (b) 5,268 Designer & Retailer of Branded Leather Accessories 62,000 Steven Madden (b) 1,421 Wholesaler/Retailer of Fashion Footwear 20,300 Carter's (b) 1,153 Children's Branded Apparel - -------------------------------------------------------------------------------- 16,604 >FURNITURE: 1.1% 100,000 HNI 6,022 Office Furniture & Fireplaces 85,000 Herman Miller 2,576 Office Furniture 60,000 American Woodmark 2,016 Kitchen Cabinet Manufacturer 20,000 Mohawk Industries (b) 1,605 Carpet & Flooring - -------------------------------------------------------------------------------- 12,219 >CASINOS: 0.1% 162,900 Alliance Gaming (b) 1,767 Diversified Gaming Company - -------------------------------------------------------------------------------- >RESTAURANTS: 0.1% 53,300 Sonic (b) 1,458 Drive-in Restaurants - -------------------------------------------------------------------------------- >FOOD & BEVERAGES: 0.1% 37,000 NBTY (b) 870 Vitamins & Supplements - -------------------------------------------------------------------------------- -------------- CONSUMER GOODS/SERVICES: TOTAL 179,162 - -------------------------------------------------------------------------------- HEALTH CARE: 14.2% >MEDICAL EQUIPMENT: 4.9% 573,000 Edwards Lifesciences (b) 25,447 Heart Valves 221,300 Diagnostic Products 11,669 Immunodiagnostic Kits 220,000 Viasys Healthcare (b) 5,498 Respiratory & Neurology Medical Equipment 94,171 Advanced Medical Optics (b) 3,574 Medical Devices for Eye Care 115,700 ICU Medical (b) 3,328 Intravenous Therapy Products 110,000 Intermagnetics General (b) 3,073 MRI Equipment 100,000 Arrow International 2,820 Disposable Catheters - -------------------------------------------------------------------------------- 55,409 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >SERVICES: 4.8% 300,000 Charles River Laboratories (b) $13,086 Pharmaceutical Research 133,250 Coventry Health Care (b) 11,462 PPO Network 246,800 Lincare Holdings (b) 10,131 Home Health Care Services 405,000 Serologicals (b) 9,137 Blood Collection & Antibody Production 423,800 NDCHealth Group 8,018 Health Claims Processing & Drug Marketing Services 100,000 Dendrite International (b) 2,009 Software for Pharmaceutical Sales Force - -------------------------------------------------------------------------------- 53,843 >BIOTECHNOLOGY/DRUG DELIVERY: 2.8% 189,000 Neurocrine Biosciences (b) 9,297 Drugs for Sleep, Diabetes, MS & Endometriosis 360,000 Nektar Therapeutics (b) 6,102 Drug Delivery Technologies 455,000 Ligand Pharmaceuticals (b) 4,612 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 260,000 AtheroGenics (b) 4,168 Drugs for Atherosclerosis, Rheumatoid Arthritis, Asthma 100,000 Momenta Pharmaceuticals (b) 2,725 Sugar Analysis Technology for Drug Design 235,000 Exelixis (b) 1,802 Treatments for Cancer & Metabolic Disorders 300,000 Lexicon Genetics (b) 1,194 Drug Discovery 375,000 Locus Discovery, Series D, Pfd. (d)(e) 750 High Throughput Rational Drug Design 363,636 Metabolex, Series F (d)(e) 99 Drugs for Diabetes - -------------------------------------------------------------------------------- 30,749 >MEDICAL SUPPLIES: 1.1% 222,800 Techne (b) 12,695 Cytokines, Antibodies, Other Reagents For Life Sciences - -------------------------------------------------------------------------------- >PHARMACEUTICALS: 0.6% 245,500 Par Pharmaceuticals (b) 6,535 Generics - -------------------------------------------------------------------------------- -------------- HEALTH CARE: TOTAL 159,231 - -------------------------------------------------------------------------------- ENERGY/MINERALS: 12.8% >OIL SERVICES: 6.8% 635,000 Chicago Bridge & Iron 19,742 Engineering & Construction for Petrochemicals & LNG 401,700 FMC Technologies (b) 16,916 Oil & Gas Well Head Manufacturer 300,000 Pride International (b) 8,553 Offshore Drilling Contractor 941,000 Newpark Resources (b) 7,923 Drilling Fluid Services to Oil & Gas Industry 242,000 Layne Christensen (b) 5,699 Water/Mineral Driller & Coal Seam Gas Producer 266,800 Pioneer Drilling (b) 5,208 Oil & Gas Well Driller NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 76,500 Carbo Ceramics $5,048 Natural Gas Well Stimulants 355,000 Hanover Compressor (b) 4,920 Natural Gas Compressor Rental 135,000 Key Energy Services (b) 1,991 Oil & Gas Well Workover