-----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, NA+yvFMVHBM88xai+K/pJsRqDwRauN9bQoWLRpIpiEBTUnuQWnUOxXoU2qDuxcFk GJZxfMo8iGkW3yLxK0RuSQ== 0000891804-06-001823.txt : 20060530 0000891804-06-001823.hdr.sgml : 20060529 20060530103754 ACCESSION NUMBER: 0000891804-06-001823 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060530 DATE AS OF CHANGE: 20060530 EFFECTIVENESS DATE: 20060530 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: 06872359 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 0000002110 S000009184 Columbia Acorn Fund C000024954 Columbia Acorn Fund Class A LACAX C000024955 Columbia Acorn Fund Class B LACBX C000024956 Columbia Acorn Fund Class C LIACX C000024957 Columbia Acorn Fund Class Z ACRNX 0000002110 S000009185 Columbia Acorn International C000024958 Columbia Acorn International Class A LAIAX C000024959 Columbia Acorn International Class B LIABX C000024960 Columbia Acorn International Class C LAICX C000024961 Columbia Acorn International Class Z ACINX 0000002110 S000009186 Columbia Acorn USA C000024962 Columbia Acorn USA Class A LAUAX C000024963 Columbia Acorn USA Class B LAUBX C000024964 Columbia Acorn USA Class C LAUCX C000024965 Columbia Acorn USA Class Z AUSAX 0000002110 S000009187 Columbia Acorn Select C000024966 Columbia Acorn Select Class A LTFAX C000024967 Columbia Acorn Select Class B LTFBX C000024968 Columbia Acorn Select Class C LTFCX C000024969 Columbia Acorn Select Class Z ACTWX 0000002110 S000009188 Columbia Acorn International Select C000024970 Columbia Acorn International Select Class A LAFAX C000024971 Columbia Acorn International Select Class B LFFBX C000024972 Columbia Acorn International Select Class C LFFCX C000024973 Columbia Acorn International Select Class Z ACFFX 0000002110 S000009189 Columbia Thermostat Fund C000024974 Columbia Thermostat Fund Class A CTFAX C000024975 Columbia Thermostat Fund Class B CTFBX C000024976 Columbia Thermostat Fund Class C CTFDX C000024977 Columbia Thermostat Fund Class Z COTZX N-Q 1 file001.txt COLUMBIA ACORN TRUST UNITED STATES ------------------------------ SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL WASHINGTON, D.C. 20549 ------------------------------ OMB Number: 3235-0578 Expires: May 31, 2007 Estimated average burden hours per response. . . .21.09 ------------------------------ 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) James R. Bordewick, Jr., Esq. Columbia Management Advisors, LLC One Financial Center Boston, MA 02111 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-617-426-3750 ---------------------------- Date of fiscal year end: 12/31/06 ------------------ Date of reporting period: 3/31/06 ------------------ ITEM 1. SCHEDULE OF INVESTMENTS. Columbia Acorn Fund >Statement of Investments (Unaudited), March 31, 2006 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 92.8% - -------------------------------------------------------------------------------- INFORMATION: 22.3% SOFTWARE/SERVICES >BUSINESS SOFTWARE: 3.3% 11,500,000 Novell (b) $88,320 Directory, Operating System & Identity Management Software 2,250,000 Kronos (b)(c) 84,128 Labor Management Solutions 1,800,000 Avid Technology (b) 78,228 Digital Nonlinear Editing Software & Systems 1,425,000 Micros Systems (b) 65,650 Information Systems for Restaurants & Hotels 1,427,000 Witness Systems (b) 36,246 Customer Experience Management Software 1,800,000 Cadence Design Systems (b) 33,282 Electronic Design Automation 6,000,000 Actuate (b)(c) 25,500 Information Delivery Software & Solutions 835,000 Progress Software (b) 24,290 Application Development Software 3,000,000 Lawson Software (b) 23,010 Enterprise Resource Planning (ERP) Software 1,499,000 JDA Software (b)(c) 21,646 Applications/Software & Services for Retailers 1,000,000 Sybase (b) 21,120 Database Software 1,200,000 Parametric Technology (b) 19,596 Engineering Software & Services 5,000,000 Indus International (b)(c) 18,200 600,000 Indus International Legend (b) 2,184 Enterprise Asset Management Software 1,000,000 MRO Software (b) 15,960 Enterprise Maintenance Software 928,000 SSA Global Technologies (b) 14,876 Enterprise Resource Planning (ERP) Software 675,000 Concur Technologies (b) 12,508 Web Enabled Enterprise Applications 1,600,000 Agile Software (b) 12,208 Product Design Software 1,761,000 Tumbleweed Communications (b) 5,265 Email Content Security & File Transfer Management 518,000 Webmethods (b) 4,362 Enterprise Applications Integration (EAI) Tools 1,250,000 ClickSoftware Technologies (b) 1,975 Service Chain Optimization Software - -------------------------------------------------------------------------------- 608,554 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.5% 1,200,000 Getty Images (b) 89,856 Photographs for Publications & Electronic Media 2,435,000 Ceridian (b) 61,971 HR Services & Payment Processing 1,836,000 Navigant Consulting (b)(c) 39,199 Financial Consulting Firm NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 916,000 Fair Isaac $36,292 Credit Scoring & Decision Analytic Software 2,285,000 InfoUSA 29,659 Business Data for Sales Leads 300,000 Navteq (b) 15,195 Map Data for Electronic Devices 2,500,000 PRIMEDIA (b) 5,175 Specialty Magazines & Other Publications 175,000 Triple Crown Media (b) 1,033 Newspapers, Paging & Collegiate Sports Marketing - -------------------------------------------------------------------------------- 278,380 >TRANSACTION PROCESSORS: 1.1% 2,524,000 Global Payments 133,797 Credit Card Processor 9,000,000 Hong Kong Exchanges & Clearing (Hong Kong) 54,087 Hong Kong Equity & Derivatives Operator 600,000 Cubic 14,364 Revenue Collection & Defense Systems - -------------------------------------------------------------------------------- 202,248 >INTERNET: 1.0% 3,000,000 RSA Security (b) 53,820 Enterprise Security Software 9,500,000 Skillsoft Publishing (b)(c) 49,780 Provider of Web-Based Learning Solutions (E-Learning) 3,000,000 Cnet Networks (b) 42,630 Internet Advertising on Niche Websites 2,000,000 ValueClick (b) 33,840 Internet Advertising 1,879,808 Vital Stream Cl. C (b) 4,831 1,621,872 Vital Stream (b)(e) 3,543 Streaming Services for the Internet 82,000 Travelzoo (b) 1,606 Travel Internet Advertising - -------------------------------------------------------------------------------- 190,050 >COMPUTER SERVICES: 0.8% 1,350,000 SRA International (b) 50,936 Government I/T Services 4,000,000 Bearing Point (b) 33,960 Business Consulting & Technology Strategy 4,600,000 AnswerThink (b)(c) 29,578 I/T Integration & Best Practice Research 5,000,000 Igate Capital (b)(c) 29,500 I/T & BPO Outsourcing Services 1,025,000 New Horizons Worldwide (b)(c) 615 Computer Training Services - -------------------------------------------------------------------------------- 144,589 >ELECTRONICS DISTRIBUTION: 0.6% 2,300,000 Avnet (b) 58,374 Electronic Components Distribution 680,000 Tech Data (b) 25,099 I/T Distributor 295,000 CDW 17,361 Technology Reseller 710,000 Agilysys 10,693 I/T Distributor - -------------------------------------------------------------------------------- 111,527 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CONSUMER SOFTWARE: 0.3% 2,000,000 Activision (b) $27,580 Entertainment Software 1,050,000 THQ (b) 27,185 Entertainment Software - -------------------------------------------------------------------------------- 54,765 COMPUTER RELATED HARDWARE >COMPUTER HARDWARE/RELATED SYSTEMS: 3.0% 1,540,000 Amphenol 80,357 Electronic Connectors 870,000 Rogers (b)(c) 47,398 PCB Laminates & High Performance Foams 1,240,000 Intermec (b) 37,832 Bar Code & Wireless Lan Systems 717,000 Nice Systems (Israel) (b) 36,538 Audio & Video Recording Solutions 1,027,000 Avocent (b) 32,597 Computer Control Switches 1,173,000 Belden CDT 31,941 Specialty Cable 1,635,000 II VI (b)(c) 29,577 Laser Components 230,000 Wincor Nixdorf (Germany) 28,970 Retail POS Systems & ATM Machines 253,600 Neopost (France) 27,569 Postage Meter Machines 2,560,000 Symbol Technologies 27,085 Mobile Computers & Barcode Scanners 9,761,000 Advantech (Tawain) 27,014 Embedded Computers 530,000 Zebra Technologies (b) 23,702 Bar Code Printers 625,000 Excel Technologies (b)(c) 18,419 Laser Systems & Electro-Optical Components 1,310,000 CTS 17,528 Electronic Components, Sensors & EMS 900,000 Netgear (b) 17,109 Networking Products for Small Business & Home 5,000,000 Concurrent Computer (b)(c) 16,150 Video on Demand Systems & Services 375,000 Diebold 15,412 Automated Teller Machines 1,875,000 Seachange International (b)(c) 14,569 Systems for Video on Demand & Ad Insertion 300,000 Logitech (Switzerland) (b) 11,944 Branded Peripheral Computer Devices 11,999,000 Phoenixtec Power (Taiwan) 11,697 Uninterruptible Power Supplies - -------------------------------------------------------------------------------- 553,408 >SEMICONDUCTORS/RELATED EQUIPMENT: 1.3% 4,425,000 Entegris (b) 47,082 Semiconductor Wafer Shipping & Handling Products 3,060,000 Integrated Device Technology (b) 45,472 Communications Semiconductors 5,254,000 Novatek Microelectronics (Taiwan) 37,188 LCD Related IC Designer NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 915,000 Littelfuse (b) $31,229 Little Fuses 1,235,000 Semtech (b) 22,094 Analog Semiconductors 565,000 Supertex (b) 21,255 Mixed-Signal Semiconductors 1,950,000 Amis Holdings (b) 17,667 Analog & Mixed: Signal Semiconductors 1,905,000 IXYS (b)(c) 17,564 Power Semiconductors - -------------------------------------------------------------------------------- 239,551 >GAMING EQUIPMENT: 1.2% 3,840,000 International Game Technology 135,245 Slot Machines & Progressive Jackpots 2,430,000 Shuffle Master (b)(c) 86,848 Card Shufflers & Casino Games - -------------------------------------------------------------------------------- 222,093 >INSTRUMENTATION: 0.9% 1,250,000 Trimble Navigation (b) 56,313 GPS-Based Instruments 750,000 Mettler Toledo (b) 45,255 Laboratory Equipment 711,000 Dionex (b) 43,712 Ion & Liquid Chromatography 670,000 Varian (b) 27,591 Analytical Instruments - -------------------------------------------------------------------------------- 172,871 >CONTRACT MANUFACTURING: 0.9% 2,275,000 Jabil Circuit (b) 97,507 Electronic Manufacturing Services 1,961,000 Plexus (b) 73,675 Electronic Manufacturing Services - -------------------------------------------------------------------------------- 171,182 TELECOMMUNICATIONS >TELECOMMUNICATION SERVICES: 2.9% 4,500,000 Crown Castle International (b) 127,575 Communication Towers 3,500,000 American Tower (b) 106,120 Communication Towers in USA & Mexico 1,600,000 Alltel 103,600 Cellular & Wireline Telephone Services 8,000,000 Dobson Communications (b) 64,160 Rural & Small City Cellular Telephone Services 3,500,000 Time Warner Telecom (b) 62,825 Fiber Optic Data/Telephone Service Provider 780,000 Telephone and Data Systems 30,763 300,000 Telephone and Data Systems, Cl. S 11,325 Cellular & Wireline Telephone Services 2,300,000 Tele2 AB (Sweden) 27,171 European Cellular & Reseller Telephone Services 200,000 Commonwealth Telephone 6,890 Rural Phone Franchises & Competitive Telco - -------------------------------------------------------------------------------- 540,429 Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >TELECOMMUNICATIONS EQUIPMENT: 1.0% 9,800,000 Tellabs (b) $155,820 Telecommunications Equipment 1,750,000 Andrew (b) 21,490 Wireless Infrastructure Equipment 1,510,000 Symmetricom (b) 12,911 Network Timing & Synchronization Devices - -------------------------------------------------------------------------------- 190,221 MEDIA >TELEVISION PROGRAMMING/CATV: 1.7% 4,015,000 Discovery Holding (b) 60,225 CATV Programming 70,000 Jupiter Telecommunications (Japan) (b) 49,504 Largest Cable Service Provider in Japan 2,100,000 Liberty Global, Series C (b) 41,475 1,800,000 Liberty Global, Series A (b) 36,846 CATV Holding Company 3,000,000 Lions Gate Entertainment (b) 30,450 Film & TV Studio 960,000 Alliance Atlantis Communication (Canada) (b) 28,935 CATV Channels, TV/Movie Production/Distribution 7,912,000 Gemstar TV Guide International (b) 24,448 TV Program Guides & CATV Programming 2,618,000 Liberty Media (b) 21,494 CATV Programming & Media Company Holdings 1,250,000 Mediacom Communications (b) 7,188 Cable Television Franchises 700,000 Outdoor Channel (b) 7,133 Cable Television Programming - -------------------------------------------------------------------------------- 307,698 >TV/SATELLITE BROADCASTING: 0.5% 2,750,000 SES Global (France) 43,794 Satellite Broadcasting Services 2,500,000 Entravision Communications (b) 22,900 Spanish Language TV, Radio & Outdoor 1,750,000 Gray