UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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:	December 31, 2008
Date of reporting period:		June 30, 2008

Item 1. Report to Shareholders.

The Registrant is filing this amendment to its Form N-CSRS for the period ended June 30, 2008 in order to correct the following errors that appeared in the semiannual reports to shareholders included in the Registrant’s Form N-CSRS which was originally filed with the Securities and Exchange Commission (the “SEC”) on August 26, 2008 (Accession No. 0001104659-08-055113):

·Under “Columbia Acorn Fund – In a Nutshell,” the first sentence of the sixth paragraph was revised to read:

Columbia Acorn Fund’s international stocks outperformed the Fund in both periods, falling only 2.31% in the half and rising 6.76% in the quarter.

·Under “Columbia Thermostat Fund – In a Nutshell,” in the table of results, the weighted average income return of the underlying bond funds was changed from -1.11% to -0.68% for the second quarter and from -0.03% to 0.40% for the year to date.

·Under “Columbia Thermostat Fund – In a Nutshell,” the fourth paragraph was revised to read:

On the bond side, the quarter brought a 0.68% drop, a bit worse than the performance for the stock portion for the same period. For the half year, the bond component was much stronger, rising 0.40% vs. the nearly 11% drop of the stock portion.

The Registrant’s revised semiannual reports to shareholders for the period ended June 30, 2008 are included in this Item 1.

Q2 2008

Columbia Management^®

Columbia Acorn Family of Funds

Class Z Shares

Managed by Columbia Wanger Asset Management, L.P.

Semiannual Report

June 30, 2008

n  Columbia^SM
Acorn® Fund

n  Columbia^SM
Acorn International®

n  Columbia^SM
Acorn USA®

n  Columbia^SM
Acorn International Select^SM

n  Columbia^SM
Acorn Select^SM

n  Columbia^SM
Thermostat Fund^SM

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

The views expressed in the "Squirrel Chatter II" and "In a Nutshell" commentaries reflect the current views of the respective authors. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any particular Columbia Acorn Fund. References to specific company securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund's portfolio are still held or that the securities sold have not been repurchased.

You are invited to the 2008 Columbia Acorn Funds Shareholder Information Meeting!

Tuesday, September 23, 2008
12 noon to 1 p.m. Central time

There are two ways to participate in our Annual Shareholder Information Meeting:

1. Via the Web

To view a live webcast of the meeting on September 23, go to www.columbiafunds.com and follow the link under "Product News." If you can't join us at that time, a replay of the webcast will be available through October 24, 2008, and may be accessed the same way.

A test link is currently live on the site. We encourage you to log on and test your ability to access the webcast prior to the meeting date.

2. In Person

The shareholder information meeting will be held at:

Chase Bank Auditorium
10 South Dearborn Street
Chicago, IL 60602

A buffet lunch will be served at 11:30 a.m.

If you plan to join us in Chicago, please RSVP by September 18 by calling (800) 922-6769.

The Chase Bank Auditorium is located within the Chase Tower at the southeast corner of Madison and Dearborn. Use the southernmost entrance on the Dearborn side of the building. Then take the escalators down to the Plaza level and follow the signs to the Chase Bank Auditorium.

Columbia Acorn Fund News

Minimum Initial Investments Reduced for Columbia Acorn Fund,
Columbia Acorn USA and Columbia Acorn Select

Effective August 1, 2008, the minimum initial investment for most investors in Class Z shares was reduced to $2,500 for Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select.

The Columbia Acorn Board of Trustees agreed that lowering the minimum investment was in the best interest of shareholders and would continue to allow Columbia Wanger Asset Management, L.P. ("CWAM"), the Funds' advisor, to align investment decisions with its growth-at-a-reasonable-price strategy.

"CWAM monitors cash flows in the Funds very carefully. When small- and mid-cap valuations increased and inflows were strong, we twice raised minimum investment requirements for our domestic Acorn Funds and successfully slowed cash inflows. At the time, we felt that lower inflows were best for shareholders as we were finding fewer investment opportunities. Currently, the market downturn has created what we believe to be compelling valuations for lots of good businesses. The Funds are fully invested and have had modest outflows. The Funds' portfolio managers would much rather have moderate inflows in order to take advantage of market conditions," said Chuck McQuaid, chief investment officer of CWAM and lead portfolio manager of Columbia Acorn Fund.

Additional information on this change can be found in the supplement to the prospectus for these Funds dated August 1, 2008. If you have questions, you can reach us at (800) 922-6769.

Columbia Acorn Family of Funds

Table of Contents

Performance At A Glance	2
Descriptions of Indexes	3
Squirrel Chatter II: Perceptions of Risk	4
Understanding Your Expenses	6
Columbia Acorn Fund
In a Nutshell	8
At a Glance	9
Major Portfolio Changes	20
Statement of Investments	22
Columbia Acorn International
In a Nutshell	10
At a Glance	11
Major Portfolio Changes	34
Statement of Investments	36
Portfolio Diversification	43
Columbia Acorn USA
In a Nutshell	12
At a Glance	13
Major Portfolio Changes	44
Statement of Investments	45

Columbia Acorn International Select
In a Nutshell	14
At a Glance	15
Major Portfolio Changes	51
Statement of Investments	52
Portfolio Diversification	55
Columbia Acorn Select
In a Nutshell	16
At a Glance	17
Major Portfolio Changes	56
Statement of Investments	57
Columbia Thermostat Fund
In a Nutshell	18
At a Glance	19
Statement of Investments	60
Columbia Acorn Family of Funds
Statements of Assets and Liabilities	62
Statements of Operations	63
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	71
Management Fee Evaluation of the Senior Officer	78
Columbia Acorn Family of Funds Information	85

2008 Mid-Year Distributions

The following table lists the Funds' mid-year distributions per share. The record date was June 10, 2008. The ex-dividend date was June 11, 2008, and the payment date was June 12, 2008.

	Short-term Capital Gains		Long-term Capital Gains		Ordinary Income		Reinvestment Price
Columbia Acorn Fund	$	0.0335	$	0.5199		None	$	27.60
Columbia Acorn International	$	0.0574	$	0.5434	$	0.2054	$	40.34
Columbia Acorn USA		None	$	0.9554		None	$	25.71
Columbia Acorn International Select	$	0.0322	$	0.5108	$	0.0423	$	30.36
Columbia Acorn Select		None	$	0.6941		None	$	26.49
Columbia Thermostat Fund	$	0.0222	$	0.0496	$	0.0403	$	11.87

1

Columbia Acorn Family of Funds

Performance At A Glance Class Z Average Annual Total Returns through 6/30/08

	NAV on 6/30/08		2nd quarter*			Year to date*			1 year			3 years			5 years			10 years			Life of Fund
Columbia Acorn Fund (ACRNX) (6/10/70)	$	26.40		0.90	%		-9.05	%		-12.19	%		7.25	%		13.95	%		11.15	%		15.55	%
Russell 2500				1.39	%		-8.11	%		-14.28	%		4.94	%		11.49	%		7.50	%		NA
S&P 500				-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		2.88	%		11.27	%
Lipper Small-Cap Core Funds Index				2.37	%		-7.04	%		-13.50	%		5.09	%		11.07	%		6.95	%		NA
Lipper Mid-Cap Core Funds Index				2.66	%		-6.97	%		-10.95	%		6.44	%		11.16	%		7.49	%		NA
Columbia Acorn International (ACINX) (9/23/92)	$	38.97		-1.85	%		-8.83	%		-6.69	%		19.39	%		24.15	%		11.78	%		13.54	%
S&P/Citigroup Global ex-US Cap Range $500M-$5B				-4.05	%		-11.68	%		-11.29	%		16.25	%		22.71	%		11.24	%		10.10	%
S&P/Citigroup EMI Global ex-US				-3.31	%		-11.16	%		-13.08	%		15.73	%		22.07	%		10.23	%		9.48	%
MSCI EAFE Index				-2.25	%		-10.96	%		-10.61	%		12.84	%		16.67	%		5.83	%		7.97	%
Lipper Int'l Small-Cap Funds Index				-2.39	%		-10.77	%		-14.62	%		14.47	%		21.40	%		11.64	%		NA
Columbia Acorn USA (AUSAX) (9/4/96)	$	24.68		2.10	%		-8.48	%		-13.53	%		3.17	%		11.36	%		7.61	%		11.57	%
Russell 2000				0.58	%		-9.37	%		-16.19	%		3.79	%		10.29	%		5.53	%		7.71	%
Lipper Small-Cap Core Funds Index				2.37	%		-7.04	%		-13.50	%		5.09	%		11.07	%		6.95	%		8.90	%
S&P 500				-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		2.88	%		7.58	%
Columbia Acorn Int'l Select (ACFFX) (11/23/98)	$	30.49		5.17	%		-2.94	%		5.79	%		22.94	%		24.43	%		—			13.73	%
S&P/Citigroup World ex-US Cap Range $2-10B				-2.73	%		-10.42	%		-12.18	%		14.54	%		20.26	%		—			10.52	%
MSCI EAFE Index				-2.25	%		-10.96	%		-10.61	%		12.84	%		16.67	%		—			6.14	%
Lipper International Funds Index				-1.90	%		-11.15	%		-8.94	%		14.16	%		16.91	%		—			7.43	%
Columbia Acorn Select (ACTWX) (11/23/98)	$	26.08		9.42	%		-5.80	%		-11.89	%		11.05	%		12.69	%		—			13.10	%
S&P MidCap 400				5.43	%		-3.90	%		-7.34	%		7.45	%		12.61	%		—			10.42	%
Lipper Mid-Cap Growth Index				5.00	%		-8.43	%		-3.08	%		10.93	%		12.52	%		—			7.24	%
S&P 500				-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		—			2.66	%
Columbia Thermostat Fund (COTZX) (9/25/02)†	$	11.59		-0.60	%		-4.57	%		-0.86	%		6.07	%		7.75	%		—			9.06	%
S&P 500				-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		—			10.07	%
Lehman Brothers U.S. Aggregate Bond Index				-1.02	%		1.13	%		7.12	%		4.09	%		3.86	%		—			4.34	%
Lehman Brothers U.S. Credit Intermediate Bond Index				-1.00	%		0.27	%		4.55	%		3.38	%		3.26	%		—			4.48	%
Lipper Flexible Portfolio Funds Index				0.52	%		-4.65	%		-2.16	%		7.94	%		8.99	%		—			10.58	%
50/50 Blended Benchmark				-1.75	%		-5.41	%		-3.24	%		4.41	%		5.85	%		—			7.36	%

*Not annualized.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in a Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Please visit columbiamanagement.com for daily and most recent month-end updates. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would have been lower. Class Z shares are sold only at NAV with no Rule 12b-1 fee. Only eligible investors may purchase Class Z shares of the Funds, directly or by exchange. Please see each Fund's prospectus for eligibility and other details. Class Z shares have limited eligibility and the investment minimum requirement may vary.

Performance results reflect any voluntary waivers or reimbursement of Fund expenses by the investment advisor and/or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results would have been lower.

Annual operating expense ratios are as stated in each Fund prospectus that is current as of the date of this report and differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios. Columbia Acorn Fund Class Z: 0.74%. Columbia Acorn International Class Z: 0.91%. Columbia Acorn USA Class Z: 0.98%. Columbia Acorn International Select Class Z: 1.18%. Columbia Acorn Select Class Z: 0.91%. Columbia Thermostat Fund has a contractual expense waiver or reimbursement that expires April 30, 2009. Expense ratios without and with the contractual waiver, including fees and expenses associated with the Fund's investments in other investment companies, for Class Z shares are 1.10% and 0.95%, respectively. Absent the waiver or reimbursement, performance results would have been lower.

†A "fund of funds" bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with an investment in a fund that invests and trades directly in financial instruments under the direction of a single manager. Effective July 1, 2008, Columbia Thermostat Fund changed its primary benchmark for debt securities to the Lehman Brothers U.S. Aggregate Bond Index and added a custom supplemental benchmark, the 50/50 Blended Benchmark, established by the Advisor. The Advisor believes these changes allow for more appropriate comparison to the Fund's investments.

All results shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Unlike mutual funds, indexes are not actively managed and do not incur fees or expenses. It is not possible to invest directly in an index. For index definitions, see Page 3.

2

Descriptions of Indexes Included in this Report

•  Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

•  Standard & Poor's (S&P) MidCap 400 Index is a market value-weighted index that tracks the performance of 400 mid-cap U.S. companies.

•  Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

•  Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

•  S&P/Citigroup EMI Global ex-US Index is an unmanaged index consisting of the bottom 20% of institutionally investable capital of developed and emerging countries, outside the United States.

•  S&P/Citigroup Global ex-US Cap Range $500M-$5B Index is a subset of the broad market selected by the index sponsor representing the mid- and small-cap developed and emerging markets, excluding the United States.

•  Morgan Stanley Capital International Europe, Australia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australia and the Far East.

•  S&P/Citigroup World ex-US Cap Range $2–10B Index is a subset of the broad market selected by the index sponsor representing the mid-cap developed market, excluding the United States.

•  Lipper Indexes include the largest funds tracked by Lipper, Inc. in the named category. Lipper Mid-Cap Growth Index, 30 mid-cap growth funds; Lipper Mid-Cap Core Funds Index, 30 mid-cap core funds; Lipper International Funds Index, 30 largest non-U.S. funds, not including non-U.S. small-cap funds; Lipper International Small-Cap Funds Index, 10 largest non-U.S. funds investing in small-cap companies, including Columbia Acorn International; Lipper Small-Cap Core Funds Index, 30 largest small-cap core funds, including Columbia Acorn Fund; Lipper Flexible Portfolio Funds Index, an equal-weighted index of the 30 largest mutual funds within the Flexible Portfolio fund classification, as defined by Lipper.

•  Lehman Brothers U.S. Credit Intermediate Bond Index is the intermediate component of the U.S. Credit Index. The U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

•  Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

•  50/50 Blended Benchmark, established by the Advisor, is an equally weighted custom composite of Columbia Thermostat Fund's primary equity and primary debt benchmarks. The percentage of the Fund's assets allocated to stock and bond portfolio funds will vary, and accordingly the composition of the Fund's portfolio will not always reflect the composition of the 50/50 Blended Benchmark.

Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.

3

Squirrel Chatter II: Perceptions of Risk

Most people tend to calibrate risk poorly. We overestimate the likelihood of being harmed by the things that make the evening news and underestimate those that don't. In a survey, people estimated that the chance of death by accident matched the chance of death by disease. In fact, disease causes 17-times more deaths than accidents.¹

Dan Gardner's, Risk, The Science and Politics of Fear,² explains why our views and actions are often so distorted. It seems our perceptions are most influenced by preconceived notions, reinforced by recent information. Accidents are newsworthy, as are catastrophes. If fatalities occur in large numbers in a single event—instead of in small numbers dispersed over time—our perception of risk rises.³

Besides catastrophes, it won't shock too many parents to learn that we tend to worry a lot about our children. Other things that we can't control, like airplane flights, can be worrisome, while things that we can control, such as automobiles, evoke less fear despite higher risks. Things that we don't understand such as trace chemicals,⁴ and other man-made risks like nuclear power, are also feared. Many people worry about radiation from cell phones, while ignoring the real hazard of driving while using cell phones. Many non-headline risks caused by nature, such as radon gas, which kills an estimated 41,000 people a year in the U.S. and Europe,⁵ tend to be downplayed.

Gardner notes that we are living longer in the safest era ever known to mankind. Horrible diseases like smallpox have been eliminated while others have been drastically curtailed. Childhood mortality has especially plunged and accident rates are also down.

Fear Mongering Profiteers

So who is putting the scary thoughts into our heads? The media is an obvious culprit because sensational stories sell newspapers and increase viewership. Companies trying to sell certain health care products or security services and devices also find fear mongering to be profitable. The number of companies lobbying homeland security officials rose from 15 in 2001 to 861 in 2004 as fears of terrorist attacks swelled.⁶ Trial lawyers reaping the rewards of questionable lawsuits, politicians pandering for votes and special interest groups seeking funding also try to keep people scared.

Fear can end up increasing risks. People need to remember the classic definition of risk: probability times consequences. Avoiding immunizations or weight loss treatments due to possible side effects can be ill advised. Diabetes, a disease linked to obesity, has been diagnosed in 24 million Americans. That's eight percent of the total population.⁷

The American Council on Science and Health is dedicated to separating real health risks from unfounded health scares, tracking health scares reported by the press and debunking them. Among the top scares in 2007 were allegations that lipstick, fluoridated water, roses and water bottles are hazardous. Among the top scares of all time were cranberries (1959), DDT (1962), cyclamates (1969), Alar (1989), cellular phone radiation (1993) and trace PCBs in farmed salmon (2003).⁸ Fumes from new shower curtains may make the list this year!

Rational Understanding of Risk

Peter L. Bernstein's, Against The Gods, The Remarkable Story of Risk,⁹ is a fascinating review of mankind's history of approaching risk, and how to understand, measure and deal with it. He reviews the advances in probability theory, which enabled the creation of insurance and, in turn, facilitated trade and investment. He states that managing risks depends on the use of three assumptions originated by Jacob Bernoulli around the year 1700: full information, independent trials and relevance of quantitative valuation.

Bernstein explores additional progress in risk management, particularly in investing. Diversification may reduce risk. However, some quantitative techniques for investing have failed. "Portfolio insurance," a quantitative approach to reduce equity holdings in market declines via the purchase of put options, intensified the market collapse of 1987. Subsequent to the book's publication, numerous quant managers have claimed that "six sigma" events (one in a million chance of occurring) caused huge losses in their funds. These failures occurred because the investment models violated Bernoulli's "independent trials"

4

assumption stated above. Stock price movements may look independent, until numerous people attempt the same strategies or until human emotions result in lots of investors reacting in similar manners.

Stock Market Risks

Sentiment in the stock market seems to gyrate between greed and fear, creating bull and bear markets. Because the S&P 500 Index has fallen more than 20% from its peak, a bear market has been proclaimed. This suggests that the market is currently focusing on fear.

I recall a long-ago brokerage firm ad listing people's fears each year for decades. The list likely included events like the Cuban Missile Crisis and Three Mile Island. It noted that there seemed to be a reason to avoid investing in stocks each year. But starting with $1,000 50 years ago, an investment in the S&P 500 would have resulted in $140,364 as of June 30, 2008, vs. $13,619 if invested in super safe treasury bills. Meanwhile, inflation would require $7,535 to buy in 2008 what $1,000 bought in 1958.¹⁰ This example suggests that staying out of stocks would have been a very bad decision.

Market strategist Steve Leuthold provides lots of data and perspectives. Based on his estimate of "operating" (recurring) earnings, the S&P 500 at its July 11, 2008, close of 1,239 was selling at about 14.5-times earnings. That multiple matched the depths of the 2002-2003 bear market and was below the market's average price-earnings (PE) ratio¹¹ of 16.5-times, calculated since 1926. Leuthold notes that market price-earnings ratios vary a lot, and that inflation is a major driver of PE ratios. When inflation has varied between zero and 5%, PE ratios averaged 18- to 19-times. When inflation has been between 5% and 7%, PE ratios averaged 13.8-times, and when inflation was 7% or more, PE ratios averaged 11.4-times.¹²

Inflation has been boosted by fuel and food prices, and the Consumer Price Index recently spiked up to a 5% year-over-year gain. Some are concerned that we may be returning to a period of big government and stagflation. Future inflation is indeed unpredictable, but continued surges in fuel and food prices from current lofty levels seem unlikely. Low unit labor cost increases, continued globalization and the continued success of capitalism all suggest that inflation may slow. If inflation does slow, Leuthold's data suggests that PE ratios and stock prices can rise a lot.

We are stock pickers rather than economists, and we are now seeing what we believe to be many more excellent investment opportunities than we've seen for several years. Consequently, focusing on fear seems like a mistake and taking a longer term perspective seems to be more rational.

Charles P. McQuaid

President and Chief Investment Officer
Columbia Wanger Asset Management, L.P.

The information and data provided in this analysis are derived from sources that we deem to be reliable and accurate. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. The views/opinions expressed in "Squirrel Chatter II" are those of the author and not of the Columbia Acorn Trust Board, are subject to change at any time based upon economic, market or other conditions, may differ from views expressed by other Columbia Management associates or other divisions of Bank of America and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Acorn Fund.

¹  Gardner, Dan, Risk, the Science and Politics of Fear, (Virgin Book Ltd, 2008), pg. 13.

²  In addition to Gardner's book on the subject of risk, I also recommend Panicology written by statisticians Simon Briscoe and Hugh Aldersey-Williams (Viking/Penguin Books, 2008).

³  Gardner, Dan, op. cit., pgs. 62-76.

⁴  Gardner notes that our ability to find trace chemicals has never been better. Today we have the technology to dissect the components of drinking water, for example, to the level of one part per billion—equivalent to a single grain of sugar in an Olympic-size swimming pool. While it's true that the elements in trace chemicals can cause cancer, science and testing almost never look at such trace amounts.

⁵  Gardner, Dan, op. cit., pg. 81.

⁶  Ibid, pg. 281.

⁷  Source: American Council on Science and Health, "ACSH Morning Dispatch," June 25, 2008.

⁸  The study titled, "Fact Versus Fears (Fourth Edition)" is available on the American Council on Science and Health website at www.acsh.org.

⁹  Bernstein, Peter L., Against the Gods, The Remarkable Story of Risk, (John Wiley & Sons, Inc., 1996).

¹⁰  Figures include the reinvestment of dividends and are pretax.

¹¹  The price-earnings (PE) ratio reflects the price of a stock divided by earnings per share. This ratio gives investors an idea of how much they are paying for a company's earning power. In general, the higher the PE, the more investors are paying, and therefore the more earnings growth they are expecting.

¹²  Leuthold Weeden Institutional Research, "Perception For The Professional," August 2008, Vol. 28 No. 8.

5

Understanding Your Expenses

As a Fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption or exchange fees. There are also ongoing costs, which generally include investment advisory fees, Rule 12b-1 fees (distribution and service fees) and other Fund expenses. The following information is intended to help you understand your ongoing costs of investing in the Columbia Acorn Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in the Class Z shares of the Columbia Acorn Family of Funds for the last six months. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different results. The amount listed in the "Actual" column is calculated using each Fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column assumes that the return each year is 5% before expenses and then applies each Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the reporting period. See the "Compare With Other Funds" information for details on using the hypothetical data.

January 1, 2008 – June 30, 2008

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)*
Class Z Shares	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Columbia Acorn Fund		1,000.00		1,000.00		909.50		1,021.13		3.56		3.77		0.75
Columbia Acorn International		1,000.00		1,000.00		911.69		1,020.29		4.37		4.62		0.92
Columbia Acorn USA		1,000.00		1,000.00		915.22		1,019.89		4.76		5.02		1.00
Columbia Acorn International Select		1,000.00		1,000.00		970.61		1,019.05		5.73		5.87		1.17
Columbia Acorn Select		1,000.00		1,000.00		942.02		1,020.29		4.44		4.62		0.92
Columbia Thermostat Fund		1,000.00		1,000.00		954.30		1,023.62		1.21		1.26		0.25

Expenses paid during the period are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half-year and divided by 366.

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the Funds and do not reflect any transaction costs, such as sales charges, redemption or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning different funds. If these transaction costs were included, your costs would have been higher.

Columbia Thermostat Fund's expenses do not include fees and expenses incurred by the Fund from the underlying portfolio funds in which it invests.

*For the six months ended June 30, 2008.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the continuing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees.

6

Estimating Your Actual Expenses

To estimate the expenses that you actually paid over the period, first you will need your account balance at the end of the period:

•  For shareholders who receive their account statements from Columbia Management Services, Inc., your account balance is available online at www.columbiafunds.com or by calling Shareholder Services at (800) 922-6769.

•  For shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.  Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2.  In the section of the table titled "Expenses paid during the period," locate the amount for your Fund. You will find this number is in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

7

Columbia Acorn Fund

In a Nutshell

Charles P. McQuaid

Lead Portfolio Manager

Robert A. Mohn

Co-Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

FMC Technologies	2.4	%
Fugro	2.0	%
Ultra Petroleum	1.5	%
Flir Systems	1.4	%
Abercrombie & Fitch	1.1	%
ITT Educational Services	1.1	%
Southwestern Energy	1.0	%
Bally Technologies	0.7	%
Sociedad Quimica y Minera de Chile	0.5	%
Expedia	0.4	%
Pacific Rubiales Energy	0.4	%
Penn National Gaming	0.3	%
International Game Technology	0.3	%
Pinnacle Entertainment	0.2	%
Hong Kong Exchanges and Clearing	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn Fund fell 9.05% in the first half of 2008, performing somewhat worse than its primary benchmark, the Russell 2500 Index, which dropped 8.11%. The Fund underperformed other small- and mid-cap benchmarks, but beat the large-cap S&P 500, which dropped 11.91%. Columbia Acorn Fund rose 0.90% in the second quarter, a bit less than the Russell 2500's 1.39% gain, and mixed against other benchmarks, as shown on Page 2.

Gaming stocks continued their losing streak and accounted for four of the 10 largest dollar droppers in the first half of 2008. Regional casino operators Pinnacle Entertainment and Penn National Gaming plunged 55% and 45%, respectively, in the half. Penn dropped 26% during the second quarter on rumors, which were subsequently confirmed, that its sellout would be aborted. Gaming equipment manufacturer Bally Technologies reported fine earnings, but dropped 32% in the half. Competitor International Game Technology reported disappointing results on lower slot machine shipments; its stock fell 43% in the half and 38% in the quarter. While gaming revenues are apparently becoming more cyclical, we continue to believe that the industry will grow over the long term.

Other consumer stocks were also weak. Teen apparel retailer Abercrombie & Fitch fell 21% in the half and 14% in the quarter, largely due to macroeconomic factors and concerns. Online travel services company Expedia plunged 42% in the half, also on macroeconomic concerns, despite fine earnings growth.

Energy stocks dominated the dollar winners list in both periods. Deepwater well systems provider FMC Technologies was the Fund's top dollar winner for the half and the quarter, rising about 35% each period. Natural gas and oil producers Ultra Petroleum and Southwestern Energy remained hot, ranking second and third for the half and in the top five for the quarter, on increased reserve estimates and higher gas prices.

Infrared camera producer Flir Systems was the Fund's fourth most profitable stock in the half and third in the quarter, rising 29% and 35%, respectively, on excellent earnings and lots of large new military orders. Potash producer Sociedad Quimica y Minera de Chile was the Fund's top percentage gainer in both periods, rising 166% in the half and doubling during the second quarter. Higher grain prices have boosted the demand for and price of potash products and alternative energy bulls have noticed that this company has the world's largest and lowest-cost lithium reserves. ITT Educational Services jumped 80% in the quarter, taking second place in both percentage and dollar gains. Improved earnings and reduced student loan concerns caused a sharp rebound in the stock, which had dropped 46% in the first quarter.

Columbia Acorn Fund's international stocks outperformed the Fund in both periods, falling only 2.31% in the half and rising 6.76% in the quarter. Sociedad Quimica y Minera de Chile, mentioned above, helped international results substantially. Offshore energy services company Fugro rose 12% in the quarter and 14% in the half while oil producer Pacific Rubiales Energy jumped more than 50% in the half. Hong Kong Exchanges and Clearing continued to reflect the downdraft in Chinese stocks, falling 45% in the half. At the end of the period, foreign stocks were 9.2% of Columbia Acorn Fund, down from 9.4% last quarter and 11.5% a year ago.

Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

8

Columbia Acorn Fund (ACRNX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 6/10/70	Year to date*			1 year			5 years			10 years
Returns before taxes		-9.05	%		-12.19	%		13.95	%		11.15	%
Returns after taxes on distributions		-9.34			-13.31			13.01			9.73
Returns after taxes on distributions and sale of fund shares		-5.52			-6.29			12.22			9.35
Russell 2500 (pretax)		-8.11			-14.28			11.49			7.50
S&P 500 (pretax)		-11.91			-13.12			7.58			2.88

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z shares annual operating expense ratio, as stated in the current prospectus, is 0.74%.

*Year to date data is not annualized.

Columbia Acorn Fund Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn Fund Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	FMC Technologies Oil & Gas Wellhead Manufacturer	2.4%
2.	Fugro (Netherlands) Oilfield Services	2.0%
3.	Ultra Petroleum Oil & Gas Producer	1.5%
4.	Flir Systems Infrared Cameras	1.4%
5.	Expeditors International of Washington International Freight Forwarder	1.4%
6.	Ametek Aerospace/Industrial Instruments	1.4%
7.	Coach Designer & Retailer of Branded Leather Accessories	1.2%
8.	People's United Connecticut Savings & Loan	1.2%
9.	Abercrombie & Fitch Teen Apparel Retailer	1.1%
10.	Donaldson Industrial Air Filtration	1.1%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $75,000 Investment in Columbia Acorn Fund (Class Z)

June 10, 1970 through June 30, 2008

This graph compares the results of $75,000 invested in Columbia Acorn Fund at inception on June 10, 1970 to the S&P 500 Index and to an initial $238,325 investment in the Russell 2500 on the index's December 31, 1978 inception date. The indexes are unmanaged and returns for both the indexes and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $17.2 billion

*A $75,000 investment in Columbia Acorn Fund at inception appreciated to $238,325 on December 31, 1978, the inception date of the Russell 2500. For comparison with the Russell 2500, we assigned the index the same value as the Fund at index inception.

9

Columbia Acorn International

In a Nutshell

P. Zachary Egan

Co-Portfolio Manager

Louis J. Mendes III

Co-Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Atwood Oceanics	1.5	%
Sociedad Quimica y Minera de Chile	1.4	%
ShawCor	1.2	%
FMC Technologies	1.1	%
Novolipetsk Steel	0.8	%
Informa Group	0.7	%
Park24	0.4	%
Taylor Nelson Sofres	0.3	%
Point	0.3	%
Expro International Group	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn International fell 1.85% in the second quarter of 2008. This compares with a 4.05% drop by the Fund's primary benchmark, the S&P/Citigroup Global ex-US Cap Range $500M-$5B Index. The Fund also posted a slightly better return than the large-cap MSCI EAFE Index, which was down 2.25%. Year to date through June, the Fund was down 8.83%, which was 2.85 basis points ahead of its primary benchmark.

The most important positive contributors to the Fund's absolute and relative returns fall into three groups: oil services stocks; basic materials stocks; and UK companies that were the subject of bid activity.

For several years the Fund has maintained a modest overweight in energy-related stocks, with an emphasis on service companies that provide equipment and technology to the major oil companies. Many of these service providers have enjoyed strong volume growth and pricing power as exploration, drilling, and pipeline projects have proliferated and grown more complex amid higher energy prices. Canadian company ShawCor is a beneficiary of this trend, as it controls processes for coating pipeline with materials that affect properties such as corrosion, thermal insulation and buoyancy. Similarly, Atwood Oceanics, FMC Technologies (both U.S. companies generating a majority of their revenues outside of the United States), and Expro International Group, based in the UK, have been beneficiaries of the recent growth in the number of deepwater wells. All four of these stocks posted 30% or greater returns during the quarter. Expro was acquired by a private equity fund shortly before the close of the quarter.

After proving merely defensive in a down market in the first quarter, in the second quarter the Fund's basic materials stocks together generated a modest positive return. Sociedad Quimica y Minera de Chile was up over 100% as fertilizer prices nearly tripled over the last year. Rising raw materials costs in the steel industry pushed up selling prices, rewarding integrated producers like Russia's Novolipetsk Steel, which was up over 30% for the quarter.

Though the UK market was a loser in the quarter, the Fund's returns there were buoyed by bid activity. Market researcher Taylor Nelson Sofres was up 51% after WPP, the London-based advertising and public relations firm, attempted to derail a possible merger with competitor GfK by making a hostile bid. We elected to clear out of the position at a price that we believe fully valued the franchise, particularly in an uncertain credit environment. A similar pattern of events drove UK publisher Informa Group up over 35% in the quarter. After Informa entered discussions with United Business Media regarding a possible merger, a consortium of private equity investors made an offer for the company, which is still under consideration by the company's supervisory board.

Japanese consumer stocks weighed on performance. Park24, a parking lot operator, was down 39%, as the company struggled to get its pricing policy right. Point, an apparel retailer, was down 40% on a disappointing sales trend. The Fund's stocks were weak elsewhere in Asia as investors worried about how high energy and food prices might affect consumer spending. Fortunately, the Fund's losses here were mitigated by good stock selection.

The potential sources of anxiety in global markets now appear to be manifold. High input prices are stressing profitability in some areas. While this sort of disruption can represent a threat, it can also open up spaces for agile companies to gain traction with products and services better suited to the changed operating environment, as the energy service companies described above have done. It is on these sorts of situations that we, as longer-term investors, focus our research efforts. We are also somewhat encouraged by valuations, which we believe in many cases appear to reflect overly pessimistic scenarios.

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

10

Columbia Acorn International (ACINX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 9/23/92	Year to date*			1 year			5 years			10 years
Returns before taxes		-8.83	%		-6.69	%		24.15	%		11.78	%
Returns after taxes on distributions		-9.22			-7.98			23.28			10.76
Returns after taxes on distributions and sale of fund shares		-5.48			-2.48			21.62			10.20
S&P/Citigroup Global ex-US Cap Range $500M-$5B†		-11.68			-11.29			22.71			11.24
S&P/Citigroup EMI Global ex-US (pretax)		-11.16			-13.08			22.07			10.23

All results shown assume reinvestment of distributions.

†Effective January 1, 2008, the Fund changed its primary benchmark to the S&P/Citigroup Global ex-US Cap Range $500M-$5B Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z annual operating expense ratio, as stated in the current prospectus, is 0.91%.

*Year to date data is not annualized.

Columbia Acorn International Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn International Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	Fugro (Netherlands) Oilfield Services	2.3%
2.	Atwood Oceanics (United States) Offshore Drilling Contractor	1.5%
3.	Sociedad Quimica y Minera de Chile (Chile) Producer of Specialty Fertilizers, Lithium & Iodine	1.4%
4.	Suzano (Brazil) Brazilian Pulp & Paper Producer	1.3%
5.	ShawCor (Canada) Oil & Gas Pipeline Products	1.2%
6.	Hexagon (Sweden) Measurement Equipment & Polymers	1.2%
7.	Intralot (Greece) Lottery & Gaming Systems & Services	1.2%
8.	FMC Technologies (United States) Oil & Gas Wellhead Manufacturer	1.1%
9.	Rhoen-Klinikum (Germany) Health Care Services	1.1%
10.	Kansai Paint (Japan) Paint Producer in Japan, India, China & Southeast Asia	1.1%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $10,000 Investment in Columbia Acorn International (Class Z)

September 23, 1992 through June 30, 2008

This graph compares the results of $10,000 invested in Columbia Acorn International at inception on September 23, 1992 to the S&P/Citigroup EMI Global ex-US and the S&P/Citigroup Global ex-US Cap Range $500M-$5B indexes. The Fund changed its primary benchmark effective January 1, 2008, because the Advisor believes that the S&P/Citigroup Global ex-US Cap Range $500M-$5B is more consistent with the market capitalization of the companies in which the Fund invests. These indexes are unmanaged and returns for both the indexes and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $5.4billion

11

Columbia Acorn USA

In a Nutshell

Robert A. Mohn

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

FMC Technologies	4.0	%
Quicksilver Resources	2.9	%
Flir Systems	2.5	%
ITT Educational Services	2.1	%
Nordson	1.9	%
Atwood Oceanics	1.9	%
True Religion Apparel	1.8	%
Carrizo Oil & Gas	1.5	%
Southwestern Energy	0.9	%
Champion Enterprises	0.9	%
MB Financial	0.7	%
TCF Financial	0.6	%
Pinnacle Entertainment	0.3	%
Old Second Bancorp	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn USA gained 2.10% in the second quarter of 2008, outperforming the 0.58% return of the Russell 2000 Index. Year to date through June, the Fund was down 8.48%, holding up somewhat better than the Russell 2000's 9.37% decline.

Energy was one of the few market sectors that increased in value. FMC Technologies and Atwood Oceanics were both up over 35% for the quarter. Increasing interest in offshore oil exploration fueled demand for FMC's deep water oil production systems and Atwood's deep water drilling rigs. For the half year, FMC was up 36% and Atwood Oceanics posted a 24% gain. Also strong in the half were natural gas and oil producers Quicksilver Resources, Southwestern Energy and Carrizo Oil & Gas. With year to date returns ranging from 24% to 71%, these companies benefited from rising natural gas prices as well as their ability to increase production and reserves.

Other strong performers included ITT Educational Services, which rebounded 80% in the quarter. As mentioned in the previous report, concerns over student loan availability were crushing this stock. Naysayers were silenced, however, when ITT announced first quarter year-over-year enrollment growth of 10%. Flir Systems, a manufacturer of infrared cameras, was also up on strong earnings growth. The stock increased 35% in the second quarter and was up 30% for the half year thanks to continued success in winning new military contracts.

Retail stocks struggled along in the first half but True Religion Apparel, a maker of premium jeans, bucked the trend. The company is opening new retail stores and enjoying strong revenue growth. Its stock gained 44% in the quarter and was up 25% for the half. Finally, Nordson, a market leader in the production of adhesive and coating dispensing machines, gained 36% in the quarter and 27% for the half year.

Many of the Fund's losing stocks were housing-related businesses. Champion Enterprises, a leader in manufactured housing, fell 42% in the quarter and was off 38% for the half. Its business is concentrated in states like California and Arizona, where the housing market has plummeted not only for site-built homes but also for manufactured homes. Small-cap community banks also got clobbered in the second quarter. TCF Financial, MB Financial and Old Second Bancorp fell between 27% and 55% on worries about the impact of increasing home foreclosure rates and home developer bankruptcies.

Regional casino operator Pinnacle Entertainment fell 55% for the half on weak gaming revenues and the elimination of its takeout premium as private equity money for hotel/casino acquisitions dried up.

Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

12

Columbia Acorn USA (AUSAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 9/4/96	Year to date*			1 year			5 years			10 years
Returns before taxes		-8.48	%		-13.53	%		11.36	%		7.61	%
Returns after taxes on distributions		-8.98			-14.62			10.79			6.88
Returns after taxes on distributions and sale of fund shares		-4.82			-7.19			9.95			6.45
Russell 2000 (pretax)		-9.37			-16.19			10.29			5.53

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z annual operating expense ratio, as stated in the current prospectus, is 0.98%.

*Year to date data is not annualized.

Columbia Acorn USA Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn USA Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	FMC Technologies Oil & Gas Wellhead Manufacturer	4.0%
2.	Quicksilver Resources Natural Gas & Coal Seam Gas Producer	2.9%
3.	Crown Castle International Communications Towers	2.8%
4.	Flir Systems Infrared Cameras	2.5%
5.	Ametek Aerospace/Industrial Instruments	2.3%
6.	ESCO Technologies Automatic Electric Meter Readers	2.2%
7.	ITT Educational Services Post-secondary Degree Services	2.1%
8.	Nordson Dispensing Systems for Adhesives & Coatings	1.9%
9.	Atwood Oceanics Offshore Drilling Contractor	1.9%
10.	True Religion Apparel Premium Denim	1.8%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $75,000 Investment in Columbia Acorn USA (Class Z)

September 4, 1996 through June 30, 2008

This graph compares the results of $75,000 invested in Columbia Acorn USA at inception on September 4, 1996 to the Russell 2000. The index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $1.4billion

13

Columbia Acorn International Select

In a Nutshell

Christopher J. Olson

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Fugro	5.4	%
Potash Corp. of Saskatchewan	4.7	%
Israel Chemicals	4.5	%
Sociedad Quimica y Minera de Chile	2.9	%
Diamond Offshore	2.9	%
Pacific Rubiales Energy	2.2	%
Ibiden	1.7	%
Vopak	1.5	%
SBM Offshore	1.1	%
Zumtobel	0.8	%
Hong Kong Exchanges and Clearing	0.6	%
Singapore Exchange	0.5	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn International Select ended the second quarter of 2008 up 5.17%, strongly outperforming its benchmark, the S&P/Citigroup World ex-US Cap Range $2-10B Index, which fell 2.73%. For the half year ended June 30, 2008, the Fund was also well ahead of the benchmark, down 2.94%vs. a 10.42% decline for the index.

Fund performance benefited from strong gains in fertilizer stocks. Fertilizer prices have soared on the back of higher crop prices, which have risen due to improving diets in the developing world and a global push toward biofuels. This growing demand and limited fertilizer supply have kept prices high. Potash Corp. of Saskatchewan, Sociedad Quimica y Minera de Chile and Israel Chemicals were the Fund's top three contributors in the quarter and for the half year. All produce potash or other natural chemical components used in fertilizer. Gains for these holdings ranged from 47% to 139% over both periods.

Energy stocks were also strong in the Fund as oil prices and demand continued to soar. Oil production and exploration company Pacific Rubiales Energy had a market gain of over 50% for both periods. Dutch oilfield services provider Fugro had a 12% quarterly gain and rose over 13% in the half. Also based in the Netherlands, SBM Offshore, a company that builds and leases offshore vessels to process and store crude oil, was up 17% in the quarter and 20% year to date. A third winner from the Netherlands, Vopak, is the world's largest operator of petroleum and chemical storage terminals. The stock posted a 10% gain in the quarter and was up 54% for the half. While not a large contributor to performance for the half year, contract driller Diamond Offshore posted a 21% gain in the second quarter.

On the downside, Ibiden, a Japanese manufacturer of electronic parts and ceramics, was down 47% for the half year and off 7% in the quarter. The company had some production problems and is also suffering from weaker demand in its semiconductor packaging business. Austria's Zumtobel, a maker of lighting systems, fell 38% in the first half of the year and 14% in the second quarter as construction slowed in its European markets. Hong Kong Exchanges and Clearing and Singapore Exchange were both down more than 40% for the half as the economic downturn has raised fears that trading volumes will slow down or decline.

Markets remain extremely volatile and we believe it will be some time before some sort of normality returns. In the meantime, we will continue to focus oncompanies that we believe have strong competitive positions, competent management and healthy balance sheets.

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries.

14

Columbia Acorn International Select (ACFFX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 11/23/98	Year to date*			1 year			5 years			Life of fund
Returns before taxes		-2.94	%		5.79	%		24.43	%		13.73	%
Returns after taxes on distributions		-3.26			4.61			24.17			13.54
Returns after taxes on distributions and sale of fund shares		-1.59			5.41			21.93			12.39
S&P/Citigroup World ex-US Cap Range $2-10B (pretax)		-10.42			-12.18			20.26			10.52

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z annual operating expense ratio, as stated in the current prospectus, is 1.18%.

*Year to date data is not annualized.

Columbia Acorn International Select Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn International Select Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	Fugro (Netherlands) Oilfield Services	5.4%
2.	Potash Corp. of Saskatchewan (Canada) Worlds Largest Producer of Potash	4.7%
3.	Israel Chemicals (Israel) Producer of Potash, Phosphates, Bromine & Specialty Chemicals	4.5%
4.	SES Global (France) Satellite Broadcasting Services	3.6%
5.	Informa Group (United Kingdom) Global Publisher & Event Organizer	3.4%
6.	Impala Platinum Holdings (South Africa) Platinum Group Metals Mining & Refining	3.4%
7.	Intertek Testing (United Kingdom) Testing, Inspection & Certification Services	3.3%
8.	Jupiter Telecommunications (Japan) Largest Cable Service Provider in Japan	3.0%
9.	Sociedad Quimica y Minera de Chile (Chile) Producer of Specialty Fertilizers, Lithium & Iodine	2.9%
10.	Diamond Offshore (United States) Contract Driller	2.9%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $10,000 Investment in Columbia Acorn International Select (Class Z)

November 23, 1998 through June 30, 2008

This graph compares the results of $10,000 invested in Columbia Acorn International Select at inception on November 23, 1998 to the S&P/Citigroup World ex-US Cap Range $2-10B. The index and Fund returns include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $288.7million

15

Columbia Acorn Select

In a Nutshell

Ben Andrews

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Potash Corp. of Saskatchewan	8.1	%
ITT Educational Services	6.2	%
Pacific Rubiales Energy	5.2	%
Tetra Technologies	4.7	%
Uranium One	3.6	%
Expedia	2.3	%
Globalstar	1.1	%
Israel Chemicals	0.8	%
Synthesis Energy Systems	0.8	%
NagaCorp	0.4	%
Real Goods Solar	0.3	%
RexCapital Finance	0.0	%*

*Rounds to less than 0.1%.

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn Select increased 9.42% in the second quarter of 2008. This compares to a gain in the S&P MidCap 400 Index of 5.43% and a decline of 2.73% for the S&P 500 Index. Year to date our Fund has declined 5.80% vs. a 3.90% decline in the S&P MidCap 400 and an 11.91% decline in the S&P 500.

ITT Educational Services and Potash Corp. of Saskatchewan each added 2.8% of the portfolio return in the quarter. ITT, which cost the Fund 2% last quarter, came back strong as investors figured out that student loans should not be restricted as much as originally thought. Potash Corp. of Saskatchewan has continued to move up on the strong price increases in the potash market. The spot potash price in some international markets is now over $1,000 per ton, which is up about four-fold from the price it was selling at when we first added the stock to the Fund.

On the down side, Globalstar cost the Fund 1.3% of portfolio performance in the quarter. The valuation multiple of the stock has continued to compress over the last few quarters. In this market environment, if a company is not showing solid growth characteristics, no matter what its assets might be worth, its valuation multiple has contracted.

For the six-month period, Fund upside drivers have been Potash Corp. of Saskatchewan, Pacific Rubiales Energy and Tetra Technologies, which all have an energy or raw materials focus. Fund detractors for the half year included Uranium One, Expedia and Globalstar.

We purchased five new names during the quarter and sold two names. New names included RexCapital Finance and NagaCorp, both in gaming. Israel Chemicals, a supplier of bromine and potash, and Real Goods Solar, a residential solar energy installer, were also added. The final new name was Synthesis Energy Systems, a builder and operator of plants that turn coal into liquid fuel. Our sales for the quarter included International Speedway and Herman Miller. Both are fine franchises but we believe we can deploy the capital elsewhere and receive better returns.

Though the market rallied in the second quarter, many stocks are still trading in downward trend patterns, or are establishing lower highs on market advances and lower lows on market sell offs. As I write this in early July, the stock market sentiment is again quite negative with many economic and market sages saying they aren't sure when the U.S. housing market will recover. But a lot of damage has already been done to sectors outside of energy and raw materials, even more so than when I commented on this in the first two weeks of January. We most likely haven't seen the end of the financial distress. How much deleveraging is to come of personal, as well as business, balance sheets is still unknown.

With that being said, I am finding more potential ideas to add to the portfolio than at any other time since I became manager of this Fund in 2004. Our CWAM internal stock database, built by our analysts, shows numerous names with strong potential returns. Banks have been absent from the portfolio for over a year now but are being studied for possible additions into the Fund. Many other groups like consumer services, media, semiconductors and telecom are off more than 17% year to date. Our style of being eclectic, opportunistic and concentrated should prove valuable in this environment.

Risks include stock market fluctuations due to economic and business developments. The Fund also has potentially greater price volatility due to the Fund's concentration in a limited number of stocks of mid-size companies. The Fund is a non-diversified fund and may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly. The Fund may not operate as a nondiversified fund at all times. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

16

Columbia Acorn Select (ACTWX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 11/23/98	Year to date*			1 year			5 years			Life of fund
Returns before taxes		-5.80	%		-11.89	%		12.69	%		13.10	%
Returns after taxes on distributions		-6.16			-12.44			12.25			12.58
Returns after taxes on distributions and sale of fund shares		-3.28			-6.97			11.08			11.58
S&P MidCap 400 (pretax)		-3.90			-7.34			12.61			10.42

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z annual operating expense ratio, as stated in the current prospectus, is 0.91%.

*Year to date data is not annualized.

Columbia Acorn Select Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn Select Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	Potash Corp. of Saskatchewan (Canada) World's Largest Producer of Potash	8.1%
2.	ITT Educational Services Post-secondary Degree Services	6.2%
3.	Pacific Rubiales Energy Oil Production & Exploration in Colombia	5.2%
4.	Tetra Technologies U.S.-based Service Company with Life of Field Approach	4.7%
5.	Abercrombie & Fitch Teen Apparel Retailer	3.7%
6.	Safeway Supermarkets	3.6%
7.	Quanta Services Electrical & Telecom Construction Services	3.6%
8.	Uranium One (South Africa) Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.	3.6%
9.	Janus Capital Group Manages Mutual Funds	3.5%
10.	American Tower Communications Towers in USA & Mexico	3.5%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $100,000 Investment in Columbia Acorn Select (Class Z)

November 23, 1998 through June 30, 2008

This graph compares the results of $100,000 invested in Columbia Acorn Select at inception on November 23, 1998 to the S&P MidCap 400. The Index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $2.7 billion

17

Columbia Thermostat Fund

In a Nutshell

Charles P. McQuaid

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

A "fund of fund" bears its allocable share of the costs and expenses of the underlying portfolio funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with a fund that invests and trades directly in financial instruments under the direction of a single manager.

Columbia Thermostat Fund ended the second quarter of 2008 down 0.60%. This compares to a 2.73% drop for the S&P 500 Index and a 1.02% decline for the Lehman Brothers U.S. Aggregate Bond Index. Year to date through June 30, 2008, the Fund was down 4.57% while the S&P 500 fell 11.91% and the Lehman Brothers U.S. Aggregate Bond Index posted a 1.13% gain.

Effective July 1, 2008, we have changed the primary debt benchmark for the Fund. The Lehman Brothers U.S. Credit Intermediate Bond Index has been replaced by the Lehman Brothers U.S. Aggregate Bond Index. We've also added a custom supplemental benchmark, the 50/50 Blended Benchmark. This benchmark was established by the Fund's investment advisor and is an equally weighted custom composite of the Fund's primary equity and primary debt benchmarks. Its performance is shown on Page 2 of this report. The Advisor believes that these changes allow for more appropriate comparisons to the Fund's investments.

As the following table illustrates, the Fund's stock portion was down 0.67% in the quarter and 10.75% for the half year. Columbia Acorn Select was the strongest performer for both time periods, posting an impressive 9.42% gain in the second quarter but falling 5.80% in the half.

On the bond side, the quarter brought a 0.68% drop, a bit worse than the performance for the stock portion for the same period. For the half year, the bond component was much stronger, rising 0.40% vs. the nearly 11% drop of the stock portion.

Columbia Thermostat Fund hit three reallocation triggers during the period. We increased bond exposure in May and stock exposure twice in June as a result of market movements. The reallocations caused the Fund to hold fewer equities when the market was more expensive and more equities when the market became less expensive. At the end of the period, the Fund had 70% of its assets in stock funds. For more information on the market and why we think this equity allocation is appropriate in the current environment, see the discussion of price-earnings ratios and the S&P 500 Index included in "Squirrel Chatter II" onPage 5.

Results of the Portfolio Funds Owned by Columbia Thermostat Fund

at June 30, 2008

Stock Funds Fund	Weightings in category			2nd quarter returns			Year to date returns to 6/30/08
Columbia Acorn Fund		15	%		0.90	%		-9.05	%
Columbia Acorn Select		10	%		9.42	%		-5.80	%
Columbia Marsico Growth Fund		15	%		-0.30	%		-13.31	%
Columbia Acorn International		15	%		-1.85	%		-8.83	%
Columbia Dividend Income Fund		20	%		-3.99	%		-11.45	%
Columbia Large Cap Enhanced Core Fund		25	%		-2.35	%		-12.97	%
Weighted Average Equity Return/Loss		100	%		-0.67	%		-10.75	%
Bond Funds Fund	Weightings in Category			2nd quarter returns			Year to date returns to 6/30/08
Columbia Intermediate Bond Fund		50	%		-0.44	%		0.00	%
Columbia U.S. Treasury Index Fund		30	%		-2.17	%		2.19	%
Columbia Conservative High Yield Fund		20	%		0.88	%		-1.37	%
Weighted Average Income Return		100	%		-0.68	%		0.40	%

Columbia Thermostat Fund
Rebalancing in the Second Quarter

May 1, 2008:	60% stocks, 40% bonds
June 4, 2008:	65% stocks, 35% bonds
June 23, 2008:	70% stocks, 30% bonds

The value of an investment in the Fund is based primarily on the performance of the underlying portfolio funds and the allocation of the Fund's assets among them. An investment in the underlying portfolio funds may present certain risks, including stock market fluctuations that occur in response to economic and business developments; and a greater degree of social, political and economic volatility associated with international investing. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Changes in interest rates and changes in the financial strength of issuers of lower-rated bonds may also affect underlying fund performance. The Fund is also subject to the risk that the investment advisor's decisions regarding asset classes and underlying portfolio funds will not anticipate market trends successfully, resulting in a failure to preserve capital or lower total return. In addition, the Fund may buy and sell shares of the portfolio funds frequently. This may result in higher transaction costs and additional tax liability. This is not an offer of the shares of any other mutual fund mentioned herein.

18

Columbia Thermostat Fund (COTZX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Class Z)

through June 30, 2008

Inception 9/25/02	Year to date*			1 year			5 year			Life of fund
Returns before taxes		-4.57	%		-0.86	%		7.75	%		9.06	%
Returns after taxes on distributions		-4.81	%		-3.49			5.88			7.41
Returns after taxes on distributions and sale of fund shares		-2.89			-0.15			5.89			7.16
S&P 500 (pretax)		-11.91			-13.12			7.58			10.07
Lehman Brothers U.S. Aggregate Bond Index† (pretax)		1.13			7.12			3.86			4.34
Lehman Brothers U.S. Credit Intermediate Bond Index (pretax)		0.27			4.55			3.26			4.48
Lipper Flexible Portfolio Funds Index (pretax)		-4.65			-2.16			8.99			10.58

All results shown assume reinvestment of distributions.

†Effective July 1, 2008, Columbia Thermostat Fund changed its primary benchmark for debt securities to the Lehman Brothers U.S. Aggregate Bond Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the additional tax impact of long-term gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class Z shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

The Fund's Class Z annual operating expense ratio, as stated in the current prospectus, reflects a contractual expense waiver or reimbursement that expires April 30, 2009. Expense ratios without and with the contractual waiver, including fees and expenses associated with the Fund's investment in other investment companies, are 1.10% and 0.95%, respectively. Absent the waiver or reimbursement, performance results would have been lower.

*Year to date data is not annualized.

Columbia Thermostat Fund Asset Allocation

as a percentage of net assets as of 6/30/08

Columbia Thermostat Fund Portfolio Weightings

as a percentage of assets in each investment category as of 6/30/08

Stock Mutual Funds

Columbia Large Cap Enhanced Core Fund	25	%
Columbia Dividend Income Fund	20	%
Columbia Acorn Fund	15	%
Columbia Acorn International	15	%
Columbia Marsico Growth Fund	15	%
Columbia Acorn Select	10	%

Bond Mutual Funds

Columbia Intermediate Bond Fund	50	%
Columbia U.S. Treasury Index Fund	30	%
Columbia Conservative High Yield Fund	20	%

The Growth of a $10,000 Investment in Columbia Thermostat Fund (Class Z)

September 25, 2002 through June 30, 2008

This graph compares the results of $10,000 invested in Columbia Thermostat Fund at inception on September 25, 2002 to the S&P 500, the Lehman Brothers U.S. Credit Intermediate Bond Index and the Lipper Flexible Portfolio Funds Index. The graph also compares the results for the Lehman Brothers U.S. Aggregate Bond Index which became the Fund's primary benchmark for debt securities, effective July 1, 2008. The Fund changed to this debt benchmark because the Advisor believes it is a more appropriate comparison to the Fund's investments. The indexes are unmanaged and returns for the indexes and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $199.3million

19

Columbia Acorn Fund

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Information
ANSYS		1,400,000		1,550,000
Avnet		3,000,000		3,240,000
Bally Technologies		3,150,000		3,400,000
Ciena		540,000		655,000
Cogent Communications		3,200,000		3,500,000
Dolby Laboratories		1,150,000		1,255,000
Hamamatsu Photonics (Japan)		0		400,000
Infogroup		800,000		2,000,000
Informatica		4,900,000		5,700,000
IPG Photonics		1,800,000		2,000,000
IXYS		1,905,000		2,035,000
Mediacom Communications		1,500,000		2,500,000
MetroPCS Communications		1,000,000		1,200,000
Mettler Toledo		750,000		900,000
Pericom Semiconductor		301,000		430,000
Prisa (Spain)		800,000		900,000
Radiant Systems		2,850,000		3,050,000
Rofin-Sinar Technologies		0		575,000
Stratasys		775,000		920,000
Virtusa		0		406,531
Zebra Technologies		1,100,000		1,155,000
Industrial Goods & Services
Aalberts Industries (Netherlands)		2,758,309		2,822,455
Albemarle		560,000		900,000
Allied Waste Industries		3,330,000		4,130,000
Aptargroup		300,000		350,000
Cytec Industries		650,000		1,000,000
Haynes International		0		322,790
Intrepid Potash		0		101,500
Mine Safety Appliances		1,814,000		2,050,000
MOOG		1,000,000		1,100,000
Oshkosh Truck		1,300,000		1,900,000
Toro		1,150,000		1,350,000
Energy & Minerals
Bristow		0		115,515
Cabot Oil & Gas		0		350,000
Fugro (Netherlands)		3,900,000		3,988,636
Rex Energy		0		745,627
SBM Offshore (Netherlands)		640,200		655,814
Synthesis Energy Systems		0		1,730,000
UTS Energy (Canada)		0		762,000
Consumer Goods & Services
Choice Hotels		1,500,000		2,100,000
Life Time Fitness		600,000		925,000
Lululemon Athletica		0		700,000
Royal Caribbean Cruises		0		1,000,000
Smart Balance		2,765,000		4,600,000

	Number of Shares
	03/31/08		06/30/08
Consumer Goods & Services—continued
Talbots		0		2,523,067
Thor Industries		1,050,000		1,250,000
Finance
Conseco		6,650,000		8,250,000
Greene County Bancshares		135,000		338,165
H&E Equipment Services		1,465,000		2,500,000
Nara Bancorp		1,194,000		1,700,000
Navigators Group		0		564,515
SVB Financial Group		200,000		400,000
Valley National Bancorp		2,600,000		2,730,000
Health Care
Arena Pharmaceuticals		2,500,000		2,750,000
Array Biopharma		2,660,000		2,910,000
Auxilium Pharmaceuticals		770,000		1,660,000
Immucor		0		500,000
Luminex		0		375,000
Medarex		2,550,000		3,050,000
Neurogen		2,300,000		2,770,000
Pediatrix Medical Group		0		300,000
Pharmacopeia		1,675,000		2,000,000
Other Industries
BioMed Realty Trust		1,000,000		1,360,000
Corporate Office Properties		0		715,000

See accompanying notes to financial statements.

20

	Number of Shares
	03/31/08		06/30/08
Sales
Information
Activision		750,000		650,000
Agilysys		535,000		0
Avid Technology		1,370,000		1,100,000
Belden CDT		2,355,000		2,125,000
CNET Networks		4,000,000		0
Equinix		225,000		0
Excel Technology		735,000		659,777
International Game Technology		2,400,000		2,115,000
Jabil Circuit		690,000		0
Lions Gate Entertainment		4,000,000		2,000,000
Marchex		1,700,000		0
Netgear		1,110,000		870,000
Parametric Technology		1,800,000		0
Sanmina-SCI		29,500,000		24,250,000
SES Global (France)		2,538,800		1,456,700
Shuffle Master		2,430,000		1,050,000
Sohu.com (China)		700,000		0
Taylor Nelson Sofres (United Kingdom)		1,608,215		0
Telephone & Data Systems		350,000		0
Tellabs		15,600,000		15,374,600
Industrial Goods & Services
Carbone Lorraine (France)		334,000		267,200
Gibraltar Industries		982,000		0
Hexagon (Sweden)		4,471,900		4,150,500
Intertek Testing (United Kingdom)		900,000		800,000
Pall		2,250,000		1,400,000
Waste Connections		2,550,000		2,250,000
Watsco		2,375,000		2,100,000
Zumtobel (Austria)		449,718		0
Energy & Minerals
XTO Energy		3,000,000		2,675,000
Consumer Goods & Services
AnnTaylor Stores		1,223,000		0
Carnival		400,000		0
Chico's FAS		7,600,000		4,930,000
Genesco		775,000		0
Harley-Davidson		400,000		0
IAWS Group (Ireland)		810,000		700,000
International Speedway		900,000		800,751
RONA (Canada)		446,000		0
Scotts Miracle-Gro		2,600,000		1,000,000

	Number of Shares
	03/31/08		06/30/08
Finance
Anchor Bancorp Wisconsin		774,000		526,000
Glacier Bancorp		2,996,000		2,246,000
HCC Insurance Holdings		3,965,000		3,565,000
Markel		149,000		107,447
Meadowbrook Insurance Group		2,000,000		1,917,308
Philadelphia Consolidated Holding		2,390,000		2,120,000
Washington Federal		2,725,000		1,825,000
West Bancorporation		1,312,000		1,057,061
Health Care
Barrier Therapeutics		1,780,000		0
BioMarin		3,610,000		2,441,000
Collagenex Pharmaceuticals		1,200,000		0
Lincare Holdings		1,300,000		1,000,000
Medicis Pharmaceutical		550,000		0
Orthofix International		1,443,000		775,030
United Drug (Ireland)		2,750,000		2,456,700
Other Industries
DiamondRock Hospitality		3,300,000		1,900,000
Forest City Enterprises, Class B		1,398,000		1,188,000
Grupo Aeroportuario del Surest - ADR (Mexico)		634,000		0
Parkway Properties		628,000		0

ADR = American Depositary Receipt

See accompanying notes to financial statements.

21

Columbia Acorn Fund

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 97.5%
Information 25.2%
		> Business Software 3.8%
	5,700,000	Informatica (a)(b)	$	85,728
		Enterprise Data Integration Software
	2,800,000	Micros Systems (a)		85,372
		Information Systems for Restaurants & Hotels
	12,400,000	Novell (a)		73,036
		Directory, Operating System & Identity Management Software
	1,550,000	ANSYS (a)		73,036
		Simulation Software for Engineers & Designers
	3,000,000	Red Hat (a)		62,070
		Maintenance & Support for Opensource
	1,950,000	Quality Systems (b)		57,096
		IT Systems for Medical Groups & Ambulatory Care Centers
	1,400,000	Concur Technologies (a)		46,522
		Web Enabled Cost & Expense Management Software
	2,425,000	Kenexa (a)(b)		45,687
		Recruiting & Workforce Management Solutions
	1,800,000	Blackbaud		38,520
		Software & Services for Non-profits
	3,050,000	Radiant Systems (a)(b)		32,727
		Point of Sale Systems: Convenience Stores & Restaurants
	3,500,000	Epicor (a)(b)		24,185
		Software Systems to Run Small Businesses
	1,100,000	Avid Technology (a)		18,689
		Digital Nonlinear Editing Software & Systems
	3,343,000	Actuate (a)(b)		13,071
		Information Delivery Software & Solutions
				655,739
		> Instrumentation 3.5%
	6,000,000	Flir Systems (a)		243,420
		Infrared Cameras
	3,240,000	Trimble Navigation (a)		115,668
		GPS-based Instruments
	900,000	Mettler Toledo (a)		85,374
		Laboratory Equipment
	900,000	Varian (a)		45,954
		Analytical Instruments
	600,000	Dionex (a)		39,822
		Ion & Liquid Chromatography
	2,000,000	IPG Photonics (a)		37,620
		Fiber Lasers
	1,160,000	FARO Technologies (a)(b)		29,197
		Precision Measurement Equipment
	400,000	Hamamatsu Photonics (Japan)		10,378
		Optical Sensors for Medical & Industrial Applications
				607,433
		> Computer Hardware & Related Equipment 3.3%
	3,800,000	Amphenol		170,544
		Electronic Connectors
	2,400,000	II-VI (a)(b)		83,808
		Laser Components

Number of Shares			Value (000)
	2,125,000	Belden CDT	$	71,995
		Specialty Cable
	1,255,000	Dolby Laboratories (a)		50,577
		Audio Technology for Consumer Electronics
	1,155,000	Zebra Technologies (a)		37,699
		Bar Code Printers
	1,615,000	Teradata (a)		37,371
		Enterprise Data Warehouse Systems
	1,100,000	Nice Systems - ADR (Israel) (a)		32,527
		Audio & Video Recording Solutions
	575,000	Rofin-Sinar Technologies (a)		17,365
		Laser Systems
	920,000	Stratasys (a)		16,983
		Rapid Prototyping Systems
	659,777	Excel Technology (a)(b)		14,726
		Laser Systems & Electro-optical Components
	870,000	Netgear (a)		12,058
		Networking Products for Small Business & Home
	305,000	Rogers (a)		11,465
		Printed Circuit Board Laminates & High-performance Foams
	500,000	Intermec (a)		10,540
		Bar Code & Wireless LAN Systems
				567,658
		> Mobile Communications 2.0%
	4,500,000	Crown Castle International (a)		174,285
		Communications Towers
	3,500,000	American Tower (a)		147,875
		Communications Towers in USA & Mexico
	1,200,000	MetroPCS Communications (a)		21,252
		Discount Cellular Telephone Services
	1,500,000	Globalstar (a)		4,245
		Satellite Mobile Voice & Data Carrier
				347,657
		> Gaming Equipment & Services 1.5%
	3,400,000	Bally Technologies (a)(b)		114,920
		Slot Machines & Software
	3,000,000	Scientific Games (a)		88,860
		Lottery Services Provider
	2,115,000	International Game Technology		52,833
		Slot Machines & Progressive Slots
	1,050,000	Shuffle Master (a)		5,187
		Card Shufflers & Casino Games
				261,800
		> Semiconductors & Related Equipment 1.5%
	2,340,000	Microsemi (a)		58,921
		Analog/Mixed-signal Semiconductors
	1,420,000	Littelfuse (a)(b)		44,801
		Little Fuses
	3,614,000	ON Semiconductor (a)		33,140
		Mixed-signal & Power Management Semiconductors
	2,600,000	Integrated Device Technology (a)		25,844
		Communications Semiconductors
	2,035,000	IXYS (a)(b)		24,298
		Power Semiconductors
	1,035,000	Supertex (a)(b)		24,157
		Mixed-signal Semiconductors

See accompanying notes to financial statements.