Services - -------------------------------------------------------------------------------- 76,000 >OIL & GAS PRODUCERS: 4.4% 525,000 Quicksilver Resources (b) 25,090 Natural Gas & Coal Seam Gas Producer 272,000 Western Gas 13,935 Oil & Coal Seam Gas Producer 104,200 Southwestern Energy (b) 7,648 Natural Gas Producer 450,000 Vaalco Energy (b) 1,818 Oil & Gas Producer 70,000 McMoran Exploration (b) 1,361 Natural Gas Producers & LNG Developer - -------------------------------------------------------------------------------- 49,852 >DISTRIBUTION/MARKETING/REFINING: 1.6% 245,000 Oneok 8,335 Natural Gas Utility, Marketing & Processing 193,000 Atmos Energy 5,452 Natural Gas Utility 111,200 Equitable Resources 4,343 Natural Gas Producer & Utility - -------------------------------------------------------------------------------- 18,130 -------------- ENERGY/MINERALS: TOTAL 143,982 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 9.7% >MACHINERY: 5.6% 564,000 Esco Technologies (b) 28,239 Automatic Electric Meter Readers 414,000 Pentair 15,111 Pumps, Water Treatment & Tools 365,100 Nordson 13,885 Dispensing Systems for Adhesives & Coatings 110,000 Ametek 4,727 Aerospace/Industrial Instruments 50,000 Kaydon 1,421 Specialized Friction & Motion Control Products - -------------------------------------------------------------------------------- 63,383 >INDUSTRIAL GOODS: 1.7% 347,200 Genlyte Group (b) 16,693 Commercial Lighting Fixtures 94,000 Donaldson 2,870 Industrial Air Filtration - -------------------------------------------------------------------------------- 19,563 >CONSTRUCTION: 1.0% 169,050 Florida Rock Industries 10,834 Concrete & Aggregates - -------------------------------------------------------------------------------- >SPECIALTY CHEMICALS/INDUSTRIAL MATERIALS: 0.6% 337,500 Spartech 6,595 Plastics Distribution & Compounding - -------------------------------------------------------------------------------- Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >OUTSOURCING SERVICES: 0.5% 400,000 Quanta Services (b) $5,104 Electrical & Telecom Construction Services - -------------------------------------------------------------------------------- >INDUSTRIAL DISTRIBUTION: 0.3% 113,000 Nuco2 (b) 2,910 Bulk CO2 Gas Distribution to Restaurants - -------------------------------------------------------------------------------- >INDUSTRIAL SERVICES: 0.0% 24,000 Clark 404 Executive Compensation & Benefits Consulting - -------------------------------------------------------------------------------- -------------- INDUSTRIAL GOODS/SERVICES: TOTAL 108,793 - -------------------------------------------------------------------------------- FINANCE: 7.7% >FINANCE COMPANIES: 3.5% 1,091,500 AmeriCredit (b) 26,054 Auto Lending 520,200 World Acceptance (b) 13,218 Personal Loans - -------------------------------------------------------------------------------- 39,272 >INSURANCE: 2.5% 645,000 HCC Insurance Holdings 18,402 Specialty Insurance 14,000 Markel (b) 4,627 Specialty Insurance 35,000 Philadelphia Consolidated Holding (b) 2,972 Specialty Insurance 91,000 United America Indemnity (b) 1,670 Specialty Insurance - -------------------------------------------------------------------------------- 27,671 >BANKS: 1.4% 263,000 TCF Financial 7,035 Great Lakes Bank 197,656 Chittenden 5,240 Vermont & Western Massachusetts Bank 50,000 Associated Banc-Corp 1,524 Midwest Bank 45,000 Greene County Bancshares 1,165 Tennessee Bank 20,000 First Financial BankShares 697 West Texas Bank 30,000 West Bancorporation 556 Des Moines Commercial Bank - -------------------------------------------------------------------------------- 16,217 >SAVINGS & LOAN: 0.3% 116,400 Anchor Bancorp Wisconsin 3,431 Wisconsin Thrift - -------------------------------------------------------------------------------- -------------- FINANCE: TOTAL 86,591 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- OTHER INDUSTRIES: 1.6% >TRANSPORTATION: 0.6% 361,700 Heartland Express $7,357 Regional Dry Van Trucker - -------------------------------------------------------------------------------- >WASTE MANAGEMENT: 0.6% 177,800 Waste Connections (b) 6,237 US Garbage Collection & Disposal - -------------------------------------------------------------------------------- >REAL ESTATE: 0.2% 100,000 Crescent