Television 14,700 Mid Market Affiliated TV Stations 270,000 Metropole TV (France) 8,022 Television Broadcaster - -------------------------------------------------------------------------------- 89,416 >RADIO BROADCASTING: 0.3% 1,541,000 Salem Communications (b)(c) 23,130 Radio Stations for Religious Programming 1,500,000 Cumulus Media, Cl. A (b) 16,890 Radio Stations in Small Cities 2,400,000 Spanish Broadcasting (b) 13,272 Spanish Language Radio Stations 924,000 Saga Communications (b) 8,935 Radio Stations in Small & Mid-sized Cities - -------------------------------------------------------------------------------- 62,227 --------- INFORMATION: TOTAL 4,139,209 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 19.0% SERVICES >RETAIL: 5.6% 5,090,000 Chico's FAS (b) $206,858 Women's Specialty Retail 3,560,000 Michaels Stores 133,785 Craft & Hobby Specialty Retailer 2,000,000 Abercrombie & Fitch 116,600 Teen Apparel Retailer 3,743,000 Christopher & Banks (c) 86,875 Women's Apparel Retailer 2,427,000 Urban Outfitters (b) 59,559 Apparel & Home Specialty Retailer 1,400,000 Williams Sonoma 59,360 Home Goods & Furnishing Retailer 1,520,000 Sports Authority (b)(c) 56,088 Sporting Goods Stores 2,250,000 Petco Animal Supplies (b) 53,033 Pet Supplies & Services 1,223,000 Ann Taylor Stores (b) 44,994 Women's Apparel Retailer 1,300,000 Borders Group 32,812 Bookstores 7,850,000 Rite Aid (b) 31,400 Drug Stores 1,040,000 Aeropostale (b) 31,366 Mall Based Teen Retailer 1,630,000 Rona (Canada) (b) 31,111 Leading Canadian DIY Retailer 775,000 Genesco (b) 30,140 Multi-Concept Branded Footwear Retailer 1,072,000 Zale (b) 30,048 Specialty Retailer of Jewelry 3,500,000 Edgars Consolidated Stores (South Africa) 21,812 Leading Retail Conglomerate 1,062,000 Gaiam (b)(c) 17,109 Healthy Living Catalogs & E-Commerce - -------------------------------------------------------------------------------- 1,042,950 >CONSUMER SERVICES: 1.9% 2,250,000 ITT Educational Services (b) 144,113 Postsecondary Degree Programs 1,275,000 Weight Watchers 65,535 Weight Loss Programs 1,440,000 Coinstar (b)(c) 37,310 Owner/Operator of Coin Counting Machines 870,000 Park 24 (Japan) 29,732 Parking Lot Operator 800,000 Regis Corp. Minnesota 27,584 Hair Salons 1,530,000 Central Parking 24,480 Owner, Operator & Manager of Parking Lots & Garages 1,939,000 Princeton Review (b)(c) 11,731 College Preparation Courses 277,000 Lincoln Technical Institute (b) 4,695 Vocational Training 100,000 Universal Technical Institute (b) 3,010 Vocational Training - -------------------------------------------------------------------------------- 348,190 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CASINOS: 1.1% 885,000 Station Casinos $70,242 Casinos & Riverboats 3,900,000 Bally Technologies (formerly known as Alliance Gaming) (b)(c) 66,261 Slot Machines & Software 1,898,000 Pinnacle Entertainment (b) 53,467 Regional Riverboat Casinos 4,500,000 Sky City Entertainment (New Zealand) 14,846 Casino/Entertainment Complex 226,000 Lakes Entertainment (b) 2,459 Native American Casino Development - -------------------------------------------------------------------------------- 207,275 >ENTERTAINMENT/LEISURE PRODUCTS: 1.0% 1,795,000 RC2 (b)(c) 71,459 Toys, Infant Products & Collectibles 1,416,000 Speedway Motorsports 54,105 Motorsport Racetrack Owner & Operator 1,025,000 International Speedway Motors 52,172 Largest Motorsport Racetrack Owner & Operator 201,000 Thor Industries 10,725 RV & Bus Manufacturer 500,000 Callaway Golf 8,600 Premium Golf Clubs & Balls - -------------------------------------------------------------------------------- 197,061 >TRAVEL: 1.0% 2,110,000 Vail Resorts (b) 80,644 Ski Resort Operator & Developer 915,000 Four Seasons Hotels (Canada) 46,390 Luxury Hotel Operator 1,044,000 Intrawest (Canada) 35,651 Ski Resort Operator & Developer 270,000 Kerzner International (Bahamas) (b) 21,011 Destination Resorts & Casinos 1,045,000 Navigant (b) 12,833 Corporate Travel Agency - -------------------------------------------------------------------------------- 196,529 >RESTAURANTS: 0.8% 1,430,000 Sonic (b) 50,236 Drive-in Restaurants 805,000 Red Robin Gourmet (b) 37,996 Casual Dining Restaurants 800,000 Cheesecake Factory (b) 29,960 Casual Dining Restaurants 1,600,000 AFC Enterprises (c) 22,240 Popeyes Restaurants - -------------------------------------------------------------------------------- 140,432 >CRUISE LINES: 0.1% 400,000 Carnival 18,948 Largest Cruise Line - -------------------------------------------------------------------------------- >GAMING: 0.1% 690,000 Intralot (Greece) 17,814 Lottery & Gaming Systems & Services NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- GOODS >APPAREL: 1.9% 5,980,000 Coach (b) $206,788 Designer & Retailer of Branded Leather Accessories 919,000 Oxford Industries (c) 46,988 Branded & Private Label Apparel 559,000 Carter's 37,727 Children's Branded Apparel 3,000,000 Billabong International (Australia) 32,665 Action Sports Apparel Brand Manager 400,000 Columbia Sportswear (b) 21,332 Active Outdoor Apparel, Footwear & Accessories 600,000 True Religion Apparel (b) 11,082 Premium Denim - -------------------------------------------------------------------------------- 356,582 >FURNITURE/TEXTILES: 1.8% 2,400,000 HNI 141,600 Office Furniture & Fireplaces 2,068,000 Herman Miller 67,024 Office Furniture 765,000 Mohawk Industries (b) 61,751 Carpet & Flooring 1,398,000 Nobia (Sweden) 36,216 Kitchen Cabinet Manufacturing & Distribution 1,435,000 Knoll 30,594 Office Furniture - -------------------------------------------------------------------------------- 337,185 >NONDURABLES: 1.4% 1,820,000 SCP Pool 85,376 Distributor of Swimming Pool Supplies & Equipment 1,790,000 Scotts Miracle-Gro 81,910 Consumer Lawn & Garden Products 3,150,000 Natura Cosmeticos (Brazil) 37,497 Direct Retailer of Cosmetics 800,000 Jarden (b) 26,280 Branded Household Products 1,886,000 Prestige Brands (b) 22,953 OTC, Household & Personal Care Products - -------------------------------------------------------------------------------- 254,016 >LEISURE VEHICLES: 1.0% 1,751,000 Harley-Davidson 90,842 Motorcycles & Related Merchandise 1,130,000 Polaris Industries 61,653 Leisure Vehicles & Related Products 690,000 Winnebago 20,935 Premier Motorhome Maker 2,850,000 Ducati Motor (Italy) (b) 3,591 Motorcycles & Related Merchandise - -------------------------------------------------------------------------------- 177,021 >DURABLE GOODS: 0.9% 4,190,000 Fleetwood Enterprises (b)(c) 46,802 RV & Manufactured Home Maker 465,000 Hyundai Mobis (South Korea) 41,146 Auto Parts 1,416,000 Helen of Troy (b) 30,019 Hairdryers & Curling Irons Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >DURABLE GOODS--CONTINUED 14,999,300 Techtronic Industries (Hong Kong) $26,915 Power Tools & Motorized Appliances 780,000 Shimano (Japan) 23,445 Bicycle Components & Fishing Tackle 55,000 Cavco Industries (b) 2,672 Higher End Manufactured Homes - -------------------------------------------------------------------------------- 170,999 >FOOD & BEVERAGES: 0.4% 1,900,000 IAWS (Ireland) 32,949 Baked Goods 2,410,000 Davide Campari (Italy) 21,212 Spirits & Wine 35,000,000 Global Bio-Chem Technology Group (China) 18,316 Refiner of Corn-Based Commodities - -------------------------------------------------------------------------------- 72,477 --------- CONSUMER GOODS/SERVICES: TOTAL 3,537,479 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 16.9% >MACHINERY: 3.1% 2,750,000 Pentair 112,063 Pumps, Water Treatment & Tools 2,200,000 Esco Technologies (b)(c) 111,430 Filtration & Test Equipment 2,350,000 Ametek 105,656 Aerospace/Industrial Instruments 1,500,000 Nordson 74,790 Dispensing Systems for Adhesives & Coatings 1,000,000 Gardner Denver (b) 65,200 Air Compressors, Blowers & Pumps 1,100,000 Kaydon 44,396 Specialized Friction & Motion Control Products 522,000 Toro 24,926 Turf Maintenance Equipment 994,000 K&F Industries (b) 16,500 Aircraft Wheels, Brakes & Fuel Tank Bladders 212,000 Oshkosh Truck 13,195 Specialty Truck Manufacturer 150,000 Tennant 7,848 Non-Residential Floor Cleaning Equipment - -------------------------------------------------------------------------------- 576,004 >INDUSTRIAL GOODS: 2.8% 1,900,000 Genlyte Group (b)(c) 129,466 Commercial Lighting Fixtures 3,222,000 Clarcor (c) 114,703 Mobile & Industrial Filters 3,275,000 Donaldson 110,662 Industrial Air Filtration 1,900,000 Mine Safety Appliances (c) 79,800 Safety Equipment 1,300,000 Flir Systems (b) 36,933 Infrared Cameras 1,125,000 Ushio (Japan) 26,821 Industrial Light Sources 730,000 Drew Industries (b) 25,952 RV & MFG Home Components NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 3,000,000 Electric City (b)(c) $1,920 Electricity Conservation Devices - -------------------------------------------------------------------------------- 526,257 >LOGISTICS: 2.1% 2,750,000 Expeditors International of Washington 237,572 International Freight Forwarder 2,700,000 UTI Worldwide 85,320 Global Logistics & Freight Forwarding 2,000,000 Forward Air (c) 74,580 Freight Transportation Between Airports - -------------------------------------------------------------------------------- 397,472 >INDUSTRIAL DISTRIBUTION: 2.0% 2,286,000 Watsco (c) 162,420 HVAC Distribution 1,925,000 Airgas 75,248 Industrial Gas Distributor 3,800,000 Grafton Group (Ireland) 49,880 Building Materials Wholesaling & DIY Retailing 1,150,000 Aviall (b) 43,792 Aircraft Replacement Parts Distributor 1,031,000 Nuco2 (b)(c) 32,724 Bulk CO2 Gas Distribution to Restaurants - -------------------------------------------------------------------------------- 364,064 >STEEL: 1.5% 95,200 Vallourec (France) 91,877 Oil, Gas & Industrial Seamless Tubes 2,860,000 Gibraltar Industries (c) 84,256 Steel Processing 360,000 Tenaris (Argentina) 65,041 Oil, Gas & Industrial Seamless Tubes 1,964,000 Worthington Industries 39,398 Steel Processing - -------------------------------------------------------------------------------- 280,572 >CONSTRUCTION: 1.4% 1,537,000 Florida Rock Industries 86,410 Concrete & Aggregates 1,450,000 Simpson 62,785 Wall Joint Maker 42,500 Geberit International (Switzerland) 40,550 Plumbing Supplies 425,000 Wienerberger (Austria) 21,377 Bricks & Clay Roofing Tiles 380,000 Daito Trust Construction (Japan) 19,828 Apartment Builder 1,250,000 Kingspan Group (Ireland) 19,089 Building Insulation & Environmental Containers 90,000 Ciments Francais (France) 14,101 Leading French & Emerging Markets Cement Producer - -------------------------------------------------------------------------------- 264,140 >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS: 1.3% 3,150,000 Spartech (c) 75,600 Plastics Distribution & Compounding 730,000 Novozymes (Denmark) 49,489 Industrial Enzymes NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >SPECIALTY CHEMICALS & INDUSTRIAL MATERIALS--CONTINUED 28,000 Sika (Switzerland) $28,749 Chemicals for Construction & Industrial Application 400,000 Carbone Lorraine (France) 21,402 Advanced Industrial Materials 200,000 Imerys (France) 16,827 Industrial Minerals Producer 20,000 Givaudan (Switzerland) 15,374 Fragrances & Flavors 750,000 Ultrapar (Brazil) 13,170 Specialty Chemicals & Liquid Propane Gas Distribution 105,000 Koninklijke Ten Cate (Netherlands) 12,343 Advanced Textiles & Industrial Fabrics - -------------------------------------------------------------------------------- 232,954 >OUTSOURCING SERVICES & TRAINING: 1.1% 1,300,000 Administaff 70,668 Professional Employer Organization 740,000 USG People (Netherlands) 53,525 Temporary Staffing Services 2,481,000 Quanta Services (b) 39,746 Electrical & Telecom Construction Services 1,600,000 Labor Ready (b) 38,320 Temporary Manual Labor 600,000 GP Strategies (b) 4,248 Training Programs - -------------------------------------------------------------------------------- 206,507 >WATER: 0.6% 2,500,000 Pall 77,975 Filtration & Fluids Clarification 900,000 Watts Water Technologies 32,706 Water, Valves, Regulators & Filtration - -------------------------------------------------------------------------------- 110,681 >CONGLOMERATES: 0.5% 755,000 Aalberts Industries (Netherlands) 55,636 Flow Control & Heat Treatment 1,055,000 Hexagon (Sweden) 35,737 1,055,000 Hexagon Rights (Sweden) (b) 3,590 Measurement Equipment & Polymers - -------------------------------------------------------------------------------- 94,963 >OTHER INDUSTRIAL SERVICES: 0.5% 1,650,000 Mobile Mini (b) 51,018 Leases Portable Storage Units 374,000 IM Tech (Netherlands) 19,120 Engineering & Technical Services 655,000 Tal