22

Number of Shares			Value (000)
		> Semiconductors & Related Equipment—continued
	3,000,000	Entegris (a)	$	19,650
		Semiconductor Wafer Shipping & Handling Products
	6,591,493	Everlight Electronics (Taiwan)		17,026
		LED Packager
	430,000	Pericom Semiconductor (a)		6,381
		Interface ICs & Frequency Control Products
				254,218
		> CATV 1.3%
	4,500,000	Discovery Holding (a)		98,820
		CATV Programming
	83,000	Jupiter Telecommunications (Japan)		64,330
		Largest Cable Service Provider in Japan
	1,500,000	Liberty Global, Series C (a)		45,540
		CATV Franchises Outside the USA
	2,500,000	Mediacom Communications (a)		13,350
		CATV Franchises
				222,040
		> Telephone Services 1.3%
	8,100,000	TW Telecom (a)(b)		129,843
		Fiber Optic Telephone/Data Services
	3,500,000	Cogent Communications (a)(b)		46,900
		Internet Data Pipelines
	3,500,000	PAETEC Holding (a)		22,225
		Telephone/Data Services for Business
	3,000,000	General Communications (a)(b)		20,610
		CATV, Web, Phone & Commercial Communications Provider in Alaska
				219,578
		> Financial Processors 1.1%
	2,774,000	Global Payments		129,269
		Credit Card Processor
	2,500,000	Hong Kong Exchanges and Clearing (Hong Kong)		36,551
		Hong Kong Equity & Derivatives Market Operator
	4,000,000	Singapore Exchange (Singapore)		20,315
		Singapore Equity & Derivatives Market Operator
				186,135
		> Internet Related 1.0%
	9,500,000	SkillSoft - ADR (a)(b)		85,880
		Web-based Learning Solutions (E-Learning)
	3,400,000	ValueClick (a)		51,510
		Internet Advertising
	2,000,000	Switch & Data Facilities (a)(b)		33,980
		Network Neutral Data Centers
	1,400,000	TheStreet.com		9,114
		Financial Information Website Publisher
				180,484
		> Business Information & Marketing Services 0.8%
	2,500,000	Navigant Consulting (a)(b)		48,900
		Financial Consulting Firm

Number of Shares			Value (000)
	1,500,000	Viad (b)	$	38,685
		Trade Show Services, Travel & Tours
	420,000	FTI Consulting (a)		28,753
		Financial Consulting Firm
	2,000,000	Voyager Learning (a)(b)		10,900
		Education Services for the K-12 Market
	2,000,000	Infogroup		8,780
		Business Data for Sales Leads
	250,000	Getty Images (a)		8,483
		Photographs for Publications & Electronic Media
				144,501
		> Telecommunications Equipment 0.8%
	15,374,600	Tellabs (a)		71,492
		Telecommunications Equipment
	2,030,000	Polycom (a)		49,451
		Video Conferencing Equipment
	655,000	Ciena (a)		15,176
		Optical Transport & Broadband Access Equipment
				136,119
		> Publishing 0.6%
	1,200,000	NAVTEQ (a)		92,400
		Map Data for Electronic Devices
	1,300,000	Informa Group (United Kingdom)		10,694
		Global Publisher & Event Organizer
	900,000	Prisa (Spain)		9,636
		Leading Spanish-speaking Publisher
				112,730
		> Computer Services 0.6%
	5,000,000	iGate (a)(b)		40,650
		IT & Business Process Outsourcing Services
	4,600,000	Hackett Group (a)(b)		26,404
		IT Integration & Best Practice Research
	1,150,000	SRA International (a)		25,829
		Government IT Services
	406,531	Virtusa (a)		4,118
		Offshore IT Outsourcing
				97,001
		> Electronics Distribution 0.5%
	3,240,000	Avnet (a)		88,387
		Electronic Components Distribution
				88,387
		> Consumer Software 0.5%
	3,000,000	THQ (a)		60,780
		Entertainment Software
	650,000	Activision (a)		22,145
		Entertainment Software
				82,925
		> Contract Manufacturing 0.4%
	1,475,000	Plexus (a)		40,828
		Electronic Manufacturing Services
	24,250,000	Sanmina-SCI (a)		31,040
		Electronic Manufacturing Services
				71,868

See accompanying notes to financial statements.

23

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Satellite Broadcasting & Services 0.3%
	1,456,700	SES Global (France)	$	36,925
		Satellite Broadcasting Services
	520,000	Liberty Media - Entertainment (a)		12,600
		Satellite TV Operations & CATV Programming
				49,525
		> Television Programming 0.1%
	2,000,000	Lions Gate Entertainment (a)		20,720
		Film & TV Studio
				20,720
		> Advertising 0.1%
	1,250,000	VisionChina Media - ADR (China) (a)		19,838
		Advertising on Digital Screens in China's Mass Transit System
				19,838
		> Radio 0.1%
	1,400,000	Saga Communications (a)(b)		7,014
		Radio Stations in Small- & Mid-sized Cities
	1,500,000	Cumulus Media (a)		5,910
		Radio Stations in Small Cities
	1,541,000	Salem Communications (b)		3,036
		Radio Stations for Religious Programming
	2,400,000	Spanish Broadcasting System (a)(b)		2,736
		Spanish Language Radio Stations
				18,696
		> TV Broadcasting 0.1%
	2,500,000	Entravision Communications (a)		10,050
		Spanish Language TV & Radio Stations
	1,750,000	Gray Television		5,023
		Mid-market Affiliated TV Stations
				15,073
Information: Total				4,360,125
Industrial Goods & Services 18.9%
		> Machinery 7.2%
	5,000,000	Ametek		236,100
		Aerospace/Industrial Instruments
	4,200,000	Donaldson (b)		187,488
		Industrial Air Filtration
	3,500,000	Clarcor (b)		122,850
		Mobile & Industrial Filters
	2,200,000	ESCO Technologies (a)(b)		103,224
		Automatic Electric Meter Readers
	2,850,000	Pentair		99,807
		Pumps & Water Treatment
	1,800,000	Kaydon (b)		92,538
		Specialized Friction & Motion Control Products
	1,250,000	Nordson		91,112
		Dispensing Systems for Adhesives & Coatings
	2,050,000	Mine Safety Appliances (b)		81,980
		Safety Equipment
	1,400,000	Pall		55,552
		Filtration & Fluids Clarification
	1,350,000	Toro		44,915
		Turf Maintenance Equipment

Number of Shares			Value (000)
	1,100,000	MOOG (a)	$	40,964
		Motion Control Products for Aerospace, Defense & Industrial Markets
	1,900,000	Oshkosh Truck		39,311
		Specialty Truck Manufacturer
	423,000	Lincoln Electric		33,290
		Welding Equipment & Consumables
	360,000	Union Tool (Japan)		10,476
		Precision Drill Bit Manufacturer
				1,239,607
		> Other Industrial Services 3.1%
	5,500,000	Expeditors International of Washington		236,500
		International Freight Forwarder
	1,900,000	Forward Air (b)		65,740
		Freight Transportation Between Airports
	2,250,000	UTI Worldwide		44,887
		Global Logistics & Freight Forwarding
	1,750,000	Mobile Mini (a)(b)		35,000
		Portable Storage Units Leasing
	2,000,000	American Reprographics (a)		33,300
		Document Management & Logistics
	2,300,000	TrueBlue (a)(b)		30,383
		Temporary Manual Labor
	1,122,000	Imtech (Netherlands)		26,374
		Engineering & Technical Services
	2,000,000	American Commercial Lines (a)		21,860
		Operator/Builder of Inland Barges
	600,000	G&K Services		18,276
		Uniform Rental
	800,000	Intertek Testing (United Kingdom)		15,744
		Testing, Inspection & Certification Services
	615,000	TAL International Group		13,985
		Intermodal Freight Containers Leasing
				542,049
		> Industrial Materials & Specialty Chemicals 2.3%
	1,950,000	Sociedad Quimica y Minera de Chile - ADR (Chile)		90,870
		Producer of Specialty Fertilizers, Lithium & Iodine
	1,000,000	Cytec Industries		54,560
		Aerospace Composites & Specialty Chemical
	600,000	Greif		38,418
		Industrial Packaging
	1,260,000	Albany International		36,540
		Paper Machine Clothing & Advanced Textiles
	400,000	Novozymes (Denmark)		36,144
		Industrial Enzymes
	900,000	Albemarle		35,919
		Refinery Catalysts & Other Specialty Chemicals
	15,000	Sika (Switzerland)		23,611
		Chemicals for Construction & Industrial Applications
	1,378,000	Drew Industries (a)(b)		21,979
		RV & Manufactured Home Components
	2,850,000	Kansai Paint (Japan)		19,727
		Paint Producer in Japan, India, China & Southeast Asia

See accompanying notes to financial statements.

24

Number of Shares			Value (000)
		> Industrial Materials & Specialty Chemicals—continued
	267,200	Carbone Lorraine (France)	$	14,728
		Advanced Industrial Materials
	350,000	Aptargroup		14,683
		Dispensing Systems for Consumer Products & Pharmaceuticals
	101,500	Intrepid Potash (a)		6,677
		U.S. Potash Producer
				393,856
		> Industrial Distribution 1.9%
	1,925,000	Airgas		112,401
		Industrial Gas Distributor
	1,300,000	WW Grainger		106,340
		Industrial Distribution
	2,100,000	Watsco (b)		87,780
		HVAC Distribution
	1,700,000	Interline Brands (a)(b)		27,081
		Industrial Distribution
				333,602
		> Construction 1.4%
	750,000	Martin Marietta Materials		77,692
		Aggregates
	2,200,000	Simpson Manufacturing		52,228
		Wall Joint Maker
	850,000	Texas Industries		47,711
		Aggregates, Cement & Concrete
	775,000	Vulcan Materials		46,330
		Aggregates, Concrete & Asphalt
	484,000	M/I Homes		7,613
		Home Builder
				231,574
		> Conglomerates 0.9%
	4,150,500	Hexagon (Sweden)		75,809
		Measurement Equipment & Polymers
	2,822,455	Aalberts Industries (Netherlands)		53,326
		Flow Control & Heat Treatment
	600,000	Ibiden (Japan)		21,811
		Electronic Parts & Ceramics
				150,946
		> Outsourcing Services 0.8%
	2,300,000	Quanta Services (a)		76,521
		Electrical & Telecom Construction Services
	2,025,000	Administaff (b)		56,477
		Professional Employer Organization
	600,000	GP Strategies (a)		6,030
		Training Programs
				139,028
		> Waste Management 0.7%
	2,250,000	Waste Connections (a)		71,842
		Solid Waste Management
	4,130,000	Allied Waste Industries (a)		52,121
		Solid Waste Management
				123,963
		> Electrical Components 0.4%
	1,100,000	Acuity Brands		52,888
		Commercial Lighting Fixtures

Number of Shares			Value (000)
	1,125,000	Ushio (Japan)	$	18,382
		Industrial Light Sources
				71,270
		> Steel 0.2%
	550,000	Commercial Metals		20,735
		Vertically Integrated Steelmaker
	322,790	Haynes International (a)		18,576
		Producer of High Performance Alloys
				39,311
Industrial Goods & Services: Total				3,265,206
Energy & Minerals 14.6%
		> Oil & Gas Producers 7.1%
	2,700,000	Ultra Petroleum (a)		265,140
		Oil & Gas Producer
	2,675,000	XTO Energy		183,264
		Oil & Gas Producer
	3,600,000	Southwestern Energy (a)		171,396
		Oil & Gas Producer
	2,400,000	Equitable Resources		165,744
		Natural Gas Producer & Utility
	1,700,000	Carrizo Oil & Gas (a)(b)		115,753
		Explores for Natural Gas & Crude Oil
	1,500,000	Range Resources		98,310
		Oil & Gas Producer
	5,020,550	Pacific Rubiales Energy (Canada) (a)		66,123
		Oil Production & Exploration in Colombia
	1,400,000	Denbury Resources (a)		51,100
		Oil Producer Using Co2 Injection
	2,400,000	Tullow Oil (United Kingdom)		45,653
		Oil & Gas Producer
	350,000	Cabot Oil & Gas		23,706
		Large Natural Gas Producer in Appalachia & Gulf Coast
	745,627	Rex Energy (a)		19,685
		Oil & Gas Producer
	2,000,000	Vaalco Energy (a)		16,940
		Oil & Gas Producer
	762,000	UTS Energy (Canada) (a)		4,454
		Operator of Canadian Oil Sands Mines
				1,227,268
		> Oil Services 7.0%
	5,340,000	FMC Technologies (a)		410,806
		Oil & Gas Wellhead Manufacturer
	3,988,636	Fugro (Netherlands) (b)		340,685
		Oilfield Services
	1,200,000	Atwood Oceanics (a)		149,208
		Offshore Drilling Contractor
	1,055,000	Exterran Holdings (a)		75,422
		Natural Gas Compressor Rental & Fabrication
	1,675,000	Dresser-Rand Group (a)		65,493
		Largest Manufacturer of Compressors
	1,750,000	Tesco (a)		55,913
		Developing New Well Drilling Technologies
	1,988,000	Tetra Technologies (a)		47,135
		U.S.-based Service Company with Life of Field Approach

See accompanying notes to financial statements.

25

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Oil Services—continued
	1,283,100	ShawCor (Canada)	$	45,299
		Oil & Gas Pipeline Products
	655,814	SBM Offshore (Netherlands)		24,203
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	115,515	Bristow (a)		5,717
		Largest Provider of Helicopter Services to Offshore Oil & Gas Producers
				1,219,881
		> Mining 0.3%
	7,725,000	Uranium One (South Africa) (a)		36,364
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
	1,000,000	Ivanhoe Mines (Canada) (a)		10,836
		Copper Mine Project in Mongolia
				47,200
		> Oil Refining, Marketing & Distribution 0.1%
	435,000	Oneok		21,241
		Natural Gas Distribution, Pipeline Processing & Trading
				21,241
		> Alternative Energy 0.1%
	1,730,000	Synthesis Energy Systems (a)		15,570
		Owner/Operator of Gasification Plants
				15,570
Energy & Minerals: Total				2,531,160
Consumer Goods & Services 13.5%
		> Retail 3.1%
	3,140,000	Abercrombie & Fitch		196,815
		Teen Apparel Retailer
	4,850,000	Urban Outfitters (a)		151,272
		Apparel & Home Specialty Retailer
	1,975,000	J Crew Group (a)		65,195
		Multi-channel Branded Retailer
	2,523,067	Talbots		29,242
		Women's Specialty Retailer
	4,930,000	Chico's FAS (a)		26,474
		Women's Specialty Retailer
	700,000	Lululemon Athletica (a)		20,342
		Premium Active Apparel Retailer
	2,800,000	Christopher & Banks (b)		19,040
		Women's Apparel Retailer
	1,200,000	Gaiam (a)(b)		16,212
		Healthy Living Catalogs & E-Commerce
	550,000	Family Dollar		10,967
		Discount Retailer
				535,559
		> Other Consumer Services 2.0%
	2,200,000	ITT Educational Services (a)(b)		181,786
		Post-secondary Degree Services
	1,275,000	Weight Watchers International		45,403
		Weight Loss Programs
	925,000	Life Time Fitness (a)		27,334
		Sport & Fitness Club Operator

Number of Shares			Value (000)
	1,500,000	Career Education (a)	$	21,915
		Post-secondary Education
	1,500,000	Universal Technical Institute (a)(b)		18,690
		Vocational Training
	2,550,000	Princeton Review (a)(b)		17,238
		College Preparation Courses
	2,100,000	Park24 (Japan)		12,716
		Parking Lot Operator
	110,000	Pierre & Vacances (France)		11,316
		Vacation Apartment Lets
	100,000	Lincoln Technical Institute (a)		1,163
		Vocational Training
				337,561
		> Apparel 1.7%
	7,330,000	Coach (a)		211,691
		Designer & Retailer of Branded Leather Accessories
	3,000,000	Billabong International (Australia)		31,060
		Action Sports Apparel Brand Manager
	900,000	True Religion Apparel (a)		23,985
		Premium Denim
	1,069,000	Oxford Industries (b)		20,471
		Branded & Private Label Apparel
	550,000	Under Armour (a)		14,102
		Performance Apparel Wholesaler
				301,309
		> Travel 1.3%
	2,390,000	Vail Resorts (a)(b)		102,364
		Ski Resort Operator & Developer
	4,000,000	Expedia (a)		73,520
		Online Travel Services Company
	2,100,000	Choice Hotels		55,650
		Franchisor of Budget Hotel Brands
				231,534
		> Furniture & Textiles 1.1%
	4,000,000	Herman Miller (b)		99,560
		Office Furniture
	3,800,000	Knoll (b)		46,170
		Office Furniture
	2,000,000	HNI		35,320
		Office Furniture & Fireplaces
	600,000	American Woodmark		12,678
		Kitchen Cabinet Manufacturer
				193,728
		> Nondurables 1.0%
	1,010,000	Chattem (a)(b)		65,701
		Personal Care Products
	2,500,000	Jarden (a)		45,600
		Branded Household Products
	1,900,000	Helen of Troy (a)(b)		30,628
		Hair Dryers & Curling Irons
	1,000,000	Scotts Miracle-Gro		17,570
		Consumer Lawn & Garden Products
	225,000	Energizer Holdings (a)		16,445
		Household & Personal Care Products
				175,944

See accompanying notes to financial statements.

26

Number of Shares			Value (000)
		> Casinos & Gaming 0.8%
	1,700,000	Penn National Gaming (a)	$	54,655
		Regional Casino Operator
	4,050,000	Pinnacle Entertainment (a)(b)		42,485
		Regional Casino Operator
	2,380,000	Intralot (Greece)		40,844
		Lottery & Gaming Systems & Services
				137,984
		> Leisure Products 0.7%
	800,751	International Speedway		31,253
		Largest Motorsports Racetrack Owner & Operator
	1,416,000	Speedway Motorsports		28,858
		Motorsports Racetrack Owner & Operator
	1,250,000	Thor Industries		26,575
		RV & Bus Manufacturer
	5,410,390	Ducati Motor (Italy) (a)		13,945
		Motorcycles & Related Merchandise
	2,766,000	Fleetwood Enterprises (a)		7,247
		RV & Manufactured Home Maker
	640,000	Winnebago		6,521
		Premier Motorhome Maker
				114,399
		> Restaurants 0.6%
	2,145,000	Sonic (a)		31,746
		Quick Service Restaurant
	1,000,000	Red Robin Gourmet Burgers (a)(b)		27,740
		Casual Dining Restaurant
	1,150,000	Cheesecake Factory (a)		18,296
		Casual Dining Restaurants
	1,800,000	AFC Enterprises (a)(b)		14,382
		Popeyes Restaurants
	800,000	California Pizza Kitchen (a)		8,952
		Casual Dining Restaurant
				101,116
		> Food & Beverage 0.6%
	1,600,000	Hansen Natural (a)		46,112
		Alternative Beverages
	4,600,000	Smart Balance (a)(b)		33,166
		Healthy Food Products
	700,000	IAWS Group (Ireland)		17,524
		Baked Goods
				96,802
		> Consumer Goods Distribution 0.3%
	2,890,000	Pool (b)		51,326
		Distributor of Swimming Pool Supplies & Equipment
				51,326
		> Cruise Lines 0.1%
	1,000,000	Royal Caribbean Cruises		22,470
		Largest Cruise Line
				22,470
		> Other Entertainment 0.1%
	435,000	CTS Eventim (Germany)		17,430
		Event Ticket Sales
				17,430

Number of Shares			Value (000)
		> Other Durable Goods 0.1%
	1,500,000	Champion Enterprises (a)	$	8,775
		Manufactured Homes
	172,000	Cavco Industries (a)		5,630
		Higher End Manufactured Homes
				14,405
Consumer Goods & Services: Total				2,331,567
Finance 12.3%
		> Insurance 4.0%
	1,748,000	Leucadia National		82,051
		Insurance Holding Company
	8,250,000	Conseco (a)		81,840
		Life, Long-term Care & Medical Supplement Insurance
	1,200,000	Assurant		79,152
		Specialty Insurance
	3,565,000	HCC Insurance Holdings		75,364
		Specialty Insurance
	2,120,000	Philadelphia Consolidated Holding (a)		72,017
		Specialty Insurance
	2,000,000	Delphi Financial Group		46,280
		Group Employee Benefit Products & Services
	107,447	Markel (a)		39,433
		Specialty Insurance
	995,000	Protective Life		37,860
		Life Insurance
	740,000	StanCorp Financial Group		34,750
		Group Life & Disability Insurance
	1,000,000	Endurance Specialty Holdings		30,790
		Commercial Lines Insurance/Reinsurance
	564,515	Navigators Group (a)		30,512
		Specialty Insurance
	1,420,000	Selective Insurance Group		26,639
		Commercial & Personal Lines Insurance
	1,000,000	Aspen Insurance		23,670
		Commercial Lines Insurance/Reinsurance
	1,917,308	Meadowbrook Insurance Group (b)		10,162
		Specialty Insurance Products & Services
	500,000	Stewart Information Services		9,670
		Title Company
				680,190
		> Banks 2.9%
	3,500,000	BOK Financial (b)		187,075
		Tulsa-based Southwest Bank
	3,511,000	Associated Banc-Corp		67,727
		Midwest Bank
	3,750,000	TCF Financial		45,113
		Great Lakes Bank
	1,960,000	MB Financial (b)		44,041
		Chicago Bank
	2,730,000	Valley National Bancorp		43,052
		New Jersey/New York Bank
	2,246,000	Glacier Bancorp		35,914
		Mountain States Bank
	400,000	SVB Financial Group (a)		19,244
		Bank to Venture Capitalists

See accompanying notes to financial statements.

27

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Banks—continued
	1,700,000	Nara Bancorp (b)	$	18,241
		Korean Focused L.A. Bank
	1,200,000	TriCo Bancshares (b)		13,140
		California Central Valley Community Bank
	1,057,061	West Bancorporation (b)		9,196
		Des Moines Commercial Bank
	837,000	West Coast Bancorp (b)		7,257
		Portland Small Business Bank
	450,000	First Busey		5,949
		Illinois Bank
	338,165	Greene County Bancshares		4,741
		Tennessee Bank
				500,690
		> Brokerage & Money Management 2.1%
	6,168,000	SEI Investments		145,071
		Mutual Fund Administration & Investment Management
	3,405,000	Eaton Vance		135,383
		Specialty Mutual Funds
	250,000	Affiliated Managers Group (a)		22,515
		Asset Manager Holding Company
	600,000	Lazard		20,490
		Investment & Acquistition Advisory
	600,000	Cohen & Steers		15,582
		Top REIT Fund Manager
	450,000	Investment Technology Group (a)		15,057
		Electronic Trading
	550,000	KBW (a)		11,319
		Investment Bank to Financial Industry
				365,417
		> Finance Companies 1.7%
	7,235,000	AmeriCredit (a)(b)		62,366
		Auto Lending
	1,675,000	World Acceptance (a)(b)		56,397
		Personal Loans
	2,000,000	McGrath Rentcorp (b)		49,180
		Temporary Space & IT Rentals
	795,000	GATX		35,242
		Rail Car Lessor
	2,500,000	H&E Equipment Services (a)(b)		30,050
		Heavy Equipment Leasing
	1,500,000	CAI International (a)(b)		26,100
		International Container Leasing & Management
	550,000	Aaron Rents		12,281
		Rent to Own
	850,000	Electro Rent		10,659
		Test & Measurement Rentals
	1,091,000	Marlin Business Services (a)(b)		7,561
		Small Equipment Leasing
				289,836
		> Savings & Loans 1.6%
	13,291,000	People's United		207,340
		Connecticut Savings & Loan
	750,000	Housing Development Finance (India)		33,713
		Indian Mortgage Lender
	1,825,000	Washington Federal		33,032
		Traditional Thrift

Number of Shares			Value (000)
	360,000	Provident New York Bancorp	$	3,982
		New York State Thrift
	526,000	Anchor Bancorp Wisconsin		3,687
		Wisconsin Thrift
				281,754
Finance: Total				2,117,887
Health Care 8.7%
		> Medical Equipment & Devices 2.6%
	1,350,000	Alexion Pharmaceuticals (a)		97,875
		Biotech Focused on Orphan Diseases
	3,516,000	Hologic (a)		76,649
		Diagnostic & Medical Imaging Equipment for Women's Health
	725,000	Illumina (a)		63,155
		Leading Tools & Service Provider for Genetic Analysis
	1,000,000	Edwards Lifesciences (a)		62,040
		Heart Valves
	870,000	Vital Signs (b)		49,398
		Anesthesia, Respiratory & Sleep Products
	700,000	Haemonetics (a)		38,822
		Blood & Plasma Collection Equipment
	700,000	Kinetic Concepts (a)		27,937
		Wound Healing & Tissue Repair
	775,030	Orthofix International (a)		22,437
		Bone Fixation & Stimulation Devices
				438,313
		> Health Care Services 1.9%
	1,400,000	Charles River Laboratories (a)		89,488
		Pharmaceutical Research
	1,650,000	Rhoen-Klinikum (Germany)		52,399
		Health Care Services
	3,000,000	Eresearch Technology (a)(b)		52,320
		Clinical Research Services
	1,250,000	Psychiatric Solutions (a)		47,300
		Behavioral Health Services
	2,250,000	PSS World Medical (a)		36,675
		Medical Supplies
	1,000,000	Lincare Holdings (a)		28,400
		Home Health Care Services
	300,000	Pediatrix Medical Group (a)		14,769
		Physician Management for Pediatric & Anesthesia Practices
	850,000	Healthcare Services Group		12,928
		Outsourced Services to Long-term Care Industry
				334,279
		> Biotechnology & Drug Delivery 1.8%
	2,441,000	BioMarin (a)		70,740
		Biotech Focused on Orphan Diseases
	1,660,000	Auxilium Pharmaceuticals (a)		55,809
		Biotech Focused on Niche Disease Areas
	3,970,000	Seattle Genetics (a)(b)		33,586
		Antibody-based Therapies for Cancer
	1,085,000	Amylin (a)		27,548
		Biotech Company Focused on Diabetes & Obesity
	550,000	Myriad Genetics (a)		25,036
		Drugs/Diagnostics Hybrid

See accompanying notes to financial statements.

28

Number of Shares			Value (000)
		> Biotechnology & Drug Delivery—continued
	220,000	United Therapeutics (a)	$	21,505
		Biotech Focused on Rare Diseases
	3,050,000	Medarex (a)		20,161
		Humanized Antibodies
	5,325,000	Nektar Therapeutics (a)(b)		17,839
		Drug Delivery Technologies
	2,750,000	Arena Pharmaceuticals (a)		14,273
		Novel Drug Targeting Technology
	2,910,000	Array Biopharma (a)(b)		13,677
		Drugs for Cancer & Inflammatory Diseases
	2,000,000	Pharmacopeia (a)(b)		7,660
		Biotech Company with Broad Early-stage Pipeline
	2,770,000	Neurogen (a)(b)		2,853
		Development-stage Biotech Focused on Neurology
	2,520,000	Decode Genetics (a)		2,318
		Drugs for Heart Attack, Asthma & Vascular Disease
	1,249,999	Perlegen Sciences (a)(c)		362
		Large Scale Gene Sequencing
	359,944	MicroDose Technologies (a)(c)		324
		Drug Inhaler Development
	187,500	Locus Pharmaceuticals, Series A-1, Pfd. (a)(c)		188
	96,644	Locus Pharmaceuticals, Series B-1, Pfd. (a)(c)		97
		High Throughput Rational Drug Design
				313,976
		> Medical Supplies 1.8%
	1,090,000	Henry Schein (a)		56,211
		Largest Distributor of Healthcare Products
	1,200,000	Owens & Minor		54,828
		Distribution of Medical Supplies
	2,200,000	QIAGEN (Netherlands) (a)		44,286
		Life Science Company; DNA/RNA Purification
	486,000	Techne (a)		37,612
		Cytokines, Antibodies & Other Reagents for Life Science
	1,250,000	ICU Medical (a)(b)		28,600
		Intravenous Therapy Products
	700,000	Cooper		26,005
		Contact Lens Manufacturer
	790,000	Meridian Biosciences		21,267
		Niche Diagnostics/Life Science Company
	400,000	Idexx Laboratories (a)		19,496
		Diagnostic Equipment & Services for Veterinarians
	500,000	Immucor (a)		12,940
		Automated Blood Typing
	375,000	Luminex (a)		7,706
		Instrument/Consumables Supplier
				308,951
		> Pharmaceuticals 0.6%
	1,115,000	Cephalon (a)		74,359
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	4,000,000	QLT (a)(b)		13,720
		Specialty Pharmaceuticals for Ophthalmology & Dermatology

Number of Shares			Value (000)
	2,456,700	United Drug (Ireland)	$	13,654
		Irish Pharmaceutical Wholesaler & Outsourcer
				101,733
Health Care: Total				1,497,252
Other Industries 4.3%
		> Real Estate 2.8%
	3,150,000	Gaylord Entertainment (a)(b)		75,474
		Convention Hotels
	860,000	Federal Realty Investment Trust		59,340
		Shopping Centers
	650,000	SL Green Realty		53,768
		Manhattan Office Buildings
	1,320,000	General Growth Properties		46,240
		Regional Shopping Malls
	635,000	Macerich Company		39,452
		Regional Shopping Malls
	1,188,000	Forest City Enterprises, Class B (b)		38,313
		Commercial & Residential Property Developer
	850,000	Digital Realty Trust		34,773
		Technology-focused Office Buildings
	1,360,000	BioMed Realty Trust		33,361
		Life Science-focused Office Buildings
	900,000	American Campus Communities		25,056
		Student Housing
	715,000	Corporate Office Properties		24,546
		Office Buildings
	1,720,000	Kite Realty Group (b)		21,500
		Community Shopping Centers
	1,900,000	DiamondRock Hospitality		20,691
		Hotel Owner
	8,200	Kenedix (Japan)		10,039
		Real Estate Investment Management
	37,407	Security Capital European Realty (Luxembourg) (a)(c)(d)		—
		Self Storage Properties
				482,553
		> Transportation 1.2%
	3,000,000	JB Hunt Transport Services		99,840
		Truck & Intermodal Carrier
	3,000,000	Heartland Express		44,730
		Regional Trucker
	38,000,000	Jiangsu Expressway (China)		31,142
		Chinese Toll Road Operator
	1,550,000	Rush Enterprises (a)(b)		18,616
		Truck Distribution
	5,000,000	China Shipping Development (China)		15,005
		China's Dominant Shipper for Oil & Coal
				209,333
		> Regulated Utilities 0.3%
	1,800,000	Northeast Utilities		45,954
		Regulated Electric Utility
				45,954
Other Industries: Total				737,840
Total Equities: 97.5% (Cost: $12,176,149)				16,841,037

See accompanying notes to financial statements.

29

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Principal Amount (000)			Value (000)
Short-Term Obligations 2.8%
		> Commercial Paper 2.7%
$	50,000	IBM International (e) 2.05% Due 7/01/08	$	50,000
		Nestle Capital: (e)
	46,000	2.04% Due 7/03/08		45,995
	40,000	2.14% Due 7/02/08		39,998
		General Electric Capital:
	46,000	1.95% Due 7/07/08		45,985
	40,000	2.00% Due 7/11/08		39,978
		Toyota Motor Credit:
	45,000	2.10% Due 7/08/08		44,982
	35,000	2.10% Due 7/10/08		34,982
	45,000	AT&T (e) 2.19% Due 7/14/08		44,964
	43,000	Walgreen (e) 2.27% Due 7/09/08		42,978
	43,000	Dupont Ei De Nemours (e) 2.15% Due 7/31/08		42,923
	35,000	United Parcel Service (e) 2.02% Due 7/09/08		34,984
				467,769
		> Repurchase Agreement 0.1%
	13,001	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $13,266 (repurchase proceeds $13,002)		13,001
				13,001
Total Short-Term Obligations: (Amortized Cost: $480,770)				480,770
Total Investments: 100.3% (Cost: $12,656,919)(f)(g)				17,321,807
Cash and Other Assets Less Liabilities: (0.3)%				(47,608	)
Total Net Assets: 100%			$	17,274,199

ADR = American Depositary Receipts

See accompanying notes to financial statements.

30

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Actuate		5,000,000		-		1,657,000		3,343,000	$	13,071	$	-
Administaff		2,025,000		-		-		2,025,000		56,477		446
AFC Enterprises		1,800,000		-		-		1,800,000		14,382		-
AmeriCredit		7,235,000		-		-		7,235,000		62,366		-
Array Biopharma		2,660,000		250,000		-		2,910,000		13,677		-
Bally Technologies		3,150,000		250,000		-		3,400,000		114,920		-
Barrier Therapeutics*		1,780,000		-		1,780,000		-		-		-
Belden CDT*		2,280,000		75,000		230,000		2,125,000		71,995		224
BOK Financial		3,500,000		-		-		3,500,000		187,075		1,488
CAI International		1,500,000		-		-		1,500,000		26,100		-
Carrizo Oil & Gas		1,656,000		44,000		-		1,700,000		115,753		-
Chattem		1,010,000		-		-		1,010,000		65,701		-
Christopher & Banks		2,800,000		-		-		2,800,000		19,040		336
Clarcor		3,500,000		-		-		3,500,000		122,850		560
Cogent Communications		2,836,000		664,000		-		3,500,000		46,900		-
Collagenex Pharmaceuticals*		1,200,000		-		1,200,000		-		-		-
Donaldson		4,200,000		-		-		4,200,000		187,488		924
Drew Industries		1,378,000		-		-		1,378,000		21,979		-
Epicor		3,500,000		-		-		3,500,000		24,185		-
Eresearch Technology		3,000,000		-		-		3,000,000		52,320		-
ESCO Technologies		2,200,000		-		-		2,200,000		103,224		-
Excel Technology		735,000		-		75,223		659,777		14,726		-
FARO Technologies		1,044,000		116,000		-		1,160,000		29,197		-
First Mutual Bancshares*		400,000		-		400,000		-		-		-
Forest City Enterprises, Class B		1,398,000		-		210,000		1,188,000		38,313		218
Forward Air		1,900,000		-		-		1,900,000		65,740		266
Fugro		3,900,000		88,636		-		3,988,636		340,685		7,601
Gaiam		1,200,000		-		-		1,200,000		16,212		-
Gaylord Entertainment		2,180,000		970,000		-		3,150,000		75,474		-
General Communications		2,241,000		759,000		-		3,000,000		20,610		-
Gibraltar Industries*		2,860,000		-		2,860,000		-		-		60
Glacier Bancorp*		4,246,000		-		2,000,000		2,246,000		35,914		941
H&E Equipment Services		600,000		1,900,000		-		2,500,000		30,050		-
Hackett Group		4,600,000		-		-		4,600,000		26,404		-
Helen of Troy		1,900,000		-		-		1,900,000		30,628		-
Herman Miller		4,000,000		-		-		4,000,000		99,560		704
ICU Medical		1,250,000		-		-		1,250,000		28,600		-
iGate		5,000,000		-		-		5,000,000		40,650		-
II-VI		2,400,000		-		-		2,400,000		83,808		-
Informatica		4,095,000		1,605,000		-		5,700,000		85,728		-
Interline Brands		1,700,000		-		-		1,700,000		27,081		-
ITT Educational Services		2,000,000		200,000		-		2,200,000		181,786		-
IXYS		1,905,000		130,000		-		2,035,000		24,298		-
Kaydon		1,696,000		104,000		-		1,800,000		92,538		540
Kenexa		2,425,000		-		-		2,425,000		45,687		-
Kite Realty Group		1,720,000		-		-		1,720,000		21,500		705
Knoll		3,400,000		400,000		-		3,800,000		46,170		912
Littelfuse		1,420,000		-		-		1,420,000		44,801		-
Marchex*		1,700,000		-		1,700,000		-		-		54
Marlin Business Services		1,100,000		-		9,000		1,091,000		7,561		-
MB Financial		1,240,000		720,000		-		1,960,000		44,041		619
McGrath Rentcorp		1,700,000		300,000		-		2,000,000		49,180		706
Meadowbrook Insurance Group		2,000,000		-		82,692		1,917,308		10,162		80
Mine Safety Appliances		1,814,000		236,000		-		2,050,000		81,980		891
Mobile Mini		1,750,000		-		-		1,750,000		35,000		-
Nara Bancorp		-		1,700,000		-		1,700,000		18,241		73
Navigant Consulting		2,500,000		-		-		2,500,000		48,900		-
Nektar Therapeutics		1,650,000		3,675,000		-		5,325,000		17,839		-

See accompanying notes to financial statements.

31

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Neurogen		2,300,000		470,000		-		2,770,000	$	2,853	$	-
Orthofix International*		1,330,000		113,000		667,970		775,030		22,437		-
Oxford Industries		1,069,000		-		-		1,069,000		20,471		385
Pharmacopeia		1,675,000		325,000		-		2,000,000		7,660		-
Pinnacle Entertainment		4,050,000		-		-		4,050,000		42,485		-
Pool		2,890,000		-		-		2,890,000		51,326		723
Princeton Review		2,550,000		-		-		2,550,000		17,238		-
QLT		4,000,000		-		-		4,000,000		13,720		-
Quality Systems		1,510,000		840,000		400,000		1,950,000		57,096		923
Radiant Systems		2,500,000		550,000		-		3,050,000		32,727		-
Red Robin Gourmet Burgers		1,000,000		-		-		1,000,000		27,740		-
Rush Enterprises		956,000		594,000		-		1,550,000		18,616		-
Saga Communications		1,400,000		-		-		1,400,000		7,014		-
Salem Communications		1,541,000		-		-		1,541,000		3,036		-
Sanmina-SCI*		29,500,000		-		5,250,000		24,250,000		31,040		-
Seattle Genetics		3,720,000		250,000		-		3,970,000		33,586		-
Shuffle Master*		2,430,000		-		1,380,000		1,050,000		5,187		-
SkillSoft - ADR		9,500,000		-		-		9,500,000		85,880		-
Smart Balance		1,500,000		3,100,000		-		4,600,000		33,166		-
Spanish Broadcasting System		2,400,000		-		-		2,400,000		2,736		-
Supertex		900,000		135,000		-		1,035,000		24,157		-
Switch & Data Facilities		2,000,000		-		-		2,000,000		33,980		-
TW Telecom		8,000,000		100,000		-		8,100,000		129,843		-
TriCo Bancshares		900,000		300,000		-		1,200,000		13,140		312
TrueBlue		2,300,000		-		-		2,300,000		30,383		-
Universal Technical Institute		1,500,000		-		-		1,500,000		18,690		135
Vail Resorts		2,390,000		-		-		2,390,000		102,364		-
Viad		1,453,000		47,000		-		1,500,000		38,685		120
Vital Signs		870,000		-		-		870,000		49,398		183
Voyager Learning		2,000,000		-		-		2,000,000		10,900		-
Watsco		2,375,000		-		275,000		2,100,000		87,780		2,019
West Bancorporation		1,312,000		-		254,939		1,057,061		9,196		402
West Coast Bancorp		1,437,000		-		600,000		837,000		7,257		307
World Acceptance		1,675,000		-		-		1,675,000		56,397		-
Total of Affiliated Transactions		242,812,000		21,010,636		21,031,824		242,790,812	$	4,306,751	$	23,857

*  At June 30, 2008, the Fund owned less than five percent or more of the company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $3,633,643 and $4,306,751, respectively. Investments in affiliate companies represented 24.9% of the Fund's total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $971, which represented less than 0.01% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Perlegen Sciences	3/30/01		1,249,999	$	4,500	$	362
Locus Pharmaceuticals, Series A-1, Pfd.	9/5/01		187,500		7,500		188
MicroDose Technologies	11/24/00		359,944		2,005		324
Locus Pharmaceuticals, Series B-1, Pfd.	2/8/07		96,644		280		97
Security Capital European Realty	8/20/98		37,407		205		-
				$	14,490	$	971

(d)  Security has no value.

(e)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $301,842, which represented 1.7% of net assets.

See accompanying notes to financial statements.

32

> Notes to Statements of Investments (dollar values in thousands)

(f)  At June 30, 2008, for federal income tax purposes cost of investments was $12,656,919 and net unrealized appreciation was $4,664,888 consisting of gross unrealized appreciation of $6,542,872 and gross unrealized depreciation of $1,877,984.

(g)  On June 30, 2008, the market value of foreign securities represented 9.17% of total net assets. The Fund's foreign portfolio was diversified as follows:

	Value		Percent
Netherlands	$	488,874		2.83	%
Japan		167,859		0.97
Canada		126,712		0.73
Chile		90,870		0.53
Sweden		75,809		0.44
United Kingdom		72,091		0.42
Germany		69,829		0.40
China		65,985		0.38
France		62,969		0.36
Greece		40,844		0.24
Hong Kong		36,551		0.21
South Africa		36,364		0.21
	Value		Percent
Denmark	$	36,144		0.21	%
India		33,713		0.19
Israel		32,527		0.19
Ireland		31,178		0.18
Australia		31,060		0.18
Switzerland		23,611		0.14
Singapore		20,315		0.12
Taiwan		17,026		0.10
Italy		13,945		0.08
Spain		9,636		0.06
Luxembourg		—		—
Total Foreign Portfolio	$	1,583,912		9.17	%

See accompanying notes to financial statements.

33

Columbia Acorn International

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Europe
> Netherlands
Aalberts Industries		1,947,042		1,992,322
Fugro		1,406,155		1,438,113
SBM Offshore		475,300		486,892
> United Kingdom
Capita Group		0		2,650,000
Detica		3,000,000		4,000,000
Informa Group		3,300,000		4,500,000
Intermediate Capital		0		328,630
Intertek Testing		2,250,506		2,430,000
Northgate		2,500,000		3,750,000
Rotork		1,200,000		1,300,000
> Germany
Hypo Real Estate Holding		0		675,000
Rational		160,000		185,000
> Sweden
Hexpol		0		1,078,950
> Finland
Ramirent		0		1,640,000
Stockmann		680,000		910,000
> Ireland
Paddy Power		600,000		761,300
> Poland
ING Bank Slaski		0		96,293
> Spain
Prisa		1,598,363		1,840,000
> Norway
Kongsberg Automotive		2,774,800		3,014,800
Asia
> Japan
Asics		1,849,800		2,524,800
Glory		0		600,000
Hamamatsu Photonics		384,500		580,000
Hitachi Construction Machinery		0		380,000
Kamigumi		1,700,000		3,000,000
Olympus		390,000		620,000
Tamron		387,500		785,000

	Number of Shares
	03/31/08		06/30/08
> China
Hopewell Highway Infrastructure		25,000,000		30,000,000
RexCapital Finance		0		82,654,300
TPV Technology		21,750,000		36,250,000
ZhongDe Waste Technology		0		282,500
> Singapore
CDL Hospitality Trust		4,679,000		22,920,000
Mapletree Logistics		32,136,100		45,768,300
OLAM		10,000,000		11,000,000
> India
JSW Steel		40,705		296,320
> Hong Kong
Hong Kong Aircraft Engineering		1,000,000		1,324,600
NagaCorp		0		50,000,000
Other Countries
> United States
Bristow		0		64,104
> Australia
Perpetual Trustees		700,000		800,000
Sino Gold		6,300,000		7,140,000
> Canada
CCL		593,000		670,000
Horizon North Logistics		1,241,000		1,790,000
UTS Energy		0		1,483,700
Xtreme Coil Drilling		0		328,100
> Kazakhstan
Halyk Savings Bank of Kazakhstan - GDR		0		1,193,313
> New Zealand
Sky City Entertainment		5,932,812		6,102,440
Latin America
> Brazil
Porto Seguro		2,400,000		3,000,000
> Mexico
Urbi Desarrollos Urbanos		7,000,000		8,310,700

See accompanying notes to financial statements.

34

	Number of Shares
	03/31/08		06/30/08
Sales
Europe
> Netherlands
OPG Groep		140,852		0
Smit Internationale		686,800		419,934
Wavin		1,525,000		1,497,493
> United Kingdom
Expro International Group		1,800,000		390,000
Taylor Nelson Sofres		7,037,600		3,456,000
> France
Carbone Lorraine		534,000		427,200
Eurofins Scientific		201,202		157,000
Iliad		501,000		250,000
SES Global		3,000,000		2,019,000
> Switzerland
Burckhardt Compression		115,000		100,000
Nobel Biocare Holding		75,000		0
Synthes		150,000		0
> Sweden
Hexagon		3,846,000		3,572,900
> Ireland
United Drug		9,126,659		8,040,094
> Poland
Central European Distribution		430,000		366,000
> Czech Republic
Komercni Banka		140,000		98,200
Asia
> Japan
Casio Computer		1,950,000		840,000
Hoya		800,000		400,000
Unicharm PetCare		844,000		689,000
> China
Sohu.com		400,000		0
Travelsky Technology		20,910,000		18,816,800

	Number of Shares
	03/31/08		06/30/08
Other Countries
> Canada
RONA		688,000		0
Latin America
> Brazil
BM&F		1,010,100		0
> Mexico
Megacable		4,000,000		0

GDR = Global Depositary Receipts

See accompanying notes to financial statements.

35

Columbia Acorn International

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 94.7%
Europe 44.8%
		> Netherlands 8.3%
	1,438,113	Fugro	$	122,835
		Oilfield Services
	1,566,533	Koninklijke TenCate (a)		55,914
		Advanced Textiles & Industrial Fabrics
	2,095,000	Imtech		49,246
		Engineering & Technical Services
	419,934	Smit Internationale		40,992
		Harbor & Offshore Towage & Marine Services
	1,992,322	Aalberts Industries		37,642
		Flow Control & Heat Treatment
	1,385,000	Unit 4 Agresso (a)		34,715
		Business & Security Software
	500,000	Vopak		33,890
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	1,088,187	Arcadis		24,672
		Engineering Consultant
	486,892	SBM Offshore		17,969
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	800,000	QIAGEN (b)		16,198
		Life Science Company; DNA/RNA Purification
	1,497,493	Wavin		12,402
		Largest European Plastic Pipe Systems Company
				446,475
		> United Kingdom 6.5%
	2,430,000	Intertek Testing		47,821
		Testing, Inspection & Certification Services
	4,500,000	Informa Group		37,018
		Global Publisher & Event Organizer
	2,650,000	Capita Group		36,289
		White Collar, Back Office Outsourcing
	3,000,000	Smith & Nephew		33,105
		Medical Equipment & Supplies
	640,000	Randgold Resources - ADR		29,555
		Gold Mining in Western Africa
	1,300,000	Rotork		28,406
		Valve Actuators for Oil & Water Pipelines
	4,666,716	RPS Group		27,840
		Environmental Consulting & Planning
	3,750,000	Northgate (a)		26,367
		Light Commercial Vehicle Rental Specialist
	4,000,000	Detica		21,133
		UK IT Services Company
	3,456,000	Taylor Nelson Sofres		15,988
		Market Research
	800,000	Tullow Oil		15,218
		Oil & Gas Producer
	1,000,000	Keller Group		12,449
		International Ground Engineering Specialist
	390,000	Expro International Group		12,421
		Offshore Oilfield Services
	328,630	Intermediate Capital		8,883
		European Provider of Mezzanine Capital
				352,493

Number of Shares			Value (000)
		> Germany 6.0%
	1,800,000	Rhoen-Klinikum	$	57,162
		Health Care Services
	575,000	Wincor Nixdorf		40,033
		Retail POS Systems & ATM Machines
	300,000	Vossloh		39,110
		Rail Infrastructure & Diesel Locomotives
	185,000	Rational		37,312
		Commercial Oven Manufacturer
	375,000	Elringklinger		35,537
		Automobile Components
	850,000	CTS Eventim		34,059
		Event Ticket Sales
	400,000	MPC Muenchmeyer Petersen Capital		21,066
		Alternative Asset Manager
	675,000	Hypo Real Estate Holding		19,002
		Real Estate & Public Sector Budget Finance
	210,000	Hamburger Hafen und Logistik		16,333
		Terminal Operator at the Hamburg Port
	918,000	Takkt		16,174
		Mail Order Retailer of Office & Warehouse Durables
	354,500	Deutsche Beteiligungs		8,964
		Private Equity Investment Management
				324,752
		> France 5.9%
	2,019,000	SES Global		51,179
		Satellite Broadcasting Services
	375,000	Norbert Dentressangle		35,277
		Transport
	384,300	Rubis		33,278
		Tank Storage & Liquefied Petroleum Gas Supplier
	280,000	Neopost		29,629
		Postage Meter Machines
	250,000	Iliad		24,302
		Alternative Internet & Telecoms Provider
	427,200	Carbone Lorraine		23,548
		Advanced Industrial Materials
	206,000	Pierre & Vacances		21,192
		Vacation Apartment Lets
	350,000	April Group		20,494
		Insurance Policy Construction
	251,000	Imerys		18,183
		Industrial Minerals Producer
	100,000	Ciments Francais		16,388
		Leading French & Emerging Markets Cement Producer
	656,700	Trigano		14,558
		Leisure Vehicles & Camping Equipment
	157,000	Eurofins Scientific		13,225
		Food Screening & Testing
	410,000	Meetic (b)		9,541
		Dating Services
	1,156,500	Hi-Media (b)		7,866
		Leading Online Advertiser in Europe
				318,660

See accompanying notes to financial statements.

36

Number of Shares			Value (000)
		> Switzerland 3.2%
	525,000	Kuehne & Nagel	$	49,876
		Freight Forwarding/Logistics
	24,000	Sika		37,778
		Chemicals for Construction & Industrial Applications
	250,000	Geberit		36,831
		Plumbing Supplies
	100,000	Burckhardt Compression		30,346
		Gas Compression Pumps
	17,500	Givaudan		15,641
		Fragrances & Flavors
				170,472
		> Sweden 2.8%
	3,572,900	Hexagon		65,259
		Measurement Equipment & Polymers
	3,235,000	SWECO		28,469
		Engineering Consultants
	10,400,000	Niscayah		22,622
		Commercial Security Installation & Service
	580,000	Holmen		17,046
		Integrated Pulp & Paper Manufacturer
	2,265,000	Nobia		11,020
		Kitchen Cabinet Manufacturing & Distribution
	1,078,950	Hexpol (b)		9,003
		Formulation & Production of Polymers
				153,419
		> Finland 2.2%
	1,756,000	Poyry		45,618
		Engineering Consultants
	910,000	Stockmann		35,174
		Department Stores in Finland, Baltics & Russia
	525,000	Cargotec		18,276
		Cargo & Load Handling Equipment
	1,640,000	Ramirent		17,093
		Largest Equipment Rental Company in Scandinavia & Central Eastern Europe
				116,161
		> Ireland 2.1%
	1,800,000	IAWS Group		45,061
		Baked Goods
	8,040,094	United Drug		44,685
		Irish Pharmaceutical Wholesaler & Outsourcer
	761,300	Paddy Power		23,973
		Irish Betting Services
				113,719
		> Italy 1.9%
	12,531,048	Ducati Motor (b)		32,297
		Motorcycles & Related Merchandise
	9,100,000	CIR		25,145
		Italian Holding Company
	1,312,470	GranitiFiandre		14,516
		Innovative Stoneware
	5,000,000	Amplifon		13,698
		Hearing Aid Retailer
	375,000	Sabaf		10,716
		Supplier to White Goods, Original Equipment Manufacturer

Number of Shares			Value (000)
	580,000	Cobra Automotive (b)	$	4,274
		Electronic Car Theft Protection
				100,646
		> Greece 1.2%
	3,790,000	Intralot		65,042
		Lottery & Gaming Systems & Services
				65,042
		> Russia 1.0%
	775,000	Novolipetsk Steel - GDR (b)		44,175
		Vertically Integrated Steel Producer
	349,271	RosBusinessConsulting - ADR		11,875
		Financial Information, Media & IT Services in Russia
				56,050
		> Austria 1.0%
	1,300,000	Zumtobel		29,679
		Lighting Systems
	600,000	Wienerberger		25,194
		Bricks & Clay Roofing Tiles
				54,873
		> Poland 0.9%
	366,000	Central European Distribution (b)		27,139
		Vodka Production & Alcohol Distribution
	96,293	ING Bank Slaski		18,752
		Polish Universal Bank
				45,891
		> Spain 0.8%
	400,000	Red Electrica de Espana		26,041
		Spanish Power Grid
	1,840,000	Prisa		19,700
		Leading Spanish-speaking Publisher
				45,741
		> Denmark 0.4%
	265,000	Novozymes		23,945
		Industrial Enzymes
				23,945
		> Czech Republic 0.4%
	98,200	Komercni Banka		22,967
		Leading Czech Universal Bank
				22,967
		> Norway 0.2%
	3,014,800	Kongsberg Automotive (b)		11,720
		Automotive Seating & Component Supplier
				11,720
Europe: Total				2,423,026
Asia 33.0%
		> Japan 16.1%
	8,250,000	Kansai Paint		57,106
		Paint Producer in Japan, India, China & Southeast Asia
	43,500	Jupiter Telecommunications (b)		33,715
		Largest Cable Service Provider in Japan
	840,000	Ibiden		30,535
		Electronic Parts & Ceramics

See accompanying notes to financial statements.

37

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Japan—continued
	3,200,000	Topcon	$	30,317
		Positioning & Medical Instrument
	1,580,000	Yusen Air & Sea Service		28,614
		Airfreight Logistics
	2,524,800	Asics		27,534
		Footwear & Apparel
	885,000	Aeon Mall		26,170
		Suburban Shopping Mall Developer, Owner & Operator
	4,000,000	Park24		24,222
		Parking Lot Operator
	5,500	Osaka Securities Exchange		23,153
		Osaka Securities Exchange
	97,000	Keyence		23,102
		Sensors & Measuring Devices for Automation
	1,490,000	FCC		22,929
		Auto/Motorcycle Clutches
	578,000	SYSMEX		22,753
		In Vitro Diagnostics (IVD) Equipment & Reagent Manufacturer
	3,000,000	Kamigumi		22,687
		Port Cargo Handling & Logistics
	8,800,000	Kansai Urban Banking		22,127
		Regional Bank
	863,200	Kintetsu World Express		22,071
		Airfreight Logistics
	18,000	Kenedix		22,037
		Real Estate Investment Management
	1,300,000	Ushio		21,241
		Industrial Light Sources
	620,000	Olympus		20,962
		Medical Equipment & Cameras
	689,000	Unicharm PetCare		20,569
		Pet Food & Pet Toiletries
	1,800,000	OSG		20,342
		Consumable Cutting Tools
	680,000	Union Tool		19,788
		Precision Drill Bit Manufacturer
	950,000	NGK Insulators		18,475
		Ceramic, Power & Electronics Parts
	4,000,000	Bank of Fukuoka		18,044
		Regional Bank
	1,500	Nippon Building Fund		17,658
		Office REIT
	163,700	Nakanishi		17,637
		Dental Tools & Machinery
	175,000	Hirose Electric		17,568
		Electrical Connectors
	246,000	USS		16,240
		Used Car Auctioneer
	10,000	Risa Partners		15,256
		Non-performing Loan & Real Estate Related Investment
	580,000	Hamamatsu Photonics		15,048
		Optical Sensors for Medical & Industrial Applications
	1,150,000	Suruga Bank		14,956
		Regional Bank
	785,000	Tamron		14,823
		Camera Lens Maker

Number of Shares			Value (000)
	965,000	T. Hasegawa	$	14,677
		Industrial Flavors & Fragrances
	509,000	Point		14,572
		Apparel Specialty Retailer
	600,000	Glory		14,098
		Currency Handling Systems & Related Equipment
	632,500	As One		13,819
		Scientific Supplies Distributor
	669,000	Aeon Delight		13,672
		Facility Maintenance & Management
	1,600,000	Cosel		13,124
		Industrial Standard Switching Power Supply System
	2,200	Fukuoka		11,561
		Diversified REIT in Fukuoka
	643,000	Ain Pharmaciez (a)		10,876
		Dispensing Pharmacy/Drugstore Operator
	380,000	Hitachi Construction Machinery		10,647
		Construction Machinery
	840,000	Casio Computer		9,564
		Micro-consumer Electronic Goods
	4,000	Wacom		9,531
		Computer Graphic Illustration Devices
	400,000	Hoya		9,248
		Opto-electrical Components & Eyeglass Lenses
	380,000	Takata		7,479
		Safety Related Auto Parts
	14,000	FullCast (a)		5,096
		Employment Outsourcing
	1,650	Japan Pure Chemical		4,910
		Precious Metal Plating Chemicals for Electronics
	379	Seven Bank		839
		ATM Processing Services
				871,392
		> China 5.0%
	15,718,000	China Shipping Development		47,171
		China's Dominant Shipper for Oil & Coal
	55,730,000	Lenovo Group		37,738
		Third Largest PC Vendor Globally
	29,648,000	China Green		35,210
		Agricultural Grower & Processor in China
	34,614,000	Jiangsu Expressway		28,367
		Chinese Toll Road Operator
	15,300,000	Fu Ji Food & Catering Services		23,743
		Food Catering Service Provider in China
	30,000,000	Hopewell Highway Infrastructure		22,739
		Guangdong Tollroad Leading to Hong Kong & Macau
	36,250,000	TPV Technology		18,875
		Original Design Manufacturer for LCD Monitor & Flat TV
	34,000,000	Xinyu Hengdeli		12,776
		A High-end Watch Retailer in China
	18,816,800	Travelsky Technology		12,380
		Online Air Travel Bookings in China
	282,500	ZhongDe Waste Technology (b)		11,217
		Solid Municipal Waste & Medical Waste Incinerator Manufacturer

See accompanying notes to financial statements.

38

Number of Shares			Value (000)
		> China—continued
	556,500	VisionChina Media - ADR (b)	$	8,832
		Advertising on Digital Screens in China's Mass Transit System
	82,654,300	RexCapital Finance (b)		8,268
		Chinese Lottery
	14,733,000	Sinotrans		3,628
		Largest Integrated Logistics Player in China
				270,944
		> South Korea 2.8%
	135,200	MegaStudy		42,807
		Online Education Service Provider
	1,192,000	Woongjin Coway		34,983
		South Korean Household Appliance Rental Service Provider
	278,265	Taewoong		26,841
		A Player in the Niche Customized Forging Market
	915,000	Sung Kwang Bend		25,892
		A Large Customized Industrial Pipe Fitting Manufacturer
	127,700	Mirae Asset Securities		12,513
		Korean Largest Diversified Financial Company
	170,000	JVM		6,330
		Automatic Tablet Dispensing & Packaging Systems
	262,000	YBM Sisa.com		2,855
		Online Language Educator & Tester
				152,221
		> Singapore 2.8%
	10,000,000	Singapore Exchange		50,788
		Singapore Equity & Derivatives Market Operator
	22,920,000	CDL Hospitality Trust		29,649
		Singapore Hotel Operator
	45,768,300	Mapletree Logistics		28,594
		Asian Logistics Landlord
	20,000,000	ComfortDelGro		22,050
		Taxi & Mass Transit Service
	11,000,000	OLAM		19,647
		Agriculture Supply Chain Manager
				150,728
		> Taiwan 2.0%
	1,995,826	Formosa International Hotels		37,677
		Hotel, Food & Beverage Operation & Hospitality Management Services
	7,140,000	President Chain Store		23,758
		Taiwan's Number One Convenience Chain Store Operator
	7,004,722	Everlight Electronics		18,093
		LED Packager
	7,501,588	Wah Lee Industrial		13,791
		Distributor of Chemicals, Materials & Equipment
	1,500,000	GeoVision		8,450
		Taiwan PC-based Video Surveillance Player
	2,911,000	Advantech		7,481
		Embedded Computers
				109,250

Number of Shares			Value (000)
		> India 2.0%
	750,000	Housing Development Finance	$	33,713
		Indian Mortgage Lender
	4,450,000	United Phosphorus (b)		28,437
		Off-patent Crop Protection Chemicals
	864,498	Asian Paints		23,107
		India's Largest Paint Company
	1,000,000	Jain Irrigation Systems		11,389
		Agricultural Micro-irrigation Systems & Food Processing
	296,320	JSW Steel		6,231
		Flat Steel Producer in India
	205,544	Shree Cement (b)		2,885
		Cement Manufacturer
				105,762
		> Hong Kong 1.9%
	3,000,000	Hong Kong Exchanges and Clearing		43,862
		Hong Kong Equity & Derivatives Market Operator
	16,950,000	Lifestyle International		23,825
		Mid to High-end Department Store Operator in Hong Kong & China
	1,324,600	Hong Kong Aircraft Engineering		20,403
		Aircraft Maintenence, Repair & Overhaul Operator
	50,000,000	NagaCorp		13,466
		Monopoly Casino in Central Cambodia
	46,000,000	Global Digital Creations (b)		2,124
		Digital Cinema Solution Provider/ Network Operator
				103,680
		> Indonesia 0.4%
	15,000,000	Perusahaan Gas Negara (b)		21,150
		Gas Pipeline Operator
				21,150
Asia: Total				1,785,127
Other Countries 11.1%
		> United States 3.6%
	645,000	Atwood Oceanics (b)		80,199
		Offshore Drilling Contractor
	758,000	FMC Technologies (b)		58,313
		Oil & Gas Wellhead Manufacturer
	565,000	Dresser-Rand Group (b)		22,091
		Largest Manufacturer of Compressors
	600,000	BioMarin (b)		17,388
		Biotech Focused on Orphan Diseases
	370,000	Tesco (b)		11,822
		Developing New Well Drilling Technologies
	64,104	Bristow (b)		3,173
		Largest Provider of Helicopter Services to Offshore Oil & Gas Producers
	1,650,000	Decode Genetics (b)		1,518
		Drugs for Heart Attack, Asthma & Vascular Disease
				194,504

See accompanying notes to financial statements.

39

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Australia 2.5%
	7,140,000	Sino Gold (b)	$	39,905
		Gold Mining in The People's Republic of China
	3,500,000	Billabong International		36,237
		Action Sports Apparel Brand Manager
	800,000	Perpetual Trustees		32,801
		Mutual Fund Management
	850,000	Australian Stock Exchange		25,586
		Australian Equity & Derivatives Market Operator
				134,529
		> South Africa 2.3%
	1,440,000	Impala Platinum Holdings		56,828
		Platinum Group Metals Mining & Refining
	1,560,000	Naspers		34,069
		Media & Education in Africa & Other Emerging Markets
	4,299,000	Uranium One (b)		20,236
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
	7,600,000	Mr. Price		14,559
		South African Retailer of Apparel, Household Goods & Sporting Goods
				125,692
		> Canada 2.1%
	1,860,000	ShawCor		65,666
		Oil & Gas Pipeline Products
	670,000	CCL		19,403
		Leading Global Label Manufacturer
	850,000	Ivanhoe Mines (b)		9,211
		Copper Mine Project in Mongolia
	1,483,700	UTS Energy (b)		8,672
		Operator of Canadian Oil Sands Mines
	1,790,000	Horizon North Logistics (b)		5,793
		Provides Diversified Oil Service Offering in Northern Canada
	328,100	Xtreme Coil Drilling (b)		3,218
		Land Driller with New Generation Drilling Technology
				111,963
		> Kazakhstan 0.3%
	1,193,313	Halyk Savings Bank of Kazakhstan - GDR		18,413
		Largest Retail Bank in Kazakhstan
				18,413
		> New Zealand 0.3%
	6,102,440	Sky City Entertainment		14,232
		Casino/Entertainment Complex
				14,232
Other Countries: Total				599,333
Latin America 5.8%
		> Brazil 3.3%
	4,300,000	Suzano (b)		69,659
		Brazilian Pulp & Paper Producer
	3,000,000	Porto Seguro		34,621
		Auto & Life Insurance

Number of Shares or Principal Amount (000)			Value (000)
	3,000,000	Localiza Rent A Car	$	33,123
		Car Rental
	2,000,000	Bovespa		24,827
		Brazil Equity & Derivatives Exchange
	1,500,000	Natura Cosmeticos		15,439
		Direct Retailer of Cosmetics
				177,669
		> Chile 1.4%
	1,600,000	Sociedad Quimica y Minera de Chile - ADR		74,560
		Producer of Specialty Fertilizers, Lithium & Iodine
				74,560
		> Mexico 1.1%
	8,310,700	Urbi Desarrollos Urbanos (b)		28,728
		Affordable Housing Builder
	500,000	Grupo Aeroportuario del Surest - ADR		25,750
		Cancun & Cozumel Airport Operator
	6,000,000	Financiera Independencia		8,721
		Mexican Micro-finance Lender
				63,199
Latin America: Total				315,428
Total Equities: 94.7% (Cost: $4,123,564)				5,122,914
Short-Term Obligations 5.0%
		> Commercial Paper 5.0%
$	28,300	Novartis Finance (c) 2.30% Due 7/07/08		28,289
	28,100	Toyota Motor Credit 2.05% Due 7/01/08		28,100
	28,000	United Parcel Service (c) 1.98% Due 7/02/08		27,998
	27,800	Chevron Funding 1.93% Due 7/03/08		27,797
	27,400	Avon Capital (c) 2.15% Due 7/08/08		27,389
	27,400	AT&T (c) 2.23% Due 7/21/08		27,366
	27,400	ConocoPhillips (c) 2.12% Due 7/28/08		27,356
	25,000	Netjets (c) 2.20% Due 7/09/08		24,988
	25,000	Walgreen (c) 2.25% Due 7/10/08		24,986
	25,000	General Electric 2.05% Due 7/11/08		24,986
				269,255

See accompanying notes to financial statements.