Real Estate Equities 2,051 Class A Office Buildings 35,000 Highland Hospitality 359 Hotel Owner 8,500 American Campus Communities 204 Student Housing/Apartments - -------------------------------------------------------------------------------- 2,614 >REGULATED UTILITIES: 0.2% 90,000 Northeast Utilities 1,796 Regulated Electric Utility - -------------------------------------------------------------------------------- -------------- OTHER INDUSTRIES: TOTAL 18,004 -------------- TOTAL COMMON STOCKS AND OTHER EQUITY-LIKE SECURITIES: 89.6% 1,006,563 (COST: $676,052) SHORT-TERM OBLIGATIONS: 10.5% $ 50,000 Countrywide Financial Funding 3.75% - 3.80% Due 10/04/05 - 10/05/05 49,982 43,000 Citigroup Funding 3.80% Due 10/06/05 - 10/07/05 42,975 23,000 HSBC Finance Corp 3.75% Due 10/03/05 22,995 1,815 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/03/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 8/03/15 Market Value $1,856 (Repurchase proceeds: $1,816) 1,815 - -------------------------------------------------------------------------------- (AMORTIZED COST: $117,767) 117,767 -------------- TOTAL INVESTMENTS: 100.1% 1,124,330 (COST: $793,819)(A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.1%) (576) -------------- TOTAL NET ASSETS: 100% $ 1,123,754 ================================================================================ - -------------------------------------------------------------------------------- >Notes to Statements of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purposes cost of investments was $793,819 and net unrealized appreciation was $330,511 consisting of gross unrealized appreciation of $367,874 and gross unrealized depreciation of $37,363. (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 September 30, 2005, the Fund held five percent or more of the outstanding voting securities of the following company: RCM Technologies 6.88% The aggregate cost and value of this company at September 30, 2005, was $5,636 and $4,724, respectively. Investments in this affiliate company represent 0.4% of total net assets at September 30, 2005, respectively. Investment activity and income amounts relating to affiliates during the nine months ended September 30, 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. These securities are valued in good faith by the Board of Trustees. At September 30, 2005, these securities (in thousands) amounted to $849 which represents 0.08% of total net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATES SHARES (000) COST (000) VALUE (000) - ----------------------------------------------------------------------------------------------------- Locus Discovery, Series D, Pfd. 09/05/01 375 $1,500 $750 Metabolex, Series F 05/11/00 364 2,000 99 ------ ---- $3,500 $849 ====== ====
(e) Represents fair value as determined in good faith under procedures by the Board of Trustees. Columbia Acorn International Select >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 93.4% - -------------------------------------------------------------------------------- EUROPE: 58.5% >UNITED KINGDOM/IRELAND: 19.3% 192,000 Exel $4,157 Global Logistics & Freight Forwarding 245,175 Anglo Irish Bank (Ireland) 3,340 Small Business & Middle Market Banking 160,600 IAWS (Ireland) 2,328 Baked Goods 150,000 William Hill 1,543 UK Betting Services 400,000 Compass Group 1,456 International Concession & Contract Caterer 105,000 Grafton Group (Ireland) (b) 1,061 Building Materials Wholesaling & DIY Retailing 40,000 Intermediate Capital 868 European Provider of Mezzanine Capital 80,000 British Sky Broadcasting 791 Direct Satellite Broadcasting 25,000 Kerry (Ireland) 585 Consumer Foods & Food Ingredients 170,000 Cobham 475 Aerospace Components - -------------------------------------------------------------------------------- 16,604 >FRANCE/BELGIUM: 12.4% 33,000 Neopost 3,201 Postage Meter Machines 170,000 SES Global 2,669 Satellite Broadcasting Services 27,000 Imerys 2,005 Industrial Minerals Producer 20,000 Essilor International 1,657 Eyeglass Lenses 34,000 Belgacom (Belgium) 1,154 Telecom Service Provider - -------------------------------------------------------------------------------- 10,686 >SWITZERLAND: 11.7% 10,200 Kuehne & Nagel 2,525 Freight Forwarding/Logistics 14,000 Swatch Group 1,930 Watch & Electronics