International (b) 15,792 Leases Intermodal Freight Containers 740,000 Jaakko Poyry (Finland) 7,892 Engineering Consultants in Forestry, Energy - -------------------------------------------------------------------------------- 93,822 --------- INDUSTRIAL GOODS/SERVICES: TOTAL 3,147,436 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- FINANCE: 12.0% >BANKS: 4.4% 3,600,000 Associated Banc-Corp $122,328 Midwest Bank 2,505,000 BOK Financial 119,113 Southwest Middle Market Bank 3,356,000 TCF Financial 86,417 Great Lakes Bank 2,720,000 Glacier Bancorp (c) 84,456 Mountain States Bank 3,600,000 Anglo Irish Bank (Ireland) 59,338 Small Business & Middle Market Banking 2,850,000 Northern Rock (United Kingdom) 58,633 Lowest Cost Mortgage Bank in UK 2,275,000 Depfa Bank (Germany) 40,512 Investment Banker to Public Authorities 1,320,000 West Coast Bancorp (c) 36,894 Portland Small Business Lender 250,000 Komercni Banka (Czech Republic) 34,803 Leading Czech Universal Bank 590,000 CityBank Lynnwood (c) 27,459 Seattle Area Real Estate Lender 756,000 Chittenden 21,901 Vermont & Western Massachusetts Bank 675,000 Great Southern Bancorp 19,494 Springfield, MO Real Estate Lender 1,581,000 Republic 19,035 Michigan Bank 406,000 First Financial BankShares 15,550 West Texas Bank 758,000 West Bancorporation 15,031 Des Moines Commercial Bank 503,000 Sterling Bancorp 10,362 New York City Niche Lender 299,000 First Mutual Bancshares (c) 7,699 Seattle Community Bank 289,000 S Y Bancorp 7,635 Louisville Bank 265,000 Independent Bank 7,539 Michigan Bank 382,000 Cascade Financial 7,258 Seattle Community Bank 118,000 Cascade Bancorp 3,487 Central Oregon Bank - -------------------------------------------------------------------------------- 804,944 >INSURANCE: 2.9% 2,030,000 HCC Insurance Holdings 70,644 Specialty Insurance 1,119,000 Leucadia National 66,760 Insurance Holding Company 1,725,000 Philadelphia Consolidated Holding (b) 58,892 Specialty Insurance 995,000 Protective Life 49,491 Life Insurance 1,700,000 Scottish Re Group 42,177 Life Reinsurance Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >INSURANCE--CONTINUED 830,000 Assurant $40,877 Specialty Insurance 710,000 Selective Insurance Group 37,630 Commercial & Personal Lines Insurance 109,000 Markel 36,807 Specialty Insurance 1,550,000 United America Indemnity (b) 35,495 Specialty Insurance 570,000 RLI 32,661 Specialty Insurance 940,000 Endurance Specialty Holdings 30,597 Commercial Lines Insurance/Reinsurance 520,000 StanCorp Financial 28,137 Group Life & Disability Insurance - -------------------------------------------------------------------------------- 530,168 >FINANCE COMPANIES: 1.6% 6,321,000 AmeriCredit (b) 194,244 Auto Lending 1,700,000 World Acceptance (b)(c) 46,580 Personal Loans 1,950,000 Paragon Group (United Kingdom) 24,936 UK Buy-to-Let Finance Company 1,000,000 Northgate (United Kingdom) 19,722 Light Commercial Vehicle Rental Specialist 550,000 McGrath Rentcorp 16,533 Temporary Space & IT Equipment Rental 361,000 Electro Rent (b) 6,137 Test & Measurement Equipment Rentals - -------------------------------------------------------------------------------- 308,152 >BROKERAGE & MONEY MANAGEMENT: 1.6% 2,464,000 SEI Investments 99,866 Mutual Fund Administration & Investment Management 3,170,000 Eaton Vance 86,795 Specialty Mutual Funds 1,757,000 Nuveen Investments 84,600 Specialty Mutual Funds 690,000 Investment Technology Group (b) 34,362 Electronic Trading - -------------------------------------------------------------------------------- 305,623 >SAVINGS & LOANS: 1.5% 4,196,000 Peoples Bank Bridgeport 137,419 Connecticut Savings & Loan 1,700,000 Housing Development Finance (India) 51,177 Premier Mortgage Lender in India 1,178,000 Anchor Bancorp Wisconsin (c) 35,705 Wisconsin Thrift 1,285,000 Washington Federal 31,097 Old Fashioned Thrift 200,000 Bankinter (Spain) 13,787 Mortgage Lender 360,000 Provident Bancorp 4,669 New York State Thrift - -------------------------------------------------------------------------------- 273,854 --------- FINANCE: TOTAL 2,222,741 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- HEALTH CARE: 9.5% >MEDICAL EQUIPMENT/LABORATORY SUPPLIES: 3.3% 1,910,000 CYTYC (b) $53,824 Consumables Related to Women's Health 870,000 Vital Signs (c) 47,789 Anesthesia, Respiratory & Sleep Products 1,770,000 Intermagnetics General (b) 44,338 MRI Equipment 1,000,000 Edwards Lifesciences (b) 43,500 Heart Valves 475,000 Essilor International (France) 42,322 Eyeglass Lenses 1,065,000 Datascope (c) 42,131 Medical Devices 350,000 Synthes (Switzerland) 38,294 Products for Orthopedic Surgery 800,000 Diagnostic Products 38,104 Immunodiagnostic Kits 1,000,000 ICU Medical (b)(c) 36,190 Intravenous Therapy Products 905,000 Arrow International 29,566 Disposable Catheters 875,000 Viasys Healthcare (b) 26,320 Respiratory & Neurology Medical Equipment 552,000 Advanced Medical Optics (b) 25,745 Medical Devices for Eye Care 1,250,000 PSS World Medical (b) 24,113 Medical Supplies Distributor 583,000 Orthofix International (b) 23,215 Bone Fixation & Stimulation Devices 415,000 Cooper 22,422 #3 Contact Lens Manufacturer 390,000 Hogy Medical (Japan) 20,813 Disposable Surgical Products 965,000 Symmetry Medical (b) 20,468 Orthopedic Implant Manufacturer 350,000 Haemonetics (b) 17,769 Blood & Plasma Collection Equipment 283,000 Sybron Dental Specialties (b) 11,671 Dental Manufacturer - -------------------------------------------------------------------------------- 608,594 >BIOTECHNOLOGY/DRUG DELIVERY: 3.0% 913,000 Neurocrine Biosciences (b) 58,925 Drugs for Sleep, Diabetes, MS & Endometriosis 2,400,000 Pozen (b)(c) 40,080 Drugs for Migraines 3,230,000 Exelixis (b) 38,792 Treatments for Cancer & Metabolic Disorders 2,380,000 Ligand Pharmaceuticals (b) 30,583 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 1,360,000 Nektar Therapeutics (b) 27,717 Drug Delivery Technologies 2,000,000 Medarex (b) 26,440 Humanized Antibodies 1,429,000 Arena Pharmaceuticals (b) 25,879 Novel Drug Targeting Technology 1,540,000 DOV Pharmaceuticals (b)(c) 24,609 Drugs for Insomnia, Anxiety, Pain & Depression NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >BIOTECHNOLOGY/DRUG DELIVERY--CONTINUED 3,935,000 Incyte (b) $23,689 Drug Development 1,100,000 Renovis (b) 23,452 Drug to Minimize Neurological Damage from Strokes 2,520,000 Decode Genetics (b) 21,848 Drugs for Heart Attack, Asthma & Vascular Disease 1,135,000 Keryx Biopharmaceuticals (b) 21,690 Drugs for Diabetic Complications & Cancer 650,000 Martek Biosciences (b) 21,340 Fatty Acids for Baby Formula & Other Foods 1,650,000 Human Genome Sciences (b) 17,936 Drug Discovery/Development 930,000 Intermune (b) 17,242 Drugs for Hepatitis C, Pulmonary Fibrosis & Cancer 3,100,000 Lexicon Genetics (b) 17,174 Drug Discovery 1,780,000 Array Biopharma (b) 16,269 Drugs for Cancer & Inflammatory Diseases 800,000 Momenta Pharmaceuticals (b) 15,728 Sugar Analysis Technology for Drug Design 1,750,000 Genitope (b)(c) 15,225 Cancer Vaccine 2,000,000 Cytokinetics (b)(c) 14,580 Drugs for Cancer & Heart Failure 1,216,000 Rigel Pharmaceuticals (b) 13,972 Drugs for Hay Fever, Asthma, Hepatitis & Cancer 685,000 Tanox (b) 13,304 Drugs for Asthma & HIV 2,300,000 Seattle Genetics (b)(c) 11,868 Antibody-Based Therapies for Cancer 1,328,000 Maxygen (b) 10,996 Molecular Breeding 1,100,000 La Jolla Pharmaceutical (b) 5,478 Lupus Treatment 1,249,999 Perlegen Sciences (e) 3,375 Large Scale Gene Sequencing 198,000 Tercica (b) 1,327 Drug to Treat Severe Short Stature In Children 1,875,000 Locus Discovery, Series D, Pfd. (e) 512 High Throughput Rational Drug Design 359,944 Microdose (e) 166 Drug Inhalers - -------------------------------------------------------------------------------- 560,196 >SERVICES: 2.8% 2,491,000 Lincare Holdings (b) 97,049 Home Health Care Services 1,595,000 Charles River Laboratories (b) 78,187 Pharmaceutical Research 1,232,000 Coventry Health Care (b) 66,503 HMO 4,260,000 Gambro (Sweden) 50,876 Products for Renal & Blood Care 510,000 OPG Groep (Netherlands) 45,829 Healthcare Supplies & Pharmacies 1,000,000 Rhoen-Klinikum (Germany) 42,839 Hospital Management 1,607,000 Serologicals (b) 39,307 Blood Collection & Antibody Production NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 900,000 United Surgical Partners (b) $31,869 Outpatient Surgery Center 621,000 LCA Vision 31,118 Lasik Surgery Centers 808,000 PRA International (b) 20,030 Contract Research Organization 1,433,000 Dendrite International (b) 19,560 Software for Pharmaceutical Sales Force 500,000 Merge Technologies (b) 7,985 Radiology Information Systems - -------------------------------------------------------------------------------- 531,152 >MEDICAL SUPPLIES: 0.4% 486,000 Techne (b) 29,228 Cytokines, Antibodies, Other Reagents For Life Sciences 650,000 Owens & Minor 21,301 Distribution of Medical Supplies 4,145,810 United Drug (Ireland) 18,867 Irish Pharmaceutical Wholesaler & Outsourcer - -------------------------------------------------------------------------------- 69,396 --------- HEALTH CARE: TOTAL 1,769,338 - -------------------------------------------------------------------------------- ENERGY/MINERALS: 8.6% >OIL/GAS PRODUCERS: 4.8% 2,700,000 Ultra Petroleum (b) 168,238 Natural Gas Producer 3,200,000 Western Gas Resources 154,400 Oil & Coal Seam Gas Producer 2,500,000 Talisman Energy (Canada) 132,765 Oil & Gas Producer 2,500,000 XTO Energy 108,925 Natural Gas Producer 2,400,000 Equitable Resources 87,624 Natural Gas Producer & Utility 13,500,000 Tullow Oil (United Kingdom) 79,405 Oil & Gas Producer 2,000,000 Southwestern Energy (b) 64,380 Natural Gas Producer 1,500,000 Range Resources 40,965 Oil & Gas Producer 700,000 Denbury Resources (b) 22,169 Oil Producer Using CO2 Injection 3,200,000 Vaalco Energy (b)(c) 21,440 Oil & Gas Producer 1,200,000 McMoran Exploration (b) 21,408 Natural Gas Producer & Developer - -------------------------------------------------------------------------------- 901,719 >OIL SERVICES: 2.7% 2,350,000 FMC Technologies (b) 120,367 Oil & Gas Well Head Manufacturer 2,300,000 Pride International (b) 71,714 Offshore Drilling Contractor 1,235,000 Fugro (Netherlands) 47,417 Survey & GPS Services 2,000,000 Saipem (Italy) 46,261 Offshore Construction & Drilling 750,000 Carbo Ceramics 42,682 Natural Gas Well Stimulants 5,000,000 Newpark Resources (b)(c) 41,000 Drilling Fluid Services to Oil Columbia Acorn Fund >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >OIL SERVICES--CONTINUED 1,600,000 Chicago Bridge & Iron $38,400 Engineering & Construction for Petrochemicals 2,400,000 Key Energy Services (b) 36,600 Well Workover Services 700,000 Veritas DGC (b) 31,773 Geophysical Contractor 1,140,000 Enerflex Systems (Canada) (c) 27,244 Natural Gas Compressor 168,000 Pioneer Drilling (b) 2,760 Drilling Contractor - -------------------------------------------------------------------------------- 506,218 >MINING: 0.7% 13,100,000 UrAsia Energy (Canada) 33,652 Uranium Mining in Kazakhstan 900,000 Falconbridge (Canada) 31,496 Diversified Mining Holding Company 275,000 Sociedad Quimica Y Minera de Chile (Chile) 31,213 Producer of Specialty Fertilizers, Lithium & Iodine 2,900,000 Jubilee Gold Mines (Australia) 16,148 Nickel Mining in Australia 1,000,000 Ivanhoe Mines (Canada) (b) 9,505 Copper Mining Project in Mongolia - -------------------------------------------------------------------------------- 122,014 >DISTRIBUTION/MARKETING/REFINING: 0.2% 966,000 Atmos Energy 25,435 Natural Gas Utility 435,000 Oneok 14,029 Natural Gas Utility, Marketing & Processing - -------------------------------------------------------------------------------- 39,464 >AGRICULTURAL COMMODITIES: 0.2% 550,000 Aracruz Celulose (Brazil) 29,117 Brazilian Hardwood Pulp Producer - -------------------------------------------------------------------------------- --------- ENERGY/MINERALS: TOTAL 1,598,532 - -------------------------------------------------------------------------------- OTHER INDUSTRIES: 4.5% >REAL ESTATE: 3.3% 650,000 SL Green Realty 65,975 Manhattan Office Buildings 1,398,000 Forest City Enterprises, Cl. B 65,916 Commercial & Residential Property Developer 1,320,000 General Growth Properties 64,508 Regional Shopping Malls 1,400,000 Gaylord Entertainment (b) 63,532 Convention Hotels 4,825,000 Highland Hospitality (c) 61,326 Hotel Owner 635,000 Macerich Company 46,958 Regional Shopping Malls 3,294,000 Diamondrock Hospitality 144A (c)(e) 45,490 1,000,000 Diamondrock Hospitality (c) 13,810 Hotel Owner 575,000 Federal Realty Investment Trust 43,240 Shopping Centers 