40

Principal Amount (000)			Value (000)
		> Repurchase Agreement 0.0%
$	582	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 2/15/27, market value $595 (repurchase proceeds $582)	$	582
				582
Total Short-Term Obligations: (Amortized Cost: $269,837)				269,837
Total Investments: 99.7% (Cost: $4,393,401)(d)(e)				5,392,751
Cash and Other Assets Less Liabilities: 0.3%				14,776
Total Net Assets: 100%			$	5,407,527

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

See accompanying notes to financial statements.

41

Columbia Acorn International

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Ain Pharmaciez		643,000		-		-		643,000	$	10,876	$	114
FullCast		14,000		-		-		14,000		5,096		-
Kongsberg Automotive *		2,774,800		240,000		-		3,014,800		11,720
Northgate		2,500,000		1,250,000		-		3,750,000		26,367		-
Koninklijke TenCate		1,096,000		470,533		-		1,566,533		55,914		-
Unit 4 Agresso		1,385,000		-		-		1,385,000		34,715		458
Total of Affiliated Transactions		8,412,800		1,960,533		-		10,373,333	$	144,688	$	572

*  At June 30, 2008, the Fund owned less than five percent or more of the following company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $181,586 and $144,688, respectively. Investments in affiliate companies represented 2.7% of total net assets at June 30, 2008.

(b)  Non-income producing security.

(c)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $188,372, which represented 3.5% of net assets.

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $4,393,401 and net unrealized appreciation was $999,350 consisting of gross unrealized appreciation of $1,639,172 and gross unrealized depreciation of $639,822.

(e)  On June 30, 2008, the Fund's total investments were denominated in currencies as follows:

Currency	Value		% of Total Net Assets
Euro	$	1,597,286		29.5	%
Japanese Yen		871,392		16.1
US Dollar		704,640		13.0
Hong Kong Dollar		354,575		6.6
British Pound		322,938		6.0
Other currencies less than 5% of total net assets		1,541,920		28.5
	$	5,392,751		99.7	%

See accompanying notes to financial statements.

42

Columbia Acorn International

Portfolio Diversification

At June 30, 2008, the Fund's portfolio investments as a percent of net assets were diversified as follows:

	Value (000)		Percent
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	468,323		8.7	%
Other Industrial Services		376,881		7.0
Machinery		312,074		5.8
Conglomerates		177,056		3.3
Outsourcing Services		130,423		2.4
Electrical Components		104,714		1.9
Construction		90,863		1.7
Steel		50,406		0.9
Industrial Distribution		13,819		0.2
Waste Management		11,218		0.2
		1,735,777		32.1
> Consumer Goods & Services
Other Consumer Services		159,426		3.0
Casinos & Gaming		124,981		2.3
Retail		116,410		2.2
Food & Beverage		104,014		1.9
Leisure Products		76,513		1.4
Other Entertainment		71,736		1.3
Apparel		71,411		1.3
Nondurables		55,411		1.0
Travel		45,503		0.9
Other Durable Goods		45,398		0.8
Consumer Goods Distribution		43,379		0.8
Consumer Electronics		43,262		0.8
Furniture & Textiles		11,020		0.2
		968,464		17.9
> Energy & Minerals
Oil Services		403,500		7.5
Mining		155,735		2.9
Oil Refining, Marketing & Distribution		88,318		1.6
Agricultural Commodities		86,706		1.6
Oil & Gas Producers		23,890		0.4
		758,149		14.0
> Information
Computer Hardware & Related Equipment		94,782		1.8
Financial Processors		94,650		1.8
Publishing		56,718		1.0
Satellite Broadcasting & Services		51,179		0.9
Instrumentation		45,365		0.9
Business Information & Marketing Services		43,827		0.8
Business Software		34,715		0.7
TV Broadcasting		34,069		0.6
CATV		33,715		0.6
Computer Services		33,009		0.6

	Value (000)		Percent
Semiconductors & Related Equipment	$	27,341		0.5	%
Internet Related		24,302		0.4
Advertising		16,698		0.3
Electronics Distribution		13,791		0.3
		604,161		11.2
> Other Industries
Transportation		248,661		4.6
Real Estate		153,483		2.8
Regulated Utilities		26,041		0.5
		428,185		7.9
> Finance
Banks		135,100		2.5
Brokerage & Money Management		104,691		1.9
Insurance		55,114		1.0
Finance Companies		40,757		0.8
Savings & Loans		33,713		0.6
Closed End Funds		21,066		0.4
		390,441		7.2
> Health Care
Medical Equipment & Devices		100,786		1.9
Health Care Services		57,162		1.1
Pharmaceuticals		44,685		0.8
Biotechnology & Drug Delivery		18,906		0.3
Medical Supplies		16,198		0.3
		237,737		4.4
Total Equities:		5,122,914		94.7
Short-Term Obligations:		269,837		5.0
Total Investments:		5,392,751		99.7
Cash and Other Assets Less Liabilities:		14,776		0.3
Net Assets:	$	5,407,527		100.0	%

See accompanying notes to financial statements.

43

Columbia Acorn USA

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Information
Bally Technologies		60,600		155,000
Global Payments		468,280		538,280
Mettler Toledo		140,000		155,000
ON Semiconductor		879,750		1,179,750
Zebra Technologies		99,000		184,000
Industrial Goods & Services
Acuity Brands		80,000		145,000
Cytec Industries		0		100,000
Haynes International		0		46,100
Mine Safety Appliances		0		75,000
Consumer Goods & Services
Talbots		0		400,000
Vail Resorts		90,000		190,000
Finance
Berkshire Hills Bancorp		0		138,500
CAI International		22,911		230,000
GATX		0		145,000
Guaranty Bancorp		0		500,000
H&E Equipment Services		175,000		350,000
Lakeland Financial		299,388		424,388
MB Financial		410,025		455,025
SVB Financial Group		0		60,000
Valley National Bancorp		585,000		614,250
ViewPoint Financial		400,000		600,000
Health Care
Auxilium Pharmaceuticals		100,000		125,000
Immucor		0		100,000
Meridian Biosciences		0		105,000
Psychiatric Solutions		90,000		180,000
United Therapeutics		35,000		53,000
Vital Signs		0		60,000
Other Industries
BioMed Realty Trust		0		120,000
Corporate Office Properties		0		85,000
Gaylord Entertainment		122,500		222,500

	Number of Shares
	03/31/08		06/30/08
Sales
Information
Avid Technology		556,500		197,000
CNET Networks		980,000		0
Entravision Communications		1,125,000		975,000
Lions Gate Entertainment		750,000		375,000
Netgear		190,000		0
Tellabs		2,688,200		2,648,900
Industrial Goods & Services
G&K Services		179,000		90,000
Watsco		70,000		0
Consumer Goods & Services
AnnTaylor Stores		224,500		0
Chico's FAS		418,000		0
International Speedway		136,700		0
Scotts Miracle-Gro		266,000		166,000
Speedway Motorsports		185,989		140,500
Universal Technical Institute		310,000		0
Energy & Minerals
FMC Technologies		803,400		733,400
Finance
Centennial Bank		500,000		0
First Busey		215,000		105,928
Old Second Bancorp		220,000		192,700
Health Care
Barrier Therapeutics		505,000		0
BioMarin		600,000		405,000
Lincare Holdings		246,800		126,800
Medicis Pharmaceutical		110,000		0
Orthofix International		118,000		28,000
Other Industries
DiamondRock Hospitality		560,000		325,000

See accompanying notes to financial statements.

44

Columbia Acorn USA

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 98.6%
Information 31.9%
		> Business Software 5.5%
	681,400	Micros Systems (a)	$	20,776
		Information Systems for Restaurants & Hotels
	2,100,000	Novell (a)		12,369
		Directory, Operating System & Identity Management Software
	525,000	Blackbaud		11,235
		Software & Services for Non-profits
	235,000	ANSYS (a)		11,073
		Simulation Software for Engineers & Designers
	570,000	Informatica (a)		8,573
		Enterprise Data Integration Software
	230,400	Concur Technologies (a)		7,656
		Web Enabled Cost & Expense Management Software
	197,000	Avid Technology (a)		3,347
		Digital Nonlinear Editing Software & Systems
	100,000	Quality Systems		2,928
		IT Systems for Medical Groups & Ambulatory Care Centers
				77,957
		> Instrumentation 5.3%
	860,000	Flir Systems (a)		34,890
		Infrared Cameras
	155,000	Mettler Toledo (a)		14,703
		Laboratory Equipment
	368,000	Trimble Navigation (a)		13,138
		GPS-based Instruments
	425,000	IPG Photonics (a)		7,994
		Fiber Lasers
	45,000	Varian (a)		2,298
		Analytical Instruments
	60,000	FARO Technologies (a)		1,510
		Precision Measurement Equipment
				74,533
		> Mobile Communications 4.3%
	1,005,000	Crown Castle International (a)		38,924
		Communications Towers
	506,000	American Tower (a)		21,378
		Communications Towers in USA & Mexico
	88,000	Globalstar (a)		249
		Satellite Mobile Voice & Data Carrier
				60,551
		> Computer Hardware & Related Equipment 3.7%
	505,000	II-VI (a)		17,635
		Laser Components
	295,600	Amphenol		13,266
		Electronic Connectors
	320,000	Nice Systems - ADR (Israel) (a)		9,462
		Audio & Video Recording Solutions
	184,000	Zebra Technologies (a)		6,006
		Bar Code Printers
	160,000	Belden CDT		5,421
		Specialty Cable

Number of Shares			Value (000)
	65,000	Intermec (a)	$	1,370
		Bar Code & Wireless LAN Systems
				53,160
		> Semiconductors & Related Equipment 3.6%
	710,000	Microsemi (a)		17,878
		Analog/Mixed-signal Semiconductors
	1,168,000	Integrated Device Technology (a)		11,610
		Communications Semiconductors
	1,179,750	ON Semiconductor (a)		10,818
		Mixed-signal & Power Management Semiconductors
	190,000	Littelfuse (a)		5,995
		Little Fuses
	189,296	Supertex (a)		4,418
		Mixed-signal Semiconductors
				50,719
		> Telephone Services 2.1%
	1,486,000	TW Telecom (a)		23,821
		Fiber Optic Telephone/Data Services
	280,000	Cogent Communications (a)		3,752
		Internet Data Pipelines
	400,000	PAETEC Holding (a)		2,540
		Telephone/Data Services for Business
				30,113
		> Telecommunications Equipment 2.0%
	525,000	Polycom (a)		12,789
		Video Conferencing Equipment
	2,648,900	Tellabs (a)		12,318
		Telecommunications Equipment
	125,000	Ciena (a)		2,896
		Optical Transport & Broadband Access Equipment
				28,003
		> Financial Processors 1.8%
	538,280	Global Payments		25,084
		Credit Card Processor
				25,084
		> Computer Services 1.1%
	1,005,500	Hackett Group (a)		5,772
		IT Integration & Best Practice Research
	205,000	SRA International (a)		4,604
		Government IT Services
	786,000	RCM Technologies (a)(b)		3,388
		Technology & Engineering Services
	235,000	iGate (a)		1,910
		IT & Business Process Outsourcing Services
				15,674
		> Internet Related 0.7%
	460,000	ValueClick (a)		6,969
		Internet Advertising
	381,740	TheStreet.com		2,485
		Financial Information Website Publisher
				9,454
		> Gaming Equipment & Services 0.6%
	155,000	Bally Technologies (a)		5,239
		Slot Machines & Software

See accompanying notes to financial statements.

45

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Gaming Equipment & Services—continued
	100,000	Scientific Games (a)	$	2,962
		Lottery Services Provider
	98,500	Shuffle Master (a)		487
		Card Shufflers & Casino Games
				8,688
		> TV Broadcasting 0.3%
	975,000	Entravision Communications (a)		3,919
		Spanish Language TV & Radio Stations
				3,919
		> Television Programming 0.3%
	375,000	Lions Gate Entertainment (a)		3,885
		Film & TV Studio
				3,885
		> Radio 0.2%
	300,000	Saga Communications (a)		1,503
		Radio Stations in Small- & Mid-sized Cities
	511,100	Salem Communications		1,007
		Radio Stations for Religious Programming
	705,500	Spanish Broadcasting System (a)		804
		Spanish Language Radio Stations
				3,314
		> Contract Manufacturing 0.2%
	115,000	Plexus (a)		3,183
		Electronic Manufacturing Services
				3,183
		> Business Information & Marketing Services 0.2%
	100,000	Viad		2,579
		Trade Show Services, Travel & Tours
				2,579
Information: Total				450,816
Industrial Goods & Services 15.6%
		> Machinery 10.4%
	697,500	Ametek		32,936
		Aerospace/Industrial Instruments
	650,300	ESCO Technologies (a)		30,512
		Automatic Electric Meter Readers
	373,600	Nordson		27,232
		Dispensing Systems for Adhesives & Coatings
	673,600	Pentair		23,589
		Pumps & Water Treatment
	394,800	Donaldson		17,624
		Industrial Air Filtration
	140,000	MOOG (a)		5,214
		Motion Control Products for Aerospace, Defense & Industrial Markets
	75,000	Mine Safety Appliances		2,999
		Safety Equipment
	50,000	Kaydon		2,570
		Specialized Friction & Motion Control Products
	71,800	Toro		2,389
		Turf Maintenance Equipment

Number of Shares			Value (000)
	23,013	Lincoln Electric	$	1,811
		Welding Equipment & Consumables
				146,876
		> Outsourcing Services 1.2%
	350,000	Quanta Services (a)		11,644
		Electrical & Telecom Construction Services
	175,000	Administaff		4,881
		Professional Employer Organization
				16,525
		> Other Industrial Services 1.1%
	396,000	American Reprographics (a)		6,593
		Document Management & Logistics
	350,000	TrueBlue (a)		4,624
		Temporary Manual Labor
	90,000	G&K Services		2,741
		Uniform Rental
	200,000	American Commercial Lines (a)		2,186
		Operator/Builder of Inland Barges
				16,144
		> Industrial Materials & Specialty Chemicals 1.0%
	100,000	Cytec Industries		5,456
		Aerospace Composites & Specialty Chemicals
	50,000	Greif		3,202
		Industrial Packaging
	90,000	Albany International		2,610
		Paper Machine Clothing & Advanced Textiles
	155,000	Drew Industries (a)		2,472
		RV & Manufactured Home Components
				13,740
		> Waste Management 0.6%
	280,875	Waste Connections (a)		8,969
		Solid Waste Management
				8,969
		> Electrical Components 0.5%
	145,000	Acuity Brands		6,972
		Commercial Lighting Fixtures
				6,972
		> Construction 0.4%
	50,000	Texas Industries		2,807
		Aggregates, Cement & Concrete
	140,000	M/I Homes		2,202
		Home Builder
				5,009
		> Industrial Distribution 0.2%
	225,000	Interline Brands (a)		3,584
		Industrial Distribution
				3,584
		> Steel 0.2%
	46,100	Haynes International (a)		2,653
		Producer of High Performance Alloys
				2,653
Industrial Goods & Services: Total				220,472

See accompanying notes to financial statements.

46

Number of Shares			Value (000)
Consumer Goods & Services 14.5%
		> Retail 4.1%
	398,000	Abercrombie & Fitch	$	24,947
		Teen Apparel Retailer
	540,000	Urban Outfitters (a)		16,843
		Apparel & Home Specialty Retailer
	240,000	J Crew Group (a)		7,922
		Multi-channel Branded Retailer
	400,000	Talbots		4,636
		Women's Specialty Retailer
	486,250	Christopher & Banks		3,306
		Women's Apparel Retailer
				57,654
		> Apparel 2.7%
	950,313	True Religion Apparel (a)		25,326
		Premium Denim
	222,200	Coach (a)		6,417
		Designer & Retailer of Branded Leather Accessories
	314,200	Oxford Industries		6,017
		Branded & Private Label Apparel
				37,760
		> Other Consumer Services 2.1%
	366,000	ITT Educational Services (a)		30,242
		Post-secondary Degree Services
				30,242
		> Other Durable Goods 1.5%
	2,078,300	Champion Enterprises (a)		12,158
		Manufactured Homes
	287,900	Cavco Industries (a)		9,423
		Higher End Manufactured Homes
				21,581
		> Restaurants 0.7%
	337,500	Sonic (a)		4,995
		Quick Service Restaurant
	163,800	Red Robin Gourmet Burgers (a)		4,544
		Casual Dining Restaurant
				9,539
		> Consumer Goods Distribution 0.7%
	523,500	Pool		9,297
		Distributor of Swimming Pool Supplies & Equipment
				9,297
		> Furniture & Textiles 0.7%
	400,000	Knoll		4,860
		Office Furniture
	175,000	Herman Miller		4,356
		Office Furniture
				9,216
		> Leisure Products 0.6%
	180,000	Thor Industries		3,827
		RV & Bus Manufacturer
	140,500	Speedway Motorsports		2,863
		Motorsports Racetrack Owner & Operator
	150,000	Winnebago		1,529
		Premier Motorhome Maker
				8,219

Number of Shares			Value (000)
		> Travel 0.6%
	190,000	Vail Resorts (a)	$	8,138
		Ski Resort Operator & Developer
				8,138
		> Nondurables 0.3%
	166,000	Scotts Miracle-Gro		2,916
		Consumer Lawn & Garden Products
	108,000	Jarden (a)		1,970
		Branded Household Products
				4,886
		> Casinos & Gaming 0.3%
	455,000	Pinnacle Entertainment (a)		4,773
		Regional Casino Operator
				4,773
		> Food & Beverage 0.2%
	90,000	Hansen Natural (a)		2,594
		Alternative Beverages
				2,594
Consumer Goods & Services: Total				203,899
Energy & Minerals 13.8%
		> Oil Services 7.1%
	733,400	FMC Technologies (a)		56,421
		Oil & Gas Wellhead Manufacturer
	215,000	Atwood Oceanics (a)		26,733
		Offshore Drilling Contractor
	115,375	Exterran Holdings (a)		8,248
		Natural Gas Compressor Rental & Fabrication
	241,000	Tetra Technologies (a)		5,714
		U.S.-based Service Company with Life of Field Approach
	106,000	Tesco (a)		3,387
		Developing New Well Drilling Technologies
				100,503
		> Oil & Gas Producers 5.8%
	1,050,000	Quicksilver Resources (a)		40,572
		Natural Gas & Coal Seam Gas Producer
	315,000	Carrizo Oil & Gas (a)		21,448
		Explores for Natural Gas & Crude Oil
	276,800	Southwestern Energy (a)		13,178
		Oil & Gas Producer
	111,200	Equitable Resources		7,680
		Natural Gas Producer & Utility
				82,878
		> Other Resources 0.7%
	218,000	Layne Christensen (a)		9,546
		Oil & Gas Production/Engineering & Construction/Contract Drilling
				9,546
		> Oil Refining, Marketing & Distribution 0.2%
	50,250	Oneok		2,454
		Natural Gas Distribution, Pipeline Processing & Trading
				2,454
Energy & Minerals: Total				195,381

See accompanying notes to financial statements.

47

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
Finance 11.5%
		> Banks 4.4%
	455,025	MB Financial	$	10,225
		Chicago Bank
	614,250	Valley National Bancorp		9,687
		New Jersey/New York Bank
	424,388	Lakeland Financial		8,097
		Indiana Bank
	659,800	TCF Financial		7,937
		Great Lakes Bank
	508,000	Pacific Continental		5,583
		Niche Pacific N.W. Bank
	280,777	Glacier Bancorp		4,490
		Mountain States Bank
	213,600	Associated Banc-Corp		4,120
		Midwest Bank
	60,000	SVB Financial Group (a)		2,887
		Bank to Venture Capitalists
	165,000	Greene County Bancshares		2,313
		Tennessee Bank
	192,700	Old Second Bancorp		2,239
		Illinois Bank
	500,000	Guaranty Bancorp (a)		1,800
		Colorado Bank
	105,928	First Busey		1,400
		Illinois Bank
	90,000	TriCo Bancshares		986
		California Central Valley Community Bank
				61,764
		> Finance Companies 3.6%
	482,900	World Acceptance (a)		16,259
		Personal Loans
	1,136,500	AmeriCredit (a)		9,797
		Auto Lending
	145,000	GATX		6,428
		Rail Car Lessor
	350,000	H&E Equipment Services (a)		4,207
		Heavy Equipment Leasing
	230,000	CAI International (a)		4,002
		International Container Leasing & Management
	130,000	McGrath Rentcorp		3,197
		Temporary Space & IT Rentals
	140,000	Aaron Rents		3,126
		Rent to Own
	200,000	Electro Rent		2,508
		Test & Measurement Rentals
	99,200	Marlin Business Services (a)		687
		Small Equipment Leasing
				50,211
		> Insurance 1.7%
	714,500	HCC Insurance Holdings		15,104
		Specialty Insurance
	105,000	Philadelphia Consolidated Holding (a)		3,567
		Specialty Insurance
	7,000	Markel (a)		2,569
		Specialty Insurance

Number of Shares			Value (000)
	75,000	Endurance Specialty Holdings	$	2,309
		Commercial Lines Insurance/Reinsurance
				23,549
		> Savings & Loans 1.6%
	668,140	People's United		10,423
		Connecticut Savings & Loan
	600,000	ViewPoint Financial		8,832
		Texas Thrfit
	138,500	Berkshire Hills Bancorp		3,276
		Northeast Thrift
	24,700	Anchor Bancorp Wisconsin		173
		Wisconsin Thrift
				22,704
		> Brokerage & Money Management 0.2%
	150,000	SEI Investments		3,528
		Mutual Fund Administration & Investment Management
				3,528
Finance: Total				161,756
Health Care 8.9%
		> Biotechnology & Drug Delivery 2.8%
	405,000	BioMarin (a)		11,737
		Biotech Focused on Orphan Diseases
	53,000	United Therapeutics (a)		5,181
		Biotech Focused on Rare Diseases
	100,000	Myriad Genetics (a)		4,552
		Drugs/Diagnostics Hybrid
	125,000	Auxilium Pharmaceuticals (a)		4,202
		Biotech Focused on Niche Disease Areas
	421,400	Seattle Genetics (a)		3,565
		Antibody-based Therapies for Cancer
	545,000	Array Biopharma (a)		2,562
		Drugs for Cancer & Inflammatory Diseases
	320,000	Medarex (a)		2,115
		Humanized Antibodies
	401,000	Arena Pharmaceuticals (a)		2,081
		Novel Drug Targeting Technology
	580,000	Nektar Therapeutics (a)		1,943
		Drug Delivery Technologies
	320,000	Pharmacopeia (a)		1,226
		Biotech Company with Broad Early-stage Pipeline
	485,000	Decode Genetics (a)		446
		Drugs for Heart Attack, Asthma & Vascular Disease
	400,000	Neurogen (a)		412
		Development-stage Biotech Focused on Neurology
	500,000	IsoRay (a)		275
	100,000	IsoRay - Warrants (a)(c)		5
		Radiology Cancer Company
	37,500	Locus Pharmaceuticals, Series A-1, Pfd. (a)(c)		38
	19,329	Locus Pharmaceuticals, Series B-1, Pfd. (a)(c)		19
		High Throughput Rational Drug Design

See accompanying notes to financial statements.

48

Number of Shares			Value (000)
		> Biotechnology & Drug Delivery—continued
	18,181	Metabolex, Series F (a)(c)	$	32
		Diabetes Drug Development
	738,060	Medicure - Warrants (a)(c)		15
		Cardiovascular Biotech Company
				40,406
		> Health Care Services 2.1%
	660,000	PSS World Medical (a)		10,758
		Medical Supplies
	137,000	Charles River Laboratories (a)		8,757
		Pharmaceutical Research
	180,000	Psychiatric Solutions (a)		6,811
		Behavioral Health Services
	126,800	Lincare Holdings (a)		3,601
		Home Health Care Services
				29,927
		> Medical Supplies 1.7%
	158,300	Techne (a)		12,251
		Cytokines, Antibodies & Other Reagents for Life Science
	200,000	QIAGEN (Netherlands) (a)		4,026
		Life Science Company; DNA/RNA Purification
	105,000	Meridian Biosciences		2,827
		Niche Diagnostics/Life Science Company
	100,000	Immucor (a)		2,588
		Automated Blood Typing
	53,000	Idexx Laboratories (a)		2,583
		Diagnostic Equipment & Services for Veterinarians
				24,275
		> Medical Equipment & Devices 1.4%
	105,000	Alexion Pharmaceuticals (a)		7,612
		Biotech Focused on Orphan Diseases
	85,000	Illumina (a)		7,404
		Leading Tools & Service Provider for Genetic Analysis
	60,000	Vital Signs		3,407
		Anesthesia, Respiratory & Sleep Products
	28,000	Orthofix International (a)		811
		Bone Fixation & Stimulation Devices
				19,234
		> Pharmaceuticals 0.9%
	145,000	Cephalon (a)		9,670
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	765,000	QLT (a)		2,624
		Specialty Pharmaceuticals for Ophthalmology & Dermatology
				12,294
Health Care: Total				126,136
Other Industries 2.4%
		> Real Estate 1.7%
	222,500	Gaylord Entertainment (a)		5,331
		Convention Hotels
	100,000	Digital Realty Trust		4,091
		Technology-focused Office Buildings

Number of Shares or Principal Amount (000)			Value (000)
	325,000	DiamondRock Hospitality	$	3,539
		Hotel Owner
	120,000	BioMed Realty Trust		2,944
		Life Science-focused Office Buildings
	85,000	Corporate Office Properties		2,918
		Office Buildings
	90,000	American Campus Communities		2,506
		Student Housing
	150,000	Kite Realty Group		1,875
		Community Shopping Centers
				23,204
		> Transportation 0.7%
	524,720	Heartland Express		7,823
		Regional Trucker
	180,000	Rush Enterprises (a)		2,162
		Truck Distribution
				9,985
Other Industries: Total				33,189
Total Equities: 98.6% (Cost: $1,128,297)				1,391,649
Short-Term Obligations 1.8%
		> Commercial Paper 1.5%
$	7,300	Toyota Motor Credit 1.90% Due 7/01/08		7,300
	7,100	United Parcel Service (d) 2.04% Due 7/02/08		7,100
	7,100	General Electric Capital 1.90% Due 7/03/08		7,099
				21,499
		> Repurchase Agreement 0.3%
	4,250	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $4,339 (repurchase proceeds $4,250)		4,250
				4,250
Total Short-Term Obligations: (Amortized Cost: $25,749)				25,749
Total Investments: 100.4% (Cost: $1,154,046)(e)				1,417,398
Cash and Other Assets Less Liabilities: (0.4)%				(5,541	)
Total Net Assets: 100%			$	1,411,857

ADR = American Depositary Receipts

See accompanying notes to financial statements.

49

Columbia Acorn USA

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in this affiliated company during the six months ended June 30, 2008, are as follows:

Affiliate	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
RCM Technologies		786,000		-		-		786,000	$	3,388	$	-

  The aggregate cost and value of this company at June 30, 2008, was $5,636 and $3,388, respectively. Investments in the affiliate company represented 0.2% of total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $109, which represented 0.01% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Locus Pharmaceuticals, Series A-1, Pfd.	9/5/01		37,500	$	1,500	$	38
Locus Pharmaceuticals, Series B-1, Pfd.	2/8/07		19,329		56		19
Metabolex, Series F	5/11/00		18,181		2,000		32
IsoRay - Warrants	3/21/07		100,000		-		5
Medicure - Warrants	12/22/06		738,060		-		15
				$	3,556	$	109

(d)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, this security had an aggregate value of $7,100, which represented 0.5% of net assets.

(e)  At June 30, 2008, for federal income tax purposes cost of investments was $1,154,046 and net unrealized appreciation was $263,352 consisting of gross unrealized appreciation of $477,337 and gross unrealized depreciation of $213,985.

See accompanying notes to financial statements.

50

Columbia Acorn International Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Europe
> United Kingdom
Capita Group		0		550,000
Informa Group		825,000		1,200,000
Intermediate Capital		0		41,100
> Netherlands
Aalberts Industries		142,000		145,302
Fugro		180,000		184,090
> Switzerland
Swatch Group		7,500		16,000
> Ireland
IAWS Group		195,000		235,000
Other Countries
> United States
Cephalon		0		53,000
Synthesis Energy Systems		0		164,000
> Israel
Israel Chemicals		0		555,500
Asia
> Japan
Asics		0		235,000
Hitachi Construction Machinery		0		100,000
Ibiden		100,000		138,000
> China
Lenovo Group		11,314,000		11,754,000
RexCapital Finance		0		12,398,100
> Hong Kong
NagaCorp		0		5,250,000

	Number of Shares
	03/31/08		06/30/08
Sales
Europe
> Netherlands
OPG Groep		12,800		0
QIAGEN		185,000		125,000
> Switzerland
Synthes		45,000		35,000
> Ireland
United Drug		1,115,760		1,098,700
> France
SES Global		410,000		405,700
> Sweden
Hexagon		409,200		380,900
Other Countries
> South Africa
Uranium One		400,000		0
> Australia
Sino Gold		1,700,000		680,000
Asia
> Japan
Hoya		215,000		165,000
> China
Jiangsu Expressway		7,760,000		0

See accompanying notes to financial statements.

51

Columbia Acorn International Select

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 92.6%
Europe 47.2%
		> United Kingdom 12.3%
	1,200,000	Informa Group	$	9,871
		Global Publisher & Event Organizer
	480,000	Intertek Testing		9,446
		Testing, Inspection & Certification Services
	685,000	Smith & Nephew		7,559
		Medical Equipment & Supplies
	550,000	Capita Group		7,532
		White Collar, Back Office Outsourcing
	41,100	Intermediate Capital		1,111
		European Provider of Mezzanine Capital
				35,519
		> Netherlands 9.9%
	184,090	Fugro		15,724
		Oilfield Services
	65,000	Vopak		4,406
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	89,121	SBM Offshore		3,289
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	145,302	Aalberts Industries		2,745
		Flow Control & Heat Treatment
	125,000	QIAGEN (a)		2,531
		Life Science Company; DNA/RNA Purification
				28,695
		> Switzerland 5.3%
	67,500	Kuehne & Nagel		6,412
		Freight Forwarding/Logistics
	35,000	Synthes		4,824
		Products for Orthopedic Surgery
	16,000	Swatch Group		3,998
		Watch & Electronics Manufacturer
				15,234
		> Ireland 4.2%
	1,098,700	United Drug		6,106
		Irish Pharmaceutical Wholesaler & Outsourcer
	235,000	IAWS Group		5,883
		Baked Goods
				11,989
		> France 3.6%
	405,700	SES Global		10,284
		Satellite Broadcasting Services
				10,284
		> Germany 3.4%
	225,000	Rhoen-Klinikum		7,145
		Health Care Services
	40,000	Wincor Nixdorf		2,785
		Retail POS Systems & ATM Machines
				9,930
		> Sweden 3.2%
	380,900	Hexagon		6,957
		Measurement Equipment & Polymers

Number of Shares			Value (000)
	1,030,000	Niscayah	$	2,241
		Commercial Security Installation & Service
				9,198
		> Greece 2.3%
	390,000	Intralot		6,693
		Lottery & Gaming Systems & Services
				6,693
		> Spain 1.2%
	55,000	Red Electrica de Espana		3,581
		Spanish Power Grid
				3,581
		> Denmark 1.0%
	31,000	Novozymes		2,801
		Industrial Enzymes
				2,801
		> Austria 0.8%
	100,000	Zumtobel		2,283
		Lighting Systems
				2,283
Europe: Total				136,207
Other Countries 22.5%
		> Canada 6.9%
	59,000	Potash Corp. of Saskatchewan		13,486
		World's Largest Producer of Potash
	276,133	Pacific Rubiales Energy (a)(b)		3,600
	140,533	Pacific Rubiales Energy (a)		1,851
	138,066	Pacific Rubiales Energy-Warrants (a)(b)		945
		Oil Production & Exploration in Colombia
				19,882
		> South Africa 5.2%
	250,000	Impala Platinum Holdings		9,866
		Platinum Group Metals Mining & Refining
	228,000	Naspers		4,979
		Media & Education in Africa & other Emerging Markets
				14,845
		> United States 4.6%
	60,000	Diamond Offshore		8,348
		Contract Driller
	53,000	Cephalon (a)		3,535
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	164,000	Synthesis Energy Systems (a)		1,476
		Owner/Operator of Gasification Plants
				13,359
		> Israel 4.5%
	555,500	Israel Chemicals		12,944
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
				12,944
		> Australia 1.3%
	680,000	Sino Gold (a)		3,800
		Gold Mining in The People's Republic of China
				3,800
Other Countries: Total				64,830

See accompanying notes to financial statements.

52

Number of Shares			Value (000)
Asia 20.0%
		> Japan 11.6%
	11,300	Jupiter Telecommunications (a)	$	8,758
		Largest Cable Service Provider in Japan
	10,500	Nintendo		5,923
		Entertainment Software & Hardware
	138,000	Ibiden		5,017
		Electronic Parts & Ceramics
	660,000	Kansai Paint		4,568
		Paint Producer in Japan, India, China & Southeast Asia
	165,000	Hoya		3,815
		Opto-electrical Components & Eyeglass Lenses
	100,000	Hitachi Construction Machinery		2,802
		Construction Machinery
	235,000	Asics		2,563
		Footwear & Apparel
				33,446
		> China 5.6%
	11,754,000	Lenovo Group		7,959
		Third Largest PC Vendor Globally
	2,344,000	China Shipping Development		7,035
		China's Dominant Shipper for Oil & Coal
	12,398,100	RexCapital Finance (a)		1,240
		Chinese Lottery
				16,234
		> South Korea 1.1%
	114,000	Woongjin Coway		3,346
		South Korean Household Appliance Rental Service Provider
				3,346
		> Hong Kong 1.1%
	117,000	Hong Kong Exchanges and Clearing		1,711
		Hong Kong Equity & Derivatives Market Operator
	5,250,000	NagaCorp		1,414
		Monopoly Casino in Central Cambodia
				3,125
		> Singapore 0.6%
	280,000	Singapore Exchange		1,422
		Singapore Equity & Derivatives Market Operator
	110,000	OLAM		196
		Agriculture Supply Chain Manager
				1,618
Asia: Total				57,769

Number of Shares or Principal Amount (000)			Value (000)
Latin America 2.9%
		> Chile 2.9%
	180,000	Sociedad Quimica y Minera de Chile - ADR	$	8,388
		Producer of Specialty Fertilizers, Lithium & Iodine
				8,388
Latin America: Total				8,388
Total Equities: 92.6% (Cost: $217,785)			267,194
Short-Term Obligations 3.7%
		> Commercial Paper 2.4%
$	1,400	General Electric Capital 1.80% Due 7/01/08		1,400
	1,400	Toyota Motor Credit 1.90% Due 7/02/08		1,400
	1,400	Nestle Capital (c) 2.09% Due 7/07/08		1,400
	1,400	Avon Capital (c) 2.15% Due 7/09/08		1,399
	1,400	Walgreen (c) 2.25% Due 7/11/08		1,399
				6,998
		> Repurchase Agreement 1.3%
	3,728	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 3/31/09, market value $3,807 (repurchase proceeds $3,728)		3,728
				3,728
Total Short-Term Obligations (Amortized Cost: $10,726)				10,726
Total Investments: 96.3% (Cost: $228,511)(d)(e)				277,920
Cash and Other Assets Less Liabilities: 3.7%				10,802
Total Net Assets: 100%			$	288,722

ADR = American Depositary Receipts

See accompanying notes to financial statements.

53

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $4,545 which represented 1.57% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Pacific Rubiales Energy	7/12/07		276,133	$	1,109	$	3,600
Pacific Rubiales Energy-Warrants	7/12/07		138,066		236		945
				$	1,345	$	4,545

(c)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $4,198, which represented 1.5% of net assets.

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $228,511 and net unrealized appreciation was $49,409 consisting of gross unrealized appreciation of $62,374 and gross unrealized depreciation of $12,965.

(e)  On June 30, 2008, the Fund's total investments were denominated in currencies as follows:

Currency	Value		% of Net Assets
Euro	$	73,455		25.4	%
US Dollar		45,958		15.9
British Pound		35,519		12.3
Japanese Yen		33,446		11.6
Hong Kong Dollar		19,359		6.7
Swiss Franc		15,235		5.3
South African Rand		14,845		5.1
Other currencies less than 5% of total net assets		40,103		14.0
	$	277,920		96.3	%

See accompanying notes to financial statements.

54

Columbia Acorn International Select

Portfolio Diversification

At June 30, 2008, the Fund's portfolio investments as a percent of net assets were diversified as follows:

	Value (000)		Percent
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	28,701		9.9	%
Other Industrial Services		15,858		5.5
Conglomerates		14,719		5.1
Outsourcing Services		9,969		3.5
Machinery		2,802		1.0
Electrical Components		2,283		0.8
		74,332		25.8
> Energy & Minerals
Oil Services		27,361		9.5
Mining		27,152		9.4
Oil & Gas Producers		6,396		2.2
Oil Refining, Marketing & Distribution		4,406		1.5
Alternative Energy		1,476		0.5
		66,791		23.1
> Information
Computer Hardware & Related Equipment		10,744		3.8
Satellite Broadcasting & Services		10,284		3.6
Publishing		9,871		3.4
CATV		8,758		3.0
Consumer Software		5,923		2.1
TV Broadcasting		4,979		1.7
Semiconductors & Related Equipment		3,815		1.3
Financial Processors		3,133		1.1
		57,507		20.0

	Value (000)		Percent
> Health Care
Medical Equipment & Devices	$	12,383		4.3	%
Pharmaceuticals		9,641		3.3
Health Care Services		7,145		2.5
Medical Supplies		2,531		0.9
		31,700		11.0
> Consumer Goods & Services
Casinos & Gaming		9,347		3.2
Food & Beverage		5,883		2.0
Other Durable Goods		3,998		1.4
Other Consumer Services		3,346		1.2
Leisure Products		2,563		0.9
		25,137		8.7
> Other Industries
Transportation		7,035		2.4
Regulated Utilities		3,581		1.2
		10,616		3.6
> Finance
Finance Companies		1,111		0.4
		1,111		0.4
Total Equities:		267,194		92.6
Short-Term Obligations:		10,726		3.7
Total Investments:		277,920		96.3
Cash and Other Assets Less Liabilities:		10,802		3.7
Net Assets:	$	288,722		100.0	%

See accompanying notes to financial statements.

55

Columbia Acorn Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Energy & Minerals
Real Goods Solar		0		1,500,000
Synthesis Energy Systems		0		2,350,000
Uranium One (South Africa)		20,363,700		21,178,600
Consumer Goods & Services
Knoll		1,730,000		1,800,000
NagaCorp (Hong Kong)		0		38,651,100
RexCapital Finance (China)		0		8,265,400
Information
Cardtronics		3,269,000		3,350,000
Globalstar		6,982,435		10,592,100
Novell		8,000,000		9,000,000
Sanmina-SCI		37,500,000		45,250,000
WNS - ADR		894,860		1,435,296
Industrial Goods & Services
American Reprographics		1,000,000		1,343,574
Israel Chemicals (Israel)		0		970,000
Mobile Mini		1,000,000		1,250,000
Finance
MF Global		907,120		3,740,000

	Number of Shares
	03/31/08		06/30/08
Sales
Energy & Minerals
Canadian Solar		2,100,000		1,500,000
Potash Corp. of Saskatchewan (Canada)		1,100,000		990,000
Consumer Goods & Services
Harley-Davidson		800,000		600,000
Herman Miller		850,000		0
International Speedway		750,000		0
Universal Technical Institute		1,500,000		1,100,000
Information
Avid Technology		2,350,000		2,000,000
Tellabs		18,000,000		16,748,200
VisionChina Media - ADR (China)		2,850,028		2,700,000
Finance
Conseco		10,200,000		8,400,000
Janus Capital Group		4,000,000		3,700,000
Markel		112,000		55,800

ADR = American Depositary Receipts

See accompanying notes to financial statements.

56

Columbia Acorn Select

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 99.9%
Energy & Minerals 28.9%
		> Mining 11.7%
	990,000	Potash Corp. of Saskatchewan (Canada)	$	226,284
		World's Largest Producer of Potash
	21,178,600	Uranium One (South Africa) (a)		99,694
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
				325,978
		> Oil Services 8.7%
	5,550,000	Tetra Technologies (a)(b)		131,590
		U.S.-based Service Company with Life of Field Approach
	1,200,000	FMC Technologies (a)		92,316
		Oil & Gas Wellhead Manufacturer
	125,000	Diamond Offshore		17,393
		Contract Driller
				241,299
		> Oil & Gas Producers 5.2%
	8,316,666	Pacific Rubiales Energy (Canada) (a)(c)		108,440
	1,260,834	Pacific Rubiales Energy (Canada) (a)		16,606
	2,868,750	Pacific Rubiales Energy-Warrants (Canada) (a)(c)		19,635
		Oil Production & Exploration in Colombia
				144,681
		> Alternative Energy 3.3%
	1,500,000	Canadian Solar (a)(b)		60,285
		Solar Cell & Module Manufacturer
	2,350,000	Synthesis Energy Systems (a)(b)		21,150
		Owner/Operator of Gasification Plants
	1,500,000	Real Goods Solar (a)(b)		9,225
		Residential Solar Energy Installer
				90,660
Energy & Minerals: Total				802,618
Consumer Goods & Services 25.1%
		> Retail 10.4%
	1,650,000	Abercrombie & Fitch		103,422
		Teen Apparel Retailer
	3,550,000	Safeway		101,352
		Supermarkets
	850,000	Costco Wholesale		59,619
		Warehouse Superstores
	4,500,000	Chico's FAS (a)		24,165
		Women's Specialty Retailer
				288,558
		> Other Consumer Services 7.5%
	2,100,000	ITT Educational Services (a)(b)		173,523
		Post-secondary Degree Services
	1,500,000	Career Education (a)		21,915
		Post-secondary Education
	1,100,000	Universal Technical Institute (a)(b)		13,706
		Vocational Training
				209,144

Number of Shares			Value (000)
		> Travel 3.0%
	3,550,000	Expedia (a)	$	65,249
		Online Travel Services Company
	2,000,000	Hertz (a)		19,200
		Largest U.S. Rental Car Operator
				84,449
		> Apparel 1.7%
	1,600,000	Coach (a)		46,208
		Designer & Retailer of Branded Leather Accessories
				46,208
		> Furniture & Textiles 0.8%
	1,800,000	Knoll		21,870
		Office Furniture
				21,870
		> Leisure Products 0.8%
	600,000	Harley-Davidson		21,756
		Motorcycles & Related Merchandise
				21,756
		> Food & Beverage 0.5%
	9,130,100	Fu Ji Food & Catering Services (China)		14,168
		Food Catering Service Provider in China
				14,168
		> Casinos & Gaming 0.4%
	38,651,100	NagaCorp (Hong Kong)		10,410
		Monopoly Casino in Central Cambodia
	8,265,400	RexCapital Finance (China)(a)		827
		Chinese Lottery
				11,237
Consumer Goods & Services: Total				697,390
Information 21.4%
		> Mobile Communications 4.6%
	2,300,000	American Tower (a)		97,175
		Communications Towers in USA & Mexico
	10,592,100	Globalstar (a)(b)		29,976
		Satellite Mobile Voice & Data Carrier
				127,151
		> Business Software 3.1%
	9,000,000	Novell (a)		53,010
		Directory, Operating System & Identity Management Software
	2,000,000	Avid Technology (a)(b)		33,980
		Digital Nonlinear Editing Software & Systems
				86,990
		> Internet Related 3.1%
	9,600,000	SkillSoft - ADR (a)(b)		86,784
		Web-based Learning Solutions (E-Learning)
				86,784
		> Telecommunications Equipment 2.8%
	16,748,200	Tellabs (a)		77,879
		Telecommunications Equipment
				77,879

See accompanying notes to financial statements.

57

Columbia Acorn Select

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Contract Manufacturing 2.1%
	45,250,000	Sanmina-SCI (a)(b)	$	57,920
		Electronic Manufacturing Services
				57,920
		> CATV 2.0%
	2,500,000	Discovery Holding (a)		54,900
		CATV Programming
				54,900
		> Advertising 1.5%
	2,700,000	VisionChina Media - ADR (China) (a)		42,849
		Advertising on Digital Screens in China's Mass Transit System
				42,849
		> Computer Services 1.1%
	1,435,296	WNS - ADR (a)		24,185
		Offshore BPO (Business Process Outsourcing) Services
	1,367,000	Hackett Group (a)		7,846
		IT Integration & Best Practice Research
				32,031
		> Financial Processors 1.1%
	3,350,000	Cardtronics (a)(b)		29,715
		Operates the World's Largest Network of ATMs
				29,715
Information: Total				596,219
Industrial Goods & Services 11.5%
		> Other Industrial Services 5.1%
	1,425,000	Expeditors International of Washington		61,275
		International Freight Forwarder
	3,000,000	American Commercial Lines (a)(b)		32,790
		Operator/Builder of Inland Barges
	1,250,000	Mobile Mini (a)		25,000
		Portable Storage Units Leasing
	1,343,574	American Reprographics (a)		22,370
		Document Management & Logistics
				141,435
		> Outsourcing Services 3.6%
	3,000,000	Quanta Services (a)		99,810
		Electrical & Telecom Construction Services
				99,810
		> Waste Management 2.0%
	1,500,000	Waste Management		56,565
		U.S. Garbage Collection & Disposal
				56,565
		> Industrial Materials & Specialty Chemicals 0.8%
	970,000	Israel Chemicals (Israel)		22,602
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
				22,602
Industrial Goods & Services: Total				320,412

Number of Shares or Principal Amount (000)			Value (000)
Finance 9.5%
		> Brokerage & Money Management 5.7%
	3,700,000	Janus Capital Group	$	97,939
		Manages Mutual Funds
	1,600,000	SEI Investments		37,632
		Mutual Fund Administration & Investment Management
	3,740,000	MF Global (a)		23,599
		Futures Broker
				159,170
		> Insurance 3.8%
	8,400,000	Conseco (a)(b)		83,328
		Life, Long-term Care & Medical Supplement Insurance
	55,800	Markel (a)		20,479
		Specialty Insurance
				103,807
Finance: Total				262,977
Other Industries 2.1%
		> Transportation 2.1%
	1,750,000	JB Hunt Transport Services		58,240
		Truck & Intermodal Carrier
				58,240
Other Industries: Total				58,240
Health Care 1.4%
		> Pharmaceuticals 1.4%
	600,000	Cephalon (a)		40,014
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
				40,014
Health Care: Total				40,014
Total Equities: 99.9% (Cost: $2,268,508)				2,777,870
Short-Term Obligation 0.3%
		> Repurchase Agreement 0.3%
$	9,291	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $9,479 (repurchase proceeds $9,291)		9,291
Total Short-Term Obligation (Cost: $9,291)				9,291
Total Investments: 100.2% (Cost: $2,277,799)(d)				2,787,161
Cash and Other Assets Less Liabilities: (0.2)%				(6,834	)
Total Net Assets: 100%			$	2,780,327

See accompanying notes to financial statements.

58

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
American Commercial Lines		3,000,000		-		-		3,000,000	$	32,790	$	-
Avid Technology		2,350,000		-		350,000		2,000,000		33,980		-
Canadian Solar		2,400,000		125,195		1,025,195		1,500,000		60,285		-
CardTronics		2,308,000		1,042,000		-		3,350,000		29,715		-
Conseco		9,700,000		500,000		1,800,000		8,400,000		83,328		-
Globalstar		6,866,316		3,725,784		-		10,592,100		29,976		-
ITT Educational Services		1,300,000		800,000		-		2,100,000		173,523		-
Petro Rubiales Energy (merged into Pacific Rubiales Energy)*		50,000,000		-		50,000,000		-		-		-
Petro Rubiales Energy-Warrants (merged into Pacific Rubiales Energy-Warrants)*		17,212,000		-		17,212,000		-		-		-
Real Goods Solar		-		1,500,000		-		1,500,000		9,225		-
Sanmina-SCI		36,700,000		8,550,000		-		45,250,000		57,920		-
SkillSoft - ADR		9,600,000		-		-		9,600,000		86,784		-
Synthesis Energy Systems		-		2,350,000		-		2,350,000		21,150		-
Tetra Technologies		5,550,000		-		-		5,550,000		131,590		-
Universal Technical Institute		1,500,000		-		400,000		1,100,000		13,706		-
Total of Affiliated Transactions		148,486,816		18,592,979		70,787,695		96,292,100	$	763,972	$	-

*  At June 30, 2008, the Fund owned less than five percent or more of the company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $872,228 and $763,972, respectively. Investments in affiliate companies represented 27.5% of total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $128,075, which represented 4.60% of net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Pacific Rubiales Energy	7/12/07		8,316,666	$	37,653	$	108,440
Pacific Rubiales Energy-Warrants	7/12/07		2,868,750		4,910		19,635
				$	42,563	$	128,075

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $2,277,799 and net unrealized appreciation was $509,362 consisting of gross unrealized appreciation of $994,434 and gross unrealized depreciation of $485,072.

ADR = American Depositary Receipts

See accompanying notes to financial statements.

59

Columbia Thermostat Fund

Statement of Investments (Unaudited), June 30, 2008

Number of Shares or Principal Amount (000)			Value (000)
		> Stock Funds: 68.8%
	2,773,830	Columbia Large Cap Enhanced Core Fund, Class Z	$	34,312
	2,150,618	Columbia Dividend Income Fund, Class Z		27,571
	534,019	Columbia Acorn International, Class Z		20,811
	1,025,457	Columbia Marsico Growth Fund, Class Z		20,653
	766,138	Columbia Acorn Fund, Class Z		20,226
	521,643	Columbia Acorn Select, Class Z		13,604
Total Stock Funds (Cost: $139,455)				137,177
		> Bond Funds: 30.5%
	3,561,831	Columbia Intermediate Bond Fund, Class Z		30,418
	1,684,659	Columbia U.S. Treasury Index Fund, Class Z		18,380
	1,560,980	Columbia Conservative High Yield Fund, Class Z		12,019
Total Bond Funds (Cost: $61,627)				60,817
Short-Term Obligation: 0.6%
		> Repurchase Agreement: 0.6%
$	1,195	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/11 market value $1,220 (repurchase proceeds $1,195)		1,195
Total Short-Term Obligation (Cost: $1,195)				1,195
Total Investments: 99.9% (Cost: $202,277)(a)				199,189
Cash and Other Assets Less Liabilities: 0.1%				146
Total Net Assets: 100%			$	199,335

> Notes to Statements of Investments (dollar values in thousands)

(a)  At June 30, 2008, for federal income tax purposes cost of investments was $202,277 and net unrealized depreciation was $3,088 consisting of gross unrealized appreciation of $3,839 and gross unrealized depreciation of $6,927.

See accompanying notes to financial statements.

60

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61

Columbia Acorn Family of Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2008	Columbia Acorn Fund		Columbia Acorn International		Columbia Acorn USA			Columbia Acorn International Select			Columbia Acorn Select			Columbia Thermostat Fund
(in thousands)
Assets:
Unaffiliated investments, at cost	$	9,023,276	$	4,211,815	$	1,148,410		$	228,511		$	1,405,571		$	1,195
Affiliated investments, at cost (See Note 4)		3,633,643		181,586		5,636			—			872,228			201,082
Unaffiliated investments, at value	$	13,015,056	$	5,248,063	$	1,414,010		$	277,920		$	2,023,189		$	1,195
Affiliated investments, at value (See Note 4)		4,306,751		144,688		3,388			—			763,972			197,994
Cash		13,386		291		430			1			1			—	*
Foreign currency (cost: Columbia Acorn Fund $1,919; Columbia Acorn International $12,580; Columbia Acorn International Select $11,381; Columbia Acorn Select $107)		1,998		12,979		—			11,094			107			—
Receivable for:
Investments sold		12,704		2,296		2,028			109			7,965			—
Fund shares sold		12,241		7,353		757			937			2,248			689
Dividends and interest		8,565		7,021		512			408			370			—	*
Foreign tax reclaims		291		1,868		—			73			—			—
Expense reimbursement due from Advisor		—		—		—			—			—			26
Trustees' Deferred Compensation Investments		2,976		822		223			—			239			—
Other assets		52		46		—			—			11			—
Total Assets		17,374,020		5,425,427		1,421,348			290,542			2,798,102			199,904
Liabilities:
Payable for:
Investments purchased		56,749		7,773		5,742			949			7,322			—
Fund shares redeemed		21,246		4,181		1,671			418			6,783			296
Management fee		9,661		3,522		1,060			222			1,900			17
Administration fee		567		174		46			9			90			6
12b-1 Service & Distribution fees		2,396		309		112			31			449			78
Reports to shareholders		1,261		289		176			49			323			68
Deferred Trustees' fees		2,976		822		223			34			239			25
Transfer agent fees		4,628		390		428			19			640			44
Trustees' fees		13		1		2			1			1			1
Audit fee		38		39		21			22			21			13
Custody fees		286		400		7			15			7			—
Other liabilities		—		—		3			51			—			21
Total Liabilities		99,821		17,900		9,491			1,820			17,775			569
Net Assets	$	17,274,199	$	5,407,527	$	1,411,857		$	288,722		$	2,780,327		$	199,335
Composition of Net Assets:
Paid in capital	$	12,291,082	$	4,092,482	$	1,205,127		$	242,439		$	2,242,042		$	202,917
Undistributed/(overdistributed) net investment income (Accumulated net investment loss)		3,134		40,825		(3,799	)		1,759			(19,735	)		1,786
Accumulated net realized gain/(loss)		314,977		274,274		(52,823	)		(4,609	)		48,658			(2,280	)
Net unrealized appreciation/(depreciation) on:
Investments		4,664,888		999,350		263,352			49,409			509,362			(3,088	)
Foreign currency translations		118		596		—			(276	)		—	*		—
Net Assets	$	17,274,199	$	5,407,527	$	1,411,857		$	288,722		$	2,780,327		$	199,335
Net asset value per share – Class A (a)	$	25.69	$	38.89	$	23.97		$	30.22		$	25.55		$	11.66
(Net assets/shares)		($3,630,552/141,310)		($649,297/16,698)		($213,627/8,911)			($57,127/1,890)			($948,316/37,112)			($56,020/4,803)
Maximum offering price per share – Class A (b)	$	27.26	$	41.26	$	25.43		$	32.06		$	27.11		$	12.37
(Net asset value per share/front- end sales charge)		($25.69/0.9425)		($38.89/0.9425)		($23.97/0.9425)			($30.22/0.9425)			($25.55/0.9425)			($11.66/0.9425)
Net asset value and offering price per share – Class B (a)	$	24.27	$	37.95	$	22.66		$	28.93		$	24.23		$	11.70
(Net assets/shares)		($1,016,556/41,877)		($84,337/2,222)		($42,626/1,881)			($10,182/352)			($164,085/6,771)			($60,052/5,132)
Net asset value and offering price per share – Class C (a)	$	24.12	$	37.80	$	22.54		$	28.83		$	24.11		$	11.68
(Net assets/shares)		($1,064,047/44,111)		($135,532/3,586)		($42,404/1,881)			($15,866/550)			($160,040/6,638)			($33,480/2,865)
Net asset value and offering price per share – Class Z (c)	$	26.40	$	38.97	$	24.68		$	30.49		$	26.08		$	11.59
(Net assets/shares)		($11,563,044/437,949)		($4,538,361/116,453)		($1,113,200/45,102)			($205,547/6,741)			($1,507,886/57,823)			($49,783/4,294)

(a)  Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge and redemption fee.

(b)  On sales of $50,000 or more the offering price is reduced.

(c)  Redemption price per share is equal to net asset value less any applicable redemption fee.

*  Rounds to less than $500.

See accompanying notes to financial statements.

62

Columbia Acorn Family of Funds

Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2008

(in thousands)	Columbia Acorn Fund			Columbia Acorn International			Columbia Acorn USA			Columbia Acorn International Select			Columbia Acorn Select			Columbia Thermostat Fund
Investment Income:
Dividend income	$	63,521		$	79,007		$	4,037		$	3,735		$	5,407		$	—
Dividend income from affiliates (See Note 4)		23,857			572			—			—			—			—
Dividends from affiliated investment company shares (See Note 4)		—			—			—			—			—			2,513
Interest income		9,179			3,969			368			167			1,080			11
		96,557			83,548			4,405			3,902			6,487			2,524
Foreign taxes withheld		(1,633	)		(512	)		—			(250	)		(82	)		—
Total Investment Income		94,924			83,036			4,405			3,652			6,405			2,524
Expenses:
Management fee		57,804			20,966			6,233			1,266			11,200			95
Administration fee		3,456			1,053			276			52			538			37
12b-1 Service and Distribution fees:
Class A		4,786			782			277			63			1,224			67
Class B		4,137			343			174			39			643			240
Class C		5,709			706			222			70			845			153
Transfer agent fees:
Class A		1,605			294			87			22			439			40
Class B		975			93			49			12			183			56
Class C		649			85			27			9			113			22
Class Z		2,233			689			291			40			291			20
Custody fees		677			1,701			34			66			55			—
Trustees' fees		443			134			36			6			68			3
Registration & blue sky fees		93			74			36			32			68			28
Reports to shareholders		1,220			366			166			59			318			71
Chief compliance officer expenses (See Note 4)		232			64			19			3			34			2
Other expenses		403			158			56			36			84			19
Total expenses		84,422			27,508			7,983			1,775			16,103			853
Less custody fees paid indirectly		(46	)		(1	)		(1	)		—	*		(1	)		—	*
Less reimbursement of expenses by Investment Advisor		—			—			—			—			—			(154	)
Net Expenses		84,376			27,507			7,982			1,775			16,102			699
Net Investment Income/(Loss)		10,548			55,529			(3,577	)		1,877			(9,697	)		1,825
Net Realized and Unrealized Gain (Loss) on Portfolio Positions:
Net realized gain/(loss) on:
Unaffiliated investments		360,790			275,169			(51,054	)		(4,997	)		54,794			—
Affiliated investments (See Note 4)		(44,513	)		—			—			—			(5,793	)		(2,427	)
Foreign currency transactions		770			(25	)		—			641			(16	)		—
Distributions from affiliated investment company shares		—			—			—			—			—			947
Net realized gain/(loss)		317,047			275,144			(51,054	)		(4,356	)		48,985			(1,480	)
Net change in net unrealized appreciation/(depreciation) on:
Unaffiliated investments		(1,451,967	)		(829,290	)		(77,383	)		(5,464	)		(200,920	)		—
Affiliated investments (See Note 4)		(685,065	)		(24,330	)		(1,234	)		—			(23,212	)		(9,625	)
Foreign currency translations		58			528			—			(490	)		—			—
Foreign capital gains tax		—			521			—			—			—			—
Net change in unrealized appreciation/ (depreciation)		(2,136,974	)		(852,571	)		(78,617	)		(5,954	)		(224,132	)		(9,625	)
Net realized and unrealized loss		(1,819,927	)		(577,427	)		(129,671	)		(10,310	)		(175,147	)		(11,105	)
Net Decrease in Net Assets resulting from Operations	$	(1,809,379	)	$	(521,898	)	$	(133,248	)	$	(8,433	)	$	(184,844	)	$	(9,280	)

*  Rounds to less than $500.

See accompanying notes to financial statements.

63

Columbia Acorn Family of Funds

Statements of Changes in Net Assets

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Operations:
Net investment income/(loss)	$	10,548		$	45,731		$	55,529		$	47,827		$	(3,577	)	$	(2,597	)
Net realized gain/(loss) on investments and foreign currency transactions		317,047			1,712,094			275,144			513,670			(51,054	)		134,988
Net realized gain/(loss) on affiliated investments and distributions from affiliated investment company shares		—			—			—			—			—			—
Net change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(2,136,974	)		(335,820	)		(852,571	)		231,935			(78,617	)		(78,587	)
Net change in net unrealized appreciation/(depreciation) on affiliated investment company shares		—			—			—			—			—			—
Net Increase/(Decrease) from Operations		(1,809,379	)		1,422,005			(521,898	)		793,432			(133,248	)		53,804
Distributions to Shareholders From:
Net investment income – Class A		—			(3,413	)		(1,019	)		(1,116	)		—			—
Net realized gain – Class A		(77,187	)		(325,538	)		(9,806	)		(43,244	)		(8,248	)		(15,400	)
Net investment income – Class B		—			—			—	*		—	*		—			—
Net realized gain – Class B		(22,988	)		(102,379	)		(1,332	)		(7,707	)		(1,747	)		(3,468	)
Net investment income – Class C		—			—			—	*		(2	)		—			—
Net realized gain – Class C		(24,101	)		(105,787	)		(2,146	)		(11,335	)		(1,740	)		(3,257	)
Net investment income – Class Z		—			(48,153	)		(23,594	)		(35,860	)		—			—
Net realized gain – Class Z		(239,508	)		(960,719	)		(68,973	)		(359,596	)		(41,787	)		(72,632	)
Total Distributions to Shareholders		(363,784	)		(1,545,989	)		(106,870	)		(458,860	)		(53,522	)		(94,757	)
Share Transactions:
Subscriptions – Class A		322,453			1,059,415			174,931			364,862			24,387			90,692
Distributions reinvested – Class A		70,874			298,039			9,978			40,913			7,538			13,230
Redemptions – Class A		(595,976	)		(1,097,778	)		(88,178	)		(115,689	)		(34,220	)		(96,876	)
Net Increase/(Decrease) – Class A		(202,649	)		259,676			96,731			290,086			(2,295	)		7,046
Subscriptions – Class B		1,888			14,689			1,697			17,916			59			496
Distributions reinvested – Class B		21,099			93,667			1,209			7,027			1,615			3,174
Redemptions – Class B		(136,818	)		(235,941	)		(11,496	)		(22,565	)		(6,427	)		(13,338	)
Net Increase/(Decrease) – Class B		(113,831	)		(127,585	)		(8,590	)		2,378			(4,753	)		(9,668	)
Subscriptions – Class C		25,207			110,348			14,834			60,335			1,282			3,126
Distributions reinvested – Class C		19,018			83,502			1,596			8,403			1,523			2,798
Redemptions – Class C		(145,736	)		(210,477	)		(17,648	)		(21,288	)		(4,878	)		(8,675	)
Net Increase/(Decrease) – Class C		(101,511	)		(16,627	)		(1,218	)		47,450			(2,073	)		(2,751	)
Subscriptions – Class Z		789,248			1,935,968			401,071			996,581			104,698			236,636
Distributions reinvested – Class Z		207,296			863,071			64,911			279,036			37,687			65,865
Redemptions – Class Z		(1,052,537	)		(1,814,299	)		(315,121	)		(495,473	)		(98,579	)		(272,461	)
Net Increase/(Decrease) – Class Z		(55,993	)		984,740			150,861			780,144			43,806			30,040
Net Increase/(Decrease) from Share Transactions		(473,984	)		1,100,204			237,784			1,120,058			34,685			24,667
Redemption Fees		—			—			183			303			—			—
Total Increase/(Decrease) in Net Assets		(2,647,147	)		976,220			(390,801	)		1,454,933			(152,085	)		(16,286	)
Net Assets:
Beginning of period		19,921,346			18,945,126			5,798,328			4,343,395			1,563,942			1,580,228
End of period	$	17,274,199		$	19,921,346		$	5,407,527		$	5,798,328		$	1,411,857		$	1,563,942
Undistributed/(Overdistributed) Net Investment Income or (Accumulated Net Investment Loss)	$	3,134		$	(7,414	)	$	40,825		$	9,909		$	(3,799	)	$	(222	)

*  Rounds to less than $500.

See accompanying notes to financial statements.