Manufacturer 14,500 Synthes 1,697 Products for Orthopedic Surgery 1,900 Geberit International 1,383 Plumbing Supplies 2,300 Schindler 895 Elevator Manufacturer & Service Provider 12,100 BKW Energie 870 Electric Utility 1,200 Givaudan 769 Industrial Fragrances & Flavors - -------------------------------------------------------------------------------- 10,069 >GERMANY: 5.0% 132,000 Depfa Bank 2,118 International Public Sector Finance 13,000 Deutsche Boerse 1,243 Trading, Clearing & Settlement Services for Financial Markets NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 24,000 Rhoen-Klinikum $923 Hospital Management - -------------------------------------------------------------------------------- 4,284 >NORWAY: 3.0% 157,500 Den Norske Bank 1,624 Largest Norwegian Bank 26,000 Orkla 987 Food & Diversified Consumer Goods - -------------------------------------------------------------------------------- 2,611 >CZECH REPUBLIC: 2.9% 16,840 Komercni Banka 2,454 Leading Czech Universal Bank - -------------------------------------------------------------------------------- >SPAIN: 2.4% 73,000 Red Electrica 2,085 Spanish Power Grid - -------------------------------------------------------------------------------- >SWEDEN: 1.0% 56,000 Gambro 849 Products/Services for Renal Care - -------------------------------------------------------------------------------- >DENMARK: 0.9% 15,000 Novozymes 774 Industrial Enzymes - -------------------------------------------------------------------------------- -------------- EUROPE: TOTAL 50,416 - -------------------------------------------------------------------------------- ASIA: 21.2% >JAPAN: 15.9% 48,000 Daito Trust Construction 2,109 Apartment Builder 68,000 Shimano 1,841 Bicycle Components & Fishing Tackle 2,000 Jupiter Telecommunications (b) 1,732 Largest Cable Service Provider in Japan 48,600 Hoya (b) 1,651 16,200 Hoya 541 Opto-Electrical Components & Eyeglass Lenses 34,000 Ito En 1,593 Bottled Tea & Other Beverages 77,000 Ushio 1,563 Industrial Light Sources 11,000 Funai Electric 976 Consumer Electronics 181,800 Hiroshima Bank 975 Regional Bank 94,000 Bank of Yokohama 716 Regional Bank - -------------------------------------------------------------------------------- 13,697 >HONG KONG/CHINA: 3.6% 650,000 Hong Kong Exchanges & Clearing 2,234 Hong Kong Equity & Derivatives Operator 2,000,000 Global Bio-Chem Technology Group (China) 910 Refiner of Corn-Based Commodities - -------------------------------------------------------------------------------- 3,144 Columbia Acorn International Select >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >SINGAPORE: 1.7% 1,600,000 Comfort Del Gro $1,423 Taxi & Mass Transit Service - -------------------------------------------------------------------------------- -------------- ASIA: TOTAL 18,264 - -------------------------------------------------------------------------------- LATIN AMERICA: 5.9% >ARGENTINA: 5.9% 37,000 Tenaris 5,100 Steel Pipe for Oil Wells & Pipelines - -------------------------------------------------------------------------------- -------------- LATIN AMERICA: TOTAL 5,100 - -------------------------------------------------------------------------------- OTHER COUNTRIES: 7.8% >CANADA: 5.3% 300,000 Kinross Gold (b) 2,307 Gold Mining 47,000 Talisman Energy 2,302 Oil & Gas Producer - -------------------------------------------------------------------------------- 4,609 >AUSTRALIA: 2.5% 330,000 Lion Nathan 2,114 Beer Brewer/Distributor - -------------------------------------------------------------------------------- -------------- OTHER: TOTAL 6,723 -------------- TOTAL COMMON STOCKS: 93.4% 80,503 (COST: $57,636) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATION: 7.1% $ 6,128 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/03/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 8/03/15 Market Value $6,254 (Repurchase proceeds: $6,130) $6,128 - -------------------------------------------------------------------------------- (COST: $6,128) 6,128 -------------- TOTAL INVESTMENTS: 100.5% 86,631 (COST: $63,764)(A)(C) CASH AND OTHER ASSETS LESS LIABILITIES: (0.5%) (483) -------------- TOTAL NET ASSETS: 100% $ 86,148 ================================================================================ >Notes to Statement