1,020,000 Brandywine Realty 32,395 Office Buildings NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 1,375,000 Crescent Real Estate Equities $28,971 Class A Office Buildings 1,720,000 Kite Realty Group (c) 27,434 Community Shopping Centers 900,000 American Campus Communities (c) 23,319 Student Housing 4,100 Kenedix (Japan) 21,723 Real Estate Investment Management 400,000 Parkway Properties 17,472 Office Buildings 37,407 Security Capital European Realty (Luxembourg) (e) 524 Self Storage Properties - -------------------------------------------------------------------------------- 622,593 >TRANSPORTATION: 0.5% 1,238,000 Heartland Express 26,976 Regional Trucker 800,000 Grupo Aeroportaurio Del Sureste (Mexico) 26,704 Cancun & Cozumel Airport Operator 1,086,000 JB Hunt 23,392 Trucking Conglomerate 18,000,000 Comfort Del Gro (Singapore) 18,703 Taxi & Mass Transit Service - -------------------------------------------------------------------------------- 95,775 >WASTE MANAGEMENT: 0.4% 1,700,000 Waste Connections (b) 67,677 Solid Waste Management - -------------------------------------------------------------------------------- >REGULATED UTILITIES: 0.3% 1,650,000 Northeast Utilities 32,225 Regulated Electric Utility 589,800 Red Electrica (Spain) 18,994 Spanish Power Grid - -------------------------------------------------------------------------------- 51,219 ---------- OTHER INDUSTRIES TOTAL 837,264 ---------- TOTAL COMMON STOCKS: 92.8% (D) 17,251,999 (COST: $9,522,795) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 6.7% $ 186,107 Verizon Global Funding 4.57% - 4.76% Due 4/11/06 - 5/8/06 $185,498 182,000 Aluminum Company America 4.56% - 4.78% Due 4/6/06 - 5/16/06 181,482 164,893 Countrywide Financial Funding 4.60% - 4.80% Due 4/13/06 - 5/19/06 164,203 120,000 Credit Suisse First Boston 4.60% - 4.68% Due 4/19/06 - 5/1/06 119,632 111,000 American General Finance 4.62% - 4.78% Due 4/18/06 - 05/17/06 110,582 106,000 Bell South Corp 4.74% - 4.77% Due 5/9/06 - 5/15/06 105,432 86,000 American Express Credit Corp 4.54% - 4.56% Due 4/05/06 - 4/10/06 85,934 76,000 Bayer Corp 4.58% - 4.77% Due 4/12/06 - 5/11/06 75,777 51,000 Marshall + Ilsley Corp 4.62% - 4.66% Due 4/17/06 - 4/26/06 50,864 50,000 Toyota Motor Credit 4.55% Due 4/4/06 49,981 33,000 General Electric Capital Corporation 4.52% Due 4/3/06 32,992 PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- $ 33,000 AIG Funding 4.63% Due 4/21/06 $32,915 28,000 General Electric Capital Services 4.77% Due 5/18/06 27,826 20,000 Citigroup Funding 4.57% Due 4/6/06 19,986 6,058 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by Federal Home Loan Bank, maturing 12/20/06 market value $6,180 (repurchase proceeds: $6,060) 6,058 - -------------------------------------------------------------------------------- (AMORTIZED COST: $1,249,162) 1,249,162 TOTAL INVESTMENTS: 99.5% ----------- (COST: $10,771,957) (A) 18,501,161 CASH AND OTHER ASSETS LESS LIABILITIES: 0.5% 83,723 ----------- TOTAL NET ASSETS: 100% $18,584,884 ================================================================================ - -------------------------------------------------------------------------------- >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 March 31, 2006, for federal income tax purposes cost of investments was $10,771,957 and net unrealized appreciation was $7,729,204 consisting of gross unrealized appreciation of $7,962,019 and gross unrealized depreciation of $232,815. (b) Non-income producing security. Columbia Acorn Fund >Statement of Investments (Unaudited), continued (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. On March 31, 2006, the Fund held five percent or more of the outstanding voting securities of the following companies:
Christopher & Banks 10.35% Fleetwood Enterprises 6.56% AnswerThink 10.17 Diamondrock Hospitality 6.54 Actuate 9.98 Forward Air 6.37 Spartech 9.82 Salem Communications 6.29 New Horizons Worldwide 9.80 Navigant Consulting 6.24 Gibraltar Industries 9.60 Clarcor 6.22 Indus International 9.54 Kite Realty Group 6.01 Igate Capital 9.45 Electric City 5.82 World Acceptance 9.27 Sports Authority 5.74 West Coast Bancorp 8.97 CityBank Lynnwood 5.67 Skillsoft Publishing 8.85 First Mutual Bancshares 5.64 RC2 8.65 Cytokinetics 5.62 Esco Technologies 8.58 IXYS 5.60 Glacier Bancorp 8.42 Newpark Resources 5.59 Watsco 8.24 II VI 5.58 Pozen 8.23 Vaalco Energy 5.55 Highland Hospitality 8.16 Seattle Genetics 5.41 Bally Technologies (formerly known as Anchor Bancorp Wisconsin 5.39 Alliance Gaming) 7.48 Genitope 5.33 Datascope 7.15 Rogers 5.33 Kronos 7.06 AFC Enterprises 5.28 ICU Medical 7.05 American Campus Communities 5.23 Princeton Review 7.03 Oxford Industries 5.21 Concurrent Computer 7.00 Gaiam 5.20 Shuffle Master 6.98 Mine Safety Appliances 5.19 Genlyte Group 6.77 Coinstar 5.18 Nuco2 6.69 Excel Technologies 5.18 Vital Signs 6.66 JDA Software 5.14 DOV Pharmaceuticals 6.61 Enerflex Systems 5.03 Seachange International 6.58
The aggregate cost and value of these companies at March 31, 2006, was $1,626,873 and $2,589,710 respectively. Investments in affiliate companies represent 13.93% of total net assets at March 31, 2006. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2006 were as follows: Dividend Income $ 4,753 Net realized gain or loss $ (1,510) Change in unrealized gain or loss $(1,482,752) Purchases $ 121,477 Proceeds from sales $ 4,915 In addition, additional purchases of existing portfolio holdings that were not considered affiliates in prior years, resulted in the fund owning more than 5% of the outstanding shares of certain issues at March 31, 2006. Therefore, the cost and market value affiliate disclosure amounts include both acquisitions of new investments in affiliates during the period, as well as prior period investment holdings that became affiliates during the current period. (d) On March 31, 2006, the market value of foreign securities (in thousands) represents 14.53% of total net assets. The Fund's foreign portfolio was diversified as follows:
Value Percent Value Percent ============================================== ============================================== Canada $376,749 2.03% Australia $48,813 0.26% France 265,914 1.43 South Korea 41,146 0.22 Netherlands 233,870 1.26 Israel 36,538 0.20 Japan 191,866 1.03 Czech Republic 34,803 0.19 United Kingdom 182,696 0.98 Spain 32,781 0.18 Ireland 180,123 0.97 Chile 31,213 0.17 Sweden 153,590 0.83 Mexico 26,704 0.14 Switzerland 134,911 0.73 South Africa 21,812 0.12 Germany 112,321 0.60 Austria 21,377 0.11 Hong Kong 81,002 0.44 Bahamas 21,011 0.11 Brazil 79,784 0.43 Singapore 18,703 0.10 Taiwan 75,899 0.41 China 18,316 0.10 Italy 71,064 0.38 Greece 17,814 0.10 Argentina 65,041 0.35 New Zealand 14,846 0.08 India 51,177 0.27 Finland 7,892 0.04 Denmark 49,489 0.27 Luxembourg 524 0.00 ---------- ------- Total Foreign Portfolio $2,699,789 14.53% ========== =======
(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities, except for Diamondrock Hospitality, are valued in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. At March 31, 2006, these securities (in thousands) amounted to $21,930, which represents 0.12% of total net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATES SHARES COST (000) VALUE (000) - ----------------------------------------------------------------------------------------------------- Diamondrock Hospitality 06/29/04 1,000,000 $10,000 $13,810 Locus Discovery, Series D, Pfd. 09/05/01 1,875,000 7,500 512 Microdose 11/24/00 359,944 2,005 166 Perlegen Sciences 03/30/01 1,249,999 4,500 3,375 Security Capital European Realty 08/20/98-11/12/99 37,407 748 524 Vital Stream 02/03/06 1,621,872 2,108 3,543 ------- ------- $26,861 $21,930 ======= =======
Columbia Acorn International >Statement of Investments (Unaudited), March 31, 2006 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 96.1% - -------------------------------------------------------------------------------- EUROPE: 57.3% UNITED KINGDOM/IRELAND: 15.3% 1,850,000 Northern Rock $38,060 Lowest Cost Mortgage Bank in UK 6,370,000 Tullow Oil 37,467 Oil & Gas Producer 2,260,000 Anglo Irish Bank (Ireland) 37,251 Small Business & Middle Market Banking 2,000,000 Bank of Ireland (Ireland) 37,199 Irish Commercial Bank 2,800,000 Paragon Group 35,805 UK Buy-to-Let Finance Company 2,000,000 IAWS (Ireland) 34,683 Baked Goods 6,856,625 United Drug (Ireland) 31,203 Irish Pharmaceutical Wholesaler & Outsourcer 2,350,000 Grafton Group (Ireland) 30,847 Building Materials Wholesaling & DIY Retailing 1,850,000 Expro International 23,821 Offshore Oil Field Services 1,200,000 Northgate 23,667 Light Commercial Vehicle Rental Specialist 7,200,000 RPS Group 22,500 Environmental Consulting & Planning 1,050,000 Kensington 21,658 Non-Conforming Mortgage Company 4,200,000 Taylor Nelson 18,395 Market Research 1,150,000 Kingspan Group (Ireland) 17,562 Building Insulation & Environmental Containers 3,550,000 BBA Group 17,321 Aviation Support Services & Non-Woven Materials 2,500,000 C&C Group (Ireland) 16,966 Irish Beverage & Snack Company 775,000 Novolipetsk Steel Works (b) 15,878 Vertically Integrated Steel Producer 600,000 Intermediate Capital 14,843 European Provider of Mezzanine Capital 2,450,000 Workspace Group 14,378 Real Estate 1,800,000 Ulster Television 13,769 Irish Television & Radio Station Operator 2,000,000 Bloomsbury Publishing 12,162 Book Publisher 720,000 Paddy Power (Ireland) 11,515 Irish Betting Services 1,300,000 Keller Group 10,389 International Ground Engineering Specialist 450,000 Viridian 7,672 Northern Ireland Electric Utility - -------------------------------------------------------------------------------- 545,011 >FRANCE: 10.7% 700,000 April Group 35,611 Insurance Policy Construction 2,200,000 SES Global 35,035 Satellite Broadcasting Services NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 390,000 Iliad $32,906 High Speed Internet Service Provider 408,000 Rubis 30,901 Tank Storage & LPG Supplier 300,000 Essilor International 26,730 Eyeglass Lenses 236,000 Neopost 25,656 Postage Meter Machines 423,000 Trigano 23,756 Leisure Vehicles & Camping Equipment 205,000 Pierre & Vacances 21,617 Vacation Apartment Lets 300,000 Norbert Dentressangle 20,215 Transport 240,000 Imerys 20,193 Industrial Minerals Producer 20,000 Vallourec 19,302 Oil, Gas & Industrial Seamless Tubes 120,000 Ciments Francais 18,802 Leading French & Emerging Markets Cement Producer 340,000 Carbone Lorraine 18,192 Advanced Industrial Materials 320,000 Eurofins Scientific (b) 18,177 Food Screening & Testing 150,000 Bacou Dalloz 16,705 Safety Equipment 550,000 Metropole TV 16,341 Television Broadcaster - -------------------------------------------------------------------------------- 380,139 >GERMANY/AUSTRIA: 8.3% 900,000 Rhoen-Klinikum 38,555 Hospital Management 275,000 Wincor Nixdorf 34,638 Retail POS Systems & ATM Machines 1,675,000 Depfa Bank 29,828 Investment Banker to Public Authorities 27,500 Porsche 26,305 Specialty Automobile Manufacturer 775,000 CTS Eventim 26,110 Event Ticket Sales 300,000 Bilfinger Berger 19,668 Construction & Related Services 450,000 Hugo Boss Designs 18,951 Fashion Apparel 415,000 GFK 18,050 Market Research Services 260,000 Grenkeleasing 17,563 Financing for IT Equipment 320,000 Vossloh 16,342 Rail Infrastructure & Diesel Locomotives 300,000 Wienerberger (Austria) 15,089 Bricks & Clay Roofing Tiles 100,000 Deutsche Boerse 14,411 Trading, Clearing & Settlement Services for Financial Markets 870,000 Takkt 13,748 Mail Order Retailer of Office & Warehouse Durables NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >GERMANY/AUSTRIA--CONTINUED 260,000 Deutsche Beteiligungs $5,260 Private Equity Investment Management - -------------------------------------------------------------------------------- 294,518 >NETHERLANDS: 8.0% 684,000 USG People 49,475 Temporary Staffing Services 1,245,000 Fugro 47,801 Survey & GPS services 550,000 Aalberts Industries 40,530 Flow Control & Heat Treatment 327,000 OPG Groep 29,385 Healthcare Supplies & Pharmacies 237,000 Koninklijke Ten Cate 27,860 Advanced Textiles & Industrial Fabrics 330,000 Smit International 25,395 Harbor & Offshore Towage & Marine Services 474,000 IM Tech 24,233 Engineering & Technical Services 475,000 Sligro Food Group 22,450 Food Service & Wholesaling 890,000 Unit 4 Aggresso (b) 16,611 Business & Security Software - -------------------------------------------------------------------------------- 283,740 >SWITZERLAND: 4.4% 95,000 Kuehne & Nagel 30,791 Freight Forwarding/Logistics 30,000 Geberit International 28,623 Plumbing Supplies 24,000 Sika 24,642 