64

	Columbia Acorn International Select						Columbia Acorn Select						Columbia Thermostat Fund
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Operations:
Net investment income/(loss)	$	1,877		$	500		$	(9,697	)	$	(13,824	)	$	1,825		$	6,445
Net realized gain/(loss) on investments and foreign currency transactions		(4,356	)		28,722			48,985			137,328			—			—
Net realized gain/(loss) on affiliated investments and distributions from affiliated investment company shares		—			—			—			—			(1,480	)		8,935
Net change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(5,954	)		13,014			(224,132	)		60,654			—			—
Net change in net unrealized appreciation/(depreciation) on affiliated investment company shares		—			—			—			—			(9,625	)		(1,323	)
Net Increase/(Decrease) from Operations		(8,433	)		42,236			(184,844	)		184,158			(9,280	)		14,057
Distributions to Shareholders From:
Net investment income – Class A		—			(150	)		—			—			(40	)		(2,012	)
Net realized gain – Class A		(984	)		(2,498	)		(25,410	)		(25,546	)		(337	)		(3,166	)
Net investment income – Class B		—			—			—			—			—			(2,100	)
Net realized gain – Class B		(188	)		(655	)		(4,641	)		(4,903	)		(371	)		(4,129	)
Net investment income – Class C		—			—			—			—			—			(764	)
Net realized gain – Class C		(288	)		(682	)		(4,552	)		(4,795	)		(201	)		(1,608	)
Net investment income – Class Z		(281	)		(1,618	)		—			—			(166	)		(1,519	)
Net realized gain – Class Z		(3,600	)		(10,710	)		(39,523	)		(33,588	)		(301	)		(2,094	)
Total Distributions to Shareholders		(5,341	)		(16,313	)		(74,126	)		(68,832	)		(1,416	)		(17,392	)
Share Transactions:
Subscriptions – Class A		18,579			26,720			72,543			353,434			12,131			10,451
Distributions reinvested – Class A		901			2,409			23,382			23,371			346			4,734
Redemptions – Class A		(8,609	)		(7,228	)		(171,445	)		(257,380	)		(6,631	)		(19,044	)
Net Increase/(Decrease) – Class A		10,871			21,901			(75,520	)		119,425			5,846			(3,859	)
Subscriptions – Class B		271			2,760			386			3,529			2,068			4,269
Distributions reinvested – Class B		170			583			4,148			4,372			341			5,698
Redemptions – Class B		(1,545	)		(2,545	)		(22,118	)		(36,416	)		(6,508	)		(13,592	)
Net Increase/(Decrease) – Class B		(1,104	)		798			(17,584	)		(28,515	)		(4,099	)		(3,625	)
Subscriptions – Class C		4,498			5,815			3,255			44,306			11,467			4,372
Distributions reinvested – Class C		247			579			3,639			3,773			187			2,127
Redemptions – Class C		(1,240	)		(1,469	)		(26,611	)		(32,811	)		(3,336	)		(6,502	)
Net Increase/(Decrease) – Class C		3,505			4,925			(19,717	)		15,268			8,318			(3	)
Subscriptions – Class Z		31,752			70,464			213,461			874,944			19,128			6,608
Distributions reinvested – Class Z		1,769			5,636			29,748			25,110			437			3,354
Redemptions – Class Z		(21,342	)		(21,559	)		(176,250	)		(274,110	)		(3,127	)		(4,141	)
Net Increase/(Decrease) – Class Z		12,179			54,541			66,959			625,944			16,438			5,821
Net Increase/(Decrease) from Share Transactions		25,451			82,165			(45,862	)		732,122			26,503			(1,666	)
Redemption Fees		28			31			—			—			—			—
Total Increase/(Decrease) in Net Assets		11,705			108,119			(304,832	)		847,448			15,807			(5,001	)
Net Assets:
Beginning of period		277,017			168,898			3,085,159			2,237,711			183,528			188,529
End of period	$	288,722		$	277,017		$	2,780,327		$	3,085,159		$	199,335		$	183,528
Undistributed/(Overdistributed) Net Investment Income or (Accumulated Net Investment Loss)	$	1,759		$	163		$	(19,735	)	$	(10,038	)	$	1,786		$	167

See accompanying notes to financial statements.

65

Columbia Acorn Family of Funds

Statements of Changes in Net Assets, continued

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA
Changes in Shares of Beneficial Interest	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Subscriptions – Class A		11,966			34,304			4,294			8,200			962			3,109
Shares issued in reinvestment and capital gains – Class A		2,639			10,082			248			931			302			475
Less shares redeemed – Class A		(22,274	)		(35,563	)		(2,189	)		(2,608	)		(1,353	)		(3,347	)
Net Increase/(Decrease) – Class A		(7,669	)		8,823			2,353			6,523			(89	)		237
Subscriptions – Class B		75			501			43			410			3			18
Shares issued in reinvestment and capital gains – Class B		831			3,332			31			164			68			119
Less shares redeemed – Class B		(5,407	)		(7,999	)		(293	)		(523	)		(270	)		(478	)
Net Increase/(Decrease) – Class B		(4,501	)		(4,166	)		(219	)		51			(199	)		(341	)
Subscriptions – Class C		995			3,792			374			1,389			52			113
Shares issued in reinvestment and capital gains – Class C		754			2,987			41			196			65			105
Less shares redeemed – Class C		(5,800	)		(7,188	)		(454	)		(487	)		(205	)		(312	)
Net Increase/(Decrease) – Class C		(4,051	)		(409	)		(39	)		1,098			(88	)		(94	)
Subscriptions – Class Z		28,508			61,171			9,836			22,406			4,031			7,861
Shares issued in reinvestment and capital gains – Class Z		7,509			28,499			1,609			6,321			1,466			2,304
Less shares redeemed – Class Z		(38,418	)		(57,473	)		(7,797	)		(11,085	)		(3,814	)		(9,118	)
Net Increase/(Decrease) – Class Z		(2,401	)		32,197			3,648			17,642			1,683			1,047
Net Increase/(Decrease) in Shares of Beneficial Interest		(18,622	)		36,445			5,743			25,314			1,307			849

See accompanying notes to financial statements.

66

	Columbia Acorn International Select						Columbia Acorn Select						Columbia Thermostat Fund
Changes in Shares of Beneficial Interest	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Subscriptions – Class A		620			867			2,820			12,257			1,004			805
Shares issued in reinvestment and capital gains – Class A		30			75			901			810			29			380
Less shares redeemed – Class A		(289	)		(230	)		(6,690	)		(8,919	)		(555	)		(1,469	)
Net Increase/(Decrease) – Class A		361			712			(2,969	)		4,148			478			(284	)
Subscriptions – Class B		9			93			16			129			173			328
Shares issued in reinvestment and capital gains – Class B		6			19			168			159			29			456
Less shares redeemed – Class B		(55	)		(86	)		(909	)		(1,320	)		(541	)		(1,046	)
Net Increase/(Decrease) – Class B		(40	)		26			(725	)		(1,032	)		(339	)		(262	)
Subscriptions – Class C		157			194			133			1,601			952			338
Shares issued in reinvestment and capital gains – Class C		9			19			148			138			15			170
Less shares redeemed – Class C		(44	)		(49	)		(1,092	)		(1,197	)		(277	)		(502	)
Net Increase/(Decrease) – Class C		122			164			(811	)		542			690			6
Subscriptions – Class Z		1,051			2,248			8,135			29,644			1,607			511
Shares issued in reinvestment and capital gains – Class Z		58			176			1,123			858			37			271
Less shares redeemed – Class Z		(724	)		(696	)		(6,737	)		(9,406	)		(260	)		(320	)
Net Increase/(Decrease) – Class Z		385			1,728			2,521			21,096			1,384			462
Net Increase/(Decrease) in Shares of Beneficial Interest		828			2,630			(1,984	)		24,754			2,213			(78	)

See accompanying notes to financial statements.

67

Columbia Acorn Family of Funds

Financial Highlights

Columbia Acorn Fund

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	29.61		$	29.71		$	28.17		$	26.45		$	22.56		$	15.50
Income from Investment Operations
Net investment income (a)		0.04			0.15	(b)		0.13			0.15			0.04			0.03
Net realized and unrealized gain/(loss)		(2.70	)		2.17			3.92			3.28			4.78			7.05
Total from Investment Operations		(2.66	)		2.32			4.05			3.43			4.82			7.08
Less Distributions to Shareholders
From net investment income		—			(0.12	)		(0.13	)		(0.15	)		(0.02	)		—
From net realized gains		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Total Distributions to Shareholders		(0.55	)		(2.42	)		(2.51	)		(1.71	)		(0.93	)		(0.02	)
Net Asset Value, End of Period	$	26.40		$	29.61		$	29.71		$	28.17		$	26.45		$	22.56
Total Return (c)		(9.05	)%(d)		7.69	%(e)(f)		14.45	%(e)		13.11	%(e)		21.51	%(e)		45.68	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		0.75	%(h)		0.74	%		0.74	%		0.74	%		0.81	%		0.80	%
Net investment income (g)		0.30	%(h)		0.46	%		0.45	%		0.57	%		0.18	%		0.17	%
Waiver/Reimbursement		—			0.00	%(i)		0.01	%		0.02	%		0.02	%		—
Portfolio turnover rate		10	%(d)		20	%		22	%		16	%		20	%		10	%
Net assets at end of period (in millions)	$	11,563		$	13,038		$	12,128		$	10,399		$	8,689		$	7,065

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a volumtary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

Columbia Acorn International

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	43.60		$	40.31		$	33.44		$	29.03		$	22.66		$	15.40
Income from Investment Operations
Net investment income (a)		0.43			0.43			0.35			0.34			0.25			0.21
Net realized and unrealized gain/(loss)		(4.25	)		6.56			10.94			5.87			6.37			7.13
Total from Investment Operations		(3.82	)		6.99			11.29			6.21			6.62			7.34
Less Distributions to Shareholders
From net investment income		(0.21	)		(0.34	)		(0.51	)		(0.72	)		(0.25	)		(0.08	)
From net realized gains		(0.60	)		(3.36	)		(3.91	)		(1.08	)		—			—
Total Distributions to Shareholders		(0.81	)		(3.70	)		(4.42	)		(1.80	)		(0.25	)		(0.08	)
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		—
Net Asset Value, End of Period	$	38.97		$	43.60		$	40.31		$	33.44		$	29.03		$	22.66
Total Return (c)		(8.83	)%(d)		17.28	%(e)		34.53	%(e)		21.81	%(e)		29.47	%(e)		47.80	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)		0.92	%(g)		0.91	%		0.94	%		0.99	%		1.08	%		1.05	%
Net investment income (f)		2.10	%(g)		0.96	%		0.92	%		1.09	%		1.01	%		1.19	%
Waiver/Reimbursement		—			0.00	%(h)		0.01	%		0.02	%		0.02	%		—
Portfolio turnover rate		16	%(d)		28	%		31	%		27	%		40	%		40	%
Net assets at end of period (in millions)	$	4,538		$	4,918		$	3,836		$	2,629		$	1,919		$	1,563

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Rounds to less than $0.01 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

68

Columbia Acorn USA

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	27.97		$	28.66		$	27.03		$	25.20		$	21.01		$	14.28
Income from Investment Operations
Net investment income/(loss) (a)		(0.05	)		(0.01	)(b)		(0.02	)		0.07			(0.15	)		(0.13	)
Net realized and unrealized gain/(loss)		(2.28	)		1.03			2.26			3.18			4.48			6.86
Total from Investment Operations		(2.33	)		1.02			2.24			3.25			4.33			6.73
Less Distributions to Shareholders
From net investment income		—			—			—			(0.05	)		—			—
From net realized gains		(0.96	)		(1.71	)		(0.61	)		(1.37	)		(0.14	)		—
Total Distributions to Shareholders		(0.96	)		(1.71	)		(0.61	)		(1.42	)		(0.14	)		—
Net Asset Value, End of Period	$	24.68		$	27.97		$	28.66		$	27.03		$	25.20		$	21.01
Total Return (c)		(8.48	)%(d)		3.46	%(e)(f)		8.28	%(f)		12.98	%(f)		20.62	%(f)		47.13	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.00	%(h)		0.98	%		0.98	%		1.01	%		1.09	%		1.11	%
Net investment income/(loss) (g)		(0.39	)%(h)		(0.03	)%		(0.07	)%		0.28	%		(0.66	)%		(0.72	)%
Waiver/Reimbursement		—			0.00	%(i)		0.01	%		0.01	%		0.02	%		—
Portfolio turnover rate		12	%(d)		21	%		13	%		13	%		18	%		7	%
Net assets at end of period (in millions)	$	1,113		$	1,214		$	1,214		$	937		$	646		$	502

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.09 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Not annualized.

(e)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and less than $0.01, respectively.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

Columbia Acorn International Select

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	32.02		$	27.97		$	20.57		$	18.02		$	14.58		$	10.29
Income from Investment Operations
Net investment income (a)		0.23			0.14	(b)		0.10			0.13			0.04			0.06
Net realized and unrealized gain/(loss)		(1.17	)		5.96			7.35			2.70			3.47			4.24
Total from Investment Operations		(0.94	)		6.10			7.45			2.83			3.51			4.30
Less Distributions to Shareholders
From net investment income		(0.05	)		(0.28	)		(0.05	)		(0.28	)		(0.07	)		(0.01	)
From net realized gains		(0.54	)		(1.77	)		—			—			—			—
Total Distributions to Shareholders		(0.59	)		(2.05	)		(0.05	)		(0.28	)		(0.07	)		(0.01	)
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		—
Net Asset Value, End of Period	$	30.49		$	32.02		$	27.97		$	20.57		$	18.02		$	14.58
Total Return (d)		(2.94	)%(e)		21.86	%(f)		36.27	%(f)		15.98	%(f)		24.14	%(f)		41.79	%(f)
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.17	%(h)		1.18	%		1.27	%		1.45	%		1.45	%		1.45	%
Net investment income (g)		1.53	%(h)		0.44	%		0.44	%		0.72	%		0.27	%		0.56	%
Waiver/Reimbursement		—			0.00	%(i)		0.01	%		0.04	%		0.29	%		0.42	%
Portfolio turnover rate		26	%(e)		57	%		47	%		39	%		73	%		69	%
Net assets at end of period (in millions)	$	206		$	204		$	129		$	74		$	46		$	34

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(c)  Rounds to less than $0.01 per share.

(d)  Total return at net asset value assuming all distributions reinvested.

(e)  Not annualized.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

69

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn Select

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	28.41		$	26.59		$	22.77		$	21.13		$	18.20		$	14.04
Income from Investment Operations
Net investment loss (a)		(0.06	)		(0.07	)		(0.06	)		(0.03	)		(0.10	)		(0.10	)
Net realized and unrealized gain/(loss)		(1.58	)		2.53			4.51			2.35			3.47			4.39
Total from Investment Operations		(1.64	)		2.46			4.45			2.32			3.37			4.29
Less Distributions to Shareholders
From net investment income		—			—			(0.04	)		—			—			—
From net realized gains		(0.69	)		(0.64	)		(0.59	)		(0.68	)		(0.44	)		(0.13	)
Total Distributions to Shareholders		(0.69	)		(0.64	)		(0.63	)		(0.68	)		(0.44	)		(0.13	)
Net Asset Value, End of Period	$	26.08		$	28.41		$	26.59		$	22.77		$	21.13		$	18.20
Total Return (b)		(5.80	)%(c)		9.20	%(d)		19.68	%(d)		11.08	%(d)		18.58	%(d)		30.61	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (e)		0.92	%(f)		0.91	%		0.96	%		0.99	%		1.13	%		1.12	%
Net investment loss (e)		(0.46	)(f)		(0.24	)%		(0.26	)%		(0.16	)%		(0.52	)%		(0.63	)%
Waiver/Reimbursement		—			0.00	%(g)		0.02	%		0.03	%		0.02	%		—
Portfolio turnover rate		14	%(c)		14	%		21	%		19	%		34	%		16	%
Net assets at end of period (in millions)	$	1,508		$	1,571		$	909		$	688		$	445		$	294

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested.

(c)  Not annualized.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(f)  Annualized.

(g)  Rounds to less than 0.01%.

Columbia Thermostat Fund

Class Z	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.26		$	12.57		$	12.50			13.12		$	12.31		$	10.41
Income from Investment Operations
Net investment income (a)		0.14			0.52			0.49			0.43			0.31			0.19
Net realized and unrealized gain/(loss)		(0.70	)		0.53			0.84			0.28			0.82			1.87
Total from Investment Operations		(0.56	)		1.05			1.33			0.71			1.13			2.06
Less Distributions to Shareholders
From net investment income		(0.04	)		(0.57	)		(0.54	)		(0.42	)		(0.29	)		(0.16	)
From net realized gains		(0.07	)		(0.79	)		(0.72	)		(0.91	)		(0.03	)		(0.00	)(b)
Total Distributions to Shareholders		(0.11	)		(1.36	)		(1.26	)		(1.33	)		(0.32	)		(0.16	)
Net Asset Value, End of Period	$	11.59		$	12.26		$	12.57		$	12.50		$	13.12		$	12.31
Total Return (c)(d)		(4.57	)%(e)		8.49	%		10.86	%		5.50	%		9.17	%		19.79	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)(g)		0.25	%(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.38	%
Net investment income (g)		2.42	%(h)		4.05	%		3.84	%		3.28	%		2.48	%		1.64	%
Waiver/Reimbursement		0.11	%(h)		0.15	%		0.13	%		0.11	%		0.21	%		0.88	%
Portfolio turnover rate		76	%(e)		128	%		66	%		96	%		67	%		61	%
Net assets at end of period (in millions)	$	50		$	36		$	31		$	26		$	21		$	14

(a)  Per share data was calculated using the average shares outstanding during the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(b)  Rounds to less than $0.01 per share.

(c)  Total return at net asset value assuming all distributions reinvested.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Does not include expenses of the investment companies in which the Fund invests.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

See accompanying notes to financial statements.

70

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited)

1.  Nature of Operations

Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select and Columbia Thermostat Fund (the "Funds") are each a series of Columbia Acorn Trust (the "Trust"), an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term capital appreciation. Columbia Thermostat Fund pursues its investment objective by investing in shares of other mutual funds. As a "fund of funds" under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of stock and bond mutual funds ("portfolio funds") according to the current level of the Standard & Poor's 500 Index in relation to predetermined ranges set by the Fund's investment advisor. The Fund may invest up to 5% of its net assets plus any cash received that day in cash, repurchase agreements, high quality short-term paper and government securities.

The Funds may issue an unlimited number of shares. The Funds currently have four classes of shares: Class A, Class B, Class C and Class Z. Effecive February 29, 2008, the Funds no longer offer Class B shares (other than through dividend reinvestment).

Class A shares are sold with a front-end sales charge. Class A shares bought without an initial sales charge in accounts aggregating $1 million up to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within 12 months of the date of purchase.

Class B shares are subject to a CDSC if sold within six years of purchase. Class B shares convert to Class A shares automatically eight years after purchase.

Class C shares are subject to a CDSC on redemptions made within one year after purchase.

Class Z shares are offered at net asset value. There are certain restrictions on who may purchase Class Z shares. Generally, Class Z shares of a Fund may be exchanged for shares of another fund distributed by Columbia Management Distributors, Inc. at no additional charge.

Columbia Acorn International and Columbia Acorn International Select impose a 2% redemption fee on Class A, Class B, Class C and Class Z shares that are redeemed within 60 days or less of purchase. See the discussion of Fund policies regarding the trading of Fund shares as disclosed in the Funds' prospectuses for more information.

The financial highlights for Class A, Class B and Class C shares are presented in a separate semi-annual report.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated pro rata on the basis of the relative net assets of all classes, except each class bears certain expenses unique to that class such as distribution services, transfer agency, and certain other class specific expenses. Differences in class expenses may result in payment of different dividend distributions for each class. All of the Funds' share classes have equal rights with respect to voting subject to Fund or class specific matters.

2.  Significant Accounting Policies

>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. With respect to Columbia Thermostat Fund, investments in portfolio funds are valued at their net asset value as reported by the portfolio funds. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. A security for which there is no reported sale on the valuation date is valued at the latest bid quotation. A short-term debt obligation having a maturity of 60 days or less from the valuation date is valued at amortized cost, which approximates fair value. A security for which a market quotation is not readily available and any other assets are valued in accordance with procedures established by the Board of Trustees. The Funds have retained an independent statistical fair value pricing service that employs a systematic methodology 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 as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157") was issued. SFAS 157 is effective for the Funds' current fiscal period. Under SFAS 157, various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical securities

71

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used, as of June 30, 2008, in valuing each Fund's assets:

	Columbia Acorn Fund*				Columbia Acorn International*
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	15,606,750	$	—	$	751,832	$	—
Level 2 – Other Significant Observable Inputs		1,714,086		—		4,640,919		—
Level 3 – Significant Unobservable Inputs		971		—		—		—
Total	$	17,321,807	$	—	$	5,392,751	$	—
	Columbia Acorn USA				Columbia Acorn International Select*
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	1,391,540	$	—	$	37,083	$	—
Level 2 – Other Significant Observable Inputs		25,769		—		240,837		—
Level 3 – Significant Unobservable Inputs		89		—		—		—
Total	$	1,417,398	$	—	$	277,920	$	—
	Columbia Acorn Select*				Columbia Thermostat Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	2,601,788	$	—	$	197,994	$	—
Level 2 – Other Significant Observable Inputs		185,373		—		1,195		—
Level 3 – Significant Unobservable Inputs		—		—		—		—
Total	$	2,787,161	$	—	$	199,189	$	—

*The Fund's assets assigned to the Level 2 input category include certain foreign securities for which a third party pricing service may be employed for purposes of fair market valuation.

The following table reconciles asset balances for the six month period ended June 30, 2008 in which significant unobservable inputs (Level 3) were used in determining value:

	Columbia Acorn Fund					Columbia Acorn USA
	Investments in Securities			Other Financial Instruments		Investments in Securities			Other Financial Instruments
(in thousands)
Balance as of December 31, 2007	$	1,427		$	—	$	178		$	—
Accrued discounts/Amortized premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		(456	)		—		(89	)		—
Net purchases (sales) Transfers in/or out of Level 3		—			—		—			—
Balance as of June 30, 2008	$	971		$	—	$	89		$	—

>Repurchase agreements

The Funds may engage in repurchase agreement transactions. The Funds, through their custodian, receive delivery of underlying securities collateralizing repurchase agreements. The custodian determines that the value of the underlying securities is at all times at least equal to the resale price. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

>Foreign currency translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate.

72

>Security transactions and investment income

Security transactions, investment income and shareholder fund transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and realized gain distributions from other funds are recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.

Awards, if any, from class action litigation related to securities owned may be recorded as a reduction of cost of those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.

The Funds estimate the tax character of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. If the applicable securities are no longer owned, any distributions received in excess of income are recorded as realized gains.

In March 2008, Statement of Financial Accounting Standards No. 161 ("SFAS 161"), Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133, was issued. SFAS 161 is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. Management is evaluating the impact the application of SFAS 161 will have on the Fund's financial statement disclosures.

>Restricted securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Funds will not incur any registration costs upon such resale.

>Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

>Fund share valuation

Fund shares are sold and redeemed on a continuing basis at net asset value subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. All income, expenses (other than the Class A, Class B and Class C shares Rule 12b-1 service and distribution fees and the Class A, Class B, Class C and Class Z shares transfer agency fees) and realized and unrealized gains (losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. Redemption fees are accounted for as an addition to paid in capital for purposes of determining the net asset value of each class.

>Custody fees/credits

Custody fees are reduced based on each Fund's cash balances maintained with the custodian. The amount is disclosed as a reduction of total expenses on the Statements of Operations.

>Federal income taxes

The Funds have complied with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute all their taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia Thermostat Fund distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any distributions of net realized gains received by the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.

>Expenses

General expenses of the Trust are allocated to the Funds and the other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to such Fund.

>Foreign capital gains taxes

Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately 10%

73

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

to 15%. The Funds accrue for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

>Distributions to shareholders

Distributions to shareholders are recorded on the ex-date.

>Indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities that may arise out of their duties to the Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be minimal.

3.  Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2007 was as follows:

	Ordinary Income*		Long-Term Capital Gains
(in thousands)
Columbia Acorn Fund	$	154,770	$	1,391,219
Columbia Acorn International		59,527		399,333
Columbia Acorn USA		—		94,757
Columbia Acorn International Select		1,768		14,545
Columbia Acorn Select		9,164		59,668
Columbia Thermostat Fund		12,086		5,306

*For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions.

The following capital loss carryforwards, determined as of December 31, 2007, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Columbia Acorn USA			Columbia Acorn International Select
(in thousands)
2009	$	1,012	*	$	—
2010		506	*		6,126
2011		—			2,488
TOTAL	$	1,518		$	8,614

*Of these carryforwards, $1,518 (expiring in 2009 and 2010) remains from Columbia Acorn USA's merger with Stein Roe Small Company Growth Fund on 7/26/2002. Utilization of Stein Roe Small Company Growth Fund's losses could be subject to limitations imposed by the Internal Revenue Code.

The following capital loss carryforwards were utilized during the year ended December 31, 2007:

(in thousands)
Columbia Acorn USA	$	506

The Funds adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 ("FIN 48") effective June 29, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based in the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Funds. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Each Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

4.  Transactions with Affiliates

Columbia Wanger Asset Management, L.P. ("CWAM") is a wholly owned subsidiary of Columbia Management Group, LLC, which in turn is an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"). CWAM furnishes continuing investment supervision to the Funds and is responsible for the overall management of the Funds' business affairs.

Under the Funds' investment advisory agreement, management fees were accrued daily based on the Funds' average daily net assets and paid monthly to CWAM at the annual rates shown in the table below for each Fund.

Columbia Acorn Fund

Average Daily Net Assets	Annual Fee Rate
Up to $700 million		0.74	%
$700 million to $2 billion		0.69	%
$2 billion to $6 billion		0.64	%
$6 billion and over		0.63	%

Columbia Acorn International

Average Daily Net Assets	Annual Fee Rate
Up to $100 million		1.19	%
$100 million to $500 million		0.94	%
$500 million and over		0.74	%

74

Columbia Acorn USA

Average Daily Net Assets	Annual Fee Rate
Up to $200 million		0.94	%
$200 million to $500 million		0.89	%
$500 million to $2 billion		0.84	%
$2 billion to $3 billion		0.80	%
$3 billion and over		0.70	%

Columbia Acorn International Select

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.94	%
$500 million and over		0.90	%

Columbia Acorn Select

Average Daily Net Assets	Annual Fee Rate
Up to $700 million		0.85	%
$700 million to $2 billion		0.80	%
$2 billion to $3 billion		0.75	%
$3 billion and over		0.70	%

Columbia Thermostat Fund

All Average Daily Net Assets 0.10 %

For the six months ended June 30, 2008, the Funds' annualized effective investment advisory fee rates were asfollows:

Columbia Acorn Fund	0.64	%
Columbia Acorn International	0.76	%
Columbia Acorn USA	0.86	%
Columbia Acorn International Select	0.94	%
Columbia Acorn Select	0.80	%
Columbia Thermostat Fund	0.10	%

>Expense limit

CWAM has voluntarily agreed to reimburse the ordinary operating expenses (exclusive of brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any) after giving effect to any balance credits from the Funds' custodian, exceeding 1.45% annually of the average daily net assets for Columbia Acorn International Select and 1.35% annually of the average daily net assets for Columbia Acorn Select. This arrangement may be modified or terminated by either the Funds or CWAM on 30 days notice.

CWAM has contractually agreed to waive fees and/or reimburse expenses so that the ordinary operating expenses (exclusive of interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, will not exceed 0.25% annually of the average daily net assets of Columbia Thermostat Fund through April 30, 2009. There is no guarantee that this arrangement will continue thereafter.

Expenses reimbursed by CWAM for Columbia Thermostat Fund for the six months ended June 30, 2008, were $153,841.

Effective August 1, 2008, CWAM will provide administrative services and receive an administration fee from the Funds at the following annual rates:

Columbia Acorn Trust

Aggregate Average Daily Net Assets of the Trust:	Annual Fee Rate
Up to $8 billion		0.050	%
$8 billion to $16 billion		0.040	%
$16 billion to $35 billion		0.030	%
$35 billion to $45 billion		0.025	%
$45 billion and over		0.015	%

Prior to August 1, 2008, CWAM provided administrative services and received an administration fee from the Funds at the following annual rates:

Columbia Acorn Trust

Aggregate Average Daily Net Assets of the Trust:	Annual Fee Rate
Up to $8 billion		0.05	%
$8 billion to $16 billion		0.04	%
$16 billion and over		0.03	%

For the six months ended June 30, 2008, each Fund's annualized effective administration fee rate was 0.04% of average daily net assets. CWAM has delegated to Columbia Management Advisors, LLC, an indirect, wholly owned subsidiary of BOA, responsibility to provide certain sub-administrative services to the Funds.

Columbia Management Distributors, Inc. ("CMDI"), a wholly owned subsidiary of BOA, is the Funds' principal underwriter and receives no compensation on the sale of Class Z shares.

Each Fund has adopted a Rule 12b-1 (distribution and service) plan which requires it to pay CMDI a monthly service fee equal to 0.25% annually of the average daily net assets attributable to Class A, Class B and Class C shares. The Rule 12b-1 plan also requires each fund to pay CMDI a monthly distribution fee equal to 0.50% and 0.75%, annually, of the average daily net assets attributable to Class B and Class C shares, respectively.

Columbia Management Services, Inc. (the "Transfer Agent"), a wholly owned subsidiary of BOA, provides shareholder services to the Funds. For such services, the Transfer Agent receives a fee, paid monthly, at the annual rate of $17.00 per open account. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses and sub-transfer agency expenses.

75

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

The Board of Trustees appointed a Chief Compliance Officer for the Trust in accordance with federal securities regulations. The Funds, along with other affiliated funds, pay their pro-rata share of the expenses associated with the Office of the Chief Compliance Officer. Those expenses are disclosed separately as "Chief compliance officer expenses" in the Statements of Operations.

The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of the Trust or a money market fund, as specified by the trustee. Benefits under the deferred compensation plan are payable when the trustee ceases to be a member of the Board of Trustees.

An affiliate may include any company in which a Fund owns five percent or more of its outstanding voting securities. On June 30, 2008, Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA and Columbia Acorn Select each held five percent or more of the outstanding voting securities of one or more companies. Details of investments in those affiliated companies are presented on pages 31, 32, 42, 50 and 59, respectively.

During the six months ended June 30, 2008, the Funds engaged in purchase and sale transactions with funds that have a common investment advisor (or affiliated investment advisors), common directors/trustees, and/or common officers. Those transactions complied with Rule 17a-7 under the Investment Company Act of 1940 and were as follows:

	Purchases		Sales
(in thousands)
Columbia Acorn Fund	$	17,984	$	28,755
Columbia Acorn International		15,368		—
Columbia Acorn USA		—		704
Columbia Acorn International Select		—		719
Columbia Acorn Select		14,752		17,984

5.  Borrowing Arrangements

The Trust participates in a $150 million credit facility, which was entered into to facilitate portfolio liquidity. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating funds based on their relative net assets. The commitment fee is included in "Other expenses" in the Statements of Operations. No amounts were borrowed by any Fund under this facility for the six months ended June 30, 2008.

6.  Investment Transactions

The aggregate cost of purchases and proceeds from sales other than short-term obligations for the six months ended June 30, 2008, were:

Columbia Acorn Fund

(in thousands)
Investment securities
Purchases	$	1,721,169
Proceeds from sales		2,063,732

Columbia Acorn International

(in thousands)
Investment securities
Purchases	$	1,000,467
Proceeds from sales		843,152

Columbia Acorn USA

(in thousands)
Investment securities
Purchases	$	176,410
Proceeds from sales		204,064

Columbia Acorn International Select

(in thousands)
Investment securities
Purchases	$	89,163
Proceeds from sales		64,830

Columbia Acorn Select

(in thousands)
Investment securities
Purchases	$	402,562
Proceeds from sales		377,390

Columbia Thermostat Fund

(in thousands)
Investment securities
Purchases	$	173,454
Proceeds from sales		146,046

7.  Redemption Fees

For the six months ended June 30, 2008, the redemption fees imposed by Columbia Acorn International and Columbia Acorn International Select amounted to approximately $182,592 and $28,315, respectively, and are accounted for as additions to paid in capital.

76

8.  Legal Proceedings

The Trust, CWAM and the Trustees of the Trust (collectively, the "Columbia defendants") are named as defendants in class and derivative complaints that have been consolidated in a Multi-District Action (the "MDL Action") in the federal district court of Maryland. These lawsuits contend that defendants permitted certain investors to market time their trades in certain Columbia Acorn Funds. The MDL Action is ongoing. However, all claims against Columbia Acorn Trust and the independent trustees of the Trust have been dismissed.

The Trust and CWAM are also defendants in a class action lawsuit that alleges, in summary, that the Trust and CWAM exposed shareholders of Columbia Acorn International Fund to trading by market timers by allegedly: (a) failing to properly evaluate daily whether a significant event affecting the value of the Fund's securities had occurred after foreign markets had closed but before the calculation of the Fund's net asset value ("NAV"); (b) failing to implement the Fund's portfolio valuation and share pricing policies and procedures; and (c) failing to know and implement applicable rules and regulations concerning the calculation of NAV (the "Fair Valuation Lawsuit"). The Seventh Circuit ruled that the plaintiffs' state law claims were preempted under federal law resulting in the dismissal of plaintiffs' complaint. Plaintiffs appealed the Seventh Circuit's ruling to the United States Supreme Court. The Supreme Court reversed the Seventh Circuit's ruling on jurisdictional grounds and the case was ultimately remanded to the state court.

On March 21, 2005, a class action complaint was filed against the Columbia Acorn Trust and CWAM seeking to rescind the CDSC assessed upon redemption of Class B shares of Columbia Acorn Funds due to the alleged market timing of the Columbia Acorn Funds (the "CDSC Lawsuit"). In addition to the rescission of sales charges, plaintiffs seek recovery of actual damages, attorneys' fees and costs. The case had been transferred to the MDL Action in the federal district court of Maryland.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL Action, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL Action described above, including the CDSC and Fair Valuation Lawsuits. The settlement is subject to court approval.

The Trust and CWAM intend to defend these suits vigorously.

As a result of these matters, or any adverse publicity or other developments resulting from them, there may be increased redemptions or reduced sales of Fund shares, which could increase transaction costs or operating expenses, or have other adverse consequences for the Funds. However, based on currently available information, the Columbia Acorn Trust believes that the likelihood that these lawsuits will have a material adverse impact on any fund is remote, and CWAM believes that the lawsuits are not likely to materially affect its ability to provide investment management services to the Funds.

77

Excerpt from:

Columbia Acorn Trust

Management Fee Evaluation of the Senior Officer

Prepared Pursuant to the New York Attorney General's
Assurance of Discontinuance

May 2008

78

Introduction

The New York Attorney General's Assurance of Discontinuance ("Order") entered into by Columbia Management Advisors, Inc. ("CMAI") and Columbia Management Distributors, Inc., ("CMDI" and collectively with "CMAI," "CMG") in February 2005, allows CMAI to manage or advise a mutual fund only if the trustees of the fund appoint a "Senior Officer" to perform specified duties and responsibilities. One of these responsibilities includes "managing the process by which proposed management fees (including but not limited to, advisory fees) to be charged the [Funds] are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance."

This is the second year that the Columbia Acorn Trust and Wanger Advisors Trust (collectively, the "Trusts") and each series thereof (the "Acorn funds," "WAT funds" or collectively, the "Funds") have been overseen by the same Board of Trustees ("Board"). The Order provides that this Board must determine the reasonableness of proposed "management fees" by using either an annual competitive bidding process supervised by the Senior Officer or Independent Fee Consultant, or by obtaining "an annual independent written evaluation prepared by or under the direction of the Senior Officer or the Independent Fee Consultant."

"Management fees" are only part of the costs and expenses paid by mutual fund shareholders. Fund expenses can vary depending upon the class of shares held but usually include: (1) investment management or advisory fees to compensate analysts and portfolio managers for stock research and portfolio management, as well as the cost of operating a trading desk; (2) administrative expenses incurred to prepare registration statements and tax returns, calculate the Funds' net asset values, maintain effective compliance procedures and perform recordkeeping services; (3) transfer agency costs for establishing accounts, accepting and disbursing funds, as well as overseeing trading in Fund shares; (4) custodial expenses incurred to hold the securities purchased by the Funds; and (5) distribution expenses, including commissions paid to brokers that sell the Fund shares to investors.

Columbia Wanger Asset Management, L.P. ("CWAM"), the advisor to the Funds, has proposed that the Trusts continue the existing separate agreements governing the first two categories listed above: an advisory agreement governing portfolio management, and an administration agreement governing certain administration and clerical services. Together the fees paid under these two agreements are referred to as "management fees." Other fund expenses are governed by separate agreements, in particular agreements with two CWAM affiliates: CMDI, the broker-dealer that underwrites and distributes the Funds' shares, and Columbia Management Services, Inc. ("CMSI"), the Funds' transfer agent. In conformity with the terms of the Order, this evaluation, therefore, addresses only the advisory and administrative contracts, and does not extend to the other agreements.

According to the Order, the Senior Officer's evaluation must consider at least the following:

(1)  Management fees (including components thereof) charged to institutional and other clients of CWAM for like services;

(2)  Management fees (including any components thereof) charged by other mutual fund companies for like services;

(3)  Costs to CWAM and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit;

(4)  Profit margins of CWAM and its affiliates from supplying such services;

(5)  Possible economies of scale as the Funds grow larger; and

(6)  The nature and quality of CWAM's services, including the performance of each Fund.

In 2004, the Boards of the two Trusts, then separate groups, each appointed me Senior Officer under the Order. They also determined not to pursue a competitive bidding process and instead, charged me with the responsibility of evaluating the Funds' proposed advisory and administrative fee contracts with CWAM in conformity with the requirements of the Order. This Report is an annual evaluation required under the Order. In discharging their responsibilities, the independent Trustees have also consulted independent, outside counsel.

79

2007 Evaluation

This is the third annual evaluation prepared in connection with the Order. This evaluation follows the same structure as the earlier studies. Some areas are given more emphasis here, while others are given less. Still, the fundamental information gathered for this evaluation is largely the same as past years. Last year's evaluation is referred to here as the "2007 Study."

Process and Independence

The objectives of the Order are to insure the independent evaluation of the management fees paid by the Funds as well as to insure that all relevant factors are considered. In my view, this contract renewal process has been conducted at arms-length and with independence in gathering, considering and evaluating all relevant data. At the outset of the process, the Trustees sought and obtained from CWAM and CMG a comprehensive compilation of data regarding Fund performance and expenses, advisor profitability, and other information. The Board evaluated this information thoroughly. Performance and expense data was obtained from both Morningstar and Lipper, the leading consultants in this area. The rankings prepared by Morningstar and Lipper were independent and not influenced by the advisor.

In the course of its work, the Contract Committee gave careful consideration to the conclusions and recommendations contained in the 2007 Study. The Contract Committee gave particular emphasis to the issue of whether economies of scale were appropriately reflected in the Funds' fee schedules. The Board accepted and implemented several of the recommendations in this area contained in the 2007 Study.

My evaluation of the advisory contract was shaped, as it was last year, by my experience as Chief Compliance Officer of the Trusts ("CCO"). As CCO, I report solely to the Board and have no reporting obligation to, or employment relationship with, CMG or its affiliates, except for administrative purposes. I have commented on compliance matters in evaluating the quality of service provided by CWAM.

This Report, its supporting materials and the data contained in other materials submitted to the Contract Committee of the Board, in my view, provide a thorough factual basis upon which the Board, in consultation with independent counsel as it deems appropriate, may conduct management fee negotiations that are in the best interests of the Funds' shareholders.

The Fee Reductions Mandated under the Order

Under the terms of the Order, CMG agreed to secure certain management fee reductions for the mutual funds advised by its affiliate investment advisors. In some instances, breakpoints were also established. Although neither CWAM nor the Trusts was a party to the Order, CWAM offered and the Board accepted certain advisory fee reductions during 2005. By the terms of the Order, these fees may not be increased before November 30, 2009. I have used these advisory fee levels, as modified thereafter, in this evaluation because they are the fees in the current agreements that CWAM proposes should be continued. Hence, these fee levels are the starting point of an evaluation.

Conclusions

My review of the data and other material above leads to the following conclusions with respect to the factors identified in the Order.

1.  Performance. The domestic Acorn Funds generally have achieved good to outstanding performance over the past five years. Acorn Select has, however, suffered a precipitous decline in ranking relative to its peers for the past year, and this trend merits the Trustees' continued attention. The international Acorn Funds have relatively weaker relative long

80

term records than do the domestic funds. All the Acorn Funds, however, outperform their benchmarks, expose shareholders to less risk than competitors and achieve positive "alpha," a recognized measure of the added value of an investment manager.

2.  Management Fees relative to Peers. The management fee rankings for several of the Acorn Funds are generally more favorable to shareholders than those of their peer group funds. Management fees do, however, vary by Fund. Acorn Fund and Acorn International are the most competitive, while Acorn Select is the least competitive in the assessments prepared by both Morningstar and Lipper.

3.  Administrative Fees. The Acorn Funds' administrative fees appear competitive in relation to their peers, and CWAM provides excellent administrative support for all the Acorn Funds. There are clear advantages to retaining the advisor and its affiliates to perform these services. But, the Acorn Funds' fee schedule provides no breakpoints above $16 billion, though economies of scale exist above that asset level.

4.  Management Fees relative to Institutional and Other Mutual Fund Accounts. CWAM's focus is on its mutual funds. It does not actively seek to manage separate or institutional accounts. The few institutional accounts it does manage vary in rate structures. Some pay advisory fees commensurate with or higher than the Acorn Funds. In a few instances, however, institutional accounts pay lower advisory fees than do the Acorn Funds. One particular institutional account is significant in size and has been under CWAM's management for over 25 years.

5.  Costs to CWAM and its Affiliates. CWAM's direct costs do not appear excessive. Overhead and indirect costs allocated to CWAM by its parent organizations, however, are significant and have increased dramatically in the past year. CWAM's affiliates report operating losses and therefore do not appear to enjoy excessive "fall out" benefits from CWAM's advisory agreement with the Acorn Funds.

6.  Profit Margins. CWAM's pre-marketing expense profit margins are at the top of the industry, though these comparisons are hampered by limited industry data. High profit margins are not unexpected for firms that manage large, successful funds and have provided outstanding investment performance for investors.

7.  Economies of Scale. Economies of scale do exist at CWAM and will expand as the assets of the Acorn Funds get larger. The Board has recently imposed additional breakpoints for some of the Acorn Funds that will result in greater sharing of economies of scale.

8.  Nature and Quality of Services. This category includes a variety of considerations that are difficult to quantify, yet can have a significant bearing on the performance of the Acorn Funds. Several areas merit comment.

  a.  Capacity. The Acorn Funds have continued to grow, posing ever greater challenges in deploying assets effectively. While trends here merit continued monitoring, CWAM appears to be managing assets effectively.

  b.  Compliance. CWAM has a reasonably designed compliance program that protects shareholders.

9.  Process. In my opinion, the process of negotiating an advisory contract for the Acorn Funds has been conducted thoroughly and at arms' length. Further, the Trustees have sufficient information to evaluate management's proposal, and negotiate contract terms that are in the best interests of fund shareholders.

81

Recommendations

I believe the Trustees should:

1.  Consider the addition to breakpoints to the Acorn Funds' administrative fee contract to reflect the economies of scale present in performing these services, and, in fashioning those breakpoints, to consider the efficiencies achieved by CWAM by supporting both Trusts with the same staff performing largely identical tasks.

2.  Focus their review on the Acorn Funds' management fee levels in relation to their peers, in particular the fees paid by Acorn Select.

3.  Monitor Acorn Select to ensure that its long term performance is sustained.

Robert P. Scales

Senior Vice President,

Chief Legal Officer

and General Counsel

May 27, 2008

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84

Columbia Acorn Family of Funds

Class Z Share Information

Minimum Initial Investment in all Funds	$	2,500	†
	$	1,000	for an IRA
Minimum Subsequent Investment in all Funds	$	50
Exchange Fee		None

Columbia Acorn Fund	ACRNX
Management Fee	0.64	%
12b-1 Fee	None
Other Expenses	0.11	%
Net Expense Ratio	0.75	%
Columbia Acorn International	ACINX
Management Fee	0.76	%
12b-1 Fee	None
Other Expenses	0.16	%
Net Expense Ratio	0.92	%
Columbia Acorn USA	AUSAX
Management Fee	0.86	%
12b-1 Fee	None
Other Expenses	0.14	%
Net Expense Ratio	1.00	%
Columbia Acorn International Select	ACFFX
Management Fee	0.94	%
12b-1 Fee	None
Other Expenses	0.23	%
Net Expense Ratio	1.17	%
Columbia Acorn Select	ACTWX
Management Fee	0.80	%
12b-1 Fee	None
Other Expenses	0.12	%
Net Expense Ratio	0.92	%
Columbia Thermostat Fund	COTZX
Management Fee	0.10	%
12b-1 Fee	None
Other Expenses	0.15	%*
Net Expense Ratio	0.25	%

    Fees and expenses are for the six months ended June 30, 2008, and for Columbia Thermostat Fund include the effect of CWAM's undertaking to waive fees and/or reimburse the Fund for any ordinary operating expenses (exclusive of interest and fees on borrowings, and expenses associated with the Fund's investment in other investment companies, but including custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian in excess of the annual rate of 0.25% of the average daily net assets. Columbia Thermostat Fund's reimbursement arrangement is contractual through April 30, 2009.

  *  Does not include estimated fees and expenses of 0.69% incurred by the Fund from the underlying funds in which it invests.

  †  Effective August 1, 2008, the initial minimum investment for Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select was reduced as noted. Prior to this change, Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select had initial minimum investments of $75,000, $75,000 and $100,000, respectively. Certain exclusions may apply.

85

Columbia Acorn Family of Funds

Trustees

Robert E. Nason

Chairman of the Board

Allan B. Muchin

Vice Chairman of the Board

Laura M. Born

Michelle L. Collins

Maureen M. Culhane

Margaret M. Eisen

Jerome Kahn, Jr.

Steven N. Kaplan

David C. Kleinman

Charles P. McQuaid

James A. Star

Ralph Wanger

John A. Wing

Officers

Charles P. McQuaid

President

Ben Andrews

Vice President

Michael G. Clarke

Assistant Treasurer

Jeffrey R. Coleman

Assistant Treasurer

J. Kevin Connaughton

Assistant Treasurer

P. Zachary Egan

Vice President

Peter T. Fariel

Assistant Secretary

John M. Kunka

Assistant Treasurer

Joseph C. LaPalm

Vice President

Bruce H. Lauer

Vice President, Secretary and Treasurer

Louis J. Mendes III

Vice President

Robert A. Mohn

Vice President

Christopher J. Olson

Vice President

Robert P. Scales

Chief Compliance Officer, Chief Legal Officer,
Senior Vice President and General Counsel

Linda K. Roth-Wiszowaty

Assistant Secretary

Investment Advisor

Columbia Wanger Asset Management, L.P.
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606

1-800-922-6769

Distributor

Columbia Management Distributors, Inc.
One Financial Center
Boston, Massachusetts 02111-2621

Transfer Agent, Dividend Disbursing Agent

Columbia Management Services, Inc.
P. O. Box 8081
Boston, Massachusetts 02266-8081

1-800-345-6611

Legal Counsel

Bell, Boyd & Lloyd LLP
Chicago, Illinois

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, Illinois

This report, including the schedules of investments, submitted for the general information of the shareholders of Columbia Acorn Trust. This report is not authorized for distribution unless preceded or accompanied by a prospectus. An investor should carefully consider charges and expenses before investing. To obtain a prospectus containing this and other information, please call 800-922-6769 or visit our website (shown below). Please read the prospectus carefully before you invest or send money.

A description of the policies and procedures that the Funds use to determine how to vote proxies and a copy of the Funds' voting record are available (i) without charge, upon request, by calling 800-922-6769 and (ii) on the Securities and Exchange Commission's website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, is available from the SEC's website. Information regarding how the Funds voted proxies relating to portfolio securities is also available at http://institutional.columbiamanagement.com.

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, contact your Columbia Management representative or financial advisor or go to www.columbiafunds.com.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation. Columbia Wanger Asset Management, L.P. ("CWAM") is an SEC-registered investment advisor and indirect, wholly owned subsidiary of Bank of America Corporation. CWAM is part of Columbia Management.

Find out what's new – visit our web site at:

www.columbiafunds.com

Our e-mail address is:

ServiceInquiries@ColumbiaManagement.com

Shareholders should not include personal information such as account numbers, Social Security numbers or taxpayer identification numbers in e-mail. We are unable to accept account transactions sent via e-mail.

86

Columbia Management^®

Columbia Acorn Family of Funds

Class Z Shares

Semiannual Report, June 30, 2008

© 2008 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiamanagement.com

SHC-44/154836-0608 (08/08) 08/55105

Q2 2008

Columbia Management^®

Columbia Acorn Family of Funds

Class A, B and C Shares

Managed by Columbia Wanger Asset Management, L.P.

Semiannual Report

June 30, 2008

n  Columbia^SM
Acorn® Fund

n  Columbia^SM
Acorn International®

n  Columbia^SM
Acorn USA®

n  Columbia^SM
Acorn International Select^SM

n  Columbia^SM
Acorn Select^SM

n  Columbia^SM
Thermostat Fund^SM

NOT FDIC INSURED

NOT BANK ISSUED

May Lose Value

No Bank Guarantee

Columbia Acorn Family of Funds

Descriptions of Indexes Included in this Report

•Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

•Standard & Poor's (S&P) MidCap 400 Index is a market value-weighted index that tracks the performance of 400 mid-cap U.S. companies.

•Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

•Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

•S&P/Citigroup EMI Global ex-US Index is an unmanaged index consisting of the bottom 20% of institutionally investable capital of developed and emerging countries, outside the United States.

•S&P/Citigroup Global ex-US Cap Range $500M-$5B Index is a subset of the broad market selected by the index sponsor representing the mid- and small-cap developed and emerging markets, excluding the United States.

•Morgan Stanley Capital International Europe, Australia, Far East (MSCI EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australia and the Far East.

•S&P/Citigroup World ex-US Cap Range $2–10B Index is a subset of the broad market selected by the index sponsor representing the mid-cap developed market, excluding the United States.

•Lipper Indexes include the largest funds tracked by Lipper, Inc. in the named category. Lipper Mid-Cap Growth Index, 30 mid-cap growth funds; Lipper Mid-Cap Core Funds Index, 30 mid-cap core funds; Lipper International Funds Index, 30 largest non-U.S. funds, not including non-U.S. small-cap funds; Lipper International Small-Cap Funds Index, 10 largest non-U.S. funds investing in small-cap companies, including Columbia Acorn International; Lipper Small-Cap Core Funds Index, 30 largest small-cap core funds, including Columbia Acorn Fund; Lipper Flexible Portfolio Funds Index, an equal-weighted index of the 30 largest mutual funds within the Flexible Portfolio fund classification, as defined by Lipper.

•Lehman Brothers U.S. Credit Intermediate Bond Index is the intermediate component of the U.S. Credit Index. The U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

•Lehman Brothers U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

•50/50 Blended Benchmark, established by the Advisor, is an equally weighted custom composite of Columbia Thermostat Fund's primary equity and primary debt benchmarks. The percentage of the Fund's assets allocated to stock and bond portfolio funds will vary, and accordingly the composition of the Fund's portfolio will not always reflect the composition of the 50/50 Blended Benchmark.

Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.

The views expressed in the "Squirrel Chatter II" and "In a Nutshell" commentaries reflect the current views of the respective authors. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any particular Columbia Acorn Fund. References to specific company securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund's portfolio are still held or that the securities sold have not been repurchased.

You are invited to the 2008 Columbia Acorn Funds Shareholder Information Meeting!

Tuesday, September 23, 2008
12 noon to 1 p.m. Central time

There are two ways to participate in our Annual Shareholder Information Meeting:

1. Via the Web

To view a live webcast of the meeting on September 23, go to www.columbiafunds.com and follow the link under "Product News." If you can't join us at that time, a replay of the webcast will be available through October 24, 2008, and may be accessed the same way.

A test link is currently live on the site. We encourage you to log on and test your ability to access the webcast prior to the meeting date.

2. In Person

The shareholder information meeting will be held at:

Chase Bank Auditorium
10 South Dearborn Street
Chicago, IL 60602

A buffet lunch will be served at 11:30 a.m.

If you plan to join us in Chicago, please RSVP by September 18 by calling (800) 922-6769.

The Chase Bank Auditorium is located within the Chase Tower at the southeast corner of Madison and Dearborn. Use the southernmost entrance on the Dearborn side of the building. Then take the escalators down to the Plaza level and follow the signs to the Chase Bank Auditorium.

Columbia Acorn Fund News

Minimum Initial Investments Reduced for Columbia Acorn Fund,
Columbia Acorn USA and Columbia Acorn Select

Effective August 1, 2008, the minimum initial investment for Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select Class A and Class C shares was reduced to $2,500 for regular accounts and $1,000 for individual retirement plans (including traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts) and non-omnibus group retirement plans. For investors establishing a Systematic Investment Plan, the minimum initial investment is $50. There is no minimum initial investment for Class A or Class C shares bought through omnibus accounts, wrap accounts or health savings accounts, although selling and/or servicing agents may impose investment minimums.

The Columbia Acorn Board of Trustees agreed that lowering these minimum investments was in the best interest of shareholders and would continue to allow Columbia Wanger Asset Management, L.P. ("CWAM"), the Funds' advisor, to align investment decisions with its growth-at-a-reasonable-price strategy.

"CWAM monitors cash flows in the Funds very carefully. When small- and mid-cap valuations increased and inflows were strong, we twice raised minimum investment requirements for our domestic Acorn Funds and successfully slowed cash inflows. At the time, we felt that lower inflows were best for shareholders as we were finding fewer investment opportunities. Currently, the market downturn has created what we believe to be compelling valuations for lots of good businesses. The Funds are fully invested and have had modest outflows. The Funds' portfolio managers would much rather have moderate inflows in order to take advantage of market conditions," said Chuck McQuaid, chief investment officer of CWAM and lead portfolio manager of Columbia Acorn Fund.

Additional information on this change can be found in the supplement to the prospectus for these Funds dated August 1, 2008. If you have questions, you can reach us at (800) 922-6769.

Columbia Acorn Family of Funds

Net Asset Value Per Share as of 6/30/08

	Columbia Acorn Fund		Columbia Acorn International		Columbia Acorn USA		Columbia Acorn International Select		Columbia Acorn Select		Columbia Thermostat Fund
Class A	$	25.69	$	38.89	$	23.97	$	30.22	$	25.55	$	11.66
Class B	$	24.27	$	37.95	$	22.66	$	28.93	$	24.23	$	11.70
Class C	$	24.12	$	37.80	$	22.54	$	28.83	$	24.11	$	11.68

Columbia Acorn Family of Funds

Table of Contents

Share Class Performance	2
Fund Performance vs. Benchmarks	3
Squirrel Chatter II: Perceptions of Risk	4
Understanding Your Expenses	6
Columbia Acorn Fund
In a Nutshell	8
At a Glance	9
Major Portfolio Changes	20
Statement of Investments	22
Columbia Acorn International
In a Nutshell	10
At a Glance	11
Major Portfolio Changes	34
Statement of Investments	36
Portfolio Diversification	43
Columbia Acorn USA
In a Nutshell	12
At a Glance	13
Major Portfolio Changes	44
Statement of Investments	45

Columbia Acorn International Select
In a Nutshell	14
At a Glance	15
Major Portfolio Changes	51
Statement of Investments	52
Portfolio Diversification	55
Columbia Acorn Select
In a Nutshell	16
At a Glance	17
Major Portfolio Changes	56
Statement of Investments	57
Columbia Thermostat Fund
In a Nutshell	18
At a Glance	19
Statement of Investments	60
Columbia Acorn Family of Funds
Statements of Assets and Liabilities	62
Statements of Operations	63
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	78
Management Fee Evaluation of the Senior Officer	85
Columbia Acorn Family of Funds Information	90

2008 Mid-Year Distributions

The following table lists the Funds' mid-year distributions per share. The record date was June 10, 2008. The ex-dividend date was June 11, 2008, and the payment date was June 12, 2008.

	Short-term Capital Gains		Long-term Capital Gains		Ordinary Income		Reinvestment Price
Columbia Acorn Fund Class A, B and C	$	0.0335	$	0.5199	None		$	26.86 —	A
							$	25.39 —	B
							$	25.23 —	C
Columbia Acorn International Class A	$	0.0574	$	0.5434	$	0.0625	$	40.25 —	A
Columbia Acorn International Class B and C	$	0.0574	$	0.5434	None		$	39.30 —	B
							$	39.14 —	C
Columbia Acorn USA Class A, B and C		None	$	0.9554	None		$	24.98 —	A
							$	23.62 —	B
							$	23.50 —	C
Columbia Acorn International Select Class A, B and C	$	0.0322	$	0.5108	None		$	30.09 —	A
							$	28.82 —	B
							$	28.72 —	C
Columbia Acorn Select Class A, B and C		None	$	0.6941	None		$	25.96 —	A
							$	24.63 —	B
							$	24.51 —	C
Columbia Thermostat Fund Class A	$	0.0222	$	0.0496	$	0.0079	$	11.94 —	A
Columbia Thermostat Fund Class B and C	$	0.0222	$	0.0496	None		$	11.98 —	B
							$	11.97 —	C

1

Columbia Acorn Family of Funds

Share Class Performance Average Annual Total Returns through 6/30/08

	Class A						Class B						Class C
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Columbia Acorn Fund (10/16/00)
3 months*		0.80	%		-4.99	%		0.65	%		-4.28	%		0.61	%		-0.38	%
Year to date*		-9.18	%		-14.40	%		-9.46	%		-13.89	%		-9.54	%		-10.43	%
1 year		-12.43	%		-17.46	%		-12.96	%		-16.94	%		-13.11	%		-13.91	%
3 years		6.95	%		4.86	%		6.28	%		5.42	%		6.11	%		6.11	%
5 years		13.57	%		12.23	%		12.82	%		12.57	%		12.70	%		12.70	%
Life of fund		10.44	%		9.59	%		9.72	%		9.72	%		9.65	%		9.65	%
Columbia Acorn International (10/16/00)
3 months*		-1.91	%		-7.55	%		-2.06	%		-6.88	%		-2.09	%		-3.06	%
Year to date*		-8.96	%		-14.19	%		-9.26	%		-13.72	%		-9.31	%		-10.20	%
1 year		-6.98	%		-12.33	%		-7.53	%		-11.78	%		-7.71	%		-8.55	%
3 years		19.02	%		16.69	%		18.27	%		17.55	%		18.10	%		18.10	%
5 years		23.70	%		22.25	%		22.89	%		22.72	%		22.79	%		22.79	%
Life of fund		9.73	%		8.89	%		9.01	%		9.01	%		8.95	%		8.95	%
Columbia Acorn USA (10/16/00)
3 months*		2.04	%		-3.83	%		1.89	%		-3.01	%		1.81	%		0.83	%
Year to date*		-8.61	%		-13.86	%		-8.87	%		-13.24	%		-8.98	%		-9.85	%
1 year		-13.77	%		-18.73	%		-14.29	%		-18.19	%		-14.44	%		-15.22	%
3 years		2.87	%		0.86	%		2.22	%		1.34	%		2.07	%		2.07	%
5 years		10.98	%		9.68	%		10.26	%		9.98	%		10.15	%		10.15	%
Life of fund		9.99	%		9.15	%		9.29	%		9.29	%		9.22	%		9.22	%
Columbia Acorn International Select (10/16/00)
3 months*		5.11	%		-0.93	%		4.97	%		-0.03	%		4.91	%		3.91	%
Year to date*		-3.07	%		-8.64	%		-3.36	%		-8.10	%		-3.43	%		-4.38	%
1 year		5.51	%		-0.56	%		4.83	%		-0.03	%		4.71	%		3.73	%
3 years		22.60	%		20.21	%		21.81	%		21.13	%		21.66	%		21.66	%
5 years		24.09	%		22.63	%		23.27	%		23.10	%		23.13	%		23.13	%
Life of fund		8.54	%		7.71	%		7.81	%		7.81	%		7.76	%		7.76	%
Columbia Acorn Select (10/16/00)
3 months*		9.35	%		3.06	%		9.17	%		4.17	%		9.12	%		8.12	%
Year to date*		-5.94	%		-11.35	%		-6.24	%		-10.80	%		-6.30	%		-7.21	%
1 year		-12.16	%		-17.21	%		-12.72	%		-16.90	%		-12.87	%		-13.70	%
3 years		10.74	%		8.57	%		10.01	%		9.18	%		9.86	%		9.86	%
5 years		12.34	%		11.02	%		11.57	%		11.31	%		11.47	%		11.47	%
Life of fund		10.67	%		9.82	%		9.93	%		9.93	%		9.86	%		9.86	%
Columbia Thermostat Fund (3/3/03)†
3 months*		-0.61	%		-6.33	%		-0.76	%		-5.69	%		-0.84	%		-1.83	%
Year to date*		-4.65	%		-10.13	%		-4.93	%		-9.65	%		-5.01	%		-5.96	%
1 year		-1.04	%		-6.73	%		-1.60	%		-6.16	%		-1.86	%		-2.77	%
3 years		5.80	%		3.73	%		5.23	%		4.41	%		5.00	%		5.00	%
5 years		7.47	%		6.21	%		6.85	%		6.54	%		6.68	%		6.68	%
Life of fund		9.33	%		8.12	%		8.68	%		8.55	%		8.52	%		8.52	%

*Not annualized.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in a Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares, the applicable contingent deferred sales charge (CDSC) for Class B shares (5%, 4%, 3%, 3%, 2%, 1%, 0% for the first through seventh years after purchase, respectively), and the maximum CDSC of 1.00% of Class C shares during the first year after purchase.

Annual operating expense ratios are as stated in each Fund's prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios. Columbia Acorn Fund: Class A: 1.03%; Class B: 1.60%; Class C: 1.80%. Columbia Acorn International: Class A: 1.23%; Class B: 1.81%; Class C: 2.00%. Columbia Acorn USA: Class A: 1.25%; Class B: 1.85%; Class C: 2.04%. Columbia Acorn International Select: Class A: 1.50%; Class B: 2.11%; Class C: 2.30%. Columbia Acorn Select: Class A: 1.20%; Class B: 1.79%; Class C: 1.98%. Columbia Thermostat Fund has a contractual expense waiver or reimbursement that expires April 30, 2009. Expense ratios without and with the contractual waiver, including fees and expenses associated with the Fund's investments in other investment companies are: Class A: 1.38%, 1.20%; Class B: 1.89%, 1.70%; Class C: 2.14%, 1.95%, respectively.

The Funds no longer accept investments from new or existing shareholders in Class B shares.

Performance results reflect any waivers or reimbursements of Fund expenses by the investment advisor and/or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results would have been lower.

†A "fund of funds" bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with an investment in a fund that invests and trades directly in financial instruments under the direction of a single manager.

All results shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2

Columbia Acorn Family of Funds

Fund Performance vs. Benchmarks Class A Shares, without sales charge,
Average Annual Total Returns through 6/30/08

	2nd quarter*			Year to date*			1 year			3 years			5 years			Life of Fund
Columbia Acorn Fund (LACAX) (10/16/00)		0.80	%		-9.18	%		-12.43	%		6.95	%		13.57	%		10.44	%
Russell 2500		1.39	%		-8.11	%		-14.28	%		4.94	%		11.49	%		7.38	%
S&P 500		-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		0.82	%
Lipper Small-Cap Core Funds Index		2.37	%		-7.04	%		-13.50	%		5.09	%		11.07	%		7.20	%
Lipper Mid-Cap Core Funds Index		2.66	%		-6.97	%		-10.95	%		6.44	%		11.16	%		5.49	%
Columbia Acorn International (LAIAX) (10/16/00)		-1.91	%		-8.96	%		-6.98	%		19.02	%		23.70	%		9.73	%
S&P/Citigroup Global ex-US Cap Range $500M-$5B		-4.05	%		-11.68	%		-11.29	%		16.25	%		22.71	%		13.37	%
S&P/Citigroup EMI Global ex-US		-3.31	%		-11.16	%		-13.08	%		15.73	%		22.07	%		12.72	%
MSCI EAFE Index		-2.25	%		-10.96	%		-10.61	%		12.84	%		16.67	%		6.12	%
Lipper Int'l Small-Cap Funds Index		-2.39	%		-10.77	%		-14.62	%		14.47	%		21.40	%		11.27	%
Columbia Acorn USA (LAUAX) (10/16/00)		2.04	%		-8.61	%		-13.77	%		2.87	%		10.98	%		9.99	%
Russell 2000		0.58	%		-9.37	%		-16.19	%		3.79	%		10.29	%		6.14	%
Lipper Small-Cap Core Funds Index		2.37	%		-7.04	%		-13.50	%		5.09	%		11.07	%		7.20	%
S&P 500		-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		0.82	%
Columbia Acorn Int'l Select (LAFAX) (10/16/00)		5.11	%		-3.07	%		5.51	%		22.60	%		24.09	%		8.54	%
S&P/Citigroup World ex-US Cap Range $2-10B		-2.73	%		-10.42	%		-12.18	%		14.54	%		20.26	%		11.09	%
MSCI EAFE Index		-2.25	%		-10.96	%		-10.61	%		12.84	%		16.67	%		6.12	%
Lipper International Funds Index		-1.90	%		-11.15	%		-8.94	%		14.16	%		16.91	%		6.89	%
Columbia Acorn Select (LTFAX) (10/16/00)		9.35	%		-5.94	%		-12.16	%		10.74	%		12.34	%		10.67	%
S&P MidCap 400		5.43	%		-3.90	%		-7.34	%		7.45	%		12.61	%		7.82	%
Lipper Mid-Cap Growth Index		5.00	%		-8.43	%		-3.08	%		10.93	%		12.52	%		0.17	%
S&P 500		-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		0.82	%
Columbia Thermostat Fund (CTFAX) (3/3/03)†		-0.61	%		-4.65	%		-1.04	%		5.80	%		7.47	%		9.33	%
S&P 500		-2.73	%		-11.91	%		-13.12	%		4.41	%		7.58	%		10.21	%
Lehman Brothers U.S. Aggregate Bond Index		-1.02	%		1.13	%		7.12	%		4.09	%		3.86	%		4.08	%
Lehman Brothers U.S. Credit Intermediate Bond Index		-1.00	%		0.27	%		4.55	%		3.38	%		3.26	%		3.86	%
Lipper Flexible Portfolio Funds Index		0.52	%		-4.65	%		-2.16	%		7.94	%		8.99	%		10.88	%
50/50 Blended Benchmark		-1.75	%		-5.41	%		-3.24	%		4.41	%		5.85	%		7.26	%

*Not annualized.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in a Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance changes over time. Please visit columbiamanagement.com for daily and most recent month-end updates.