of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purposes cost of investments was $63,764 and net unrealized appreciation was $22,867 consisting of gross unrealized appreciation of $25,843 and gross unrealized depreciation of $2,976. (b) Non-income producing security. (c) On September 30, 2005, the Fund's total investments were denominated in currencies as follows: % OF TOTAL CURRENCY VALUE NET ASSETS - -------------------------------------------------------------------------------- Euro $24,369 28.3% Japanese Yen 13,697 15.9 US Dollar 11,228 13.0 Swiss Franc 10,069 11.7 British Pounds 9,290 10.8 Canadian Dollar 4,609 5.3 Other currencies less than 5% of total net assets 13,369 15.5 ------- ------ $86,631 100.5% ======= ====== Columbia Acorn Select >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 91.7% - -------------------------------------------------------------------------------- INFORMATION: 28.4% >TELECOMMUNICATIONS EQUIPMENT: 5.9% 9,275,000 Tellabs (b) $97,573 Telecommunications Equipment - -------------------------------------------------------------------------------- >TELEVISION PROGRAMMING/CATV: 4.7% 2,075,000 Discovery Holding (b) 29,963 CATV Programming 896,350 Liberty Global, Series A (b) 24,273 896,350 Liberty Global, Series C (b) 23,081 CATV Holding Company - -------------------------------------------------------------------------------- 77,317 >BUSINESS SOFTWARE: 4.3% 5,000,000 Novell (b) 37,250 Directory, Operating System & Identity Management Software 842,000 Avid Technology (b) 34,859 Digital Nonlinear Editing Software & Systems - -------------------------------------------------------------------------------- 72,109 >MOBILE COMMUNICATIONS: 3.5% 2,350,000 American Tower (b) 58,632 Communication Towers in USA & Mexico - -------------------------------------------------------------------------------- >INTERNET: 3.5% 9,600,000 Skillsoft Publishing (b)(c) 43,968 Provider of Web-Based Learning Solutions (E-Learning) 544,000 IAC/Interactive (b) 13,790 Dominate Internet Middleman - -------------------------------------------------------------------------------- 57,758 >ELECTRONICS DISTRIBUTION: 2.4% 690,000 CDW 40,655 Technology Reseller - -------------------------------------------------------------------------------- >INSTRUMENTATION: 2.1% 1,400,000 Tektronix 35,322 Analytical Instruments - -------------------------------------------------------------------------------- >PUBLISHING: 1.6% 775,000 Tribune Company 26,265 Newspapers & TV Stations - -------------------------------------------------------------------------------- >COMPUTER SERVICES: 0.4% 1,606,186 AnswerThink Consulting (b) 6,264 I/T Integration & Best Practice Research - -------------------------------------------------------------------------------- -------------- INFORMATION: TOTAL 471,895 - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 26.8% >RETAIL: 11.4% 3,275,000 Safeway 83,840 Retail Food & Drug Stores 1,375,000 Abercrombie & Fitch 68,544 Teen Apparel Retailer 845,000 Costco 36,411 Warehouse Superstores - -------------------------------------------------------------------------------- 188,795 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CONSUMER SERVICES: 7.0% 1,600,000 ITT Educational Services (b) $78,960 Postsecondary Degree Programs 728,000 Weight Watchers (b) 37,550 Weight Loss Program - -------------------------------------------------------------------------------- 116,510 >LEISURE VEHICLES: 3.1% 1,050,000 Harley-Davidson 50,862 Motorcycles & Related Merchandise - -------------------------------------------------------------------------------- >FURNITURE & MANUFACTURERS: 2.6% 1,400,000 Coach (b) 43,904 Designer & Retailer of Branded Leather Accessories - -------------------------------------------------------------------------------- >ENTERTAINMENT: 2.1% 670,000 International Speedway Motors 35,155 Largest Motorsport Racetrack Owner & Operator - -------------------------------------------------------------------------------- >TRAVEL: 0.6% 544,000 Expedia (b) 10,777 Online Travel Services - -------------------------------------------------------------------------------- -------------- CONSUMER GOODS/SERVICES: TOTAL 446,003 - -------------------------------------------------------------------------------- FINANCE: 15.4% >MONEY MANAGEMENT: 6.1% 975,000 