Chemicals for Construction & Industrial Applications 215,000 Synthes 23,524 Products for Orthopedic Surgery 300,000 Schindler 15,996 Elevator Manufacturer & Service Provider 130,000 BKW Energie 11,667 Electric Utility 15,000 Givaudan 11,531 Fragrances & Flavors 275,000 Logitech (b) 10,948 Branded Peripheral Computer Devices - -------------------------------------------------------------------------------- 157,722 >SWEDEN: 3.5% 1,230,000 Hexagon 41,665 1,230,000 Hexagon Rights (b) 4,185 Measurement Equipment & Polymers 2,100,000 Tele2 AB 24,808 European Cellular & Reseller Telephone Services 2,042,000 Gambro 24,387 Products for Renal & Blood Care 755,000 Nobia 19,559 Kitchen Cabinet Manufacturing & Distribution 380,000 Sweco 10,915 Nordic Infrastructure/Environment Consulting - -------------------------------------------------------------------------------- 125,519 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >ITALY: 2.6% 400,000 Banca Italease $19,710 Italian Leasing & Factoring Leader 2,120,000 Davide Campari 18,659 Spirits & Wine 6,000,000 Cir Compagnie 18,074 Italian Holding Company 170,000 Amplifon 14,815 Hearing Aid Retailer 345,000 Sabaf 9,838 Supplier to White Goods OEMS 6,400,000 Ducati Motor (b) 8,065 Motorcycles & Related Merchandise 275,000 Granitifiandre 2,763 Innovative Stoneware - -------------------------------------------------------------------------------- 91,924 >SPAIN: 1.0% 620,000 Red Electrica 19,966 Spanish Power Grid 370,000 Abengoa 9,072 Engineering & Construction 120,000 Bankinter 8,272 Mortgage Lender - -------------------------------------------------------------------------------- 37,310 >RUSSIA: 0.9% 700,000 RBC Information Systems (b) 21,560 Financial Information, Media, & IT Services 370,000 Mechel Steel Group 9,509 Coking Coal - -------------------------------------------------------------------------------- 31,069 >CZECH REPUBLIC: 0.7% 183,000 Komercni Banka 25,476 Leading Czech Universal Bank - -------------------------------------------------------------------------------- >GREECE: 0.7% 930,000 Intralot 24,010 Lottery & Gaming Systems/Services - -------------------------------------------------------------------------------- >DENMARK: 0.5% 280,000 Novozymes 18,982 Industrial Enzymes - -------------------------------------------------------------------------------- >FINLAND: 0.5% 1,756,000 Jaakko Poyry 18,726 Engineering Consultants in Forestry, Energy - -------------------------------------------------------------------------------- >POLAND: 0.2% 201,000 Central European Distribution (b) 7,728 Vodka Production & Alcohol Distribution - -------------------------------------------------------------------------------- --------- EUROPE: TOTAL 2,041,874 Columbia Acorn International >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- ASIA: 23.6% >JAPAN: 15.4% 43,500 Jupiter Telecommunications (b) $30,763 Largest Cable Service Provider in Japan 1,272,000 Ushio 30,326 Industrial Light Sources 868,000 Park 24 29,664 Parking Lot Operator 546,000 Daito Trust Construction 28,490 Apartment Builder 900,000 Shimano 27,052 Bicycle Components & Fishing Tackle 718,000 Ito En 25,138 Bottled Tea & Other Beverages 500,000 Aeon Mall 24,845 Suburban Shopping Mall Developer, Owner & Operator 600,000 Hoya 24,225 Opto-Electrical Components & Eyeglass Lenses 453,000 Hogy Medical 24,175 Disposable Surgical Products 350,000 USS 23,877 Used Car Auctioneer 785,000 JSR 23,354 Films & Chemicals for LCD Screens & Electronics 4,310 Kenedix 22,836 Real Estate Investment Management 220,000 Fast Retailing 21,525 Apparel Retailer 2,000,000 Chiba Bank 17,796 Regional Bank 710,000 Sato 17,000 Bar Code Printers & Supplies 2,960 Risa Partners 15,959 NPL & Real Estate Related Investment 475,000 Meitec 15,632 R&D Staffing Services 965,000 T. Hasegawa 15,047 Flavors & Fragrances 918,000 Toyo Technica 14,625 Value Added Reseller of Imported Instrumentation 2,248,000 Hiroshima Bank 13,332 Regional Bank 1,500,000 Fukuoka Bank 12,633 Regional Bank 430,000 Yusen Air & Sea Service 12,360 Airfreight Logistics 1,650 Japan Pure Chemical 12,078 Precious Metal Plating Chemicals for Electronics 960 Osaka Securities 11,913 Osaka Securities Exchange 454,000 F.C.C. 10,085 Auto/Motorcycle Clutches 1,230,000 Kamigumi 9,795 Port Cargo Handling & Logistics 450,200 Ain Pharmaciez 9,085 Dispensing Pharmacy/Drugstore Operator 343,000 Nagaileben 9,064 Medical/Healthcare Related Clothes NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >JAPAN--CONTINUED 321,100 Kintetsu World Express $8,433 Airfreight Logistics 882,000 Kansai Paint 8,090 Paint Producer in Japan, India, China & Southeast Asia 7,000 Diamond City 323 Suburban Shopping Mall Developer & Operator - -------------------------------------------------------------------------------- 549,520 >HONG KONG/CHINA: 2.5% 6,000,000 Hong Kong Exchanges & Clearing 36,058 Hong Kong Equity & Derivatives Operator 14,000,000 Techtronic Industries 25,122 Power Tools & Motorized Appliances 45,000,000 Global Bio-Chem Technology Group (China) 23,549 Refiner of Corn-Based Commodities 13,483,000 Linmark 3,127 Global Sourcing Agent of Consumer Goods - -------------------------------------------------------------------------------- 87,856 >TAIWAN: 2.4% 3,244,000 Novatek Microelectronics 22,961 LCD Related Integrated Chip Designer 6,822,000 Advantech 18,881 Embedded Computers 18,300,000 Phoenixtec Power 17,840 Uninterruptible Power Supplies 6,300,000 Wah Lee Industrial 13,390 Distributor of Chemicals, Materials & Equipment 7,186,000 Springsoft Systems 10,952 Electronic Design Automation Software 1,976,000 Bank of Kaohsiung 881 Commercial Banking - -------------------------------------------------------------------------------- 84,905 >INDIA: 1.1% 1,300,000 Housing Development Finance 39,136 Premier Mortgage Lender in India - -------------------------------------------------------------------------------- >SOUTH KOREA: 1.0% 250,000 Hyundai Mobis 22,122 Auto Parts 100,000 Samsung Fire & Marine 13,199 Non-Life Insurance - -------------------------------------------------------------------------------- 35,321 >INDONESIA: 0.6% 20,000,000 Perusahaan Gas Negara 22,061 Gas Pipeline Operator - -------------------------------------------------------------------------------- >SINGAPORE: 0.6% 20,000,000 Comfort Del Gro 20,781 Taxi & Mass Transit Service - -------------------------------------------------------------------------------- ------- ASIA: TOTAL 839,580 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- OTHER COUNTRIES: 9.0% >CANADA: 4.3% 1,370,000 Rona (b) $26,148 Leading Canadian DIY Retailer 385,000 Talisman Energy 20,446 Oil & Gas Producer 639,000 Alliance Atlantis Communication (b) 19,260 CATV Channels, TV/Movie Production/Distribution 1,190,000 Shawcor 18,596 Oil & Gas Pipeline Products 400,000 Falconbridge 13,998 Diversified Mining Holding Company 5,300,000 UrAsia Energy 13,615 Uranium Mining in Kazakhstan 1,100,000 Kinross Gold (b) 11,990 Gold Mining 2,000,000 Northern Orion Resources (b) 9,008 Copper & Gold in Argentina 850,000 Ivanhoe Mines (b) 8,079 Copper Mining Project in Mongolia 2,036,000 Railpower Technologies 144A (b)(c)(d) 7,845 789,000 Railpower Technologies (b)(c) 3,040 Hybrid Locomotives - -------------------------------------------------------------------------------- 152,025 >AUSTRALIA/NEW ZEALAND: 3.2% 3,000,000 Billabong International 32,665 Action Sports Apparel Brand Manager 4,028,250 ABC Learning Center 24,000 Childcare Centers 350,000 Perpetual Trustees 17,027 Mutual Fund Manager 5,000,000 Sky City Entertainment (New Zealand) 16,496 Casino/Entertainment Complex 530,000 Major Drilling Group International 12,825 Mining Exploration Driller 2,000,000 Jubilee Gold Mines 11,137 Nickel Mining in Australia - -------------------------------------------------------------------------------- 114,150 >SOUTH AFRICA: 1.5% 4,500,000 Edgars Consolidated Stores 28,043 Leading Retail Conglomerate 140,000 Impala Platinum 26,342 Platinum Group Metals Mining & Refining - -------------------------------------------------------------------------------- 54,385 ------- OTHER COUNTRIES: TOTAL 320,560 - -------------------------------------------------------------------------------- LATIN AMERICA: 6.2% >BRAZIL: 3.9% 3,200,000 Natura Cosmeticos 38,092 Direct Retailer of Cosmetics 3,215,000 Suzano 22,018 Pulp & Paper Producer 10,600,000 Caemi Mine 18,761 Iron Ore/Kaolin Producer 1,000,000 Porto Seguro (b) 17,421 Auto & Life Insurance NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 280,000 America Latina Logistics $17,338 Rail Operator in Brazil & Argentina 590,000 Diagnosticos (b) 15,268 Medical Diagnostic Services 500,000 Ultrapar 8,780 Specialty Chemicals & Liquid Propane Gas Distribution - -------------------------------------------------------------------------------- 137,678 >MEXICO: 1.4% 4,500,000 Consorcio ARA 20,057 Affordable Housing Builder 500,000 Grupo Aeroportaurio Del Sureste 16,690 Cancun & Cozumel Airport Operator 1,400,000 URBI Desarrollo (b) 10,678 Affordable Housing Builder 100,000 Grupo Aeroportaurio Del Pacifica (b) 3,195 Mexican Airport Operator - -------------------------------------------------------------------------------- 50,620 >CHILE: 0.5% 160,000 Sociedad Quimica Y Minera de Chile 18,160 Producer of Specialty Fertilizers, Lithium & Iodine CorpBanca Consumer & SME Banking - -------------------------------------------------------------------------------- 18,160 >ARGENTINA: 0.4% 70,000 Tenaris 12,647 Oil, Gas & Industrial Seamless Tubes - -------------------------------------------------------------------------------- ------- LATIN AMERICA: TOTAL 219,105 ---------- TOTAL COMMON STOCKS: 96.1% 3,421,119 (COST: $2,151,156) Columbia Acorn International >Statement of Investments (Unaudited), continued PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 3.1% $ 54,000 HSBC Finance Corp 4.69%-4.72% Due 4/4/06 - 4/6/06 $53,975 52,000 American General Finance 4.75%-4.77% Due 4/3/06 - 4/6/06 51,978 4,332 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by U.S. Government Obligations with various maturities to 12/28/06 market value $4,419 (repurchase proceeds: $4,334) 4,332 - -------------------------------------------------------------------------------- (AMORTIZED COST: $110,285) 110,285 TOTAL INVESTMENTS: 99.2% --------- (COST: $2,261,441) (A)(E) 3,531,404 CASH AND OTHER ASSETS LESS LIABILITIES: 0.8% 27,885 TOTAL NET ASSETS: 100% $3,559,289 ================================================================================ - -------------------------------------------------------------------------------- >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 March 31, 2006, for federal income tax purposes cost of investments was $2,261,441 and net unrealized appreciation was $1,269,963 consisting of gross unrealized appreciation of $1,303,960 and gross unrealized depreciation of $33,997. (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 March 31, 2006, the Fund held five percent or more of the outstanding voting securities of the following company: Railpower Technologies 5.16% The aggregate cost and value of these companies at March 31, 2006, was $13,267 and $10,885 respectively. Investments in affiliate companies represent 0.31% of total net assets at March 31, 2006. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2006, were as follows: Dividend Income $ -- Net realized gain or loss $ -- Change in unrealized gain or loss $ (4,696) Purchases $ 1,869 Proceeds from sales $ 2 (d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. At March 31, 2006, these securities (in thousands) amounted to $7,845 which represents 0.22% of total net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATES SHARES COST (000) VALUE (000) - -------------------------------------------------------------------------------------------------------- Railpower Technologies 144A 11/10/05 - 11/18/05 2,036,000 $9,220 $7,845