Performance results reflect any waivers or reimbursement of Fund expenses by the investment advisor and/or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results would have been lower.

Annual operating expense ratios are as stated in each Fund prospectus that is current as of the date of this report. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and reimbursements as well as different time periods used in calculating the ratios. Columbia Acorn Fund: Class A: 1.03%; Class B: 1.60%; Class C: 1.80%. Columbia Acorn International: Class A: 1.23%; Class B: 1.81%; Class C: 2.00%. Columbia Acorn USA: Class A: 1.25%; Class B: 1.85%; Class C: 2.04%. Columbia Acorn International Select: Class A: 1.50%; Class B: 2.11%; Class C: 2.30%. Columbia Acorn Select: Class A: 1.20%; Class B: 1.79%; Class C: 1.98%. Columbia Thermostat Fund has a contractual expense waiver or reimbursement that expires April 30, 2009. Expense ratios without and with the contractual waiver, including fees and expenses associated with the Fund's investments in other investment companies are: Class A: 1.38%, 1.20%; Class B: 1.89%, 1.70%; Class C: 2.14%, 1.95%, respectively.

†A "fund of funds" bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with an investment in a fund that invests and trades directly in financial instruments under the direction of a single manager. Effective July 1, 2008, Columbia Thermostat Fund changed its primary benchmark for debt securities to the Lehman Brothers U.S. Aggregate Bond Index and added a custom supplemental benchmark, the 50/50 Blended Benchmark, established by the Advisor. The Advisor believes these changes allow for more appropriate comparison to the Fund's investments.

All results shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Unlike mutual funds, indexes are not actively managed and do not incur fees or expenses. It is not possible to invest directly in an index. For index definitions, see the inside front cover of this report.

3

Squirrel Chatter II: Perceptions of Risk

Most people tend to calibrate risk poorly. We overestimate the likelihood of being harmed by the things that make the evening news and underestimate those that don't. In a survey, people estimated that the chance of death by accident matched the chance of death by disease. In fact, disease causes 17-times more deaths than accidents.¹

Dan Gardner's, Risk, The Science and Politics of Fear,² explains why our views and actions are often so distorted. It seems our perceptions are most influenced by preconceived notions, reinforced by recent information. Accidents are newsworthy, as are catastrophes. If fatalities occur in large numbers in a single event—instead of in small numbers dispersed over time—our perception of risk rises.³

Besides catastrophes, it won't shock too many parents to learn that we tend to worry a lot about our children. Other things that we can't control, like airplane flights, can be worrisome, while things that we can control, such as automobiles, evoke less fear despite higher risks. Things that we don't understand such as trace chemicals,⁴ and other man-made risks like nuclear power, are also feared. Many people worry about radiation from cell phones, while ignoring the real hazard of driving while using cell phones. Many non-headline risks caused by nature, such as radon gas, which kills an estimated 41,000 people a year in the U.S. and Europe,⁵ tend to be downplayed.

Gardner notes that we are living longer in the safest era ever known to mankind. Horrible diseases like smallpox have been eliminated while others have been drastically curtailed. Childhood mortality has especially plunged and accident rates are also down.

Fear Mongering Profiteers

So who is putting the scary thoughts into our heads? The media is an obvious culprit because sensational stories sell newspapers and increase viewership. Companies trying to sell certain health care products or security services and devices also find fear mongering to be profitable. The number of companies lobbying homeland security officials rose from 15 in 2001 to 861 in 2004 as fears of terrorist attacks swelled.⁶ Trial lawyers reaping the rewards of questionable lawsuits, politicians pandering for votes and special interest groups seeking funding also try to keep people scared.

Fear can end up increasing risks. People need to remember the classic definition of risk: probability times consequences. Avoiding immunizations or weight loss treatments due to possible side effects can be ill advised. Diabetes, a disease linked to obesity, has been diagnosed in 24 million Americans. That's eight percent of the total population.⁷

The American Council on Science and Health is dedicated to separating real health risks from unfounded health scares, tracking health scares reported by the press and debunking them. Among the top scares in 2007 were allegations that lipstick, fluoridated water, roses and water bottles are hazardous. Among the top scares of all time were cranberries (1959), DDT (1962), cyclamates (1969), Alar (1989), cellular phone radiation (1993) and trace PCBs in farmed salmon (2003).⁸ Fumes from new shower curtains may make the list this year!

Rational Understanding of Risk

Peter L. Bernstein's, Against The Gods, The Remarkable Story of Risk,⁹ is a fascinating review of mankind's history of approaching risk, and how to understand, measure and deal with it. He reviews the advances in probability theory, which enabled the creation of insurance and, in turn, facilitated trade and investment. He states that managing risks depends on the use of three assumptions originated by Jacob Bernoulli around the year 1700: full information, independent trials and relevance of quantitative valuation.

Bernstein explores additional progress in risk management, particularly in investing. Diversification may reduce risk. However, some quantitative techniques for investing have failed. "Portfolio insurance," a quantitative approach to reduce equity holdings in market declines via the purchase of put options, intensified the market collapse of 1987. Subsequent to the book's publication, numerous quant managers have claimed that "six sigma" events (one in a million chance of occurring) caused huge losses in their funds. These failures occurred because the

4

investment models violated Bernoulli's "independent trials" assumption stated above. Stock price movements may look independent, until numerous people attempt the same strategies or until human emotions result in lots of investors reacting in similar manners.

Stock Market Risks

Sentiment in the stock market seems to gyrate between greed and fear, creating bull and bear markets. Because the S&P 500 Index has fallen more than 20% from its peak, a bear market has been proclaimed. This suggests that the market is currently focusing on fear.

I recall a long-ago brokerage firm ad listing people's fears each year for decades. The list likely included events like the Cuban Missile Crisis and Three Mile Island. It noted that there seemed to be a reason to avoid investing in stocks each year. But starting with $1,000 50 years ago, an investment in the S&P 500 would have resulted in $140,364 as of June 30, 2008, vs. $13,619 if invested in super safe treasury bills. Meanwhile, inflation would require $7,535 to buy in 2008 what $1,000 bought in 1958.¹⁰ This example suggests that staying out of stocks would have been a very bad decision.

Market strategist Steve Leuthold provides lots of data and perspectives. Based on his estimate of "operating" (recurring) earnings, the S&P 500 at its July 11, 2008, close of 1,239 was selling at about 14.5-times earnings. That multiple matched the depths of the 2002-2003 bear market and was below the market's average price-earnings (PE) ratio¹¹ of 16.5-times, calculated since 1926. Leuthold notes that market price-earnings ratios vary a lot, and that inflation is a major driver of PE ratios. When inflation has varied between zero and 5%, PE ratios averaged 18- to 19-times. When inflation has been between 5% and 7%, PE ratios averaged 13.8-times, and when inflation was 7% or more, PE ratios averaged 11.4-times.¹²

Inflation has been boosted by fuel and food prices, and the Consumer Price Index recently spiked up to a 5% year-over-year gain. Some are concerned that we may be returning to a period of big government and stagflation. Future inflation is indeed unpredictable, but continued surges in fuel and food prices from current lofty levels seem unlikely. Low unit labor cost increases, continued globalization and the continued success of capitalism all suggest that inflation may slow. If inflation does slow, Leuthold's data suggests that PE ratios and stock prices can rise a lot.

We are stock pickers rather than economists, and we are now seeing what we believe to be many more excellent investment opportunities than we've seen for several years. Consequently, focusing on fear seems like a mistake and taking a longer term perspective seems to be more rational.

Charles P. McQuaid

President and Chief Investment Officer
Columbia Wanger Asset Management, L.P.

The information and data provided in this analysis are derived from sources that we deem to be reliable and accurate. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. The views/opinions expressed in "Squirrel Chatter II" are those of the author and not of the Columbia Acorn Trust Board, are subject to change at any time based upon economic, market or other conditions, may differ from views expressed by other Columbia Management associates or other divisions of Bank of America and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Acorn Fund.

¹  Gardner, Dan, Risk, the Science and Politics of Fear, (Virgin Book Ltd, 2008), pg. 13.

²  In addition to Gardner's book on the subject of risk, I also recommend Panicology written by statisticians Simon Briscoe and Hugh Aldersey-Williams (Viking/Penguin Books, 2008).

³  Gardner, Dan, op. cit., pgs. 62-76.

⁴  Gardner notes that our ability to find trace chemicals has never been better. Today we have the technology to dissect the components of drinking water, for example, to the level of one part per billion—equivalent to a single grain of sugar in an Olympic-size swimming pool. While it's true that the elements in trace chemicals can cause cancer, science and testing almost never look at such trace amounts.

⁵  Gardner, Dan, op. cit., pg. 81.

⁶  Ibid, pg. 281.

⁷  Source: American Council on Science and Health, "ACSH Morning Dispatch," June 25, 2008.

⁸  The study titled, "Fact Versus Fears (Fourth Edition)" is available on the American Council on Science and Health website at www.acsh.org.

⁹  Bernstein, Peter L., Against the Gods, The Remarkable Story of Risk, (John Wiley & Sons, Inc., 1996).

¹⁰  Figures include the reinvestment of dividends and are pretax.

¹¹  The price-earnings (PE) ratio reflects the price of a stock divided by earnings per share. This ratio gives investors an idea of how much they are paying for a company's earning power. In general, the higher the PE, the more investors are paying, and therefore the more earnings growth they are expecting.

¹²  Leuthold Weeden Institutional Research, "Perception For The Professional," August 2008, Vol. 28 No. 8.

5

Understanding Your Expenses

As a Fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption or exchange fees. There are also ongoing costs, which generally include investment advisory fees, Rule 12b-1 fees (distribution and service fees) and other Fund expenses. The following information is intended to help you understand your ongoing costs of investing in the Columbia Acorn Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in the Class A, B and C shares of the Columbia Acorn Family of Funds for the last six months. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the reporting period and held for the entire period. Expense information is calculated two ways and each method provides you with different results. The amount listed in the "Actual" column is calculated using each Fund's actual operating expenses and total return for the period. The amount listed in the "Hypothetical" column assumes that the return each year is 5% before expenses and then applies each Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the reporting period. See the "Compare With Other Funds" information for details on using the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the continuing costs of investing in a fund and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees.

Estimating Your Actual Expenses

To estimate the expenses that you actually paid over the period, first you will need your account balance at the end of the period:

•  For shareholders who receive their account statements from Columbia Management Services, Inc., your account balance is available online at www.columbiafunds.com or by calling Shareholder Services at (800) 922-6769.

•  For shareholders who receive their account statements from their brokerage firm, contact your brokerage firm to obtain your account balance.

1.   Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2.   In the section of the table titled "Expenses paid during the period," locate the amount for your Fund. You will find this number is in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

6

January 1, 2008 – June 30, 2008

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)*
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Columbia Acorn Fund
Class A		1,000.00		1,000.00		908.20		1,019.64		4.98		5.27		1.05
Class B		1,000.00		1,000.00		905.42		1,016.71		7.77		8.22		1.64
Class C		1,000.00		1,000.00		904.62		1,015.76		8.67		9.17		1.83
Columbia Acorn International
Class A		1,000.00		1,000.00		910.39		1,018.70		5.89		6.22		1.24
Class B		1,000.00		1,000.00		907.41		1,015.66		8.77		9.27		1.85
Class C		1,000.00		1,000.00		906.91		1,014.87		9.53		10.07		2.01
Columbia Acorn USA
Class A		1,000.00		1,000.00		913.92		1,018.50		6.09		6.42		1.28
Class B		1,000.00		1,000.00		911.29		1,015.32		9.12		9.62		1.92
Class C		1,000.00		1,000.00		910.19		1,014.57		9.83		10.37		2.07
Columbia Acorn International Select
Class A		1,000.00		1,000.00		969.32		1,017.55		7.20		7.37		1.47
Class B		1,000.00		1,000.00		966.38		1,014.37		10.32		10.57		2.11
Class C		1,000.00		1,000.00		965.69		1,013.67		11.00		11.27		2.25
Columbia Acorn Select
Class A		1,000.00		1,000.00		940.58		1,018.80		5.89		6.12		1.22
Class B		1,000.00		1,000.00		937.59		1,015.66		8.91		9.27		1.85
Class C		1,000.00		1,000.00		937.00		1,014.82		9.73		10.12		2.02
Columbia Thermostat Fund
Class A		1,000.00		1,000.00		953.51		1,022.38		2.43		2.51		0.50
Class B		1,000.00		1,000.00		950.72		1,019.89		4.85		5.02		1.00
Class C		1,000.00		1,000.00		949.88		1,018.65		6.06		6.27		1.25

Expenses paid during the period are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half-year and divided by 366.

Had the investment advisor and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the Funds and do not reflect any transaction costs, such as sales charges, redemption or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning different funds. If these transaction costs were included, your costs would have been higher.

Columbia Thermostat Fund's expenses do not include fees and expenses incurred by the Fund from the underlying portfolio funds in which it invests.

*For the six months ended June 30, 2008.

7

Columbia Acorn Fund

In a Nutshell

Charles P. McQuaid

Lead Portfolio Manager

Robert A. Mohn

Co-Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

FMC Technologies	2.4	%
Fugro	2.0	%
Ultra Petroleum	1.5	%
Flir Systems	1.4	%
Abercrombie & Fitch	1.1	%
ITT Educational Services	1.1	%
Southwestern Energy	1.0	%
Bally Technologies	0.7	%
Sociedad Quimica y Minera de Chile	0.5	%
Expedia	0.4	%
Pacific Rubiales Energy	0.4	%
Penn National Gaming	0.3	%
International Game Technology	0.3	%
Pinnacle Entertainment	0.2	%
Hong Kong Exchanges and Clearing	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn Fund fell 9.18% (Class A shares, without sales charge) in the first half of 2008, performing somewhat worse than its primary benchmark, the Russell 2500 Index, which dropped 8.11%. The Fund underperformed other small- and mid-cap benchmarks, but beat the large-cap S&P 500, which dropped 11.91%. Columbia Acorn Fund rose 0.80% in the second quarter, a bit less than the Russell 2500's 1.39% gain, and mixed against other benchmarks, as shown on Page 3.

Gaming stocks continued their losing streak and accounted for four of the 10 largest dollar droppers in the first half of 2008. Regional casino operators Pinnacle Entertainment and Penn National Gaming plunged 55% and 45%, respectively, in the half. Penn dropped 26% during the second quarter on rumors, which were subsequently confirmed, that its sellout would be aborted. Gaming equipment manufacturer Bally Technologies reported fine earnings, but dropped 32% in the half. Competitor International Game Technology reported disappointing results on lower slot machine shipments; its stock fell 43% in the half and 38% in the quarter. While gaming revenues are apparently becoming more cyclical, we continue to believe that the industry will grow over the long term.

Other consumer stocks were also weak. Teen apparel retailer Abercrombie & Fitch fell 21% in the half and 14% in the quarter, largely due to macroeconomic factors and concerns. Online travel services company Expedia plunged 42% in the half, also on macroeconomic concerns, despite fine earnings growth.

Energy stocks dominated the dollar winners list in both periods. Deepwater well systems provider FMC Technologies was the Fund's top dollar winner for the half and the quarter, rising about 35% each period. Natural gas and oil producers Ultra Petroleum and Southwestern Energy remained hot, ranking second and third for the half and in the top five for the quarter, on increased reserve estimates and higher gas prices.

Infrared camera producer Flir Systems was the Fund's fourth most profitable stock in the half and third in the quarter, rising 29% and 35%, respectively, on excellent earnings and lots of large new military orders. Potash producer Sociedad Quimica y Minera de Chile was the Fund's top percentage gainer in both periods, rising 166% in the half and doubling during the second quarter. Higher grain prices have boosted the demand for and price of potash products and alternative energy bulls have noticed that this company has the world's largest and lowest-cost lithium reserves. ITT Educational Services jumped 80% in the quarter, taking second place in both percentage and dollar gains. Improved earnings and reduced student loan concerns caused a sharp rebound in the stock, which had dropped 46% in the first quarter.

Columbia Acorn Fund's international stocks outperformed the Fund in both periods, falling only 2.31% in the half and rising 6.76% in the quarter. Sociedad Quimica y Minera de Chile, mentioned above, helped international results substantially. Offshore energy services company Fugro rose 12% in the quarter and 14% in the half while oil producer Pacific Rubiales Energy jumped more than 50% in the half. Hong Kong Exchanges and Clearing continued to reflect the downdraft in Chinese stocks, falling 45% in the half. At the end of the period, foreign stocks were 9.2% of Columbia Acorn Fund, down from 9.4% last quarter and 11.5% a year ago.

Risks include stock market fluctuations due to economic and business developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

8

Columbia Acorn Fund (LACAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 10/16/00		Year to date*	1 year	5 years	Life of fund
Returns before taxes	NAV POP	-9.18% -14.40	-12.43% -17.46	13.57% 12.23	10.44% 9.59
Returns after taxes on distributions	NAV POP	-9.48 -14.68	-13.54 -18.51	12.65 11.32	9.47 8.63
Returns after taxes on distributions and sale of fund shares	NAV POP	-5.60 -9.01	-6.46 -9.82	11.89 10.69	8.98 8.22
Russell 2500 (pretax)		-8.11	-14.28	11.49	7.38
S&P 500 (pretax)		-11.91	-13.12	7.58	0.82

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes. Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's Class A shares annual operating expense ratio, as stated in the current prospectus, is 1.03%.

*Year to date data is not annualized.

Columbia Acorn Fund Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn Fund Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	FMC Technologies Oil & Gas Wellhead Manufacturer	2.4%
2.	Fugro (Netherlands) Oilfield Services	2.0%
3.	Ultra Petroleum Oil & Gas Producer	1.5%
4.	Flir Systems Infrared Cameras	1.4%
5.	Expeditors International of Washington International Freight Forwarder	1.4%
6.	Ametek Aerospace/Industrial Instruments	1.4%
7.	Coach Designer & Retailer of Branded Leather Accessories	1.2%
8.	People's United Connecticut Savings & Loan	1.2%
9.	Abercrombie & Fitch Teen Apparel Retailer	1.1%
10.	Donaldson Industrial Air Filtration	1.1%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $75,000 Investment in Columbia Acorn Fund (Class A)

October 16, 2000 through June 30, 2008

Illustration is based on a hypothetical $75,000 investment from inception in Class A shares of the Fund, which includes a 4.50% maximum initial sales charge for this level of investment. The index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund:
$17.2 billion

9

Columbia Acorn International

In a Nutshell

P. Zachary Egan

Co-Portfolio Manager

Louis J. Mendes III

Co-Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Atwood Oceanics	1.5	%
Sociedad Quimica y Minera de Chile	1.4	%
ShawCor	1.2	%
FMC Technologies	1.1	%
Novolipetsk Steel	0.8	%
Informa Group	0.7	%
Park24	0.4	%
Taylor Nelson Sofres	0.3	%
Point	0.3	%
Expro International Group	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn International fell 1.91% (Class A shares, without sales charge) in the second quarter of 2008. This compares with a 4.05% drop by the Fund's primary benchmark, the S&P/Citigroup Global ex-US Cap Range $500M-$5B Index. The Fund also posted a slightly better return than the large-cap MSCI EAFE Index, which was down 2.25%. Year to date through June, the Fund was down 8.96%, which was 2.72 basis points ahead of its primary benchmark.

The most important positive contributors to the Fund's absolute and relative returns fall into three groups: oil services stocks; basic materials stocks; and UK companies that were the subject of bid activity.

For several years the Fund has maintained a modest overweight in energy-related stocks, with an emphasis on service companies that provide equipment and technology to the major oil companies. Many of these service providers have enjoyed strong volume growth and pricing power as exploration, drilling, and pipeline projects have proliferated and grown more complex amid higher energy prices. Canadian company ShawCor is a beneficiary of this trend, as it controls processes for coating pipeline with materials that affect properties such as corrosion, thermal insulation and buoyancy. Similarly, Atwood Oceanics, FMC Technologies (both U.S. companies generating a majority of their revenues outside of the United States), and Expro International Group, based in the UK, have been beneficiaries of the recent growth in the number of deepwater wells. All four of these stocks posted 30% or greater returns during the quarter. Expro was acquired by a private equity fund shortly before the close of the quarter.

After proving merely defensive in a down market in the first quarter, in the second quarter the Fund's basic materials stocks together generated a modest positive return. Sociedad Quimica y Minera de Chile was up over 100% as fertilizer prices nearly tripled over the last year. Rising raw materials costs in the steel industry pushed up selling prices, rewarding integrated producers like Russia's Novolipetsk Steel, which was up over 30% for the quarter.

Though the UK market was a loser in the quarter, the Fund's returns there were buoyed by bid activity. Market researcher Taylor Nelson Sofres was up 51% after WPP, the London-based advertising and public relations firm, attempted to derail a possible merger with competitor GfK by making a hostile bid. We elected to clear out of the position at a price that we believe fully valued the franchise, particularly in an uncertain credit environment. A similar pattern of events drove UK publisher Informa Group up over 35% in the quarter. After Informa entered discussions with United Business Media regarding a possible merger, a consortium of private equity investors made an offer for the company, which is still under consideration by the company's supervisory board.

Japanese consumer stocks weighed on performance. Park24, a parking lot operator, was down 39%, as the company struggled to get its pricing policy right. Point, an apparel retailer, was down 40% on a disappointing sales trend. The Fund's stocks were weak elsewhere in Asia as investors worried about how high energy and food prices might affect consumer spending. Fortunately, the Fund's losses here were mitigated by good stock selection.

The potential sources of anxiety in global markets now appear to be manifold. High input prices are stressing profitability in some areas. While this sort of disruption can represent a threat, it can also open up spaces for agile companies to gain traction with products and services better suited to the changed operating environment, as the energy service companies described above have done. It is on these sorts of situations that we, as longer-term investors, focus our research efforts. We are also somewhat encouraged by valuations, which we believe in many cases appear to reflect overly pessimistic scenarios.

Risks include stock market fluctuations due to economic and business developments. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

10

Columbia Acorn International (LAIAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 10/16/00		Year to date*	1 year	5 years	Life of fund
Returns before taxes	NAV POP	-8.96% -14.19	-6.98% -12.33	23.70% 22.25	9.73% 8.89
Returns after taxes on distributions	NAV POP	-9.23 -14.45	-8.12 -13.40	22.93 21.49	8.86 8.03
Returns after taxes on distributions and sale of fund shares	NAV POP	-5.57 -8.98	-2.72 -6.30	21.24 19.90	8.38 7.62
S&P/Citigroup Global ex-US Cap Range $500M-$5B† (pretax)		-11.68	-11.29	22.71	13.37
S&P/Citigroup EMI Global ex-US (pretax)		-11.16	-13.08	22.07	12.72

All results shown assume reinvestment of distributions.

†Effective January 1, 2008, the Fund changed its primary benchmark to the S&P/Citigroup Global ex-US Cap Range $500M-$5B Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's Class A shares annual operating expense ratio, as stated in the current prospectus, is 1.23%.

*Year to date data is not annualized.

Columbia Acorn International Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn International Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	Fugro (Netherlands) Oilfield Services	2.3%
2.	Atwood Oceanics (United States) Offshore Drilling Contractor	1.5%
3.	Sociedad Quimica y Minera de Chile (Chile) Producer of Specialty Fertilizers, Lithium & Iodine	1.4%
4.	Suzano (Brazil) Brazilian Pulp & Paper Producer	1.3%
5.	ShawCor (Canada) Oil & Gas Pipeline Products	1.2%
6.	Hexagon (Sweden) Measurement Equipment & Polymers	1.2%
7.	Intralot (Greece) Lottery & Gaming Systems & Services	1.2%
8.	FMC Technologies (United States) Oil & Gas Wellhead Manufacturer	1.1%
9.	Rhoen-Klinikum (Germany) Health Care Services	1.1%
10.	Kansai Paint (Japan) Paint Producer in Japan, India, China & Southeast Asia	1.1%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $10,000 Investment in Columbia Acorn International (Class A)

October 16, 2000 through June 30, 2008

Illustration is based on a hypothetical $10,000 investment from inception in Class A shares of the Fund, which includes a 5.75% maximum initial sales charge. The Fund changed its primary benchmark effective January 1, 2008, because the Advisor believes that the S&P/Citigroup Global ex-US Cap Range $500M-$5B is more consistent with the market capitalization of the companies in which the Fund invests. The indexes are unmanaged and returns for both the indexes and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund
$5.4 billion

11

Columbia Acorn USA

In a Nutshell

Robert A. Mohn

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

FMC Technologies	4.0	%
Quicksilver Resources	2.9	%
Flir Systems	2.5	%
ITT Educational Services	2.1	%
Nordson	1.9	%
Atwood Oceanics	1.9	%
True Religion Apparel	1.8	%
Carrizo Oil & Gas	1.5	%
Southwestern Energy	0.9	%
Champion Enterprises	0.9	%
MB Financial	0.7	%
TCF Financial	0.6	%
Pinnacle Entertainment	0.3	%
Old Second Bancorp	0.2	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn USA gained 2.04% (Class A shares, without sales charge) in the second quarter of 2008, outperforming the 0.58% return of the Russell 2000 Index. Year to date through June, the Fund was down 8.61%, holding up somewhat better than the Russell 2000's 9.37% decline.

Energy was one of the few market sectors that increased in value. FMC Technologies and Atwood Oceanics were both up over 35% for the quarter. Increasing interest in offshore oil exploration fueled demand for FMC's deep water oil production systems and Atwood's deep water drilling rigs. For the half year, FMC was up 36% and Atwood Oceanics posted a 24% gain. Also strong in the half were natural gas and oil producers Quicksilver Resources, Southwestern Energy and Carrizo Oil & Gas. With year to date returns ranging from 24% to 71%, these companies benefited from rising natural gas prices as well as their ability to increase production and reserves.

Other strong performers included ITT Educational Services, which rebounded 80% in the quarter. As mentioned in the previous report, concerns over student loan availability were crushing this stock. Naysayers were silenced, however, when ITT announced first quarter year-over-year enrollment growth of 10%. Flir Systems, a manufacturer of infrared cameras, was also up on strong earnings growth. The stock increased 35% in the second quarter and was up 30% for the half year thanks to continued success in winning new military contracts.

Retail stocks struggled along in the first half but True Religion Apparel, a maker of premium jeans, bucked the trend. The company is opening new retail stores and enjoying strong revenue growth. Its stock gained 44% in the quarter and was up 25% for the half. Finally, Nordson, a market leader in the production of adhesive and coating dispensing machines, gained 36% in the quarter and 27% for the halfyear.

Many of the Fund's losing stocks were housing-related businesses. Champion Enterprises, a leader in manufactured housing, fell 42% in the quarter and was off 38% for the half. Its business is concentrated in states like California and Arizona, where the housing market has plummeted not only for site-built homes but also for manufactured homes. Small-cap community banks also got clobbered in the second quarter. TCF Financial, MB Financial and Old Second Bancorp fell between 27% and 55% on worries about the impact of increasing home foreclosure rates and home developer bankruptcies.

Regional casino operator Pinnacle Entertainment fell 55% for the half on weak gaming revenues and the elimination of its takeout premium as private equity money for hotel/casino acquisitions dried up.

Risks include stock market fluctuations due to economic and business developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

12

Columbia Acorn USA (LAUAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 10/16/00		Year to date*	1 year	5 years	Life of fund
Returns before taxes	NAV POP	-8.61% -13.86	-13.77% -18.73	10.98% 9.68	9.99% 9.15
Returns after taxes on distributions	NAV POP	-9.11 -14.34	-14.89 -19.78	10.41 9.11	9.59 8.76
Returns after taxes on distributions and sale of fund shares	NAV POP	-4.88 -8.33	-7.30 -10.62	9.62 8.45	8.84 8.07
Russell 2000 (pretax)		-9.37	-16.19	10.29	6.14

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's Class A shares annual operating expense ratio, as stated in the current prospectus, is 1.25%.

*Year to date data is not annualized.

Columbia Acorn USA Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn USA Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	FMC Technologies Oil & Gas Wellhead Manufacturer	4.0%
2.	Quicksilver Resources Natural Gas & Coal Seam Gas Producer	2.9%
3.	Crown Castle International Communications Towers	2.8%
4.	Flir Systems Infrared Cameras	2.5%
5.	Ametek Aerospace/Industrial Instruments	2.3%
6.	ESCO Technologies Automatic Electric Meter Readers	2.2%
7.	ITT Educational Services Post-secondary Degree Services	2.1%
8.	Nordson Dispensing Systems for Adhesives & Coatings	1.9%
9.	Atwood Oceanics Offshore Drilling Contractor	1.9%
10.	True Religion Apparel Premium Denim	1.8%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $75,000 Investment in Columbia Acorn USA (Class A)

October 16, 2000 through June 30, 2008

Illustration is based on a hypothetical $75,000 investment from inception in Class A shares of the Fund, which includes a 4.50% maximum initial sales charge for this level of investment. The index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $1.4billion

13

Columbia Acorn International Select

In a Nutshell

Christopher J. Olson

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Fugro	5.4	%
Potash Corp. of Saskatchewan	4.7	%
Israel Chemicals	4.5	%
Sociedad Quimica y Minera de Chile	2.9	%
Diamond Offshore	2.9	%
Pacific Rubiales Energy	2.2	%
Ibiden	1.7	%
Vopak	1.5	%
SBM Offshore	1.1	%
Zumtobel	0.8	%
Hong Kong Exchanges and Clearing	0.6	%
Singapore Exchange	0.5	%

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn International Select ended the second quarter of 2008 up 5.11% (Class A shares, without sales charge), strongly outperforming its benchmark, the S&P/Citigroup World ex-US Cap Range $2-10B Index, which fell 2.73%. For the half year ended June 30, 2008, the Fund was also well ahead of the benchmark, down 3.07% vs. a 10.42% decline for the index.

Fund performance benefited from strong gains in fertilizer stocks. Fertilizer prices have soared on the back of higher crop prices, which have risen due to improving diets in the developing world and a global push toward biofuels. This growing demand and limited fertilizer supply have kept prices high. Potash Corp. of Saskatchewan, Sociedad Quimica y Minera de Chile and Israel Chemicals were the Fund's top three contributors in the quarter and for the half year. All produce potash or other natural chemical components used in fertilizer. Gains for these holdings ranged from 47% to 139% over both periods.

Energy stocks were also strong in the Fund as oil prices and demand continued to soar. Oil production and exploration company Pacific Rubiales Energy had a market gain of over 50% for both periods. Dutch oilfield services provider Fugro had a 12% quarterly gain and rose over 13% in the half. Also based in the Netherlands, SBM Offshore, a company that builds and leases offshore vessels to process and store crude oil, was up 17% in the quarter and 20% year to date. A third winner from the Netherlands, Vopak, is the world's largest operator of petroleum and chemical storage terminals. The stock posted a 10% gain in the quarter and was up 54% for the half. While not a large contributor to performance for the half year, contract driller Diamond Offshore posted a 21% gain in the second quarter.

On the downside, Ibiden, a Japanese manufacturer of electronic parts and ceramics, was down 47% for the half year and off 7% in the quarter. The company had some production problems and is also suffering from weaker demand in its semiconductor packaging business. Austria's Zumtobel, a maker of lighting systems, fell 38% in the first half of the year and 14% in the second quarter as construction slowed in its European markets. Hong Kong Exchanges and Clearing and Singapore Exchange were both down more than 40% for the half as the economic downturn has raised fears that trading volumes will slow down or decline.

Markets remain extremely volatile and we believe it will be some time before some sort of normality returns. In the meantime, we will continue to focus on companies that we believe have strong competitive positions, competent management and healthy balance sheets.

Risks include stock market fluctuations due to economic and business developments. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries.

14

Columbia Acorn International Select (LAFAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 10/16/00		Year to date*	1 year	5 years	Life of fund
Returns before taxes	NAV POP	-3.07% -8.64	5.51% -0.56	24.09% 22.63	8.54% 7.71
Returns after taxes on distributions	NAV POP	-3.35 -8.91	4.41 -1.59	23.88 22.42	8.40 7.57
Returns after taxes on distributions and sale of fund shares	NAV POP	-1.67 -5.32	5.18 1.14	21.63 20.28	7.56 6.81
S&P/Citigroup World ex-US Cap Range $2-10B (pretax)		-10.42	-12.18	20.26	11.09

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's Class A shares annual operating expense ratio, as stated in the current prospectus, is 1.50%.

*Year to date data is not annualized.

Columbia Acorn International Select Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn International Select Top10Holdings

as a percentage of net assets as of 6/30/08

1.	Fugro (Netherlands) Oilfield Services	5.4%
2.	Potash Corp. of Saskatchewan (Canada) Worlds Largest Producer of Potash	4.7%
3.	Israel Chemicals (Israel) Producer of Potash, Phosphates, Bromine & Specialty Chemicals	4.5%
4.	SES Global (France) Satellite Broadcasting Services	3.6%
5.	Informa Group (United Kingdom) Global Publisher & Event Organizer	3.4%
6.	Impala Platinum Holdings (South Africa) Platinum Group Metals Mining & Refining	3.4%
7.	Intertek Testing (United Kingdom) Testing, Inspection & Certification Services	3.3%
8.	Jupiter Telecommunications (Japan) Largest Cable Service Provider in Japan	3.0%
9.	Sociedad Quimica y Minera de Chile (Chile) Producer of Specialty Fertilizers, Lithium & Iodine	2.9%
10.	Diamond Offshore (United States) Contract Driller	2.9%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $10,000 Investment in Columbia Acorn International Select (Class A)

October 16, 2000 through June 30, 2008

Illustration is based on a hypothetical $10,000 investment from inception in Class A shares of the Fund, which includes a 5.75% maximum initial sales charge. The index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $288.7million

15

Columbia Acorn Select

In a Nutshell

Ben Andrews

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Fund's Positions
in Mentioned Holdings

As a percentage of net assets, as of 6/30/08

Potash Corp. of Saskatchewan	8.1	%
ITT Educational Services	6.2	%
Pacific Rubiales Energy	5.2	%
Tetra Technologies	4.7	%
Uranium One	3.6	%
Expedia	2.3	%
Globalstar	1.1	%
Israel Chemicals	0.8	%
Synthesis Energy Systems	0.8	%
NagaCorp	0.4	%
Real Goods Solar	0.3	%
RexCapital Finance	0.0	%*

*Rounds to less than 0.1%.

Portfolio holdings are subject to change periodically and may not be representative of current holdings.

Columbia Acorn Select increased 9.35% (Class A shares, without sales charge) in the second quarter of 2008. This compares to a gain in the S&P MidCap 400 Index of 5.43% and a decline of 2.73% for the S&P 500 Index. Year to date our Fund has declined 5.94% vs. a 3.90% decline in the S&P MidCap 400 and an 11.91% decline in the S&P 500.

ITT Educational Services and Potash Corp. of Saskatchewan each added 2.8% of the portfolio return in the quarter. ITT, which cost the Fund 2% last quarter, came back strong as investors figured out that student loans should not be restricted as much as originally thought. Potash Corp. of Saskatchewan has continued to move up on the strong price increases in the potash market. The spot potash price in some international markets is now over $1,000 per ton, which is up about four-fold from the price it was selling at when we first added the stock to the Fund.

On the down side, Globalstar cost the Fund 1.3% of portfolio performance in the quarter. The valuation multiple of the stock has continued to compress over the last few quarters. In this market environment, if a company is not showing solid growth characteristics, no matter what its assets might be worth, its valuation multiple has contracted.

For the six-month period, Fund upside drivers have been Potash Corp. of Saskatchewan, Pacific Rubiales Energy and Tetra Technologies, which all have an energy or raw materials focus. Fund detractors for the half year included Uranium One, Expedia and Globalstar.

We purchased five new names during the quarter and sold two names. New names included RexCapital Finance and NagaCorp, both in gaming. Israel Chemicals, a supplier of bromine and potash, and Real Goods Solar, a residential solar energy installer, were also added. The final new name was Synthesis Energy Systems, a builder and operator of plants that turn coal into liquid fuel. Our sales for the quarter included International Speedway and Herman Miller. Both are fine franchises but we believe we can deploy the capital elsewhere and receive better returns.

Though the market rallied in the second quarter, many stocks are still trading in downward trend patterns, or are establishing lower highs on market advances and lower lows on market sell offs. As I write this in early July, the stock market sentiment is again quite negative with many economic and market sages saying they aren't sure when the U.S. housing market will recover. But a lot of damage has already been done to sectors outside of energy and raw materials, even more so than when I commented on this in the first two weeks of January. We most likely haven't seen the end of the financial distress. How much deleveraging is to come of personal, as well as business, balance sheets is still unknown.

With that being said, I am finding more potential ideas to add to the portfolio than at any other time since I became manager of this Fund in 2004. Our CWAM internal stock database, built by our analysts, shows numerous names with strong potential returns. Banks have been absent from the portfolio for over a year now but are being studied for possible additions into the Fund. Many other groups like consumer services, media, semiconductors and telecom are off more than 17% year to date. Our style of being eclectic, opportunistic and concentrated should prove valuable in this environment.

Risks include stock market fluctuations due to economic and business developments. The Fund also has potentially greater price volatility due to the Fund's concentration in a limited number of stocks of mid-size companies. The Fund is a non-diversified fund and may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly. The Fund may not operate as a nondiversified fund at all times. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments.

16

Columbia Acorn Select (LTFAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 10/16/00		Year to date*	1 year	5 years	Life of fund
Returns before taxes	NAV POP	-5.94% -11.35	-12.16% -17.21	12.34% 11.02	10.67% 9.82
Returns after taxes on distributions	NAV POP	-6.31 -11.70	-12.72 -17.73	11.91 10.59	10.35 9.51
Returns after taxes on distributions and sale of fund shares	NAV POP	-3.36 -6.90	-7.13 -10.46	10.77 9.58	9.40 8.63
S&P MidCap 400 (pretax)		-3.90	-7.34	12.61	7.82

All results shown assume reinvestment of distributions.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's Class A shares annual operating expense ratio, as stated in the current prospectus, is 1.20%.

*Year to date data is not annualized.

Columbia Acorn Select Portfolio Diversification

as a percentage of net assets as of 6/30/08

Columbia Acorn Select Top 10 Holdings

as a percentage of net assets as of 6/30/08

1.	Potash Corp. of Saskatchewan (Canada) World's Largest Producer of Potash	8.1%
2.	ITT Educational Services Post-secondary Degree Services	6.2%
3.	Pacific Rubiales Energy (Canada) Oil Production & Exploration in Colombia	5.2%
4.	Tetra Technologies U.S.-based Service Company with Life of Field Approach	4.7%
5.	Abercrombie & Fitch Teen Apparel Retailer	3.7%
6.	Safeway Supermarkets	3.6%
7.	Quanta Services Electrical & Telecom Construction Services	3.6%
8.	Uranium One (South Africa) Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.	3.6%
9.	Janus Capital Group Manages Mutual Funds	3.5%
10.	American Tower Communications Towers in USA & Mexico	3.5%

Portfolio holdings are subject to change periodically and may not be representative of current holdings. See the Statement of Investments for a complete list of the Fund's holdings.

The Growth of a $100,000 Investment in Columbia Acorn Select (Class A)

October 16, 2000 through June 30, 2008

Illustration is based on a hypothetical $100,000 investment from inception in Class A shares of the Fund, which includes a 3.50% maximum initial sales charge for this level of investment. The index is unmanaged and returns for both the index and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $2.7 billion

17

Columbia Thermostat Fund

In a Nutshell

Charles P. McQuaid

Lead Portfolio Manager

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Performance may reflect any voluntary waivers or reimbursements of fund expenses by the Advisor or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

A "fund of fund" bears its allocable share of the costs and expenses of the underlying portfolio funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with a fund that invests and trades directly in financial instruments under the direction of a single manager.

Columbia Thermostat Fund ended the second quarter of 2008 down 0.61% (Class A shares, without sales charge). This compares to a 2.73% drop for the S&P 500 Index and a 1.02% decline for the Lehman Brothers U.S. Aggregate Bond Index. Year to date through June 30, 2008, the Fund was down 4.65% while the S&P 500 fell 11.91% and the Lehman Brothers U.S. Aggregate Bond Index posted a 1.13% gain.

Effective July 1, 2008, we have changed the primary debt benchmark for the Fund. The Lehman Brothers U.S. Credit Intermediate Bond Index has been replaced by the Lehman Brothers U.S. Aggregate Bond Index. We've also added a custom supplemental benchmark, the 50/50 Blended Benchmark. This benchmark was established by the Fund's investment advisor and is an equally weighted custom composite of the Fund's primary equity and primary debt benchmarks. Its performance is shown on Page 3 of this report. The Advisor believes that these changes allow for more appropriate comparisons to the Fund's investments.

As the following table illustrates, the Fund's stock portion was down 0.67% in the quarter and 10.75% for the half year. Columbia Acorn Select was the strongest performer for both time periods, posting an impressive 9.42% gain in the second quarter but falling 5.80% in the half.

On the bond side, the quarter brought a 0.68% drop, a bit worse than the performance for the stock portion for the same period. For the half year, the bond component was much stronger, rising 0.40% vs. the nearly 11% drop of the stock portion.

Columbia Thermostat Fund hit three reallocation triggers during the period. We increased bond exposure in May and stock exposure twice in June as a result of market movements. The reallocations caused the Fund to hold fewer equities when the market was more expensive and more equities when the market became less expensive. At the end of the period, the Fund had 70% of its assets in stock funds. For more information on the market and why we think this equity allocation is appropriate in the current environment, see the discussion of price-earnings ratios and the S&P 500 Index included in "Squirrel Chatter II" on Page 5.

Results of the Portfolio Funds Owned by Columbia Thermostat Fund

at June 30, 2008

Stock Funds Fund	Weightings in category			2nd quarter returns			Year to date returns to 6/30/08
Columbia Acorn Fund Z		15	%		0.90	%		-9.05	%
Columbia Acorn Select Z		10	%		9.42	%		-5.80	%
Columbia Marsico Growth Fund		15	%		-0.30	%		-13.31	%
Columbia Acorn International Z		15	%		-1.85	%		-8.83	%
Columbia Dividend Income Fund		20	%		-3.99	%		-11.45	%
Columbia Large Cap Enhanced Core Fund		25	%		-2.35	%		-12.97	%
Weighted Average Equity Return/Loss		100	%		-0.67	%		-10.75	%
Bond Funds Fund	Weightings in Category			2nd quarter returns			Year to date returns to 6/30/08
Columbia Intermediate Bond Fund		50	%		-0.44	%		0.00	%
Columbia U.S. Treasury Index Fund		30	%		-2.17	%		2.19	%
Columbia Conservative High Yield Fund		20	%		0.88	%		-1.37	%
Weighted Average Income Return		100	%		-0.68	%		0.40	%

Columbia Thermostat Fund
Rebalancing in the Second Quarter

May 1, 2008:	60% stocks, 40% bonds
June 4, 2008:	65% stocks, 35% bonds
June 23, 2008:	70% stocks, 30% bonds

The value of an investment in the Fund is based primarily on the performance of the underlying portfolio funds and the allocation of the Fund's assets among them. An investment in the underlying portfolio funds may present certain risks, including stock market fluctuations that occur in response to economic and business developments; and a greater degree of social, political and economic volatility associated with international investing. Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Changes in interest rates and changes in the financial strength of issuers of lower-rated bonds may also affect underlying fund performance. The Fund is also subject to the risk that the investment advisor's decisions regarding asset classes and underlying portfolio funds will not anticipate market trends successfully, resulting in a failure to preserve capital or lower total return. In addition, the Fund may buy and sell shares of the portfolio funds frequently. This may result in higher transaction costs and additional tax liability. This is not an offer of the shares of any other mutual fund mentioned herein.

18

Columbia Thermostat Fund (CTFAX)

At a Glance

Performance data quoted represents past performance and current performance may be higher or lower. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Performance may reflect any voluntary waivers or reimbursements of Fund expenses by the Advisor or any of its affiliates. Absent these waivers or reimbursement arrangements, performance results may be lower. Visit columbiamanagement.com for daily and most recent month-end updates.

Pretax and After-tax Average Annual Total Returns (Based on Class A Share Returns)

through June 30, 2008

Inception 3/3/03		Year to date*		1 year		5 years		Life of fund
Returns before taxes	NAV POP		-4.65% -10.13		-1.04% -6.73		7.47% 6.21		9.33% 8.12
Returns after taxes on distributions	NAV POP		-4.79 -10.27		-3.49 -9.04		5.74 4.49		7.67 6.48
Returns after taxes on distributions and sale of fund shares	NAV POP		-2.94 -6.51		-0.28 -4.00		5.72 4.63		7.41 6.34
S&P 500 (pretax)			-11.91		-13.12		7.58		10.21
Lehman Brothers U.S. Aggregate Bond Index† (pretax)			1.13		7.12		3.86		4.08
Lehman Brothers U.S. Credit Intermediate Bond Index (pretax)			0.27		4.55		3.26		3.86
Lipper Flexible Portfolio Funds Index (pretax)			-4.65		-2.16		8.99		10.88

All results shown assume reinvestment of distributions.

†Effective July 1, 2008, Columbia Thermostat Fund changed its primary benchmark for debt securities to the Lehman Brothers U.S. Aggregate Bond Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions and sale of Fund shares reflect the tax impact of gains or losses realized when Fund shares are sold. The returns are taxed at the maximum rate and assume shares were purchased at the beginning of the period. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Indexes do not reflect any deduction for fees, expenses or taxes.

Investment returns and principal value may fluctuate, resulting in a gain or loss on sale.

Public offering price (POP) returns include the maximum sales charge of 5.75% for Class A shares. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC).

The Fund's annual operating expense ratio, as stated in the current prospectus, reflects a contractual expense waiver or reimbursement that expires April 30, 2009. Class A expense ratios without and with the contractual waiver, including fees and expenses associated with the Fund's investment in other investment companies, are 1.38% and 1.20%, respectively. Absent the waiver or reimbursement, performance results would have been lower.

*Year to date data is not annualized.

Columbia Thermostat Fund Asset Allocation

as a percentage of net assets as of 6/30/08

Columbia Thermostat Fund Portfolio Weightings

as a percentage of assets in each investment category as of 6/30/08

Stock Mutual Funds

Columbia Large Cap Enhanced Core Fund	25	%
Columbia Dividend Income Fund	20	%
Columbia Acorn Fund	15	%
Columbia Acorn International	15	%
Columbia Marsico Growth Fund	15	%
Columbia Acorn Select	10	%

Bond Mutual Funds

Columbia Intermediate Bond Fund	50	%
Columbia U.S. Treasury Index Fund	30	%
Columbia Conservative High Yield Fund	20	%

The Growth of a $10,000 Investment in Columbia Thermostat Fund (Class A)

March 3, 2003 through June 30, 2008

Illustration is based on a hypothetical $10,000 investment from inception in Class A shares of the Fund, which includes a 5.75% maximum initial sales charge. The Lehman Brothers U.S. Aggregate bond index became the Fund's primary benchmark for debt securities effective July 1, 2008. The Fund changed to this debt benchmark because the Advisor believes it is a more appropriate comparison to the Fund's investments. The indexes are unmanaged and returns for both the indexes and the Fund include reinvested dividends and capital gains. It is not possible to invest directly in an index. The graph does not reflect taxes that a shareholder would pay on Fund distributions or on a sale of Fund shares.

Total Net Assets of the Fund: $199.3million

19

Columbia Acorn Fund

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Information
ANSYS		1,400,000		1,550,000
Avnet		3,000,000		3,240,000
Bally Technologies		3,150,000		3,400,000
Ciena		540,000		655,000
Cogent Communications		3,200,000		3,500,000
Dolby Laboratories		1,150,000		1,255,000
Hamamatsu Photonics (Japan)		0		400,000
Infogroup		800,000		2,000,000
Informatica		4,900,000		5,700,000
IPG Photonics		1,800,000		2,000,000
IXYS		1,905,000		2,035,000
Mediacom Communications		1,500,000		2,500,000
MetroPCS Communications		1,000,000		1,200,000
Mettler Toledo		750,000		900,000
Pericom Semiconductor		301,000		430,000
Prisa (Spain)		800,000		900,000
Radiant Systems		2,850,000		3,050,000
Rofin-Sinar Technologies		0		575,000
Stratasys		775,000		920,000
Virtusa		0		406,531
Zebra Technologies		1,100,000		1,155,000
Industrial Goods & Services
Aalberts Industries (Netherlands)		2,758,309		2,822,455
Albemarle		560,000		900,000
Allied Waste Industries		3,330,000		4,130,000
Aptargroup		300,000		350,000
Cytec Industries		650,000		1,000,000
Haynes International		0		322,790
Intrepid Potash		0		101,500
Mine Safety Appliances		1,814,000		2,050,000
MOOG		1,000,000		1,100,000
Oshkosh Truck		1,300,000		1,900,000
Toro		1,150,000		1,350,000
Energy & Minerals
Bristow		0		115,515
Cabot Oil & Gas		0		350,000
Fugro (Netherlands)		3,900,000		3,988,636
Rex Energy		0		745,627
SBM Offshore (Netherlands)		640,200		655,814
Synthesis Energy Systems		0		1,730,000
UTS Energy (Canada)		0		762,000
Consumer Goods & Services
Choice Hotels		1,500,000		2,100,000
Life Time Fitness		600,000		925,000
Lululemon Athletica		0		700,000
Royal Caribbean Cruises		0		1,000,000
Smart Balance		2,765,000		4,600,000

	Number of Shares
	03/31/08		06/30/08
Consumer Goods & Services—continued
Talbots		0		2,523,067
Thor Industries		1,050,000		1,250,000
Finance
Conseco		6,650,000		8,250,000
Greene County Bancshares		135,000		338,165
H&E Equipment Services		1,465,000		2,500,000
Nara Bancorp		1,194,000		1,700,000
Navigators Group		0		564,515
SVB Financial Group		200,000		400,000
Valley National Bancorp		2,600,000		2,730,000
Health Care
Arena Pharmaceuticals		2,500,000		2,750,000
Array Biopharma		2,660,000		2,910,000
Auxilium Pharmaceuticals		770,000		1,660,000
Immucor		0		500,000
Luminex		0		375,000
Medarex		2,550,000		3,050,000
Neurogen		2,300,000		2,770,000
Pediatrix Medical Group		0		300,000
Pharmacopeia		1,675,000		2,000,000
Other Industries
BioMed Realty Trust		1,000,000		1,360,000
Corporate Office Properties		0		715,000

See accompanying notes to financial statements.

20

	Number of Shares
	03/31/08		06/30/08
Sales
Information
Activision		750,000		650,000
Agilysys		535,000		0
Avid Technology		1,370,000		1,100,000
Belden CDT		2,355,000		2,125,000
CNET Networks		4,000,000		0
Equinix		225,000		0
Excel Technology		735,000		659,777
International Game Technology		2,400,000		2,115,000
Jabil Circuit		690,000		0
Lions Gate Entertainment		4,000,000		2,000,000
Marchex		1,700,000		0
Netgear		1,110,000		870,000
Parametric Technology		1,800,000		0
Sanmina-SCI		29,500,000		24,250,000
SES Global (France)		2,538,800		1,456,700
Shuffle Master		2,430,000		1,050,000
Sohu.com (China)		700,000		0
Taylor Nelson Sofres (United Kingdom)		1,608,215		0
Telephone & Data Systems		350,000		0
Tellabs		15,600,000		15,374,600
Industrial Goods & Services
Carbone Lorraine (France)		334,000		267,200
Gibraltar Industries		982,000		0
Hexagon (Sweden)		4,471,900		4,150,500
Intertek Testing (United Kingdom)		900,000		800,000
Pall		2,250,000		1,400,000
Waste Connections		2,550,000		2,250,000
Watsco		2,375,000		2,100,000
Zumtobel (Austria)		449,718		0
Energy & Minerals
XTO Energy		3,000,000		2,675,000
Consumer Goods & Services
AnnTaylor Stores		1,223,000		0
Carnival		400,000		0
Chico's FAS		7,600,000		4,930,000
Genesco		775,000		0
Harley-Davidson		400,000		0
IAWS Group (Ireland)		810,000		700,000
International Speedway		900,000		800,751
RONA (Canada)		446,000		0
Scotts Miracle-Gro		2,600,000		1,000,000

	Number of Shares
	03/31/08		06/30/08
Finance
Anchor Bancorp Wisconsin		774,000		526,000
Glacier Bancorp		2,996,000		2,246,000
HCC Insurance Holdings		3,965,000		3,565,000
Markel		149,000		107,447
Meadowbrook Insurance Group		2,000,000		1,917,308
Philadelphia Consolidated Holding		2,390,000		2,120,000
Washington Federal		2,725,000		1,825,000
West Bancorporation		1,312,000		1,057,061
Health Care
Barrier Therapeutics		1,780,000		0
BioMarin		3,610,000		2,441,000
Collagenex Pharmaceuticals		1,200,000		0
Lincare Holdings		1,300,000		1,000,000
Medicis Pharmaceutical		550,000		0
Orthofix International		1,443,000		775,030
United Drug (Ireland)		2,750,000		2,456,700
Other Industries
DiamondRock Hospitality		3,300,000		1,900,000
Forest City Enterprises, Class B		1,398,000		1,188,000
Grupo Aeroportuario del Surest - ADR (Mexico)		634,000		0
Parkway Properties		628,000		0

ADR=American Depositary Receipts

See accompanying notes to financial statements.

21

Columbia Acorn Fund

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 97.5%
Information 25.2%
		> Business Software 3.8%
	5,700,000	Informatica (a)(b)	$	85,728
		Enterprise Data Integration Software
	2,800,000	Micros Systems (a)		85,372
		Information Systems for Restaurants & Hotels
	12,400,000	Novell (a)		73,036
		Directory, Operating System & Identity Management Software
	1,550,000	ANSYS (a)		73,036
		Simulation Software for Engineers & Designers
	3,000,000	Red Hat (a)		62,070
		Maintenance & Support for Opensource
	1,950,000	Quality Systems (b)		57,096
		IT Systems for Medical Groups & Ambulatory Care Centers
	1,400,000	Concur Technologies (a)		46,522
		Web Enabled Cost & Expense Management Software
	2,425,000	Kenexa (a)(b)		45,687
		Recruiting & Workforce Management Solutions
	1,800,000	Blackbaud		38,520
		Software & Services for Non-profits
	3,050,000	Radiant Systems (a)(b)		32,727
		Point of Sale Systems: Convenience Stores & Restaurants
	3,500,000	Epicor (a)(b)		24,185
		Software Systems to Run Small Businesses
	1,100,000	Avid Technology (a)		18,689
		Digital Nonlinear Editing Software & Systems
	3,343,000	Actuate (a)(b)		13,071
		Information Delivery Software & Solutions
				655,739
		> Instrumentation 3.5%
	6,000,000	Flir Systems (a)		243,420
		Infrared Cameras
	3,240,000	Trimble Navigation (a)		115,668
		GPS-based Instruments
	900,000	Mettler Toledo (a)		85,374
		Laboratory Equipment
	900,000	Varian (a)		45,954
		Analytical Instruments
	600,000	Dionex (a)		39,822
		Ion & Liquid Chromatography
	2,000,000	IPG Photonics (a)		37,620
		Fiber Lasers
	1,160,000	FARO Technologies (a)(b)		29,197
		Precision Measurement Equipment
	400,000	Hamamatsu Photonics (Japan)		10,378
		Optical Sensors for Medical & Industrial Applications
				607,433
		> Computer Hardware & Related Equipment 3.3%
	3,800,000	Amphenol		170,544
		Electronic Connectors
	2,400,000	II-VI (a)(b)		83,808
		Laser Components

Number of Shares			Value (000)
	2,125,000	Belden CDT	$	71,995
		Specialty Cable
	1,255,000	Dolby Laboratories (a)		50,577
		Audio Technology for Consumer Electronics
	1,155,000	Zebra Technologies (a)		37,699
		Bar Code Printers
	1,615,000	Teradata (a)		37,371
		Enterprise Data Warehouse Systems
	1,100,000	Nice Systems - ADR (Israel) (a)		32,527
		Audio & Video Recording Solutions
	575,000	Rofin-Sinar Technologies (a)		17,365
		Laser Systems
	920,000	Stratasys (a)		16,983
		Rapid Prototyping Systems
	659,777	Excel Technology (a)(b)		14,726
		Laser Systems & Electro-optical Components
	870,000	Netgear (a)		12,058
		Networking Products for Small Business & Home
	305,000	Rogers (a)		11,465
		Printed Circuit Board Laminates & High-performance Foams
	500,000	Intermec (a)		10,540
		Bar Code & Wireless LAN Systems
				567,658
		> Mobile Communications 2.0%
	4,500,000	Crown Castle International (a)		174,285
		Communications Towers
	3,500,000	American Tower (a)		147,875
		Communications Towers in USA & Mexico
	1,200,000	MetroPCS Communications (a)		21,252
		Discount Cellular Telephone Services
	1,500,000	Globalstar (a)		4,245
		Satellite Mobile Voice & Data Carrier
				347,657
		> Gaming Equipment & Services 1.5%
	3,400,000	Bally Technologies (a)(b)		114,920
		Slot Machines & Software
	3,000,000	Scientific Games (a)		88,860
		Lottery Services Provider
	2,115,000	International Game Technology		52,833
		Slot Machines & Progressive Slots
	1,050,000	Shuffle Master (a)		5,187
		Card Shufflers & Casino Games
				261,800
		> Semiconductors & Related Equipment 1.5%
	2,340,000	Microsemi (a)		58,921
		Analog/Mixed-signal Semiconductors
	1,420,000	Littelfuse (a)(b)		44,801
		Little Fuses
	3,614,000	ON Semiconductor (a)		33,140
		Mixed-signal & Power Management Semiconductors
	2,600,000	Integrated Device Technology (a)		25,844
		Communications Semiconductors
	2,035,000	IXYS (a)(b)		24,298
		Power Semiconductors
	1,035,000	Supertex (a)(b)		24,157
		Mixed-signal Semiconductors

See accompanying notes to financial statements.

22

Number of Shares			Value (000)
		> Semiconductors & Related Equipment—continued
	3,000,000	Entegris (a)	$	19,650
		Semiconductor Wafer Shipping & Handling Products
	6,591,493	Everlight Electronics (Taiwan)		17,026
		LED Packager
	430,000	Pericom Semiconductor (a)		6,381
		Interface ICs & Frequency Control Products
				254,218
		> CATV 1.3%
	4,500,000	Discovery Holding (a)		98,820
		CATV Programming
	83,000	Jupiter Telecommunications (Japan)		64,330
		Largest Cable Service Provider in Japan
	1,500,000	Liberty Global, Series C (a)		45,540
		CATV Franchises Outside the USA
	2,500,000	Mediacom Communications (a)		13,350
		CATV Franchises
				222,040
		> Telephone Services 1.3%
	8,100,000	TW Telecom (a)(b)		129,843
		Fiber Optic Telephone/Data Services
	3,500,000	Cogent Communications (a)(b)		46,900
		Internet Data Pipelines
	3,500,000	PAETEC Holding (a)		22,225
		Telephone/Data Services for Business
	3,000,000	General Communications (a)(b)		20,610
		CATV, Web, Phone & Commercial Communications Provider in Alaska
				219,578
		> Financial Processors 1.1%
	2,774,000	Global Payments		129,269
		Credit Card Processor
	2,500,000	Hong Kong Exchanges and Clearing (Hong Kong)		36,551
		Hong Kong Equity & Derivatives Market Operator
	4,000,000	Singapore Exchange (Singapore)		20,315
		Singapore Equity & Derivatives Market Operator
				186,135
		> Internet Related 1.0%
	9,500,000	SkillSoft - ADR (a)(b)		85,880
		Web-based Learning Solutions (E-Learning)
	3,400,000	ValueClick (a)		51,510
		Internet Advertising
	2,000,000	Switch & Data Facilities (a)(b)		33,980
		Network Neutral Data Centers
	1,400,000	TheStreet.com		9,114
		Financial Information Website Publisher
				180,484
		> Business Information & Marketing Services 0.8%
	2,500,000	Navigant Consulting (a)(b)		48,900
		Financial Consulting Firm

Number of Shares			Value (000)
	1,500,000	Viad (b)	$	38,685
		Trade Show Services, Travel & Tours
	420,000	FTI Consulting (a)		28,753
		Financial Consulting Firm
	2,000,000	Voyager Learning (a)(b)		10,900
		Education Services for the K-12 Market
	2,000,000	Infogroup		8,780
		Business Data for Sales Leads
	250,000	Getty Images (a)		8,483
		Photographs for Publications & Electronic Media
				144,501
		> Telecommunications Equipment 0.8%
	15,374,600	Tellabs (a)		71,492
		Telecommunications Equipment
	2,030,000	Polycom (a)		49,451
		Video Conferencing Equipment
	655,000	Ciena (a)		15,176
		Optical Transport & Broadband Access Equipment
				136,119
		> Publishing 0.6%
	1,200,000	NAVTEQ (a)		92,400
		Map Data for Electronic Devices
	1,300,000	Informa Group (United Kingdom)		10,694
		Global Publisher & Event Organizer
	900,000	Prisa (Spain)		9,636
		Leading Spanish-speaking Publisher
				112,730
		> Computer Services 0.6%
	5,000,000	iGate (a)(b)		40,650
		IT & Business Process Outsourcing Services
	4,600,000	Hackett Group (a)(b)		26,404
		IT Integration & Best Practice Research
	1,150,000	SRA International (a)		25,829
		Government IT Services
	406,531	Virtusa (a)		4,118
		Offshore IT Outsourcing
				97,001
		> Electronics Distribution 0.5%
	3,240,000	Avnet (a)		88,387
		Electronic Components Distribution
				88,387
		> Consumer Software 0.5%
	3,000,000	THQ (a)		60,780
		Entertainment Software
	650,000	Activision (a)		22,145
		Entertainment Software
				82,925
		> Contract Manufacturing 0.4%
	1,475,000	Plexus (a)		40,828
		Electronic Manufacturing Services
	24,250,000	Sanmina-SCI (a)		31,040
		Electronic Manufacturing Services
				71,868

See accompanying notes to financial statements.

23

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Satellite Broadcasting & Services 0.3%
	1,456,700	SES Global (France)	$	36,925
		Satellite Broadcasting Services
	520,000	Liberty Media - Entertainment (a)		12,600
		Satellite TV Operations & CATV Programming
				49,525
		> Television Programming 0.1%
	2,000,000	Lions Gate Entertainment (a)		20,720
		Film & TV Studio
				20,720
		> Advertising 0.1%
	1,250,000	VisionChina Media - ADR (China) (a)		19,838
		Advertising on Digital Screens in China's Mass Transit System
				19,838
		> Radio 0.1%
	1,400,000	Saga Communications (a)(b)		7,014
		Radio Stations in Small- & Mid-sized Cities
	1,500,000	Cumulus Media (a)		5,910
		Radio Stations in Small Cities
	1,541,000	Salem Communications (b)		3,036
		Radio Stations for Religious Programming
	2,400,000	Spanish Broadcasting System (a)(b)		2,736
		Spanish Language Radio Stations
				18,696
		> TV Broadcasting 0.1%
	2,500,000	Entravision Communications (a)		10,050
		Spanish Language TV & Radio Stations
	1,750,000	Gray Television		5,023
		Mid-market Affiliated TV Stations
				15,073
Information: Total				4,360,125
Industrial Goods & Services 18.9%
		> Machinery 7.2%
	5,000,000	Ametek		236,100
		Aerospace/Industrial Instruments
	4,200,000	Donaldson (b)		187,488
		Industrial Air Filtration
	3,500,000	Clarcor (b)		122,850
		Mobile & Industrial Filters
	2,200,000	ESCO Technologies (a)(b)		103,224
		Automatic Electric Meter Readers
	2,850,000	Pentair		99,807
		Pumps & Water Treatment
	1,800,000	Kaydon (b)		92,538
		Specialized Friction & Motion Control Products
	1,250,000	Nordson		91,112
		Dispensing Systems for Adhesives & Coatings
	2,050,000	Mine Safety Appliances (b)		81,980
		Safety Equipment
	1,400,000	Pall		55,552
		Filtration & Fluids Clarification
	1,350,000	Toro		44,915
		Turf Maintenance Equipment

Number of Shares			Value (000)
	1,100,000	MOOG (a)	$	40,964
		Motion Control Products for Aerospace, Defense & Industrial Markets
	1,900,000	Oshkosh Truck		39,311
		Specialty Truck Manufacturer
	423,000	Lincoln Electric		33,290
		Welding Equipment & Consumables
	360,000	Union Tool (Japan)		10,476
		Precision Drill Bit Manufacturer
				1,239,607
		> Other Industrial Services 3.1%
	5,500,000	Expeditors International of Washington		236,500
		International Freight Forwarder
	1,900,000	Forward Air (b)		65,740
		Freight Transportation Between Airports
	2,250,000	UTI Worldwide		44,887
		Global Logistics & Freight Forwarding
	1,750,000	Mobile Mini (a)(b)		35,000
		Portable Storage Units Leasing
	2,000,000	American Reprographics (a)		33,300
		Document Management & Logistics
	2,300,000	TrueBlue (a)(b)		30,383
		Temporary Manual Labor
	1,122,000	Imtech (Netherlands)		26,374
		Engineering & Technical Services
	2,000,000	American Commercial Lines (a)		21,860
		Operator/Builder of Inland Barges
	600,000	G&K Services		18,276
		Uniform Rental
	800,000	Intertek Testing (United Kingdom)		15,744
		Testing, Inspection & Certification Services
	615,000	TAL International Group		13,985
		Intermodal Freight Containers Leasing
				542,049
		> Industrial Materials & Specialty Chemicals 2.3%
	1,950,000	Sociedad Quimica y Minera de Chile - ADR (Chile)		90,870
		Producer of Specialty Fertilizers, Lithium & Iodine
	1,000,000	Cytec Industries		54,560
		Aerospace Composites & Specialty Chemical
	600,000	Greif		38,418
		Industrial Packaging
	1,260,000	Albany International		36,540
		Paper Machine Clothing & Advanced Textiles
	400,000	Novozymes (Denmark)		36,144
		Industrial Enzymes
	900,000	Albemarle		35,919
		Refinery Catalysts & Other Specialty Chemicals
	15,000	Sika (Switzerland)		23,611
		Chemicals for Construction & Industrial Applications
	1,378,000	Drew Industries (a)(b)		21,979
		RV & Manufactured Home Components
	2,850,000	Kansai Paint (Japan)		19,727
		Paint Producer in Japan, India, China & Southeast Asia

See accompanying notes to financial statements.