Nuveen Investments 38,405 Specialty Mutual Funds 2,500,000 Janus Capital 36,125 Manages Mutual Funds 729,500 SEI Investments 27,415 Mutual Fund Administration & Investment Management - -------------------------------------------------------------------------------- 101,945 >INSURANCE: 4.7% 120,000 Markel (b) 39,660 Specialty Insurance 1,800,000 Conseco (b) 37,998 Life, Long Term Care & Medical Supplement Insurance - -------------------------------------------------------------------------------- 77,658 >BANKS: 4.6% 1,970,000 TCF Financial 52,697 Great Lakes Bank 750,000 Associated Banc-Corp 22,860 Midwest Bank - -------------------------------------------------------------------------------- 75,557 -------------- FINANCE: TOTAL 255,160 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 9.8% >STEEL: 2.7% 2,112,500 Worthington Industries 44,426 Steel Processing - -------------------------------------------------------------------------------- >INDUSTRIAL GOODS: 2.5% 1,081,200 Mine Safety Appliances 41,842 Safety Equipment - -------------------------------------------------------------------------------- Columbia Acorn Select >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >OUTSOURCING SERVICES & TRAINING: 2.3% 3,030,000 Quanta Services (b) $38,663 Electrical & Telecom Construction Services - -------------------------------------------------------------------------------- >LOGISTICS: 2.3% 661,000 Expeditors International of Washington 37,532 International Freight Forwarder - -------------------------------------------------------------------------------- -------------- INDUSTRIAL GOODS/SERVICES: TOTAL 162,463 - -------------------------------------------------------------------------------- HEALTH CARE: 5.0% >SERVICES: 5.0% 530,000 Coventry Health Care (b) 45,591 PPO Network 910,000 Lincare Holdings (b) 37,355 Home Health Care Services - -------------------------------------------------------------------------------- 82,946 -------------- HEALTH CARE: TOTAL 82,946 - -------------------------------------------------------------------------------- ENERGY/MINERALS: 4.3% >OIL SERVICES: 4.3% 1,854,000 Pride International (b) 52,858 Offshore Drilling Contractor 450,000 FMC Technologies (b) 18,949 Oil & Gas Well Head Manufacturer - -------------------------------------------------------------------------------- 71,807 -------------- ENERGY/MINERALS: TOTAL 71,807 OTHER INDUSTRIES: 2.0% >WASTE MANAGEMENT: 2.0% 1,175,000 Waste Management 33,617 US Garbage Collection & Disposal - -------------------------------------------------------------------------------- -------------- OTHER INDUSTRIES: TOTAL 33,617 -------------- TOTAL COMMON STOCKS: 91.7% 1,523,891 (COST: $1,250,958) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 8.5% $ 60,000 HSBC Finance Corp 3.75% Due 10/03/05 - 10/4/05 $59,984 55,000 Countrywide Financial Funding 3.75% - 3.80% Due 10/05/05 - 10/06/05 54,974 24,000 Citigroup Funding 3.80% - Due 10/07/05 23,985 2,438 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/03/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 8/03/15 Market Value $2,488 (Repurchase proceeds: $2,439) 2,438 - -------------------------------------------------------------------------------- (AMORTIZED COST: $141,381) 141,381 -------------- TOTAL INVESTMENTS: 100.2% 1,665,272 (COST: $1,392,339)(A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.2%) (3,659) -------------- TOTAL NET ASSETS: 100% $ 1,661,613 ================================================================================ - -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purposes cost of investments was $1,392,339 and net unrealized appreciation was $272,933 consisting of gross unrealized appreciation of $304,930 and gross unrealized depreciation of $31,997. (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 September 30, 2005, the Fund held five percent or more of the outstanding voting securities of the following company: Skillsoft Publishing 8.98% The aggregate cost and value of this company at September 30, 2005, was $60,530 and $43,968, respectively. Investments in this affiliate company represents 2.6% of total net assets at September 30, 2005. Investment activity and income amounts relating to affiliates during the nine months ended September 30, 2005, were as follows: Dividend Income $ -- Net realized gain or loss $ (260,476) Purchases $ 13,030 Proceeds from sales $ 3,611,506 Columbia Thermostat Fund >Statement of Investments (Unaudited), September 30, 2005 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- >STOCK FUNDS: 50.2% 1,881,319 Columbia LargeCap Enhanced Core Fund, Class Z $25,887 1,719,991 Columbia Dividend Income Fund, Class Z 20,657 545,743 Columbia Acorn Fund, Class Z 15,608 467,030 Columbia Acorn International, Class Z 15,580 1,134,953 Columbia Large Cap Value Fund, Class Z 15,492 476,697 Columbia Acorn Select, Class Z 10,426 - -------------------------------------------------------------------------------- TOTAL STOCK FUNDS (COST: $93,717) 103,650 >BOND FUNDS: 49.6% 5,734,956 Columbia Intermediate Bond Fund, Class Z 51,271 2,907,129 Columbia Federal Securities Fund, Class Z 30,757 2,410,773 Columbia Conservative High Yield Fund, Class Z 20,540 - -------------------------------------------------------------------------------- TOTAL BOND FUNDS (COST: $103,145) 102,568 >SHORT-TERM OBLIGATIONS: 0.3% $ 599 Repurchase Agreement with State Street Bank & Trust Dated 9/30/05, Due 10/03/05 at 3.60% Collateralized by Federal Home Loan Mortgage Notes, Maturing 09/15/11 Market Value $616 (Repurchase proceeds: $599) 599 - -------------------------------------------------------------------------------- (COST: $599) 599 -------------- TOTAL INVESTMENTS: 100.1% 206,817 (COST: $197,461)(A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.1%) (153) TOTAL NET ASSETS: 100% $ 206,664 ================================================================================ - -------------------------------------------------------------------------------- >Notes to Statement of Investments (in thousands) * Security Valuation: Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in accordance with procedures established by the Board of Trustees. Securities traded on securities exchanges or in over-the-counter markets in which transaction prices are reported are valued at the last sales price at the time of valuation. If a security is traded principally on the Nasdaq Stock Market Inc., the Nasdaq Official Closing Price will be applied. Securities for which there are no reported sales on the valuation date are valued at the latest bid quotation. Short-term debt obligations having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximate fair value. Securities for which quotations are not available are valued at a fair value as determined in good faith by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a "fair value", that value may be different from the last quoted market price for the security. (a) At September 30, 2005, for federal income tax purposes cost of investments was $197,461 and net unrealized appreciation was $9,356 consisting of gross unrealized appreciation of $10,200 and gross unrealized depreciation of $844. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer, based on his evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, has concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (registrant) Columbia Acorn Trust ------------------------------------------------------------------ By (Signature and Title) /s/ Charles P. McQuaid ------------------------------------------------------ Charles P. McQuaid, President Date November 22, 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 November 22, 2005 -------------------------------------------------------------------------- By (Signature and Title) /s/ Bruce H. Lauer ------------------------------------------------------ Bruce H. Lauer, Treasurer Date November 22, 2005 -------------------------------------------------------------------------- EX-99.CERT 2 file002.txt CERTIFICATIONS I, Charles P. McQuaid, certify that: 1. I have reviewed this report on Form N-Q of Columbia Acorn Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2005 /s/ Charles P. McQuaid ----------------------------- Charles P. McQuaid, President I, Bruce H. Lauer, certify that: 1. I have reviewed this report on Form N-Q of Columbia Acorn Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of invesments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2005 /s/ Bruce H. Lauer ------------------------- Bruce H. Lauer, Treasurer -----END PRIVACY-ENHANCED MESSAGE-----