(e) On March 31, 2006, the Fund's total investments were denominated in currencies as follows: % of Total Currency Value Net Assets =============================================== Euro $1,347,593 37.9% Japanese Yen 549,519 15.4 British Pounds 311,907 8.8 US Dollar 215,652 6.0 Other currencies less than 5% of total net assets 1,106,733 31.1 ---------- ------- $3,531,404 99.2% ========== ======= Columbia Acorn USA >Statement of Investments (Unaudited), March 31, 2006 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 90.3% - -------------------------------------------------------------------------------- INFORMATION: 31.0% >BUSINESS/CONSUMER SOFTWARE: 7.3% 455,200 Micros Systems (b) $20,971 Information Systems for Restaurants & Hotels 454,900 Avid Technology (b) 19,770 Digital Nonlinear Editing Software & Systems 500,650 Kronos (b) 18,719 Labor Management Solutions 1,850,000 Novell (b) 14,208 Directory, Operating System & Identity Management Software 723,800 JDA Software (b) 10,452 Applications/Software & Services for Retailers 405,800 SSA Global Technologies (b) 6,505 Enterprise Resource Planning (ERP) Software 327,200 Parametric Technology (b) 5,343 Engineering Software & Services 242,000 MRO Software (b) 3,862 Enterprise Maintenance Software 118,600 Progress Software (b) 3,450 Application Development Software 59,300 Witness Systems (b) 1,506 Customer Experience Management Software 83,500 Webmethods (b) 703 Enterprise Applications Integration (EAI) Tools 30,400 Concur Technologies (b) 563 Web Enabled Enterprise Applications - -------------------------------------------------------------------------------- 106,052 >TELECOMMUNICATION SERVICES: 6.6% 1,005,000 Crown Castle International (b) 28,492 Communication Towers 356,605 Alltel 23,090 Cellular & Wireline Telephone Services 506,000 American Tower (b) 15,342 Communication Towers in USA & Mexico 786,000 Time Warner Telecom (b) 14,109 Fiber Optic Data/Telephone Service Provider 1,633,000 Dobson Communications (b) 13,097 Rural & Small City Cellular Telephone Services 50,000 Commonwealth Telephone 1,722 Rural Phone Franchises & Competitive Telco - -------------------------------------------------------------------------------- 95,852 >COMPUTER HARDWARE/SEMICONDUCTORS/ RELATED EQUIPMENT: 5.5% 228,300 Nice Systems (Israel) (b) 11,634 Audio & Video Recording Solutions 1,050,000 Entegris (b) 11,172 Semiconductor Wafer Shipping & Handling Products 683,490 Integrated Device Technology (b) 10,157 Communications Semiconductors 260,000 Intermec (formerly known as Unova) (b) 7,933 Bar Code & Wireless Lan Systems 435,000 II VI (b) 7,869 Laser Components NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 147,800 Amphenol $7,712 Electronic Connectors 584,000 Symbol Technologies 6,179 Mobile Computers & Barcode Scanners 99,000 Zebra Technologies (b) 4,427 Bar Code Printers 424,100 Seachange International (b) 3,295 Systems for Video on Demand & Ad Insertion 100,000 Belden CDT 2,723 Specialty Cable 70,000 Littelfuse (b) 2,389 Little Fuses 40,000 Rogers (b) 2,179 PCB Laminates & High Performance Foams 90,000 Netgear (b) 1,711 Networking Products for Small Business & Home - -------------------------------------------------------------------------------- 79,380 >TELECOMMUNICATIONS EQUIPMENT: 2.2% 1,610,000 Tellabs (b) 25,599 Telecommunications Equipment 310,000 Andrew (b) 3,807 Wireless Infrastructure Equipment 323,500 Symmetricom (b) 2,766 Network Timing & Synchronization Devices - -------------------------------------------------------------------------------- 32,172 >BUSINESS INFORMATION/BUSINESS SERVICES/PUBLISHING: 1.6% 530,000 Ceridian (b) 13,488 HR Services & Payment Processing 104,800 Getty Images (b) 7,847 Photographs for Publications & Electronic Media 98,300 Navigant Consulting (b) 2,099 Financial Consulting Firm 13,850 Triple Crown Media (b) 82 Newspapers, Paging & Collegiate Sports Marketing - -------------------------------------------------------------------------------- 23,516 >TRANSACTION PROCESSORS: 1.5% 423,280 Global Payments 22,438 Credit Card Processor - -------------------------------------------------------------------------------- >BROADCASTING: 1.5% 955,000 Entravision Communications (b) 8,748 Spanish Language TV, Radio & Outdoor 511,100 Salem Communications (b) 7,672 Radio Stations for Religious Programming 705,500 Spanish Broadcasting (b) 3,901 Spanish Language Radio Stations 138,500 Gray Television 1,163 Mid Market Affiliated TV Stations 98,100 Saga Communications (b) 949 Radio Stations in Small & Mid-sized Cities - -------------------------------------------------------------------------------- 22,433 Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >INTERNET: 1.3% 980,000 Cnet Networks (b) $13,926 Internet Advertising on Niche Websites 285,000 ValueClick (b) 4,822 Internet Advertising - -------------------------------------------------------------------------------- 18,748 >COMPUTER SERVICES: 1.0% 1,005,500 AnswerThink Consulting (b) 6,465 I/T Integration & Best Practice Research 786,000 RCM Technologies (b)(c) 5,078 Technology Engineering Services 45,000 SRA International (b) 1,698 Government I/T Services 235,000 Igate Capital (b) 1,386 I/T & BPO Outsourcing Services - -------------------------------------------------------------------------------- 14,627 >TELEVISION PROGRAMMING/CATV: 1.0% 2,375,653 Gemstar TV Guide International (b) 7,341 TV Program Guides & CATV Programming 460,000 Lions Gate Entertainment (b) 4,669 Film & TV Studio 140,000 Discovery Holding (b) 2,100 CATV Programming - -------------------------------------------------------------------------------- 14,110 >INSTRUMENTATION: 0.9% 140,000 Mettler Toledo (b) 8,448 Laboratory Equipment 90,000 Trimble Navigation (b) 4,054 GPS-Based Instruments - -------------------------------------------------------------------------------- 12,502 >CONTRACT MANUFACTURING: 0.3% 131,100 Plexus (b) 4,925 Electronic Manufacturing Services - -------------------------------------------------------------------------------- >GAMING EQUIPMENT: 0.2% 98,500 Shuffle Master (b) 3,520 Card Shufflers & Casino Games - -------------------------------------------------------------------------------- >ELECTRONICS DISTRIBUTION: 0.1% 28,000 CDW 1,648 Technology Reseller - -------------------------------------------------------------------------------- ------- INFORMATION: TOTAL 451,923 - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 16.8% >RETAIL: 5.8% 398,000 Abercrombie & Fitch 23,203 Teen Apparel Retailer 486,250 Christopher & Banks 11,286 Women's Apparel Retailer 253,000 Chico's FAS (b) 10,282 Women's Specialty Retailer 428,000 Petco Animal Supplies (b) 10,088 Pet Supplies & Services NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- 224,500 Ann Taylor Stores (b) $8,259 Women's Apparel Retailer 203,000 Michaels Stores 7,629 Craft & Hobby Specialty Retailer 200,000 Aeropostale (b) 6,032 Mall Based Teen Retailer 105,000 Sports Authority (b) 3,874 Sporting Goods Stores 95,000 Genesco (b) 3,695 Multi-Concept Branded Footwear Retailer - -------------------------------------------------------------------------------- 84,348 >APPAREL: 2.8% 529,200 Oxford Industries 27,058 Branded & Private Label Apparel 222,200 Coach (b) 7,684 Designer & Retailer of Branded Leather Accessories 205,000 True Religion Apparel (b) 3,786 Premium Denim 40,100 Carter's (b) 2,706 Children's Branded Apparel - -------------------------------------------------------------------------------- 41,234 >CONSUMER SERVICES: 2.5% 416,000 ITT Educational Services (b) 26,645 Postsecondary Degree Program 387,700 Central Parking 6,203 Owner, Operator & Manager of Parking Lots & Garages 60,000 Weight Watchers 3,084 Weight Loss Programs - -------------------------------------------------------------------------------- 35,932 >ENTERTAINMENT/LEISURE PRODUCTS: 2.2% 301,300 International Speedway Motors 15,336 Largest Motorsport Racetrack Owner & Operator 195,500 Speedway Motorsports 7,470 Motorsport Racetrack Owner & Operator 106,000 Polaris Industries 5,783 Leisure Vehicles & Related Products 195,000 Callaway Golf 3,354 Premium Golf Clubs & Balls - -------------------------------------------------------------------------------- 31,943 >NONDURABLES: 1.5% 461,400 Scotts Miracle Grow 21,114 Consumer Lawn & Garden Products 100,000 Prestige Brands (b) 1,217 OTC, Household & Personal Care Products - -------------------------------------------------------------------------------- 22,331 >RESTAURANTS: 0.8% 225,000 Sonic (b) 7,904 Drive-in Restaurants 68,800 Red Robin Gourmet (b) 3,247 Casual Dining Restaurants - -------------------------------------------------------------------------------- 11,151 >FURNITURE: 0.7% 106,000 HNI 6,254 Office Furniture & Fireplaces 90,000 Herman Miller 2,917 Office Furniture NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >FURNITURE--CONTINUED 20,000 Mohawk Industries (b) $1,614 Carpet & Flooring - -------------------------------------------------------------------------------- 10,785 >CASINOS: 0.2% 200,000 Bally Technologies (formerly known as Alliance Gaming) (b) 3,398 Slot Machines & Software - -------------------------------------------------------------------------------- >TRAVEL: 0.2% 45,000 Vail Resorts (b) 1,720 Ski Resort Owner & Developer 13,200 Kerzner International (Bahamas) (b) 1,027 Destination Resorts & Casinos - -------------------------------------------------------------------------------- 2,747 >DURABLE GOODS: 0.1% 38,659 Cavco Industries (b) 1,878 Higher End Manufactured Homes - -------------------------------------------------------------------------------- ------- CONSUMER GOODS/SERVICES: TOTAL 245,747 - -------------------------------------------------------------------------------- HEALTH CARE: 12.8% >SERVICES: 4.6% 303,000 Charles River Laboratories (b) 14,853 Pharmaceutical Research 547,400 Serologicals (b) 13,389 Blood Collection & Antibody Production 291,800 Lincare Holdings (b) 11,369 Home Health Care Services 199,875 Coventry Health Care (b) 10,789 HMO 143,995 LCA Vision 7,216 Lasik Surgery Centers 150,000 United Surgical Partners (b) 5,311 Outpatient Surgery Center 175,000 PRA International (b) 4,338 Contract Research Organization - -------------------------------------------------------------------------------- 67,265 >MEDICAL EQUIPMENT: 4.5% 577,400 Edwards Lifesciences (b) 25,117 Heart Valves 270,700 ICU Medical (b) 9,797 Intravenous Therapy Products 146,200 Diagnostic Products 6,964 Immunodiagnostic Kits 220,000 Viasys Healthcare (b) 6,618 Respiratory & Neurology Medical Equipment 105,000 Vital Signs 5,768 Anesthesia, Respiratory & Sleep Products 94,171 Advanced Medical Optics (b) 4,392 Medical Devices for Eye Care 165,000 Intermagnetics General (b) 4,133 MRI Equipment 104,000 Arrow International 3,398 Disposable Catheters - -------------------------------------------------------------------------------- 66,187 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >BIOTECHNOLOGY/DRUG DELIVERY: 2.8% 192,000 Neurocrine Biosciences (b) $12,392 Drugs for Sleep, Diabetes, MS & Endometriosis 360,000 Nektar Therapeutics (b) 7,337 Drug Delivery Technologies 455,000 Ligand Pharmaceuticals (b) 5,847 Drugs for Pain, Cancer, Osteoporosis, & Diabetes 293,000 Intermune (b) 5,432 Drugs for Hepatitis C, Pulmonary Fibrosis & Cancer 235,000 Exelixis (b) 2,822 Treatments for Cancer & Metabolic Disorders 450,000 Incyte (b) 2,709 Drug Development 235,000 Decode Genetics (b) 2,037 Drugs for Heart Attack, Asthma & Vascular Disease 100,000 Momenta Pharmaceuticals (b) 1,966 Sugar Analysis Technology for Drug Design 375,000 Locus Discovery, Series D. Pfd. (d) 102 High Throughput Rational Drug Design 363,636 Metabolex, Series F (d) 99 Drugs for Diabetes - -------------------------------------------------------------------------------- 40,743 >MEDICAL SUPPLIES: 0.9% 158,300 Techne (b) 9,520 Cytokines, Antibodies, Other Reagents For Life Sciences 150,000 PSS World Medical (b) 2,894 Medical Supplies Distributor - -------------------------------------------------------------------------------- 12,414 - -------------------------------------------------------------------------------- HEALTH CARE: TOTAL 186,609 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 10.4% >MACHINERY: 5.8% 580,300 Esco Technologies (b) 29,392 Filtration & Test Equipment 673,600 Pentair 27,449 Pumps, Water Treatment & Tools 373,600 Nordson 18,628 Dispensing Systems for Adhesives & Coatings 110,000 Ametek 4,946 Aerospace/Industrial Instruments 158,900 K&F Industries (b) 2,638 Aircraft Wheels, Brakes & Fuel Tank Bladders 50,000 Kaydon 2,018 Specialized Friction & Motion Control Products - -------------------------------------------------------------------------------- 85,071 >INDUSTRIAL GOODS: 2.5% 376,000 Genlyte Group (b) 25,621 Commercial Lighting Fixtures 319,800 Donaldson 10,806 Industrial Air Filtration - -------------------------------------------------------------------------------- 36,427 >CONSTRUCTION: 0.7% 169,050 Florida Rock Industries 9,504 Concrete & Aggregates - -------------------------------------------------------------------------------- Columbia Acorn USA >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >SPECIALTY CHEMICALS/INDUSTRIAL