24

Number of Shares			Value (000)
		> Industrial Materials & Specialty Chemicals—continued
	267,200	Carbone Lorraine (France)	$	14,728
		Advanced Industrial Materials
	350,000	Aptargroup		14,683
		Dispensing Systems for Consumer Products & Pharmaceuticals
	101,500	Intrepid Potash (a)		6,677
		U.S. Potash Producer
				393,856
		> Industrial Distribution 1.9%
	1,925,000	Airgas		112,401
		Industrial Gas Distributor
	1,300,000	WW Grainger		106,340
		Industrial Distribution
	2,100,000	Watsco (b)		87,780
		HVAC Distribution
	1,700,000	Interline Brands (a)(b)		27,081
		Industrial Distribution
				333,602
		> Construction 1.4%
	750,000	Martin Marietta Materials		77,692
		Aggregates
	2,200,000	Simpson Manufacturing		52,228
		Wall Joint Maker
	850,000	Texas Industries		47,711
		Aggregates, Cement & Concrete
	775,000	Vulcan Materials		46,330
		Aggregates, Concrete & Asphalt
	484,000	M/I Homes		7,613
		Home Builder
				231,574
		> Conglomerates 0.9%
	4,150,500	Hexagon (Sweden)		75,809
		Measurement Equipment & Polymers
	2,822,455	Aalberts Industries (Netherlands)		53,326
		Flow Control & Heat Treatment
	600,000	Ibiden (Japan)		21,811
		Electronic Parts & Ceramics
				150,946
		> Outsourcing Services 0.8%
	2,300,000	Quanta Services (a)		76,521
		Electrical & Telecom Construction Services
	2,025,000	Administaff (b)		56,477
		Professional Employer Organization
	600,000	GP Strategies (a)		6,030
		Training Programs
				139,028
		> Waste Management 0.7%
	2,250,000	Waste Connections (a)		71,842
		Solid Waste Management
	4,130,000	Allied Waste Industries (a)		52,121
		Solid Waste Management
				123,963
		> Electrical Components 0.4%
	1,100,000	Acuity Brands		52,888
		Commercial Lighting Fixtures

Number of Shares			Value (000)
	1,125,000	Ushio (Japan)	$	18,382
		Industrial Light Sources
				71,270
		> Steel 0.2%
	550,000	Commercial Metals		20,735
		Vertically Integrated Steelmaker
	322,790	Haynes International (a)		18,576
		Producer of High Performance Alloys
				39,311
Industrial Goods & Services: Total				3,265,206
Energy & Minerals 14.6%
		> Oil & Gas Producers 7.1%
	2,700,000	Ultra Petroleum (a)		265,140
		Oil & Gas Producer
	2,675,000	XTO Energy		183,264
		Oil & Gas Producer
	3,600,000	Southwestern Energy (a)		171,396
		Oil & Gas Producer
	2,400,000	Equitable Resources		165,744
		Natural Gas Producer & Utility
	1,700,000	Carrizo Oil & Gas (a)(b)		115,753
		Explores for Natural Gas & Crude Oil
	1,500,000	Range Resources		98,310
		Oil & Gas Producer
	5,020,550	Pacific Rubiales Energy (Canada) (a)		66,123
		Oil Production & Exploration in Colombia
	1,400,000	Denbury Resources (a)		51,100
		Oil Producer Using Co2 Injection
	2,400,000	Tullow Oil (United Kingdom)		45,653
		Oil & Gas Producer
	350,000	Cabot Oil & Gas		23,706
		Large Natural Gas Producer in Appalachia & Gulf Coast
	745,627	Rex Energy (a)		19,685
		Oil & Gas Producer
	2,000,000	Vaalco Energy (a)		16,940
		Oil & Gas Producer
	762,000	UTS Energy (Canada) (a)		4,454
		Operator of Canadian Oil Sands Mines
				1,227,268
		> Oil Services 7.0%
	5,340,000	FMC Technologies (a)		410,806
		Oil & Gas Wellhead Manufacturer
	3,988,636	Fugro (Netherlands) (b)		340,685
		Oilfield Services
	1,200,000	Atwood Oceanics (a)		149,208
		Offshore Drilling Contractor
	1,055,000	Exterran Holdings (a)		75,422
		Natural Gas Compressor Rental & Fabrication
	1,675,000	Dresser-Rand Group (a)		65,493
		Largest Manufacturer of Compressors
	1,750,000	Tesco (a)		55,913
		Developing New Well Drilling Technologies
	1,988,000	Tetra Technologies (a)		47,135
		U.S.-based Service Company with Life of Field Approach

See accompanying notes to financial statements.

25

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Oil Services—continued
	1,283,100	ShawCor (Canada)	$	45,299
		Oil & Gas Pipeline Products
	655,814	SBM Offshore (Netherlands)		24,203
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	115,515	Bristow (a)		5,717
		Largest Provider of Helicopter Services to Offshore Oil & Gas Producers
				1,219,881
		> Mining 0.3%
	7,725,000	Uranium One (South Africa) (a)		36,364
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
	1,000,000	Ivanhoe Mines (Canada) (a)		10,836
		Copper Mine Project in Mongolia
				47,200
		> Oil Refining, Marketing & Distribution 0.1%
	435,000	Oneok		21,241
		Natural Gas Distribution, Pipeline Processing & Trading
				21,241
		> Alternative Energy 0.1%
	1,730,000	Synthesis Energy Systems (a)		15,570
		Owner/Operator of Gasification Plants
				15,570
Energy & Minerals: Total				2,531,160
Consumer Goods & Services 13.5%
		> Retail 3.1%
	3,140,000	Abercrombie & Fitch		196,815
		Teen Apparel Retailer
	4,850,000	Urban Outfitters (a)		151,272
		Apparel & Home Specialty Retailer
	1,975,000	J Crew Group (a)		65,195
		Multi-channel Branded Retailer
	2,523,067	Talbots		29,242
		Women's Specialty Retailer
	4,930,000	Chico's FAS (a)		26,474
		Women's Specialty Retailer
	700,000	Lululemon Athletica (a)		20,342
		Premium Active Apparel Retailer
	2,800,000	Christopher & Banks (b)		19,040
		Women's Apparel Retailer
	1,200,000	Gaiam (a)(b)		16,212
		Healthy Living Catalogs & E-Commerce
	550,000	Family Dollar		10,967
		Discount Retailer
				535,559
		> Other Consumer Services 2.0%
	2,200,000	ITT Educational Services (a)(b)		181,786
		Post-secondary Degree Services
	1,275,000	Weight Watchers International		45,403
		Weight Loss Programs
	925,000	Life Time Fitness (a)		27,334
		Sport & Fitness Club Operator

Number of Shares			Value (000)
	1,500,000	Career Education (a)	$	21,915
		Post-secondary Education
	1,500,000	Universal Technical Institute (a)(b)		18,690
		Vocational Training
	2,550,000	Princeton Review (a)(b)		17,238
		College Preparation Courses
	2,100,000	Park24 (Japan)		12,716
		Parking Lot Operator
	110,000	Pierre & Vacances (France)		11,316
		Vacation Apartment Lets
	100,000	Lincoln Technical Institute (a)		1,163
		Vocational Training
				337,561
		> Apparel 1.7%
	7,330,000	Coach (a)		211,691
		Designer & Retailer of Branded Leather Accessories
	3,000,000	Billabong International (Australia)		31,060
		Action Sports Apparel Brand Manager
	900,000	True Religion Apparel (a)		23,985
		Premium Denim
	1,069,000	Oxford Industries (b)		20,471
		Branded & Private Label Apparel
	550,000	Under Armour (a)		14,102
		Performance Apparel Wholesaler
				301,309
		> Travel 1.3%
	2,390,000	Vail Resorts (a)(b)		102,364
		Ski Resort Operator & Developer
	4,000,000	Expedia (a)		73,520
		Online Travel Services Company
	2,100,000	Choice Hotels		55,650
		Franchisor of Budget Hotel Brands
				231,534
		> Furniture & Textiles 1.1%
	4,000,000	Herman Miller (b)		99,560
		Office Furniture
	3,800,000	Knoll (b)		46,170
		Office Furniture
	2,000,000	HNI		35,320
		Office Furniture & Fireplaces
	600,000	American Woodmark		12,678
		Kitchen Cabinet Manufacturer
				193,728
		> Nondurables 1.0%
	1,010,000	Chattem (a)(b)		65,701
		Personal Care Products
	2,500,000	Jarden (a)		45,600
		Branded Household Products
	1,900,000	Helen of Troy (a)(b)		30,628
		Hair Dryers & Curling Irons
	1,000,000	Scotts Miracle-Gro		17,570
		Consumer Lawn & Garden Products
	225,000	Energizer Holdings (a)		16,445
		Household & Personal Care Products
				175,944

See accompanying notes to financial statements.

26

Number of Shares			Value (000)
		> Casinos & Gaming 0.8%
	1,700,000	Penn National Gaming (a)	$	54,655
		Regional Casino Operator
	4,050,000	Pinnacle Entertainment (a)(b)		42,485
		Regional Casino Operator
	2,380,000	Intralot (Greece)		40,844
		Lottery & Gaming Systems & Services
				137,984
		> Leisure Products 0.7%
	800,751	International Speedway		31,253
		Largest Motorsports Racetrack Owner & Operator
	1,416,000	Speedway Motorsports		28,858
		Motorsports Racetrack Owner & Operator
	1,250,000	Thor Industries		26,575
		RV & Bus Manufacturer
	5,410,390	Ducati Motor (Italy) (a)		13,945
		Motorcycles & Related Merchandise
	2,766,000	Fleetwood Enterprises (a)		7,247
		RV & Manufactured Home Maker
	640,000	Winnebago		6,521
		Premier Motorhome Maker
				114,399
		> Restaurants 0.6%
	2,145,000	Sonic (a)		31,746
		Quick Service Restaurant
	1,000,000	Red Robin Gourmet Burgers (a)(b)		27,740
		Casual Dining Restaurant
	1,150,000	Cheesecake Factory (a)		18,296
		Casual Dining Restaurants
	1,800,000	AFC Enterprises (a)(b)		14,382
		Popeyes Restaurants
	800,000	California Pizza Kitchen (a)		8,952
		Casual Dining Restaurant
				101,116
		> Food & Beverage 0.6%
	1,600,000	Hansen Natural (a)		46,112
		Alternative Beverages
	4,600,000	Smart Balance (a)(b)		33,166
		Healthy Food Products
	700,000	IAWS Group (Ireland)		17,524
		Baked Goods
				96,802
		> Consumer Goods Distribution 0.3%
	2,890,000	Pool (b)		51,326
		Distributor of Swimming Pool Supplies & Equipment
				51,326
		> Cruise Lines 0.1%
	1,000,000	Royal Caribbean Cruises		22,470
		Largest Cruise Line
				22,470
		> Other Entertainment 0.1%
	435,000	CTS Eventim (Germany)		17,430
		Event Ticket Sales
				17,430

Number of Shares			Value (000)
		> Other Durable Goods 0.1%
	1,500,000	Champion Enterprises (a)	$	8,775
		Manufactured Homes
	172,000	Cavco Industries (a)		5,630
		Higher End Manufactured Homes
				14,405
Consumer Goods & Services: Total				2,331,567
Finance 12.3%
		> Insurance 4.0%
	1,748,000	Leucadia National		82,051
		Insurance Holding Company
	8,250,000	Conseco (a)		81,840
		Life, Long-term Care & Medical Supplement Insurance
	1,200,000	Assurant		79,152
		Specialty Insurance
	3,565,000	HCC Insurance Holdings		75,364
		Specialty Insurance
	2,120,000	Philadelphia Consolidated Holding (a)		72,017
		Specialty Insurance
	2,000,000	Delphi Financial Group		46,280
		Group Employee Benefit Products & Services
	107,447	Markel (a)		39,433
		Specialty Insurance
	995,000	Protective Life		37,860
		Life Insurance
	740,000	StanCorp Financial Group		34,750
		Group Life & Disability Insurance
	1,000,000	Endurance Specialty Holdings		30,790
		Commercial Lines Insurance/Reinsurance
	564,515	Navigators Group (a)		30,512
		Specialty Insurance
	1,420,000	Selective Insurance Group		26,639
		Commercial & Personal Lines Insurance
	1,000,000	Aspen Insurance		23,670
		Commercial Lines Insurance/Reinsurance
	1,917,308	Meadowbrook Insurance Group (b)		10,162
		Specialty Insurance Products & Services
	500,000	Stewart Information Services		9,670
		Title Company
				680,190
		> Banks 2.9%
	3,500,000	BOK Financial (b)		187,075
		Tulsa-based Southwest Bank
	3,511,000	Associated Banc-Corp		67,727
		Midwest Bank
	3,750,000	TCF Financial		45,113
		Great Lakes Bank
	1,960,000	MB Financial (b)		44,041
		Chicago Bank
	2,730,000	Valley National Bancorp		43,052
		New Jersey/New York Bank
	2,246,000	Glacier Bancorp		35,914
		Mountain States Bank
	400,000	SVB Financial Group (a)		19,244
		Bank to Venture Capitalists

See accompanying notes to financial statements.

27

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Banks—continued
	1,700,000	Nara Bancorp (b)	$	18,241
		Korean Focused L.A. Bank
	1,200,000	TriCo Bancshares (b)		13,140
		California Central Valley Community Bank
	1,057,061	West Bancorporation (b)		9,196
		Des Moines Commercial Bank
	837,000	West Coast Bancorp (b)		7,257
		Portland Small Business Bank
	450,000	First Busey		5,949
		Illinois Bank
	338,165	Greene County Bancshares		4,741
		Tennessee Bank
				500,690
		> Brokerage & Money Management 2.1%
	6,168,000	SEI Investments		145,071
		Mutual Fund Administration & Investment Management
	3,405,000	Eaton Vance		135,383
		Specialty Mutual Funds
	250,000	Affiliated Managers Group (a)		22,515
		Asset Manager Holding Company
	600,000	Lazard		20,490
		Investment & Acquistition Advisory
	600,000	Cohen & Steers		15,582
		Top REIT Fund Manager
	450,000	Investment Technology Group (a)		15,057
		Electronic Trading
	550,000	KBW (a)		11,319
		Investment Bank to Financial Industry
				365,417
		> Finance Companies 1.7%
	7,235,000	AmeriCredit (a)(b)		62,366
		Auto Lending
	1,675,000	World Acceptance (a)(b)		56,397
		Personal Loans
	2,000,000	McGrath Rentcorp (b)		49,180
		Temporary Space & IT Rentals
	795,000	GATX		35,242
		Rail Car Lessor
	2,500,000	H&E Equipment Services (a)(b)		30,050
		Heavy Equipment Leasing
	1,500,000	CAI International (a)(b)		26,100
		International Container Leasing & Management
	550,000	Aaron Rents		12,281
		Rent to Own
	850,000	Electro Rent		10,659
		Test & Measurement Rentals
	1,091,000	Marlin Business Services (a)(b)		7,561
		Small Equipment Leasing
				289,836
		> Savings & Loans 1.6%
	13,291,000	People's United		207,340
		Connecticut Savings & Loan
	750,000	Housing Development Finance (India)		33,713
		Indian Mortgage Lender
	1,825,000	Washington Federal		33,032
		Traditional Thrift

Number of Shares			Value (000)
	360,000	Provident New York Bancorp	$	3,982
		New York State Thrift
	526,000	Anchor Bancorp Wisconsin		3,687
		Wisconsin Thrift
				281,754
Finance: Total				2,117,887
Health Care 8.7%
		> Medical Equipment & Devices 2.6%
	1,350,000	Alexion Pharmaceuticals (a)		97,875
		Biotech Focused on Orphan Diseases
	3,516,000	Hologic (a)		76,649
		Diagnostic & Medical Imaging Equipment for Women's Health
	725,000	Illumina (a)		63,155
		Leading Tools & Service Provider for Genetic Analysis
	1,000,000	Edwards Lifesciences (a)		62,040
		Heart Valves
	870,000	Vital Signs (b)		49,398
		Anesthesia, Respiratory & Sleep Products
	700,000	Haemonetics (a)		38,822
		Blood & Plasma Collection Equipment
	700,000	Kinetic Concepts (a)		27,937
		Wound Healing & Tissue Repair
	775,030	Orthofix International (a)		22,437
		Bone Fixation & Stimulation Devices
				438,313
		> Health Care Services 1.9%
	1,400,000	Charles River Laboratories (a)		89,488
		Pharmaceutical Research
	1,650,000	Rhoen-Klinikum (Germany)		52,399
		Health Care Services
	3,000,000	Eresearch Technology (a)(b)		52,320
		Clinical Research Services
	1,250,000	Psychiatric Solutions (a)		47,300
		Behavioral Health Services
	2,250,000	PSS World Medical (a)		36,675
		Medical Supplies
	1,000,000	Lincare Holdings (a)		28,400
		Home Health Care Services
	300,000	Pediatrix Medical Group (a)		14,769
		Physician Management for Pediatric & Anesthesia Practices
	850,000	Healthcare Services Group		12,928
		Outsourced Services to Long-term Care Industry
				334,279
		> Biotechnology & Drug Delivery 1.8%
	2,441,000	BioMarin (a)		70,740
		Biotech Focused on Orphan Diseases
	1,660,000	Auxilium Pharmaceuticals (a)		55,809
		Biotech Focused on Niche Disease Areas
	3,970,000	Seattle Genetics (a)(b)		33,586
		Antibody-based Therapies for Cancer
	1,085,000	Amylin (a)		27,548
		Biotech Company Focused on Diabetes & Obesity
	550,000	Myriad Genetics (a)		25,036
		Drugs/Diagnostics Hybrid

See accompanying notes to financial statements.

28

Number of Shares			Value (000)
		> Biotechnology & Drug Delivery—continued
	220,000	United Therapeutics (a)	$	21,505
		Biotech Focused on Rare Diseases
	3,050,000	Medarex (a)		20,161
		Humanized Antibodies
	5,325,000	Nektar Therapeutics (a)(b)		17,839
		Drug Delivery Technologies
	2,750,000	Arena Pharmaceuticals (a)		14,273
		Novel Drug Targeting Technology
	2,910,000	Array Biopharma (a)(b)		13,677
		Drugs for Cancer & Inflammatory Diseases
	2,000,000	Pharmacopeia (a)(b)		7,660
		Biotech Company with Broad Early-stage Pipeline
	2,770,000	Neurogen (a)(b)		2,853
		Development-stage Biotech Focused on Neurology
	2,520,000	Decode Genetics (a)		2,318
		Drugs for Heart Attack, Asthma & Vascular Disease
	1,249,999	Perlegen Sciences (a)(c)		362
		Large Scale Gene Sequencing
	359,944	MicroDose Technologies (a)(c)		324
		Drug Inhaler Development
	187,500	Locus Pharmaceuticals, Series A-1, Pfd. (a)(c)		188
	96,644	Locus Pharmaceuticals, Series B-1, Pfd. (a)(c)		97
		High Throughput Rational Drug Design
				313,976
		> Medical Supplies 1.8%
	1,090,000	Henry Schein (a)		56,211
		Largest Distributor of Healthcare Products
	1,200,000	Owens & Minor		54,828
		Distribution of Medical Supplies
	2,200,000	QIAGEN (Netherlands) (a)		44,286
		Life Science Company; DNA/RNA Purification
	486,000	Techne (a)		37,612
		Cytokines, Antibodies & Other Reagents for Life Science
	1,250,000	ICU Medical (a)(b)		28,600
		Intravenous Therapy Products
	700,000	Cooper		26,005
		Contact Lens Manufacturer
	790,000	Meridian Biosciences		21,267
		Niche Diagnostics/Life Science Company
	400,000	Idexx Laboratories (a)		19,496
		Diagnostic Equipment & Services for Veterinarians
	500,000	Immucor (a)		12,940
		Automated Blood Typing
	375,000	Luminex (a)		7,706
		Instrument/Consumables Supplier
				308,951
		> Pharmaceuticals 0.6%
	1,115,000	Cephalon (a)		74,359
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	4,000,000	QLT (a)(b)		13,720
		Specialty Pharmaceuticals for Ophthalmology & Dermatology

Number of Shares			Value (000)
	2,456,700	United Drug (Ireland)	$	13,654
		Irish Pharmaceutical Wholesaler & Outsourcer
				101,733
Health Care: Total				1,497,252
Other Industries 4.3%
		> Real Estate 2.8%
	3,150,000	Gaylord Entertainment (a)(b)		75,474
		Convention Hotels
	860,000	Federal Realty Investment Trust		59,340
		Shopping Centers
	650,000	SL Green Realty		53,768
		Manhattan Office Buildings
	1,320,000	General Growth Properties		46,240
		Regional Shopping Malls
	635,000	Macerich Company		39,452
		Regional Shopping Malls
	1,188,000	Forest City Enterprises, Class B (b)		38,313
		Commercial & Residential Property Developer
	850,000	Digital Realty Trust		34,773
		Technology-focused Office Buildings
	1,360,000	BioMed Realty Trust		33,361
		Life Science-focused Office Buildings
	900,000	American Campus Communities		25,056
		Student Housing
	715,000	Corporate Office Properties		24,546
		Office Buildings
	1,720,000	Kite Realty Group (b)		21,500
		Community Shopping Centers
	1,900,000	DiamondRock Hospitality		20,691
		Hotel Owner
	8,200	Kenedix (Japan)		10,039
		Real Estate Investment Management
	37,407	Security Capital European Realty (Luxembourg) (a)(c)(d)		—
		Self Storage Properties
				482,553
		> Transportation 1.2%
	3,000,000	JB Hunt Transport Services		99,840
		Truck & Intermodal Carrier
	3,000,000	Heartland Express		44,730
		Regional Trucker
	38,000,000	Jiangsu Expressway (China)		31,142
		Chinese Toll Road Operator
	1,550,000	Rush Enterprises (a)(b)		18,616
		Truck Distribution
	5,000,000	China Shipping Development (China)		15,005
		China's Dominant Shipper for Oil & Coal
				209,333
		> Regulated Utilities 0.3%
	1,800,000	Northeast Utilities		45,954
		Regulated Electric Utility
				45,954
Other Industries: Total				737,840
Total Equities: 97.5% (Cost: $12,176,149)				16,841,037

See accompanying notes to financial statements.

29

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Principal Amount (000)			Value (000)
Short-Term Obligations 2.8%
		> Commercial Paper 2.7%
$	50,000	IBM International (e) 2.05% Due 7/01/08	$	50,000
		Nestle Capital: (e)
	46,000	2.04% Due 7/03/08		45,995
	40,000	2.14% Due 7/02/08		39,998
		General Electric Capital:
	46,000	1.95% Due 7/07/08		45,985
	40,000	2.00% Due 7/11/08		39,978
		Toyota Motor Credit:
	45,000	2.10% Due 7/08/08		44,982
	35,000	2.10% Due 7/10/08		34,982
	45,000	AT&T (e) 2.19% Due 7/14/08		44,964
	43,000	Walgreen (e) 2.27% Due 7/09/08		42,978
	43,000	Dupont Ei De Nemours (e) 2.15% Due 7/31/08		42,923
	35,000	United Parcel Service (e) 2.02% Due 7/09/08		34,984
				467,769
		> Repurchase Agreement 0.1%
	13,001	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $13,266 (repurchase proceeds $13,002)		13,001
				13,001
Total Short-Term Obligations: (Amortized Cost: $480,770)				480,770
Total Investments: 100.3% (Cost: $12,656,919)(f)(g)				17,321,807
Cash and Other Assets Less Liabilities: (0.3)%				(47,608	)
Total Net Assets: 100%			$	17,274,199

ADR = American Depositary Receipts

See accompanying notes to financial statements.

30

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Actuate		5,000,000		-		1,657,000		3,343,000	$	13,071	$	-
Administaff		2,025,000		-		-		2,025,000		56,477		446
AFC Enterprises		1,800,000		-		-		1,800,000		14,382		-
AmeriCredit		7,235,000		-		-		7,235,000		62,366		-
Array Biopharma		2,660,000		250,000		-		2,910,000		13,677		-
Bally Technologies		3,150,000		250,000		-		3,400,000		114,920		-
Barrier Therapeutics*		1,780,000		-		1,780,000		-		-		-
Belden CDT*		2,280,000		75,000		230,000		2,125,000		71,995		224
BOK Financial		3,500,000		-		-		3,500,000		187,075		1,488
CAI International		1,500,000		-		-		1,500,000		26,100		-
Carrizo Oil & Gas		1,656,000		44,000		-		1,700,000		115,753		-
Chattem		1,010,000		-		-		1,010,000		65,701		-
Christopher & Banks		2,800,000		-		-		2,800,000		19,040		336
Clarcor		3,500,000		-		-		3,500,000		122,850		560
Cogent Communications		2,836,000		664,000		-		3,500,000		46,900		-
Collagenex Pharmaceuticals*		1,200,000		-		1,200,000		-		-		-
Donaldson		4,200,000		-		-		4,200,000		187,488		924
Drew Industries		1,378,000		-		-		1,378,000		21,979		-
Epicor		3,500,000		-		-		3,500,000		24,185		-
Eresearch Technology		3,000,000		-		-		3,000,000		52,320		-
ESCO Technologies		2,200,000		-		-		2,200,000		103,224		-
Excel Technology		735,000		-		75,223		659,777		14,726		-
FARO Technologies		1,044,000		116,000		-		1,160,000		29,197		-
First Mutual Bancshares*		400,000		-		400,000		-		-		-
Forest City Enterprises, Class B		1,398,000		-		210,000		1,188,000		38,313		218
Forward Air		1,900,000		-		-		1,900,000		65,740		266
Fugro		3,900,000		88,636		-		3,988,636		340,685		7,601
Gaiam		1,200,000		-		-		1,200,000		16,212		-
Gaylord Entertainment		2,180,000		970,000		-		3,150,000		75,474		-
General Communications		2,241,000		759,000		-		3,000,000		20,610		-
Gibraltar Industries*		2,860,000		-		2,860,000		-		-		60
Glacier Bancorp*		4,246,000		-		2,000,000		2,246,000		35,914		941
H&E Equipment Services		600,000		1,900,000		-		2,500,000		30,050		-
Hackett Group		4,600,000		-		-		4,600,000		26,404		-
Helen of Troy		1,900,000		-		-		1,900,000		30,628		-
Herman Miller		4,000,000		-		-		4,000,000		99,560		704
ICU Medical		1,250,000		-		-		1,250,000		28,600		-
iGate		5,000,000		-		-		5,000,000		40,650		-
II-VI		2,400,000		-		-		2,400,000		83,808		-
Informatica		4,095,000		1,605,000		-		5,700,000		85,728		-
Interline Brands		1,700,000		-		-		1,700,000		27,081		-
ITT Educational Services		2,000,000		200,000		-		2,200,000		181,786		-
IXYS		1,905,000		130,000		-		2,035,000		24,298		-
Kaydon		1,696,000		104,000		-		1,800,000		92,538		540
Kenexa		2,425,000		-		-		2,425,000		45,687		-
Kite Realty Group		1,720,000		-		-		1,720,000		21,500		705
Knoll		3,400,000		400,000		-		3,800,000		46,170		912
Littelfuse		1,420,000		-		-		1,420,000		44,801		-
Marchex*		1,700,000		-		1,700,000		-		-		54
Marlin Business Services		1,100,000		-		9,000		1,091,000		7,561		-
MB Financial		1,240,000		720,000		-		1,960,000		44,041		619
McGrath Rentcorp		1,700,000		300,000		-		2,000,000		49,180		706
Meadowbrook Insurance Group		2,000,000		-		82,692		1,917,308		10,162		80
Mine Safety Appliances		1,814,000		236,000		-		2,050,000		81,980		891
Mobile Mini		1,750,000		-		-		1,750,000		35,000		-
Nara Bancorp		-		1,700,000		-		1,700,000		18,241		73
Navigant Consulting		2,500,000		-		-		2,500,000		48,900		-
Nektar Therapeutics		1,650,000		3,675,000		-		5,325,000		17,839		-

See accompanying notes to financial statements.

31

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Neurogen		2,300,000		470,000		-		2,770,000	$	2,853	$	-
Orthofix International*		1,330,000		113,000		667,970		775,030		22,437		-
Oxford Industries		1,069,000		-		-		1,069,000		20,471		385
Pharmacopeia		1,675,000		325,000		-		2,000,000		7,660		-
Pinnacle Entertainment		4,050,000		-		-		4,050,000		42,485		-
Pool		2,890,000		-		-		2,890,000		51,326		723
Princeton Review		2,550,000		-		-		2,550,000		17,238		-
QLT		4,000,000		-		-		4,000,000		13,720		-
Quality Systems		1,510,000		840,000		400,000		1,950,000		57,096		923
Radiant Systems		2,500,000		550,000		-		3,050,000		32,727		-
Red Robin Gourmet Burgers		1,000,000		-		-		1,000,000		27,740		-
Rush Enterprises		956,000		594,000		-		1,550,000		18,616		-
Saga Communications		1,400,000		-		-		1,400,000		7,014		-
Salem Communications		1,541,000		-		-		1,541,000		3,036		-
Sanmina-SCI*		29,500,000		-		5,250,000		24,250,000		31,040		-
Seattle Genetics		3,720,000		250,000		-		3,970,000		33,586		-
Shuffle Master*		2,430,000		-		1,380,000		1,050,000		5,187		-
SkillSoft - ADR		9,500,000		-		-		9,500,000		85,880		-
Smart Balance		1,500,000		3,100,000		-		4,600,000		33,166		-
Spanish Broadcasting System		2,400,000		-		-		2,400,000		2,736		-
Supertex		900,000		135,000		-		1,035,000		24,157		-
Switch & Data Facilities		2,000,000		-		-		2,000,000		33,980		-
TW Telecom		8,000,000		100,000		-		8,100,000		129,843		-
TriCo Bancshares		900,000		300,000		-		1,200,000		13,140		312
TrueBlue		2,300,000		-		-		2,300,000		30,383		-
Universal Technical Institute		1,500,000		-		-		1,500,000		18,690		135
Vail Resorts		2,390,000		-		-		2,390,000		102,364		-
Viad		1,453,000		47,000		-		1,500,000		38,685		120
Vital Signs		870,000		-		-		870,000		49,398		183
Voyager Learning		2,000,000		-		-		2,000,000		10,900		-
Watsco		2,375,000		-		275,000		2,100,000		87,780		2,019
West Bancorporation		1,312,000		-		254,939		1,057,061		9,196		402
West Coast Bancorp		1,437,000		-		600,000		837,000		7,257		307
World Acceptance		1,675,000		-		-		1,675,000		56,397		-
Total of Affiliated Transactions		242,812,000		21,010,636		21,031,824		242,790,812	$	4,306,751	$	23,857

*  At June 30, 2008, the Fund owned less than five percent or more of the company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $3,633,643 and $4,306,751, respectively. Investments in affiliate companies represented 24.9% of the Fund's total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $971, which represented less than 0.01% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Perlegen Sciences	3/30/01		1,249,999	$	4,500	$	362
Locus Pharmaceuticals, Series A-1, Pfd.	9/5/01		187,500		7,500		188
MicroDose Technologies	11/24/00		359,944		2,005		324
Locus Pharmaceuticals, Series B-1, Pfd.	2/8/07		96,644		280		97
Security Capital European Realty	8/20/98		37,407		205		-
				$	14,490	$	971

(d)  Security has no value.

(e)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $301,842, which represented 1.7% of net assets.

See accompanying notes to financial statements.

32

> Notes to Statements of Investments (dollar values in thousands)

(f)  At June 30, 2008, for federal income tax purposes cost of investments was $12,656,919 and net unrealized appreciation was $4,664,888 consisting of gross unrealized appreciation of $6,542,872 and gross unrealized depreciation of $1,877,984.

(g)  On June 30, 2008, the market value of foreign securities represented 9.17% of total net assets. The Fund's foreign portfolio was diversified as follows:

	Value		Percent
Netherlands	$	488,874		2.83	%
Japan		167,859		0.97
Canada		126,712		0.73
Chile		90,870		0.53
Sweden		75,809		0.44
United Kingdom		72,091		0.42
Germany		69,829		0.40
China		65,985		0.38
France		62,969		0.36
Greece		40,844		0.24
Hong Kong		36,551		0.21
South Africa		36,364		0.21
	Value		Percent
Denmark	$	36,144		0.21	%
India		33,713		0.19
Israel		32,527		0.19
Ireland		31,178		0.18
Australia		31,060		0.18
Switzerland		23,611		0.14
Singapore		20,315		0.12
Taiwan		17,026		0.10
Italy		13,945		0.08
Spain		9,636		0.06
Luxembourg		—		—
Total Foreign Portfolio	$	1,583,912		9.17	%

See accompanying notes to financial statements.

33

Columbia Acorn International

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Europe
> Netherlands
Aalberts Industries		1,947,042		1,992,322
Fugro		1,406,155		1,438,113
SBM Offshore		475,300		486,892
> United Kingdom
Capita Group		0		2,650,000
Detica		3,000,000		4,000,000
Informa Group		3,300,000		4,500,000
Intermediate Capital		0		328,630
Intertek Testing		2,250,506		2,430,000
Northgate		2,500,000		3,750,000
Rotork		1,200,000		1,300,000
> Germany
Hypo Real Estate Holding		0		675,000
Rational		160,000		185,000
> Sweden
Hexpol		0		1,078,950
> Finland
Ramirent		0		1,640,000
Stockmann		680,000		910,000
> Ireland
Paddy Power		600,000		761,300
> Poland
ING Bank Slaski		0		96,293
> Spain
Prisa		1,598,363		1,840,000
> Norway
Kongsberg Automotive		2,774,800		3,014,800
Asia
> Japan
Asics		1,849,800		2,524,800
Glory		0		600,000
Hamamatsu Photonics		384,500		580,000
Hitachi Construction Machinery		0		380,000
Kamigumi		1,700,000		3,000,000
Olympus		390,000		620,000
Tamron		387,500		785,000

	Number of Shares
	03/31/08		06/30/08
> China
Hopewell Highway Infrastructure		25,000,000		30,000,000
RexCapital Finance		0		82,654,300
TPV Technology		21,750,000		36,250,000
ZhongDe Waste Technology		0		282,500
> Singapore
CDL Hospitality Trust		4,679,000		22,920,000
Mapletree Logistics		32,136,100		45,768,300
OLAM		10,000,000		11,000,000
> India
JSW Steel		40,705		296,320
> Hong Kong
Hong Kong Aircraft Engineering		1,000,000		1,324,600
NagaCorp		0		50,000,000
Other Countries
> United States
Bristow		0		64,104
> Australia
Perpetual Trustees		700,000		800,000
Sino Gold		6,300,000		7,140,000
> Canada
CCL		593,000		670,000
Horizon North Logistics		1,241,000		1,790,000
UTS Energy		0		1,483,700
Xtreme Coil Drilling		0		328,100
> Kazakhstan
Halyk Savings Bank of Kazakhstan - GDR		0		1,193,313
> New Zealand
Sky City Entertainment		5,932,812		6,102,440
Latin America
> Brazil
Porto Seguro		2,400,000		3,000,000
> Mexico
Urbi Desarrollos Urbanos		7,000,000		8,310,700

See accompanying notes to financial statements.

34

	Number of Shares
	03/31/08		06/30/08
Sales
Europe
> Netherlands
OPG Groep		140,852		0
Smit Internationale		686,800		419,934
Wavin		1,525,000		1,497,493
> United Kingdom
Expro International Group		1,800,000		390,000
Taylor Nelson Sofres		7,037,600		3,456,000
> France
Carbone Lorraine		534,000		427,200
Eurofins Scientific		201,202		157,000
Iliad		501,000		250,000
SES Global		3,000,000		2,019,000
> Switzerland
Burckhardt Compression		115,000		100,000
Nobel Biocare Holding		75,000		0
Synthes		150,000		0
> Sweden
Hexagon		3,846,000		3,572,900
> Ireland
United Drug		9,126,659		8,040,094
> Poland
Central European Distribution		430,000		366,000
> Czech Republic
Komercni Banka		140,000		98,200
Asia
> Japan
Casio Computer		1,950,000		840,000
Hoya		800,000		400,000
Unicharm PetCare		844,000		689,000
> China
Sohu.com		400,000		0
Travelsky Technology		20,910,000		18,816,800

	Number of Shares
	03/31/08		06/30/08
Other Countries
> Canada
RONA		688,000		0
Latin America
> Brazil
BM&F		1,010,100		0
> Mexico
Megacable		4,000,000		0

GDR=Global Depositary Receipts

See accompanying notes to financial statements.

35

Columbia Acorn International

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 94.7%
Europe 44.8%
		> Netherlands 8.3%
	1,438,113	Fugro	$	122,835
		Oilfield Services
	1,566,533	Koninklijke TenCate (a)		55,914
		Advanced Textiles & Industrial Fabrics
	2,095,000	Imtech		49,246
		Engineering & Technical Services
	419,934	Smit Internationale		40,992
		Harbor & Offshore Towage & Marine Services
	1,992,322	Aalberts Industries		37,642
		Flow Control & Heat Treatment
	1,385,000	Unit 4 Agresso (a)		34,715
		Business & Security Software
	500,000	Vopak		33,890
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	1,088,187	Arcadis		24,672
		Engineering Consultant
	486,892	SBM Offshore		17,969
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	800,000	QIAGEN (b)		16,198
		Life Science Company; DNA/RNA Purification
	1,497,493	Wavin		12,402
		Largest European Plastic Pipe Systems Company
				446,475
		> United Kingdom 6.5%
	2,430,000	Intertek Testing		47,821
		Testing, Inspection & Certification Services
	4,500,000	Informa Group		37,018
		Global Publisher & Event Organizer
	2,650,000	Capita Group		36,289
		White Collar, Back Office Outsourcing
	3,000,000	Smith & Nephew		33,105
		Medical Equipment & Supplies
	640,000	Randgold Resources - ADR		29,555
		Gold Mining in Western Africa
	1,300,000	Rotork		28,406
		Valve Actuators for Oil & Water Pipelines
	4,666,716	RPS Group		27,840
		Environmental Consulting & Planning
	3,750,000	Northgate (a)		26,367
		Light Commercial Vehicle Rental Specialist
	4,000,000	Detica		21,133
		UK IT Services Company
	3,456,000	Taylor Nelson Sofres		15,988
		Market Research
	800,000	Tullow Oil		15,218
		Oil & Gas Producer
	1,000,000	Keller Group		12,449
		International Ground Engineering Specialist
	390,000	Expro International Group		12,421
		Offshore Oilfield Services
	328,630	Intermediate Capital		8,883
		European Provider of Mezzanine Capital
				352,493

Number of Shares			Value (000)
		> Germany 6.0%
	1,800,000	Rhoen-Klinikum	$	57,162
		Health Care Services
	575,000	Wincor Nixdorf		40,033
		Retail POS Systems & ATM Machines
	300,000	Vossloh		39,110
		Rail Infrastructure & Diesel Locomotives
	185,000	Rational		37,312
		Commercial Oven Manufacturer
	375,000	Elringklinger		35,537
		Automobile Components
	850,000	CTS Eventim		34,059
		Event Ticket Sales
	400,000	MPC Muenchmeyer Petersen Capital		21,066
		Alternative Asset Manager
	675,000	Hypo Real Estate Holding		19,002
		Real Estate & Public Sector Budget Finance
	210,000	Hamburger Hafen und Logistik		16,333
		Terminal Operator at the Hamburg Port
	918,000	Takkt		16,174
		Mail Order Retailer of Office & Warehouse Durables
	354,500	Deutsche Beteiligungs		8,964
		Private Equity Investment Management
				324,752
		> France 5.9%
	2,019,000	SES Global		51,179
		Satellite Broadcasting Services
	375,000	Norbert Dentressangle		35,277
		Transport
	384,300	Rubis		33,278
		Tank Storage & Liquefied Petroleum Gas Supplier
	280,000	Neopost		29,629
		Postage Meter Machines
	250,000	Iliad		24,302
		Alternative Internet & Telecoms Provider
	427,200	Carbone Lorraine		23,548
		Advanced Industrial Materials
	206,000	Pierre & Vacances		21,192
		Vacation Apartment Lets
	350,000	April Group		20,494
		Insurance Policy Construction
	251,000	Imerys		18,183
		Industrial Minerals Producer
	100,000	Ciments Francais		16,388
		Leading French & Emerging Markets Cement Producer
	656,700	Trigano		14,558
		Leisure Vehicles & Camping Equipment
	157,000	Eurofins Scientific		13,225
		Food Screening & Testing
	410,000	Meetic (b)		9,541
		Dating Services
	1,156,500	Hi-Media (b)		7,866
		Leading Online Advertiser in Europe
				318,660

See accompanying notes to financial statements.

36

Number of Shares			Value (000)
		> Switzerland 3.2%
	525,000	Kuehne & Nagel	$	49,876
		Freight Forwarding/Logistics
	24,000	Sika		37,778
		Chemicals for Construction & Industrial Applications
	250,000	Geberit		36,831
		Plumbing Supplies
	100,000	Burckhardt Compression		30,346
		Gas Compression Pumps
	17,500	Givaudan		15,641
		Fragrances & Flavors
				170,472
		> Sweden 2.8%
	3,572,900	Hexagon		65,259
		Measurement Equipment & Polymers
	3,235,000	SWECO		28,469
		Engineering Consultants
	10,400,000	Niscayah		22,622
		Commercial Security Installation & Service
	580,000	Holmen		17,046
		Integrated Pulp & Paper Manufacturer
	2,265,000	Nobia		11,020
		Kitchen Cabinet Manufacturing & Distribution
	1,078,950	Hexpol (b)		9,003
		Formulation & Production of Polymers
				153,419
		> Finland 2.2%
	1,756,000	Poyry		45,618
		Engineering Consultants
	910,000	Stockmann		35,174
		Department Stores in Finland, Baltics & Russia
	525,000	Cargotec		18,276
		Cargo & Load Handling Equipment
	1,640,000	Ramirent		17,093
		Largest Equipment Rental Company in Scandinavia & Central Eastern Europe
				116,161
		> Ireland 2.1%
	1,800,000	IAWS Group		45,061
		Baked Goods
	8,040,094	United Drug		44,685
		Irish Pharmaceutical Wholesaler & Outsourcer
	761,300	Paddy Power		23,973
		Irish Betting Services
				113,719
		> Italy 1.9%
	12,531,048	Ducati Motor (b)		32,297
		Motorcycles & Related Merchandise
	9,100,000	CIR		25,145
		Italian Holding Company
	1,312,470	GranitiFiandre		14,516
		Innovative Stoneware
	5,000,000	Amplifon		13,698
		Hearing Aid Retailer
	375,000	Sabaf		10,716
		Supplier to White Goods, Original Equipment Manufacturer

Number of Shares			Value (000)
	580,000	Cobra Automotive (b)	$	4,274
		Electronic Car Theft Protection
				100,646
		> Greece 1.2%
	3,790,000	Intralot		65,042
		Lottery & Gaming Systems & Services
				65,042
		> Russia 1.0%
	775,000	Novolipetsk Steel - GDR (b)		44,175
		Vertically Integrated Steel Producer
	349,271	RosBusinessConsulting - ADR		11,875
		Financial Information, Media & IT Services in Russia
				56,050
		> Austria 1.0%
	1,300,000	Zumtobel		29,679
		Lighting Systems
	600,000	Wienerberger		25,194
		Bricks & Clay Roofing Tiles
				54,873
		> Poland 0.9%
	366,000	Central European Distribution (b)		27,139
		Vodka Production & Alcohol Distribution
	96,293	ING Bank Slaski		18,752
		Polish Universal Bank
				45,891
		> Spain 0.8%
	400,000	Red Electrica de Espana		26,041
		Spanish Power Grid
	1,840,000	Prisa		19,700
		Leading Spanish-speaking Publisher
				45,741
		> Denmark 0.4%
	265,000	Novozymes		23,945
		Industrial Enzymes
				23,945
		> Czech Republic 0.4%
	98,200	Komercni Banka		22,967
		Leading Czech Universal Bank
				22,967
		> Norway 0.2%
	3,014,800	Kongsberg Automotive (b)		11,720
		Automotive Seating & Component Supplier
				11,720
Europe: Total				2,423,026
Asia 33.0%
		> Japan 16.1%
	8,250,000	Kansai Paint		57,106
		Paint Producer in Japan, India, China & Southeast Asia
	43,500	Jupiter Telecommunications (b)		33,715
		Largest Cable Service Provider in Japan
	840,000	Ibiden		30,535
		Electronic Parts & Ceramics

See accompanying notes to financial statements.

37

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Japan—continued
	3,200,000	Topcon	$	30,317
		Positioning & Medical Instrument
	1,580,000	Yusen Air & Sea Service		28,614
		Airfreight Logistics
	2,524,800	Asics		27,534
		Footwear & Apparel
	885,000	Aeon Mall		26,170
		Suburban Shopping Mall Developer, Owner & Operator
	4,000,000	Park24		24,222
		Parking Lot Operator
	5,500	Osaka Securities Exchange		23,153
		Osaka Securities Exchange
	97,000	Keyence		23,102
		Sensors & Measuring Devices for Automation
	1,490,000	FCC		22,929
		Auto/Motorcycle Clutches
	578,000	SYSMEX		22,753
		In Vitro Diagnostics (IVD) Equipment & Reagent Manufacturer
	3,000,000	Kamigumi		22,687
		Port Cargo Handling & Logistics
	8,800,000	Kansai Urban Banking		22,127
		Regional Bank
	863,200	Kintetsu World Express		22,071
		Airfreight Logistics
	18,000	Kenedix		22,037
		Real Estate Investment Management
	1,300,000	Ushio		21,241
		Industrial Light Sources
	620,000	Olympus		20,962
		Medical Equipment & Cameras
	689,000	Unicharm PetCare		20,569
		Pet Food & Pet Toiletries
	1,800,000	OSG		20,342
		Consumable Cutting Tools
	680,000	Union Tool		19,788
		Precision Drill Bit Manufacturer
	950,000	NGK Insulators		18,475
		Ceramic, Power & Electronics Parts
	4,000,000	Bank of Fukuoka		18,044
		Regional Bank
	1,500	Nippon Building Fund		17,658
		Office REIT
	163,700	Nakanishi		17,637
		Dental Tools & Machinery
	175,000	Hirose Electric		17,568
		Electrical Connectors
	246,000	USS		16,240
		Used Car Auctioneer
	10,000	Risa Partners		15,256
		Non-performing Loan & Real Estate Related Investment
	580,000	Hamamatsu Photonics		15,048
		Optical Sensors for Medical & Industrial Applications
	1,150,000	Suruga Bank		14,956
		Regional Bank
	785,000	Tamron		14,823
		Camera Lens Maker

Number of Shares			Value (000)
	965,000	T. Hasegawa	$	14,677
		Industrial Flavors & Fragrances
	509,000	Point		14,572
		Apparel Specialty Retailer
	600,000	Glory		14,098
		Currency Handling Systems & Related Equipment
	632,500	As One		13,819
		Scientific Supplies Distributor
	669,000	Aeon Delight		13,672
		Facility Maintenance & Management
	1,600,000	Cosel		13,124
		Industrial Standard Switching Power Supply System
	2,200	Fukuoka		11,561
		Diversified REIT in Fukuoka
	643,000	Ain Pharmaciez (a)		10,876
		Dispensing Pharmacy/Drugstore Operator
	380,000	Hitachi Construction Machinery		10,647
		Construction Machinery
	840,000	Casio Computer		9,564
		Micro-consumer Electronic Goods
	4,000	Wacom		9,531
		Computer Graphic Illustration Devices
	400,000	Hoya		9,248
		Opto-electrical Components & Eyeglass Lenses
	380,000	Takata		7,479
		Safety Related Auto Parts
	14,000	FullCast (a)		5,096
		Employment Outsourcing
	1,650	Japan Pure Chemical		4,910
		Precious Metal Plating Chemicals for Electronics
	379	Seven Bank		839
		ATM Processing Services
				871,392
		> China 5.0%
	15,718,000	China Shipping Development		47,171
		China's Dominant Shipper for Oil & Coal
	55,730,000	Lenovo Group		37,738
		Third Largest PC Vendor Globally
	29,648,000	China Green		35,210
		Agricultural Grower & Processor in China
	34,614,000	Jiangsu Expressway		28,367
		Chinese Toll Road Operator
	15,300,000	Fu Ji Food & Catering Services		23,743
		Food Catering Service Provider in China
	30,000,000	Hopewell Highway Infrastructure		22,739
		Guangdong Tollroad Leading to Hong Kong & Macau
	36,250,000	TPV Technology		18,875
		Original Design Manufacturer for LCD Monitor & Flat TV
	34,000,000	Xinyu Hengdeli		12,776
		A High-end Watch Retailer in China
	18,816,800	Travelsky Technology		12,380
		Online Air Travel Bookings in China
	282,500	ZhongDe Waste Technology (b)		11,217
		Solid Municipal Waste & Medical Waste Incinerator Manufacturer

See accompanying notes to financial statements.

38

Number of Shares			Value (000)
		> China—continued
	556,500	VisionChina Media - ADR (b)	$	8,832
		Advertising on Digital Screens in China's Mass Transit System
	82,654,300	RexCapital Finance (b)		8,268
		Chinese Lottery
	14,733,000	Sinotrans		3,628
		Largest Integrated Logistics Player in China
				270,944
		> South Korea 2.8%
	135,200	MegaStudy		42,807
		Online Education Service Provider
	1,192,000	Woongjin Coway		34,983
		South Korean Household Appliance Rental Service Provider
	278,265	Taewoong		26,841
		A Player in the Niche Customized Forging Market
	915,000	Sung Kwang Bend		25,892
		A Large Customized Industrial Pipe Fitting Manufacturer
	127,700	Mirae Asset Securities		12,513
		Korean Largest Diversified Financial Company
	170,000	JVM		6,330
		Automatic Tablet Dispensing & Packaging Systems
	262,000	YBM Sisa.com		2,855
		Online Language Educator & Tester
				152,221
		> Singapore 2.8%
	10,000,000	Singapore Exchange		50,788
		Singapore Equity & Derivatives Market Operator
	22,920,000	CDL Hospitality Trust		29,649
		Singapore Hotel Operator
	45,768,300	Mapletree Logistics		28,594
		Asian Logistics Landlord
	20,000,000	ComfortDelGro		22,050
		Taxi & Mass Transit Service
	11,000,000	OLAM		19,647
		Agriculture Supply Chain Manager
				150,728
		> Taiwan 2.0%
	1,995,826	Formosa International Hotels		37,677
		Hotel, Food & Beverage Operation & Hospitality Management Services
	7,140,000	President Chain Store		23,758
		Taiwan's Number One Convenience Chain Store Operator
	7,004,722	Everlight Electronics		18,093
		LED Packager
	7,501,588	Wah Lee Industrial		13,791
		Distributor of Chemicals, Materials & Equipment
	1,500,000	GeoVision		8,450
		Taiwan PC-based Video Surveillance Player
	2,911,000	Advantech		7,481
		Embedded Computers
				109,250

Number of Shares			Value (000)
		> India 2.0%
	750,000	Housing Development Finance	$	33,713
		Indian Mortgage Lender
	4,450,000	United Phosphorus (b)		28,437
		Off-patent Crop Protection Chemicals
	864,498	Asian Paints		23,107
		India's Largest Paint Company
	1,000,000	Jain Irrigation Systems		11,389
		Agricultural Micro-irrigation Systems & Food Processing
	296,320	JSW Steel		6,231
		Flat Steel Producer in India
	205,544	Shree Cement (b)		2,885
		Cement Manufacturer
				105,762
		> Hong Kong 1.9%
	3,000,000	Hong Kong Exchanges and Clearing		43,862
		Hong Kong Equity & Derivatives Market Operator
	16,950,000	Lifestyle International		23,825
		Mid to High-end Department Store Operator in Hong Kong & China
	1,324,600	Hong Kong Aircraft Engineering		20,403
		Aircraft Maintenence, Repair & Overhaul Operator
	50,000,000	NagaCorp		13,466
		Monopoly Casino in Central Cambodia
	46,000,000	Global Digital Creations (b)		2,124
		Digital Cinema Solution Provider/ Network Operator
				103,680
		> Indonesia 0.4%
	15,000,000	Perusahaan Gas Negara (b)		21,150
		Gas Pipeline Operator
				21,150
Asia: Total				1,785,127
Other Countries 11.1%
		> United States 3.6%
	645,000	Atwood Oceanics (b)		80,199
		Offshore Drilling Contractor
	758,000	FMC Technologies (b)		58,313
		Oil & Gas Wellhead Manufacturer
	565,000	Dresser-Rand Group (b)		22,091
		Largest Manufacturer of Compressors
	600,000	BioMarin (b)		17,388
		Biotech Focused on Orphan Diseases
	370,000	Tesco (b)		11,822
		Developing New Well Drilling Technologies
	64,104	Bristow (b)		3,173
		Largest Provider of Helicopter Services to Offshore Oil & Gas Producers
	1,650,000	Decode Genetics (b)		1,518
		Drugs for Heart Attack, Asthma & Vascular Disease
				194,504

See accompanying notes to financial statements.

39

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Australia 2.5%
	7,140,000	Sino Gold (b)	$	39,905
		Gold Mining in The People's Republic of China
	3,500,000	Billabong International		36,237
		Action Sports Apparel Brand Manager
	800,000	Perpetual Trustees		32,801
		Mutual Fund Management
	850,000	Australian Stock Exchange		25,586
		Australian Equity & Derivatives Market Operator
				134,529
		> South Africa 2.3%
	1,440,000	Impala Platinum Holdings		56,828
		Platinum Group Metals Mining & Refining
	1,560,000	Naspers		34,069
		Media & Education in Africa & Other Emerging Markets
	4,299,000	Uranium One (b)		20,236
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
	7,600,000	Mr. Price		14,559
		South African Retailer of Apparel, Household Goods & Sporting Goods
				125,692
		> Canada 2.1%
	1,860,000	ShawCor		65,666
		Oil & Gas Pipeline Products
	670,000	CCL		19,403
		Leading Global Label Manufacturer
	850,000	Ivanhoe Mines (b)		9,211
		Copper Mine Project in Mongolia
	1,483,700	UTS Energy (b)		8,672
		Operator of Canadian Oil Sands Mines
	1,790,000	Horizon North Logistics (b)		5,793
		Provides Diversified Oil Service Offering in Northern Canada
	328,100	Xtreme Coil Drilling (b)		3,218
		Land Driller with New Generation Drilling Technology
				111,963
		> Kazakhstan 0.3%
	1,193,313	Halyk Savings Bank of Kazakhstan - GDR		18,413
		Largest Retail Bank in Kazakhstan
				18,413
		> New Zealand 0.3%
	6,102,440	Sky City Entertainment		14,232
		Casino/Entertainment Complex
				14,232
Other Countries: Total				599,333
Latin America 5.8%
		> Brazil 3.3%
	4,300,000	Suzano (b)		69,659
		Brazilian Pulp & Paper Producer
	3,000,000	Porto Seguro		34,621
		Auto & Life Insurance

Number of Shares or Principal Amount (000)			Value (000)
	3,000,000	Localiza Rent A Car	$	33,123
		Car Rental
	2,000,000	Bovespa		24,827
		Brazil Equity & Derivatives Exchange
	1,500,000	Natura Cosmeticos		15,439
		Direct Retailer of Cosmetics
				177,669
		> Chile 1.4%
	1,600,000	Sociedad Quimica y Minera de Chile - ADR		74,560
		Producer of Specialty Fertilizers, Lithium & Iodine
				74,560
		> Mexico 1.1%
	8,310,700	Urbi Desarrollos Urbanos (b)		28,728
		Affordable Housing Builder
	500,000	Grupo Aeroportuario del Surest - ADR		25,750
		Cancun & Cozumel Airport Operator
	6,000,000	Financiera Independencia		8,721
		Mexican Micro-finance Lender
				63,199
Latin America: Total				315,428
Total Equities: 94.7% (Cost: $4,123,564)				5,122,914
Short-Term Obligations 5.0%
		> Commercial Paper 5.0%
$	28,300	Novartis Finance (c) 2.30% Due 7/07/08		28,289
	28,100	Toyota Motor Credit 2.05% Due 7/01/08		28,100
	28,000	United Parcel Service (c) 1.98% Due 7/02/08		27,998
	27,800	Chevron Funding 1.93% Due 7/03/08		27,797
	27,400	Avon Capital (c) 2.15% Due 7/08/08		27,389
	27,400	AT&T (c) 2.23% Due 7/21/08		27,366
	27,400	ConocoPhillips (c) 2.12% Due 7/28/08		27,356
	25,000	Netjets (c) 2.20% Due 7/09/08		24,988
	25,000	Walgreen (c) 2.25% Due 7/10/08		24,986
	25,000	General Electric 2.05% Due 7/11/08		24,986
				269,255

See accompanying notes to financial statements.

40

Principal Amount (000)			Value (000)
		> Repurchase Agreement 0.0%
$	582	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 2/15/27, market value $595 (repurchase proceeds $582)	$	582
				582
Total Short-Term Obligations: (Amortized Cost: $269,837)				269,837
Total Investments: 99.7% (Cost: $4,393,401)(d)(e)				5,392,751
Cash and Other Assets Less Liabilities: 0.3%				14,776
Total Net Assets: 100%			$	5,407,527

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

See accompanying notes to financial statements.

41

Columbia Acorn International

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in these affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
Ain Pharmaciez		643,000		-		-		643,000	$	10,876	$	114
FullCast		14,000		-		-		14,000		5,096		-
Kongsberg Automotive *		2,774,800		240,000		-		3,014,800		11,720
Northgate		2,500,000		1,250,000		-		3,750,000		26,367		-
Koninklijke TenCate		1,096,000		470,533		-		1,566,533		55,914		-
Unit 4 Agresso		1,385,000		-		-		1,385,000		34,715		458
Total of Affiliated Transactions		8,412,800		1,960,533		-		10,373,333	$	144,688	$	572

*  At June 30, 2008, the Fund owned less than five percent or more of the following company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $181,586 and $144,688, respectively. Investments in affiliate companies represented 2.7% of total net assets at June 30, 2008.

(b)  Non-income producing security.

(c)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $188,372, which represented 3.5% of net assets.

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $4,393,401 and net unrealized appreciation was $999,350 consisting of gross unrealized appreciation of $1,639,172 and gross unrealized depreciation of $639,822.

(e)  On June 30, 2008, the Fund's total investments were denominated in currencies as follows:

Currency	Value		% of Total Net Assets
Euro	$	1,597,286		29.5	%
Japanese Yen		871,392		16.1
US Dollar		704,640		13.0
Hong Kong Dollar		354,575		6.6
British Pound		322,938		6.0
Other currencies less than 5% of total net assets		1,541,920		28.5
	$	5,392,751		99.7	%

See accompanying notes to financial statements.

42

Columbia Acorn International

Portfolio Diversification

At June 30, 2008, the Fund's portfolio investments as a percent of net assets were diversified as follows:

	Value (000)		Percent
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	468,323		8.7	%
Other Industrial Services		376,881		7.0
Machinery		312,074		5.8
Conglomerates		177,056		3.3
Outsourcing Services		130,423		2.4
Electrical Components		104,714		1.9
Construction		90,863		1.7
Steel		50,406		0.9
Industrial Distribution		13,819		0.2
Waste Management		11,218		0.2
		1,735,777		32.1
> Consumer Goods & Services
Other Consumer Services		159,426		3.0
Casinos & Gaming		124,981		2.3
Retail		116,410		2.2
Food & Beverage		104,014		1.9
Leisure Products		76,513		1.4
Other Entertainment		71,736		1.3
Apparel		71,411		1.3
Nondurables		55,411		1.0
Travel		45,503		0.9
Other Durable Goods		45,398		0.8
Consumer Goods Distribution		43,379		0.8
Consumer Electronics		43,262		0.8
Furniture & Textiles		11,020		0.2
		968,464		17.9
> Energy & Minerals
Oil Services		403,500		7.5
Mining		155,735		2.9
Oil Refining, Marketing & Distribution		88,318		1.6
Agricultural Commodities		86,706		1.6
Oil & Gas Producers		23,890		0.4
		758,149		14.0
> Information
Computer Hardware & Related Equipment		94,782		1.8
Financial Processors		94,650		1.8
Publishing		56,718		1.0
Satellite Broadcasting & Services		51,179		0.9
Instrumentation		45,365		0.9
Business Information & Marketing Services		43,827		0.8
Business Software		34,715		0.7
TV Broadcasting		34,069		0.6
CATV		33,715		0.6
Computer Services		33,009		0.6

	Value (000)		Percent
Semiconductors & Related Equipment	$	27,341		0.5	%
Internet Related		24,302		0.4
Advertising		16,698		0.3
Electronics Distribution		13,791		0.3
		604,161		11.2
> Other Industries
Transportation		248,661		4.6
Real Estate		153,483		2.8
Regulated Utilities		26,041		0.5
		428,185		7.9
> Finance
Banks		135,100		2.5
Brokerage & Money Management		104,691		1.9
Insurance		55,114		1.0
Finance Companies		40,757		0.8
Savings & Loans		33,713		0.6
Closed End Funds		21,066		0.4
		390,441		7.2
> Health Care
Medical Equipment & Devices		100,786		1.9
Health Care Services		57,162		1.1
Pharmaceuticals		44,685		0.8
Biotechnology & Drug Delivery		18,906		0.3
Medical Supplies		16,198		0.3
		237,737		4.4
Total Equities:		5,122,914		94.7
Short-Term Obligations:		269,837		5.0
Total Investments:		5,392,751		99.7
Cash and Other Assets Less Liabilities:		14,776		0.3
Net Assets:	$	5,407,527		100.0	%

See accompanying notes to financial statements.

43

Columbia Acorn USA

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Information
Bally Technologies		60,600		155,000
Global Payments		468,280		538,280
Mettler Toledo		140,000		155,000
ON Semiconductor		879,750		1,179,750
Zebra Technologies		99,000		184,000
Industrial Goods & Services
Acuity Brands		80,000		145,000
Cytec Industries		0		100,000
Haynes International		0		46,100
Mine Safety Appliances		0		75,000
Consumer Goods & Services
Talbots		0		400,000
Vail Resorts		90,000		190,000
Finance
Berkshire Hills Bancorp		0		138,500
CAI International		22,911		230,000
GATX		0		145,000
Guaranty Bancorp		0		500,000
H&E Equipment Services		175,000		350,000
Lakeland Financial		299,388		424,388
MB Financial		410,025		455,025
SVB Financial Group		0		60,000
Valley National Bancorp		585,000		614,250
ViewPoint Financial		400,000		600,000
Health Care
Auxilium Pharmaceuticals		100,000		125,000
Immucor		0		100,000
Meridian Biosciences		0		105,000
Psychiatric Solutions		90,000		180,000
United Therapeutics		35,000		53,000
Vital Signs		0		60,000
Other Industries
BioMed Realty Trust		0		120,000
Corporate Office Properties		0		85,000
Gaylord Entertainment		122,500		222,500

	Number of Shares
	03/31/08		06/30/08
Sales
Information
Avid Technology		556,500		197,000
CNET Networks		980,000		0
Entravision Communications		1,125,000		975,000
Lions Gate Entertainment		750,000		375,000
Netgear		190,000		0
Tellabs		2,688,200		2,648,900
Industrial Goods & Services
G&K Services		179,000		90,000
Watsco		70,000		0
Consumer Goods & Services
AnnTaylor Stores		224,500		0
Chico's FAS		418,000		0
International Speedway		136,700		0
Scotts Miracle-Gro		266,000		166,000
Speedway Motorsports		185,989		140,500
Universal Technical Institute		310,000		0
Energy & Minerals
FMC Technologies		803,400		733,400
Finance
Centennial Bank		500,000		0
First Busey		215,000		105,928
Old Second Bancorp		220,000		192,700
Health Care
Barrier Therapeutics		505,000		0
BioMarin		600,000		405,000
Lincare Holdings		246,800		126,800
Medicis Pharmaceutical		110,000		0
Orthofix International		118,000		28,000
Other Industries
DiamondRock Hospitality		560,000		325,000

See accompanying notes to financial statements.

44

Columbia Acorn USA

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 98.6%
Information 31.9%
		> Business Software 5.5%
	681,400	Micros Systems (a)	$	20,776
		Information Systems for Restaurants & Hotels
	2,100,000	Novell (a)		12,369
		Directory, Operating System & Identity Management Software
	525,000	Blackbaud		11,235
		Software & Services for Non-profits
	235,000	ANSYS (a)		11,073
		Simulation Software for Engineers & Designers
	570,000	Informatica (a)		8,573
		Enterprise Data Integration Software
	230,400	Concur Technologies (a)		7,656
		Web Enabled Cost & Expense Management Software
	197,000	Avid Technology (a)		3,347
		Digital Nonlinear Editing Software & Systems
	100,000	Quality Systems		2,928
		IT Systems for Medical Groups & Ambulatory Care Centers
				77,957
		> Instrumentation 5.3%
	860,000	Flir Systems (a)		34,890
		Infrared Cameras
	155,000	Mettler Toledo (a)		14,703
		Laboratory Equipment
	368,000	Trimble Navigation (a)		13,138
		GPS-based Instruments
	425,000	IPG Photonics (a)		7,994
		Fiber Lasers
	45,000	Varian (a)		2,298
		Analytical Instruments
	60,000	FARO Technologies (a)		1,510
		Precision Measurement Equipment
				74,533
		> Mobile Communications 4.3%
	1,005,000	Crown Castle International (a)		38,924
		Communications Towers
	506,000	American Tower (a)		21,378
		Communications Towers in USA & Mexico
	88,000	Globalstar (a)		249
		Satellite Mobile Voice & Data Carrier
				60,551
		> Computer Hardware & Related Equipment 3.7%
	505,000	II-VI (a)		17,635
		Laser Components
	295,600	Amphenol		13,266
		Electronic Connectors
	320,000	Nice Systems - ADR (Israel) (a)		9,462
		Audio & Video Recording Solutions
	184,000	Zebra Technologies (a)		6,006
		Bar Code Printers
	160,000	Belden CDT		5,421
		Specialty Cable

Number of Shares			Value (000)
	65,000	Intermec (a)	$	1,370
		Bar Code & Wireless LAN Systems
				53,160
		> Semiconductors & Related Equipment 3.6%
	710,000	Microsemi (a)		17,878
		Analog/Mixed-signal Semiconductors
	1,168,000	Integrated Device Technology (a)		11,610
		Communications Semiconductors
	1,179,750	ON Semiconductor (a)		10,818
		Mixed-signal & Power Management Semiconductors
	190,000	Littelfuse (a)		5,995
		Little Fuses
	189,296	Supertex (a)		4,418
		Mixed-signal Semiconductors
				50,719
		> Telephone Services 2.1%
	1,486,000	TW Telecom (a)		23,821
		Fiber Optic Telephone/Data Services
	280,000	Cogent Communications (a)		3,752
		Internet Data Pipelines
	400,000	PAETEC Holding (a)		2,540
		Telephone/Data Services for Business
				30,113
		> Telecommunications Equipment 2.0%
	525,000	Polycom (a)		12,789
		Video Conferencing Equipment
	2,648,900	Tellabs (a)		12,318
		Telecommunications Equipment
	125,000	Ciena (a)		2,896
		Optical Transport & Broadband Access Equipment
				28,003
		> Financial Processors 1.8%
	538,280	Global Payments		25,084
		Credit Card Processor
				25,084
		> Computer Services 1.1%
	1,005,500	Hackett Group (a)		5,772
		IT Integration & Best Practice Research
	205,000	SRA International (a)		4,604
		Government IT Services
	786,000	RCM Technologies (a)(b)		3,388
		Technology & Engineering Services
	235,000	iGate (a)		1,910
		IT & Business Process Outsourcing Services
				15,674
		> Internet Related 0.7%
	460,000	ValueClick (a)		6,969
		Internet Advertising
	381,740	TheStreet.com		2,485
		Financial Information Website Publisher
				9,454
		> Gaming Equipment & Services 0.6%
	155,000	Bally Technologies (a)		5,239
		Slot Machines & Software

See accompanying notes to financial statements.

45

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Gaming Equipment & Services—continued
	100,000	Scientific Games (a)	$	2,962
		Lottery Services Provider
	98,500	Shuffle Master (a)		487
		Card Shufflers & Casino Games
				8,688
		> TV Broadcasting 0.3%
	975,000	Entravision Communications (a)		3,919
		Spanish Language TV & Radio Stations
				3,919
		> Television Programming 0.3%
	375,000	Lions Gate Entertainment (a)		3,885
		Film & TV Studio
				3,885
		> Radio 0.2%
	300,000	Saga Communications (a)		1,503
		Radio Stations in Small- & Mid-sized Cities
	511,100	Salem Communications		1,007
		Radio Stations for Religious Programming
	705,500	Spanish Broadcasting System (a)		804
		Spanish Language Radio Stations
				3,314
		> Contract Manufacturing 0.2%
	115,000	Plexus (a)		3,183
		Electronic Manufacturing Services
				3,183
		> Business Information & Marketing Services 0.2%
	100,000	Viad		2,579
		Trade Show Services, Travel & Tours
				2,579
Information: Total				450,816
Industrial Goods & Services 15.6%
		> Machinery 10.4%
	697,500	Ametek		32,936
		Aerospace/Industrial Instruments
	650,300	ESCO Technologies (a)		30,512
		Automatic Electric Meter Readers
	373,600	Nordson		27,232
		Dispensing Systems for Adhesives & Coatings
	673,600	Pentair		23,589
		Pumps & Water Treatment
	394,800	Donaldson		17,624
		Industrial Air Filtration
	140,000	MOOG (a)		5,214
		Motion Control Products for Aerospace, Defense & Industrial Markets
	75,000	Mine Safety Appliances		2,999
		Safety Equipment
	50,000	Kaydon		2,570
		Specialized Friction & Motion Control Products
	71,800	Toro		2,389
		Turf Maintenance Equipment

Number of Shares			Value (000)
	23,013	Lincoln Electric	$	1,811
		Welding Equipment & Consumables
				146,876
		> Outsourcing Services 1.2%
	350,000	Quanta Services (a)		11,644
		Electrical & Telecom Construction Services
	175,000	Administaff		4,881
		Professional Employer Organization
				16,525
		> Other Industrial Services 1.1%
	396,000	American Reprographics (a)		6,593
		Document Management & Logistics
	350,000	TrueBlue (a)		4,624
		Temporary Manual Labor
	90,000	G&K Services		2,741
		Uniform Rental
	200,000	American Commercial Lines (a)		2,186
		Operator/Builder of Inland Barges
				16,144
		> Industrial Materials & Specialty Chemicals 1.0%
	100,000	Cytec Industries		5,456
		Aerospace Composites & Specialty Chemicals
	50,000	Greif		3,202
		Industrial Packaging
	90,000	Albany International		2,610
		Paper Machine Clothing & Advanced Textiles
	155,000	Drew Industries (a)		2,472
		RV & Manufactured Home Components
				13,740
		> Waste Management 0.6%
	280,875	Waste Connections (a)		8,969
		Solid Waste Management
				8,969
		> Electrical Components 0.5%
	145,000	Acuity Brands		6,972
		Commercial Lighting Fixtures
				6,972
		> Construction 0.4%
	50,000	Texas Industries		2,807
		Aggregates, Cement & Concrete
	140,000	M/I Homes		2,202
		Home Builder
				5,009
		> Industrial Distribution 0.2%
	225,000	Interline Brands (a)		3,584
		Industrial Distribution
				3,584
		> Steel 0.2%
	46,100	Haynes International (a)		2,653
		Producer of High Performance Alloys
				2,653
Industrial Goods & Services: Total				220,472

See accompanying notes to financial statements.

46

Number of Shares			Value (000)
Consumer Goods & Services 14.5%
		> Retail 4.1%
	398,000	Abercrombie & Fitch	$	24,947
		Teen Apparel Retailer
	540,000	Urban Outfitters (a)		16,843
		Apparel & Home Specialty Retailer
	240,000	J Crew Group (a)		7,922
		Multi-channel Branded Retailer
	400,000	Talbots		4,636
		Women's Specialty Retailer
	486,250	Christopher & Banks		3,306
		Women's Apparel Retailer
				57,654
		> Apparel 2.7%
	950,313	True Religion Apparel (a)		25,326
		Premium Denim
	222,200	Coach (a)		6,417
		Designer & Retailer of Branded Leather Accessories
	314,200	Oxford Industries		6,017
		Branded & Private Label Apparel
				37,760
		> Other Consumer Services 2.1%
	366,000	ITT Educational Services (a)		30,242
		Post-secondary Degree Services
				30,242
		> Other Durable Goods 1.5%
	2,078,300	Champion Enterprises (a)		12,158
		Manufactured Homes
	287,900	Cavco Industries (a)		9,423
		Higher End Manufactured Homes
				21,581
		> Restaurants 0.7%
	337,500	Sonic (a)		4,995
		Quick Service Restaurant
	163,800	Red Robin Gourmet Burgers (a)		4,544
		Casual Dining Restaurant
				9,539
		> Consumer Goods Distribution 0.7%
	523,500	Pool		9,297
		Distributor of Swimming Pool Supplies & Equipment
				9,297
		> Furniture & Textiles 0.7%
	400,000	Knoll		4,860
		Office Furniture
	175,000	Herman Miller		4,356
		Office Furniture
				9,216
		> Leisure Products 0.6%
	180,000	Thor Industries		3,827
		RV & Bus Manufacturer
	140,500	Speedway Motorsports		2,863
		Motorsports Racetrack Owner & Operator
	150,000	Winnebago		1,529
		Premier Motorhome Maker
				8,219

Number of Shares			Value (000)
		> Travel 0.6%
	190,000	Vail Resorts (a)	$	8,138
		Ski Resort Operator & Developer
				8,138
		> Nondurables 0.3%
	166,000	Scotts Miracle-Gro		2,916
		Consumer Lawn & Garden Products
	108,000	Jarden (a)		1,970
		Branded Household Products
				4,886
		> Casinos & Gaming 0.3%
	455,000	Pinnacle Entertainment (a)		4,773
		Regional Casino Operator
				4,773
		> Food & Beverage 0.2%
	90,000	Hansen Natural (a)		2,594
		Alternative Beverages
				2,594
Consumer Goods & Services: Total				203,899
Energy & Minerals 13.8%
		> Oil Services 7.1%
	733,400	FMC Technologies (a)		56,421
		Oil & Gas Wellhead Manufacturer
	215,000	Atwood Oceanics (a)		26,733
		Offshore Drilling Contractor
	115,375	Exterran Holdings (a)		8,248
		Natural Gas Compressor Rental & Fabrication
	241,000	Tetra Technologies (a)		5,714
		U.S.-based Service Company with Life of Field Approach
	106,000	Tesco (a)		3,387
		Developing New Well Drilling Technologies
				100,503
		> Oil & Gas Producers 5.8%
	1,050,000	Quicksilver Resources (a)		40,572
		Natural Gas & Coal Seam Gas Producer
	315,000	Carrizo Oil & Gas (a)		21,448
		Explores for Natural Gas & Crude Oil
	276,800	Southwestern Energy (a)		13,178
		Oil & Gas Producer
	111,200	Equitable Resources		7,680
		Natural Gas Producer & Utility
				82,878
		> Other Resources 0.7%
	218,000	Layne Christensen (a)		9,546
		Oil & Gas Production/Engineering & Construction/Contract Drilling
				9,546
		> Oil Refining, Marketing & Distribution 0.2%
	50,250	Oneok		2,454
		Natural Gas Distribution, Pipeline Processing & Trading
				2,454
Energy & Minerals: Total				195,381

See accompanying notes to financial statements.

47

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
Finance 11.5%
		> Banks 4.4%
	455,025	MB Financial	$	10,225
		Chicago Bank
	614,250	Valley National Bancorp		9,687
		New Jersey/New York Bank
	424,388	Lakeland Financial		8,097
		Indiana Bank
	659,800	TCF Financial		7,937
		Great Lakes Bank
	508,000	Pacific Continental		5,583
		Niche Pacific N.W. Bank
	280,777	Glacier Bancorp		4,490
		Mountain States Bank
	213,600	Associated Banc-Corp		4,120
		Midwest Bank
	60,000	SVB Financial Group (a)		2,887
		Bank to Venture Capitalists
	165,000	Greene County Bancshares		2,313
		Tennessee Bank
	192,700	Old Second Bancorp		2,239
		Illinois Bank
	500,000	Guaranty Bancorp (a)		1,800
		Colorado Bank
	105,928	First Busey		1,400
		Illinois Bank
	90,000	TriCo Bancshares		986
		California Central Valley Community Bank
				61,764
		> Finance Companies 3.6%
	482,900	World Acceptance (a)		16,259
		Personal Loans
	1,136,500	AmeriCredit (a)		9,797
		Auto Lending
	145,000	GATX		6,428
		Rail Car Lessor
	350,000	H&E Equipment Services (a)		4,207
		Heavy Equipment Leasing
	230,000	CAI International (a)		4,002
		International Container Leasing & Management
	130,000	McGrath Rentcorp		3,197
		Temporary Space & IT Rentals
	140,000	Aaron Rents		3,126
		Rent to Own
	200,000	Electro Rent		2,508
		Test & Measurement Rentals
	99,200	Marlin Business Services (a)		687
		Small Equipment Leasing
				50,211
		> Insurance 1.7%
	714,500	HCC Insurance Holdings		15,104
		Specialty Insurance
	105,000	Philadelphia Consolidated Holding (a)		3,567
		Specialty Insurance
	7,000	Markel (a)		2,569
		Specialty Insurance

Number of Shares			Value (000)
	75,000	Endurance Specialty Holdings	$	2,309
		Commercial Lines Insurance/Reinsurance
				23,549
		> Savings & Loans 1.6%
	668,140	People's United		10,423
		Connecticut Savings & Loan
	600,000	ViewPoint Financial		8,832
		Texas Thrfit
	138,500	Berkshire Hills Bancorp		3,276
		Northeast Thrift
	24,700	Anchor Bancorp Wisconsin		173
		Wisconsin Thrift
				22,704
		> Brokerage & Money Management 0.2%
	150,000	SEI Investments		3,528
		Mutual Fund Administration & Investment Management
				3,528
Finance: Total				161,756
Health Care 8.9%
		> Biotechnology & Drug Delivery 2.8%
	405,000	BioMarin (a)		11,737
		Biotech Focused on Orphan Diseases
	53,000	United Therapeutics (a)		5,181
		Biotech Focused on Rare Diseases
	100,000	Myriad Genetics (a)		4,552
		Drugs/Diagnostics Hybrid
	125,000	Auxilium Pharmaceuticals (a)		4,202
		Biotech Focused on Niche Disease Areas
	421,400	Seattle Genetics (a)		3,565
		Antibody-based Therapies for Cancer
	545,000	Array Biopharma (a)		2,562
		Drugs for Cancer & Inflammatory Diseases
	320,000	Medarex (a)		2,115
		Humanized Antibodies
	401,000	Arena Pharmaceuticals (a)		2,081
		Novel Drug Targeting Technology
	580,000	Nektar Therapeutics (a)		1,943
		Drug Delivery Technologies
	320,000	Pharmacopeia (a)		1,226
		Biotech Company with Broad Early-stage Pipeline
	485,000	Decode Genetics (a)		446
		Drugs for Heart Attack, Asthma & Vascular Disease
	400,000	Neurogen (a)		412
		Development-stage Biotech Focused on Neurology
	500,000	IsoRay (a)		275
	100,000	IsoRay - Warrants (a)(c)		5
		Radiology Cancer Company
	37,500	Locus Pharmaceuticals, Series A-1, Pfd. (a)(c)		38
	19,329	Locus Pharmaceuticals, Series B-1, Pfd. (a)(c)		19
		High Throughput Rational Drug Design

See accompanying notes to financial statements.

48

Number of Shares			Value (000)
		> Biotechnology & Drug Delivery—continued
	18,181	Metabolex, Series F (a)(c)	$	32
		Diabetes Drug Development
	738,060	Medicure - Warrants (a)(c)		15
		Cardiovascular Biotech Company
				40,406
		> Health Care Services 2.1%
	660,000	PSS World Medical (a)		10,758
		Medical Supplies
	137,000	Charles River Laboratories (a)		8,757
		Pharmaceutical Research
	180,000	Psychiatric Solutions (a)		6,811
		Behavioral Health Services
	126,800	Lincare Holdings (a)		3,601
		Home Health Care Services
				29,927
		> Medical Supplies 1.7%
	158,300	Techne (a)		12,251
		Cytokines, Antibodies & Other Reagents for Life Science
	200,000	QIAGEN (Netherlands) (a)		4,026
		Life Science Company; DNA/RNA Purification
	105,000	Meridian Biosciences		2,827
		Niche Diagnostics/Life Science Company
	100,000	Immucor (a)		2,588
		Automated Blood Typing
	53,000	Idexx Laboratories (a)		2,583
		Diagnostic Equipment & Services for Veterinarians
				24,275
		> Medical Equipment & Devices 1.4%
	105,000	Alexion Pharmaceuticals (a)		7,612
		Biotech Focused on Orphan Diseases
	85,000	Illumina (a)		7,404
		Leading Tools & Service Provider for Genetic Analysis
	60,000	Vital Signs		3,407
		Anesthesia, Respiratory & Sleep Products
	28,000	Orthofix International (a)		811
		Bone Fixation & Stimulation Devices
				19,234
		> Pharmaceuticals 0.9%
	145,000	Cephalon (a)		9,670
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	765,000	QLT (a)		2,624
		Specialty Pharmaceuticals for Ophthalmology & Dermatology
				12,294
Health Care: Total				126,136
Other Industries 2.4%
		> Real Estate 1.7%
	222,500	Gaylord Entertainment (a)		5,331
		Convention Hotels
	100,000	Digital Realty Trust		4,091
		Technology-focused Office Buildings

Number of Shares or Principal Amount (000)			Value (000)
	325,000	DiamondRock Hospitality	$	3,539
		Hotel Owner
	120,000	BioMed Realty Trust		2,944
		Life Science-focused Office Buildings
	85,000	Corporate Office Properties		2,918
		Office Buildings
	90,000	American Campus Communities		2,506
		Student Housing
	150,000	Kite Realty Group		1,875
		Community Shopping Centers
				23,204
		> Transportation 0.7%
	524,720	Heartland Express		7,823
		Regional Trucker
	180,000	Rush Enterprises (a)		2,162
		Truck Distribution
				9,985
Other Industries: Total				33,189
Total Equities: 98.6% (Cost: $1,128,297)				1,391,649
Short-Term Obligations 1.8%
		> Commercial Paper 1.5%
$	7,300	Toyota Motor Credit 1.90% Due 7/01/08		7,300
	7,100	United Parcel Service (d) 2.04% Due 7/02/08		7,100
	7,100	General Electric Capital 1.90% Due 7/03/08		7,099
				21,499
		> Repurchase Agreement 0.3%
	4,250	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $4,339 (repurchase proceeds $4,250)		4,250
				4,250
Total Short-Term Obligations: (Amortized Cost: $25,749)				25,749
Total Investments: 100.4% (Cost: $1,154,046)(e)				1,417,398
Cash and Other Assets Less Liabilities: (0.4)%				(5,541	)
Total Net Assets: 100%			$	1,411,857

ADR = American Depositary Receipts

See accompanying notes to financial statements.

49

Columbia Acorn USA

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in this affiliated company during the six months ended June 30, 2008, are as follows:

Affiliate	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
RCM Technologies		786,000		-		-		786,000	$	3,388	$	-

  The aggregate cost and value of this company at June 30, 2008, was $5,636 and $3,388, respectively. Investments in the affiliate company represented 0.2% of total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $109, which represented 0.01% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Locus Pharmaceuticals, Series A-1, Pfd.	9/5/01		37,500	$	1,500	$	38
Locus Pharmaceuticals, Series B-1, Pfd.	2/8/07		19,329		56		19
Metabolex, Series F	5/11/00		18,181		2,000		32
IsoRay - Warrants	3/21/07		100,000		-		5
Medicure - Warrants	12/22/06		738,060		-		15
				$	3,556	$	109

(d)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, this security had an aggregate value of $7,100, which represented 0.5% of net assets.

(e)  At June 30, 2008, for federal income tax purposes cost of investments was $1,154,046 and net unrealized appreciation was $263,352 consisting of gross unrealized appreciation of $477,337 and gross unrealized depreciation of $213,985.

See accompanying notes to financial statements.

50

Columbia Acorn International Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Europe
> United Kingdom
Capita Group		0		550,000
Informa Group		825,000		1,200,000
Intermediate Capital		0		41,100
> Netherlands
Aalberts Industries		142,000		145,302
Fugro		180,000		184,090
> Switzerland
Swatch Group		7,500		16,000
> Ireland
IAWS Group		195,000		235,000
Other Countries
> United States
Cephalon		0		53,000
Synthesis Energy Systems		0		164,000
> Israel
Israel Chemicals		0		555,500
Asia
> Japan
Asics		0		235,000
Hitachi Construction Machinery		0		100,000
Ibiden		100,000		138,000
> China
Lenovo Group		11,314,000		11,754,000
RexCapital Finance		0		12,398,100
> Hong Kong
NagaCorp		0		5,250,000

	Number of Shares
	03/31/08		06/30/08
Sales
Europe
> Netherlands
OPG Groep		12,800		0
QIAGEN		185,000		125,000
> Switzerland
Synthes		45,000		35,000
> Ireland
United Drug		1,115,760		1,098,700
> France
SES Global		410,000		405,700
> Sweden
Hexagon		409,200		380,900
Other Countries
> South Africa
Uranium One		400,000		0
> Australia
Sino Gold		1,700,000		680,000
Asia
> Japan
Hoya		215,000		165,000
> China
Jiangsu Expressway		7,760,000		0

See accompanying notes to financial statements.

51

Columbia Acorn International Select

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 92.6%
Europe 47.2%
		> United Kingdom 12.3%
	1,200,000	Informa Group	$	9,871
		Global Publisher & Event Organizer
	480,000	Intertek Testing		9,446
		Testing, Inspection & Certification Services
	685,000	Smith & Nephew		7,559
		Medical Equipment & Supplies
	550,000	Capita Group		7,532
		White Collar, Back Office Outsourcing
	41,100	Intermediate Capital		1,111
		European Provider of Mezzanine Capital
				35,519
		> Netherlands 9.9%
	184,090	Fugro		15,724
		Oilfield Services
	65,000	Vopak		4,406
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	89,121	SBM Offshore		3,289
		Builds & Leases Offshore Vessels to Process & Store Crude Oil
	145,302	Aalberts Industries		2,745
		Flow Control & Heat Treatment
	125,000	QIAGEN (a)		2,531
		Life Science Company; DNA/RNA Purification
				28,695
		> Switzerland 5.3%
	67,500	Kuehne & Nagel		6,412
		Freight Forwarding/Logistics
	35,000	Synthes		4,824
		Products for Orthopedic Surgery
	16,000	Swatch Group		3,998
		Watch & Electronics Manufacturer
				15,234
		> Ireland 4.2%
	1,098,700	United Drug		6,106
		Irish Pharmaceutical Wholesaler & Outsourcer
	235,000	IAWS Group		5,883
		Baked Goods
				11,989
		> France 3.6%
	405,700	SES Global		10,284
		Satellite Broadcasting Services
				10,284
		> Germany 3.4%
	225,000	Rhoen-Klinikum		7,145
		Health Care Services
	40,000	Wincor Nixdorf		2,785
		Retail POS Systems & ATM Machines
				9,930
		> Sweden 3.2%
	380,900	Hexagon		6,957
		Measurement Equipment & Polymers

Number of Shares			Value (000)
	1,030,000	Niscayah	$	2,241
		Commercial Security Installation & Service
				9,198
		> Greece 2.3%
	390,000	Intralot		6,693
		Lottery & Gaming Systems & Services
				6,693
		> Spain 1.2%
	55,000	Red Electrica de Espana		3,581
		Spanish Power Grid
				3,581
		> Denmark 1.0%
	31,000	Novozymes		2,801
		Industrial Enzymes
				2,801
		> Austria 0.8%
	100,000	Zumtobel		2,283
		Lighting Systems
				2,283
Europe: Total				136,207
Other Countries 22.5%
		> Canada 6.9%
	59,000	Potash Corp. of Saskatchewan		13,486
		World's Largest Producer of Potash
	276,133	Pacific Rubiales Energy (a)(b)		3,600
	140,533	Pacific Rubiales Energy (a)		1,851
	138,066	Pacific Rubiales Energy-Warrants (a)(b)		945
		Oil Production & Exploration in Colombia
				19,882
		> South Africa 5.2%
	250,000	Impala Platinum Holdings		9,866
		Platinum Group Metals Mining & Refining
	228,000	Naspers		4,979
		Media & Education in Africa & other Emerging Markets
				14,845
		> United States 4.6%
	60,000	Diamond Offshore		8,348
		Contract Driller
	53,000	Cephalon (a)		3,535
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
	164,000	Synthesis Energy Systems (a)		1,476
		Owner/Operator of Gasification Plants
				13,359
		> Israel 4.5%
	555,500	Israel Chemicals		12,944
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
				12,944
		> Australia 1.3%
	680,000	Sino Gold (a)		3,800
		Gold Mining in The People's Republic of China
				3,800
Other Countries: Total				64,830

See accompanying notes to financial statements.

52

Number of Shares			Value (000)
Asia 20.0%
		> Japan 11.6%
	11,300	Jupiter Telecommunications (a)	$	8,758
		Largest Cable Service Provider in Japan
	10,500	Nintendo		5,923
		Entertainment Software & Hardware
	138,000	Ibiden		5,017
		Electronic Parts & Ceramics
	660,000	Kansai Paint		4,568
		Paint Producer in Japan, India, China & Southeast Asia
	165,000	Hoya		3,815
		Opto-electrical Components & Eyeglass Lenses
	100,000	Hitachi Construction Machinery		2,802
		Construction Machinery
	235,000	Asics		2,563
		Footwear & Apparel
				33,446
		> China 5.6%
	11,754,000	Lenovo Group		7,959
		Third Largest PC Vendor Globally
	2,344,000	China Shipping Development		7,035
		China's Dominant Shipper for Oil & Coal
	12,398,100	RexCapital Finance (a)		1,240
		Chinese Lottery
				16,234
		> South Korea 1.1%
	114,000	Woongjin Coway		3,346
		South Korean Household Appliance Rental Service Provider
				3,346
		> Hong Kong 1.1%
	117,000	Hong Kong Exchanges and Clearing		1,711
		Hong Kong Equity & Derivatives Market Operator
	5,250,000	NagaCorp		1,414
		Monopoly Casino in Central Cambodia
				3,125
		> Singapore 0.6%
	280,000	Singapore Exchange		1,422
		Singapore Equity & Derivatives Market Operator
	110,000	OLAM		196
		Agriculture Supply Chain Manager
				1,618
Asia: Total				57,769

Number of Shares or Principal Amount (000)			Value (000)
Latin America 2.9%
		> Chile 2.9%
	180,000	Sociedad Quimica y Minera de Chile - ADR	$	8,388
		Producer of Specialty Fertilizers, Lithium & Iodine
				8,388
Latin America: Total				8,388
Total Equities: 92.6% (Cost: $217,785)				267,194
Short-Term Obligations 3.7%
		> Commercial Paper 2.4%
$	1,400	General Electric Capital 1.80% Due 7/01/08		1,400
	1,400	Toyota Motor Credit 1.90% Due 7/02/08		1,400
	1,400	Nestle Capital (c) 2.09% Due 7/07/08		1,400
	1,400	Avon Capital (c) 2.15% Due 7/09/08		1,399
	1,400	Walgreen (c) 2.25% Due 7/11/08		1,399
				6,998
		> Repurchase Agreement 1.3%
	3,728	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 3/31/09, market value $3,807 (repurchase proceeds $3,728)		3,728
				3,728
Total Short-Term Obligations (Amortized Cost: $10,726)				10,726
Total Investments: 96.3% (Cost: $228,511)(d)(e)				277,920
Cash and Other Assets Less Liabilities: 3.7%				10,802
Total Net Assets: 100%			$	288,722

ADR = American Depositary Receipts

See accompanying notes to financial statements.

53

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $4,545 which represented 1.57% of total net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Pacific Rubiales Energy	7/12/07		276,133	$	1,109	$	3,600
Pacific Rubiales Energy-Warrants	7/12/07		138,066		236		945
				$	1,345	$	4,545

(c)  Securities exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may only be resold in exempt transactions to qualified buyers. Private resales of these securities to qualified institutional buyers are also exempt from registration pursuant to Rule 144A under the Securities Act of 1933. At June 30, 2008, these securities had an aggregate value of $4,198, which represented 1.5% of net assets.

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $228,511 and net unrealized appreciation was $49,409 consisting of gross unrealized appreciation of $62,374 and gross unrealized depreciation of $12,965.

(e)  On June 30, 2008, the Fund's total investments were denominated in currencies as follows:

Currency	Value		% of Net Assets
Euro	$	73,455		25.4	%
US Dollar		45,958		15.9
British Pound		35,519		12.3
Japanese Yen		33,446		11.6
Hong Kong Dollar		19,359		6.7
Swiss Franc		15,235		5.3
South African Rand		14,845		5.1
Other currencies less than 5% of total net assets		40,103		14.0
	$	277,920		96.3	%

See accompanying notes to financial statements.

54

Columbia Acorn International Select

Portfolio Diversification

At June 30, 2008, the Fund's portfolio investments as a percent of net assets were diversified as follows:

	Value (000)		Percent
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	28,701		9.9	%
Other Industrial Services		15,858		5.5
Conglomerates		14,719		5.1
Outsourcing Services		9,969		3.5
Machinery		2,802		1.0
Electrical Components		2,283		0.8
		74,332		25.8
> Energy & Minerals
Oil Services		27,361		9.5
Mining		27,152		9.4
Oil & Gas Producers		6,396		2.2
Oil Refining, Marketing & Distribution		4,406		1.5
Alternative Energy		1,476		0.5
		66,791		23.1
> Information
Computer Hardware & Related Equipment		10,744		3.8
Satellite Broadcasting & Services		10,284		3.6
Publishing		9,871		3.4
CATV		8,758		3.0
Consumer Software		5,923		2.1
TV Broadcasting		4,979		1.7
Semiconductors & Related Equipment		3,815		1.3
Financial Processors		3,133		1.1
		57,507		20.0

	Value (000)		Percent
> Health Care
Medical Equipment & Devices	$	12,383		4.3	%
Pharmaceuticals		9,641		3.3
Health Care Services		7,145		2.5
Medical Supplies		2,531		0.9
		31,700		11.0
> Consumer Goods & Services
Casinos & Gaming		9,347		3.2
Food & Beverage		5,883		2.0
Other Durable Goods		3,998		1.4
Other Consumer Services		3,346		1.2
Leisure Products		2,563		0.9
		25,137		8.7
> Other Industries
Transportation		7,035		2.4
Regulated Utilities		3,581		1.2
		10,616		3.6
> Finance
Finance Companies		1,111		0.4
		1,111		0.4
Total Equities:		267,194		92.6
Short-Term Obligations:		10,726		3.7
Total Investments:		277,920		96.3
Cash and Other Assets Less Liabilities:		10,802		3.7
Net Assets:	$	288,722		100.0	%

See accompanying notes to financial statements.

55

Columbia Acorn Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	03/31/08		06/30/08
Purchases
Energy & Minerals
Real Goods Solar		0		1,500,000
Synthesis Energy Systems		0		2,350,000
Uranium One (South Africa)		20,363,700		21,178,600
Consumer Goods & Services
Knoll		1,730,000		1,800,000
NagaCorp (Hong Kong)		0		38,651,100
RexCapital Finance (China)		0		8,265,400
Information
Cardtronics		3,269,000		3,350,000
Globalstar		6,982,435		10,592,100
Novell		8,000,000		9,000,000
Sanmina-SCI		37,500,000		45,250,000
WNS - ADR		894,860		1,435,296
Industrial Goods & Services
American Reprographics		1,000,000		1,343,574
Israel Chemicals (Israel)		0		970,000
Mobile Mini		1,000,000		1,250,000
Finance
MF Global		907,120		3,740,000

	Number of Shares
	03/31/08		06/30/08
Sales
Energy & Minerals
Canadian Solar		2,100,000		1,500,000
Potash Corp. of Saskatchewan (Canada)		1,100,000		990,000
Consumer Goods & Services
Harley-Davidson		800,000		600,000
Herman Miller		850,000		0
International Speedway		750,000		0
Universal Technical Institute		1,500,000		1,100,000
Information
Avid Technology		2,350,000		2,000,000
Tellabs		18,000,000		16,748,200
VisionChina Media - ADR (China)		2,850,028		2,700,000
Finance
Conseco		10,200,000		8,400,000
Janus Capital Group		4,000,000		3,700,000
Markel		112,000		55,800

See accompanying notes to financial statements.

56

Columbia Acorn Select

Statement of Investments (Unaudited), June 30, 2008

Number of Shares			Value (000)
				Equities: 99.9%
Energy & Minerals 28.9%
		> Mining 11.7%
	990,000	Potash Corp. of Saskatchewan (Canada)	$	226,284
		World's Largest Producer of Potash
	21,178,600	Uranium One (South Africa) (a)		99,694
		Uranium Mines in South Africa, Kazakhstan, Australia & the U.S.
				325,978
		> Oil Services 8.7%
	5,550,000	Tetra Technologies (a)(b)		131,590
		U.S.-based Service Company with Life of Field Approach
	1,200,000	FMC Technologies (a)		92,316
		Oil & Gas Wellhead Manufacturer
	125,000	Diamond Offshore		17,393
		Contract Driller
				241,299
		> Oil & Gas Producers 5.2%
	8,316,666	Pacific Rubiales Energy (Canada) (a)(c)		108,440
	1,260,834	Pacific Rubiales Energy (Canada) (a)		16,606
	2,868,750	Pacific Rubiales Energy-Warrants (Canada) (a)(c)		19,635
		Oil Production & Exploration in Colombia
				144,681
		> Alternative Energy 3.3%
	1,500,000	Canadian Solar (a)(b)		60,285
		Solar Cell & Module Manufacturer
	2,350,000	Synthesis Energy Systems (a)(b)		21,150
		Owner/Operator of Gasification Plants
	1,500,000	Real Goods Solar (a)(b)		9,225
		Residential Solar Energy Installer
				90,660
Energy & Minerals: Total				802,618
Consumer Goods & Services 25.1%
		> Retail 10.4%
	1,650,000	Abercrombie & Fitch		103,422
		Teen Apparel Retailer
	3,550,000	Safeway		101,352
		Supermarkets
	850,000	Costco Wholesale		59,619
		Warehouse Superstores
	4,500,000	Chico's FAS (a)		24,165
		Women's Specialty Retailer
				288,558
		> Other Consumer Services 7.5%
	2,100,000	ITT Educational Services (a)(b)		173,523
		Post-secondary Degree Services
	1,500,000	Career Education (a)		21,915
		Post-secondary Education
	1,100,000	Universal Technical Institute (a)(b)		13,706
		Vocational Training
				209,144

Number of Shares			Value (000)
		> Travel 3.0%
	3,550,000	Expedia (a)	$	65,249
		Online Travel Services Company
	2,000,000	Hertz (a)		19,200
		Largest U.S. Rental Car Operator
				84,449
		> Apparel 1.7%
	1,600,000	Coach (a)		46,208
		Designer & Retailer of Branded Leather Accessories
				46,208
		> Furniture & Textiles 0.8%
	1,800,000	Knoll		21,870
		Office Furniture
				21,870
		> Leisure Products 0.8%
	600,000	Harley-Davidson		21,756
		Motorcycles & Related Merchandise
				21,756
		> Food & Beverage 0.5%
	9,130,100	Fu Ji Food & Catering Services (China)		14,168
		Food Catering Service Provider in China
				14,168
		> Casinos & Gaming 0.4%
	38,651,100	NagaCorp (Hong Kong)		10,410
		Monopoly Casino in Central Cambodia
	8,265,400	RexCapital Finance (China)(a)		827
		Chinese Lottery
				11,237
Consumer Goods & Services: Total				697,390
Information 21.4%
		> Mobile Communications 4.6%
	2,300,000	American Tower (a)		97,175
		Communications Towers in USA & Mexico
	10,592,100	Globalstar (a)(b)		29,976
		Satellite Mobile Voice & Data Carrier
				127,151
		> Business Software 3.1%
	9,000,000	Novell (a)		53,010
		Directory, Operating System & Identity Management Software
	2,000,000	Avid Technology (a)(b)		33,980
		Digital Nonlinear Editing Software & Systems
				86,990
		> Internet Related 3.1%
	9,600,000	SkillSoft - ADR (a)(b)		86,784
		Web-based Learning Solutions (E-Learning)
				86,784
		> Telecommunications Equipment 2.8%
	16,748,200	Tellabs (a)		77,879
		Telecommunications Equipment
				77,879

See accompanying notes to financial statements.

57

Columbia Acorn Select

Statement of Investments (Unaudited), continued

Number of Shares			Value (000)
		> Contract Manufacturing 2.1%
	45,250,000	Sanmina-SCI (a)(b)	$	57,920
		Electronic Manufacturing Services
				57,920
		> CATV 2.0%
	2,500,000	Discovery Holding (a)		54,900
		CATV Programming
				54,900
		> Advertising 1.5%
	2,700,000	VisionChina Media - ADR (China) (a)		42,849
		Advertising on Digital Screens in China's Mass Transit System
				42,849
		> Computer Services 1.1%
	1,435,296	WNS - ADR (a)		24,185
		Offshore BPO (Business Process Outsourcing) Services
	1,367,000	Hackett Group (a)		7,846
		IT Integration & Best Practice Research
				32,031
		> Financial Processors 1.1%
	3,350,000	Cardtronics (a)(b)		29,715
		Operates the World's Largest Network of ATMs
				29,715
Information: Total				596,219
Industrial Goods & Services 11.5%
		> Other Industrial Services 5.1%
	1,425,000	Expeditors International of Washington		61,275
		International Freight Forwarder
	3,000,000	American Commercial Lines (a)(b)		32,790
		Operator/Builder of Inland Barges
	1,250,000	Mobile Mini (a)		25,000
		Portable Storage Units Leasing
	1,343,574	American Reprographics (a)		22,370
		Document Management & Logistics
				141,435
		> Outsourcing Services 3.6%
	3,000,000	Quanta Services (a)		99,810
		Electrical & Telecom Construction Services
				99,810
		> Waste Management 2.0%
	1,500,000	Waste Management		56,565
		U.S. Garbage Collection & Disposal
				56,565
		> Industrial Materials & Specialty Chemicals 0.8%
	970,000	Israel Chemicals (Israel)		22,602
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
				22,602
Industrial Goods & Services: Total				320,412

Number of Shares or Principal Amount (000)			Value (000)
Finance 9.5%
		> Brokerage & Money Management 5.7%
	3,700,000	Janus Capital Group	$	97,939
		Manages Mutual Funds
	1,600,000	SEI Investments		37,632
		Mutual Fund Administration & Investment Management
	3,740,000	MF Global (a)		23,599
		Futures Broker
				159,170
		> Insurance 3.8%
	8,400,000	Conseco (a)(b)		83,328
		Life, Long-term Care & Medical Supplement Insurance
	55,800	Markel (a)		20,479
		Specialty Insurance
				103,807
Finance: Total				262,977
Other Industries 2.1%
		> Transportation 2.1%
	1,750,000	JB Hunt Transport Services		58,240
		Truck & Intermodal Carrier
				58,240
Other Industries: Total				58,240
Health Care 1.4%
		> Pharmaceuticals 1.4%
	600,000	Cephalon (a)		40,014
		Specialty Pharmaceuticals for Pain, Central Nervous System & Oncology
				40,014
Health Care: Total				40,014
Total Equities: 99.9% (Cost: $2,268,508)				2,777,870
Short-Term Obligation 0.3%
		> Repurchase Agreement 0.3%
$	9,291	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/23, market value $9,479 (repurchase proceeds $9,291)		9,291
Total Short-Term Obligation (Cost: $9,291)				9,291
Total Investments: 100.2% (Cost: $2,277,799)(d)				2,787,161
Cash and Other Assets Less Liabilities: (0.2)%				(6,834	)
Total Net Assets: 100%			$	2,780,327

See accompanying notes to financial statements.

58

> Notes to Statements of Investments (dollar values in thousands)

(a)  Non-income producing security.

(b)  An affiliate may include any company in which the Fund owns five percent or more of its outstanding voting shares. Transactions in affiliated companies during the six months ended June 30, 2008, are as follows:

Affiliates	Balance of Shares Held 12/31/07		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/08		Value		Dividend
American Commercial Lines		3,000,000		-		-		3,000,000	$	32,790	$	-
Avid Technology		2,350,000		-		350,000		2,000,000		33,980		-
Canadian Solar		2,400,000		125,195		1,025,195		1,500,000		60,285		-
CardTronics		2,308,000		1,042,000		-		3,350,000		29,715		-
Conseco		9,700,000		500,000		1,800,000		8,400,000		83,328		-
Globalstar		6,866,316		3,725,784		-		10,592,100		29,976		-
ITT Educational Services		1,300,000		800,000		-		2,100,000		173,523		-
Petro Rubiales Energy (merged into Pacific Rubiales Energy)*		50,000,000		-		50,000,000		-		-		-
Petro Rubiales Energy-Warrants (merged into Pacific Rubiales Energy-Warrants)*		17,212,000		-		17,212,000		-		-		-
Real Goods Solar		-		1,500,000		-		1,500,000		9,225		-
Sanmina-SCI		36,700,000		8,550,000		-		45,250,000		57,920		-
SkillSoft - ADR		9,600,000		-		-		9,600,000		86,784		-
Synthesis Energy Systems		-		2,350,000		-		2,350,000		21,150		-
Tetra Technologies		5,550,000		-		-		5,550,000		131,590		-
Universal Technical Institute		1,500,000		-		400,000		1,100,000		13,706		-
Total of Affiliated Transactions		148,486,816		18,592,979		70,787,695		96,292,100	$	763,972	$	-

*  At June 30, 2008, the Fund owned less than five percent or more of the company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2008, was $872,228 and $763,972, respectively. Investments in affiliate companies represented 27.5% of total net assets at June 30, 2008.

(c)  Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued in good faith by the board of trustees. At June 30, 2008, these securities amounted to $128,075, which represented 4.60% of net assets.

  Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Pacific Rubiales Energy	7/12/07		8,316,666	$	37,653	$	108,440
Pacific Rubiales Energy-Warrants	7/12/07		2,868,750		4,910		19,635
				$	42,563	$	128,075

(d)  At June 30, 2008, for federal income tax purposes cost of investments was $2,277,799 and net unrealized appreciation was $509,362 consisting of gross unrealized appreciation of $994,434 and gross unrealized depreciation of $485,072.

ADR = American Depositary Receipts

See accompanying notes to financial statements.

59

Columbia Thermostat Fund

Statement of Investments (Unaudited), June 30, 2008

Number of Shares or Principal Amount (000)			Value (000)
		> Stock Funds: 68.8%
	2,773,830	Columbia Large Cap Enhanced Core Fund, Class Z	$	34,312
	2,150,618	Columbia Dividend Income Fund, Class Z		27,571
	534,019	Columbia Acorn International, Class Z		20,811
	1,025,457	Columbia Marsico Growth Fund, Class Z		20,653
	766,138	Columbia Acorn Fund, Class Z		20,226
	521,643	Columbia Acorn Select, Class Z		13,604
Total Stock Funds (Cost: $139,455)				137,177
		> Bond Funds: 30.5%
	3,561,831	Columbia Intermediate Bond Fund, Class Z		30,418
	1,684,659	Columbia U.S. Treasury Index Fund, Class Z		18,380
	1,560,980	Columbia Conservative High Yield Fund, Class Z		12,019
Total Bond Funds (Cost: $61,627)				60,817
Short-Term Obligation: 0.6%
		> Repurchase Agreement: 0.6%
$	1,195	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/08, due 7/01/08 at 1.800%, collateralized by a U.S. Treasury Obligation, maturing 8/15/11 market value $1,220 (repurchase proceeds $1,195)		1,195
Total Short-Term Obligation (Cost: $1,195)				1,195
Total Investments: 99.9% (Cost: $202,277)(a)				199,189
Cash and Other Assets Less Liabilities: 0.1%				146
Total Net Assets: 100%			$	199,335

> Notes to Statements of Investments (dollar values in thousands)

(a)  At June 30, 2008, for federal income tax purposes cost of investments was $202,277 and net unrealized depreciation was $3,088 consisting of gross unrealized appreciation of $3,839 and gross unrealized depreciation of $6,927.

See accompanying notes to financial statements.

60

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61

Columbia Acorn Family of Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2008	Columbia Acorn Fund		Columbia Acorn International		Columbia Acorn USA			Columbia Acorn International Select			Columbia Acorn Select			Columbia Thermostat Fund
(in thousands)
Assets:
Unaffiliated investments, at cost	$	9,023,276	$	4,211,815	$	1,148,410		$	228,511		$	1,405,571		$	1,195
Affiliated investments, at cost (See Note 4)		3,633,643		181,586		5,636			—			872,228			201,082
Unaffiliated investments, at value	$	13,015,056	$	5,248,063	$	1,414,010		$	277,920		$	2,023,189		$	1,195
Affiliated investments, at value (See Note 4)		4,306,751		144,688		3,388			—			763,972			197,994
Cash		13,386		291		430			1			1			—	*
Foreign currency (cost: Columbia Acorn Fund $1,919; Columbia Acorn International $12,580; Columbia Acorn International Select $11,381; Columbia Acorn Select $107)		1,998		12,979		—			11,094			107			—
Receivable for:
Investments sold		12,704		2,296		2,028			109			7,965			—
Fund shares sold		12,241		7,353		757			937			2,248			689
Dividends and interest		8,565		7,021		512			408			370			—	*
Foreign tax reclaims		291		1,868		—			73			—			—
Expense reimbursement due from Advisor		—		—		—			—			—			26
Trustees' Deferred Compensation Investments		2,976		822		223			—			239			—
Other assets		52		46		—			—			11			—
Total Assets		17,374,020		5,425,427		1,421,348			290,542			2,798,102			199,904
Liabilities:
Payable for:
Investments purchased		56,749		7,773		5,742			949			7,322			—
Fund shares redeemed		21,246		4,181		1,671			418			6,783			296
Management fee		9,661		3,522		1,060			222			1,900			17
Administration fee		567		174		46			9			90			6
12b-1 Service & Distribution fees		2,396		309		112			31			449			78
Reports to shareholders		1,261		289		176			49			323			68
Deferred Trustees' fees		2,976		822		223			34			239			25
Transfer agent fees		4,628		390		428			19			640			44
Trustees' fees		13		1		2			1			1			1
Audit fee		38		39		21			22			21			13
Custody fees		286		400		7			15			7			—
Other liabilities		—		—		3			51			—			21
Total Liabilities		99,821		17,900		9,491			1,820			17,775			569
Net Assets	$	17,274,199	$	5,407,527	$	1,411,857		$	288,722		$	2,780,327		$	199,335
Composition of Net Assets:
Paid in capital	$	12,291,082	$	4,092,482	$	1,205,127		$	242,439		$	2,242,042		$	202,917
Undistributed/(overdistributed) net investment income (Accumulated net investment loss)		3,134		40,825		(3,799	)		1,759			(19,735	)		1,786
Accumulated net realized gain/(loss)		314,977		274,274		(52,823	)		(4,609	)		48,658			(2,280	)
Net unrealized appreciation/(depreciation) on:
Investments		4,664,888		999,350		263,352			49,409			509,362			(3,088	)
Foreign currency translations		118		596		—			(276	)		—	*		—
Net Assets	$	17,274,199	$	5,407,527	$	1,411,857		$	288,722		$	2,780,327		$	199,335
Net asset value per share – Class A (a)	$	25.69	$	38.89	$	23.97		$	30.22		$	25.55		$	11.66
(Net assets/shares)		($3,630,552/141,310)		($649,297/16,698)		($213,627/8,911)			($57,127/1,890)			($948,316/37,112)			($56,020/4,803)
Maximum offering price per share – Class A (b)	$	27.26	$	41.26	$	25.43		$	32.06		$	27.11		$	12.37
(Net asset value per share/front- end sales charge)		($25.69/0.9425)		($38.89/0.9425)		($23.97/0.9425)			($30.22/0.9425)			($25.55/0.9425)			($11.66/0.9425)
Net asset value and offering price per share – Class B (a)	$	24.27	$	37.95	$	22.66		$	28.93		$	24.23		$	11.70
(Net assets/shares)		($1,016,556/41,877)		($84,337/2,222)		($42,626/1,881)			($10,182/352)			($164,085/6,771)			($60,052/5,132)
Net asset value and offering price per share – Class C (a)	$	24.12	$	37.80	$	22.54		$	28.83		$	24.11		$	11.68
(Net assets/shares)		($1,064,047/44,111)		($135,532/3,586)		($42,404/1,881)			($15,866/550)			($160,040/6,638)			($33,480/2,865)
Net asset value and offering price per share – Class Z (c)	$	26.40	$	38.97	$	24.68		$	30.49		$	26.08		$	11.59
(Net assets/shares)		($11,563,044/437,949)		($4,538,361/116,453)		($1,113,200/45,102)			($205,547/6,741)			($1,507,886/57,823)			($49,783/4,294)

(a)  Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge and redemption fee.

(b)  On sales of $50,000 or more the offering price is reduced.

(c)  Redemption price per share is equal to net asset value less any applicable redemption fee.

*  Rounds to less than $500.

See accompanying notes to financial statements.

62

Columbia Acorn Family of Funds

Statements of Operations (Unaudited)
For the Six Months Ended June 30, 2008

(in thousands)	Columbia Acorn Fund			Columbia Acorn International			Columbia Acorn USA			Columbia Acorn International Select			Columbia Acorn Select			Columbia Thermostat Fund
Investment Income:
Dividend income	$	63,521		$	79,007		$	4,037		$	3,735		$	5,407		$	—
Dividend income from affiliates (See Note 4)		23,857			572			—			—			—			—
Dividends from affiliated investment company shares (See Note 4)		—			—			—			—			—			2,513
Interest income		9,179			3,969			368			167			1,080			11
		96,557			83,548			4,405			3,902			6,487			2,524
Foreign taxes withheld		(1,633	)		(512	)		—			(250	)		(82	)		—
Total Investment Income		94,924			83,036			4,405			3,652			6,405			2,524
Expenses:
Management fee		57,804			20,966			6,233			1,266			11,200			95
Administration fee		3,456			1,053			276			52			538			37
12b-1 Service and Distribution fees:
Class A		4,786			782			277			63			1,224			67
Class B		4,137			343			174			39			643			240
Class C		5,709			706			222			70			845			153
Transfer agent fees:
Class A		1,605			294			87			22			439			40
Class B		975			93			49			12			183			56
Class C		649			85			27			9			113			22
Class Z		2,233			689			291			40			291			20
Custody fees		677			1,701			34			66			55			—
Trustees' fees		443			134			36			6			68			3
Registration & blue sky fees		93			74			36			32			68			28
Reports to shareholders		1,220			366			166			59			318			71
Chief compliance officer expenses (See Note 4)		232			64			19			3			34			2
Other expenses		403			158			56			36			84			19
Total expenses		84,422			27,508			7,983			1,775			16,103			853
Less custody fees paid indirectly		(46	)		(1	)		(1	)		—	*		(1	)		—	*
Less reimbursement of expenses by Investment Advisor		—			—			—			—			—			(154	)
Net Expenses		84,376			27,507			7,982			1,775			16,102			699
Net Investment Income/(Loss)		10,548			55,529			(3,577	)		1,877			(9,697	)		1,825
Net Realized and Unrealized Gain (Loss) on Portfolio Positions:
Net realized gain/(loss) on:
Unaffiliated investments		360,790			275,169			(51,054	)		(4,997	)		54,794			—
Affiliated investments (See Note 4)		(44,513	)		—			—			—			(5,793	)		(2,427	)
Foreign currency transactions		770			(25	)		—			641			(16	)		—
Distributions from affiliated investment company shares		—			—			—			—			—			947
Net realized gain/(loss)		317,047			275,144			(51,054	)		(4,356	)		48,985			(1,480	)
Net change in net unrealized appreciation/(depreciation) on:
Unaffiliated investments		(1,451,967	)		(829,290	)		(77,383	)		(5,464	)		(200,920	)		—
Affiliated investments (See Note 4)		(685,065	)		(24,330	)		(1,234	)		—			(23,212	)		(9,625	)
Foreign currency translations		58			528			—			(490	)		—			—
Foreign capital gains tax		—			521			—			—			—			—
Net change in unrealized appreciation/ (depreciation)		(2,136,974	)		(852,571	)		(78,617	)		(5,954	)		(224,132	)		(9,625	)
Net realized and unrealized loss		(1,819,927	)		(577,427	)		(129,671	)		(10,310	)		(175,147	)		(11,105	)
Net Decrease in Net Assets resulting from Operations	$	(1,809,379	)	$	(521,898	)	$	(133,248	)	$	(8,433	)	$	(184,844	)	$	(9,280	)

*  Rounds to less than $500.

See accompanying notes to financial statements.

63

Columbia Acorn Family of Funds

Statements of Changes in Net Assets

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Operations:
Net investment income/(loss)	$	10,548		$	45,731		$	55,529		$	47,827		$	(3,577	)	$	(2,597	)
Net realized gain/(loss) on investments and foreign currency transactions		317,047			1,712,094			275,144			513,670			(51,054	)		134,988
Net realized gain/(loss) on affiliated investments and distributions from affiliated investment company shares		—			—			—			—			—			—
Net change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(2,136,974	)		(335,820	)		(852,571	)		231,935			(78,617	)		(78,587	)
Net change in net unrealized appreciation/(depreciation) on affiliated investment company shares		—			—			—			—			—			—
Net Increase/(Decrease) from Operations		(1,809,379	)		1,422,005			(521,898	)		793,432			(133,248	)		53,804
Distributions to Shareholders From:
Net investment income – Class A		—			(3,413	)		(1,019	)		(1,116	)		—			—
Net realized gain – Class A		(77,187	)		(325,538	)		(9,806	)		(43,244	)		(8,248	)		(15,400	)
Net investment income – Class B		—			—			—	*		—	*		—			—
Net realized gain – Class B		(22,988	)		(102,379	)		(1,332	)		(7,707	)		(1,747	)		(3,468	)
Net investment income – Class C		—			—			—	*		(2	)		—			—
Net realized gain – Class C		(24,101	)		(105,787	)		(2,146	)		(11,335	)		(1,740	)		(3,257	)
Net investment income – Class Z		—			(48,153	)		(23,594	)		(35,860	)		—			—
Net realized gain – Class Z		(239,508	)		(960,719	)		(68,973	)		(359,596	)		(41,787	)		(72,632	)
Total Distributions to Shareholders		(363,784	)		(1,545,989	)		(106,870	)		(458,860	)		(53,522	)		(94,757	)
Share Transactions:
Subscriptions – Class A		322,453			1,059,415			174,931			364,862			24,387			90,692
Distributions reinvested – Class A		70,874			298,039			9,978			40,913			7,538			13,230
Redemptions – Class A		(595,976	)		(1,097,778	)		(88,178	)		(115,689	)		(34,220	)		(96,876	)
Net Increase/(Decrease) – Class A		(202,649	)		259,676			96,731			290,086			(2,295	)		7,046
Subscriptions – Class B		1,888			14,689			1,697			17,916			59			496
Distributions reinvested – Class B		21,099			93,667			1,209			7,027			1,615			3,174
Redemptions – Class B		(136,818	)		(235,941	)		(11,496	)		(22,565	)		(6,427	)		(13,338	)
Net Increase/(Decrease) – Class B		(113,831	)		(127,585	)		(8,590	)		2,378			(4,753	)		(9,668	)
Subscriptions – Class C		25,207			110,348			14,834			60,335			1,282			3,126
Distributions reinvested – Class C		19,018			83,502			1,596			8,403			1,523			2,798
Redemptions – Class C		(145,736	)		(210,477	)		(17,648	)		(21,288	)		(4,878	)		(8,675	)
Net Increase/(Decrease) – Class C		(101,511	)		(16,627	)		(1,218	)		47,450			(2,073	)		(2,751	)
Subscriptions – Class Z		789,248			1,935,968			401,071			996,581			104,698			236,636
Distributions reinvested – Class Z		207,296			863,071			64,911			279,036			37,687			65,865
Redemptions – Class Z		(1,052,537	)		(1,814,299	)		(315,121	)		(495,473	)		(98,579	)		(272,461	)
Net Increase/(Decrease) – Class Z		(55,993	)		984,740			150,861			780,144			43,806			30,040
Net Increase/(Decrease) from Share Transactions		(473,984	)		1,100,204			237,784			1,120,058			34,685			24,667
Redemption Fees		—			—			183			303			—			—
Total Increase/(Decrease) in Net Assets		(2,647,147	)		976,220			(390,801	)		1,454,933			(152,085	)		(16,286	)
Net Assets:
Beginning of period		19,921,346			18,945,126			5,798,328			4,343,395			1,563,942			1,580,228
End of period	$	17,274,199		$	19,921,346		$	5,407,527		$	5,798,328		$	1,411,857		$	1,563,942
Undistributed/(Overdistributed) Net Investment Income or (Accumulated Net Investment Loss)	$	3,134		$	(7,414	)	$	40,825		$	9,909		$	(3,799	)	$	(222	)

*  Rounds to less than $500.

See accompanying notes to financial statements.

64

	Columbia Acorn International Select						Columbia Acorn Select						Columbia Thermostat Fund
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Operations:
Net investment income/(loss)	$	1,877		$	500		$	(9,697	)	$	(13,824	)	$	1,825		$	6,445
Net realized gain/(loss) on investments and foreign currency transactions		(4,356	)		28,722			48,985			137,328			—			—
Net realized gain/(loss) on affiliated investments and distributions from affiliated investment company shares		—			—			—			—			(1,480	)		8,935
Net change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(5,954	)		13,014			(224,132	)		60,654			—			—
Net change in net unrealized appreciation/(depreciation) on affiliated investment company shares		—			—			—			—			(9,625	)		(1,323	)
Net Increase/(Decrease) from Operations		(8,433	)		42,236			(184,844	)		184,158			(9,280	)		14,057
Distributions to Shareholders From:
Net investment income – Class A		—			(150	)		—			—			(40	)		(2,012	)
Net realized gain – Class A		(984	)		(2,498	)		(25,410	)		(25,546	)		(337	)		(3,166	)
Net investment income – Class B		—			—			—			—			—			(2,100	)
Net realized gain – Class B		(188	)		(655	)		(4,641	)		(4,903	)		(371	)		(4,129	)
Net investment income – Class C		—			—			—			—			—			(764	)
Net realized gain – Class C		(288	)		(682	)		(4,552	)		(4,795	)		(201	)		(1,608	)
Net investment income – Class Z		(281	)		(1,618	)		—			—			(166	)		(1,519	)
Net realized gain – Class Z		(3,600	)		(10,710	)		(39,523	)		(33,588	)		(301	)		(2,094	)
Total Distributions to Shareholders		(5,341	)		(16,313	)		(74,126	)		(68,832	)		(1,416	)		(17,392	)
Share Transactions:
Subscriptions – Class A		18,579			26,720			72,543			353,434			12,131			10,451
Distributions reinvested – Class A		901			2,409			23,382			23,371			346			4,734
Redemptions – Class A		(8,609	)		(7,228	)		(171,445	)		(257,380	)		(6,631	)		(19,044	)
Net Increase/(Decrease) – Class A		10,871			21,901			(75,520	)		119,425			5,846			(3,859	)
Subscriptions – Class B		271			2,760			386			3,529			2,068			4,269
Distributions reinvested – Class B		170			583			4,148			4,372			341			5,698
Redemptions – Class B		(1,545	)		(2,545	)		(22,118	)		(36,416	)		(6,508	)		(13,592	)
Net Increase/(Decrease) – Class B		(1,104	)		798			(17,584	)		(28,515	)		(4,099	)		(3,625	)
Subscriptions – Class C		4,498			5,815			3,255			44,306			11,467			4,372
Distributions reinvested – Class C		247			579			3,639			3,773			187			2,127
Redemptions – Class C		(1,240	)		(1,469	)		(26,611	)		(32,811	)		(3,336	)		(6,502	)
Net Increase/(Decrease) – Class C		3,505			4,925			(19,717	)		15,268			8,318			(3	)
Subscriptions – Class Z		31,752			70,464			213,461			874,944			19,128			6,608
Distributions reinvested – Class Z		1,769			5,636			29,748			25,110			437			3,354
Redemptions – Class Z		(21,342	)		(21,559	)		(176,250	)		(274,110	)		(3,127	)		(4,141	)
Net Increase/(Decrease) – Class Z		12,179			54,541			66,959			625,944			16,438			5,821
Net Increase/(Decrease) from Share Transactions		25,451			82,165			(45,862	)		732,122			26,503			(1,666	)
Redemption Fees		28			31			—			—			—			—
Total Increase/(Decrease) in Net Assets		11,705			108,119			(304,832	)		847,448			15,807			(5,001	)
Net Assets:
Beginning of period		277,017			168,898			3,085,159			2,237,711			183,528			188,529
End of period	$	288,722		$	277,017		$	2,780,327		$	3,085,159		$	199,335		$	183,528
Undistributed/(Overdistributed) Net Investment Income or (Accumulated Net Investment Loss)	$	1,759		$	163		$	(19,735	)	$	(10,038	)	$	1,786		$	167

See accompanying notes to financial statements.

65

Columbia Acorn Family of Funds

Statements of Changes in Net Assets, continued

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA
Changes in Shares of Beneficial Interest	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Subscriptions – Class A		11,966			34,304			4,294			8,200			962			3,109
Shares issued in reinvestment and capital gains – Class A		2,639			10,082			248			931			302			475
Less shares redeemed – Class A		(22,274	)		(35,563	)		(2,189	)		(2,608	)		(1,353	)		(3,347	)
Net Increase/(Decrease) – Class A		(7,669	)		8,823			2,353			6,523			(89	)		237
Subscriptions – Class B		75			501			43			410			3			18
Shares issued in reinvestment and capital gains – Class B		831			3,332			31			164			68			119
Less shares redeemed – Class B		(5,407	)		(7,999	)		(293	)		(523	)		(270	)		(478	)
Net Increase/(Decrease) – Class B		(4,501	)		(4,166	)		(219	)		51			(199	)		(341	)
Subscriptions – Class C		995			3,792			374			1,389			52			113
Shares issued in reinvestment and capital gains – Class C		754			2,987			41			196			65			105
Less shares redeemed – Class C		(5,800	)		(7,188	)		(454	)		(487	)		(205	)		(312	)
Net Increase/(Decrease) – Class C		(4,051	)		(409	)		(39	)		1,098			(88	)		(94	)
Subscriptions – Class Z		28,508			61,171			9,836			22,406			4,031			7,861
Shares issued in reinvestment and capital gains – Class Z		7,509			28,499			1,609			6,321			1,466			2,304
Less shares redeemed – Class Z		(38,418	)		(57,473	)		(7,797	)		(11,085	)		(3,814	)		(9,118	)
Net Increase/(Decrease) – Class Z		(2,401	)		32,197			3,648			17,642			1,683			1,047
Net Increase/(Decrease) in Shares of Beneficial Interest		(18,622	)		36,445			5,743			25,314			1,307			849

See accompanying notes to financial statements.