MATERIALS: 0.6% 357,500 Spartech $8,580 Plastics Distribution & Compounding - -------------------------------------------------------------------------------- >OUTSOURCING SERVICES: 0.4% 400,000 Quanta Services (b) 6,408 Electrical & Telecom Construction Services - -------------------------------------------------------------------------------- >INDUSTRIAL DISTRIBUTION: 0.3% 113,000 Nuco2 (b) 3,587 Bulk CO2 Gas Distribution to Restaurants - -------------------------------------------------------------------------------- >LOGISTICS: 0.1% 63,000 UTI Worldwide 1,991 Global Logistics & Freight Forwarding - -------------------------------------------------------------------------------- ------- INDUSTRIAL GOODS/SERVICES: TOTAL 151,568 - -------------------------------------------------------------------------------- ENERGY/MINERALS: 9.1% >OIL SERVICES: 5.3% 401,700 FMC Technologies (b) 20,575 Oil & Gas Well Head Manufacturer 585,000 Chicago Bridge & Iron 14,040 Engineering & Construction for Petrochemicals 311,000 Pride International (b) 9,697 Offshore Drilling Contractor 1,001,000 Newpark Resources (b) 8,208 Drilling Fluid Services 242,000 Layne Christensen (b) 8,112 Water/Mineral Driller & Coal Seam Gas Producer 355,000 Hanover Compressor (b) 6,610 Natural Gas Compressor Rental 266,800 Pioneer Drilling (b) 4,384 Drilling Contractor 76,500 Carbo Ceramics 4,354 Natural Gas Well Stimulants 155,000 Key Energy Services (b) 2,364 Well Workover Services - -------------------------------------------------------------------------------- 78,344 >OIL & GAS PRODUCERS: 3.4% 525,000 Quicksilver Resources (b) 20,297 Natural Gas & Coal Seam Gas Producer 282,600 Western Gas Resources 13,635 Oil & Coal Seam Gas Producer 208,400 Southwestern Energy (b) 6,708 Natural Gas Producer 111,200 Equitable Resources 4,060 Natural Gas Producer & Utility 450,000 Vaalco Energy (b) 3,015 Oil & Gas Producer 92,000 McMoran Exploration (b) 1,641 Natural Gas Producer & Developer - -------------------------------------------------------------------------------- 49,356 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >DISTRIBUTION/MARKETING/REFINING: 0.4% 155,000 Atmos Energy $4,081 Natural Gas Utility 50,250 Oneok 1,621 Natural Gas Utility, Marketing & Processing - -------------------------------------------------------------------------------- 5,702 ------- ENERGY/MINERALS: TOTAL 133,402 - -------------------------------------------------------------------------------- FINANCE: 7.6% >FINANCE COMPANIES: 3.3% 1,121,500 AmeriCredit (b) 34,464 Auto Lending 520,200 World Acceptance (b) 14,253 Personal Loans - -------------------------------------------------------------------------------- 48,717 >INSURANCE: 2.5% 664,500 HCC Insurance Holdings 23,125 Specialty Insurance 14,000 Markel (b) 4,728 Specialty Insurance 105,000 Philadelphia Consolidated Holding (b) 3,585 Specialty Insurance 75,000 Endurance Specialty Holdings 2,441 Commercial Lines Insurance/Reinsurance 91,000 United America Indemnity (b) 2,084 Specialty Insurance - -------------------------------------------------------------------------------- 35,963 >BANKS: 1.5% 259,500 TCF Financial 6,682 Great Lakes Bank 197,656 Chittenden 5,726 Vermont & Western Massachusetts Bank 145,000 Greene City Bancshares 4,235 Tennessee Bank 94,000 Associated Banc-Corp 3,194 Midwest Bank 20,000 First Financial BankShares 766 West Texas Bank 30,000 West Bancorporation 595 Des Moines Commercial Bank - -------------------------------------------------------------------------------- 21,198 >SAVINGS & LOAN: 0.3% 141,400 Anchor Bancorp Wisconsin 4,286 Wisconsin Thrift - -------------------------------------------------------------------------------- ------- FINANCE: TOTAL 110,164 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- OTHER INDUSTRIES: 2.6% >REAL ESTATE: 1.5% 560,000 Diamondrock Hospitality $7,734 Hotel Owner 77,500 Gaylord Entertainment (b) 3,517 Convention Hotels 235,000 Highland Hospitality 2,987 Hotel Owner 150,000 Kite Realty Group 2,393 Community Shopping Centers 90,000 American Campus Communities 2,332 Student Housing 110,500 Crescent Real Estate Equities 2,328 Class A Office Buildings - -------------------------------------------------------------------------------- 21,291 >WASTE MANAGEMENT: 0.5% 187,250 Waste Connections (b) 7,454 Solid Waste Management - -------------------------------------------------------------------------------- >TRANSPORTATION 0.5% 331,920 Heartland Express 7,233 Regional Dry Van Trucker - -------------------------------------------------------------------------------- >REGULATED UTILITIES: 0.1% 97,500 Northeast Utilities 1,904 Regulated Electric Utility - -------------------------------------------------------------------------------- ---------- OTHER INDUSTRIES: TOTAL 37,882 ---------- TOTAL COMMON STOCKS: 90.3% 1,317,295 (COST: $866,624) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 9.8% $ 49,000 Verizon Global Funding 4.77% Due 4/3/06 - 4/4/06 $48,984 35,000 LaSalle Bank 4.75% Due 4/5/06 34,982 30,000 Aluminum Company America 4.76% Due 4/6/06 29,980 26,000 General Electric Capital Corporation 4.73% Due 4/7/06 25,979 3,556 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by Federal Home Loan Bank, maturing 12/20/06 market value $3,631 (repurchase proceeds: $3,557) 3,556 - -------------------------------------------------------------------------------- (AMORTIZED COST: $143,481) 143,481 ---------- TOTAL INVESTMENTS: 100.1% 1,460,776 (COST: $1,010,105)(A) CASH AND OTHER ASSETS LESS LIABILITIES: (0.1)% (2,006) ---------- TOTAL NET ASSETS: 100% $1,458,770 ================================================================================ - -------------------------------------------------------------------------------- >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 March 31, 2006, for federal income tax purposes cost of investments was $1,010,105 and net unrealized appreciation was $450,671 consisting of gross unrealized appreciation of $475,717 and gross unrealized depreciation of $25,046. (b) Non-income producing security. (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. On March 31, 2006, the Fund held five percent or more of the outstanding voting securities of the following company: RCM Technologies 6.69% The aggregate cost and value of these companies at March 31, 2006, was $5,636 and $5,078 respectively. Investments in affiliate companies represent 0.35% of total net assets at March 31, 2006. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2006, were as follows: Dividend Income $ -- Net realized gain or loss $ -- Change in unrealized gain or loss $ (1,069) 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 under consistently applied procedures established by and under the general supervision of the Board of Trustees. At March 31, 2006, these securities (in thousands) amounted to $201 which represents 0.01% of total net assets. Additional information on these securities is as follows:
ACQUISITION SECURITY DATES SHARES COST (000) VALUE (000) - ------------------------------------------------------------------------------------------------------- Locus Discovery, Series D. Pfd. 09/05/01 375,000 $1,500 $102 Metabolex, Series F 05/11/00 363,636 2,000 99 ------- ------- $3,500 $201 ======= =======
Columbia Acorn International Select >Statement of Investments (Unaudited) March 31, 2006 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 97.1% - -------------------------------------------------------------------------------- EUROPE: 54.1% >UNITED KINGDOM/IRELAND: 15.7% 245,000 Bank of Ireland (Ireland) $4,557 Irish Commercial Bank 220,000 IAWS (Ireland) 3,815 Baked Goods 185,000 Northern Rock 3,806 Lowest Cost Mortgage Bank in UK 174,000 Anglo Irish Bank (Ireland) 2,868 Small Business & Middle Market Banking 125,000 Grafton Group (Ireland) 1,641 Building Materials Wholesaling & DIY Retailing 170,000 C+C Group (Ireland) 1,154 Irish Beverage & Snack Company - -------------------------------------------------------------------------------- 17,841 >SWITZERLAND: 10.4% 8,500 Kuehne & Nagel 2,755 Freight Forwarding/Logistics 25,000 Synthes 2,735 Products for Orthopedic Surgery 2,400 Geberit International 2,290 Plumbing Supplies 10,250 Swatch Group 1,721 Watch & Electronics Manufacturer 23,000 Schindler 1,226 Elevator Manufacturer & Service Provider 12,100 BKW Energie 1,086 Electric Utility - -------------------------------------------------------------------------------- 11,813 >FRANCE: 7.8% 182,000 SES Global 2,898 Satellite Broadcasting Services 24,200 Neopost 2,631 Postage Meter Machines 20,000 Essilor International 1,782 Eyeglass Lenses 18,000 Imerys 1,514 Industrial Minerals Producer - -------------------------------------------------------------------------------- 8,825 >GERMANY: 6.4% 185,000 Depfa Bank 3,294 Investment Banker to Public Authorities 3,300 Porsche 3,157 Specialty Automobile Manufacturer 6,000 Deutsche Boerse 865 Trading, Clearing & Settlement Services for Financial Markets - -------------------------------------------------------------------------------- 7,316 >SWEDEN: 5.0% 320,200 Gambro 3,824 Products for Renal & Blood Care 160,000 Tele2 AB 1,890 European Cellular & Reseller Telephone Services - -------------------------------------------------------------------------------- 5,714 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >DENMARK: 3.0% 50,000 Novozymes $3,390 Industrial Enzymes - -------------------------------------------------------------------------------- >SPAIN: 2.5% 88,000 Red Electrica 2,834 Spanish Power Grid - -------------------------------------------------------------------------------- >NORWAY: 2.0% 47,000 Orkla 2,325 Materials, Branded Consumer Goods & Media - -------------------------------------------------------------------------------- >CZECH REPUBLIC: 1.3% 10,300 Komercni Banka 1,434 Leading Czech Universal Bank - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- EUROPE: TOTAL 61,492 - -------------------------------------------------------------------------------- ASIA: 32.8% >JAPAN: 28.3% 76,000 Daito Trust Construction 3,966 Apartment Builder 130,000 Shimano 3,908 Bicycle Components & Fishing Tackle 90,000 Hoya 3,634 Opto-Electrical Components & Eyeglass Lenses 5,000 Jupiter Telecommunications (b) 3,536 Largest Cable Service Provider in Japan 145,000 Ushio 3,457 Industrial Light Sources 55,000 Aeon Mall 2,733 Suburban Shopping Mall Developer, Owner & Operator 76,000 Ito En 2,661 Bottled Tea & Other Beverages 420 Kenedix 2,225 Real Estate Investment Management 73,000 JSR 2,172 Films and Chemicals for LCD Screens & Electronics 29,000 USS 1,978 Used Car Auctioneer 181,800 Hiroshima Bank 1,078 Regional Bank 80,000 Kansai Paint 734 Paint Producer in Japan, China, India & Southeast Asia - -------------------------------------------------------------------------------- 32,082 >HONG KONG: 3.6% 680,000 Hong Kong Exchanges & Clearing 4,086 Hong Kong Equity & Derivatives Operator - -------------------------------------------------------------------------------- >SINGAPORE: 0.9% 1,000,000 Comfort Del Gro 1,039 Taxi & Mass Transit Service - -------------------------------------------------------------------------------- ------ ASIA: TOTAL 37,207 Columbia Acorn International Select >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- OTHER COUNTRIES: 9.3% >CANADA: 8.3% 311,000 Kinross Gold (b) $3,390 Gold Mining 30,700 Potash 2,704 World's Largest Producer of Potash 100,000 Rona (b) 1,909 Leading Canadian DIY Retailer 26,000 Talisman Energy 1,381 Oil & Gas Producer - -------------------------------------------------------------------------------- 9,384 >SOUTH AFRICA: 1.0% 6,000 Impala Platinum Holdings 1,129 Platinum Group Metals Mining & Refining - -------------------------------------------------------------------------------- --------- OTHER: TOTAL 10,513 - -------------------------------------------------------------------------------- LATIN AMERICA: 0.9% >ARGENTINA: 0.9% 5,900 Tenaris 1,066 Oil, Gas & Industrial Seamless Tubes - -------------------------------------------------------------------------------- --------- LATIN AMERICA: TOTAL 1,066 --------- TOTAL COMMON STOCKS: 97.1% 110,278 (COST: $81,904) PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- SHORT-TERM OBLIGATION: 2.6% $ 2,943 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by Federal Home Loan Bank, maturing 12/20/06 market value $3,005 (repurchase proceeds: $2,944) $2,943 - -------------------------------------------------------------------------------- (AMORTIZED COST: $2,943) 2,943 TOTAL INVESTMENTS: 