66

	Columbia Acorn International Select						Columbia Acorn Select						Columbia Thermostat Fund
Changes in Shares of Beneficial Interest	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
(in thousands)	2008			2007			2008			2007			2008			2007
Subscriptions – Class A		620			867			2,820			12,257			1,004			805
Shares issued in reinvestment and capital gains – Class A		30			75			901			810			29			380
Less shares redeemed – Class A		(289	)		(230	)		(6,690	)		(8,919	)		(555	)		(1,469	)
Net Increase/(Decrease) – Class A		361			712			(2,969	)		4,148			478			(284	)
Subscriptions – Class B		9			93			16			129			173			328
Shares issued in reinvestment and capital gains – Class B		6			19			168			159			29			456
Less shares redeemed – Class B		(55	)		(86	)		(909	)		(1,320	)		(541	)		(1,046	)
Net Increase/(Decrease) – Class B		(40	)		26			(725	)		(1,032	)		(339	)		(262	)
Subscriptions – Class C		157			194			133			1,601			952			338
Shares issued in reinvestment and capital gains – Class C		9			19			148			138			15			170
Less shares redeemed – Class C		(44	)		(49	)		(1,092	)		(1,197	)		(277	)		(502	)
Net Increase/(Decrease) – Class C		122			164			(811	)		542			690			6
Subscriptions – Class Z		1,051			2,248			8,135			29,644			1,607			511
Shares issued in reinvestment and capital gains – Class Z		58			176			1,123			858			37			271
Less shares redeemed – Class Z		(724	)		(696	)		(6,737	)		(9,406	)		(260	)		(320	)
Net Increase/(Decrease) – Class Z		385			1,728			2,521			21,096			1,384			462
Net Increase/(Decrease) in Shares of Beneficial Interest		828			2,630			(1,984	)		24,754			2,213			(78	)

See accompanying notes to financial statements.

67

Columbia Acorn Family of Funds

Financial Highlights

Columbia Acorn Fund

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	28.87		$	29.02		$	27.57		$	25.93		$	22.20		$	15.34
Income from Investment Operations
Net investment income/(loss) (a)		0.00	(b)		0.05	(c)		0.05			0.07			(0.05	)		(0.07	)
Net realized and unrealized gain/(loss)		(2.63	)		2.13			3.82			3.20			4.69			6.95
Total from Investment Operations		(2.63	)		2.18			3.87			3.27			4.64			6.88
Less Distributions to Shareholders
From net investment income		—			(0.03	)		(0.04	)		(0.07	)		—			—
From net realized gains		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Total Distributions to Shareholders		(0.55	)		(2.33	)		(2.42	)		(1.63	)		(0.91	)		(0.02	)
Net Asset Value, End of Period	$	25.69		$	28.87		$	29.02		$	27.57		$	25.93		$	22.20
Total Return (d)		(9.18	)%(e)		7.39	%(f)(g)		14.13	%(f)		12.76	%(f)		21.05	%(f)		44.85	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (h)		1.05	%(i)		1.02	%		1.02	%		1.03	%		1.20	%		1.33	%
Net investment income/(loss) (h)		0.00	%(i)(j)		0.17	%		0.17	%		0.28	%		(0.21	)%		(0.36	)%
Waiver/Reimbursement		—			0.01	%		0.02	%		0.02	%		0.02	%		—
Portfolio turnover rate		10	%(e)		20	%		22	%		16	%		20	%		10	%
Net assets at end of period (000's)	$	3,630,552		$	4,300,920		$	4,067,868		$	3,349,461		$	2,669,936		$	1,982,260

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Amount represents less than $0.01 per share.

(c)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(d)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(e)  Not annualized.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(h)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(i)  Annualized.

(j)  Rounds to less then 0.01%.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	27.39		$	27.78		$	26.61		$	25.19		$	21.75		$	15.13
Income from Investment Operations
Net investment loss (a)		(0.08	)		(0.11	)(b)		(0.13	)		(0.11	)		(0.22	)		(0.18	)
Net realized and unrealized gain/(loss)		(2.49	)		2.02			3.68			3.09			4.57			6.82
Total from Investment Operations		(2.57	)		1.91			3.55			2.98			4.35			6.64
Less Distributions to Shareholders
From net realized gains		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Total Distributions to Shareholders		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Net Asset Value, End of Period	$	24.27		$	27.39		$	27.78		$	26.61		$	25.19		$	21.75
Total Return (c)		(9.46	)%(d)		6.76	%(e)(f)		13.43	%(e)		11.98	%(e)		20.15	%(e)		43.89	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.64	%(h)		1.59	%		1.66	%		1.72	%		1.95	%		1.98	%
Net investment loss (g)		(0.59	)%(h)		(0.39	)%		(0.48	)%		(0.42	)%		(0.96	)%		(1.01	)%
Waiver/Reimbursement		—			0.01	%		0.02	%		0.02	%		0.02	%		—
Portfolio turnover rate		10	%(d)		20	%		22	%		16	%		20	%		10	%
Net assets at end of period (000's)	$	1,016,556		$	1,270,292		$	1,404,165		$	1,422,580		$	1,399,135		$	1,221,931

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	27.25		$	27.70		$	26.58		$	25.18		$	21.75		$	15.12
Income from Investment Operations
Net investment loss (a)		(0.10	)		(0.18	)(b)		(0.17	)		(0.13	)		(0.22	)		(0.18	)
Net realized and unrealized gain/(loss)		(2.48	)		2.03			3.67			3.09			4.56			6.83
Total from Investment Operations		(2.58	)		1.85			3.50			2.96			4.34			6.65
Less Distributions to Shareholders
From net realized gains		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Total Distributions to Shareholders		(0.55	)		(2.30	)		(2.38	)		(1.56	)		(0.91	)		(0.02	)
Net Asset Value, End of Period	$	24.12		$	27.25		$	27.70		$	26.58		$	25.18		$	21.75
Total Return (c)		(9.54	)%(d)		6.56	%(e)(f)		13.25	%(e)		11.90	%(e)		20.11	%(e)		43.99	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.83	%(h)		1.79	%		1.80	%		1.82	%		1.95	%		1.98	%
Net investment loss (g)		(0.78	)%(h)		(0.60	)%		(0.61	)%		(0.51	)%		(0.96	)%		(1.01	)%
Waiver/Reimbursement		—			0.00	%(i)		0.02	%		0.02	%		0.02	%		—
Portfolio turnover rate		10	%(d)		20	%		22	%		16	%		20	%		10	%
Net assets at end of period (000's)	$	1,064,047		$	1,312,243		$	1,345,520		$	1,220,339		$	1,083,006		$	900,016

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.03 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

68

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn International

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	43.42		$	40.07		$	33.20		$	28.75		$	22.45		$	15.32
Income from Investment Operations
Net investment income (a)		0.37			0.27			0.23			0.22			0.14			0.10
Net realized and unrealized gain/(loss)		(4.24	)		6.52			10.87			5.84			6.31			7.08
Total from Investment Operations		(3.87	)		6.79			11.10			6.06			6.45			7.18
Less Distributions to Shareholders
From net investment income		(0.06	)		(0.08	)		(0.32	)		(0.53	)		(0.15	)		(0.05	)
From net realized gains		(0.60	)		(3.36	)		(3.91	)		(1.08	)		—			—
Total Distributions to Shareholders		(0.66	)		(3.44	)		(4.23	)		(1.61	)		(0.15	)		(0.05	)
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		—
Net Asset Value, End of Period	$	38.89		$	43.42		$	40.07		$	33.20		$	28.75		$	22.45
Total Return (c)		(8.96	)%(d)		16.90	%(e)		34.16	%(e)		21.42	%(e)		28.91	%(e)		46.94	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)		1.24	%(g)		1.23	%		1.24	%		1.30	%		1.48	%		1.59	%
Net investment income (f)		1.81	%(g)		0.60	%		0.61	%		0.72	%		0.61	%		0.57	%
Waiver/Reimbursement		—			0.00	%(h)		0.01	%		0.02	%		0.02	%		—
Portfolio turnover rate		16	%(d)		28	%		31	%		27	%		40	%		40	%
Net assets at end of period (000's)	$	649,297		$	622,901		$	313,401		$	142,204		$	70,582		$	52,872

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Rounds to less than $0.01 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(g)  Annualized.

(h)  Rounds to less than 0.01%.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	42.46		$	39.39		$	32.71		$	28.18		$	22.07		$	15.11
Income from Investment Operations
Net investment income/(loss) (a)		0.22			0.04			(0.00	)(b)		0.02			(0.04	)		(0.02	)
Net realized and unrealized gain/(loss)		(4.13	)		6.39			10.66			5.73			6.19			6.98
Total from Investment Operations		(3.91	)		6.43			10.66			5.75			6.15			6.96
Less Distributions to Shareholders
From net investment income		—			(0.00	)(b)		(0.07	)		(0.14	)		(0.04	)		—
From net realized gains		(0.60	)		(3.36	)		(3.91	)		(1.08	)		—			—
Total Distributions to Shareholders		(0.60	)		(3.36	)		(3.98	)		(1.22	)		(0.04	)		—
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		—
Net Asset Value, End of Period	$	37.95		$	42.46		$	39.39		$	32.71		$	28.18		$	22.07
Total Return (c)		(9.26	)%(d)		16.25	%(e)		33.26	%(e)		20.57	%(e)		27.91	%(e)		46.06	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)		1.85	%(g)		1.81	%		1.89	%		2.01	%		2.27	%		2.24	%
Net investment income/(loss) (f)		1.13	%(g)		0.08	%		(0.01	)%		0.08	%		(0.18	)%		(0.10	)%
Waiver/Reimbursement		—			0.01	%		0.02	%		0.02	%		0.02	%		—
Portfolio turnover rate		16	%(d)		28	%		31	%		27	%		40	%		40	%
Net assets at end of period (000's)	$	84,337		$	103,631		$	94,165		$	73,572		$	54,752		$	39,800

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Rounds to less than $0.01 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(g)  Annualized.

See accompanying notes to financial statements.

69

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn International

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	42.32		$	39.35		$	32.68		$	28.19		$	22.06		$	15.11
Income from Investment Operations
Net investment loss (a)		0.19			(0.06	)		(0.05	)		(0.00	)(b)		(0.03	)		(0.01	)
Net realized and unrealized gain/(loss)		(4.11	)		6.39			10.66			5.71			6.20			6.96
Total from Investment Operations		(3.92	)		6.33			10.61			5.71			6.17			6.95
Less Distributions to Shareholders
From net investment income		—			(0.00	)(b)		(0.03	)		(0.14	)		(0.04	)		—
From net realized gains		(0.60	)		(3.36	)		(3.91	)		(1.08	)		—			—
Total Distributions to Shareholders		(0.60	)		(3.36	)		(3.94	)		(1.22	)		(0.04	)		—
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		0.00	(a)(b)		—
Net Asset Value, End of Period	$	37.80		$	42.32		$	39.35		$	32.68		$	28.19		$	22.06
Total Return (c)		(9.31	)%(d)		16.01	%(e)		33.14	%(e)		20.45	%(e)		28.01	%(e)		46.00	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)		2.01	%(g)		1.99	%		2.01	%		2.09	%		2.24	%		2.24	%
Net investment income/(loss) (f)		0.99	%(g)		(0.14	)%		(0.14	)%		(0.01	)%		(0.15	)%		(0.06	)%
Waiver/Reimbursement		—			0.00	%(h)		0.01	%		0.02	%		0.02	%		—
Portfolio turnover rate		16	%(d)		28	%		31	%		27	%		40	%		40	%
Net assets at end of period (000's)	$	135,532		$	153,416		$	99,425		$	47,325		$	30,547		$	22,990

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Rounds to less than $0.01 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(g)  Annualized.

(h)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

70

Columbia Acorn USA

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	27.23		$	28.02		$	26.52		$	24.77		$	20.74		$	14.18
Income from Investment Operations
Net investment loss (a)		(0.08	)		(0.09	)(b)		(0.10	)		(0.01	)		(0.24	)		(0.22	)
Net realized and unrealized gain/(loss)		(2.22	)		1.01			2.21			3.13			4.41			6.78
Total from Investment Operations		(2.30	)		0.92			2.11			3.12			4.17			6.56
Less Distributions to Shareholders
From net realized gains		(0.96	)		(1.71	)		(0.61	)		(1.37	)		(0.14	)		—
Net Asset Value, End of Period	$	23.97		$	27.23		$	28.02		$	26.52		$	24.77		$	20.74
Total Return (c)		(8.61	)%(d)		3.18	%(e)(f)		7.95	%(e)		12.68	%(e)		20.12	%(e)		46.26	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.28	%(h)		1.25	%		1.26	%		1.31	%		1.51	%		1.65	%
Net investment loss (g)		(0.67	)%(h)		(0.29	)%		(0.35	)%		(0.02	)%		(1.08	)%		(1.26	)%
Waiver/Reimbursement		—			0.00	%(i)		0.01	%		0.01	%		0.02	%		—
Portfolio turnover rate		12	%(d)		21	%		13	%		13	%		18	%		7	%
Net assets at end of period (000's)	$	213,627		$	245,085		$	245,552		$	168,922		$	112,509		$	89,650

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.09 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	25.87		$	26.87		$	25.61		$	24.14		$	20.36		$	14.01
Income from Investment Operations
Net investment loss (a)		(0.16	)		(0.25	)(b)		(0.27	)		(0.18	)		(0.39	)		(0.32	)
Net realized and unrealized gain/(loss)		(2.09	)		0.96			2.14			3.02			4.31			6.67
Total from Investment Operations		(2.25	)		0.71			1.87			2.84			3.92			6.35
Less Distributions to Shareholders
From net realized gains		(0.96	)		(1.71	)		(0.61	)		(1.37	)		(0.14	)		—
Net Asset Value, End of Period	$	22.66		$	25.87		$	26.87		$	25.61		$	24.14		$	20.36
Total Return (c)		(8.87	)%(d)		2.53	%(e)(f)		7.29	%(e)		11.84	%(e)		19.26	%(e)		45.32	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.92	%(h)		1.85	%		1.93	%		2.00	%		2.23	%		2.30	%
Net investment loss (g)		(1.31	)%(h)		(0.87	)%		(1.01	)%		(0.72	)%		(1.80	)%		(1.91	)%
Waiver/Reimbursement		—			0.01	%		0.02	%		0.01	%		0.02	%		—
Portfolio turnover rate		12	%(d)		21	%		13	%		13	%		18	%		7	%
Net assets at end of period (000's)	$	42,626		$	53,820		$	65,040		$	73,168		$	72,643		$	66,175

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.09 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	25.77		$	26.81		$	25.59		$	24.14		$	20.36		$	14.01
Income from Investment Operations
Net investment loss (a)		(0.17	)		(0.30	)(b)		(0.30	)		(0.20	)		(0.39	)		(0.32	)
Net realized and unrealized gain/(loss)		(2.10	)		0.97			2.13			3.02			4.31			6.67
Total from Investment Operations		(2.27	)		0.67			1.83			2.82			3.92			6.35
Less Distributions to Shareholders
From net realized gains		(0.96	)		(1.71	)		(0.61	)		(1.37	)		(0.14	)		—
Net Asset Value, End of Period	$	22.54		$	25.77		$	26.81		$	25.59		$	24.14		$	20.36
Total Return (c)		(8.98	)%(d)		2.39	%(e)(f)		7.14	%(e)		11.76	%(e)		19.26	%(e)		45.32	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		2.07	%(h)		2.03	%		2.05	%		2.10	%		2.23	%		2.30	%
Net investment loss (g)		(1.46	)%(h)		(1.07	)%		(1.14	)%		(0.81	)%		(1.80	)%		(1.91	)%
Waiver/Reimbursement		—			0.00	%(i)		0.01	%		0.01	%		0.02	%		—
Portfolio turnover rate		12	%(d)		21	%		13	%		13	%		18	%		7	%
Net assets at end of period (000's)	$	42,404		$	50,743		$	55,306		$	42,844		$	39,643		$	35,662

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.09 per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Not annualized.

(e)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(f)  Total return includes a voluntary reimbursement by the Investment Advisor for a realized investment loss due to a trading error. This reimbursement increased total return and net asset value per share by less than 0.01% and $0.01, respectively.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

71

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn International Select

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	31.74		$	27.68		$	20.36		$	17.85		$	14.45		$	10.24
Income from Investment Operations
Net investment income/(loss) (a)		0.19			0.04	(b)		0.03			0.06			(0.00	)(c)		0.03
Net realized and unrealized gain/(loss)		(1.17	)		5.91			7.29			2.69			3.43			4.18
Total from Investment Operations		(0.98	)		5.95			7.32			2.75			3.43			4.21
Less Distributions to Shareholders
From net investment income		—			(0.12	)		—			(0.24	)		(0.03	)		—
From net realized gains		(0.54	)		(1.77	)		—			—			—			—
Total Distributions to Shareholders		(0.54	)		(1.89	)		—			(0.24	)		(0.03	)		—
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		—
Net Asset Value, End of Period	$	30.22		$	31.74		$	27.68		$	20.36		$	17.85		$	14.45
Total Return (d)		(3.07	)%(e)		21.50	%(f)		35.97	%(f)		15.60	%(f)		23.76	%(f)		41.11	%(f)
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		1.47	%(h)		1.49	%		1.58	%		1.70	%		1.75	%		1.80	%
Net investment income/(loss) (g)		1.28	%(h)		0.11	%		0.11	%		0.34	%		(0.03	)%		0.24	%
Waiver/Reimbursement		—			0.00	%(i)		0.02	%		0.10	%		0.37	%		0.44	%
Portfolio turnover rate		26	%(e)		57	%		47	%		39	%		73	%		69	%
Net assets at end of period (000's)	$	57,127		$	48,538		$	22,599		$	10,219		$	4,357		$	2,557

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(c)  Rounds to less than $0.01 per share.

(d)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deffered sales charge.

(e)  Not annualized.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

(i)  Rounds to less than 0.01%.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	30.50		$	26.73		$	19.80		$	17.36		$	14.12		$	10.08
Income from Investment Operations
Net investment income/(loss) (a)		0.08			(0.13	)(b)		(0.12	)		(0.03	)		(0.10	)		(0.06	)
Net realized and unrealized gain/(loss)		(1.11	)		5.67			7.05			2.61			3.34			4.10
Total from Investment Operations		(1.03	)		5.54			6.93			2.58			3.24			4.04
Less Distributions to Shareholders
From net investment income		—			—			—			(0.14	)		—			—
From net realized gains		(0.54	)		(1.77	)		—			—			—			—
Total Distributions to Shareholders		(0.54	)		(1.77	)		—			(0.14	)		—			—
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		—
Net Asset Value, End of Period	$	28.93		$	30.50		$	26.73		$	19.80		$	17.36		$	14.12
Total Return (d)(e)		(3.36	)%(e)		20.69	%(f)		35.00	%(f)		14.97	%(f)		22.95	%(f)		40.08	%(f)
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		2.11	%(h)		2.10	%		2.25	%		2.30	%		2.38	%		2.45	%
Net investment gain/(loss) (g)		0.53	%(h)		(0.45	)%		(0.53	)%		(0.16	)%		(0.66	)%		(0.52	)%
Waiver/Reimbursement		—			0.01	%		0.04	%		0.28	%		0.58	%		0.44	%
Portfolio turnover rate		26	%(e)		57	%		47	%		39	%		73	%		69	%
Net assets at end of period (000's)	$	10,182		$	11,941		$	9,787		$	6,594		$	5,097		$	3,162

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(c)  Rounds to less than $0.01 per share.

(d)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e)  Not annualized.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

See accompanying notes to financial statements.

72

Columbia Acorn International Select

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	30.42		$	26.70		$	19.80		$	17.38		$	14.14		$	10.09
Income from Investment Operations
Net investment gain/(loss) (a)		0.07			(0.20	)(b)		(0.15	)		(0.05	)		(0.11	)		(0.05	)
Net realized and unrealized gain/(loss)		(1.12	)		5.69			7.05			2.60			3.35			4.10
Total from Investment Operations		(1.05	)		5.49			6.90			2.55			3.24			4.05
Less Distributions to Shareholders
From net investment income		—			—			—			(0.13	)		—			—
From net realized gains		(0.54	)		(1.77	)		—			—			—			—
Total Distributions to Shareholders		(0.54	)		(1.77	)		—			(0.13	)		—			—
Redemption Fees
Redemption fees added to paid in capital		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		0.00	(a)(c)		—
Net Asset Value, End of Period	$	28.83		$	30.42		$	26.70		$	19.80		$	17.38		$	14.14
Total Return (d)		(3.43	)%(e)		20.53	%(f)		34.85	%(f)		14.77	%(f)		22.91	%(f)		40.14	%(f)
Ratios to Average Net Assets/Supplemental Data
Net expenses (g)		2.25	%(h)		2.29	%		2.38	%		2.45	%		2.45	%		2.45	%
Net investment gain/(loss) (g)		0.52	%(h)		(0.68	)%		(0.67	)%		(0.30	)%		(0.73	)%		(0.41	)%
Waiver/Reimbursement		—			0.01	%		0.02	%		0.17	%		0.35	%		0.44	%
Portfolio turnover rate		26	%(e)		57	%		47	%		39	%		73	%		69	%
Net assets at end of period (000's)	$	15,866		$	13,023		$	7,060		$	4,083		$	2,543		$	3,691

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

(c)  Rounds to less than $0.01 per share.

(d)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(e)  Not annualized.

(f)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

See accompanying notes to financial statements.

73

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn Select

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	27.89		$	26.18		$	22.47		$	20.83		$	18.01		$	13.93
Income from Investment Operations
Net investment loss (a)		(0.10	)		(0.15	)		(0.13	)		(0.09	)		(0.16	)		(0.20	)
Net realized and unrealized gain/(loss)		(1.55	)		2.50			4.45			2.32			3.42			4.37
Total from Investment Operations		(1.65	)		2.35			4.32			2.23			3.26			4.17
Less Distributions to Shareholders
From net investment income		—			—			(0.02	)		—			—			—
From net realized gains		(0.69	)		(0.64	)		(0.59	)		(0.59	)		(0.44	)		(0.09	)
Total Distributions to Shareholders		(0.69	)		(0.64	)		(0.61	)		(0.59	)		(0.44	)		(0.09	)
Net Asset Value, End of Period	$	25.55		$	27.89		$	26.18		$	22.47		$	20.83		$	18.01
Total Return (b)		(5.94	)%(c)		8.92	%(d)		19.32	%(d)		10.78	%(d)		18.16	%(d)		29.95	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (e)		1.22	%(f)		1.19	%		1.24	%		1.26	%		1.47	%		1.63	%
Net investment loss (e)		(0.77	)(f)		(0.52	)%		(0.54	)%		(0.42	)%		(0.86	)%		(1.15	)%
Waiver/Reimbursement		—			0.00	%(g)		0.03	%		0.03	%		0.02	%		—
Portfolio turnover rate		14	%(c)		14	%		21	%		19	%		34	%		16	%
Net assets at end of period (000's)	$	948,316		$	1,117,941		$	940,857		$	744,178		$	515,842		$	264,679

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deffered sales charge.

(c)  Not annualized.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(f)  Annualized.

(g)  Rounds to less than 0.01%.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	26.57		$	25.13		$	21.71		$	20.23		$	17.64		$	13.73
Income from Investment Operations
Net investment loss (a)		(0.17	)		(0.31	)		(0.28	)		(0.23	)		(0.31	)		(0.29	)
Net realized and unrealized gain/(loss)		(1.48	)		2.39			4.29			2.24			3.34			4.29
Total from Investment Operations		(1.65	)		2.08			4.01			2.01			3.03			4.00
Less Distributions to Shareholders
From net realized gains		(0.69	)		(0.64	)		(0.59	)		(0.53	)		(0.44	)		(0.09	)
Net Asset Value, End of Period	$	24.23		$	26.57		$	25.13		$	21.71		$	20.23		$	17.64
Total Return (b)		(6.24	)%(c)		8.22	%(d)		18.54	%(d)		10.01	%(d)		17.24	%(d)		29.14	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (e)		1.85	%(f)		1.79	%		1.91	%		1.99	%		2.26	%		2.28	%
Net investment loss (e)		(1.39	)%(f)		(1.12	)%		(1.21	)%		(1.15	)%		(1.65	)%		(1.80	)%
Waiver/Reimbursement		—			0.01	%		0.03	%		0.03	%		0.02	%		—
Portfolio turnover rate		14	%(c)		14	%		21	%		19	%		34	%		16	%
Net assets at end of period (000's)	$	164,085		$	199,182		$	214,260		$	206,441		$	185,545		$	118,064

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(c)  Not annualized.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(f)  Annualized.

See accompanying notes to financial statements.

74

Columbia Acorn Select

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	26.46		$	25.07		$	21.69		$	20.23		$	17.64		$	13.73
Income from Investment Operations
Net investment loss (a)		(0.19	)		(0.36	)		(0.31	)		(0.25	)		(0.30	)		(0.30	)
Net realized and unrealized gain/(loss)		(1.47	)		2.39			4.28			2.24			3.33			4.30
Total from Investment Operations		(1.66	)		2.03			3.97			1.99			3.03			4.00
Less Distributions to Shareholders
From net realized gains		(0.69	)		(0.64	)		(0.59	)		(0.53	)		(0.44	)		(0.09	)
Net Asset Value, End of Period	$	24.11		$	26.46		$	25.07		$	21.69		$	20.23		$	17.64
Total Return (b)		(6.30	)%(c)		8.04	%(d)		18.37	%(d)		9.91	%(d)		17.24	%(d)		29.14	%
Ratios to Average Net Assets/Supplemental Data
Net expenses (e)		2.02	%(f)		1.98	%		2.04	%		2.08	%		2.25	%		2.28	%
Net investment loss (e)		(1.56	)%(f)		(1.31	)%		(1.34	)%		(1.24	)%		(1.64	)%		(1.80	)%
Waiver/Reimbursement		—			0.00	%(g)		0.03	%		0.03	%		0.02	%		—
Portfolio turnover rate		14	%(c)		14	%		21	%		19	%		34	%		16	%
Net assets at end of period (000's)	$	160,040		$	197,100		$	173,152		$	149,160		$	110,435		$	64,212

(a)  Per share data was calculated using the average shares outstanding during the period.

(b)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(c)  Not annualized.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(f)  Annualized.

(g)  Rounds to less than 0.01%.

See accompanying notes to financial statements.

75

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Thermostat Fund

Class A Shares	(Unaudited) Six months ended June 30,			Year ended December 31,												Inception March 3, 2003 through December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.31		$	12.59		$	12.49		$	13.11		$	12.30		$	10.10
Income from Investment Operations
Net investment income (a)		0.13			0.49			0.45			0.39			0.28			0.18
Net realized and unrealized gain/(loss)		(0.70	)		0.53			0.84			0.29			0.81			2.15
Total from Investment Operations		(0.57	)		1.02			1.29			0.68			1.09			2.33
Less Distributions to Shareholders
From net investment income		(0.01	)		(0.51	)		(0.47	)		(0.39	)		(0.25	)		(0.13	)
From net realized gains		(0.07	)		(0.79	)		(0.72	)		(0.91	)		(0.03	)		(0.00	)(b)
Total Distributions to Shareholders		(0.08	)		(1.30	)		(1.19	)		(1.30	)		(0.28	)		(0.13	)
Net Asset Value, End of Period	$	11.66		$	12.31		$	12.59		$	12.49		$	13.11		$	12.30
Total Return (c)(d)		(4.65	)%(e)		8.19	%		10.56	%		5.25	%		8.92	%		23.10	%(e)
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)(g)		0.50	%(h)		0.50	%		0.50	%		0.50	%		0.50	%		0.57	%(h)
Net investment income (g)		2.15	%(h)		3.75	%		3.53	%		2.97	%		2.23	%		1.86	%(h)
Waiver/Reimbursement		0.17	%(h)		0.18	%		0.20	%		0.15	%		0.33	%		0.66	%(h)
Portfolio turnover rate		76	%(e)		128	%		66	%		96	%		67	%		61	%
Net assets at end of period (000's)	$	56,020		$	53,246		$	58,013		$	71,034		$	77,092		$	42,271

(a)  Per share data was calculated using the average shares outstanding during the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(b)  Rounds to less than $(0.01) per share.

(c)  Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(d)  Had the Investment Advisor not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Does not include expenses of the investment companies in which the Fund invests.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

Class B Shares	(Unaudited) Six months ended June 30,			Year ended December 31,												Inception March 3, 2003 through December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.38		$	12.62		$	12.51		$	13.14		$	12.32		$	10.10
Income from Investment Operations
Net investment income (a)		0.10			0.42			0.38			0.31			0.19			0.10
Net realized and unrealized gain/(loss)		(0.71	)		0.54			0.84			0.28			0.83			2.16
Total from Investment Operations		(0.61	)		0.96			1.22			0.59			1.02			2.26
Less Distributions to Shareholders
From net investment income		—			(0.41	)		(0.39	)		(0.31	)		(0.17	)		(0.04	)
From net realized gains		(0.07	)		(0.79	)		(0.72	)		(0.91	)		(0.03	)		(0.00	)(b)
Total Distributions to Shareholders		(0.07	)		(1.20	)		(1.11	)		(1.22	)		(0.20	)		(0.04	)
Net Asset Value, End of Period	$	11.70		$	12.38		$	12.62		$	12.51		$	13.14		$	12.32
Total Return (c)(d)		(4.93	)%(e)		7.71	%		9.91	%		4.56	%		8.27	%		22.38	%(e)
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)(g)		1.00	%(h)		1.00	%		1.06	%		1.10	%		1.18	%		1.32	%(h)
Net investment income (g)		1.61	%(h)		3.25	%		2.99	%		2.39	%		1.55	%		1.06	%(h)
Waiver/Reimbursement		0.19	%(h)		0.19	%		0.23	%		0.19	%		0.29	%		0.66	%(h)
Portfolio turnover rate		76	%(e)		128	%		66	%		96	%		67	%		61	%
Net assets at end of period (000's)	$	60,052		$	67,709		$	72,367		$	78,444		$	78,040		$	51,501

(a)  Per share data was calculated using the average shares outstanding during the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(b)  Rounds to less than $(0.01) per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Does not include expenses of the investment companies in which the Fund invests.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

See accompanying notes to financial statements.

76

Columbia Thermostat Fund

Class C Shares	(Unaudited) Six months ended June 30,			Year ended December 31,												Inception March 3, 2003 through December 31,
Selected data for a share outstanding throughout each period	2008			2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.37		$	12.62		$	12.51		$	13.13		$	12.32		$	10.10
Income from Investment Operations
Net investment income (a)		0.09			0.39			0.36			0.29			0.19			0.11
Net realized and unrealized gain/(loss)		(0.71	)		0.53			0.84			0.29			0.81			2.15
Total from Investment Operations		(0.62	)		0.92			1.20			0.58			1.00			2.26
Less Distributions to Shareholders
From net investment income		—			(0.38	)		(0.37	)		(0.29	)		(0.16	)		(0.04	)
From net realized gains		(0.07	)		(0.79	)		(0.72	)		(0.91	)		(0.03	)		(0.00	)(b)
Total Distributions to Shareholders		(0.07	)		(1.17	)		(1.09	)		(1.20	)		(0.19	)		(0.04	)
Net Asset Value, End of Period	$	11.68		$	12.37		$	12.62		$	12.51		$	13.13		$	12.32
Total Return (c)(d)		(5.01	)%(e)		7.36	%		9.72	%		4.49	%		8.13	%		22.38	%(e)
Ratios to Average Net Assets/Supplemental Data
Net expenses (f)(g)		1.25	%(h)		1.25	%		1.25	%		1.25	%		1.25	%		1.32	%(h)
Net investment income (g)		1.42	%(h)		3.02	%		2.81	%		2.21	%		1.48	%		1.10	%(h)
Waiver/Reimbursement		0.16	%(h)		0.19	%		0.23	%		0.19	%		0.26	%		0.66	%(h)
Portfolio turnover rate		76	%(e)		128	%		66	%		96	%		67	%		61	%
Net assets at end of period (000's)	$	33,480		$	26,908		$	27,375		$	28,316		$	31,161		$	20,087

(a)  Per share data was calculated using the average shares outstanding during the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(b)  Rounds to less than $(0.01) per share.

(c)  Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(d)  Had the Investment Advisor and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.

(e)  Not annualized.

(f)  Does not include expenses of the investment companies in which the Fund invests.

(g)  The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.

(h)  Annualized.

See accompanying notes to financial statements.

77

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited)

1.  Nature of Operations

Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select and Columbia Thermostat Fund (the "Funds") are each a series of Columbia Acorn Trust (the "Trust"), an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term capital appreciation. Columbia Thermostat Fund pursues its investment objective by investing in shares of other mutual funds. As a "fund of funds" under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of stock and bond mutual funds ("portfolio funds") according to the current level of the Standard & Poor's 500 Index in relation to predetermined ranges set by the Fund's investment advisor. The Fund may invest up to 5% of its net assets plus any cash received that day in cash, repurchase agreements, high quality short-term paper and government securities.

The Funds may issue an unlimited number of shares. The Funds currently have four classes of shares: Class A, Class B, Class C and Class Z. Effective February 29, 2008, the Funds no longer offer Class B shares (other than through dividend reinvestment).

Class A shares are sold with a front-end sales charge. Class A shares bought without an initial sales charge in accounts aggregating $1 million up to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are sold within 12 months of the date of purchase.

Class B shares are subject to a CDSC if sold within six years of purchase. Class B shares convert to Class A shares automatically eight years after purchase.

Class C shares are subject to a CDSC on redemptions made within one year after purchase.

Class Z shares are offered at net asset value. There are certain restrictions on who may purchase Class Z shares. Generally, Class Z shares of a Fund may be exchanged for shares of another fund distributed by Columbia Management Distributors, Inc. at no additional charge.

Columbia Acorn International and Columbia Acorn International Select impose a 2% redemption fee on Class A, Class B, Class C and Class Z shares that are redeemed within 60 days or less of purchase. See the discussion of Fund policies regarding the trading of Fund shares as disclosed in the Funds' prospectuses for more information.

The financial highlights for Class Z shares are presented in a separate semi-annual report.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated pro rata on the basis of the relative net assets of all classes, except each class bears certain expenses unique to that class such as distribution services, transfer agency, and certain other class specific expenses. Differences in class expenses may result in payment of different dividend distributions for each class. All of the Funds' share classes and have equal rights with respect to voting subject to Fund or class specific matters.

2.  Significant Accounting Policies

>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. With respect to Columbia Thermostat Fund, investments in portfolio funds are valued at their net asset value as reported by the portfolio funds. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. A security for which there is no reported sale on the valuation date is valued at the latest bid quotation. A short-term debt obligation having a maturity of 60 days or less from the valuation date is valued at amortized cost, which approximates fair value. A security for which a market quotation is not readily available and any other assets are valued in accordance with procedures established by the Board of Trustees. The Funds have retained an independent statistical fair value pricing service that employs a systematic methodology 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 as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157") was issued. SFAS 157 is effective for the Fund's current fiscal period. Under SFAS 157, various inputs are used in

78

determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used, as of June 30, 2008, in valuing each Fund's assets:

	Columbia Acorn Fund*				Columbia Acorn International*
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	15,606,750	$	—	$	751,832	$	—
Level 2 – Other Significant Observable Inputs		1,714,086		—		4,640,919		—
Level 3 – Significant Unobservable Inputs		971		—		—		—
Total	$	17,321,807	$	—	$	5,392,751	$	—
	Columbia Acorn USA				Columbia Acorn International Select*
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	1,391,540	$	—	$	37,083	$	—
Level 2 – Other Significant Observable Inputs		25,769		—		240,837		—
Level 3 – Significant Unobservable Inputs		89		—		—		—
Total	$	1,417,398	$	—	$	277,920	$	—
	Columbia Acorn Select*				Columbia Thermostat Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments		Investments in Securities		Other Financial Instruments
(in thousands)
Level 1 – Quoted Prices	$	2,601,788	$	—	$	197,994	$	—
Level 2 – Other Significant Observable Inputs		185,373		—		1,195		—
Level 3 – Significant Unobservable Inputs		—		—		—		—
Total	$	2,787,161	$	—	$	199,189	$	—

*The Fund's assets assigned to the Level 2 input category include certain foreign securities for which a third party pricing service may be employed for purposes of fair market valuation.

The following table reconciles asset balances for the six month period ended June 30, 2008 in which significant unobservable inputs (Level 3) were used in determining value:

	Columbia Acorn Fund					Columbia Acorn USA
	Investments in Securities			Other Financial Instruments		Investments in Securities			Other Financial Instruments
(in thousands)
Balance as of December 31, 2007	$	1,427		$	—	$	178		$	—
Accrued discounts/Amortized premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		(456	)		—		(89	)		—
Net purchases (sales) Transfers in/or out of Level 3		—			—		—			—
Balance as of June 30, 2008	$	971		$	—	$	89		$	—

>Repurchase agreements

The Funds may engage in repurchase agreement transactions. The Funds, through their custodian, receive delivery of underlying securities collateralizing repurchase agreements. The custodian determines that the value of the underlying securities is at all times at least equal to the resale price. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

>Foreign currency translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate.

79

Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

>Security transactions and investment income

Security transactions, investment income and shareholder fund transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and realized gain distributions from other funds are recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.

Awards, if any, from class action litigation related to securities owned may be recorded as a reduction of cost of those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.

The Funds estimate the tax character of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. If the applicable securities are no longer owned, any distributions received in excess of income are recorded as realized gains.

In March 2008, Statement of Financial Accounting Standards No. 161 ("SFAS 161"), Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133, was issued. SFAS 161 is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. Management is evaluating the impact the application of SFAS 161 will have on the Fund's financial statement disclosures.

>Restricted securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees. The Funds will not incur any registration costs upon such resale.

>Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

>Fund share valuation

Fund shares are sold and redeemed on a continuing basis at net asset value subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. All income, expenses (other than the Class A, Class B and Class C shares Rule 12b-1 service and distribution fees and the Class A, Class B, Class C and Class Z shares transfer agency fees) and realized and unrealized gains (losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. Redemption fees are accounted for as an addition to paid in capital for purposes of determining the net asset value of each class.

>Custody fees/credits

Custody fees are reduced based on each Fund's cash balances maintained with the custodian. The amount is disclosed as a reduction of total expenses on the Statements of Operations.

>Federal income taxes

The Funds have complied with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute all their taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia Thermostat Fund distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any distributions of net realized gains received by the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.

>Expenses

General expenses of the Trust are allocated to the Funds and the other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to such Fund.

>Foreign capital gains taxes

Realized gains in certain countries may be subject to foreign taxes at the fund level, at rates ranging from approximately

80

10% to 15%. The Funds accrue for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

>Distributions to shareholders

Distributions to shareholders are recorded on the ex-date.

>Indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities that may arise out of their duties to the Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be minimal.

3.  Federal Tax Information

The tax character of distributions paid during the year ended December 31, 2007 was as follows:

	Ordinary Income*		Long-Term Capital Gains
(in thousands)
Columbia Acorn Fund	$	154,770	$	1,391,219
Columbia Acorn International		59,527		399,333
Columbia Acorn USA		—		94,757
Columbia Acorn International Select		1,768		14,545
Columbia Acorn Select		9,164		59,668
Columbia Thermostat Fund		12,086		5,306

*For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions.

The following capital loss carryforwards, determined as of December 31, 2007, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Columbia Acorn USA			Columbia Acorn International Select
(in thousands)
	2009	$	1,012	*	$	—
	2010		506			6,126
	2011		—			2,488
	TOTAL	$	1,518		$	8,614

*Of these carryforwards, $2,023 (expiring in 2009 and 2010) remains from Columbia Acorn USA's merger with Stein Roe Small Company Growth Fund on 7/26/2002. Utilization of Stein Roe Small Company Growth Fund's losses could be subject to limitations imposed by the Internal Revenue Code.

The following capital loss carryforwards were utilized during the year ended December 31, 2007:

(in thousands)
Columbia Acorn USA	$	506

The Funds adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109 ("FIN 48") effective June 29, 2007. FIN 48 requires management to determine whether a tax position of a Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based in the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. FIN 48 must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets. Management has evaluated the known implications of FIN 48 on its computation of net assets for the Funds. As a result of this evaluation, management believes that FIN 48 will not have any effect on the Fund's financial statements. However, management's conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Each Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

4.  Transactions with Affiliates

Columbia Wanger Asset Management, L.P. ("CWAM") is a wholly owned subsidiary of Columbia Management Group, LLC, which in turn is an indirect, wholly owned subsidiary of Bank of America Corporation ("BOA"). CWAM furnishes continuing investment supervision to the Funds and is responsible for the overall management of the Funds' business affairs.

Under the Funds' investment advisory agreement, management fees were accrued daily based on the Funds' average daily net assets and paid monthly to CWAM at the annual rates shown in the table below for each Fund.

Columbia Acorn Fund

Average Daily Net Assets	Annual Fee Rate
Up to $700 million		0.74	%
$700 million to $2 billion		0.69	%
$2 billion to $6 billion		0.64	%
$6 billion and over		0.63	%

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Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

Columbia Acorn International

Average Daily Net Assets	Annual Fee Rate
Up to $100 million		1.19	%
$100 million to $500 million		0.94	%
$500 million and over		0.74	%

Columbia Acorn USA

Average Daily Net Assets	Annual Fee Rate
Up to $200 million		0.94	%
$200 million to $500 million		0.89	%
$500 million to $2 billion		0.84	%
$2 billion to $3 billion		0.80	%
$3 billion and over		0.70	%

Columbia Acorn International Select

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.94	%
$500 million and over		0.90	%

Columbia Acorn Select

Average Daily Net Assets	Annual Fee Rate
Up to $700 million		0.85	%
$700 million to $2 billion		0.80	%
$2 billion to $3 billion		0.75	%
$3 billion and over		0.70	%

Columbia Thermostat Fund

All Average Daily Net Assets 0.10 %

For the six months ended June 30, 2008, the Funds' annualized effective investment advisory fee rates were as follows:

Columbia Acorn Fund	0.64	%
Columbia Acorn International	0.76	%
Columbia Acorn USA	0.86	%
Columbia Acorn International Select	0.94	%
Columbia Acorn Select	0.80	%
Columbia Thermostat Fund	0.10	%

>Expense limit

CWAM has voluntarily agreed to reimburse the ordinary operating expenses (exclusive of 12b-1 service and distribution fees, brokerage commissions, interest, taxes and extraordinary expenses, but inclusive of custodial charges relating to overdrafts, if any) after giving effect to any balance credits from the Funds' custodian, exceeding 1.45% annually of the average daily net assets for Columbia Acorn International Select and 1.35% annually of the average daily net assets for Columbia Acorn Select. This arrangement may be modified or terminated by either the Funds or CWAM on 30 days notice.

CWAM has contractually agreed to waive fees and/or reimburse expenses so that the ordinary operating expenses (exclusive of Rule 12b-1 service and distribution fees, interest and fees on borrowings, and expenses associated with the Fund's investment in other investment companies, but inclusive of custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, will not exceed 0.25% annually of the average daily net assets of Columbia Thermostat Fund through April 30, 2009. There is no guarantee that this arrangement will continue thereafter.

Expenses reimbursed by CWAM for Columbia Thermostat Fund for the six months ended June 30, 2008, were $153,841.

Effective August 1, 2008, CWAM will provide administrative services and receive an administration fee from the Funds at the following annual rates:

Columbia Acorn Trust

Aggregate Average Daily Net Assets of the Trust:	Annual Fee Rate
Up to $8 billion		0.050	%
$8 billion to $16 billion		0.040	%
$16 billion to $35 billion		0.030	%
$35 billion to $45 billion		0.025	%
$45 billion and over		0.015	%

Prior to August 1, 2008, CWAM provided administrative services and receives an administration fee from the Funds at the following annual rates:

Columbia Acorn Trust

Aggregate Average Daily Net Assets of the Trust:	Annual Fee Rate
Up to $8 billion		0.05	%
$8 billion to $16 billion		0.04	%
$16 billion and over		0.03	%

For the six months ended June 30, 2008, each Fund's annualized effective administration fee rate was 0.04% of average daily net assets. CWAM has delegated to Columbia Management Advisors, LLC, an indirect, wholly owned subsidiary of BOA, responsibility to provide certain sub-administrative services to the Funds.

Columbia Management Distributors, Inc. ("CMDI"), a wholly owned subsidiary of BOA, is the Funds' principal underwriter and receives no compensation on the sale of Class Z shares.

For the six months ended June 30, 2008, Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select and Columbia Thermostat have been advised that CMDI retained $253 in underwriting discounts in connection with redemptions of Class A shares and received CDSCs of $8, $879 and $73, in connection with Class A, Class B and Class C share redemptions, respectively.

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Each Fund has adopted a Rule 12b-1 (distribution and service) plan which requires it to pay CMDI a monthly service fee equal to 0.25% annually of the average daily net assets attributable to Class A, Class B and Class C shares. The Rule 12b-1 plan also requires each fund to pay CMDI a monthly distribution fee equal to 0.50% and 0.75%, annually, of the average daily net assets attributable to Class B and Class C shares, respectively.

Columbia Management Services, Inc. (the "Transfer Agent"), a wholly owned subsidiary of BOA, provides shareholder services to the Funds. For such services, the Transfer Agent receives a fee, paid monthly, at the annual rate of $17.00 per open account. The Transfer Agent also receives reimbursement for certain out-of-pocket expenses and sub-transfer agency expenses.

Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.

The Board of Trustees appointed a Chief Compliance Officer for the Trust in accordance with federal securities regulations. The Funds, along with other affiliated funds, pay their pro-rata share of the expenses associated with the Office of the Chief Compliance Officer. Those expenses are disclosed separately as "Chief compliance officer expenses" in the Statements of Operations.

The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of the Trust or a money market fund, specified by the trustee. Benefits under the deferred compensation plan are payable when the trustee ceases to be a member of the Board of Trustees.

An affiliate may include any company in which a Fund owns five percent or more of its outstanding voting securities. On June 30, 2008, Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA and Columbia Acorn Select each held five percent or more of the outstanding voting securities of one or more companies. Details of investments in those affiliated companies are presented on pages 31, 32, 42, 50 and 59, respectively.

During the six months ended June 30, 2008, the Funds engaged in purchase and sale transactions with funds that have a common investment advisor (or affiliated investment advisors), common directors/trustees, and/or common officers. Those transactions complied with Rule 17a-7 under the Investment Company Act of 1940 and were as follows:

	Purchases		Sales
(in thousands)
Columbia Acorn Fund	$	17,984	$	28,755
Columbia Acorn International		15,368		—
Columbia Acorn USA		—		704
Columbia Acorn International Select		—		719
Columbia Acorn Select		14,752		17,984

5.  Borrowing Arrangements

The Trust participates in a $150 million credit facility, which was entered into to facilitate portfolio liquidity. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating funds based on their relative net assets. The commitment fee is included in "Other expenses" in the Statements of Operations. No amounts were borrowed by any Fund under this facility for the six months ended June 30, 2008.

6.  Investment Transactions

The aggregate cost of purchases and proceeds from sales, other than short-term obligations, for the six months ended June 30, 2008, were:

Columbia Acorn Fund

(in thousands)
Investment securities
Purchases	$	1,721,169
Proceeds from sales		2,063,732

Columbia Acorn International

(in thousands)
Investment securities
Purchases	$	1,000,467
Proceeds from sales		843,152

Columbia Acorn USA

(in thousands)
Investment securities
Purchases	$	176,410
Proceeds from sales		204,064

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Columbia Acorn Family of Funds

Notes to Financial Statements (Unaudited), continued

Columbia Acorn International Select

(in thousands)
Investment securities
Purchases	$	89,163
Proceeds from sales		64,830

Columbia Acorn Select

(in thousands)
Investment securities
Purchases	$	402,562
Proceeds from sales		377,390

Columbia Thermostat Fund

(in thousands)
Investment securities
Purchases	$	173,454
Proceeds from sales		146,046

7.  Redemption Fees

For the six months ended June 30, 2008, the redemption fees imposed by Columbia Acorn International and Columbia Acorn International Select amounted to approximately $182,592 and $28,315, respectively, and are accounted for as additions to paid in capital.

8.  Legal Proceedings

The Trust, CWAM and the Trustees of the Trust (collectively, the "Columbia defendants") are named as defendants in class and derivative complaints that have been consolidated in a Multi-District Action (the "MDL Action") in the federal district court of Maryland. These lawsuits contend that defendants permitted certain investors to market time their trades in certain Columbia Acorn Funds. The MDL Action is ongoing. However, all claims against Columbia Acorn Trust and the independent trustees of the Trust have been dismissed.

The Trust and CWAM are also defendants in a class action lawsuit that alleges, in summary, that the Trust and CWAM exposed shareholders of Columbia Acorn International Fund to trading by market timers by allegedly: (a) failing to properly evaluate daily whether a significant event affecting the value of the Fund's securities had occurred after foreign markets had closed but before the calculation of the Fund's net asset value ("NAV"); (b) failing to implement the Fund's portfolio valuation and share pricing policies and procedures; and (c) failing to know and implement applicable rules and regulations concerning the calculation of NAV (the "Fair Valuation Lawsuit"). The Seventh Circuit ruled that the plaintiffs' state law claims were preempted under federal law resulting in the dismissal of plaintiffs' complaint. Plaintiffs appealed the Seventh Circuit's ruling to the United States Supreme Court. The Supreme Court reversed the Seventh Circuit's ruling on jurisdictional grounds and the case was ultimately remanded to the state court.

On March 21, 2005, a class action complaint was filed against the Columbia Acorn Trust and CWAM seeking to rescind the CDSC assessed upon redemption of Class B shares of Columbia Acorn Funds due to the alleged market timing of the Columbia Acorn Funds (the "CDSC Lawsuit"). In addition to the rescission of sales charges, plaintiffs seek recovery of actual damages, attorneys' fees and costs. The case had been transferred to the MDL Action in the federal district court of Maryland.

On September 14, 2007, the plaintiffs and the Columbia defendants named in the MDL Action, including the Columbia Funds, entered into a stipulation of settlement with respect to all Columbia-related claims in the MDL Action described above, including the CDSC and Fair Valuation Lawsuits. The settlement is subject to court approval.

The Trust and CWAM intend to defend these suits vigorously.

As a result of these matters, or any adverse publicity or other developments resulting from them, there may be increased redemptions or reduced sales of Fund shares, which could increase transaction costs or operating expenses, or have other adverse consequences for the Funds. However, based on currently available information, the Columbia Acorn Trust believes that the likelihood that these lawsuits will have a material adverse impact on any fund is remote, and CWAM believes that the lawsuits are not likely to materially affect its ability to provide investment management services to the Funds.

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Excerpt from:

Columbia Acorn Trust

Management Fee Evaluation of the Senior Officer

Prepared Pursuant to the New York Attorney General's
Assurance of Discontinuance

May 2008

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Introduction

The New York Attorney General's Assurance of Discontinuance ("Order") entered into by Columbia Management Advisors, Inc. ("CMAI") and Columbia Management Distributors, Inc., ("CMDI" and collectively with "CMAI," "CMG") in February 2005, allows CMAI to manage or advise a mutual fund only if the trustees of the fund appoint a "Senior Officer" to perform specified duties and responsibilities. One of these responsibilities includes "managing the process by which proposed management fees (including but not limited to, advisory fees) to be charged the [Funds] are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance."

This is the second year that the Columbia Acorn Trust and Wanger Advisors Trust (collectively, the "Trusts") and each series thereof (the "Acorn funds," "WAT funds" or collectively, the "Funds") have been overseen by the same Board of Trustees ("Board"). The Order provides that this Board must determine the reasonableness of proposed "management fees" by using either an annual competitive bidding process supervised by the Senior Officer or Independent Fee Consultant, or by obtaining "an annual independent written evaluation prepared by or under the direction of the Senior Officer or the Independent Fee Consultant."

"Management fees" are only part of the costs and expenses paid by mutual fund shareholders. Fund expenses can vary depending upon the class of shares held but usually include: (1) investment management or advisory fees to compensate analysts and portfolio managers for stock research and portfolio management, as well as the cost of operating a trading desk; (2) administrative expenses incurred to prepare registration statements and tax returns, calculate the Funds' net asset values, maintain effective compliance procedures and perform recordkeeping services; (3) transfer agency costs for establishing accounts, accepting and disbursing funds, as well as overseeing trading in Fund shares; (4) custodial expenses incurred to hold the securities purchased by the Funds; and (5) distribution expenses, including commissions paid to brokers that sell the Fund shares to investors.

Columbia Wanger Asset Management, L.P. ("CWAM"), the advisor to the Funds, has proposed that the Trusts continue the existing separate agreements governing the first two categories listed above: an advisory agreement governing portfolio management, and an administration agreement governing certain administration and clerical services. Together the fees paid under these two agreements are referred to as "management fees." Other fund expenses are governed by separate agreements, in particular agreements with two CWAM affiliates: CMDI, the broker-dealer that underwrites and distributes the Funds' shares, and Columbia Management Services, Inc. ("CMSI"), the Funds' transfer agent. In conformity with the terms of the Order, this evaluation, therefore, addresses only the advisory and administrative contracts, and does not extend to the other agreements.

According to the Order, the Senior Officer's evaluation must consider at least the following:

(1)  Management fees (including components thereof) charged to institutional and other clients of CWAM for like services;

(2)  Management fees (including any components thereof) charged by other mutual fund companies for like services;

(3)  Costs to CWAM and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit;

(4)  Profit margins of CWAM and its affiliates from supplying such services;

(5)  Possible economies of scale as the Funds grow larger; and

(6)  The nature and quality of CWAM's services, including the performance of each Fund.

In 2004, the Boards of the two Trusts, then separate groups, each appointed me Senior Officer under the Order. They also determined not to pursue a competitive bidding process and instead, charged me with the responsibility of evaluating the Funds' proposed advisory and administrative fee contracts with CWAM in conformity with the requirements of the Order. This Report is an annual evaluation required under the Order. In discharging their responsibilities, the independent Trustees have also consulted independent, outside counsel.

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2007 Evaluation

This is the third annual evaluation prepared in connection with the Order. This evaluation follows the same structure as the earlier studies. Some areas are given more emphasis here, while others are given less. Still, the fundamental information gathered for this evaluation is largely the same as past years. Last year's evaluation is referred to here as the "2007 Study."

Process and Independence

The objectives of the Order are to insure the independent evaluation of the management fees paid by the Funds as well as to insure that all relevant factors are considered. In my view, this contract renewal process has been conducted at arms-length and with independence in gathering, considering and evaluating all relevant data. At the outset of the process, the Trustees sought and obtained from CWAM and CMG a comprehensive compilation of data regarding Fund performance and expenses, advisor profitability, and other information. The Board evaluated this information thoroughly. Performance and expense data was obtained from both Morningstar and Lipper, the leading consultants in this area. The rankings prepared by Morningstar and Lipper were independent and not influenced by the advisor.

In the course of its work, the Contract Committee gave careful consideration to the conclusions and recommendations contained in the 2007 Study. The Contract Committee gave particular emphasis to the issue of whether economies of scale were appropriately reflected in the Funds' fee schedules. The Board accepted and implemented several of the recommendations in this area contained in the 2007 Study.

My evaluation of the advisory contract was shaped, as it was last year, by my experience as Chief Compliance Officer of the Trusts ("CCO"). As CCO, I report solely to the Board and have no reporting obligation to, or employment relationship with, CMG or its affiliates, except for administrative purposes. I have commented on compliance matters in evaluating the quality of service provided by CWAM.

This Report, its supporting materials and the data contained in other materials submitted to the Contract Committee of the Board, in my view, provide a thorough factual basis upon which the Board, in consultation with independent counsel as it deems appropriate, may conduct management fee negotiations that are in the best interests of the Funds' shareholders.

The Fee Reductions Mandated under the Order

Under the terms of the Order, CMG agreed to secure certain management fee reductions for the mutual funds advised by its affiliate investment advisors. In some instances, breakpoints were also established. Although neither CWAM nor the Trusts was a party to the Order, CWAM offered and the Board accepted certain advisory fee reductions during 2005. By the terms of the Order, these fees may not be increased before November 30, 2009. I have used these advisory fee levels, as modified thereafter, in this evaluation because they are the fees in the current agreements that CWAM proposes should be continued. Hence, these fee levels are the starting point of an evaluation.

Conclusions

My review of the data and other material above leads to the following conclusions with respect to the factors identified in the Order.

1.  Performance. The domestic Acorn Funds generally have achieved good to outstanding performance over the past five years. Acorn Select has, however, suffered a precipitous decline in ranking relative to its peers for the past year, and this trend merits the Trustees' continued attention. The international Acorn Funds have relatively weaker relative long

87

term records than do the domestic funds. All the Acorn Funds, however, outperform their benchmarks, expose shareholders to less risk than competitors and achieve positive "alpha," a recognized measure of the added value of an investment manager.

2.  Management Fees relative to Peers. The management fee rankings for several of the Acorn Funds are generally more favorable to shareholders than those of their peer group funds. Management fees do, however, vary by Fund. Acorn Fund and Acorn International are the most competitive, while Acorn Select is the least competitive in the assessments prepared by both Morningstar and Lipper.

3.  Administrative Fees. The Acorn Funds' administrative fees appear competitive in relation to their peers, and CWAM provides excellent administrative support for all the Acorn Funds. There are clear advantages to retaining the advisor and its affiliates to perform these services. But, the Acorn Funds' fee schedule provides no breakpoints above $16 billion, though economies of scale exist above that asset level.

4.  Management Fees relative to Institutional and Other Mutual Fund Accounts. CWAM's focus is on its mutual funds. It does not actively seek to manage separate or institutional accounts. The few institutional accounts it does manage vary in rate structures. Some pay advisory fees commensurate with or higher than the Acorn Funds. In a few instances, however, institutional accounts pay lower advisory fees than do the Acorn Funds. One particular institutional account is significant in size and has been under CWAM's management for over 25 years.

5.  Costs to CWAM and its Affiliates. CWAM's direct costs do not appear excessive. Overhead and indirect costs allocated to CWAM by its parent organizations, however, are significant and have increased dramatically in the past year. CWAM's affiliates report operating losses and therefore do not appear to enjoy excessive "fall out" benefits from CWAM's advisory agreement with the Acorn Funds.

6.  Profit Margins. CWAM's pre-marketing expense profit margins are at the top of the industry, though these comparisons are hampered by limited industry data. High profit margins are not unexpected for firms that manage large, successful funds and have provided outstanding investment performance for investors.

7.  Economies of Scale. Economies of scale do exist at CWAM and will expand as the assets of the Acorn Funds get larger. The Board has recently imposed additional breakpoints for some of the Acorn Funds that will result in greater sharing of economies of scale.

8.  Nature and Quality of Services. This category includes a variety of considerations that are difficult to quantify, yet can have a significant bearing on the performance of the Acorn Funds. Several areas merit comment.

  a.  Capacity. The Acorn Funds have continued to grow, posing ever greater challenges in deploying assets effectively. While trends here merit continued monitoring, CWAM appears to be managing assets effectively.

  b.  Compliance. CWAM has a reasonably designed compliance program that protects shareholders.

9.  Process. In my opinion, the process of negotiating an advisory contract for the Acorn Funds has been conducted thoroughly and at arms' length. Further, the Trustees have sufficient information to evaluate management's proposal, and negotiate contract terms that are in the best interests of fund shareholders.

88

Recommendations

I believe the Trustees should:

1.  Consider the addition to breakpoints to the Acorn Funds' administrative fee contract to reflect the economies of scale present in performing these services, and, in fashioning those breakpoints, to consider the efficiencies achieved by CWAM by supporting both Trusts with the same staff performing largely identical tasks.

2.  Focus their review on the Acorn Funds' management fee levels in relation to their peers, in particular the fees paid by Acorn Select.

3.  Monitor Acorn Select to ensure that its long term performance is sustained.

Robert P. Scales
Senior Vice President,
Chief Legal Officer
and General Counsel
May 27, 2008

89

Columbia Acorn Family of Funds

Class A, B and C Share Information*

Minimum Initial Investment in
all Funds	$2,500† $1,000 for an IRA
Minimum Subsequent Investment in all Funds	$50
Exchange Fee	None

Columbia Acorn Fund	Class A			Class B			Class C
Management Fees		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses		0.16	%		0.25	%		0.19	%
Net Expense Ratio		1.05	%		1.64	%		1.83	%
Columbia Acorn International	Class A			Class B			Class C
Management Fees		0.76	%		0.76	%		0.76	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses		0.23	%		0.34	%		0.25	%
Net Expense Ratio		1.24	%		1.85	%		2.01	%
Columbia Acorn USA	Class A			Class B			Class C
Management Fees		0.86	%		0.86	%		0.86	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses		0.17	%		0.31	%		0.21	%
Net Expense Ratio		1.28	%		1.92	%		2.07	%
Columbia Acorn International Select	Class A			Class B			Class C
Management Fees		0.94	%		0.94	%		0.94	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses		0.28	%		0.42	%		0.31	%
Net Expense Ratio		1.47	%		2.11	%		2.25	%
Columbia Acorn Select	Class A			Class B			Class C
Management Fees		0.80	%		0.80	%		0.80	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses		0.17	%		0.30	%		0.22	%
Net Expense Ratio		1.22	%		1.85	%		2.02	%
Columbia Thermostat Fund	Class A			Class B			Class C
Management Fees		0.10	%		0.10	%		0.10	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%
Other Expenses**		0.15	%		0.15	%		0.15	%
Net Expense Ratio		0.50	%		1.00	%		1.25	%

    Fees and expenses are for the six months ended June 30, 2008, and for Columbia Thermostat Fund include the effect of CWAM's undertaking to waive fees and/or reimburse the Fund for any ordinary operating expenses (exclusive of distribution and service fees, interest and fees on borrowings, and expenses associated with the Fund's investment in other investment companies, but including custodial charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, in excess of the annual rate of 0.25% of the average daily net assets. Columbia Thermostat Fund's reimbursement arrangement is contractual through April 30, 2009.

  *  Effective February 29, 2008, the Funds no longer offer Class B shares.

  **  Does not include estimated fees and expenses of 0.69% incurred by the Fund from the underlying portfolio funds in which it invests.

  †  Effective August 1, 2008, the initial minimum investment for Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select was reduced as noted. Prior to this change, Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select had initial minimum investments of $75,000, $75,000 and $100,000, respectively. Certain exclusions may apply.

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Columbia Acorn Family of Funds

Trustees

Robert E. Nason

Chairman of the Board

Allan B. Muchin

Vice Chairman of the Board

Laura M. Born

Michelle L. Collins

Maureen M. Culhane

Margaret M. Eisen

Jerome Kahn, Jr.

Steven N. Kaplan

David C. Kleinman

Charles P. McQuaid

James A. Star

Ralph Wanger

John A. Wing

Officers

Charles P. McQuaid

President

Ben Andrews

Vice President

Michael G. Clarke

Assistant Treasurer

Jeffrey R. Coleman

Assistant Treasurer

J. Kevin Connaughton

Assistant Treasurer

P. Zachary Egan

Vice President

Peter T. Fariel

Assistant Secretary

John M. Kunka

Assistant Treasurer

Joseph C. LaPalm

Vice President

Bruce H. Lauer

Vice President, Secretary and Treasurer

Louis J. Mendes III

Vice President

Robert A. Mohn

Vice President

Christopher J. Olson

Vice President

Robert P. Scales

Chief Compliance Officer, Chief Legal Officer,
Senior Vice President and General Counsel

Linda K. Roth-Wiszowaty

Assistant Secretary

Investment Advisor

Columbia Wanger Asset Management, L.P.
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606

1-800-922-6769

Distributor

Columbia Management Distributors, Inc.
One Financial Center
Boston, Massachusetts 02111-2621

Transfer Agent, Dividend Disbursing Agent

Columbia Management Services, Inc.
P. O. Box 8081
Boston, Massachusetts 02266-8081

1-800-345-6611

Legal Counsel

Bell, Boyd & Lloyd LLP
Chicago, Illinois

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, Illinois

This report, including the schedules of investments, submitted for the general information of the shareholders of Columbia Acorn Trust. This report is not authorized for distribution unless preceded or accompanied by a prospectus. An investor should carefully consider charges and expenses before investing. To obtain a prospectus containing this and other information, please call 800-922-6769 or visit our website (shown below). Please read the prospectus carefully before you invest or send money.

A description of the policies and procedures that the Funds use to determine how to vote proxies and a copy of the Funds' voting record are available (i) without charge, upon request, by calling 800-922-6769 and (ii) on the Securities and Exchange Commission's website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, is available from the SEC's website. Information regarding how the Funds voted proxies relating to portfolio securities is also available at http://institutional.columbiamanagement.com.

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, contact your Columbia Management representative or financial advisor or go to www.columbiafunds.com.

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds are distributed by Columbia Management Distributors, Inc., member of FINRA, SIPC, part of Columbia Management and an affiliate of Bank of America Corporation. Columbia Wanger Asset Management, L.P. ("CWAM") is an SEC-registered investment advisor and indirect, wholly owned subsidiary of Bank of America Corporation. CWAM is part of Columbia Management.

Find out what's new – visit our web site at:

www.columbiafunds.com

Our e-mail address is:

ServiceInquiries@ColumbiaManagement.com

Shareholders should not include personal information such as account numbers, Social Security numbers or taxpayer identification numbers in e-mail. We are unable to accept account transactions sent via e-mail.

Columbia Management^®

Columbia Acorn Family of Funds

Class A, B and C Shares

Semiannual Report, June 30, 2008

© 2008 Columbia Management Distributors, Inc.

One Financial Center, Boston, MA 02111-2621

800.345.6611 www.columbiamanagement.com

SHC-44/154733-0608 (08/08) 08/55947

Item 2 through Item 11.

Items 2 through 11 to this Form N-CSR/A are incorporated by reference to the Registrant’s Form N-CSRS filed with the SEC on August 26, 2008 (Accession No. 0001104659-08-055113).

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable at this time.

(a)(2) 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.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

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	September 19, 2008

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	September 19, 2008

By (Signature and Title)	/s/ Bruce H. Lauer
	Bruce H. Lauer, Treasurer
Date	September 19, 2008