99.7% --------- (COST: $84,847) (A)(C) 113,221 CASH AND OTHER ASSETS LESS LIABILITIES: 0.3% 333 --------- TOTAL NET ASSETS: 100% $113,554 ================================================================================ - -------------------------------------------------------------------------------- >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 March 31, 2006, for federal income tax purposes cost of investments was $84,847 and net unrealized appreciation was $28,374 consisting of gross unrealized appreciation of $29,502 and gross unrealized depreciation of $1,128. (b) Non-income producing security. (c) On March 31, 2006, the Fund's total investments were denominated in currencies as follows: % of Total Currency Value Net Assets ============================================= Euro $33,010 29.1% Japanese Yen 32,081 28.3 Swiss Franc 11,814 10.4 US Dollar 6,713 5.9 Canadian Dollar 6,679 5.9 Swedish Krona 5,714 5.0 Other currencies less than 5% of total net assets 17,210 15.1 -------- ------- $113,221 99.7% ======== ======= Columbia Acorn Select >Statement of Investments (Unaudited) March 31, 2006 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- COMMON STOCKS: 97.9% - -------------------------------------------------------------------------------- INFORMATION: 30.5% >TELECOMMUNICATIONS EQUIPMENT: 7.7% 9,600,000 Tellabs (b) $152,640 Telecommunications Equipment - -------------------------------------------------------------------------------- >TELEVISION PROGRAMMING/CATV: 6.3% 3,400,000 Liberty Global, Series C (b) 67,150 1,000,000 Liberty Global, Series A (b) 20,470 CATV Holding Company 2,500,000 Discovery Holding (b) 37,500 CATV Programming - -------------------------------------------------------------------------------- 125,120 >BUSINESS SOFTWARE: 5.5% 1,600,000 Avid Technology (b) 69,536 Digital Nonlinear Editing Software & Systems 5,000,000 Novell (b) 38,400 Directory, Operating System & Identity Management Software - -------------------------------------------------------------------------------- 107,936 >MOBILE COMMUNICATIONS: 3.5% 2,300,000 American Tower (b) 69,736 Communication Towers in USA & Mexico - -------------------------------------------------------------------------------- >INTERNET: 3.5% 9,600,000 Skillsoft Publishing (b)(c) 50,304 Provider of Web-Based Learning Solutions (E-Learning) 544,000 IAC/Interactive Corp (b) 16,032 Dominate Internet Middleman - -------------------------------------------------------------------------------- 66,336 >INSTRUMENTATION: 2.5% 1,400,000 Tektronix 49,994 Analytical Instruments - -------------------------------------------------------------------------------- >PUBLISHING: 1.1% 803,700 Tribune Company 22,045 Newspapers & TV Stations - -------------------------------------------------------------------------------- >COMPUTER SERVICES: 0.4% 1,367,000 AnswerThink Consulting (b) 8,790 I/T Integration & Best Practice Research - -------------------------------------------------------------------------------- ------- INFORMATION: TOTAL 602,597 - -------------------------------------------------------------------------------- CONSUMER GOODS/SERVICES: 28.1% >RETAIL: 12.5% 3,500,000 Safeway 87,920 Supermarkets 1,400,000 Abercrombie & Fitch 81,620 Teen Apparel Retailer 845,000 Costco 45,765 Warehouse Superstores 1,300,000 Petco Animal Supplies (b) 30,641 Pet Supplies & Services - -------------------------------------------------------------------------------- 245,946 NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >CONSUMER SERVICES: 7.2% 1,625,000 ITT Educational Services (b) $104,081 Postsecondary Degree Programs 728,000 Weight Watchers 37,419 Weight Loss Program - -------------------------------------------------------------------------------- 141,500 >LEISURE VEHICLES: 2.9% 1,100,000 Harley-Davidson 57,068 Motorcycles & Related Merchandise - -------------------------------------------------------------------------------- >FURNITURE & MANUFACTURERS: 2.4% 1,400,000 Coach (b) 48,412 Designer & Retailer of Branded Leather Accessories - -------------------------------------------------------------------------------- >ENTERTAINMENT: 1.9% 740,000 International Speedway Motors 37,666 Largest Motorsport Racetrack Owner & Operator - -------------------------------------------------------------------------------- >TRAVEL: 1.2% 1,200,000 Expedia (b) 24,324 Online Travel Services Company - -------------------------------------------------------------------------------- ------- CONSUMER GOODS/SERVICES: TOTAL 554,916 - -------------------------------------------------------------------------------- FINANCE: 12.3% >MONEY MANAGEMENT: 6.8% 2,500,000 Janus Capital 57,925 Manages Mutual Funds 975,000 Nuveen Investments 46,946 Specialty Mutual Funds 729,500 SEI Investments 29,567 Mutual Fund Administration & Investment Management - -------------------------------------------------------------------------------- 134,438 >INSURANCE: 4.2% 1,800,000 Conseco (b) 44,676 Life, Long Term Care & Medical Supplement Insurance 112,000 Markel (b) 37,820 Specialty Insurance - -------------------------------------------------------------------------------- 82,496 >BANKS: 1.3% 750,000 Associated Banc-Corp 25,485 Midwest Bank - -------------------------------------------------------------------------------- 25,485 ------- FINANCE: TOTAL 242,419 - -------------------------------------------------------------------------------- ENERGY & MINERALS: 10.4% >MINING: 5.8% 28,700,000 UrAsia Energy (Canada) (b)(c) 73,725 1,900,000 UrAsia Energy (Canada) Legend (b)(c) 4,881 Uranium Mining in Kazakhstan 400,000 Potash 35,236 World's Larges Producer of Potash - -------------------------------------------------------------------------------- 113,842 Columbia Acorn Select >Statement of Investments (Unaudited), continued NUMBER OF SHARES VALUE (000) - -------------------------------------------------------------------------------- >OIL SERVICES: 4.6% 1,950,000 Pride International (b) $60,801 Offshore Drilling Contractor 600,000 FMC Technologies (b) 30,732 Oil & Gas Well Head Manufacturer - -------------------------------------------------------------------------------- 91,533 ------- ENERGY & MINERALS: TOTAL 205,375 - -------------------------------------------------------------------------------- INDUSTRIAL GOODS/SERVICES: 10.0% >LOGISTICS: 2.9% 661,000 Expeditors International of Washington 57,104 International Freight Forwarder - -------------------------------------------------------------------------------- >OUTSOURCING SERVICES & TRAINING: 2.5% 3,030,000 Quanta Services (b) 48,541 Electrical & Telecom Construction Services - -------------------------------------------------------------------------------- >INDUSTRIAL GOODS: 2.4% 1,125,000 Mine Safety Appliances 47,250 Safety Equipment - -------------------------------------------------------------------------------- >STEEL: 2.2% 2,150,000 Worthington Industries 43,129 Steel Processing - -------------------------------------------------------------------------------- ------- INDUSTRIAL GOODS/SERVICES: TOTAL 196,024 - -------------------------------------------------------------------------------- HEALTH CARE: 4.3% >SERVICES: 4.3% 900,000 Coventry Health Care (b) 48,582 HMO 910,000 Lincare Holdings (b) 35,454 Home Health Care Services - -------------------------------------------------------------------------------- 84,036 ------- HEALTH CARE: TOTAL 84,036 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- OTHER INDUSTRIES: 2.3% >WASTE MANAGEMENT: 2.3% 1,300,000 Waste Management $45,890 US Garbage Collection & Disposal - -------------------------------------------------------------------------------- --------- OTHER INDUSTRIES: TOTAL 45,890 --------- TOTAL COMMON STOCKS: 97.9% 1,931,257 (COST: $1,412,559) SHORT-TERM OBLIGATIONS: 2.8% $ 27,000 American General Finance Corp, 4.79% Due 4/3/06 26,993 26,000 Toyota Credit De Puerto 4.80% Due 4/4/06 25,990 2,818 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by Federal Home Loan Mortgage Corp, maturing 12/28/06 market value $2,877 (repurchase proceeds: $2,819) 2,818 - -------------------------------------------------------------------------------- (AMORTIZED COST: $55,801) 55,801 TOTAL INVESTMENTS: 100.7% ---------- (COST: $1,468,360) (A) 1,987,058 CASH AND OTHER ASSETS LESS LIABILITIES: (0.7%) (13,563) ---------- TOTAL NET ASSETS: 100% $1,973,495 ================================================================================ - -------------------------------------------------------------------------------- >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 March 31, 2006, for federal income tax purposes cost of investments was $1,468,360 and net unrealized appreciation was $518,698 consisting of gross unrealized appreciation of $542,926 and gross unrealized depreciation of $24,228. (b) Non-income producing security. (c) An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. On March 31, 2006, the Fund held five percent or more of the outstanding voting securities of the following companies: Skillsoft Publishing 8.95% UrAsia Energy 6.38% The aggregate cost and value of these companies at March 31, 2006, was $108,646 and $128,910 respectively. Investments in affiliate companies represent 6.53% of total net assets at March 31, 2006. Investment activity and income amounts relating to affiliates during the three months ended March 31, 2006, were as follows: Dividend Income $ -- Net realized gain or loss $ -- Change in unrealized gain or loss $ 18,176 Purchases $ 3,799 Proceeds from sales $ -- Columbia Thermostat Fund >Statement of Investments (Unaudited), March 31, 2006 NUMBER OF SHARES OR PRINCIPAL AMOUNT (000) VALUE (000) - -------------------------------------------------------------------------------- BOND FUNDS: 59.8% 6,887,149 Columbia Intermediate Bond Fund, Class Z $60,194 3,495,460 Columbia Federal Securities Fund, Class Z 36,038 2,855,989 Columbia Conservative High Yield Fund, Class Z 24,162 - -------------------------------------------------------------------------------- TOTAL BOND FUNDS (COST: $122,723) 120,394 STOCK FUNDS: 40.0% 1,410,512 Columbia Large Cap Enhanced Core Fund, Class Z 20,001 1,271,605 Columbia Dividend Income Fund, Class Z 15,920 318,524 Columbia Acorn International, Class Z 12,308 394,153 Columbia Acorn Fund, Class Z 12,203 823,869 Columbia Large Cap Value Fund, Class Z 12,037 332,846 Columbia Acorn Select, Class Z 8,171 - -------------------------------------------------------------------------------- TOTAL STOCK FUNDS (COST: $71,056) 80,640 SHORT-TERM OBLIGATION: 0.2% $ 448 Repurchase Agreement with State Street Bank & Trust dated 3/31/06, Due 4/3/06 at 4.50% collateralized by Federal Home Loan Mortgage Association, maturing 11/17/10 market value $461 (repurchase proceeds: $448) 448 - -------------------------------------------------------------------------------- (AMORTIZED COST: $448) 448 TOTAL INVESTMENTS: 100.0% -------- (COST: $194,227) (A) 201,482 CASH AND OTHER ASSETS LESS LIABILITIES: 0.0% 47 -------- TOTAL NET ASSETS - 100% $201,529 ================================================================================ *Security Valuations Investments in Portfolio Funds are valued at their net asset value as reported by the underlying funds. High quality short-term paper and government securities having a maturity of 60 days or less from the valuation date are valued on an amortized cost basis, which approximates fair value. >Notes to Statement of Investments (in thousands) (a) At March 31, 2006, for federal income tax purposes cost of investments was $194,227 and net unrealized appreciation was $7,255 consisting of gross unrealized appreciation of $9,633 and gross unrealized depreciation of $2,378. 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 May 25, 2006 --------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Charles P. McQuaid ------------------------------------------------------- Charles P. McQuaid, President Date May 25, 2006 --------------------------------------------------------------------------- By (Signature and Title) /s/ Bruce H. Lauer ------------------------------------------------------- Bruce H. Lauer, Treasurer Date May 25, 2006 --------------------------------------------------------------------------- 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: May 25, 2006 /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 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: May 25, 2006 /s/ Bruce H. Lauer ------------------------- Bruce H. Lauer, Treasurer -----END PRIVACY-ENHANCED MESSAGE-----